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Dec 31, 2025
Duke Energy Q4 2025 Earnings Report
Duke Energy delivered stable regulated earnings in Q4 2025, supported by infrastructure investment recovery despite higher costs.
Key Takeaways
In Q4 2025, Duke Energy reported operating revenues of $7.94B and net income available to common stockholders of $1.17B. Earnings were flat year over year as recovery of infrastructure investments offset higher O&M, depreciation and interest expense, while adjusted and reported EPS were both $1.50.
Operating revenues totaled $7.94B in Q4 2025.
Reported and adjusted EPS were both $1.50 for the quarter.
Net income available to common stockholders reached $1.17B.
Higher O&M and interest expense were largely offset by infrastructure investment recovery.
Revenue by Segment
Forward Guidance
Management reiterated confidence in long-term regulated growth and introduced 2026 adjusted EPS guidance supported by a large capital investment plan.
Positive Outlook
- 2026 adjusted EPS guidance of $6.55 to $6.80.
- Long-term adjusted EPS growth rate of 5% to 7% extended through 2030.
- Largest regulated capital plan in the industry supports earnings base growth.
- Strong economic development pipeline across service territories.
- Balance sheet positioned to support continued infrastructure investment.
Challenges Ahead
- Higher O&M and interest expense expected to pressure near-term comparisons.
- Depreciation increases from a growing asset base.
- Higher effective tax rate versus prior year.
- Sensitivity to regulatory outcomes in key jurisdictions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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