Duke Energy Surpasses 2025 EPS Guidance; Reaffirms 5%-7% Outlook Through 2030 (DUK)

Duke Energy (DUK) reported full-year 2025 adjusted EPS of $6.31, exceeding the midpoint of its guidance and up from $5.90 in 2024. The company issued 2026 guidance of $6.55 to $6.80 and extended its long-term adjusted EPS growth target of 5% to 7% through 2030, supported by a $103 billion five-year capital plan. Q4 2025 adjusted EPS was $1.50, down from $1.66 a year earlier, due to higher O&M, interest and depreciation, partially offset by infrastructure investment recovery. Full-year earnings were driven by regulated infrastructure, customer growth and favorable rate cases; Electric Utilities and Infrastructure income reached $5.34 billion, while Gas Utilities and Infrastructure contributed $559 million. Duke will invest about $103 billion over five years to modernize its grid, expand generation and support load growth, particularly from data centers, AI and advanced manufacturing. The company broke ground on roughly 5 gigawatts of new dispatchable generation in 2025, reinforcing reliability as demand rises in its Southeast and Midwest territories. Management emphasized affordability, noting customer rates remain below the national average despite heavy capital deployment. Looking ahead, momentum is expected to continue into 2026, supported by rate base expansion, contracted load growth and a balance sheet structured to support large-scale investment. Management expects the company to earn in the upper half of its 5% to 7% long-term EPS growth range by 2028, assuming constructive regulatory outcomes and continued demand growth.