Duke Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported and adjusted EPS for the third quarter of 2026 was $1.99, compared to $1.81 in the third quarter of 2025.
• Consolidated reported effective tax rate was 15.3% for the third quarter of 2026, up from 10.8% in the prior year period.
• Consolidated adjusted effective tax rate was 15.5% for the third quarter of 2026, up from 10.8% in the prior year period.
• Electric Utilities and Infrastructure segment income was $1,817 million for the third quarter of 2026, compared to $1,658 million in the third quarter of 2025.
• Gas Utilities and Infrastructure segment income was a loss of $19 million for the third quarter of 2026, compared to a loss of $26 million in the third quarter of 2025.
• Other segment income was a loss of $247 million for the third quarter of 2026, compared to a loss of $225 million in the third quarter of 2025.
• Net income available to common stockholders for the nine months ended September 30, 2026, was $4,164 million, compared to $3,743 million in the prior year period.
• Total operating revenues were $9,104 million for the three months ended September 30, 2026, compared to $8,542 million in the prior year period.
• Total operating revenues were $25,874 million for the nine months ended September 30, 2026, compared to $24,299 million in the prior year period.
• Net cash provided by operating activities was $7,889 million for the nine months ended September 30, 2026, compared to $8,672 million in the prior year period.
• Net cash used in investing activities was $10,824 million for the nine months ended September 30, 2026, compared to $9,976 million in the prior year period.
• Net cash provided by financing activities was $3,130 million for the nine months ended September 30, 2026, compared to $1,622 million in the prior year period.
• Total assets were $203,863 million as of September 30, 2026, compared to $195,736 million as of December 31, 2025.
• Long-term debt was $84,332 million as of September 30, 2026, compared to $80,108 million as of December 31, 2025.

Guidance and Future Outlook:

• The company narrowed its 2026 adjusted EPS guidance range to $6.70 to $6.80.
• Management reaffirmed its long-term adjusted EPS growth rate of 5% to 7% through 2030, based on the 2025 guidance range midpoint of $6.30.
• Management expressed confidence to earn in the top half of the long-term growth range beginning in 2028.
• The company is executing a record generation build to add 16 gigawatts of capacity by 2031.
• Management does not forecast reported GAAP EPS or related long-term growth rates.

Business Segments and Product Lines:

• Electric Utilities and Infrastructure segment income growth was primarily driven by the recovery of infrastructure investments to reliably serve customers in growing jurisdictions and favorable weather, partially offset by higher depreciation, impacts from minority interest investments, and higher interest expense.
• Gas Utilities and Infrastructure segment results improved primarily due to lower operations and maintenance expenses.
• Other segment results declined primarily due to higher captive insurance claims and lower returns on investments.
• The company serves 8.7 million electric customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky, collectively owning 55,700 megawatts of energy capacity.
• The company serves 1.6 million natural gas customers in North Carolina, South Carolina, Ohio, and Kentucky.

Market and Competitive Landscape:

• Management highlighted that growth across the company's states creates a significant opportunity to benefit customers, communities, and shareholders.
• The company is investing in electric grid upgrades and efficient generation resources to strengthen the system and serve growing energy needs.

Risks and Challenges:

• Risks include the ability to implement business strategy while balancing customer reliability and costs, and the uncertainty of legislative and regulatory initiatives related to climate change and environmental requirements.
• Costs and liabilities related to coal ash remediation, asset retirement, and nuclear facility life extension or decommissioning are uncertain and may not be fully recoverable.
• External events such as pandemics, trade wars, military conflicts, and severe weather events could disrupt operations and economic activity.
• Reduced customer usage due to energy efficiency, electrification, or distributed generation technologies could result in stranded costs or excess generation resources.
• Construction and development risks include financing, timing, regulatory approvals, and obtaining skilled labor.
• Changes in rules for regional transmission organizations and the financial stability of third-party service providers pose risks.
• The performance of the combined entity following the merger of Duke Energy Progress into Duke Energy Carolinas carries risks related to integration, indebtedness, and unforeseen liabilities.

Management Commentary and Tone:

• Harry Sideris, President and CEO, stated that the company delivered strong results through the first three quarters of the year, reflecting disciplined execution while investing in reliable service and keeping costs low.
• Management emphasized a focus on ensuring growth benefits everyone, protecting existing customers, strengthening reliability, and supporting communities.
• The tone indicates confidence in delivering on 2026 priorities and creating lasting value for customers, communities, and shareholders.

Other Key Points:

• An earnings conference call was scheduled for November 5, 2026, at 10 a.m. ET, hosted by Harry Sideris and Brian Savoy, Executive Vice President and CFO.
• The company recorded a $248 million pretax impact from legal and regulatory settlements within the Electric Utilities and Infrastructure segment for the nine months ended September 30, 2026.
• The company recorded a $368 million gain on the sale of Piedmont's Tennessee business and $6 million on the sale of certain renewable natural gas investments for the nine months ended September 30, 2026.
• The company serves customers in six states and operates as a Fortune 150 company headquartered in Charlotte, N.C.