Total Operating Revenues

+7.5% (from $7,671M to $8,249M)

Higher pricing and improved weather conditions boosted retail sales and fuel-related revenues, reflecting trends seen in prior periods. This growth is partly driven by increased regulatory rate approvals and consistent recovery in volumes that built on the previous period’s performance improvements. " "

Regulated Natural Gas Operating Revenues

+27.6% (from $866M to $1,105M)

A significant increase driven by higher natural gas costs, increased volumes, and North Carolina base rate adjustments (e.g., a $102M rise from cost factors and a $72M boost from NC base rate increases). These drivers accelerated revenue performance compared to the already improving baseline in the previous period. " "

Operating Income

+19.4% (from $1,963M to $2,343M)

Improved margins resulted from strong revenue growth outpacing a moderate uptick in operating expenses. The increase builds upon earlier rate-driven revenue gains while maintaining controlled expense growth through favorable fuel cost dynamics and efficient cost management practices observed previously. " "

Net Income

+22% (from $1,151M to $1,404M)

Higher operating revenues combined with controlled expense increases led to a substantial net income boost. The improvement builds on the prior period’s performance where better pricing, improved weather, and operational efficiencies contributed to revenue strength, partially offsetting higher interest and tax expenses. " "

Earnings Per Share

FY 2025

"$6.17 to $6.42, with a midpoint of $6.30 (≈7% growth over 2024 adjusted EPS of $5.90)" " "

"$6.17 to $6.42" " "

no change

EPS Growth Rate

FY 2025

"5% to 7% EPS growth rate through 2029" "

"5% to 7% EPS growth rate through 2029" " "

no change

Load Growth Projection

FY 2025

"1.5% to 2% (annual forecast for 2025)" "

"1.5% to 2% load growth" "

no change

Credit Metrics

FY 2025

"Targeting 14% FFO to debt by the end of 2025" "

"14% FFO to debt" "

no change

Capital Investment and Long-Term Infrastructure Planning

Discussed consistently in Q4 2024, Q3 2024, and Q2 2024 with details on massive capital plans (ranging from $73B to $83B), balanced investments in grid improvements and generation, and structured financing approvals. " " "

Q1 2025 reinforced the large-scale investments with a reported Q1 spend of over $3B, an annualized focus on an $83B 5‑year plan, and explicit attention to tariff impacts (estimated at 1%–3% of the plan). " " "

Consistent emphasis on large-scale, long-term investments with a new focus on managing tariff impacts and supply chain challenges in the current period.

Earnings and Load Growth Targets

Q4 2024, Q3 2024, and Q2 2024 consistently presented EPS guidance, long‑term EPS growth targets (5%–7%), and load growth forecasts (1.5%–2% in near term, accelerating from 2027), underpinning stable outlooks. " " "

Q1 2025 reported a notable 22% EPS improvement for Q1 and reaffirmed its 2025 guidance ($6.17–$6.42 per share) along with robust load growth expectations (1.5%–2%, accelerating from 2027). " " "

Stable and optimistic sentiment continues with strong near‑term earnings performance and reaffirmed long‑term growth targets.

Economic Development and Data Center Expansion

Prior periods, especially Q2–Q4 2024, highlighted robust economic development pipelines including advanced manufacturing, data center agreements, and significant capacity additions, with data centers forming a notable part of the pipeline. " " "

In Q1 2025, the focus sharpened with new letter agreements for nearly 1 gigawatt of data center projects and continued pipeline acceleration, reinforcing the strategic role of economic development in driving load growth and customer additions. " " "

Enhanced focus on economic development and data center expansion with accelerated project execution and growing customer commitments compared to previous periods.

Credit Metrics and Financial Discipline

Q2, Q3, and Q4 2024 emphasized maintaining strong FFO-to-debt ratios (around 14% with ample credit cushions), use of equity programs, and monetary measures like tax credit monetization and balanced debt issuances. " "

Q1 2025 detailed plans to raise $1 billion in common equity (with over $530 million raised in Q1) and reasserted its target of 14% FFO-to-debt—providing significant buffers above downgrade thresholds; additional initiatives like storm securitization were also noted. " "

Continued focus on robust financial discipline with proactive equity issuance and debt management; the tone remains positive and assertive about maintaining a strong balance sheet.

Operational and CapEx Risks

In Q3 2024, there was detailed coverage of operational challenges from hurricanes, grid hardening investments, and first-of-a-kind risks for new nuclear projects; Q2 2024 touched on operational performance and CapEx trade‑offs. " " "

Q1 2025 added further consideration of tariff impacts on CapEx (estimated at 1%–3% of the 5‑year plan) along with updates on accelerated load growth and updated risk‐mitigation practices such as securitization efforts, showing vigilant monitoring of emerging risk factors. " " "

Slightly shifting focus: while the operational resilience narrative remains, there is an increased attention on external cost pressures (tariffs) and supply chain issues affecting capital expenditures.

Industrial Sector Recovery and Economic Uncertainty

Q2 2024 noted caution among industrial customers due to recession fears and tight labor markets; Q3 2024 reported a slower industrial rebound with expectations shifting into early 2025. " "

Q1 2025 maintained a “cautionary stance” among industrial customers due to ongoing economic and policy uncertainties, although some sectors (e.g., steel) might benefit from tariffs—a nuanced position acknowledging both risk and opportunity. "

Persistent cautious sentiment with a mixed outlook: recovery remains slower, but there is some optimism for sectors that could benefit from policy changes like tariffs, echoing themes from previous periods.

Emerging Nuclear Initiatives and SMR Investment Risks

Q2–Q4 2024 consistently discussed SMR capacity plans (e.g., 600 MW at Blue Creek in Q2) and outlined key risks including first‑of‑a‑kind technology, cost overrun protection, and balance sheet safeguards. " " " "

Q1 2025 continued to reference emerging nuclear efforts through a DOE grant application led by TVA and a strategic partnership with GE Vernova, emphasizing SMR development without delving as deeply into associated risk factors. "

Continued optimism in nuclear initiatives with a less detailed discussion of risks in the current period, suggesting that management is moving toward execution as technology maturity improves.

Utility Merger and Integration Strategy

Q2, Q3 2024 had no significant mention and Q4 2024 briefly acknowledged consolidation trends without detail. "

Q1 2025 resurfaced utility merger strategy details regarding the planned integration of Duke Energy Carolinas and Duke Energy Progress, forecasting over $1 billion in customer savings and operational synergies, with regulatory filings planned for later in 2025. " "

New/emerging emphasis: This topic, previously downplayed or absent, is now highlighted as a strategic lever to drive customer benefits and operational efficiency.

Equity Dilution and Capital Structure Concerns

Earlier periods (Q2–Q4 2024) mentioned balanced financing, equity funding increases, and careful capital structure management through DRIP and ATM programs along with credit metric targets. " " "

Q1 2025 reaffirmed these themes with concrete plans to issue $1 billion in equity, strong market uptake (over $530 million raised in Q1), and continued commitment to a 14% FFO-to-debt ratio—all underscoring a proactive stance on maintaining capital strength. "

Consistent focus: The company remains vigilant about equity dilution and capital structure, with proactive market engagement and robust financing strategies continuing to underpin their balance sheet.

Regulatory Outcomes and Stakeholder Engagement

Q2–Q4 2024 consistently highlighted constructive regulatory approvals for rate base investments, multiyear rate plans, and effective stakeholder engagement in various jurisdictions (e.g., Carolinas, Indiana, Florida). " " "

In Q1 2025, regulatory outcomes were reaffirmed with updates on storm securitization, progressing rate cases (including Kentucky Electric), and robust engagement around the planned utility merger, reflecting collaboration with regulators and stakeholders. " " " "

Steady and collaborative: The narrative remains positive and consistent, emphasizing strong regulatory relationships and proactive stakeholder engagement to support investment and operational strategies.