Duke Energy (DUK) Q4 2025 Financial Results Summary
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Duke Energy (DUK) Q4 2025 Financial Results Summary
Duke Energy (NYSE: DUK) released its fourth-quarter and full-year 2025 financial results on February 10, 2026. The company reported adjusted earnings per share (EPS) for Q4 2025 as well as for the entire year.
Key Financial Metrics
- Reported EPS
- Q4 2025: $1.50 (Decrease of 2.6% from $1.54 in Q4 2024)
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Full Year 2025: $6.31 (Increase of 10.5% from $5.71 in 2024)
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Adjusted EPS
- Q4 2025: $1.50 (Decrease of 9.6% from $1.66 in Q4 2024)
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Full Year 2025: $6.31 (Increase of 7.0% from $5.90 in 2024)
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Key Revenue Figures
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Total Operating Revenues for 2025: $32.24 billion (Increase of 6.2% from $30.36 billion in 2024)
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Expenses
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Total Operating Expenses for 2025: $23.66 billion (Increase of 5.4% from $22.46 billion in 2024)
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Net Income
- Q4 2025 Net Income: $1.17 billion (Decrease of 3.5% from Q4 2024)
- Full Year 2025 Net Income: $4.91 billion (Increase of 9.8% from $4.40 billion in 2024)
Segment Performance
Electric Utilities and Infrastructure
- Segment Income
- Q4 2025: $1.209 billion (Slight Increase from $1.208 billion in Q4 2024)
Gas Utilities and Infrastructure
- Segment Income
- Q4 2025: $230 million (Increase of 21.7% from $189 million in Q4 2024)
Other
- Segment Loss
- Q4 2025: $272 million (Increase in loss from $204 million in Q4 2024)
Other Metrics
- Effective Tax Rate
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Consolidated effective tax rate for Q4 2025: 11.3% (Increase from 8.1% in Q4 2024)
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Shares Outstanding
- Weighted average shares during 2025: increased from 772 million to 777 million.
Capital Plans and Future Outlook
- Duke Energy announced a $103 billion five-year capital plan aimed at driving 9.6% earnings growth through 2030.
- The long-term adjusted EPS growth rate is extended to 5-7% through 2030, with expectations to perform in the top half of the range starting in 2028.
- 2026 adjusted EPS guidance set at $6.55 to $6.80.
Dividends and Share Repurchase
- Dividends: Duke Energy did not announce any new quarterly dividend or share repurchase initiatives in this earnings report.
Summary of Adjustments to Reported EPS
- Adjustments included items such as contributions to the Duke Energy Foundation and higher expenses, impacting adjusted earnings for Q4 2025.
In conclusion, Duke Energy has shown solid annual performance in terms of EPS growth while facing some challenges in the fourth quarter of 2025 compared to the same period in the previous year.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions)
| Operating Revenues | Years Ended December 31 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Regulated electric | $ 29,060 | $ 27,787 | $ 26,617 | |
| Regulated natural gas | 2,870 | 2,252 | 2,152 | |
| Nonregulated electric and other | 307 | 318 | 291 | |
| Total operating revenues | $ 32,237 | $ 30,357 | $ 29,060 | |
| Operating Expenses | ||||
| Fuel used in electric generation and | 8,058 | 9,206 | 9,086 | |
| purchased power | ||||
| Cost of natural gas | 983 | 565 | 593 | |
| Operation, maintenance and other | 6,698 | 5,389 | 5,625 | |
| Depreciation and amortization | 6,324 | 5,793 | 5,253 | |
| Property and other taxes | 1,597 | 1,466 | 1,400 | |
| Impairment of assets and other charges | -4 | 38 | 85 | |
| Total operating expenses | $ 23,656 | $ 22,457 | $ 22,042 | |
| Gains on Sales of Other Assets and | 45 | 26 | 52 | |
| Other, net | ||||
| Operating Income | $ 8,626 | $ 7,926 | $ 7,070 | |
| Other Income and Expenses | ||||
| Equity in earnings (losses) of | 51 | -9 | 113 | |
| unconsolidated affiliates | ||||
| Other income and expenses, net | 669 | 661 | 598 | |
| Total other income and expenses | 720 | 652 | 711 | |
| Interest Expense | 3,634 | 3,384 | 3,014 | |
| Income From Continuing Operations Before | 5,712 | 5,194 | 4,767 | |
| Income Taxes | ||||
| Income Tax Expense From Continuing | 642 | 590 | 438 | |
| Operations | ||||
| Income From Continuing Operations | 5,070 | 4,604 | 4,329 | |
| Income (Loss) From Discontinued | 1 | 10 | -1,455 | |
| Operations, net of tax | ||||
| Net Income | $ 5,071 | $ 4,614 | $ 2,874 | |
| Less: Net Income Attributable to | ||||
| Noncontrolling Interests | 103 | 90 | 33 | |
| Net Income Available to Duke Energy | $ 4,968 | $ 4,524 | $ 2,841 | |
| Corporation | ||||
| Less: Preferred Dividends | 56 | 106 | 106 | |
| Less: Preferred Redemption Costs | — | 16 | — | |
| Net Income Available to Duke Energy | $ 4,912 | $ 4,402 | $ 2,735 | |
| Corporation Common Stockholders | ||||
| Earnings Per Share – Basic and Diluted | ||||
| Income from continuing operations | ||||
| available to Duke Energy Corporation | ||||
| common stockholders | $ 6.31 | $ 5.70 | $ 5.35 | |
| Income (loss) from discontinued | ||||
| operations attributable to Duke Energy | — | $ 0.01 | $ -1.81 | |
| Corporation common stockholders | ||||
| Basic and Diluted | $ 6.31 | $ 5.71 | $ 3.54 | |
| Weighted average shares outstanding | 777 | 772 | 771 |
CONSOLIDATED BALANCE SHEETS
(In millions)
| ASSETS | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Current Assets | ||
| Cash and cash equivalents | $ 245 | $ 314 |
| Receivables (net of allowance for doubtful | ||
| accounts of $194 at 2025 and $122 at 2024) | 4,214 | 2,170 |
| Receivables of VIEs (net of allowance | ||
| for doubtful accounts of $85 at 2024) | 16 | 1,889 |
| Receivable from sales of Commercial | — | 551 |
| Renewables Disposal Groups | ||
| Inventory (includes $669 at 2025 and | ||
| $494 at 2024 related to VIEs) | 4,569 | 4,496 |
| Regulatory assets (includes $204 at 2025 | ||
| and $120 at 2024 related to VIEs) | 1,934 | 2,739 |
| Assets held for sale | 109 | 96 |
| Other (includes $88 at 2025 and $90 at | ||
| 2024 related to VIEs) | 526 | 695 |
| Total current assets | 11,613 | 12,950 |
| Property, Plant and Equipment | ||
| Cost | 190,409 | 178,737 |
| Accumulated depreciation and | ||
| amortization | -60,450 | -57,111 |
| Net property, plant and equipment | 129,959 | 121,626 |
| Other Noncurrent Assets | ||
| Goodwill | 19,010 | 19,010 |
| Regulatory assets (includes $3,108 at | ||
| 2025 and $1,705 at 2024 related to VIEs) | 14,379 | 14,220 |
| Nuclear decommissioning trust funds | 12,889 | 11,434 |
| Operating lease right-of-use assets, net | 1,241 | 1,148 |
| Investments in equity method | ||
| unconsolidated affiliates | 330 | 353 |
| Assets held for sale | 2,148 | 2,095 |
| Other | 4,167 | 3,507 |
| Total other noncurrent assets | 54,164 | 51,767 |
| Total Assets | $ 195,736 | $ 186,343 |
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Accounts payable (includes $296 at 2025 | ||
| and $214 at 2024 related to VIEs) | $ 5,223 | $ 5,436 |
| Notes payable and commercial paper | 2,624 | 3,584 |
| Taxes accrued | 975 | 851 |
| Interest accrued | 922 |