DUK · Q2 FY2026
Duke Energy CORP Q2 FY2026 earnings analysis
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $5.93B | yr ago: not disclosed | Miss |
| EPS | $0.88 | yr ago: not disclosed | Miss |
| Free Cash Flow | -$0.70B (not meaningful for a utility) | yr ago: not disclosed | Miss |
| Gross Margin | N/M for a utility | yr ago: not disclosed | Miss |
| Operating Margin | 21.2% pre-tax margin | yr ago: not disclosed | Miss |
What changed
Duke Energy reported Q2 FY2026 revenue of $5.93B, EPS of $0.88 and a 21.2% pre-tax margin. Free cash flow was negative $0.70B, but that measure is of limited use for a capital-intensive regulated utility; the more consequential balance-sheet figures are $80.48B of debt and $54.46B of equity. No earnings release or prior guidance was supplied, and the same quarter a year earlier is absent from the table, so no defensible beat-or-miss conclusion is available.
Impact on the investment thesis
We initiate fair value at $119 per share rather than moving a prior estimate. The quarter does not justify a premium to that value because the 21.2% pre-tax margin and $0.88 EPS must be weighed against heavy capital requirements, substantial debt and a current 37.0x trailing P/E.