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Duke Energy (DUK) investor relations material
Duke Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 adjusted EPS reached $6.31, up 7% year-over-year and above guidance midpoint, with 2026 guidance at $6.55–$6.80 and a reaffirmed 5%–7% long-term EPS growth rate through 2030, targeting the top half of the range from 2028 as load growth accelerates.
$103 billion five-year capital plan, an 18% increase from the prior plan, focused on regulated infrastructure, grid modernization, and generation investments to support growing jurisdictions.
Major transactions in Tennessee and Florida at premium valuations, along with storm cost securitization, strengthened the credit profile and supported capital needs.
Customer value initiatives included combining DEC & DEP for over $1B in savings, upgrading FL gas plants for $340M in annual fuel cost savings, and generating $600M in nuclear tax credits for customers.
Infrastructure investment recovery and service territory growth were key drivers of EPS and income growth.
Financial highlights
2025 adjusted EPS was $6.31, up from $5.90 in 2024, with a 9.6% earnings base CAGR projected through 2030.
Full-year 2025 net income available to common stockholders was $4.91 billion, up from $4.40 billion in 2024.
Operating revenues for 2025 were $32.24 billion, up from $30.36 billion in 2024.
FFO to debt improved to 14.8% in 2025, with a 2026 forecast of 14.5% and a long-term target of 15%.
Dividend payout ratio targeted at 60–70%, with a 3.5% dividend yield as of February 2026.
Outlook and guidance
2026 adjusted EPS guidance of $6.55–$6.80, with continued growth driven by electric segment, customer growth, rate cases, and economic development.
Long-term EPS growth rate of 5%–7% extended through 2030, with confidence in achieving the top half of the range from 2028.
Earnings base projected to grow from $113.7B in 2025 to $180B by 2030.
Load growth expected to accelerate, supported by signed ESAs for 4.5 GW of data centers and a robust pipeline.
2026–2030 capex plan totals $103B, focused on grid, zero-carbon generation, and hydrogen-capable gas generation.
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Frequently asked questions
A Leading Energy Company
Duke Energy is an American company headquartered in Charlotte, North Carolina. The company is a significant player in the American energy market and owns over 58,000 megawatts of base load and generation in the US. The company has traditionally generated most of its electricity through coal and nuclear power but also operates hydroelectric generation stations. Duke Energy primarily operates in the midwest and southern parts of the United States, and its shares are listed on the NYSE.
Supplying Cotton Mills
Duke Energy traces its roots back to the early 20th century when in1900, Dr. Walker Gill Wylie founded the Catawba Power Company to supply electricity to cotton mills in the Carolinas. This endeavor, with financial assistance from James Buchanan Duke, expanded rapidly, leading to the creation of the Southern Power Company in 1905. Over the decades, the company transformed and rebranded several times through mergers and expansions and solidified its place in the US energy market. The most notable merger occurred in 2012, when Duke Energy merged with Progress Energy, solidifying its position as one of the largest electric power companies in the United States.
One of The country’s Largest
Duke Energy is one of the largest electric power holding companies in the United States, serving millions of customers from the Midwest to the Southeast. The company is responsible for the generation, transmission, and distribution of electricity to residential, commercial, and industrial consumers. As previously mentioned, the company generates its electricity through a variety of different methods but is slowly but surely starting to shift out coal in favor of nuclear and renewable electricity sources.
Duke Energy has plenty of publicly traded peers, and a list of these would not be complete without mentioning NextEra, AEP, and Exelon.
Moving Into Renewables
Duke Energy has progressively expanded its involvement in renewable energy sources, reflecting a broader industry shift towards sustainability. A significant portion of its renewable capacity comes from hydroelectric power, with multiple hydro plants in operation. Furthermore, the company has invested in both wind and solar power in recent years.
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