Duke Energy Corporation

Duke Energy reported second-quarter 2026 adjusted EPS of $1.43 and reported EPS of $1.38, versus $1.25 for both reported and adjusted EPS in the prior year. Electric Utilities and Infrastructure contributed a $0.15 increase year over year, while Gas Utilities and Infrastructure was largely flat and Other was up $0.03. Management reaffirmed full-year 2026 EPS guidance of $6.55 to $6.80 and its long-term EPS growth rate of 5% to 7% through 2030, saying it remains confident in reaching the top half of the range beginning in 2028. They also said they are on track to achieve an FFO to debt target of 14.5% for the year and expect to reach 15% longer term as additional DEF minority interest proceeds are received.

Harry Sideris framed the quarter as evidence of strong execution and accelerating regulated growth, driven by infrastructure investment and rising customer demand across Duke’s service territories. He emphasized the scale of the capital plan, the importance of affordability and customer protection, and the company’s ability to execute on large-load, generation, and transmission projects. His tone was confident but measured, repeatedly stressing discipline, risk protection, and regulatory collaboration before committing to any new nuclear project.

Brian Savoy highlighted year-over-year EPS growth, noting reported and adjusted EPS of $1.38 and $1.43 versus $1.25 last year, with utility earnings driven by customer growth and infrastructure investment. He said the company is on track for a 14.5% FFO to debt target in 2026 and expects to reach 15% over time, helped by additional DEF minority interest proceeds. He also said Duke has priced $600 million under its ATM program year-to-date, plans to use ATM/DRIP opportunistically, and does not have a large block equity issuance planned in the five-year plan.

Analysts focused on whether Duke might raise its long-term growth outlook, given the large-load pipeline and the potential for $5 billion to $10 billion of incremental capital. Management said it remains highly confident in the 5% to 7% EPS growth range, expects to land more of the 15-gigawatt pipeline, and normally updates guidance in the fourth quarter unless something material changes. Questions also centered on Indiana affordability, possible genco structures, and nuclear strategy; Duke said it shares affordability concerns, is evaluating genco as a possible future tool, and will not move ahead on new nuclear until financial and customer risk protections are in place.