DUK US S&P 500Russell 1000 Earnings call
Duke Energy (DUK) · Q2 2026 results and valuation
Share price: $128.77 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 5 May 2026
Net income down 29.5% on the previous quarter, guidance raised. Management sounded about as positive as a typical company call, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−29.5%
Net income vs Q1 2026
Guidance raised
Net income 1.09B vs 1.55B
Revenue −15.6%
Against the same quarter last year (Q2 2025) it is +11.0%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Typical
More upbeat than 63% of company calls
Answers to analysts: cautious, but clearly less so than the script.
Last call it was different: script and answers matched.
3 · What stood out
Figure
To meet this record demand and to continue long-term value for its customers, communities, and shareholders.
Valuation
Is Duke Energy undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$128.77
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+16.6% for 10 yrs
Fair value / share
$-21.36
Buy below
$-16.02
Price vs fair value
n/a
Price vs buy-below price
n/a
Management expects
Earnings +6% · from the Q2 2026 report: “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...”
A guidance figure for earnings, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
Duke Energy is also reaffirming its long-term earnings per share growth rate of 5% to 7% through 2030, and it is more confident than ever that it will deliver…
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Guidance ↑
Signed contracts in the Carolinas increased the load forecast to the high load case, leading the company to raise its outlook.
Source quote
“the contracts we've signed to date in the Carolinas have increased the load forecast to the high load case.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 89% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“We are also proud of our long-standing track record in cost efficiency, which is driven by a culture of continuous improvement.”
“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,...”
“The 2% increase is consistent with growth in recent years and shows our ongoing commitment to growing the dividend.”
Full figures
USD · ROIC.AI fundamentals (NYSE:DUK, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 7.59B | 8.99B | −15.6% | 7.37B | +3.0% |
| Gross profit | 4.16B | — | — | ||
| Operating income | 2.09B | 2.73B | −23.4% | 1.83B | +14.1% |
| Net income | 1.09B | 1.55B | −29.5% | 984.0M | +11.0% |
| EPS | 1.38 | 1.97 | −29.8% | 1.25 | +10.6% |
| P/E today 17.5 | — | 20.1 | — | 19.2 | — |
Topics
Most discussed now
- Duke Energy feels really good about its plan and its ability to execute as well as the oversight that it is putting...
- New The Other segment was up $0.03 compared to the prior year, primarily due to the expected benefit of lower...
- The results were driven by growth at its Electric Utilities as Duke Energy continues to make critical infrastructure investments to meet...
- Duke Energy is laser-focused on disciplined execution and responsible financial stewardship as its priority has been and always will be…
- Electric Utilities and Infrastructure was up $0.15, driven by continued customer growth as well as infrastructure investments to reliably…
Faded since Q1 2026
- Dropped In the first quarter, Duke Energy achieved key strategic milestones in support of the growing states it serves.
- Dropped Duke Energy budgets for storms and have solid recovery mechanisms in place.
- Dropped Being a vertically integrated utility has a lot of advantages to these hyperscalers.
- Fading The colder temperatures Duke Energy experienced in the quarter drove higher usage, but this was offset by higher O&M expenses incurred...
Latest announcements
Official filings, newest first.
- Director or officer change; Other events · SEC 8-K
- Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K