EPS Guidance

FY 2025

$6.17 to $6.42 per share " "

$6.17 to $6.42 " "

no change

Long-term EPS Growth Rate

FY 2025

5% to 7% " "

5% to 7% " "

no change

FFO to Debt (FY 2025)

FY 2025

14% "

Expected to achieve 14% "

no change

FFO to Debt (Long-term Target)

FY 2025

no prior guidance

15% long-term target (100 bp increase) " " "

no prior guidance

Dividend Payout Ratio

FY 2025

no prior guidance

60% to 70% "

no prior guidance

Capital Expenditure Increase in Florida

FY 2025

no prior guidance

Additional $4 billion (starting in 2028-2029) " "

no prior guidance

Capital Investment and CapEx Planning

In earlier periods, Duke Energy discussed a robust 5‐year capital plan around $83 billion with investments split between grid improvements and generation build-out, tariff considerations, and an expected near-term increase driven by customer additions and new projects. " " " " " " "

In Q2 2025, emphasis is placed on a $4 billion increase in the Florida capital plan—funded by the Brookfield Infrastructure investment—with investments scheduled for 2028-2029 along with a strategic focus on efficient capital allocation and growth. " " " "

Growing focus on Florida and strategic use of transaction proceeds to fund long-term expansion while building on an established planning framework.

Earnings Guidance and EPS Growth Targets

Previous discussions in Q1, Q4, and Q3 focused on maintaining a 2025 EPS guidance of $6.17–$6.42 and a long-term EPS growth target of 5%-7%, with regulatory and rate case outcomes underpinning these targets. " " "

Q2 2025 reaffirms the same EPS guidance and 5%-7% long-term growth rate, while also highlighting how strategic transactions and load growth acceleration, especially in key regions, support the outlook. " " "

Consistent outlook with added emphasis on the positive impact of recent transactions and a more measured focus on long-term growth.

Customer Load Growth and Economic Development

Earlier periods highlighted sustained load growth around 1.5%-2% with acceleration expected from data center deals and economic development projects. The pipeline included advanced manufacturing and data center projects with additional optimism in the Carolinas and Florida. " " " " " "

Q2 2025 emphasizes robust customer growth in the Southeast and Midwest, exemplified by the new $10 billion AWS data center project that is expected to create high-skilled jobs, while reiterating a diverse, strong economic development pipeline. " " "

Continued robust growth with an enhanced narrative on high-profile deals and regional attractiveness driving new economic development projects.

Regulatory Environment and Policy Uncertainty

Prior calls (Q1, Q3, Q4) discussed merger plans, storm securitization, favorable regulatory outcomes (e.g. IRP approvals, rate case resolutions) and supportive legislative developments in states such as North Carolina and South Carolina, albeit with mention of some policy uncertainty regarding tariffs. " " "

In Q2 2025, supportive legislative outcomes in NC, SC, and Ohio are highlighted alongside cautious customer behavior driven by tariff uncertainties. The overall narrative remains positive with proactive regulatory engagement. " "

Ongoing regulatory support with clear legislative wins that help mitigate existing policy uncertainties.

Credit Metrics and Balance Sheet Strengthening

In previous periods, consistent targets around a 14% FFO-to-debt ratio were maintained through storm cost recovery measures, equity issuances, and improved cash flow derived from solid regulatory outcomes. " " "

Q2 2025 raises the long-term target to 15% FFO-to-debt through the use of transaction proceeds to displace long-term debt and further strengthen the balance sheet, with strong agency support noted. " " "

An enhanced focus on balance sheet strengthening with more aggressive credit metrics and direct use of transactions to reduce debt.

Nuclear Investments and SMRs

Earlier periods (Q1, Q3, Q4) outlined nuclear strategies including NRC license extensions, DOE grant participation, and active exploration of SMRs—with emphasis on risk management, design maturity, and cost overrun safeguards. " " " "

Q2 2025 maintains an “all-of-the-above” strategy regarding nuclear, emphasizing its existing nuclear fleet while noting that challenges (first‐of‐a-kind risk, overrun protections) for SMRs remain unresolved. " "

A cautious stance continues regarding SMRs, with a focus on leveraging proven nuclear assets while waiting for risk mitigations.

Transaction Execution and Timing Risks

Q1 discussed aspects like the planned merger between DEC and DEP utilities, storm securitization, and some timing details; Q3 and Q4 provided little to no mention of execution risks. " "

Q2 2025 does not place significant focus on execution and timing risks, with only brief reference to the Brookfield transaction tranches and execution timelines. "

Little change—transaction execution and timing remain minimally discussed, implying they are viewed as manageable within current plans.

Cost Efficiency, O&M Management, and Utility Integration

Previous periods stressed cost leadership, supply chain negotiations, grid investments, and operational excellence. Emphasis was placed on continuous improvement in O&M and large-scale utility integration measures such as the DEC/DEP merger to drive customer savings and operational synergy. " " "

Q2 2025 outlines cost-effective capacity upgrades, details a merger intended to generate over $1 billion in customer savings (targeted for January 2027), and highlights efficient financing of growth through strategic transactions. " " "

Increased emphasis on integrated utility operations and cost efficiency, with utility integration taking a more prominent role in the narrative.

Equity Dilution and Funding Strategies

Earlier periods (Q1, Q3, Q4) described issuing about $1 billion in equity via DRIP/ATM and increasing equity funding (up to $6.5 billion over 5 years) as part of a balanced financing strategy to support growth and maintain strong credit metrics. " " "

In Q2 2025, Duke Energy details a use of $3.5 billion from transactions to displace common equity while planning an additional $4.5 billion issuance via DRIP/ATM between 2027-2029, reinforcing the focus on funding growth and reducing debt. " " "

A refined strategy continues to balance equity issuance and debt reduction, aiming to minimize dilution while strengthening the balance sheet.

Data Centers and Advanced Manufacturing Initiatives

Previous earnings (Q1, Q3, Q4) consistently mentioned a broad pipeline for data centers—with incremental projects up to 2 gigawatts—and advanced manufacturing projects as key drivers of future load growth and economic development. " " " " " " "

Q2 2025 underscores a high-profile AWS investment of $10 billion in North Carolina, projecting significant job creation and ramp-up starting in 2027-2028, while reaffirming the strength of the advanced manufacturing pipeline. " " "

A heightened focus on marquee data center projects and advanced manufacturing investments signals greater optimism and higher economic development impacts.