Duke Energy (DUK) Q1 2026 earnings summary

Executive summary

• Reported Q1 2026 EPS was $1.97; adjusted EPS was $1.93, up from $1.76 in Q1 2025, driven by infrastructure investments, rate cases, customer growth, and favorable weather, partially offset by higher O&M and depreciation.

• On track to achieve 2026 EPS guidance of $6.55–$6.80 and reaffirming 5–7% long-term EPS growth through 2030, targeting the top half of the range from 2028.

• Closed $2.8B minority investment in Florida and $2.5B sale of Tennessee gas business, enhancing funding for capital growth and reducing reliance on debt and equity issuances.

• Monetized up to $3.1B in clean energy tax credits and received regulatory approval for combining Carolina utilities, projecting $2.3B in customer savings by 2040.

• Signed 2.7 GW of new ESAs with data center customers, bringing total to 7.6 GW, with two-thirds under construction.

Financial highlights

• Operating revenues rose to $9.18B in Q1 2026 from $8.25B in Q1 2025; net income available to common stockholders increased to $1.54B from $1.37B year-over-year.

• Adjusted EPS for Q1 2026 was $1.93, up from $1.76, with reported EPS at $1.97.

• Electric Utilities & Infrastructure segment income increased to $1.40B from $1.28B, driven by investments and favorable weather.

• Gas Utilities & Infrastructure adjusted segment income rose to $361M from $349M, with gains from asset sales excluded from adjusted results.

• Cash and cash equivalents at quarter-end were $2.14B, up from $245M at year-end 2025; available liquidity as of March 31, 2026, was $9.9B.

Outlook and guidance

• Reaffirmed 2026 adjusted EPS guidance range of $6.55–$6.80 and 5–7% long-term EPS growth through 2030.

• Confident in delivering top half of EPS range starting in 2028 as economic development projects ramp up.

• Expect ~14.5% FFO to debt in 2026 and 15% long-term, maintaining cushion to downgrade thresholds.

• Capital expenditures for 2026 projected at $17.75B.