Duke Energy Q4 Earnings Lag Estimates, Revenues Rise Y/Y

Duke Energy Corporation's DUK fourth-quarter 2025 earnings of $1.50 per share lagged the Zacks Consensus Estimate of $1.51 by 0.6%. The bottom line also declined 9.6% from $1.66 reported in the year-ago quarter.

For 2025, CMS reported adjusted earnings of $6.31 per share, higher than the prior-year figure of $5.90.

DUK’s Total Revenues

Total operating revenues were $7.94 billion, which beat the Zacks Consensus Estimate of $7.66 billion by 3.9%. The top line also increased 7.9% from $7.36 billion in the year-ago period. 

The company reported revenues of $32.24 billion in 2025, higher than $30.36 billion in 2024.

Highlights of DUK’s Earnings Release

Total operating expenses amounted to $5.83 billion in the reported quarter, up 11% year over year. The increase was primarily driven by higher expenses for the cost of natural gas, operation, maintenance and other, depreciation and amortization, as well as property and other taxes.

The operating income totaled $2.119 billion compared with $2.112 billion in the year-ago quarter.

Interest expenses rose to $946 million from $871 million in the fourth quarter of 2024.

The average number of customers in its Electric Utilities increased 1.5% year over year. 

Total electric sales volume for the reported quarter went up 2.3% year over year to 61,726 gigawatt-hours.

DUK’s Segmental Highlights

Electric Utilities & Infrastructure: This segment’s adjusted earnings for the fourth quarter totaled $1.21 billion, down from $1.24 billion in the fourth quarter of 2024. The decline was mainly due to higher O&M and depreciation on a growing asset base and interest expense, partially offset by the recovery of infrastructure investments.

Gas Utilities & Infrastructure: Adjusted earnings from this segment amounted to $230 million compared with $231 million in the fourth quarter of 2024.

Other: The segment includes corporate interest expenses not allocated to other business units, resulting from Duke Energy’s captive insurance company and other investments. This segment incurred a loss of $272 million compared with a loss of $186 million in the fourth quarter of 2024.

Financial Condition of DUK

As of Dec. 31, 2025, Duke Energy had cash & cash equivalents of $245 million compared with $314 million as of Dec. 31, 2024.

As of Dec. 31, 2025, the long-term debt was $80.11 billion compared with $76.34 billion as of Dec. 31, 2024.

The company generated net cash from operating activities of $12.330 billion in 2025 compared with $12.328 billion last year.

2026 Guidance by DUK

Duke Energy expects to generate 2026 adjusted EPS in the range of $6.55-$6.80. The Zacks Consensus Estimate for 2025 earnings is pegged at $6.70, which is higher than the midpoint of the company’s projected range.

DUK extends its long-term EPS growth of 5-7% through 2030.

DUK’s Zacks Rank

Duke Energy currently carries a Zacks Rank #4 (Sell). 

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Utility Releases

Edison International EIX is scheduled to report fourth-quarter results on Feb. 18, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.47 per share, which suggests a year-over-year increase of 40%.

EIX’s long-term (three to five years) earnings growth rate is 10.93%. The Zacks Consensus Estimate for fourth-quarter sales is pinned at $4.38 billion, which implies a year-over-year improvement of 9.9%.

Alliant Energy LNT is slated to report fourth-quarter results on Feb. 19, after market close. The Zacks Consensus Estimate for earnings is pegged at 58 cents per share, which implies a year-over-year decrease of 17.1%.

LNT’s long-term earnings growth rate is 7.15%. The Zacks Consensus Estimate for fourth-quarter sales is pinned at $937.84 million, which implies a year-over-year decline of 3.9%.

AES Corporation AES is slated to report fourth-quarter results on Feb. 26, after market close. The Zacks Consensus Estimate for earnings is pegged at 62 cents per share, which implies a year-over-year increase of 14.8%.

AES’ long-term earnings growth rate is 11.17%. The Zacks Consensus Estimate for fourth-quarter sales is pinned at $3.49 billion, which implies year-over-year growth of 17.8%.

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