Duke Energy tops Q3 estimates, narrows 2026 EPS forecast

Duke Energy (DUK) topped the $1.88 consensus estimate with third-quarter 2026 adjusted earnings of $1.99 per share, up from $1.81 a year earlier. Revenue was $9.10 billion, above the $9 billion consensus.

Shares were little changed at 3:59 p.m. ET, from a $129.59 close.

Here's how the company did:

• Adjusted EPS: $1.99 vs. $1.81 a year earlier, $1.88 expected
• Reported EPS: $1.99 vs. $1.81 a year earlier
• Revenue: $9.10 billion vs. $8.54 billion a year earlier, $9 billion expected

Weighted average basic shares were 780 million, compared with 778 million a year earlier.

Segment results

Electric Utilities and Infrastructure segment income was $1.82 billion, compared with $1.66 billion a year earlier, driven by infrastructure investment recovery and favorable weather.

Gas Utilities and Infrastructure posted a segment loss of $19 million, compared with a loss of $26 million a year earlier, on lower operation and maintenance expense.

Other posted a segment loss of $247 million, compared with a loss of $225 million a year earlier, on higher captive insurance claims and lower returns on investments.

2026 guidance

Duke Energy narrowed its 2026 adjusted EPS guidance to $6.70 to $6.80. It reaffirmed long-term adjusted EPS growth of 5% to 7% through 2030, measured from the 2025 guidance midpoint of $6.30, and has confidence to earn in the top half of the range beginning in 2028.

The company does not forecast reported GAAP EPS or related long-term growth rates, because it cannot project special items for future periods.

Costs and charges

Higher depreciation, impacts from minority interest investments, and higher interest expense partly offset the quarter's gains.

The adjusted effective tax rate was 15.5% for the quarter, compared with 10.8% a year earlier, primarily due to a decrease in the amortization of excess deferred income taxes.

Harry Sideris, president and chief executive officer, said the company's focus is on “making sure that growth benefits everyone” as it adds customers and capacity.