Duke Energy 8-K

Summary

Q3 2026 results with narrowed FY2026 adjusted EPS guidance. Recovery of infrastructure investments and favorable weather supported reported and adjusted EPS growth, while higher depreciation, minority-investment impacts, interest expense and taxes partly offset the gains. Revenue growth accelerated Y/Y to +6.6% from +1.1%.

FY2026 adjusted EPS guidance narrowed to $6.70-$6.80 from $6.55-$6.80; Duke Energy said its year-to-date performance positions it to deliver near the top of the range. The company reaffirmed long-term adjusted EPS growth guidance of 5%-7% Y/Y through 2030, based on the midpoint of its 2025 guidance range of $6.30, and expressed confidence in earning in the top half of the range beginning in 2028.

Developments

• Duke Energy is executing a generation build to add 16 gigawatts of capacity by 2031, supporting customer value, economic growth and reliable service as its jurisdictions grow.

Results with guidance

Metric	Q3 2026 actual	9M 2026	FY2026 guide
Adjusted EPS (non-GAAP)	$1.99+9.9% Y/Y, +39% Q/Q	$5.35	$6.70-$6.80narrowed from $6.55-$6.80

Results without guidance

Metric	Q3 2026	Change	9M 2026
Revenue	$9.10B	+6.6% Y/Y, +20% Q/Q	$25.9B+6.5% Y/Y
Operating income	$2.75B	+18% Y/Y, +34% Q/Q	$7.52B+16% Y/Y
Net income	$1.56B	+10% Y/Y, +43% Q/Q	$4.21B+11% Y/Y
Diluted EPS	$1.99	+9.9% Y/Y, +44% Q/Q	$5.34+11% Y/Y
Cash and cash equivalents	$451M	-33% Q/Q	—
Diluted shares	780M	+0.3% Y/Y, +0.1% Q/Q	779M+0.3% Y/Y

What moved the numbers

• Electric Utilities and Infrastructure segment income was $1.82B vs $1.66B a year earlier; recovery of infrastructure investments and favorable weather drove the increase, partly offset by higher depreciation, minority-investment impacts and interest expense.
• Gas Utilities and Infrastructure segment loss was $(19)M vs $(26)M, primarily reflecting lower operation and maintenance expense.
• Other segment loss was $(247)M vs $(225)M, driven mainly by higher captive claims and lower investment returns.
• Electric retail sales were 64,111 GWh, up 5.2% Y/Y; weather-normalized retail sales rose 2.0% Y/Y, and the average electric customer count increased 1.5% Y/Y to 8.76 million.
• Nine-month reported-to-adjusted EPS adjustments included a $0.24 per-share impact from legal and regulatory settlements, $(0.22) from asset sales and $(0.02) from discontinued operations.

Other guidance (2)

Metric	Period	Guidance	Direction
Adjusted EPS growth rate (non-GAAP)	through 2030	5%-7% growth Y/Y	reaffirmed
Generation capacity additions	by 2031	16B	—

Figures extracted from the filings and checked against their text; changes and verdicts computed from them.

Guidance

• FY2026 adjusted EPS guidance: $6.70-$6.80, narrowed from $6.55-$6.80.
• Long-term adjusted EPS growth guidance: 5%-7% Y/Y through 2030, reaffirmed.