Duke Energy Corp (DUK) Q3 2025 Earnings Call Highlights: Strong EPS Growth and Ambitious ...

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Adjusted Earnings Per Share (EPS): $1.81 for Q3 2025, up from $1.62 in Q3 2024. Full-Year EPS Guidance: Narrowed to $6.25 to $6.35. Long-Term EPS Growth Rate: Reaffirmed at 5% to 7% through 2029. Five-Year Capital Plan: Projected between $95 billion and $105 billion. Earnings Base Growth: Expected to exceed 8.5% through 2030. Electric Utilities and Infrastructure Segment: Increased by $0.24 due to higher retail sales volumes and new rates. Interest Expense: Increased as part of growing investment plans. Gas Utilities and Infrastructure Results: Largely flat compared to last year. Other Segment: Decreased by $0.04 due to higher interest expense. FFO to Debt: Expected to achieve 14% or higher by year-end 2025, targeting 15% over the long term. Storm Securitization Bonds: Issued in North Carolina, with South Carolina bonds expected by year-end. Projected Customer Bill Impacts: Approximately 2% annual increase over the coming decade. New Dispatchable Generation: On track to add over 8.5 gigawatts in the next five years.

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Release Date: November 07, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Duke Energy Corp (NYSE:DUK) reported strong third-quarter results with adjusted earnings per share of $1.81, up from $1.62 last year, driven by growth in electric utilities. The company is on track to achieve its narrowed full-year EPS guidance range of $6.25 to $6.35. Duke Energy Corp (NYSE:DUK) is planning an ambitious generation build, adding more than 13 gigawatts of capacity over the next five years. The company has a robust five-year capital plan of $95 billion to $105 billion, which is the largest investment plan in the industry. Duke Energy Corp (NYSE:DUK) has secured major permit approvals and commenced construction on key projects, ensuring reliable and affordable service for customers.

Negative Points

Interest expenses have increased as Duke Energy Corp (NYSE:DUK) executes its growing investment plans. The company faces challenges in securing cost overrun protection and addressing supply chain concerns for future nuclear projects. Duke Energy Corp (NYSE:DUK) needs to manage customer affordability while executing its extensive capital plan. The company is still evaluating the final details of its capital and financing plan, indicating some uncertainty in future funding strategies. Duke Energy Corp (NYSE:DUK) must navigate regulatory approvals and settlements, which can impact the timing and implementation of rate changes.

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Q & A Highlights

Q: Can you speak about the incremental capital you are looking at and how it will be layered across the forecast period? A: Brian Savoy, Executive Vice President and CFO, explained that as Duke Energy signs up large load customers, they gain more visibility into the infrastructure build needed to serve them. The capital plan update includes this, along with investments in energy modernization. The capital is being added every year to build towards the ramp of these large customers, with more details to be provided in February.

Q: Regarding the Carolinas IRP, how does Duke envision playing a role in the nuclear build-out, particularly as an operator? A: Brian Savoy stated that Duke Energy operates 11 nuclear reactors and sees nuclear as a crucial part of the future. They are encouraged by government partnerships addressing supply chain concerns but need to resolve issues like cost overrun protection before moving forward. They are evaluating both SMRs and large water reactors, with no immediate plans until these issues are resolved.

Q: Is there potential for the 5% to 7% EPS growth to begin ramping sooner than 2028? A: Brian Savoy noted that while every year is within the 5% to 7% range, 2028 is an inflection point due to increased capital investments and large load customers coming online. The growth is expected to be durable and continue into the early 2030s.

Q: How does the high end of the 5% to 7% growth range reflect incremental capital? A: Brian Savoy clarified that the top half of the growth range beginning in 2028 fits within the $95 billion to $105 billion capital range provided. It is not dependent on being at the high or low end of this range.

Q: What does the advanced pipeline look like for large load, and how much is in advanced discussions? A: Harry Sideris, President and CEO, mentioned that Duke Energy has a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers. They have signed 3 gigawatts of ESAs in the last six months and continue to work on developing these prospects into final projects.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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