Duke reported strong 2025 EPS of $6.31 and raised its 5-year capex plan to $103B, up 18%. The company signed 1.5 GW of new ESAs with data centers (including Microsoft), and expects top-half EPS growth by 2028 due to load ramp from these contracts. Management expressed high confidence in execution, underpinned by supply chain agreements and constructive regulatory outcomes. Reported 2025 EPS of $6.31, a 7% YoY increase and above guidance midpoint.
Duke reported strong 2025 EPS of $6.31 and raised its 5-year capex plan to $103B, up 18%. The company signed 1.5 GW of new ESAs with data centers (including Microsoft), and expects top-half EPS growth by 2028 due to load ramp from these contracts. Management expressed high confidence in execution, underpinned by supply chain agreements and constructive regulatory outcomes. Reported 2025 EPS of $6.31, a 7% YoY increase and above guidance midpoint.
Management raised the five-year capital plan to $103 billion, an 18% increase, and highlighted 9.6% earnings-based growth. The plan funds roughly 14 GW of incremental generation, grid hardening, and fuel infrastructure, with a focus on natural gas, solar, batteries, and…
Management repeatedly expressed high confidence in growth, execution of the capital plan, and achieving top-half EPS growth starting in 2028.
Guidance tone
Guidance tone
Signed ESAs for 1.5 GW of new data centers. Management repeatedly expressed high confidence in growth, execution of the capital plan, and achieving top-half EPS growth starting in 2028.
Management raised the five-year capital plan to $103 billion, an 18% increase, and highlighted 9.6% earnings-based growth. The plan funds roughly 14 GW of incremental generation, grid hardening, and fuel infrastructure, with a focus on natural gas, solar, batteries, and potential nuclear.
Management repeatedly expressed high confidence in growth, execution of the capital plan, and achieving top-half EPS growth starting in 2028.
“Data centers comprise about 75% of that by 2030. So it's a growing component. That was only 50% just a couple of quarters ago.”
“They've been open to doing it because it does give them that speed to the power that they need... having that ability to curtail their load or have them go on their backup generation for 50 hours or so a year.”
“Our $103 billion capital plan is the largest among regulated utilities and represents an increase of 18% versus our prior plan... investing in fuel security infrastructure to support future combined cycle plants in the Carolinas as outline…”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2030 | $103B | $103B | RAISED |
| EPS | FY2026 | $6.55–$6.80 | $6.67 | MAINTAINED |
Nearly 75% of Duke's economic development load by 2030 will be from data centers, up from 50% a few quarters ago. — Indicates an accelerating concentration of data center demand in Duke's territories, which may pressure other utilities to secure similar contracts and grid capacity.
“we signed an additional one and a half gigawatts of electric service agreements with data center customers, including Microsoft and Compass.”
… interest savings at the holding company fully offsetting lower earnings at Piedmont and Duke Energy Florida. I'm proud of the results we delivered in 2025 and I'm bullish about the future. We are well positioned to execute our investment plan to serve our growing jurisdictions. Turning to slide nine, our economic development pipeline continues to progress, increasing confidence in our growth profile. Since the third quarter earnings call, we signed an additional one and a half gigawatts of electric service agreements with data center customers, including Microsoft and Compass. and now have approximately four and a half gigawatts of data center load secured under ESAs. Our success underscores the attractiveness of our service territories to prospective large load customers. Duke Energy is a one-stop shop, providing significant speed to power advantages. We work with customers in our communities to optimize siting, which ensures we can connect new load quickly while minimizing system upgrade costs. And as we execute our ambitious generation build cycle, we will grow together as customers ramp into their full energy demand. We are partnering with our states to attract hyperscale …
Duke has signed ESAs with flexibility provisions, such as 50 hours of interruptibility, to accelerate data center interconnection.
Incremental capex to $103B driven by fuel security infrastructure and data center load, with supply chain locked in via EPC and GE Vernova framework agreements.