Duke Energy confirmed solid performance in 2025 after reporting adjusted EPS of $6.31 and extending EPS growth forecasts through 2030. The electric utility backs its strategy with a $103 billion investment plan targeting regulated infrastructure and capacity expansion.
Annual results improved EPS forecasts in 2025
First, I analyze that the year-on-year growth from US$5.90 in 2024 to US$6.31 in 2025 is mainly due to the increase in the tariff base. The company capitalized investments in network modernization, generation expansion and strengthening of regulated assets in its main territories.
Likewise, the utilities and electricity infrastructure segment contributed US$5.34 billion, while the gas business added US$559 million. These results confirm the strategic dependence on stable returns under favorable regulatory frameworks.
Adjusted EPS for the fourth quarter was US$1.50 versus US$1.66 a year earlier. The decrease reflects higher operating costs, financial expenses and depreciation associated with asset growth.
However, the continued recovery of infrastructure investments partially cushioned these pressures. The expansion of the power grid and technological upgrades continue to be long-term structural drivers.
In this context, I note that Duke Energy is executing one of the largest regulated capital programs in the U.S. electricity sector. The projected five-year investment seeks to modernize the grid and grid to expand dispatchable generation and respond to increased demand linked to data centers, artificial intelligence and advanced manufacturing.
During 2025, the company began construction of approximately 5 gigawatts of new dispatchable generation resources. This additional capacity strengthens system reliability in high-growth regions such as the Carolinas, Florida and Indiana.
Looking ahead to 2026, the company projects adjusted EPS between $6.55 and $6.80. It also extended its compound annual earnings per share growth target in the range of 5% to 7% through 2030.
This projection places Duke Energy among the group of regulated utilities with the highest earnings visibility in the United States. Growth will depend on constructive regulatory outcomes, expansion of contracted demand and financial discipline to sustain the investment program.
Finally, Duke’s performance reflects a broader trend in the regulated electricity sector. Earnings visibility increasingly relies more on rate base growth and less on exposure to wholesale power prices.
Electrification, industrial digitalization and the rise of data centers are driving new infrastructure needs. In this scenario utilities with strong regulated presence and solid institutional relationships are positioned to capture sustained growth over the next decade.
Source and photo: Duke Energy