-- Duke Energy reported first-quarter 2026 electric and gas utility operations delivered mixed but generally improved results, with underlying earnings growth driven by infrastructure investment recovery and customer demand, according to company-reported figures.
The electric utilities and infrastructure segment reported income of $1.254 billion, slightly down from $1.276 billion in the same period a year earlier. The decline reflects charges tied to legal and regulatory settlements, which were classified as special items and excluded from adjusted results, Duke said.
Stripping out those one-time impacts, adjusted segment income rose to $1.404 billion from $1.276 billion a year ago, an increase equivalent to $0.16 per share. The gain was largely attributed to returns on infrastructure investments aimed at improving service reliability in expanding service areas, along with favorable weather conditions. These benefits were partially offset by higher operating and maintenance expenses, including storm-related costs, and increased depreciation tied to a growing asset base.
In the Gas Utilities and Infrastructure segment, reported income climbed to $532 million from $349 million in the first quarter of 2025. The increase was boosted by gains from asset sales, including transactions related to Piedmont's Tennessee operations and renewable natural gas projects. Those gains were also treated as special items and excluded from adjusted earnings.
On an adjusted basis, gas segment income edged up to $361 million from $349 million a year earlier, a modest increase of $0.01 per share. Similar to the electric segment, growth was driven by the recovery of infrastructure investments supporting customer expansion, though higher operating costs and depreciation tempered the overall improvement.