10-Q · May 5, 2026
Duke Energy's Q1 2026 10-Q report reveals a strong performance with revenue hitting $9.18 billion, surpassing estimates, and diluted EPS reaching $1.97, also above expectations. The company continued to benefit from…
Earnings analysis · 10-Q
DUK earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Duke delivered Q2 GAAP EPS of $1.38, up 10.4% year over year, on $7.592B of revenue, up 1.1%; sequential comparisons were softer as revenue fell 17.3% from Q1 and EPS fell from $1.97. EU&I rate recovery, retail-volume…
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Duke delivered Q2 GAAP EPS of $1.38, up 10.4% year over year, on $7.592B of revenue, up 1.1%; sequential comparisons were softer as revenue fell 17.3% from Q1 and EPS fell from $1.97. EU&I rate recovery, retail-volume growth and lower Florida storm amortization supported profit and margin expansion, while depreciation, interest expense and regulatory charges remained offsets. Liquidity benefited from approximately $5.3B of strategic-transaction proceeds, but first-half operating cash flow of $4.272B did not cover $8.240B of capital spending.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.38
What stood out
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Year-over-year EPS growth despite sequential seasonality
Q2 revenue was $7.592B, up $82M (+1.1%) from $7.510B in Q2 2025, though down $1.588B (-17.3%) from $9.180B in Q1 2026. GAAP EPS rose $0.13 year over year to $1.38 from $1.25; adjusted EPS increased to $1.43 from $1.25.
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Electric utility earnings strengthened
EU&I segment income increased $77M to $1.271B in Q2. Its $130M revenue increase reflected $117M of rate-case pricing, $84M of weather-normal retail-volume growth and $52M of higher wholesale revenue, partly offset by a $278M decline in Florida storm-recovery revenue.
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Operating margin expanded
Consolidated operating margin was approximately 26.9%, up from 24.2% in Q2 2025 and 25.5% in Q1 2026. EU&I operating income rose $210M to $1.999B as operating expenses fell $86M despite a $112M increase in depreciation.
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Asset monetizations improved liquidity
The company completed transactions producing about $5.3B of proceeds: $2.8B from the first Florida Progress minority-interest closing and $2.5B from the Piedmont Tennessee sale. Cash, cash equivalents and restricted cash ended June 30 at $850M, versus $363M at year-start.
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Growth plan supported by load and tax-credit catalysts
Management cited sustained demand growth, including data-center development, and has contracted expanding data-center capacity. It also executed an agreement to sell up to $3.1B of net tax credits through 2029 and targets a January 1, 2027 effective date for the Carolinas electric-utility combination.
What to watch
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Capital spending materially exceeds operating cash flow
Operating cash flow fell $768M year over year to $4.272B in the first six months, while capital, investment and acquisition expenditures increased $1.812B to $8.240B. This implies a $3.968B six-month operating-cash-flow-after-capex deficit before asset-sale proceeds and financing.
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Higher debt balances lift interest burden
Higher debt costs are pressuring earnings: EU&I Q2 interest expense rose $67M to $602M, and management attributed the increase to higher outstanding debt balances. Net long-term debt issuance was still $1.633B in the first six months.
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CCR and rate-case uncertainty persists
Regulatory and environmental exposure remains significant. The EPA's April 2026 proposed CCR amendments remain unresolved, with a final rule anticipated in Q4 2026; management says the 2024 CCR Rule could have a material impact, while EU&I recorded $50M of Q2 impairment and other charges largely related to North Carolina rate-case settlements.
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Gas segment revenue reduced by divestiture
Gas Utilities & Infrastructure Q2 operating revenue declined $44M to $449M, including a $24M reduction from the Tennessee-business sale. The segment generated only $10M of Q2 segment income, versus $6M a year earlier, underscoring a smaller recurring earnings base after the divestiture.
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Risk-factor changes are incorporated by reference
The filing incorporates supplemental risk factors from a May 29, 2026 8-K rather than identifying new risk-factor text in the 10-Q itself. Accordingly, changes versus the 2025 10-K cannot be fully evaluated from this filing; the cited supplemental-risk filing date is May 29, 2026.
Management's outlook
The 10-Q does not provide a quantitative EPS or consolidated revenue outlook. Management states it remains focused on regulatory initiatives, customer growth and infrastructure investment for the remainder of 2026; the prior earnings release reaffirmed adjusted EPS guidance, but no numeric guidance is restated in this filing.
Earlier filings 4
10-K · February 26, 2026
Duke Energy reported revenue of $32,237 million and operating income of $8,626 million for 2025, with diluted net income per share of $6.31. Results show multiyear top‑line and EPS improvement, continued heavy capital…
10-Q · August 5, 2025
Duke Energy reported Q2 2025 revenue of $7,508 million and GAAP diluted EPS of $1.25, beating consensus and up versus Q2 2024. Revenue and operating income remain above prior-year levels, but the company shows sizable…
10-Q · August 6, 2024
Duke Energy reported Q2 2024 operating revenues of $7,172 million (up from $6,578 million in Q2 2023) and operating income of $1,707 million (up from $1,430 million). Net income available to common stockholders turned…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.