Duke Energy (NYSE:DUK) reported higher third-quarter earnings and narrowed its 2026 adjusted earnings outlook, as electricity demand and infrastructure investment supported growth at its utility businesses.
The company reported adjusted earnings of $1.99 per share for the third quarter of 2026, up from $1.81 a year earlier. Reported earnings were also $1.99 per share. Duke narrowed its full-year adjusted earnings guidance to $6.70 to $6.80 per share and expects to finish near the top of that range.
President and CEO Harry Sideris reaffirmed the company’s target of 5% to 7% annual earnings-per-share growth through 2030. He said Duke remains confident it can deliver growth in the upper half of that range beginning in 2028, as economic development projects covered by electric service agreements ramp up.
Electric demand and large-load projects
Executive Vice President and CFO Brian Savoy said the electric utilities and infrastructure segment contributed a $0.20-per-share increase in quarterly earnings. Rate cases and riders, higher sales volumes and hot summer weather helped drive the gain, partly offset by higher depreciation and interest expenses and the minority interest in Duke Energy Florida.
Third-quarter electricity demand rose 2%, the company’s strongest quarterly growth since 2022, Savoy said. Residential customer growth remained near 2%, while advanced manufacturing projects began coming online. Duke expects load growth of 3% to 4% over the remainder of its five-year plan, supported by data centers scheduled to begin taking power next year.
The company said 5.2 gigawatts of data center capacity under construction remains on schedule to begin taking energy in the second half of 2027 and into 2028. During the question-and-answer session, Mizuho analyst Anthony Crowdell asked about converting the remaining 7.6 gigawatts of a 15.4-gigawatt pipeline after 7.8 gigawatts had been signed.
Sideris said negotiations were taking longer because the contracts are complex, but he remained confident Duke could sign the remaining agreements by the first half of 2027. He said the company does not count projects until they reach the electric service agreement stage.
Capital spending and generation plans
Duke’s current capital plan totals $103 billion, with a potential $5 billion to $10 billion in additional generation and transmission spending tied to large-load contracts, particularly in Indiana and Florida. The company plans to provide an updated financial plan on its fourth-quarter call in February.
Savoy said Duke is investing approximately $1.5 billion a month and expects that pace to increase to about $2 billion a month in 2027. He said the next capital plan will rise as the company advances its generation build and adds 2031 to the planning period.
Duke plans to add 16 gigawatts of generation capacity by 2031. Sideris said more than 5 gigawatts of natural gas generation is under construction in the Carolinas and Indiana, with another 5 gigawatts in development. The company also pre-filed applications for two combined-cycle plants totaling nearly 2,800 megawatts at the Davie-Davidson site in North Carolina and expects to formally file them early next year.
Asked about new nuclear generation, Sideris said Duke’s position had not changed. The company is pursuing upgrades and life extensions at existing plants, but he said it would not move forward with new nuclear projects without customer and investor protections, supply-chain clarity and balance-sheet safeguards.
Regulatory settlements and financing
Duke expects North Carolina regulators to issue orders by mid-November on rate-case settlements involving Duke Energy Carolinas and Duke Energy Progress, with new rates effective in January 2027. The company also expects an order on a proposed large-load tariff, for which it reached a settlement with Public Staff and several large customers.
Sideris said the North Carolina settlement gives Duke the option to defer its next rate case in 2029, subject to deferral of costs for generation facilities coming online. He said other conditions, including an earnings-sharing mechanism, would continue to apply.
In Florida, Sideris said Duke plans to refile its large-load tariff after receiving feedback from regulators. He said the company continues to negotiate with prospective customers and sees no slowdown in its work there. In Indiana, Duke has notified regulators of its intent to file its first multiyear rate plan later this year.
On financing, Savoy said Duke remains on track for a 2026 funds-from-operations-to-debt target of 14.5%. Brookfield plans to accelerate $1 billion of its Duke Energy Florida minority investment from 2028 to December 2026, with another $2 billion expected in 2027. Savoy said the earlier proceeds would reduce holding-company financing needs and be accretive to earnings.
About Duke Energy (NYSE:DUK)
Duke Energy is a U.S. energy company focused primarily on regulated electric utilities and natural gas distribution. Its businesses generate, transmit and distribute electricity, and provide natural gas service to residential, commercial and industrial customers.
The company serves electric customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. Its natural gas distribution operations serve customers in several states, including North Carolina, South Carolina, Ohio, Kentucky and Tennessee.
Duke Energy’s power generation portfolio includes nuclear, natural gas, coal, hydroelectric and renewable resources.
