10-QPeriod: Q1 FY2026

Duke Energy CORP Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 5, 2026For Securities:DUKDUKBDUK-PA

Summary

Duke Energy Corporation (DUK) reported robust financial results for the three months ended March 31, 2026, with total operating revenues reaching $9.178 billion, a significant increase from $8.249 billion in the prior year period. Net income available to common stockholders rose to $1.536 billion, or $1.97 per diluted share, up from $1.365 billion, or $1.76 per diluted share, in the first quarter of 2025. This growth was supported by increased revenues across its regulated electric and natural gas segments, driven by rate case filings, improved weather conditions, and customer growth. The company also benefited from the successful completion of two strategic transactions: the first closing of a minority investment in Florida Progress, which brought in approximately $2.8 billion, and the sale of Piedmont's Tennessee business for approximately $2.5 billion. These transactions are expected to efficiently fund Duke Energy's capital investment plan and support its long-term growth strategy. The company remains focused on operational excellence, advancing its regulatory strategy, and investing in infrastructure modernization while navigating evolving environmental regulations.

Financial Highlights

42 data points
Beta

Revenue

$8.99B

Net Income

$1.55B

17.2% Net Margin

EPS (Diluted)

$1.97

Total Assets

$198.05B

Cash & Equivalents

$2.14B

Free Cash Flow

-$2.58B

Financial Statements
Beta
Revenue$8.99B
Operating Expenses$6.84B
Operating Income$2.73B
Net Income$1.55B
EPS (Basic)$1.97
EPS (Diluted)$1.97
Shares Outstanding (Basic)778.00M
Shares Outstanding (Diluted)779.00M

Key Highlights

  • 1Total operating revenues increased by 11.3% to $9.178 billion for the three months ended March 31, 2026, compared to $8.249 billion in the prior year period.
  • 2Net income available to common stockholders increased by 11.3% to $1.536 billion, or $1.97 per diluted share, compared to $1.365 billion, or $1.76 per diluted share, in the prior year period.
  • 3The company completed the first closing of a minority investment in Florida Progress, raising approximately $2.8 billion, and the sale of Piedmont's Tennessee business for approximately $2.5 billion.
  • 4Capital expenditures for the first quarter of 2026 were $4.088 billion, up from $3.148 billion in the prior year period, reflecting investments in infrastructure modernization.
  • 5Duke Energy Carolinas and Duke Energy Progress received regulatory approvals for their proposed combination, expected to be effective January 1, 2027.
  • 6The company's EU&I segment reported strong revenue growth driven by rate cases and improved weather, while GU&I segment results were bolstered by the gain on sale of Piedmont's Tennessee business.
  • 7The company maintained strong liquidity, with $2.1 billion in cash on hand and $8.0 billion available under its Master Credit Facility as of March 31, 2026.

Frequently Asked Questions

Revenue growth was primarily driven by higher revenues from rate cases across multiple jurisdictions, improved weather conditions leading to higher retail sales volumes, and increased fuel revenues due to higher commodity prices and fuel rates. The sale of Piedmont's Tennessee business also contributed significantly to the Gas Utilities and Infrastructure segment's results.

The proceeds from the minority investment in Florida Progress ($2.8 billion) and the sale of Piedmont's Tennessee business ($2.5 billion) are being used to efficiently fund Duke Energy's capital investment plan, which includes modernization of its energy infrastructure, and to displace previously planned issuances of long-term debt and common equity.

Duke Energy Carolinas and Duke Energy Progress received regulatory approvals from both the North Carolina Utility Commission (NCUC) and the Public Service Commission of South Carolina (PSCSC) for their proposed combination. The transaction is expected to be effective January 1, 2027, and is anticipated to result in substantial cost savings and operational efficiencies.

Duke Energy is subject to various federal, state, and local environmental regulations, including those related to greenhouse gas emissions and coal combustion residuals (CCR). The company is actively participating in legal challenges and reviewing proposed regulatory changes from the EPA. While cost recovery for future expenditures is pursued through normal ratemaking processes, potential impacts from these regulations could be material and may influence future generation investments.