Duke Energy

Duke Energy is one of the largest US utility companies, based in Charlotte, North Carolina. Its electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and own 55,700 megawatts of generating capacity. Its gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky.

State commissions set its rates. In 2026, Duke sold Piedmont's Tennessee gas business to Spire for $2.5 billion, and it plans to merge Duke Energy Progress into Duke Energy Carolinas. Duke targets adjusted EPS growth of 5% to 7% a year through 2030.

The market prices Duke Energy for a very large building plan that needs more debt and new shares. Total debt was $92.8 billion at September 30, 2026. In August 2026, Duke sold $2.0 billion of equity units, which oblige holders to buy new shares by August 2029. Regulators in its states also watch customer bills closely: Florida regulators approved lower rates at Duke Energy Florida for 2027, and Duke said in October 2026 that it protects customers from the costs of data centers.

Storms add costs, such as Hurricane Isaias in Florida in October 2026. For the gap to close, three things must be true. The North Carolina Utilities Commission must approve the settlements in the Duke Energy Carolinas and Duke Energy Progress rate cases, with a return on equity of 9.8% on a 53% equity ratio, by November 2026, as Duke expects. Adjusted EPS must reach the narrowed 2026 guidance of $6.70 to $6.80 and keep growing 5% to 7% a year, in the top half of that range from 2028, as Duke expects.

Duke must fund its plan without more equity than planned. The North Carolina orders, expected in November 2026, and the 2027 guidance with the Q4 2026 report in February 2027 are the next tests. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is higher interest rates, which raise financing costs and make regulated returns less attractive.

1. Nov 5, 2026Passed

   Q3 2026 earnings: guidanceAdjusted EPS on track for the $6.55 to $6.80 guidance, with storm costs in line with the plan, passes; lower guidance or a large unrecovered storm cost fails.Outcome: Duke narrowed its 2026 adjusted EPS guidance to $6.70 to $6.80 and reported no special items for storm costs.
2. Nov 2026 · est.Due this month

   North Carolina rate case ordersOrders that approve the settlements with a 9.8% return on equity and new rates from January 1, 2027 pass; a lower return, less approved capital or a delay fails.
3. Feb 5, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2026 adjusted EPS of $6.70 to $6.80 and 2027 guidance in line with growth of 5% to 7% a year pass; a lower result or a lower growth target fails.

Every passed and failed checkpoint across all picks

• November 9, 2026Duke amended its main credit agreement. The lenders agreed to let Duke Energy Progress merge into Duke Energy Carolinas, which Duke expects to do on January 1, 2027.
• November 5, 2026Duke reported Q3 2026 results. Reported and adjusted EPS were $1.99, up from $1.81, because of the recovery of grid investments and favorable weather. Duke narrowed its 2026 adjusted EPS guidance to $6.70 to $6.80, from $6.55 to $6.80, and expects results near the top. It kept its growth target of 5% to 7% a year through 2030 and expects to grow in the top half of that range from 2028. The merger of Duke Energy Progress into Duke Energy Carolinas is still targeted for January 1, 2027.
• November 3, 2026The Florida Public Service Commission approved Duke Energy Florida's request to lower its rates in 2027. A typical residential customer who uses 1,000 kWh a month will pay $33 less in January 2027 than in January 2026. Duke said that a new tax strategy let it avoid a base rate increase that was planned for 2027.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 8-KNew material agreementFiled November 10, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · duk-20260930
• 8-KEarnings releaseFiled November 5, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Other company newsFiled September 25, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 13, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled August 5, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · duk-20260630
• 8-KEarnings releaseFiled August 4, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled July 17, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled July 6, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1326160)

• The North Carolina Utilities Commission can reject or change the rate case settlements. A lower return or less capital in the multi-year rate plans would reduce earnings growth from 2027.
• The building plan needs large amounts of new debt and equity. The equity units sold in August 2026 will add new shares by 2029, and higher interest rates raise the cost of new debt.
• Hurricanes and severe storms, such as Hurricane Isaias in October 2026 and a derecho in the Cincinnati area in August 2026, cause large repair costs. Duke must wait for regulators to approve the recovery of these costs.
• Data center demand drives part of the growth plan. Regulators and lawmakers want data centers to pay their own costs, and new rules can change the terms of these contracts.

Duke funds its utilities with first mortgage bonds, senior notes, term loans, commercial paper and equity. At September 30, 2026, total debt was $92.8 billion: $84.3 billion of long-term debt, $6.12 billion of current maturities and $2.34 billion of notes payable and commercial paper. Read more

Yield at the current rate

3.4% (current annual rate, at today’s price)

Dividend yield

3.3% (last 12 months, at today’s price of $128.77)

Paid per share

$4.28 in the last 12 months (4 payments)

Current annual rate

$4.34 ($1.085 × 4 a year)

Payout ratio

67% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 14, 2026, $1.085 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 2.0% a year. From 2015 to 2025, the dividend grew by about 2.7% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.