Why Is Duke Energy (DUK) Up 3.9% Since Last Earnings Report?

A month has gone by since the last earnings report for Duke Energy (DUK). Shares have added about 3.9% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Duke Energy due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

Duke Energy Q4 Earnings Lag Estimates, Revenues Rise Y/Y

Duke Energy Corporation's fourth-quarter 2025 earnings of $1.50 per share lagged the Zacks Consensus Estimate of $1.51 by 0.6%. The bottom line also declined 9.6% from $1.66 reported in the year-ago quarter.

For 2025, CMS reported adjusted earnings of $6.31 per share, higher than the prior-year figure of $5.90.

DUK’s Total Revenues

Total operating revenues were $7.94 billion, which beat the Zacks Consensus Estimate of $7.66 billion by 3.9%. The top line also increased 7.9% from $7.36 billion in the year-ago period.

The company reported revenues of $32.24 billion in 2025, higher than $30.36 billion in 2024.

Highlights of DUK’s Earnings Release

Total operating expenses amounted to $5.83 billion in the reported quarter, up 11% year over year. The increase was primarily driven by higher expenses for the cost of natural gas, operation, maintenance and other, depreciation and amortization, as well as property and other taxes.

The operating income totaled $2.119 billion compared with $2.112 billion in the year-ago quarter.

Interest expenses rose to $946 million from $871 million in the fourth quarter of 2024.

The average number of customers in its Electric Utilities increased 1.5% year over year.

Total electric sales volume for the reported quarter went up 2.3% year over year to 61,726 gigawatt-hours.

DUK’s Segmental Highlights

Electric Utilities & Infrastructure: This segment’s adjusted earnings for the fourth quarter totaled $1.21 billion, down from $1.24 billion in the fourth quarter of 2024. The decline was mainly due to higher O&M and depreciation on a growing asset base and interest expense, partially offset by the recovery of infrastructure investments.

Gas Utilities & Infrastructure: Adjusted earnings from this segment amounted to $230 million compared with $231 million in the fourth quarter of 2024.

Other: The segment includes corporate interest expenses not allocated to other business units, resulting from Duke Energy’s captive insurance company and other investments. This segment incurred a loss of $272 million compared with a loss of $186 million in the fourth quarter of 2024.

Financial Condition of DUK

As of Dec. 31, 2025, Duke Energy had cash & cash equivalents of $245 million compared with $314 million as of Dec. 31, 2024.

As of Dec. 31, 2025, the long-term debt was $80.11 billion compared with $76.34 billion as of Dec. 31, 2024.

The company generated net cash from operating activities of $12.330 billion in 2025 compared with $12.328 billion last year.

2026 Guidance by DUK

Duke Energy expects to generate 2026 adjusted EPS in the range of $6.55-$6.80. The Zacks Consensus Estimate for 2025 earnings is pegged at $6.70, which is higher than the midpoint of the company’s projected range.

DUK extends its long-term EPS growth of 5-7% through 2030.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a flat trend in estimates review.

VGM Scores

Currently, Duke Energy has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Duke Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Duke Energy is part of the Zacks Utility - Electric Power industry. Over the past month, WEC Energy Group (WEC), a stock from the same industry, has gained 0.2%. The company reported its results for the quarter ended December 2025 more than a month ago.

WEC Energy reported revenues of $2.54 billion in the last reported quarter, representing a year-over-year change of +11.1%. EPS of $1.42 for the same period compares with $1.43 a year ago.

WEC Energy is expected to post earnings of $2.33 per share for the current quarter, representing a year-over-year change of +2.6%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for WEC Energy. Also, the stock has a VGM Score of F.

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This article originally published on Zacks Investment Research (zacks.com).

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