Duke Energy(US:DUK)2026-02-09 22:51Financial Performance - Duke Energy reported full-year 2025 adjusted EPS of $6.31, an increase from $5.90 in 2024, representing a growth of 6.9%[1][20] - The company introduced 2026 adjusted EPS guidance of $6.55 to $6.80, extending its long-term adjusted EPS growth rate of 5% to 7% through 2030[3][5] - Fourth-quarter 2025 reported EPS was $1.50, down from $1.54 in the fourth quarter of 2024, reflecting a decrease of 2.6%[6][19] - Duke Energy reported a net income of $1,169 million for the three months ended December 31, 2025, with an earnings per share (EPS) of $1.50[36] - For the year ended December 31, 2025, Duke Energy's net income available to common stockholders was $4,912 million, resulting in an EPS of $6.31[39] - The total reportable segment income for Electric Utilities and Infrastructure was $5,337 million for the year ended December 31, 2025[39] - Duke Energy reported a net income available to common stockholders of $4,542 million, with an earnings per share (EPS) of $5.90, reflecting a 3.3% increase from the previous year[46] - Net income for the year ended December 31, 2025, increased to $5,071 million, up from $4,614 million in 2024, and $2,874 million in 2023, reflecting a growth of 10% year-over-year[64] - Net income attributable to Duke Energy Corporation common stockholders for 2025 is $4,912 million, an increase from $4,402 million in 2024, marking a growth of approximately 11.6%[60] Revenue and Operating Income - Total operating revenues for 2025 are projected at $32,237 million, up from $30,357 million in 2024, indicating a growth of approximately 6%[60] - Operating income increased to $8,626 million in 2025, compared to $7,926 million in 2024, representing a year-over-year growth of about 8.8%[60] - The company’s total income from electric utilities and infrastructure was $5,224 million, while gas utilities and infrastructure contributed $454 million, leading to a consolidated total of $5,337 million[46] - Total operating revenues for Duke Energy in 2025 reached $32,237 million, compared to $29,060 million in 2024, marking an increase of approximately 7.5%[69] - Operating income for the year ended December 31, 2025, was reported at $8,626 million, a rise from $7,813 million in 2024, indicating a growth of 10.4%[69] Capital Expenditures and Investments - The 2025 capital plan totals $103 billion, driving an expected earnings base growth of 9.6% through 2030[5] - Duke Energy's capital investment projects are subject to construction and development risks, including financing and regulatory approval challenges[34] - Net cash used in investing activities increased to $(14,338) million in 2025 from $(13,123) million in 2024, reflecting a rise in capital expenditures[64] Customer and Market Dynamics - Duke Energy serves 8.7 million electric customers and 1.8 million natural gas customers across multiple states, with a total energy capacity of 55,700 megawatts[28] - The average number of residential customers grew by 1.6% to 7,585,493 for the three months ended December 31, 2025[111] - The average number of residential customers for Duke Energy Carolinas rose by 2.1% to 2,563,107 in Q4 2025[116] - The average number of total retail customers for Duke Energy Progress increased by 1.5% to 1,793,227 in Q4 2025[119] - The average number of residential customers increased by 1.5% to 1,830,253 in Q4 2025[122] Segment Performance - Electric Utilities and Infrastructure segment income for Q4 2025 was $1,209 million, slightly up from $1,208 million in Q4 2024[9][10] - Gas Utilities and Infrastructure segment income for Q4 2025 was $230 million, compared to $189 million in Q4 2024, marking an increase of 21.7%[11] - The Other segment reported a loss of $272 million in Q4 2025, worsening from a loss of $204 million in Q4 2024[13][14] - Segment income for Duke Energy Carolinas was $495 million, while Duke Energy Progress reported $307 million[82] Operational Challenges and Risks - The company faced challenges including potential declines in customer usage due to economic downturns and inflation pressures, which could impact future earnings[32] - Duke Energy's operational risks include the impact of severe weather events and the influence of regulatory changes on energy efficiency measures[32] - The company noted the potential for increased competition in electric and natural gas markets, which could affect its market position[32] - Duke Energy's financial stability may be influenced by changes in commodity prices and the ability to recover costs through regulatory processes[34] Tax and Regulatory Matters - The effective tax rate for the fourth quarter of 2025 was 11.3%, up from 8.1% in the same quarter of 2024[15][16] - Adjusted pretax income for the year was $5,536 million, with an effective tax rate of 11.3%[50] - The company recorded $33 million in impairments and other charges, primarily related to regulatory matters and customer billing adjustments[48] - Regulatory matters contributed $29 million as a reduction in operating revenues due to nonrecurring customer billing adjustments[48] Energy Generation and Sales - Total retail electric sales for the year ended December 31, 2025, were 264,008 GWh, reflecting a 2.1% increase compared to 2024[111] - Coal generation increased by 35.3% to 10,089 GWh for the three months ended December 31, 2025, while renewable energy generation rose by 28.6% to 917 GWh[111] - Total electric sales in Duke Energy Ohio increased by 2.5% to 5,625 GWh in Q4 2025, compared to 5,488 GWh in Q4 2024[125] - Total retail sales for Duke Energy decreased by 1.9% to 8,893 GWh in Q4 2025 compared to 9,064 GWh in Q4 2024[122] - Total sources of energy for Duke Energy increased by 4.6% in Q4 2025, reaching 8,171 GWh compared to 7,810 GWh in Q4 2024[128]