DUK

Duke Energy Corporation recently reported second-quarter 2026 earnings of US$1.43 per share, beating analyst expectations, even as operating revenues came in slightly below forecasts and interest expenses increased compared with a year earlier. An interesting twist is that, despite the earnings beat and year-on-year profit growth, analyst estimates for Duke Energy have been revised downward since the release. Next, we’ll explore how this earnings beat amid softer revenue and higher interest costs affects Duke Energy’s longer-term investment narrative. We've uncovered the 11 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. To own Duke Energy, you need to believe in the resilience of its regulated utility model and its ability to fund grid and generation upgrades without eroding earnings. The Q2 2026 earnings beat, despite softer revenue and higher interest expense, does not materially change the near term story, where the key catalyst remains execution on capital projects and the biggest risk is rising financing costs pressuring returns. The recent US$1.75 billion composite units offering is particularly relevant here, as it underlines how dependent Duke is on external capital just as interest expenses are ticking higher. This capital raising sits alongside ongoing dividend payments and planned infrastructure spending, reinforcing both the potential for steady, regulated growth and the risk that more expensive debt and equity could weigh on future profitability. Yet while earnings grew and guidance held, investors should be aware that higher interest costs and heavier refinancing needs could... Read the full narrative on Duke Energy (it's free!) Duke Energy's narrative projects $37.7 billion revenue and $6.4 billion earnings by 2029. This requires 4.8% yearly revenue growth and about a $1.3 billion earnings increase from $5.1 billion today. Uncover how Duke Energy's forecasts yield a $137.83 fair value, a 14% upside to its current price. Four members of the Simply Wall St Community value Duke Energy between US$100.98 and US$137.83 per share, showing a wide spread of views. You can compare these opinions with the recent earnings beat but rising interest expense, and consider how ongoing capital needs might influence the company’s ability to sustain its current performance. Explore 4 other fair value estimates on Duke Energy - why the stock might be worth 17% less than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Duke Energy research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision. Our free Duke Energy research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Duke Energy's overall financial health at a glance. Opportunities like this don't last. These are today's most promising picks. Check them out now: AI is about to change healthcare. These 37 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This technology could replace computers: discover 25 stocks that are working to make quantum computing a reality. Outshine the giants: these 19 early-stage AI stocks could fund your retirement. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include DUK. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

A month has gone by since the last earnings report for Duke Energy (DUK). Shares have lost about 2.3% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Duke Energy due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Duke Energy Q2 Earnings Beat Estimates, Revenues Increase Y/YDuke Energy Corporation's second-quarter 2026 earnings of $1.43 per share surpassed the Zacks Consensus Estimate of $1.29 by 10.9%. The bottom line increased 14.4% from $1.25 reported in the year-ago quarter. Total operating revenues were $7.59 billion, which missed the Zacks Consensus Estimate of $7.72 billion by 1.6%. The top line increased 1% from $7.51 billion in the year-ago period. Operating expenses amounted to $5.55 billion, down 2.4% year over year. The decrease was primarily due to lower cost of natural gas, operation, maintenance and other and lower property and other taxes. The operating income totaled $2.05 billion compared with $1.83 billion in the year-ago quarter.Interest expenses rose to $957 million from $897 million in the second quarter of 2025.The average number of customers in its Electric Utilities and Infrastructure increased 1.4% year over year. Total electric sales volume for the reported quarter went up 0.4% year over year to 64,442 gigawatt-hours. Electric Utilities & Infrastructure: This segment’s adjusted earnings totaled $1.3 billion, up from $1.2 billion in the second quarter of 2025. This was primarily driven by the recovery of investments in infrastructure needed to reliably serve customers across its growing jurisdictions, partially offset by higher depreciation associated with an expanding asset base and increased interest expense.Gas Utilities & Infrastructure: Adjusted earnings from this segment amounted to $10 million compared with $6 million in the second quarter of 2025. This was primarily driven by recovery of infrastructure investments to reliably serve customers in its growing jurisdictions, offset by lower earnings from the sale of Piedmont's Tennessee business.Other: The segment includes corporate interest expenses not allocated to other business units, resulting from Duke Energy’s captive insurance company and other investments. On an adjusted basis, this segment incurred a loss of $204 million compared with a loss of $228 million in the second quarter of 2025. Higher quarterly results were primarily driven by higher returns on investments and lower interest expense. As of June 30, 2026, Duke Energy had cash & cash equivalents of $673 million compared with $245 million as of Dec. 31, 2025.As of June 30, 2026, the long-term debt was $82.24 billion compared with $80.11 billion as of Dec. 31, 2025.During the first six months of 2026, the company generated net cash from operating activities of $4.27 billion compared with $5.04 billion a year ago. Duke Energy expects to generate 2026 adjusted EPS in the range of $6.55-$6.80. The Zacks Consensus Estimate for 2026 earnings is pegged at $6.72, which is higher than the midpoint of the company’s projected range.The company expects long-term adjusted EPS growth of 5-7% through 2030. Since the earnings release, investors have witnessed a downward trend in fresh estimates. Currently, Duke Energy has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Following the exact same course, the stock has a score of C on the value side, putting it in the middle 20% for value investors. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Duke Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Duke Energy Corporation (DUK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

PPL Corporation PPL benefits from improved operating income, which enhances profitability and strengthens its financial flexibility. This can help the company fund capital investments, meet debt obligations, sustain dividends and manage financing requirements more effectively.In the second quarter of 2026, operating income increased 17% year over year to $475 million from $406 million, supporting a 20% rise in earnings per share (EPS) and a 3.1% increase in ongoing earnings. The increase in operating income reflects improved profitability and coincided with growth in both reported and ongoing earnings. The company benefits from rising data-center demand and economic development, which support sustainable earnings growth. PPL’s Pennsylvania segment has 31.8 gigawatts (GW) of potential data-center demand, while Kentucky has 13.7 GW of potential load growth through 2032.PPL expects improved earnings growth from the Pennsylvania rate-case settlement, which took effect July 1 and provides an approved $275 million annual revenue increase, as well as from the Rhode Island rate case, with new rates expected to take effect soon. The company expects EPS to grow at an annual rate of 6-8% through 2029. The company is making significant infrastructure investments to improve service reliability and expand its rate base. It plans to invest about $5.1 billion in 2026, with $23 billion expected through 2029, supporting an average annual rate-base growth of 10.3%.Overall, PPL is well positioned for earnings growth, supported by data center demand, rate recovery and investment-driven revenue gains. Higher operating income can strengthen a utility’s financial capacity, providing greater flexibility to fund capital projects while supporting balance-sheet stability. Sustained earnings growth can help fund grid modernization, generation expansion and reliability upgrades to meet rising demand.FirstEnergy FE reported a 4.8% year-over-year increase in operating income in the second quarter of 2026, strengthening its financial capacity to execute the $36 billion Energize365 program and support long-term rate-base growth.Duke Energy DUK reported a 12% year-over-year increase in operating income in the second quarter of 2026, strengthening its ability to fund its $103 billion capital program and support grid modernization and generation expansion. The Zacks Consensus Estimate for 2026 and 2027 EPS indicates a year-over-year increase of 7.18% and 8.32%, respectively. Image Source: Zacks Investment Research PPL's debt-to-capital currently stands at 57.46%, lower than the electric power industry’s 61.32%. Image Source: Zacks Investment Research In the past month, the company’s shares have plunged 3.1% compared with the industry’s 4.6% decline. Image Source: Zacks Investment Research PPL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PPL Corporation (PPL) : Free Stock Analysis Report FirstEnergy Corporation (FE) : Free Stock Analysis Report Duke Energy Corporation (DUK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Vistra Corp. VST reported second-quarter 2026 earnings of $1.80 per share, which beat the Zacks Consensus Estimate of $1.54 by 16.9%. GAAP diluted earnings were 76 cents per share, down 6.2% from 81 cents a year ago.The reaction from the market was quite positive after the earnings release, with the stock gaining 3.08% since VST reported second-quarter results. Revenues totaled $4.02 billion, missing the Zacks Consensus Estimate of $6.29 billion by 36.2% and declining 5.5% year over year. Operating revenues fell to $4.02 billion from $4.25 billion a year earlier. The decline primarily reflected a $611 million increase in unrealized mark-to-market losses on commodity derivative positions. However, higher retail contractual rates, stronger wholesale capacity and energy revenues and the addition of plants acquired from Lotus provided partial offsets. Vistra Corp. price-consensus-eps-surprise-chart | Vistra Corp. Quote Total retail electricity sales volume declined 4.4% to 31,800 GWh, as ERCOT sales volumes fell 7.8% and Northeast/Midwest volumes increased 0.7%.Fuel, purchased power costs and delivery fees declined 10.1% to $1.77 billion. Lower costs reflected a $123 million increase in unrealized mark-to-market gains on commodity derivatives and lower realized fuel costs from optimizing dispatch of select gas units, partly offset by the acquired Lotus plants.Operating costs increased 16.4% to $853 million, driven mainly by higher maintenance and outage costs, the Lotus plants and incremental costs tied to the Moss Landing incident, net of insurance recoveries. Selling, general and administrative expenses fell 6.4% to $392 million, reflecting lower transition and merger costs and legal settlements.Ongoing operations adjusted EBITDA rose 31% to $1.77 billion, aided by higher realized energy and capacity prices and contributions from the Lotus assets.Operating income rose 7.4% to $553 million. Net income attributable to Vistra decreased 6.7% to $305 million, mainly because unrealized mark-to-market losses on derivative positions increased by $488 million. As of Aug. 3, 2026, Vistra had hedged nearly 100% of expected generation volumes for 2026, 94% for 2027 and 72% for 2028. Management said the hedging program supports the company's 2026 outlook and helps reduce exposure to changes in forward power prices. Cash and cash equivalents were $435 million at June 30, 2026, compared with $785 million at year-end 2025. Total available liquidity stood at $6.30 billion, including $4.41 billion available under the corporate revolving credit facility and $1.45 billion under the commodity-linked facility.Cash provided by operating activities for the first six months of 2026 rose 89.8% to $2.22 billion. Vistra spent $709 million on share repurchases during the period. As of Aug. 3, roughly $1.2 billion remained under the authorization, which the company expects to complete no later than year-end 2027. Vistra reaffirmed 2026 ongoing operations adjusted EBITDA guidance of $6.8-$7.6 billion and ongoing operations adjusted free cash flow before growth of $3.925-$4.725 billion.Management said first-half performance supports an outcome at or above the midpoint of the 2026 ranges.The company also advanced several growth initiatives. Vistra committed up to $1 billion to Helix Digital Infrastructure and will serve as its preferred power partner. It also received FERC approval for the pending Cogentrix Energy acquisition, which is expected to close in late 2026 and add about 5,500 MW of natural gas generation capacity. The company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Duke Energy Corporation's DUK second-quarter 2026 earnings of $1.43 per share surpassed the Zacks Consensus Estimate of $1.29 by 10.9%. The bottom line increased 14.4% from $1.25 reported in the year-ago quarter.Total operating revenues were $7.59 billion, which missed the Zacks Consensus Estimate of $7.72 billion by 1.6%. The top line increased 1% from $7.51 billion in the year-ago period.CenterPoint Energy, Inc. CNP reported second-quarter 2026 adjusted earnings of 40 cents per share, which surpassed the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line increased 37.9% from the year-ago quarter’s figure of 29 cents.CNP generated revenues of $2.15 billion, which beat the Zacks Consensus Estimate by 1.8%. The top line was 10.7% higher than the year-ago quarter’s reported figure of $1.94 billion.CMS Energy Corporation CMS reported second-quarter 2026 adjusted EPS of 37 cents, which came in line with the Zacks Consensus Estimate. However, the bottom line declined 47.9% from 71 cents in the year-ago quarter.CMS' operating revenues totaled $1.83 billion, which missed the Zacks Consensus Estimate of $1.91 billion by 4.2%. The top line also fell 0.5% from $1.84 billion in the prior-year quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Vistra Corp. (VST) : Free Stock Analysis Report Duke Energy Corporation (DUK) : Free Stock Analysis Report CMS Energy Corporation (CMS) : Free Stock Analysis Report CenterPoint Energy, Inc. (CNP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Duke Energy reported past second-quarter 2026 results with revenue of US$7,592 million and net income of US$1,092 million, both higher than a year earlier, alongside six-month revenue of US$16,770 million and net income of US$2,642 million. At the same time, Duke Energy outlined plans to issue US$10 billion in common equity by 2030 to fund an extensive capital program focused on meeting rising power demand, especially from data centers, while managing regulatory pushback on spending and rates. Next, we’ll examine how Duke’s planned US$10 billion equity issuance and growth-focused capital plan affect its existing investment narrative. Capitalize on the AI infrastructure supercycle with our selection of the 55 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. To own Duke Energy, you need to be comfortable with a large, capital‑intensive utility that is leaning into long term load growth while managing heavy funding needs and regulatory oversight. The latest quarter’s higher revenue and net income support the view that operations are holding up, but the planned US$10 billion equity issuance makes financing risk and potential shareholder dilution the key near term considerations. The core growth narrative around data center driven demand does not change materially with this update. The recent announcement of a US$10 billion common equity plan by 2030 is the clearest link to this earnings release, because it explains how Duke expects to fund its sizable capital pipeline as demand grows. This directly connects to the existing risk that rising capital needs increase reliance on external financing, especially if inflation or interest costs stay elevated, and keeps regulatory decisions on cost recovery central to the story in the months ahead. However, investors should also be aware that heavier dependence on outside capital could become a bigger issue if... Read the full narrative on Duke Energy (it's free!) Duke Energy's narrative projects $37.7 billion revenue and $6.4 billion earnings by 2029. This requires 4.8% yearly revenue growth and about a $1.3 billion earnings increase from $5.1 billion today. Uncover how Duke Energy's forecasts yield a $137.83 fair value, a 10% upside to its current price. Four members of the Simply Wall St Community currently estimate Duke Energy’s fair value between US$98.64 and US$137.83, reflecting a wide span of individual views. Against this, the planned US$10 billion equity issuance highlights how financing risk and potential dilution could shape Duke’s long term returns, so it is worth comparing several of these perspectives before forming a view. Explore 4 other fair value estimates on Duke Energy - why the stock might be worth 21% less than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Duke Energy research is our analysis highlighting 4 key rewards and 3 important warning signs that could impact your investment decision. Our free Duke Energy research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Duke Energy's overall financial health at a glance. Our top stock finds are flying under the radar-for now. Get in early: The future of work is here. Discover the 36 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. The latest GPUs need a type of rare earth metal called Dysprosium and there are only 28 companies in the world exploring or producing it. Find the list for free. Uncover the next big thing with 20 elite penny stocks that balance risk and reward. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include DUK. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Consolidated Edison, Inc. ED reported second-quarter 2026 adjusted earnings of 83 cents per share, which beat the Zacks Consensus Estimate of 74 cents by 12.2%. The bottom line improved 23.9% from 67 cents in the prior-year quarter. Higher electric and gas rate bases at CECONY supported the improvement. Revenues of $4.07 billion increased 13.2% year over year and beat the Zacks Consensus Estimate of $3.75 billion by 8.7%. Con Edison’s total average rate base was $47.34 billion as of June 30, 2026.CECONY generated operating revenues of $3.81 billion, up 13.9% from $3.34 billion in the second quarter of 2025. Net income for common stock jumped 33.3% to $296 million from $222 million.O&R revenues increased 3.5% to $263 million from $254 million, while net income remained unchanged at $8 million. Con Edison Transmission reported net income of $7 million compared with $10 million a year earlier. Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote Electric revenues totaled $3.14 billion, up 13.0% from $2.78 billion in the year-ago period. Gas revenues increased 14.1% to $811 million from $711 million.Steam revenues rose 11.3% year over year to $118 million. The Non-utility segment generated revenues of $1 million, which remained unchanged from the prior-year quarter’s level. Overall, growth across ED’s electric, gas and steam businesses supported the year-over-year increase in consolidated revenues, while non-utility revenues remained stable. Total operating expenses increased 8.5% year over year to $3.52 billion, trailing the pace of revenue growth. Purchased power costs rose 29.0% to $837 million, while fuel expenses more than doubled to $56 million. Taxes other than income taxes increased 9.3% to $977 million.Other operations and maintenance expenses declined 1.1% to $913 million, and gas purchased for resale fell 8.8% to $156 million. Depreciation and amortization expenses were nearly flat at $578 million. Consequently, operating income surged 55.5% to $552 million from $355 million. Cash and temporary cash investments totaled $1.47 billion as of June 30, 2026, compared with $1.63 billion at the end of 2025. Long-term debt increased to $26.84 billion from $25.55 billion over the same period.Cash flow from operating activities was $1.97 billion during the first six months of 2026, down 30.0% year over year. Consolidated Edison has reaffirmed its 2026 guidance. It expects adjusted earnings to be in the range of $6.00-$6.20 per share. The Zacks Consensus Estimate for 2026 earnings is pegged at $6.09 per share, which is lower than the midpoint of the company’s guided range.The company expects capital investments of nearly $38 billion during the 2026-2030 period. Consolidated Edison currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Duke Energy Corporation's DUK second-quarter 2026 earnings of $1.43 per share surpassed the Zacks Consensus Estimate of $1.29 by 10.9%. The bottom line increased 14.4% from $1.25 in the year-ago quarter.DUK’s total operating revenues were $7.59 billion, which missed the Zacks Consensus Estimate of $7.72 billion by 1.6%. The top line increased 1% from $7.51 billion in the year-ago period.Ameren Corporation AEE reported second-quarter 2026 earnings of $1.13 per share, which beat the Zacks Consensus Estimate of $1.08 by 4.6%. Earnings increased 11.9% from $1.01 in the year-ago quarter. AEE’s quarterly revenues of $2.09 billion declined 5.8% year over year and missed the consensus estimate of $2.39 billion by 13%. CenterPoint Energy, Inc. CNP reported second-quarter 2026 adjusted earnings of 40 cents per share, which surpassed the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line increased 37.9% from the year-ago quarter’s figure of 29 cents.CNP generated revenues of $2.15 billion, which beat the Zacks Consensus Estimate by 1.8%. The top line was 10.7% higher than the year-ago quarter’s reported figure of $1.94 billion. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Consolidated Edison Inc (ED) : Free Stock Analysis Report Ameren Corporation (AEE) : Free Stock Analysis Report Duke Energy Corporation (DUK) : Free Stock Analysis Report CenterPoint Energy, Inc. (CNP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. Duke Energy (DUK) is back in focus after second quarter 2026 results topped analyst earnings expectations, supported by customer growth, heavy infrastructure spending and rising electricity demand from data center contracts. See our latest analysis for Duke Energy. Duke Energy's recent earnings beat and capital spending plans sit against a steady share price backdrop, with the stock at US$124.85 and a year to date share price return of 6.31% alongside a 5 year total shareholder return of 41.56%. This suggests momentum has been gradually building rather than surging. If Duke Energy's grid and data center story has your attention, it can be useful to see what else is powering up the energy transition. Take a look at 36 power grid technology and infrastructure stocks Duke Energy looks busy, from higher recent earnings to heavy grid and data center investment, yet the share price move has been steady rather than dramatic. Is this a strong utility now fully reflected in the valuation, or not quite? The most followed Duke Energy narrative points to a fair value of $137.83 compared with the last close at $124.85, which implies some valuation gap and puts more weight on long term earnings power than on the current share price. Read the complete narrative. Curious what sits behind that growth story for Duke Energy? The narrative leans on specific revenue and margin paths and a future earnings multiple that may surprise you. Result: Fair Value of $137.83 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this Duke Energy narrative also leans on assumptions that could be challenged by tighter regulation around coal retirements and by rising community pushback on data center projects. Find out about the key risks to this Duke Energy narrative. The most popular Duke Energy narrative leans on earnings forecasts and a future P/E of 20.9x. Our DCF model tells a different story, with an estimated future cash flow value of $98.64 against the current $124.85 share price, which points to an overvalued result instead of a 9.4% discount. This gap matters. If earnings-based fair value is right, current pricing might still leave room for upside. If the cash flow view is closer to reality, investors could be paying ahead of themselves. Which set of assumptions feels more realistic to you over the next few years? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Duke Energy for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 49 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. Given the mix of optimism and concern around Duke Energy in this article, it helps to check the full picture for yourself. To move quickly from headline takeaways to your own informed view on the mix of potential upsides and downsides, start by reviewing the 4 key rewards and 3 important warning signs. If Duke Energy has sharpened your focus on where to put fresh capital, do not stop here. Broadening your watchlist now can help you spot tomorrow's standouts early. Target resilience first and cut down on unpleasant surprises by scanning 78 resilient stocks with low risk scores that still offer meaningful upside potential. Hunt for quality at a sensible price and let the 49 high quality undervalued stocks highlight companies where fundamentals and current pricing look out of sync. Prioritise durability and financial strength by checking the solid balance sheet and fundamentals stocks screener (49 results), so you are not caught off guard when conditions change. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include DUK. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Vistra Corp. VST is expected to deliver an improvement in both top and bottom lines when it reports second-quarter 2026 results on Aug. 7, before market open. The Zacks Consensus Estimate for VST’s second-quarter revenues is pegged at $6.29 billion, indicating an increase of 48.07% from the year-ago reported figure. Image Source: Zacks Investment Research The consensus mark for VST’s second-quarter earnings is pegged at $1.54 per share, indicating a 52.48% increase from the year-ago reported figure. Image Source: Zacks Investment Research Our model does not predict an earnings beat for Vistra this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you can see below.You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.Earnings ESP: Vistra has an Earnings ESP of 0.00%. Zacks Rank: VST currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.A few utilities reported positive earnings surprises this season and they have nuclear assets like VST, which are utilized to produce reliable clean energy.Ameren Corporation AEE reported second-quarter 2026 earnings of $1.13 per share, which beat the Zacks Consensus Estimate of $1.08 by 4.6%. Duke Energy Corporation's DUK second-quarter 2026 earnings of $1.43 per share surpassed the Zacks Consensus Estimate of $1.29 by 10.9%. NextEra Energy NEE reported second-quarter 2026 results with adjusted earnings per share of $1.15 and beat the Zacks Consensus Estimate of $1.09 by 5.5%.The Zacks Consensus Estimate for AEE, DUK and NEE’s 2026 earnings per share reflects an increase of 0.56%, 0.15% and 0.25%, respectively, in the past 60 days. Vistra's second-quarter results are likely to benefit from rising clean electricity demand, fueled by the rapid expansion of U.S. data centers, industrial reshoring and Permian Basin electrification. With a diversified generation portfolio and a high-quality nuclear fleet, the second-quarter earnings are likely to have benefited from accelerating load growth across key markets such as PJM and ERCOT.Vistra's comprehensive hedging program is expected to support second-quarter results, with nearly 100% of its 2026 generation volume hedged against market and price volatility. Contributions from acquired Lotus assets are expected to have boosted second-quarter earnings.Vistra’s share repurchase program has boosted shareholder value and supported EPS growth, aiding its second-quarter performance. As of May 1, 2026, Vistra has nearly $158 billion available for share repurchases, which might have further supported earnings growth.Vistra's long-term nuclear PPAs are likely to have supported second-quarter earnings by providing stable cash flows, while its highly efficient generation fleet further contributed to performance. VST’s current ROE is pegged at 105.64% compared with its industry’s 11.21%. Image Source: Zacks Investment Research Vistra is currently valued at a discount compared with its industry on a forward 12-month P/E basis. VST is trading at a P/EF12M of 13.62X compared with the industry’s 15.8X. Image Source: Zacks Investment Research Vistra is expanding its generation capacity through organic investments and strategic acquisitions, while its integrated business model provides a competitive advantage over non-integrated peers. The extension of licenses for its nuclear plants enables the company to continue delivering large volumes of carbon-free electricity. Strong free cash flow generation further supports shareholder returns through share repurchases and dividends. Vistra is well positioned to benefit from accelerating demand for clean electricity through continued expansion of its clean generation portfolio via acquisitions and organic growth. The company’s disciplined hedging strategy and rising power demand from data centers further strengthen its long-term outlook.Given its compelling valuation and industry-leading ROE, the stock warrants consideration from long-term investors. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Vistra Corp. (VST) : Free Stock Analysis Report Ameren Corporation (AEE) : Free Stock Analysis Report NextEra Energy, Inc. (NEE) : Free Stock Analysis Report Duke Energy Corporation (DUK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

PPL Corporation PPL is expected to report second-quarter 2026 results on Aug. 7, before market open. This utility is expected to post a year-over -year increase in total revenues and earnings per share when it releases quarterly results. The Zacks Consensus Estimate for earnings is pegged at 35 cents per share, indicating a year-over-year increase of 9.38%. Image Source: Zacks Investment Research The consensus mark for revenues is pinned at $2.18 billion, indicating growth of 7.5% from the year-ago reported figure. Image Source: Zacks Investment Research Our proven model doesn’t predict an earnings beat for PPL this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here as you will see below.Earnings ESP: The company’s Earnings ESP is -1.73%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Zacks Rank: Currently, PPL carries a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank stocks here. A few utilities from the same industry that reported positive earnings surprises this season are Duke Energy DUK, Dominion Energy D and NextEra Energy NEE, among others.The Zacks Consensus Estimate for 2026 earnings per share for Duke Energy, Dominion Energy and NextEra Energy indicates year-over-year growth of 6.5%, 4.39% and 8.36%, respectively. PPL Corporation’s second-quarter earnings are expected to have benefited from ongoing economic development across its service territories, which likely drove higher electricity demand. Strong demand from data centers in Pennsylvania, along with rising private-sector investment in Kentucky, is expected to have supported revenue and earnings growth.Additionally, new retail electric rates that took effect on Jan. 1 are likely to provide a further boost to second-quarter results.PPL Corporation's second-quarter performance is expected to have benefited from ongoing cost-reduction initiatives and customer-focused energy efficiency programs. Contributions from organic investments and the adoption of advanced technologies to optimize asset performance are also likely to support the company's quarterly results.PPL’s advanced transmission system provides it a competitive advantage and allows to connect and provide power to hyperscalers. In the past six months, the stock has declined  0.5% against the industry’s growth of 0.1%. Image Source: Zacks Investment Research PPL is trading at a premium, with a forward 12-month price-to-earnings of 17.13X compared with the industry average of 15.63X. Image Source: Zacks Investment Research Return on equity (“ROE”) is a financial ratio that measures how well a company uses its shareholders’ equity to generate profits. PPL’s trailing 12-month ROE is 9.41%, lower than the industry average of 11.21%. Image Source: Zacks Investment Research PPL Corporation plans to deploy nearly $23 billion between 2026 and 2029 to expand and upgrade its generation, transmission and distribution systems. These investments are already improving operating performance, as evidenced by a reduction in customer outages, and should continue to enhance the reliability and resilience of the company’s utility networks.PPL also benefits from a favorable regulatory environment, with more than 60% of its planned capital expenditures eligible for contemporaneous recovery. This framework helps mitigate regulatory lag and limits the earnings impact associated with the timing of infrastructure cost recovery.Moreover, the company has introduced standardized engineering, design and operating processes across its utilities to strengthen grid automation and improve resilience during severe weather. These efforts are expected to support further reliability gains while helping PPL meet rising customer demand in an efficient manner. PPL Corporation is well positioned to benefit from rising electricity demand across its service territories, supported by ongoing cost-reduction initiatives, customer-focused energy efficiency programs and continued infrastructure upgrades that enhance operational performance. The company's strong liquidity, sustained investments in grid modernization and growing power demand from data centers and other expanding commercial and industrial customers are expected to remain key long-term growth drivers.However, given PPL Corporation’s premium valuation and comparatively lower return on equity, investors may prefer to remain cautious for the time being. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PPL Corporation (PPL) : Free Stock Analysis Report NextEra Energy, Inc. (NEE) : Free Stock Analysis Report Duke Energy Corporation (DUK) : Free Stock Analysis Report Dominion Energy Inc. (D) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Duke Energy Corporation? Here are five stocks we like better. Duke Energy’s adjusted Q2 earnings rose to $1.43 per share from $1.25 a year earlier, driven by customer growth, infrastructure investment and favorable weather. The company reaffirmed its 2026 adjusted EPS guidance of $6.55–$6.80. Duke has secured 7.8 gigawatts of data-center service agreements and expects its remaining 15.4-GW late-stage pipeline to convert by the first half of 2027. These agreements could add $5 billion–$10 billion to its five-year capital plan as electricity demand ramps through the early 2030s. The company is advancing a major generation and nuclear expansion, targeting 15 GW of new capacity by 2031 while evaluating small modular reactors and AP1000 units. Duke also reached a North Carolina rate-case settlement and raised its quarterly dividend 2%, extending more than 20 consecutive years of annual increases. NextEra’s Dominion Deal Could Put It at the Center of the AI Power Race Duke Energy (NYSE:DUK) reported second-quarter 2026 adjusted earnings of $1.43 per share, up from $1.25 per share a year earlier, as customer growth and infrastructure investment at its electric utilities supported results. Reported earnings were $1.38 per share, compared with $1.25 per share in the prior-year quarter. President and CEO Harry Sideris said the company remains on track to meet its 2026 adjusted earnings guidance of $6.55 to $6.80 per share. Duke also reaffirmed its long-term earnings-per-share growth target of 5% to 7% through 2030 and said it expects to deliver results in the top half of that range beginning in 2028, when contracted large-load projects are expected to begin contributing more meaningfully. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control 3 Blue-Chip Stocks Built for a Rotating Market Executive Vice President and CFO Brian Savoy said the electric utilities and infrastructure segment contributed $0.15 of year-over-year earnings growth, supported by customer expansion and investments intended to serve growing demand. Those benefits were partly offset by higher depreciation expense tied to Duke’s expanding asset base and higher interest expense. The gas utilities and infrastructure segment was largely flat from the prior year, which Savoy described as consistent with expectations for a shoulder-season quarter. The company’s other segment rose $0.03 year over year, primarily reflecting lower interest expense after proceeds from its Tennessee and Florida transactions reduced holding-company financing needs, along with higher market returns. → 3 Drone Stocks That Should Soar After the Summer Slump From a Dividend King to FinTech, These 3 Large Caps Just Reported Savoy also said weather supported results through the first half, with a colder-than-normal first quarter followed by a hot second quarter. Duke’s generating assets performed well during high-demand periods. He added that the company could reinvest some weather-related benefits into generating facilities during the second half to support their performance. Duke said it has secured 7.8 gigawatts of electric service agreements with data-center customers. The company expects the rest of its 15.4-gigawatt late-stage large-load pipeline to convert into service agreements by the first half of 2027. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Customers are expected to begin taking electricity as early as the second half of 2027 and into 2028, with demand ramping toward full contracted levels through the early 2030s. Savoy said the agreements include minimum-take provisions that underpin Duke’s revenue-growth projections. The company said additional agreements could create $5 billion to $10 billion of upside to its current five-year capital plan, particularly for generation and transmission investments in Indiana and Florida. Savoy said that estimate applies within the current five-year planning period and would be triggered as agreements are signed and the related infrastructure needs are determined. Sideris said most of the company’s late-stage large-load pipeline is in Florida and Indiana, though Duke also sees additional opportunities in the Carolinas, Ohio and Kentucky. Beyond data centers, the company cited interest from life-sciences and advanced-manufacturing customers. During the first half, Duke said it secured economic-development wins representing $5 billion in investment and more than 9,000 jobs across its service territories. Duke reached a comprehensive settlement with North Carolina Public Staff and other interveners in its Duke Energy Carolinas rate case. The agreement includes a 9.8% return on equity, a 53% equity capital structure, continuation of a multiyear rate-plan framework, and an earnings-sharing mechanism allowing Duke to earn up to 50 basis points above the authorized return on equity, or up to 10.3%. The company is also pursuing a substantially similar framework for its Duke Energy Progress rate case, with discussions continuing ahead of an Aug. 11 hearing. Duke expects commission orders in both cases by mid-November and said customer rates would remain below the national average if the proposals are approved. Sideris highlighted several actions intended to manage customer costs, including accelerating the flow-back of tax credits from a Florida battery project scheduled to begin operating next year. Duke said recognizing those credits in one year rather than over the project’s life will offset a base-rate increase for customers in 2027. The company also applied for Department of Energy loans in May that it said could provide billions of dollars in customer savings through lower interest costs on eligible projects. Duke introduced its Customer Protection Plus commitment in July, describing it as a framework intended to ensure large energy users pay the costs associated with serving their facilities while creating benefits for existing customers over time. The company said it is on track to add 15 gigawatts of generating capacity by 2031, including additions outlined in its latest 10-year Florida site plan. Its gas portfolio includes about 5 gigawatts under construction and another 2.5 gigawatts in development. Duke increased the number of gas turbines available through its GE Vernova framework agreement to 26. The first turbine for its Person County combined-cycle project was delivered in July, with a second delivery expected later this year. Sideris said Duke has secured sufficient gas supply through the early 2030s and is working with suppliers on needs beyond that period. On nuclear power, Duke said it continues to pursue uprates totaling about 300 megawatts at its current units and is working to extend plant operating lives to 80 years. It has received subsequent license renewals for two plants and expects to file an application for Brunswick Nuclear Plant by year-end. Sideris said Duke is evaluating both small modular reactors and AP1000 units for potential new nuclear generation, but will not proceed until it has a plan to address financial, first-of-a-kind and supply-chain risks for customers and investors. He said the AP1000 appears to be leading due to its size and Duke’s generation needs, though no decision or timeline has been set. On financing, Savoy said Duke remains on track to reach a 14.5% funds-from-operations-to-debt ratio this year and expects to reach 15% as additional proceeds from its DEF minority-interest investment are received. The company has priced $600 million through its at-the-market equity program this year, with settlement expected at the end of 2027. Duke also increased its quarterly dividend by 2% in July, extending its record of more than 20 consecutive years of annual dividend increases. Duke Energy Corporation is a U.S.-based electric power holding company headquartered in Charlotte, North Carolina. The company's core business is the generation, transmission and distribution of electricity to residential, commercial and industrial customers. Duke Energy operates a mix of regulated electric utilities and non-regulated energy businesses, providing essential energy infrastructure and services across multiple states. Its operating activities include owning and operating generation assets across a portfolio that encompasses nuclear, natural gas, coal, hydroelectric and an expanding array of renewable resources, as well as battery storage and grid modernization projects. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Duke Energy Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Duke Energy Corporation DUK used its second-quarter 2026 earnings call to reinforce a growth plan tied to contracted data-center demand, regulatory execution and a sizable generation build. Management maintained its earnings framework while providing timing around potential capital upside, customer protections and the conditions required before new nuclear investment advances. DUK’s second-quarter adjusted earnings of $1.43 per share topped the Zacks Consensus Estimate of $1.29. However, revenues of $7.59 billion missed the Zacks Consensus Estimate of $7.72 billion. Duke Energy Corporation price-consensus-eps-surprise-chart | Duke Energy Corporation Quote President and CEO Harry Sideris reaffirmed 2026 adjusted earnings guidance of $6.55-$6.80 per share and 5%-7% adjusted EPS growth through 2030. Sideris said Duke Energy expects to earn in the top half of that range beginning in 2028, when contracted economic-development loads start contributing more meaningfully. Executive vice president and CFO Brian Savoy said Duke Energy has secured 7.8 gigawatts of electric service agreements with data-center customers. Savoy expects the 15.4-gigawatt late-stage pipeline to convert to agreements by the first half of 2027. Sideris said most late-stage opportunities are in Florida and Indiana. Savoy expects customers to begin taking power in the second half of 2027 and into 2028, then ramp up through the early 2030s. Savoy outlined $5 billion-$10 billion of potential upside to the current five-year capital plan for added generation and transmission, particularly in Indiana and Florida. A Barclays analyst asked whether that spending belonged in the next plan or farther into the 2030s. Savoy said it could enter the remaining four years of the existing plan. Savoy stressed that the spending depends on signed agreements and modeled infrastructure needs, keeping capital deployment tied to contracted demand rather than the broader pipeline. Sideris said Customer Protection Plus requires large users to cover the costs of serving their facilities. Savoy said Duke Energy's contracts contain minimum-take provisions that support revenue projections and protect existing customers as new demand ramps up. A Wells Fargo analyst asked whether Duke Energy could revisit a generation-company structure in Indiana. Sideris said the company may reconsider it as a financing tool and added customer safeguard. Sideris also pointed to the proposed Duke Energy Carolinas settlement, including a 9.8% allowed return on equity, a 53% equity ratio and continued multiyear rate treatment. A Barclays analyst pressed management on construction bottlenecks as Duke Energy scales its gas fleet. Sideris cited repeatable plant designs, coordinated engineering contractors and continuous milestone tracking. Sideris said Duke Energy is using artificial intelligence tools to monitor schedules and has about 5 gigawatts under construction, with another 2.5 gigawatts in development. A Goldman Sachs analyst asked about fuel constraints. Sideris said Duke Energy has secured the gas supply required through the early 2030s and is working on later needs. Savoy said Duke remains on track for 14.5% funds from operations to debt in 2026 and has priced $600 million through its at-the-market program for settlement at the end of 2027. A Truist analyst asked about accelerated equity funding. Savoy said Duke Energy may continue using the ATM and dividend-reinvestment programs, but no large block issuance is planned in the five-year plan. On new nuclear, Sideris said Duke Energy will not proceed without protections against first-of-a-kind, supply-chain and cost-overrun risks. He gave no commercial timeline. Sideris kept the emphasis on converting load agreements, completing generation projects on time and protecting existing customers as capital requirements expand. Savoy paired that operational message with balance-sheet discipline, while Sideris said Duke Energy typically revisits the long-term growth range in the fourth quarter. Duke Energy carries a Zacks Rank #3 (Hold), with a Value Score of C, Growth Score of D, Momentum Score of B and VGM Score of D. The Momentum grade is the strongest of the four. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The Style Score framework favors A or B grades alongside Zacks Rank #1 or #2 (Buy) stocks. Duke Energy’s current combination is mixed, and its Zacks Rank can change as estimates are revised after the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Duke Energy Corporation (DUK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 10:00 a.m. ET Vice President of Investor Relations and Corporate Development - Mike Switzer President and CEO - Harry Sideris Executive Vice President and CFO - Brian Savoy Operator: Hello, everyone. Thank you for joining us, and welcome to Duke Energy Corporation's Second Quarter Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Mike Switzer, Vice President of Investor Relations and Corporate Development. Mike, please go ahead. Mike Switzer: Thank you, Lucas, and good morning, everyone. Welcome to Duke Energy's Second Quarter 2026 Earnings Review and Business Update. Leading our call today is Harry Sideris, President and CEO; along with Brian Savoy, Executive Vice President and CFO. Today's discussion will include the use of non-GAAP financial measures and forward-looking information. Actual results may differ from forward-looking statements due to factors disclosed in today's materials and in Duke Energy's SEC filings. The appendix of today's presentation includes supplemental information, along with a reconciliation of non-GAAP financial measures. With that, let me turn the call over to Harry. Harry Sideris: Thank you, Mike, and good morning, everyone. It's great to be with you for our second quarter earnings call. Today, we announced adjusted earnings per share of $1.43, continuing our strong execution in the first half of the year. The results were driven by growth at our Electric Utilities as we continue to make critical infrastructure investments to meet growing customer demand in our service territories. With our largest quarter still ahead of us, we remain firmly on track to achieve our 2026 guidance range of $6.55 to $6.80. We are also reaffirming our long-term earnings per share growth rate of 5% to 7% through 2030, and we are more confident than ever that we will deliver in the top half of the range beginning in 2028 when we expect to see accelerated growth from the economic development projects we have secured under ESAs. Growth continues to define our service territories. CNBC recently named Ohio the top state for business with 4 of our states ranked in the top 10, and North Carolina was recognized as the top economy for its strong economic and job growth. To meet this record demand and to continue long-term value for our customers, communities, and shareholders, we're executing on the industry's largest regulated capital plan, deploying more than $1 billion per month. We are laser-focused on disciplined execution and responsible financial stewardship as our priority has been and always will be providing customers reliable power at the lowest possible cost. Moving to Slide 5. We are advancing our strategic priorities, including regulatory execution. Last month, we were pleased to reach a comprehensive settlement with North Carolina Public Staff and other interveners in our DEC rate case, building on our long track record of collaborating with stakeholders to achieve constructive regulatory outcomes. This agreement demonstrates our commitment to cost effectively serve our customers while continuing to support investments needed to improve reliability and modernize our generation fleet. The settlement includes a 9.8% ROE, 53% equity capital structure, and the continuation of the multiyear rate plan framework. The agreement also retains the earnings sharing mechanism that allows us to earn 50 basis points above the allowed ROE up to 10.3%. Finally, we agreed to pursue discussions with intervenors to reach a substantially similar settlement framework for the DEP rate case. Discussions are ongoing, and we'll update you on the progress in the coming weeks as we prepare for the hearing scheduled for August 11. If approved by the commission, revised customer rates are expected to remain below the national average. We expect orders on both cases by mid-November. As outlined on Slide 6, we continue to use every tool we can to manage costs for our customers while delivering the high quality of service they expect. Building on the tax credit sale agreement and the DEC/DEP combination savings we highlighted in Q1, we pursued an innovative strategy for the accelerated flowback of tax credits for a Florida battery project that will go online next year. By recognizing the tax credits in 1 year rather than over the life of the project, we're offsetting a base rate increase for customers in 2027. We also submitted an application for Department of Energy loans in May, which could represent billions of dollars of customer savings through reduced interest costs on eligible projects. We recently introduced the Customer Protection Plus commitment, which reinforces the way we've already been doing business with large customers and reflects the terms of large load tariffs progressing in our jurisdictions. Our contracts ensure large users of energy pay the cost of serving their facilities, and these projects are expected to deliver billions of dollars in benefits for existing customers over time. The commitment is built on 3 core priorities: Preserve reliability; power responsible growth; and produce shared value. And it aligns with the goal of the Ratepayer Protection Pledge, which we signed in late July, joining many of the hyperscale customers we serve. We appreciate our customers' engagement and the strong alignment across industries on this timely issue. We are also proud of our long-standing track record in cost efficiency, which is driven by a culture of continuous improvement. In 2025, we ranked third amongst our electric industry peers for non-generation O&M per customer, and our efforts to manage our cost structure strengthen our ability to deliver for both customers and shareholders. We've always put customers first. And through these long-term commitments, financial protections and careful planning, we're working to ensure growth supports reliability and creates lasting value. Slide 7 shows our continued progress on our record generation build, now on track to add 15 gigawatts of capacity by 2031, which reflects additions from our latest 10-year site plan in Florida. Starting with regulatory updates, we recently concluded hearings in North Carolina on the 2025 Carolinas Resource Plan. With newly signed ESAs, the load forecast has increased to the high load scenario, which further confirms our view that all near-term resources in the Carolinas are needed. We expect an order from the North Carolina Commission by year-end. As we look ahead, the Carolinas Resource Plan underscores the role nuclear will play in our all-of-the-above strategy. As the operator of the largest regulated fleet in the U.S., we continue to see significant value in our existing nuclear fleet as we complete uprates and work to extend the lives of our existing units. We have subsequent license renewals approved by the NRC for 2 of our plants, and we're preparing to file the SLR application for the Brunswick Nuclear Plant by the end of the year. We are also evaluating the potential for new nuclear to meet future demand. We want to continue to emphasize that additional financial protections are needed before we would propose a new nuclear project. Any structure to advance new nuclear must address first-of-a-kind and supply chain risks, provide financial risk protections for our customers and our investors and ensure a strong balance sheet during the construction cycle. And lastly, we're executing on the construction of new dispatchable capacity, including increasing the number of gas turbines available under our framework agreement with GE Vernova to 26 to align with the next phase of build in the IRPs. The first turbine was delivered to our Person County combined cycle site in July, and the second will be delivered later this year. Our gas portfolio has approximately 5 gigawatts under construction and an additional 2.5 gigawatts advancing through development. We've contracted with EPC partners, and we're closely monitoring construction milestones, enabling us to check and adjust in real time. As we continue to scale, we will work with our EPCs to ensure crews can seamlessly move from one project to the next, and we're prepared to leverage operational learnings and efficiencies built throughout the construction cycle. We're moving with speed and agility to ensure we complete these projects on time and on budget, maximizing the value for those we serve. We have significant construction experience and our scope and scale give us full confidence in our ability to execute the work ahead. With that, let me turn the call over to Brian. Brian Savoy: Thanks, Harry, and good morning, everyone. As shown on Slide 8, we continue to execute our strategy at an accelerated pace while delivering strong growth with reported and adjusted earnings per share of $1.38 and $1.43, respectively, compared with $1.25 for both reported and adjusted earnings per share in the prior year. Electric Utilities and Infrastructure was up $0.15, driven by continued customer growth as well as infrastructure investments to reliably serve our growing jurisdictions. These drivers were partially offset by higher depreciation expense associated with our growing asset base and higher interest expense. Gas Utilities and Infrastructure was largely flat year-over-year, consistent with expectations in a shoulder quarter. Finally, the Other segment was up $0.03 compared to the prior year, primarily due to the expected benefit of lower interest expense resulting from the Tennessee and Florida transaction proceeds, which have reduced holding company financing needs as well as higher market returns. Favorable weather has also contributed to our strong results through midyear with a colder-than-normal first quarter, then quickly shifting to a hot second quarter. Our generating assets performed well during these periods of high demand, contributing positively to our results. As we look forward to the back half of the year, we may have the opportunity to reinvest some of the weather benefits back into our generating facilities to ensure these assets continue operating well for our customers. This would be consistent with our demonstrated ability to exercise O&M agility in both directions over the past several years. The robust growth in the quarter is a result of accelerating execution of our strategy and the strength of our fully regulated utility model, which serves attractive jurisdictions with vibrant economies and constructive regulatory environments across the Southeast and Midwest. Overall, we are extremely pleased with our performance through the first half of 2026 and are firmly on track to achieve full year results within our EPS guidance range. Turning to Slide 9. We continue to progress additional large load projects through the pipeline. We have now secured 7.8 gigawatts of electric service agreements with data center customers. The Customer Protection Plus commitment we announced in July reinforces the foundation from which we engage with large load customers. The ESAs we've signed protect existing customers today and deliver value for everyone over time as fixed costs are spread over a larger base. Beyond data center activity, we continue to see strong interest from a diverse set of commercial and industrial sectors, including life sciences and advanced manufacturing. In just the first half of this year, we've secured economic development wins representing $5 billion of investment, supporting over 9,000 jobs across our service territories. This broad-based economic development success provides us with increasing confidence in our long-term load growth projections and underscores the need to bring additional generation onto the system to reliably serve our customers. Moving to Slide 10. Our teams are working with prospective customers to advance large load projects. And we continue to expect the remainder of the 15.4 gigawatt pipeline to be converted to ESAs by the first half of 2027. As Harry mentioned, the contracts we've signed to date in the Carolinas have increased the load forecast to the high load case. We continue to advance our late-stage pipelines in other jurisdictions as well. As additional contracts are signed, there is $5 billion to $10 billion of upside to our current 5-year capital plan to support additional generation and transmission needs, particularly in Indiana and Florida. Our first priority will always be to protect existing customers and ensure large loads provide value to the system. We look forward to sharing more as the pipeline advances over the coming quarters. As you can see on the right side of the slide, customers are also making strong progress building their facilities with several moving to vertical construction. We continue to expect these customers to begin taking energy as early as the second half of 2027 and into 2028 and ramp into their full contracted load through the early 2030s. Infrastructure to support these customers is on track. As a reminder, our contracts contain minimum take provisions, which serve as the basis for revenue growth projections. This is just one of the many ways we are protecting existing customers while ensuring the growth ahead provides shared benefits for all. Turning to the balance sheet on Slide 11. We are on track to achieve our FFO to debt target of 14.5% for the year. Longer term, we expect to reach 15% FFO to debt as additional proceeds from the DEF minority interest investment are received. This FFO to debt target has substantial cushion to our downgrade thresholds, provides financial flexibility and serves as a solid foundation as growth accelerates later in the 5-year plan. We've also priced $600 million under the ATM program so far this year, which will settle at the end of 2027. We are taking a proactive approach to equity funding, locking in attractive pricing today to derisk our future equity needs. Finally, we understand the importance of the dividend for our investors. In July, we increased our quarterly dividend payment, marking over 20 years of consecutive annual dividend increases. The 2% increase is consistent with growth in recent years and shows our ongoing commitment to growing the dividend. Let me close with Slide 12. We are executing our strategy to seize growth opportunities, expand our generation fleet and work with stakeholders to reach constructive regulatory outcomes that support critical investments while keeping costs as low as possible. We are on track to achieve our 2026 EPS guidance range of $6.55 to $6.80 and 5% to 7% EPS growth through 2030 with confidence to earn the top half of the range beginning in 2028. We have an extensive runway of capital investments that continue to produce value for customers and position us to deliver on our growth targets, which combined with our attractive dividend yield, provide a compelling risk-adjusted return for shareholders. With that, we'll open the line for your questions. Operator: Your first question comes from the line of Shar Pourreza with Wells Fargo. Shahriar Pourreza: So Harry, I mean, obviously, you guys are highlighting additional CapEx up to $10 billion. You've got 15 gigawatts in late stages. You're already sort of at the top end of the EPS CAGR. I guess how are you thinking about the 3Q update? Is there a point where we could see some upward pressure in the CAGR? And how -- I guess, how are you thinking about messaging around that, especially as many of your peers are now focusing on the plus part in their growth ranges. Can you maybe provide an out-of-cycle update as we're heading into Q3, like some of your peers? Harry Sideris: Yes, Shar. Yes, we have a high degree of confidence in the 5% to 7% in the top half of that range starting in '28 when some of these loads start coming on and ramping. As you know, this is a very dynamic environment that we have. We feel very good about our 15 gigawatts pipeline. They're advancing, but these negotiations are taking a little longer at times because they're very complicated transactions. So we want to continue to work through that. We feel very confident we'll be able to land more of those. We're looking at landing all of that 15 gigawatts by the first half of next year, and we're on track to do that. And we'll continue to evaluate where we need to be on our earnings per share growth rate, and we typically update that in the fourth quarter. But if anything changes materially like we did last year, we'll update you on that as we see fit. But our focus right now is to continue executing, getting those large loads signed to ESAs, making sure they're protecting our customers and paying their way as they go forward. Shahriar Pourreza: Got it. That's helpful. And then just maybe sticking with Indiana, there's been obviously a lot of rhetoric in the state around affordability. You've seen what's happening with the commissions. So I guess with the potential opportunities that you guys have to serve that large load, would you guys consider a genco type structure just given the benefits around maybe bypassing the CPCN process and flowing the savings back to customers a lot more visibly. I guess how are conversations evolving around that structure? Harry Sideris: Yes, Shar. Affordability is top of mind. Our customers are struggling with gasoline prices, rent prices, health care prices. So we share the Commission as well as the Governor's focus on affordability and making sure that customers are protected from these large loads and that we're providing reliable service and low-cost service to our customers, and we'll continue to do that. On the genco side, we are looking at that. We have looked at that in detail in the past and didn't feel like we were needing that to accomplish what we're doing. But as these large loads are signed, that may be something that we're going to revisit in the future to be able to provide financing as well as another layer of protection for our customers. So we'll continue to monitor that. And as these pipelines advance, we'll look into that deeper. Operator: Your next question comes from the line of Nick Campanella with Barclays. Nicholas Campanella: So just on the potential $5 billion to $10 billion of additional capital for the large load in Florida and Indiana. I guess just as you guys -- or as we prepare for the roll forward in another 5 years, just how much of that do you think is eligible for like a 5-year plan versus being kind of well into the mid-2030s? How much of the $5 billion to $10 billion should we be thinking about can make its way into the roll forward? Brian Savoy: Yes, Nick, it's a great question. And when we bracketed the $5 billion to $10 billion, we contemplated this is within the current 5-year plan. So we're going to roll forward the plan in February, which obviously capital is accelerating as we are investing more into the late part of the decade than we are right now. But this is incremental to that. So think about this as the 4 years left in the 5-year plan that we're executing today as capital upsides. And that will be triggered when the ESAs are signed and the requisite generation and transmission is modeled for those contracts. Nicholas Campanella: Okay. Great. No, I appreciate that. And then I guess just maybe on the execution side, you're already kind of executing and constructing 5 gigawatts of gen projects. And I guess many in the industry are going to be doing similar things in the coming years. So just any bottlenecks or issues you're seeing and how you're addressing those and kind of looking forward to the gas gen build that we're going to see, what should we be prepared for? Harry Sideris: Yes, Nick, building things has always been in Duke's DNA, and we're really good at it. We've never stopped building things throughout the last couple of decades. We've been building gas plants and other facilities. So we feel this is a strength for us and a competency for us. But we've been planning for this generation build cycle for many years. We've put in programs, programmatic ways of doing this with EPC contracts where we're using one EPC vendor in the Carolinas to be able to move the resources from site to site. We're buying the same materials, so the sites are identical, which gives us opportunities for synergies in how we build these things, both on the cost side, but also on making sure that the schedule is met and the quality is met. So we feel really good about our plan and our ability to execute as well as the oversight that we're putting in using AI tools to monitor construction deadlines and progress. So we feel really good that we're going to be able to deliver reliable service for our customers and also do it at a low-cost way. Operator: Your next question comes from Julien Dumoulin-Smith with Jefferies. Julien Dumoulin-Smith: Maybe just to kick off a little bit more on Indiana. Just set expectations, if you can. Obviously, we're having some hearings later this week on the backdrop of affordability and implications. I'd just love your open-ended comments on that front, if you can here just at the outset. I'd really love to hear a little bit more on that specifically, if you can, especially given you guys are earlier in the slate of contemplated cases. Harry Sideris: Yes. Good question, Julien. Like I said earlier, we share the Commission and the Governor's focus on affordability and transparency for customer communications of what came out of their hearings that they had and their listening sessions. We have the same goals in mind. We want to make sure that we support our customers with reliable service. We want to do it at the lowest cost possible. So we're looking like we always have to collaborate with the Commission and other intervening parties as we go through the affordability report, and we plan for our upcoming MYRP filing. We start in a strong position. We have great reliability. We have great storm response. We have low cost in Indiana. We're very active in economic development in the state and been successful in bringing jobs and other tax benefits to the communities that we serve, and we continue to do that. We feel the Governor and the Commission and other intervening parties want to continue Indiana's business environment, productive environment and make sure that they're bringing in jobs and economic development. So we feel like we're going to be successful because we all have the same goals in mind. Julien Dumoulin-Smith: Awesome. Excellent, guys. And I know you commented a little bit here about the new nuclear efforts here. But can you expand a little bit on how you all see this coming together? Obviously, you articulated the near-term progress on the application, et cetera. But how does this come together practically? Again, I know folks are really at times myopically focused on the subject, but I want to hear you guys on set expectations for the road ahead a little bit, especially from a commercial perspective here of late. I mean we've seen a few different headlines, especially out of administration. Just kind of straight on how -- from your vantage point, what we should be expecting? Harry Sideris: So, Julien, we're focused on 2 things. Obviously, we're focusing on maximizing our current assets. We're doing about 300 megawatts of upgrades to our current units, and we're extending the licenses to an additional 20 years to 80 years life. We have two of them already approved by the NRC and filing the third one by the end of this year. So that's our focus. On the new nuclear side, we're focused on working with government officials, state officials, hyperscalers and other stakeholders to see what can be done to offset the risk, the financial risks and overrun risks that are out there from a new project. And we will not move forward until we have a good plan on how we can offset that risk to protect our customers as well as our investors from any overruns that we have. So those discussions are continuing. The federal government has been very open to discussions and creative solutions, and we'll continue to have those discussions as we move forward. But we're not in a position yet to make a decision on new nuclear. Julien Dumoulin-Smith: Excellent. And the timeline on even seeing commercial outcomes there. I mean, again, there's all sorts of noise in the system around this, if you set any kind of expectation on this. And obviously, you're doing the updates, et cetera, but on the core new nuclear. Harry Sideris: Yes. We're focused on going through the process and making sure that we can offset that risk. So no real timeline, and we're not putting ourselves under pressure of a timeline. We want to make sure that we offset the risk first and foremost. Operator: Your next question comes from the line of Carly Davenport with Goldman Sachs. Carly Davenport: Maybe just to start on the large load opportunity that you've highlighted in Indiana and Florida. Have you provided any geographic breakdown in that high confidence load pipeline in terms of how many gigawatts are in those 2 states versus the Carolinas? Harry Sideris: Yes, that's our entire late-stage pipeline. I would say the majority of it is in Florida and Indiana, but we have not broke it down specifically. There's still some additional opportunities in the Carolinas as well as Ohio and Kentucky. Brian, I don't know if you wanted to add anything. Brian Savoy: No, I think that nailed it. Carly Davenport: Great. Okay. And then just on the additional 6 gas turbines that you secured this quarter as you think about the next phase of resource needs. Are you also in progress on securing the gas supply for any incremental gas plants as part of that next phase? And is that something you could see as a potential constraint to the build-out? Harry Sideris: Yes. That's also part of our planning as we're laying out both the supply chain side, the fuel side, the labor side. So we have a team that works on advanced planning for gas supply for the new generation that we're going to need. So we have all the gas that we need through early 2030 secured, and we continue to work with our vendors on providing additional gas beyond that. And we feel confident that we'll be able to nail that down as those generation projects get further in their build. Operator: Your next question comes from the line of Richard Sunderland with Truist. Richard Sunderland: Given the ATM progress year-to-date, how are you thinking about pacing future equity? And would you consider doing something upfront to derisk outer years of your plan? Brian Savoy: Richard, we're being very opportunistic with the equity issuances. And like I mentioned in my remarks, locking in attractive pricing when the market is there for us. So you could see us continuing to leverage the ATM as we move through the plan, the DRIP program and being smart about equity issues over time, but no large block equity planned in our 5-year plan. Richard Sunderland: Got it. That's helpful. And then a separate element on Indiana. I think there's been some talk around the sale of the Cayuga coal plant. Can you offer any update on that and how that might fit with the state's goals? Harry Sideris: Yes. So, as part of the settlement to build the natural gas facility that we're building there, we offered up a study on what it would take to continue to operate that facility and sell it to a third party. So that study just came in last month. So it's being evaluated, and then we'll determine what we need to do with that going forward. Our focus is on getting that gas plant up and running, and then we'll see what happens with the coal plant from there. Operator: Your next question comes from the line of Steve Fleishman with Wolfe Research. Steven Fleishman: So just first, a follow-up on the new nuclear. Any kind of update in your thoughts between AP1000 large-scale versus SMR? And just can you confirm whether you're involved in this long lead time kind of deal? Harry Sideris: On your first part, we're keeping our options open. We filed an early site application for SMRs at our Belews Creek facility. We're involved with OPG's project up in Toronto, monitoring their progress and any learnings there. And we're also -- we do have a COL license at our Lee facility for 2 AP1000. So we continue to look at that as well. So we're keeping our options open. Again, our main focus is how do we offset the financial risks for our customers and our investors. I would say that the AP1000, just because of the size and the need of generation that we have seems to be in the lead. But again, we're working on analysis and making sure we can off-take the risk for financial risks. The DOE has not shared which utilities are participating in their latest announcement. But we're very glad that they're looking at those type of arrangements to derisk some of the supply chain for future nuclear, and we continue to have discussions with the government on offtaking that risk of financial risk. Steven Fleishman: Okay. And then a separate question, I guess, for Brian, on just thinking about the long-term cash flow of the company, it seems like you're capturing a lot of the tax credit cash flow from the nuclear and the batteries in the near term. What happens in later years? Does that roll down and then kind of the cash flow from recovery of all these new investments ramps up? And so does cash flow stay stable, rising? Just how should we think about the kind of the shape of cash flow? Brian Savoy: That's very good, Steve, and it's something I'm laser-focused on. So the cash flow earnings power of Duke has increased materially. You think about a low point in 2022 when the fuel crisis was upon us. And as we look out in time, we're flowing tax credits back to customers on an accelerated pace. And it's going to catch up with earning the tax credits kind of late in the '20s. So 2028, 2029. We about hit parity on the nuclear PTCs, which is a huge contributor to the tax credit profile of Duke, and it's going to save cost for customers. And as we get into the early 30s, that will turn. But like you said, the earnings power on the investments we're making will more than offset that. So the cash generation continues to grow and it's durable well into the late '30s. So I don't see any slowing down of the cash flow, but it does change complexion from earning some tax credits now to earning on the returns -- earning the returns on the investments later. Operator: This concludes the Q&A session. I will now turn the call back to Harry Sideris for closing remarks. Harry, please go ahead. Harry Sideris: Yes. Thank you. And to close today's call, I'd like to underscore how proud I am of the results we just delivered in the first half of this year. We are fully focused on execution, advancing our strategy to seize the once-in-a-generation growth opportunity and create value for our customers and investors that we just talked about. We are well positioned for a strong 2026, and I am confident in our ability to earn in the top half of our 5% to 7% EPS growth range beginning in 2028, as we discussed earlier. And our plan is durable well into the future. So thank you for joining us today. Thank you for your questions, and thank you for choosing to invest in Duke Energy. Have a great day. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in Duke Energy, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Duke Energy wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Duke Energy. The Motley Fool has a disclosure policy. Duke Energy (DUK) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool