DUK · Duke Energy Corporation

Duke Energy reported strong Q1 2026 results with GAAP EPS of $1.97 and adjusted EPS of $1.93, surpassing prior-year levels of $1.76. Adjusted results reflect higher recovery of infrastructure investments and favorable weather, offset by elevated O&M expenses including storm costs and increased depreciation. Electric Utilities and Infrastructure drove the upside with adjusted segment income rising to $1,404 million from $1,276 million, adding $0.16 per share, while Gas Utilities saw modest adjusted growth to $361 million. Special items included $150 million charges for legal/regulatory settlements (negative $0.19 EPS impact) and $171 million asset sale gains (positive $0.22 EPS), netting to a $0.04 drag on reported EPS. The reported effective tax rate rose to 17.6% due to non-deductible goodwill from Piedmont's Tennessee sale, while adjusted rate improved to 10.6% from nuclear tax credit amortization. Management reaffirmed 2026 adjusted EPS guidance of $6.55-$6.80 and 5%-7% long-term growth off 2025's $6.30 midpoint, targeting the upper half from 2028. CEO Harry Sideris highlighted executing on growth via 7.6 GW secured projects and $5.3 billion transactions to bolster the balance sheet, emphasizing grid strengthening and customer value amid economic development.