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Duke Energy (DUK) investor relations material
Duke Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Reported and adjusted EPS for Q3 2025 was $1.81, up over 11% year-over-year, with YTD adjusted EPS at $4.81, driven by new rates, higher retail sales, and successful rate case outcomes.
2025 adjusted EPS guidance narrowed to $6.25–$6.35, reaffirming a 5–7% long-term EPS growth rate through 2029, with confidence to achieve the top half of the range starting in 2028.
Entered into two major strategic transactions: a $6 billion minority investment in Florida Progress and a $2.48 billion sale of Piedmont's Tennessee business, supporting capital plans and reducing future equity and debt needs.
Over $8.5 billion in new dispatchable generation is advancing, with major projects underway and critical supply agreements secured.
Executing a record generation build, targeting over 13 GW of new capacity in five years.
Financial highlights
Q3 2025 adjusted EPS was $1.81, up from $1.62 in Q3 2024; YTD adjusted EPS reached $4.81, up from $4.24 YTD 2024.
Net income for Q3 2025 was $1,407 million, up from $1,226 million; operating revenues were $8,542 million, up from $8,154 million.
Electric Utilities & Infrastructure segment contributed $194M more than prior year quarter, driven by rate cases and higher volumes.
Gas Utilities & Infrastructure segment was flat year-over-year, with offsetting impacts from rate cases and depreciation.
Adjusted effective tax rate for Q3 2025 was 10.8%, and for YTD 2025 was 11.3%.
Outlook and guidance
2025 adjusted EPS guidance narrowed to $6.25–$6.35, with 5–7% annual EPS growth target reaffirmed through 2029 and expectation to reach the top half of the range by 2028.
Five-year capital plan increased to $95–$105 billion for 2026–2030, supporting 8.5%+ earnings-based growth through 2030.
Proceeds from Florida Progress investment and Piedmont Tennessee sale will fund capital expenditures and reduce planned equity and debt issuances through 2029.
Expect new rates in South Carolina in Q1 2026 and in North Carolina in early 2027.
2026 earnings drivers include multi-year rate plans, grid investments, and customer growth.
Detail economic development's impact on load growth
What underpins 2028+ top-half EPS growth confidence?
Why did DEP/DEF Q3 retail sales lag weather-normal?
Breakdown of incremental capital plan increase
Nuclear build: Address cost/balance sheet protection
EPS growth durability beyond 2029
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Next Duke Energy earnings date
Q4 202510 Feb, 2026
Next Duke Energy earnings date
Q4 202510 Feb, 2026
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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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