Duke Energy (NYSE:DUK) reported second-quarter 2026 adjusted earnings of $1.43 per share, up from $1.25 per share a year earlier, as customer growth and infrastructure investment at its electric utilities supported results. Reported earnings were $1.38 per share, compared with $1.25 per share in the prior-year quarter.
President and CEO Harry Sideris said the company remains on track to meet its 2026 adjusted earnings guidance of $6.55 to $6.80 per share. Duke also reaffirmed its long-term earnings-per-share growth target of 5% to 7% through 2030 and said it expects to deliver results in the top half of that range beginning in 2028, when contracted large-load projects are expected to begin contributing more meaningfully.
Electric Utilities Drive Quarterly Growth
Executive Vice President and CFO Brian Savoy said the electric utilities and infrastructure segment contributed $0.15 of year-over-year earnings growth, supported by customer expansion and investments intended to serve growing demand. Those benefits were partly offset by higher depreciation expense tied to Duke’s expanding asset base and higher interest expense.
The gas utilities and infrastructure segment was largely flat from the prior year, which Savoy described as consistent with expectations for a shoulder-season quarter. The company’s other segment rose $0.03 year over year, primarily reflecting lower interest expense after proceeds from its Tennessee and Florida transactions reduced holding-company financing needs, along with higher market returns.
Savoy also said weather supported results through the first half, with a colder-than-normal first quarter followed by a hot second quarter. Duke’s generating assets performed well during high-demand periods. He added that the company could reinvest some weather-related benefits into generating facilities during the second half to support their performance.
Large-Load Pipeline and Capital Opportunity
Duke said it has secured 7.8 gigawatts of electric service agreements with data-center customers. The company expects the rest of its 15.4-gigawatt late-stage large-load pipeline to convert into service agreements by the first half of 2027.
Customers are expected to begin taking electricity as early as the second half of 2027 and into 2028, with demand ramping toward full contracted levels through the early 2030s. Savoy said the agreements include minimum-take provisions that underpin Duke’s revenue-growth projections.
The company said additional agreements could create $5 billion to $10 billion of upside to its current five-year capital plan, particularly for generation and transmission investments in Indiana and Florida. Savoy said that estimate applies within the current five-year planning period and would be triggered as agreements are signed and the related infrastructure needs are determined.
Sideris said most of the company’s late-stage large-load pipeline is in Florida and Indiana, though Duke also sees additional opportunities in the Carolinas, Ohio and Kentucky. Beyond data centers, the company cited interest from life-sciences and advanced-manufacturing customers. During the first half, Duke said it secured economic-development wins representing $5 billion in investment and more than 9,000 jobs across its service territories.
Regulatory and Customer-Affordability Measures
Duke reached a comprehensive settlement with North Carolina Public Staff and other interveners in its Duke Energy Carolinas rate case. The agreement includes a 9.8% return on equity, a 53% equity capital structure, continuation of a multiyear rate-plan framework, and an earnings-sharing mechanism allowing Duke to earn up to 50 basis points above the authorized return on equity, or up to 10.3%.
The company is also pursuing a substantially similar framework for its Duke Energy Progress rate case, with discussions continuing ahead of an Aug. 11 hearing. Duke expects commission orders in both cases by mid-November and said customer rates would remain below the national average if the proposals are approved.
Sideris highlighted several actions intended to manage customer costs, including accelerating the flow-back of tax credits from a Florida battery project scheduled to begin operating next year. Duke said recognizing those credits in one year rather than over the project’s life will offset a base-rate increase for customers in 2027. The company also applied for Department of Energy loans in May that it said could provide billions of dollars in customer savings through lower interest costs on eligible projects.
Duke introduced its Customer Protection Plus commitment in July, describing it as a framework intended to ensure large energy users pay the costs associated with serving their facilities while creating benefits for existing customers over time.
Generation Buildout and Nuclear Planning
The company said it is on track to add 15 gigawatts of generating capacity by 2031, including additions outlined in its latest 10-year Florida site plan. Its gas portfolio includes about 5 gigawatts under construction and another 2.5 gigawatts in development.
Duke increased the number of gas turbines available through its GE Vernova framework agreement to 26. The first turbine for its Person County combined-cycle project was delivered in July, with a second delivery expected later this year. Sideris said Duke has secured sufficient gas supply through the early 2030s and is working with suppliers on needs beyond that period.
On nuclear power, Duke said it continues to pursue uprates totaling about 300 megawatts at its current units and is working to extend plant operating lives to 80 years. It has received subsequent license renewals for two plants and expects to file an application for Brunswick Nuclear Plant by year-end.
Sideris said Duke is evaluating both small modular reactors and AP1000 units for potential new nuclear generation, but will not proceed until it has a plan to address financial, first-of-a-kind and supply-chain risks for customers and investors. He said the AP1000 appears to be leading due to its size and Duke’s generation needs, though no decision or timeline has been set.
On financing, Savoy said Duke remains on track to reach a 14.5% funds-from-operations-to-debt ratio this year and expects to reach 15% as additional proceeds from its DEF minority-interest investment are received. The company has priced $600 million through its at-the-market equity program this year, with settlement expected at the end of 2027. Duke also increased its quarterly dividend by 2% in July, extending its record of more than 20 consecutive years of annual dividend increases.
About Duke Energy (NYSE:DUK)
Duke Energy Corporation is a U.S.-based electric power holding company headquartered in Charlotte, North Carolina. The company’s core business is the generation, transmission and distribution of electricity to residential, commercial and industrial customers. Duke Energy operates a mix of regulated electric utilities and non-regulated energy businesses, providing essential energy infrastructure and services across multiple states.
Its operating activities include owning and operating generation assets across a portfolio that encompasses nuclear, natural gas, coal, hydroelectric and an expanding array of renewable resources, as well as battery storage and grid modernization projects.
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