Duke Energy Beats 2025 EPS Guidance and Extends Growth Outlook Through 2030

Core Insights - Duke Energy reported full-year 2025 adjusted earnings per share (EPS) of $6.31, an increase from $5.90 in 2024, and introduced 2026 adjusted EPS guidance of $6.55 to $6.80, supported by a $103 billion five-year capital plan [1][3][4] Financial Performance - For Q4 2025, adjusted EPS was $1.50, down from $1.66 a year earlier due to higher operating and maintenance costs, interest expense, and depreciation [2] - Full-year earnings growth was driven by regulated infrastructure investment, customer growth, and favorable rate case outcomes, with Electric Utilities and Infrastructure segment income at $5.34 billion and Gas Utilities and Infrastructure contributing $559 million [3] Capital Investment and Growth Strategy - Duke Energy plans to invest approximately $103 billion over the next five years to modernize its electric grid, expand generation capacity, and support load growth, particularly from data centers and advanced manufacturing [4][5] - The company broke ground on about 5 gigawatts of new dispatchable generation resources in 2025 to enhance reliability amid rising electricity demand [5] Industry Trends - Duke Energy's results reflect a trend in the regulated utility sector where earnings visibility is increasingly linked to infrastructure-driven rate base growth rather than commodity exposure [6] - Utilities with strong regulatory relationships and exposure to high-growth regions are positioned to benefit from electrification and data center expansion [6][7] - The company's growth outlook through 2030 indicates confidence in sustaining mid-single-digit earnings growth despite rising interest rates and cost inflation, contrasting with peers more exposed to volatile markets [7]