Duke Energy Q1 Earnings Higher Than Estimates, Revenues Rise Y/Y

Duke Energy Corporation's DUK first-quarter 2025 earnings of $1.76 per share beat the Zacks Consensus Estimate of $1.59 by 10.7%. The bottom line also improved 22.2% from $1.44 per share reported in the year-ago quarter, driven by higher retail sales volumes and implementation of new rates and riders, as well as improved weather. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)

DUK’s Total Revenues

Total operating revenues came in at $8.25 billion, which rose 7.5% from $7.67 billion in the year-ago period. The top line also beat the Zacks Consensus Estimate of $8.06 billion by 2.3%.

The Regulated electric unit’s operating revenues were $7.06 billion, up 4.9% year over year, contributing 85.6% to the quarter’s total revenues.

Revenues from the Regulated natural gas business totaled $1.11 billion, up 27.6% year over year.

The Non-regulated Electric and Other segment generated revenues of $80 million, which increased 9.6% year over year.

Highlights of DUK’s Release

Duke Energy’s total operating expenses amounted to $5.91 billion in the reported quarter, up 3.4% 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 increased 19.4% to $2.34 billion from $1.96 billion recorded in the year-ago quarter.

Interest expenses rose to $889 million from $817 million recorded in the first quarter of 2024.

For the reported quarter, the average number of customers in its Electric Utilities increased 1.7% year over year. Total electric sales volumes for the reported quarter went up 7.6% year over year to 65,242 gigawatt-hours.

DUK’s Segmental Highlights

Electric Utilities & Infrastructure: This segment’s earnings for the first quarter totaled $1,276 million, up from $1,021 million in the first quarter of 2024.

Gas Utilities & Infrastructure: Earnings generated from this segment totaled $349 million compared with $284 million in the year-ago period.

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 $260 million compared with a loss of $203 million in the first quarter of 2024.

Financial Condition of DUK

As of March 31, 2025, Duke Energy had cash & cash equivalents of $475 million, up from $314 million on Dec. 31, 2024.

As of March 31, 2025, the long-term debt was $79.70 billion compared with $76.34 billion as of Dec. 31, 2024.

During the first three months of 2025, the company generated net cash from operating activities of $2.18 billion compared with $2.47 billion in the same period last year.

2025 Guidance by DUK

Duke Energy reaffirmed its 2025 adjusted EPS guidance. The company still expects to generate adjusted EPS in the range of $6.17-$6.42. The Zacks Consensus Estimate for 2025 earnings is pegged at $6.32 per share, which is higher than the midpoint of the company’s projected range.

DUK continues to project long-term EPS growth of 5-7% through 2029.

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.

Recent Utility Releases

Edison International EIX reported first-quarter 2025 adjusted earnings of $1.37 per share, which surpassed the Zacks Consensus Estimate of $1.21 by 13.2%. The bottom line also increased 21.2% from $1.13 in the year-ago quarter.

Edison International's first-quarter operating revenues totaled $3.81 billion, which missed the Zacks Consensus Estimate of $4.14 billion by 7.8%. The top line also decreased 6.5% from the year-ago quarter’s figure of $4.08 billion.

PG&E Corporation PCG reported first-quarter 2025 adjusted EPS of 33 cents, which lagged the Zacks Consensus Estimate of 35 cents by 5.7%. The bottom line also declined 10.8% from the year-ago quarter’s reported figure of 37 cents.

PCG reported first-quarter total revenues of $5.98 billion, up 2.1% from $5.86 billion registered in the year-ago period. However, the top line missed the Zacks Consensus Estimate of $6.11 billion by 2.1%.

NextEra Energy, Inc. NEE reported first-quarter 2025 adjusted earnings of 99 cents per share, which beat the Zacks Consensus Estimate of 97 cents by 2.1%. The bottom line was also up nearly 8.8% year over year.

In the first quarter, NextEra Energy’s operating revenues were $6.24 billion, which lagged the Zacks Consensus Estimate of $7.34 billion by 14.9%. However, the top line improved 9% year over year.

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