With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

AI is a major force shaping this year’s list—but it’s far from the only story.

World's Most Admired Companies

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 200 companies on this list are transforming industries from the inside out.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

The 300 companies on this list are transforming industries from the inside out.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

This year’s Fortune 500 marks the 68th running of the list.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-126-Duke-Energy

Headquartered in Charlotte, N.C., the electric power and natural gas distributor provides electricity to 7.8 million customers in six U.S. states.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-123-Duke-Energy

The Charlotte, N.C.-based electric power and gas distributor provides energy to 7.7 million electric retail customers located in six states, while more than 1.6 million customers in five states receive natural gas distribution services through Duke.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

Fortune Global 500

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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A utilities giant, Duke Energy’s electric businesses service nearly 9 million customers in the South and Midwest. The natural gas business counts almost 2 million more customers in the Carolinas, Tennessee, Ohio, and Kentucky. Charlotte-based Duke’s power generation runs the gamut, including hydro, coal, nuclear, natural gas, solar, and battery storage power. Duke is currently focused on building more gas-fired generation, renewable energy, and transmission lines to help power the anticipated domestic spike in power demand, including data centers.

Q2 2026

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Q4 2025

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Q1 2025

Q4 2024

Duke Energy (DUK): Company Profile, Stock Price, News, Rankings

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Duke Energy

duke energy

Hello everyone, and thank you for joining us today for the Duke Energy third quarter 2025 earnings call. My name is Sammy, and I'll be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two on your telephone keypad to remove yourself from a question queue. I'd now like to hand over to our host, Abby Motsinger, Vice President of Investor Relations, to begin. Please go ahead, Abby.

Thank you, Sammy, and good morning everyone. Welcome to Duke Energy's third quarter 2025 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 the reconciliation of non-GAAP financial measures. With that, let me turn the call over to Harry.

Thank you, Abby, and good morning everyone. Today we announce strong results for the third quarter with adjusted earnings per share of $1.81 compared to $1.62 last year, driven by continued growth in our electric utilities. We are well positioned for a solid finish to the year and are narrowing our full-year guidance range to $6.25-$6.35. I'm proud of how our teammates are executing our strategy, delivering value for our customers, communities, and shareholders every day while preparing our system to serve the growing energy needs of tomorrow. We approach 2026 with momentum as our company converts large load economic development prospects into tangible projects with signed electric service agreements, and we are already turning dirt on projects to meet this load growth. We're carrying out an ambitious generation build that will add more than 13 GW of capacity to our system in the next five years.

With a maturing pipeline and concrete investment plans in place, we're reaffirming our long-term EPS growth rate of 5%-7% through 2029 and have confidence we will earn in the top half of the range beginning in 2028. Moving to slide five, as load growth materializes and we invest in modernizing our system, we expect our new five-year capital plan to be between $95 billion and $105 billion, increasing the largest investment plan in the industry. The step-up is primarily related to investments in new generation that will drive earnings-based growth of more than 8.5% through 2030. We will provide additional details on the updated capital and financing plan on our fourth quarter call in February. As the investment needs of our utilities accelerate, I want to underscore that customer value and affordability remain front and center.

Our job is to address the needs of all customers, from large industrial customers that are competing against a global market to residential customers that are managing their household budgets. This focus starts with cost management, which is a core competency for Duke Energy. We continue to leverage AI and pursue a technology-enabled, industry-leading cost structure as we invest in our system. Other tools we are utilizing to keep rates as low as possible include the combination of Duke Energy Carolinas and Duke Energy Progress utilities, which, if approved, would save retail customers more than $1 billion through 2038. Storm cost securitization, which is expected to save customers in the Carolinas up to 18% on their bills compared to traditional recovery mechanisms. Energy tax credits, which collectively result in hundreds of millions of dollars in annual savings.

We're protecting existing customers through tariff structures and contract provisions for new large load projects. These are just a few of the many solutions we employ to ensure our 10 million customers receive the service they count on at a fair price. We recognize that our work to provide affordable energy for customers is never done, but we are proud that average rate changes have paced below the rate of inflation over the last decade and that our rates are well below the national average. Turning to slide six, the majority of our capital plan increase relates to our record generation build, which is hitting a new gear. Last month, we filed our updated Carolinas resource plan in North Carolina, which expands upon the previous filing approved by regulators in 2024 and presents an updated path to continue to meet the needs of our customers reliably and affordably.

The plan maintains an all-of-the-above strategy and supports the work already underway to meet near-term growth. Importantly, the updated IRP results in annual customer bill impacts of approximately 2% over the coming decade, below the rate of inflation and significantly lower than the previously approved plan. The roadmap we laid out isn't just a long-term view. We're actively executing on generation build today. We're on track to add more than 8.5 GW of new dispatchable generation across our service territories over the next five years. This includes over 1 GW of uprates to maximize the value of our existing fleet and 7.5 GW of new natural gas. In the Carolinas, we have secured all major permit approvals, gas supply, long lead equipment, and workforce contracts for our Person County Combined Cycle units, and construction has commenced at the site.

We also recently filed CPCNs for the Anderson County Combined Cycle and Smith Combustion Turbine projects. We expect approvals on both these sites in mid-2026. In Indiana, we appreciate the commission's recent approval of our CPCN for the Cayuga Combined Cycle gas units, a critical project to meet the state's growing power needs. The order approved two settlements reached in the case, as well as semi-annual fuel recovery through a rider. This recovery mechanism will support the balance sheet through the construction cycle and reduce overall costs to the customers. All of the work underway today will enable us to continue to serve our customers reliably and affordably into the future. Beyond supplying power, these grid and generation investments deliver significant value to our communities. In September, we partnered with EY to estimate the economic impact of our investment plan.

The 10-year capital plan we laid out in February will equate to over $370 billion in economic output, including approximately $130 billion in labor income, and will contribute more than $200 billion to the GDP for the communities we serve. The investment will also support nearly 170,000 jobs annually. We are privileged to be a critical economic driver of the communities we serve, and we look forward to growing together in the decades to come. In closing, the fundamentals of our business are the strongest they've ever been. We're powering tremendous growth across the Southeast and Midwest with solid plans based on concrete projects that provide a durable runway of investment well into the future. We're meeting our financial and strategic objectives while continuing our focus on operational excellence, and I am confident the tailwinds we see will continue to strengthen. With that, let me turn the call over to Brian.

Thanks, Harry, and good morning everyone. As shown on slide seven, we continue to build on the momentum from the first half of the year with reported and adjusted earnings per share of $1.81 in the third quarter. This represents over 11% growth versus adjusted earnings per share of $1.62 last year, putting us firmly on track to deliver the targeted growth in 2025. Within the segments, electric utilities and infrastructure was up $0.24, driven by higher retail sales volumes and the implementation of new rates across many of our jurisdictions. Weather was above normal in the quarter, but not as favorable as the prior year. Interest expense increased as we execute our growing investment plans. Gas utilities and infrastructure results were largely flat to last year, consistent with the seasonality of the LDC business.

Finally, the other segment was down $0.04, primarily due to higher interest expense. As we think about the remainder of the year, recall that we have a demonstrated track record of managing agility in both directions. In the fourth quarter of last year, we implemented extensive one-time cost savings and agility measures in response to the historic 2024 storm season. In contrast, our strong year-to-date results in 2025, including favorable weather, provide an opportunity to reinvest in the system. With these fourth quarter considerations and year-to-date performance in mind, we are highly confident in achieving our narrowed EPS guidance range of $6.25-$6.35. Looking ahead to 2026 growth drivers on slide eight, we expect the constructive regulatory outcomes that are driving 2025 results to continue next year.

We are progressing through our multi-year rate plans in North Carolina and Florida, and we'll implement phase two of the Indiana rate case in March. Midwest and Florida grid riders will continue to provide steady growth. We also expect new rates in South Carolina to be effective in the first quarter of 2026. We were pleased to reach constructive settlements last week with the ORS and other interveners in our DEP rate case. The settlements, which are subject to commission approval, are based on a 9.99% ROE and 53% equity ratio and resolve all open items in the case. Our DEC South Carolina rate case continues to progress as well, and we expect final orders in both cases by year-end. I'd also like to highlight that in North Carolina, we provided 30-day notice of our plans to file rate cases for both DEC and DEP later this month.

We expect new rates to be effective in early 2027, and we'll provide additional details once the filings are made. As we move through the remainder of the decade, our long-term earnings growth is underpinned by our attractive jurisdictions, which are benefiting from population migration and growing economies. These tailwinds provide an extensive runway of capital development deployment opportunities, which drive steady and increasing rate-based growth. With solid business environments and efficient recovery mechanisms in place, we are well positioned to deliver 5%-7% earnings growth through 2029, with confidence to earn in the top half of the range beginning in 2028. Turning to slide nine, one of our strategic priorities is to solidify our late-stage economic development pipeline and convert prospects into firm projects. We've been working closely with state and local partners to deliver on that commitment.

Internally, we've developed new teams dedicated to speed and execution and implemented creative solutions that accelerate the time to power. These efforts are yielding tangible results, with approximately 3 GW of signed electric service agreements with data centers this year alone. This includes ESAs signed this quarter with Digital Realty and Edged, who are making multi-billion dollar investments in North Carolina to support AI infrastructure. We are not just signing data centers. Our economic development activities have yielded over $11 billion of capital commitments from other commercial and industrial customers in 2025. These projects are expected to bring an additional 25,000 jobs to our service territories and support our load growth projections. In a rapidly changing external environment where affordability is paramount, I want to emphasize that our electric service agreements contain terms that protect our existing customer base and ensure new large load projects pay their fair share.

Terms include minimum take provisions, termination charges, and refundable capital advances. As a testament to our work delivering on this wave of economic development, in September, we were recognized with EEI's Outstanding Customer Engagement Award. This award is given directly by corporate customers and highlights our ability to collaborate among broad stakeholder groups on complex projects. We are just getting started. Active site evaluations are progressing across all of our service territories, and many more projects are moving to advanced stage. As our economic development pipeline has matured over the past year, we are more confident than ever in our ability to capture the once-in-a-generation load growth opportunity in front of us. Turning to the balance sheet on Slide 10, I first want to recognize the work of our regulators and other stakeholders to address cost recovery from last year's historic storm season in record time.

With their support, we were able to successfully issue North Carolina storm securitization bonds approximately one year after Hurricane Elene, and we expect to issue South Carolina bonds before year-end. Securitization is one of the many tools available to help mitigate rate increases for customers, with the North Carolina bonds projected to save customers up to 18% compared to traditional recovery methods. In Florida, $1.1 billion of storm costs will be fully recovered by February 2026. As a result, bills are expected to decrease by approximately $40 a month beginning in March. Across all three jurisdictions, the timely recovery process helps maintain credit quality and reinforces our expectation of achieving 14% or higher FFO to debt by year-end.

As discussed on the second quarter call, we are targeting 15% FFO to debt over the long term, which provides 200 basis points of cushion above our Moody's downgrade threshold and 300 basis points above our S&P downgrade threshold. Our balance sheet will continue to improve as we receive proceeds from the Tennessee and Florida transactions, which we expect to close in early 2026. As Harry discussed earlier, we expect our new five-year capital plan to be between $95 billion and $105 billion. Consistent with previous guidance, we'll target 30%-50% equity funding for this incremental growth capital. Transaction proceeds will satisfy equity needs in 2026, and remaining common equity issuances to support growth represent a very modest percentage of our market cap and will help maintain credit quality during this period of unprecedented capital deployment.

We will provide more detail on our capital and financing plan on our fourth quarter call in February. Moving to Slide 11, we are well positioned to deliver earnings within our narrowed guidance range in 2025, as well as 5%-7% growth through 2029. As load growth and capital accelerate, we have confidence we will earn in the top half of the range beginning in 2028. Our extensive runway of capital investments, coupled with efficient recovery mechanisms, position us to achieve 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.

Thank you very much. To ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. To ask your question, please ensure your device is unmuted locally. Our first question comes from Julien Dumoulin-Smith from Jefferies. Your line is open, Julien. Please go ahead.

Hey. Hey, good morning, team. Thank you guys very much for the time. I appreciate it. Nicely done today. Appreciate the extra details versus your traditional cadence.

Hey, absolutely. Maybe just to kick off here, considering those details that you guys gave us here, can you speak a little bit to the incremental capital that you guys are looking at? I know it's still a range, but when you think about layering that in, is that sort of ratable across the period? Or when you think about layering in that last year, 2030, does that final year represent a further acceleration even relative to 2028 and 2029? You know what I mean? In theory, the move up from $87 billion to $97 billion could be ratable across the forecast period, or it could be heavily weighted to that final year in 2030. You haven't quite given us the full details here, but I'm curious as to, as you think about the cadence of this data center ramp playing itself out, is it really truly weighted towards that last year? Can you speak to that a little bit?

Yeah, I'll take that, Julian, and good morning. The way I would think about it, as we're signing up these large load customers, we have more visibility into the infrastructure build we need to make to serve them. This update in the capital plan has that. Plus, as we get deeper into the energy modernization strategy, we're investing more. We knew 2030 was going to be higher than 2025 rolling off. I would think of it as we're adding capital in every year of the plan, and it's to build to that ramp of these large customers as we get more firm contracts signed and more visibility into the infrastructure needs of those customers.

I would add, Julian. It's a very dynamic environment out there. You saw us raise from $83 billion to $87 billion earlier this year with the Brookfield deal in Florida. You're seeing our capital expand here because of what we're seeing in data center growth and economic development, as well as our modernization that Brian mentioned. We'll continue to evaluate and update as we move.

I know it is truly unusual for you guys to update twice in a given year outside of your typical cadence of 4Q. I hear you on that one. Can you speak a little bit more to what that incremental potential is by this roughly $10 billion? What's comprised within that? Is that principally just transmission and generation for new data centers, or are there other pieces in there?

No, Julian, it's more than that, but it does encompass that. As we sign more energy service agreements, that's a trigger to invest more transmission and potentially generation in this five-year plan. We are also evaluating LDC investments that could support the new generation at our Piedmont Natural Gas Company. All those investments, along with the bullpen of T&D investments that we have that we have not pulled onto the field quite yet, we are evaluating all those factors as well as customer affordability as we finalize our capital plan. That is why we did not come out with a single-point estimate this time, because we are still running our models and evaluating rate cases over time and how that might show up.

Julian, will you have more details in February like we normally do on financing that plan, as well as what the details are of that?

All right. Needless to say, you've been pretty committed to the balance sheet. You think the FFO to debt, regardless of where this lands, you're going to stick with this updated level pro forma for what you did with the FFO this year?

Absolutely. We are committed to 15% FFO over time. We are on target to be over 14% this year as committed.

Yep. Excellent. All righty. Thank you guys very much. I'll leave it there.

Our next question comes from Carly Davenport from Goldman Sachs. Your line is open, Carly.

Good morning. Thank you for taking the time.

Thanks for the time. I guess maybe just on the Carolina's IRP, you have included an option for nuclear there, including an AP1000 starting in potentially 2037. I guess just with some of the announcements that we've seen across the broader nuclear space recently, just curious how you might envision Duke playing a role in this build-out, particularly as an operator.

Yeah. Great question, Carly. As you know, we operate 11 low-cost, safe, reliable nuclear reactors today. Nuclear is a big part of our business. It makes sure that our customers get reliable and affordable power every day. We earn over $500 million of tax credits a year that go back to our customers from those nuclear plants. We feel nuclear is a very important part of the future. With that said, there are a lot of things that we have to determine and figure out before we move forward. We are encouraged to see the government and some of the partnerships with Westinghouse that were recently announced leaning into this and addressing supply chain concerns, which is one of the items that we have on our list.

We still need to figure out what we're going to do with cost overrun protection and how we're going to protect our investors and our customers from overruns on those projects, as well as how we're going to protect the balance sheet if we move forward with nuclear. We're working to resolve those, working with government officials as well as some of the tech customers. We'll continue to work that. If you remember last year, our IRP had only SMRs in it. We were asked by the North Carolina Commission to explore light water reactors as well. We filed a report this past March to show what it would take or what would be an AP1000 type project. We've added that into our plans in our model, and we'll continue to evaluate both of those, SMRs as well as large water reactors. Again, nothing going forward until we have those other items resolved.

Very clear. Okay. Great. Thank you. Maybe just another on Carolinas resource planning. As you laid out the updated plan, the share of gas stayed pretty consistent with the prior plan. I guess, would you expect that to move higher to the extent that there is expanded natural gas pipeline capacity into the Southeast? Would something like the MVP Boost project potentially be a needle mover there?

Yeah. There's a lot of gas in that plan, as well as a lot of batteries and solar. We continue all of the above strategy in how we serve our load going forward. We've done a lot of work to secure gas through the early part of 2030, and we continue to work on beyond that. We do expect as economic development growth continues, we will need more gas and more pipelines and are working with the companies to provide that. We will continue to update the process and the progress on that. We feel like dispatchable power is critical to serve these new loads, and gas is the source that we're focused on right now.

Our next question comes from Shah Bareza from Wells Fargo. Your line is open, Shah. Please go ahead.

Hey, good morning, everyone. It's actually Alex on for Shah. Thanks for taking our questions.

Morning. Just wanted to touch on the earnings outlook. You've indicated you expect to be at the high end of the 5% to 7% starting in 2028. Just want to get a sense, is there any potential for that growth to begin ramping sooner? If you can just remind us what drives the delta between the 5% to 7% EPS growth and that 8%, 8.5% rate base growth you have out there. Thanks.

That's great, Alex. It's the right question as we have these incremental investments, capital plans expanding, and customers are getting signed up. I would first say that every year the plan's within the 5%-7%. '2028 is an inflection point where we're investing more capital in Florida. We're completing the multi-year rate plan. The transaction with Brookfield will be completed. We talked about expanding capital in Florida in that period. We're also seeing many of the large load customers we're signing up today are coming online.

Their projects will be, we have more visibility in their construction projects. Their projects will be completed in the second half of 2027. The ramp will begin, but it really hits an inflection point in 2028, and it continues to grow into the early 2030s. That gives us high confidence that we're going to be in the top half of the growth range in 2028. I want to underscore, the growth is strong. I would think of it as a CAGR in the top half in 2028 off of 2025 base of $630, not just an annual growth.

We feel it's durable too beyond that. We'll continue. We see the prospects continuing. We feel like this is a long-term play for us.

Great. Got it. Thank you. Just on the funding, you still have a good amount of equity out there. You've done good deals in Tennessee and Florida, which have been accretive. Just any other opportunities around asset recycling, or should we assume equity and equity-like instruments going forward? Thank you.

Yes, Alex. Our focus is on digesting those two big deals that we announced earlier this year, and then we'll continue to fund, like we've mentioned before, 30%-50% of our plan with equity depending on the projects. We'll update the details of that in February, as we always do. We are committed to protecting the balance sheet, meeting that 15% FFO that we committed to, and being above 14% this year.

Our next question comes from Jeremy Tonet from JPMorgan. Your line is open. Please go ahead.

Hey, good morning. Thanks for taking our questions. This is Diana Niles on for Jeremy.

Hi, good morning. If I may expand on Alex's first question, I was wondering to what extent does that high end of 5%-7% reflect incremental capital? And does any of that incremental capital factor into the confidence that you expressed today to hit the high end of the range starting in 2028?

Yeah, Diana, this is Brian. I'll take that. As I think about the top half of the growth range and beginning in 2028, I would say it fits within any of the $95 billion-$105 billion capital range that we provided. It's not depending upon us being at the high end, or it would be lower on the low end. It's contemplated in all those scenarios.

Okay. Thank you. All right. That'll do it for me.

Has Ramonda to ask a question. Please press star, followed by one on your telephone keypad. Our next question comes from David Paz from Wolfe Research. The line is open, David. Please go ahead.

Thank you. Good morning. Just on your large load commentary, could you remind me what does the advanced pipeline or, sorry, the pipeline look like for large load? And how much of that would you say is in advanced discussions that could be added to the 3 GW of ESAs you signed this year?

Yeah. Good morning, David. Good to hear from you. We have a very large and diverse pipeline of projects. I would say ours is just as big, if not bigger, than anybody else's out there. Really, our focus has been on the projects that are from the credible hyperscalers as well as third-party developers that we feel like have the ability to get these projects through fruition. We are working with them to get through the queue, to get through the funnel, as we call it, to be able to have these signed ESAs. We have signed in the last six months 3 GW of ESAs, as we mentioned in our presentation. We continue to work with many others on that. Really focused on nailing down those energy service agreements because that is what we feel is the right focus for us. We're working through a large pipeline, but really focused on developing those prospects into those final projects.

Okay. So you do not want to characterize how much are in near-term advanced discussions that could be signed over the next year or so?

It's a very dynamic environment, David. We continue to work on it every day. We have a dedicated team, like Brian mentioned earlier, that is focused on this 24/7, on how we get this into our system and into these signed agreements as fast as possible.

Got it. Okay. No, I appreciate that. Sorry to kind of go back to the EPS growth commentary. I just want to make sure I understood what you added, I think, at the end of the durability of this growth starting in 2028. The upper half of your 5-7 beginning in 2028, and that's durable into the 2030s at that same level off of a 2027. Is that the way to think about it?

Yeah. That's a good assumption. As these economic development projects come into play and we continue to invest in our system, we see that being a durable approach.

Our next question comes from Nicholas Campanella from Barclays. Your line is open, Nicholas. Please go ahead.

Hey, good morning. Got on late, so sorry if I'm repeating a question. I really just had one. It was just the 30%-50% of equity funding to fund the capital upside. What would kind of put you in the lower end of that range? What should we be watching there from the balance sheet side that could enable you to do less equity? Thanks.

Yeah, Nick. It's a great question. We provided this range in previous quarters, and it informed how we funded the capital plan in the current five-year plan. What would determine the lower end would be investments with a higher velocity of recovery. There's less equity need as you tack into those investments over time versus more investments that have a bit of slower recovery. Maybe it takes a while to get it into the Rider mechanism or the like. You might need some balance sheet support. At the last capital update, we were at 40% of the incremental growth capital funded with common equity or equity support. I would think of it as the faster recovery capital would be in the low end and the slower recovery capital being in the more like 50%.

We currently have no further questions. I'd like to hand back to Harry for some closing remarks.

Yeah. Just to wrap up, I want to leave y'all with three items. Number one, we see a lot of momentum into the end of this year and into 2026 and beyond. Two, our business is in the strongest position it has ever been. And finally, I am confident we are going to earn in the top half of our 5-7 range beginning in 2028. But more importantly, our plan is durable well into the future. So again, thanks for joining us today, and thank you for your investment in Duke Energy. Hope everybody has a great day.

That concludes today's call. We thank everyone for joining. You may now disconnect your lines.

Duke Energy (DUK) Q3 2025 Earnings Call Transcript

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