Duke Energy (DUK) narrowed its 2026 adjusted earnings guidance to $6.70 to $6.80 a share after third-quarter results, saying year-to-date performance positions the company to deliver near the top of that range.

The Charlotte-based energy holding company reported third-quarter 2026 reported and adjusted earnings of $1.99 a share, compared with $1.81 a year earlier. There were no special items in the periods presented, so reported and adjusted results matched.

Earlier in 2026, the company had reaffirmed a wider 2026 range of $6.55 to $6.80 after both the first and second quarters. It also reaffirmed long-term adjusted EPS growth of 5% to 7% through 2030 off the 2025 guidance midpoint of $6.30, with confidence to earn in the top half of that range beginning in 2028. Management does not forecast reported GAAP EPS.

Higher third-quarter adjusted results were driven by recovery of infrastructure investments to serve customers in growing jurisdictions and favorable weather. Those items were partly offset by higher depreciation on a growing asset base, impacts from minority-interest investments, higher interest expense and a higher effective tax rate.

Electric Utilities and Infrastructure, the company’s largest reportable segment, recognized segment income of $1,817 million in the third quarter of 2026, versus $1,658 million a year earlier, a $0.20 per-share increase. The company said the same recovery and weather factors lifted the segment, partly offset by higher depreciation on a growing asset base, minority-interest impacts and higher interest expense.

On a per-share basis, Electric Utilities and Infrastructure earnings were $2.33 in the third quarter of 2026 versus $2.13 a year earlier. Rate-case impacts contributed $0.16, including Duke Energy Progress North Carolina Year 3 and South Carolina rates, Duke Energy Carolinas North Carolina Year 3 and South Carolina rates, Duke Energy Indiana Step 2 rates and Duke Energy Florida Year 2 rates. Volume added $0.10, riders and other retail margin $0.10, weather $0.08, wholesale $0.03 and AFUDC equity $0.02. Depreciation and amortization subtracted $0.08, interest expense $0.04, and other items $0.17, including timing of production tax credits, minority-interest impacts and higher property taxes.

Gas Utilities and Infrastructure recognized a segment loss of $19 million in the third quarter of 2026, compared with a $26 million loss a year earlier, a $0.01 per-share improvement the company tied to lower operations and maintenance expense. Other, which includes holding-company interest, unallocated corporate costs and the captive insurer, recognized a $247 million segment loss versus a $225 million loss a year earlier, a $0.03 per-share decrease attributed to higher captive claims and lower returns on investments.

Consolidated operating revenues were $9,104 million in the three months ended September 30, 2026, versus $8,542 million a year earlier. Regulated electric revenue was $8,677 million and regulated natural gas $358 million. Operating income was $2,747 million, versus $2,334 million. Interest expense was $967 million.

The consolidated reported effective tax rate was 15.3% in the third quarter of 2026, compared with 10.8% a year earlier. The adjusted effective tax rate was 15.5%, versus 10.8%. The company said the increase was primarily due to a decrease in the amortization of excess deferred income taxes.

President and chief executive officer Harry Sideris said the company delivered strong results through the first three quarters, reflecting disciplined execution as it invests in reliable service while keeping costs as low as possible.

Duke Energy said it is executing a record generation build to add 16 gigawatts of capacity by 2031. Its electric utilities serve 8.7 million customers and collectively own 55,700 megawatts of energy capacity; natural gas utilities serve 1.6 million customers.