Duke Energy Corp. (DUK) First Take EPS Beat vs

Equity Research 4 August 2026 | 8:08AM EDT

Duke Energy Corp. (DUK): First Take: EPS Beat vs. GSe/Street; execution on regulatory activity in focus

Duke Energy (DUK, Buy) reported 2Q26 EPS of $1.43, a beat versus GS at $1.34 Carly Davenport | and FactSet consensus at $1.30. The company reaffirmed 2026 guidance of Goldman Sachs & Co. LLC $6.55-$6.80 and its long-term EPS CAGR of 5%-7% through 2030 with expectations Beatriz Abreu, CFA to grow at the top half of the range beginning 2028. Regulatory updates includes its | constructive settlement at DEC in July with expectations of an order by Goldman Sachs & Co. LLC

mid-November and rates effective January 1, 2027, where we believe approval of Jaya Patel | settlement could lift an overhang on the stock. DUK updated its generation Goldman Sachs & Co. LLC expansion program where it secured an incremental 6 gas turbines in the quarter Ananya Jaison through its GEV partnership and now expects to add ~15 GW of capacity by 2031, | up from ~14 GW. On the data center front, DUK has ~7.8 GWs under ESAs, up from Goldman Sachs India SPL

~7.6 GWs last quarter of which ~5.2 GWs are under construction. We look for color on data center sentiment in its service territories, and are constructive on DUK’s ability to capture upside from growing demand in the Southeast.

We expect the focus of the conference call to be around 1) regulatory updates, 2) large load development, and 3) generation expansion and nuclear outlook.

Analysis What were the key drivers of the quarterly variance?

EPS came in higher than forecasted, with operating income in-line. Variance versus our estimates was driven by lower interest expense, income taxes, and minority interest. Across the segments, EPS at Electric Utilities was in-line with expectations with the positive variance driven by higher EPS at Gas Utilities and Parent and Other.

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Goldman Sachs Duke Energy Corp. (DUK)

Exhibit 1: Beat on EPS largely driven by higher earnings at Exhibit 2: EPS beat with in-line operating income and Gas utilities and Parent and Other, with earnings in-line at variance driven by lower interest expense, income tax, Electric Utilities and minority interest EPS and Net Income by segment; $mn except per-share data DUK Variance Analysis; $mn except per-share data Duke Energy (DUK) Income Statement GS est Actual Variance Operating Revenues GS est. Actual Variance Regulated Electric $7,611 $7,103 ($508) Non-Regulated $43 $71 $28 Regulated Natural Gas $344 $418 $74 Operating EPS Total Operating Revenues $7,998 $7,592 ($406) Electric Utilities & Infrastructure $1.68 $1.68 ($0.00) Operating Expenses Gas Utilities & Infrastructure ($0.02) $0.01 $0.03 Cost of Good Sold Parent and Other ($0.32) ($0.26) $0.06 Non-regulated Fuel Costs Regulated Fuel Costs and Cost of Natural Gas Sold Total $1.34 $1.43 $0.09 Total Cost of Goods Sold ($2,163) ($2,045) $118 Operation, Maintenance and Other ($1,689) ($1,334) $355 Operating Net Income Depreciation and Amortization ($1,650) ($1,700) ($50) Property and Other Taxes ($412) ($374) $38 Electric Utilities & Infrastructure $1,314 $1,310 0% Impairments and Other Related Charges $0 ($49) ($49) Gas Utilities & Infrastructure ($16) $10 163% Other / Gain on Asset Sales, Net $6 $10 $4 Total Operating Expenses ($5,907) ($5,492) $415 Parent and Other ($252) ($204) 19% Total $1,046 $1,116 7% Operating Income $2,091 $2,100 $9

Other Income Equity Earnings $9 $10 $1 Gain on Equity Investment Sales, Net $0 $0 $0 Other income and expenses, net $197 $203 $6 Total Other Income $206 $213 $7

Interest Expense ($981) ($957) $24 Pre-Tax Profit $1,316 $1,356 $40 Income Tax Expense ($189) ($172) $17 Minority Interest ($68)…