Duke Energy (DUK) Q3 2026 earnings summary

Executive summary

• Q3 reported and adjusted EPS was $1.99, up from $1.81 YoY, supported by investment recovery and favorable weather, partly offset by higher depreciation, interest, minority interest and taxes.

• FY26 adjusted EPS guidance narrowed to $6.70–$6.80, with results expected near the top end; 5%–7% adjusted EPS growth through 2030 was reaffirmed.

• A $103B 2026–2030 capital plan and generation expansion targeting 16 GW by 2031 support anticipated load growth.

Financial highlights

• Q3 revenue was $9.104B vs. $8.542B, operating income $2.747B vs. $2.334B, and net income available to common stockholders $1.551B vs. $1.407B.

• 9M reported EPS was $5.34 and adjusted EPS $5.35, vs. $4.81 for both measures in 2025.

• 9M operating cash flow was $7.889B; investing outflow was $10.824B, including $12.566B of capital expenditures.

Outlook and guidance

• Confidence in delivering adjusted EPS in the top half of the 5%–7% long-term growth range begins in 2028, as secured economic development projects ramp.

• Load growth outlook is 3%–4%; the ~15.4 GW late-stage large-load pipeline is targeted for contract signing by H1 2027.

• ~7.8 GW of signed large-load agreements support 2027–2030 projections; 5.2 GW of data-center projects under construction are expected to take energy from H2 2027 into 2028.

• 2026 adjusted earnings assumptions include $17.75B of capital expenditures and a 10%–12% adjusted effective tax rate; 9M capex was $12.912B.