Open the filing on EDGARDuke Energy reports fourth-quarter and full-year 2025 financial results
- 2025 reported and adjusted EPS of $6.31, closing the year above the guidance midpoint
- $103 billion five-year capital plan drives 9.6% earnings base growth through 2030
- Company extends long-term adjusted EPS growth rate of 5% to 7% though 2030, with confidence to earn in the top half of the range beginning in 2028
CHARLOTTE, N.C. - Duke Energy (NYSE: DUK) today announced 2025 full-year reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $6.31. This is compared to reported and adjusted EPS of $5.71 and $5.90, respectively, for the full-year 2024.
Adjusted EPS excludes the impact of certain items that are included in reported EPS. There is no difference between 2025 GAAP reported and adjusted EPS.
Higher full-year 2025 adjusted results were primarily driven by recovery of growing infrastructure investments to serve customers and growth in our service territories. These items were partially offset by higher O&M, interest expense, property taxes and depreciation on a growing asset base.
The company is introducing 2026 adjusted EPS guidance of $6.55 to $6.80 and extending its long-term adjusted EPS growth rate of 5% to 7% through 2030 off the 2025 guidance range midpoint of $6.30. Management does not forecast reported GAAP EPS and related long-term growth rates.
“The fourth quarter marked a strong finish to a productive year, where we met every financial goal, progressed our economic development pipeline, broke ground on 5 gigawatts of new dispatchable generation resources, and continued to deliver value for customers,” said Harry Sideris, Duke Energy president and chief executive officer. “The cost of energy has always been and will remain a key focus for our company. We continue to find new ways to deliver affordable energy for our customers, keeping our rates below the national average and rate changes below inflation.”
“We enter 2026 with incredible momentum. The fundamentals of our business have never been stronger, and we operate in some of the most attractive jurisdictions in the nation. With the largest regulated capital plan in the industry, a balance sheet prepared for growth, and contracted demand from AI and advanced manufacturing, we are well-positioned to deliver 5% to 7% EPS growth through 2030.”
Duke Energy News Release 2
Quarterly results
Duke Energy's fourth-quarter 2025 reported EPS was $1.50, compared to $1.54 for the fourth quarter of 2024. Duke Energy's fourth-quarter 2025 adjusted EPS was $1.50, compared to $1.66 for the fourth quarter of 2024. Lower adjusted results for the quarter compared to last year were primarily driven by higher O&M, interest expense, depreciation on a growing asset base, contributions to the Duke Energy Foundation, along with a higher effective tax rate. These items were partially offset by recovery of infrastructure investments.
In addition to the following summary of fourth-quarter 2025 business segment performance, comprehensive tables with detailed EPS drivers for the fourth-quarter and full-year 2025 compared to prior year are provided at the end of this news release.
The discussion below of fourth-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.
Electric Utilities and Infrastructure
On a reported basis, Electric Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $1,209 million, compared to segment income of $1,208 million in the fourth quarter of 2024.
On an adjusted basis, Electric Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $1,209 million, compared to segment income of $1,238 million, in the fourth quarter of 2024. This represents a decrease of $0.04 per share, excluding share dilution of $0.01 per share. Lower quarterly results were primarily driven by higher O&M, depreciation on a growing asset base and interest expense, partially offset by recovery of infrastructure investments.
Gas Utilities and Infrastructure
On a reported basis, Gas Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $230 million, compared to segment income of $189 million in the fourth quarter of 2024.
On an adjusted basis, Gas Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $230 million, compared to segment income of $231 million, in the fourth quarter of 2024. Flat quarterly results were primarily driven by recovery of infrastructure investments, offset by higher O&M and taxes.
Other
Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.
On a reported basis, Other recognized a fourth-quarter 2025 segment loss of $272 million, compared to a segment loss of $204 million in the fourth quarter of 2024.
Duke Energy News Release 3
On an adjusted basis, Other recognized a fourth-quarter 2025 segment loss of $272 million, compared to a segment loss of $186 million in the fourth quarter of 2024. This represents a decrease of $0.11 per share. Lower quarterly results were primarily driven by higher contributions to the Duke Energy Foundation, interest expense and the absence of tax optimization in the prior year.
Effective tax rate
Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2025 was 11.3% compared to 8.1% in the fourth quarter of 2024. The increase was primarily due to tax benefits recognized in the prior year related to the utilization of previously valued carryforward attributes.
Duke Energy's consolidated adjusted effective tax rate for the fourth quarter of 2025 was 11.3% compared to 9.3% in the fourth quarter of 2024. The increase was primarily due to tax benefits recognized in the prior year related to the utilization of previously valued carryforward attributes.
The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss fourth-quarter and year-end 2025 financial results and other business and financial updates. The conference call will be hosted by Harry Sideris, president and chief executive officer, and Brian Savoy, executive vice president and chief financial officer.
The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the United States or 929.526.1599 outside the United States. The confirmation code is 807396. Please call in 10 to 15 minutes prior to the scheduled start time.
Duke Energy News Release 4
Special Items and Non-GAAP Reconciliation
The following tables present a reconciliation of GAAP reported to adjusted earnings per share for fourth-quarter and full-year 2025 and 2024 financial results:
| (In millions, except per share amounts) | After-Tax Amount | 4Q 2025 EPS | 4Q 2024 EPS |
| EPS, as reported | | $1.50 | $1.54 |
| Adjustments to reported EPS: | | | |
| Fourth Quarter 2025 | | | |
| Discontinued operations | $(2) | - | |
| Fourth Quarter 2024 | | | |
| Regulatory matters | $18 | | $0.02 |
| Noncore asset sales and net impairments | 54 | | 0.07 |
| Captive storm deductible | 18 | | 0.02 |
| Discontinued operations | 2 | | - |
| Total adjustments | | $ - | $0.12 |
| EPS, adjusted | | $1.50 | $1.66 |
(a) Total EPS adjustments may not foot due to rounding.
| (In millions, except per share amounts) | After-Tax Amount | Full-Year 2025 EPS | Full-Year 2024 EPS |
| EPS, as reported | | $6.31 | $5.71 |
| Adjustments to reported EPS: | | | |
| Full-Year 2025 | | | |
| Discontinued operations | $(1) | - | |
| Full-Year 2024 | | | |
| Regulatory matters | $43 | | $0.06 |
| System post-implementation costs | 16 | | 0.02 |
| Preferred redemption costs | 16 | | 0.02 |
| Noncore asset sales and net impairments | 54 | | 0.07 |
| Captive storm deductible | 18 | | 0.02 |
| Discontinued operations | (7) | | (0.01) |
| Total adjustments | | $ - | $0.19 |
| EPS, adjusted | | $6.31 | $5.90 |
(a) Total EPS adjustments may not foot due to rounding.
Non-GAAP financial measures
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and adjusted effective tax rate. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and basic per share amounts, adjusted for the dollar and per share impact of special items. The adjusted effective tax rate is calculated using pretax earnings and income tax expense, both adjusted to include the impact of noncontrolling interests and preferred dividends and to exclude the impact of special items. Special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.
Duke Energy News Release 5
Special items included within the financial statement periods presented, which management does not believe are reflective of ongoing costs, are described below:
- Regulatory matters primarily represents net impairment charges related to Duke Energy Carolinas' and Duke Energy Progress' South Carolina 2024 rate case orders and charges related to Duke Energy Indiana post-retirement benefits.
- System post-implementation costs represents the net impact of charges related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
- Preferred redemption costs represents charges related to the redemption of Series B Preferred Stock.
- Noncore asset sales and net impairments primarily represents charges related to certain joint venture electric transmission projects and certain renewable natural gas investments.
- Captive Storm Deductible represents charges related to an insurance deductible for Hurricane Helene property losses.
Management uses these non-GAAP financial measures for planning, forecasting, and to report financial results to the Board of Directors, employees, and stockholders, as well as analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and the adjusted effective tax rate are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.
Due to the forward-looking nature of forecasted adjusted EPS and related growth rates, the information to reconcile those amounts to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, such as legal settlements, impacts of regulatory orders or asset impairments, for future periods.
Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss are defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss include intercompany revenues and expenses that are eliminated in the Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as measures of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss are non-GAAP financial measures, as they represent segment income and other net loss adjusted for special items, as discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provide useful information to investors, as they provide additional relevant comparison of a segment’s or Other's performance across periods. The most directly comparable GAAP measures for adjusted segment income and adjusted other net loss are segment income and other net loss.
Duke Energy News Release 6
Due to the forward-looking nature of forecasted adjusted segment income and forecasted adjusted other net loss and related growth rates, the information to reconcile these amounts to the most directly comparable GAAP financial measures are not available, as management is unable to project special items, as discussed above.
Duke Energy’s adjusted earnings, adjusted EPS, adjusted effective tax rate, adjusted segment income, and adjusted other net loss may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.8 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.
Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.
More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.
Forward-Looking Information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
- The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and reducing carbon emissions, while balancing customer reliability and keeping costs as low as possible for our customers;
- State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements and/or uncertainty of applicability or changes to such legislative and regulatory initiatives, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;
- The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;
- The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;
Duke Energy News Release 7
- The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;
- The impact of extraordinary external events, such as a global pandemic, trade wars or military conflict, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;
- Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
- Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;
- Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;
- Advancements in technology, including artificial intelligence;
- Additional competition in electric and natural gas markets, municipalization and continued industry consolidation;
- The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
- Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto;
- The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the Company resulting from an incident that affects the United States electric grid or generating resources;
- Operational interruptions to our natural gas distribution and transmission activities;
- The availability of adequate interstate pipeline transportation capacity and natural gas supply;
- The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences;
- The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
- The timing and extent of changes in commodity prices, including any impact from increased tariffs, export controls and interest rates, and the ability to timely recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
- The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation portfolio, and general market and economic conditions;
- Credit ratings of the Duke Energy Registrants may be different from what is expected;
- Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
- Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules, obtaining sufficient skilled labor and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
Duke Energy News Release 8
- Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
- The ability to control operation and maintenance costs;
- The level of creditworthiness of counterparties to transactions;
- The ability to obtain adequate insurance at acceptable costs and recover on claims made;
- Employee workforce factors, including the potential inability to attract and retain key personnel;
- The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);
- The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities;
- The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC;
- The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings;
- The impacts from potential impairments of goodwill or investment carrying values;
- Asset or business acquisitions and dispositions may not be consummated or yield the anticipated benefits, which could adversely affect our financial condition, credit metrics or ability to execute strategic and capital plans; and
- The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock.
Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended December 31, 2025
(Dollars in millions, except per share amounts)
| Reported Earnings | Discontinued Operations | | Total Adjustments | Adjusted Earnings |
|---|
| SEGMENT INCOME (LOSS) | | | | | |
| Electric Utilities and Infrastructure | $1,209 | $ - | | $ - | $1,209 |
| Gas Utilities and Infrastructure | 230 | - | | - | 230 |
| Total Reportable Segment Income | 1,439 | - | | - | 1,439 |
| Other | (272) | - | | - | (272) |
| Discontinued Operations | $2 | (2) | A | (2) | - |
| Net Income Available to Duke Energy Corporation Common Stockholders | $1,169 | $(2) | | $(2) | $1,167 |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $1.50 | $ - | | $ - | $1.50 |
A - Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) - 778 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Year Ended December 31, 2025
(Dollars in millions, except per share amounts)
| Reported Earnings | Discontinued Operations | | Total Adjustments | Adjusted Earnings |
|---|
| SEGMENT INCOME (LOSS) | | | | | |
| Electric Utilities and Infrastructure | $5,337 | $ - | | $ - | $5,337 |
| Gas Utilities and Infrastructure | 559 | - | | - | 559 |
| Total Reportable Segment Income | 5,896 | - | | - | 5,896 |
| Other | (985) | - | | - | (985) |
| Discontinued Operations | 1 | (1) | A | (1) | - |
| Net Income Available to Duke Energy Corporation Common Stockholders | $4,912 | $(1) | | $(1) | $4,911 |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $6.31 | $ - | | $ - | $6.31 |
A - Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) - 777 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended December 31, 2024
(Dollars in millions, except per share amounts)
| | Special Items | | | | |
|---|
| Reported Earnings | Regulatory Matters | | Noncore Asset Sales and Net Impairments | | Captive Storm Deductible | | Discontinued Operations | | Total Adjustments | Adjusted Earnings |
|---|
| SEGMENT INCOME (LOSS) | | | | | | | | | | | |
| Electric Utilities and Infrastructure | $1,208 | $18 | A | $12 | B | | | $ - | | $30 | $1,238 |
| Gas Utilities and Infrastructure | 189 | - | | 42 | C | - | | - | | 42 | 231 |
| Total Reportable Segment Income | 1,397 | 18 | | 54 | | - | | - | | 72 | 1,469 |
| Other | (204) | - | | - | | 18 | D | - | | 18 | (186) |
| Discontinued Operations | (2) | - | | - | | - | | 2 | E | 2 | - |
| Net Income Available to Duke Energy Corporation Common Stockholders | $1,191 | $18 | | $54 | | $18 | | $2 | | $92 | $1,283 |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $1.54 | $0.02 | | $0.07 | | $0.02 | | $ - | | $0.12 | $1.66 |
Note: Total EPS adjustments do not cross-foot due to rounding.
A - Net of $7 million tax benefit. $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Duke Energy Indiana's Consolidated Statements of Operations related to a regulatory liability associated with certain employee post-retirement benefits.
B - Net of $1 million tax expense. $15 million recorded within Equity in earnings (losses) of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects.
C - Net of $12 million tax benefit. $54 million recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments.
D - Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses.
E - Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) - 773 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Year Ended December 31, 2024
(Dollars in millions, except per share amounts)
| | Special Items | | | | |
|---|
| Reported Earnings | Regulatory Matters | | System Post-Implementation Costs | | Preferred Redemption Costs | | Noncore Asset Sales and Net Impairments | | Captive Storm Deductible | | Discontinued Operations | | Total Adjustments | Adjusted Earnings |
|---|
| SEGMENT INCOME (LOSS) | | | | | | | | | | | | | | | |
| Electric Utilities and Infrastructure | $4,770 | $43 | A | $13 | B | $ - | | $12 | E | $ - | | $ - | | $68 | $4,838 |
| Gas Utilities and Infrastructure | 454 | - | | 3 | C | - | | 42 | F | - | | - | | 45 | 499 |
| Total Reportable Segment Income | 5,224 | 43 | | 16 | | - | | 54 | | - | | - | | 113 | 5,337 |
| Other | (829) | - | | - | | 16 | D | - | | 18 | G | - | | 34 | (795) |
| Discontinued Operations | 7 | - | | - | | - | | - | | - | | (7) | H | (7) | - |
| Net Income Available to Duke Energy Corporation Common Stockholders | $4,402 | $43 | | $16 | | $16 | | $54 | | $18 | | $(7) | | $140 | $4,542 |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $5.71 | $0.06 | | $0.02 | | $0.02 | | $0.07 | | $0.02 | | $(0.01) | | $0.19 | $5.90 |
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding.
A - Net of $15 million tax benefits.
- $33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the 2024 South Carolina rate case order.
- $9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Consolidated Statements of Operations primarily related to the 2024 South Carolina rate case order.
- $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Duke Energy Indiana's Consolidated Statements of Operations related to a regulatory liability associated with certain employee post-retirement benefits.
B - Net of $4 million tax benefit. $17 million recorded as a reduction of Operating Revenues on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
C - Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million as a charge within Other Income and expenses on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
D - $16 million recorded within Preferred Redemption Costs on the Consolidated Statements of Operations related to the redemption of Series B Preferred Stock.
E - Net of $1 million tax expense. $15 million recorded within Equity in earnings (losses) of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects.
F - Net of $12 million tax benefit. $54 million recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments.
G - Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses.
H - Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) - 772 million
DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
December 2025
(Dollars in millions)
| Three Months Ended December 31, 2025 | Year Ended December 31, 2025 |
|---|
| Balance | Effective Tax Rate | Balance | Effective Tax Rate |
|---|
| Reported Income From Continuing Operations Before Income Taxes | $1,358 | | $5,712 | |
| Noncontrolling Interests | (27) | | (120) | |
| Preferred Dividends | (15) | | (56) | |
| Adjusted Pretax Income | $1,316 | | $5,536 | |
| Reported Income Tax Expense From Continuing Operations | $154 | 11.3% | $642 | 11.2% |
| Noncontrolling interest portion of income taxes | (5) | | (17) | |
| Adjusted Tax Expense | $149 | 11.3% | $625 | 11.3% |
| Three Months Ended December 31, 2024 | Year Ended December 31, 2024 |
|---|
| Balance | Effective Tax Rate | Balance | Effective Tax Rate |
|---|
| Reported Income From Continuing Operations Before Income Taxes | $1,338 | | $5,194 | |
| Regulatory Matters | 29 | | 62 | |
| System Post-Implementation Costs | - | | 21 | |
| Preferred Redemption Costs | - | | 16 | |
| Noncore Asset Sales and Net Impairments | 65 | | 65 | |
| Captive Storm Deductible | 23 | | 23 | |
| Noncontrolling Interests | (27) | | (106) | |
| Preferred Dividends and Redemption Premium | (14) | | (122) | |
| Adjusted Pretax Income | $1,414 | | $5,153 | |
| Reported Income Tax Expense From Continuing Operations | $109 | 8.1% | $590 | 11.4% |
| Regulatory Matters | 7 | | 15 | |
| System Post-Implementation Costs | - | | 5 | |
| Noncore Asset Sales and Net Impairments | 11 | | 11 | |
| Captive Storm Deductible | 5 | | 5 | |
| Noncontrolling interest portion of income taxes | (1) | | (15) | |
| Adjusted Tax Expense | $131 | 9.3% | $611 | 11.9% |
(a) Income tax related to non-pass-through entities for tax purposes.
DUKE ENERGY CORPORATION
EARNINGS VARIANCES
December 2025 QTD vs. Prior Year
| (Dollars per share) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Other | Consolidated | |
| 2024 QTD Reported Earnings Per Share | $1.57 | $0.25 | $(0.27) | | $1.54 |
| Noncore Asset Sales and Net Impairments | 0.02 | 0.05 | - | | 0.07 |
| Captive Insurance Deductible | - | - | 0.02 | | 0.02 |
| Regulatory Matters | 0.02 | - | - | | 0.02 |
| 2024 QTD Adjusted Earnings Per Share | $1.61 | $0.30 | $(0.25) | | $1.66 |
| Weather | 0.01 | - | - | | 0.01 |
| Volume | (0.02) | - | - | | (0.02) |
| Riders and Other Retail Margin | 0.07 | 0.03 | - | | 0.10 |
| Rate case impacts, net | 0.13 | 0.01 | - | | 0.14 |
| Operations and maintenance, net of recoverables | (0.15) | (0.02) | - | | (0.17) |
| Interest Expense | (0.03) | - | (0.03) | | (0.06) |
| AFUDC Equity | 0.04 | - | - | | 0.04 |
| Depreciation and amortization | (0.05) | - | - | | (0.05) |
| Other | (0.04) | (0.02) | (0.08) | | (0.14) |
| Total variance | $(0.04) | $ - | $(0.11) | | $(0.15) |
| Change in share count | (0.01) | - | - | | (0.01) |
| 2025 QTD Reported and Adjusted Earnings Per Share | $1.56 | $0.30 | $(0.36) | | $1.50 |
| Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 773 million shares to 778 million. Totals may not foot or cross-foot due to rounding. | |
(a) Includes block and seasonal pricing.
(b) Electric Utilities and Infrastructure includes favorable fuel and purchased power.
(c) Electric Utilities and Infrastructure includes impacts from DEF multiyear rate plan revenue increases (+$0.05) DEC North Carolina Year 2 rates, effective January 2025, (+$0.04), DEP North Carolina Year 3 rates, effective October 2025, (+$0.02) DEI rates, effective February 2025 (+$0.01) and DEK rates, effective July 2025 (+$0.01). Gas Utilities and Infrastructure includes impacts from the Piedmont North Carolina rate case, effective November 2024.
(d) Electric Utilities and Infrastructure includes higher employee-related expense, grid and other maintenance expense and generation outage costs, partially offset by lower storm costs.
(e) Electric Utilities and Infrastructure excludes depreciation and amortization related to rate case impacts.
(f) Other includes higher contributions to the Duke Energy Foundation and the absence of tax optimization in the prior year.
DUKE ENERGY CORPORATION
EARNINGS VARIANCES
December 2025 YTD vs. Prior Year
| (Dollars per share) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Other | Discontinued Operations | Consolidated |
| 2024 YTD Reported Earnings Per Share | $6.17 | | $0.60 | | $(1.06) | | $(0.01) | $5.71 |
| Regulatory Matters | 0.06 | | - | | - | | - | 0.06 |
| System Post-Implementation Costs | 0.02 | | - | | - | | - | 0.02 |
| Preferred Redemption Costs | - | | - | | 0.02 | | - | 0.02 |
| Noncore Asset Sales and Net Impairments | | 0.02 | | 0.05 | - | | - | 0.07 |
| Captive Storm Deductible | - | | - | | | 0.02 | - | 0.02 |
| Discontinued Operations | - | | - | | - | | 0.01 | 0.01 |
| 2024 YTD Adjusted Earnings Per Share | $6.27 | | $0.65 | | $(1.02) | | $ - | $5.90 |
| Weather | 0.07 | | - | | - | | - | 0.07 |
| Volume | 0.22 | | - | | - | | - | 0.22 |
| Riders and Other Retail Margin | 0.24 | | 0.07 | | - | | - | 0.31 |
| Rate case impacts, net | 0.61 | | 0.10 | | - | | - | 0.71 |
| Wholesale | 0.01 | | | - | | - | 0.01 |
| Operations and maintenance, net of recoverables | (0.28) | | (0.04) | | - | | - | (0.32) |
| Interest Expense | (0.12) | | (0.01) | | (0.14) | | - | (0.27) |
| AFUDC Equity | 0.12 | | - | | - | | - | 0.12 |
| Depreciation and amortization | (0.11) | | (0.03) | | - | | - | (0.14) |
| Other | (0.12) | | (0.02) | | (0.12) | | - | (0.26) |
| Total variance | $0.64 | | $0.07 | | $(0.26) | | $ - | $0.45 |
| Change in share count | (0.04) | | - | | - | | - | (0.04) |
| 2025 YTD Reported and Adjusted Earnings Per Share | $6.87 | | $0.72 | | $(1.28) | | $ - | $6.31 |
| Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 772 million shares to 777 million. Totals may not foot or cross-foot due to rounding. | |
(a) Includes block and seasonal pricing.
(b) Electric Utilities and Infrastructure includes transmission revenues and higher energy efficiency and grid modernization riders (+$0.21). Gas Utilities and Infrastructure includes higher construction and pipeline integrity riders in Ohio and Kentucky and customer growth.
(c) Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.22), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.20), DEI rates, effective February 2025 (+$0.09), DEP North Carolina Year 3 rates, effective October 2025 (+$0.08) and DEK rates, effective July 2025 (+$0.02). Gas Utilities and Infrastructure includes impacts from Piedmont North Carolina rates, effective November 2024.
(d) Electric Utilities and Infrastructure includes higher employee-related expenses, grid and other maintenance and generation outage costs, partially offset by lower storm costs.
(e) Electric Utilities and Infrastructure excludes depreciation and amortization related to rate case impacts.
(f) Electric Utilities and Infrastructure includes higher property taxes. Other includes higher contributions to the Duke Energy Foundation and the absence of tax optimization in the prior year.
| Years Ended December 31, | |
|---|
| 2025 | 2024 | 2023 |
|---|
| DUKE ENERGY CORPORATION | |
| CONSOLIDATED STATEMENTS OF OPERATIONS | |
| (Unaudited) | |
| (In millions, except per share amounts) | |
| Operating Revenues | | | |
| Regulated electric | $29,060 | | $27,787 | | $26,617 | |
| Regulated natural gas | 2,870 | | 2,252 | | 2,152 | |
| Nonregulated electric and other | 307 | | 318 | | 291 | |
| Total operating revenues | 32,237 | | 30,357 | | 29,060 | |
| Operating Expenses | | | |
| Fuel used in electric generation and purchased power | 8,058 | | 9,206 | | 9,086 | |
| Cost of natural gas | 983 | | 565 | | 593 | |
| Operation, maintenance and other | 6,698 | | 5,389 | | 5,625 | |
| Depreciation and amortization | 6,324 | | 5,793 | | 5,253 | |
| Property and other taxes | 1,597 | | 1,466 | | 1,400 | |
| Impairment of assets and other charges | (4) | | 38 | | 85 | |
| Total operating expenses | 23,656 | | 22,457 | | 22,042 | |
| Gains on Sales of Other Assets and Other, net | 45 | | 26 | | 52 | |
| Operating Income | 8,626 | | 7,926 | | 7,070 | |
| Other Income and Expenses | | | |
| Equity in earnings (losses) of unconsolidated affiliates | 51 | | (9) | | 113 | |
| Other income and expenses, net | 669 | | 661 | | 598 | |
| Total other income and expenses | 720 | | 652 | | 711 | |
| Interest Expense | 3,634 | | 3,384 | | 3,014 | |
| Income From Continuing Operations Before Income Taxes | 5,712 | | 5,194 | | 4,767 | |
| Income Tax Expense From Continuing Operations | 642 | | 590 | | 438 | |
| Income From Continuing Operations | 5,070 | | 4,604 | | 4,329 | |
| Income (Loss) From Discontinued Operations, net of tax | 1 | | 10 | | (1,455) | |
| Net Income | 5,071 | | 4,614 | | 2,874 | |
| Less: Net Income Attributable to Noncontrolling Interests | 103 | | 90 | | 33 | |
| Net Income Attributable to Duke Energy Corporation | 4,968 | | 4,524 | | $2,841 | |
| Less: Preferred Dividends | 56 | | 106 | | 106 | |
| Less: Preferred Redemption Costs | - | | 16 | | - | |
| Net Income Available to Duke Energy Corporation Common Stockholders | $4,912 | | $4,402 | | $2,735 | |
| Earnings Per Share - Basic and Diluted | | | |
| Income from continuing operations available to Duke Energy Corporation common stockholders | | | |
| Basic and Diluted | $6.31 | | $5.70 | | $5.35 | |
| Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders | | | |
| Basic and Diluted | $ - | | $0.01 | | $(1.81) | |
| Net income available to Duke Energy Corporation common stockholders | | | |
| Basic and Diluted | $6.31 | | $5.71 | | $3.54 | |
| Weighted average shares outstanding | | | |
| Basic and Diluted | 777 | | 772 | | | 771 |
DUKE ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (In millions) | December 31, 2025 | December 31, 2024 |
| ASSETS | | |
| Current Assets | | |
| Cash and cash equivalents | $245 | $314 | |
| Receivables (net of allowance for doubtful accounts of $194 at 2025 and $122 at 2024) | 4,214 | 2,170 | |
| Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024) | 16 | 1,889 | |
| Receivable from sales of Commercial Renewables Disposal Groups | - | 551 | |
| Inventory (includes $669 at 2025 and $494 at 2024 related to VIEs) | 4,569 | 4,496 | |
| Regulatory assets (includes $204 at 2025 and $120 at 2024 related to VIEs) | 1,934 | 2,739 | |
| Assets held for sale | 109 | 96 | |
| Other (includes $88 at 2025 and $90 at 2024 related to VIEs) | 526 | 695 | |
| Total current assets | 11,613 | 12,950 | |
| Property, Plant and Equipment | | |
| Cost | 190,409 | 178,737 | |
| Accumulated depreciation and amortization | (60,450) | (57,111) | |
| Net property, plant and equipment | 129,959 | 121,626 | |
| Other Noncurrent Assets | | |
| Goodwill | 19,010 | 19,010 | |
| Regulatory assets (includes $3,108 at 2025 and $1,705 at 2024 related to VIEs) | 14,379 | 14,220 | |
| Nuclear decommissioning trust funds | 12,889 | 11,434 | |
| Operating lease right-of-use assets, net | 1,241 | 1,148 | |
| Investments in equity method unconsolidated affiliates | 330 | 353 | |
| Assets held for sale | 2,148 | | 2095 |
| Other | 4,167 | 3,507 | |
| Total other noncurrent assets | 54,164 | 51,767 | |
| Total Assets | $195,736 | $186,343 | |
| LIABILITIES AND EQUITY | | |
| Current Liabilities | | |
| Accounts payable (includes $296 at 2025 and $214 at 2024 related to VIEs) | $5,223 | $5,436 | |
| Notes payable and commercial paper | 2,624 | 3,584 | |
| Taxes accrued | 975 | 851 | |
| Interest accrued | 922 | 854 | |
| Current maturities of long-term debt (includes $118 at 2025 and $1,012 at 2024 related to VIEs) | 7,104 | 4,349 | |
| Asset retirement obligations | 579 | | 650 |
| Regulatory liabilities | 1,271 | 1,421 | |
| Liabilities associated with assets held for sale | 84 | 132 | |
| Other | 2,265 | 2,080 | |
| Total current liabilities | 21,047 | 19,357 | |
| Long-Term Debt (includes $3,308 at 2025 and $1,842 at 2024 related to VIEs) | 80,108 | 76,340 | |
| Other Noncurrent Liabilities | | |
| Deferred income taxes | 12,377 | 11,424 | |
| Asset retirement obligations | 9,046 | 9,338 | |
| Regulatory liabilities | 15,682 | 14,521 | |
| Operating lease liabilities | 1,033 | 957 | |
| Accrued pension and other post-retirement benefit costs | 396 | 434 | |
| Investment tax credits | 969 | 894 | |
| Liabilities associated with assets held for sale | 170 | | 271 |
| Other (includes $27 at 2024 related to VIEs) | 1,889 | 1,551 | |
| Total other noncurrent liabilities | 41,562 | 39,390 | |
| Commitments and Contingencies | | |
| Equity | | |
| Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2025 and 2024 | 973 | 973 | |
| Common Stock, $0.001 par value, 2 billion shares authorized; 778 million and 776 million shares outstanding at 2025 and 2024 | 1 | 1 | |
| Additional paid-in capital | 45,614 | 45,494 | |
| Retained earnings | 5,056 | 3,431 | |
| Accumulated other comprehensive income | 198 | 228 | |
| Total Duke Energy Corporation stockholders' equity | 51,842 | 50,127 | |
| Noncontrolling interests | 1,177 | 1,129 | |
| Total equity | 53,019 | 51,256 | |
| Total Liabilities and Equity | $195,736 | $186,343 | |
| Years Ended December 31, |
|---|
| 2025 | 2024 | 2023 |
|---|
| DUKE ENERGY CORPORATION |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (Unaudited) |
| (In millions) |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | |
| Net Income | $5,071 | | $4,614 | | $2,874 | |
| Adjustments to reconcile net income to net cash provided by operating activities | 7,259 | | 7,714 | | 7,004 | |
| Net cash provided by operating activities | 12,330 | | 12,328 | | 9,878 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | |
| Net cash used in investing activities | (14,338) | | (13,123) | | (12,475) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | |
| Net cash provided by financing activities | 1,950 | | 859 | | 2,351 | |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (58) | | 64 | | (246) | |
| Cash, cash equivalents and restricted cash at beginning of period | 421 | | 357 | | 603 | |
| Cash, cash equivalents and restricted cash at end of period | $363 | | $421 | | $357 | |
DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended December 31, 2025 | |
|---|
| (In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | |
| Regulated electric | $6,936 | $ - | $ - | $(14) | $6,922 |
| Regulated natural gas | - | 965 | - | (23) | 942 |
| Nonregulated electric and other | 56 | 11 | 43 | (36) | 74 |
| Total operating revenues | 6,992 | 976 | 43 | (73) | 7,938 |
| Operating Expenses | | | | | |
| Fuel used in electric generation and purchased power | 1,812 | - | - | (20) | 1,792 |
| Cost of natural gas | - | 341 | - | - | 341 |
| Operation, maintenance and other | 1,668 | 139 | 24 | (49) | 1,782 |
| Depreciation and amortization | 1,421 | 110 | 79 | (7) | 1,603 |
| Property and other taxes | 275 | 35 | 6 | - | 316 |
| Impairment of assets and other charges | (7) | - | - | - | (7) |
| Total operating expenses | 5,169 | 625 | 109 | (76) | 5,827 |
| Gains on Sales of Other Assets and Other, net | 1 | - | 6 | 1 | 8 |
| Operating Income (Loss) | 1,824 | 351 | (60) | 4 | 2,119 |
| Other Income and Expenses | | | | | |
| Equity in earnings of unconsolidated affiliates | - | 4 | 9 | - | 13 |
| Other income and expenses, net | 161 | 13 | 20 | (22) | 172 |
| Total Other Income and Expenses | 161 | 17 | 29 | (22) | 185 |
| Interest Expense | 545 | 70 | 349 | (18) | 946 |
| Income (Loss) from Continuing Operations Before Income Taxes | 1,440 | 298 | (380) | - | 1,358 |
| Income Tax Expense (Benefit) from Continuing Operations | 209 | 69 | (123) | (1) | 154 |
| Income (Loss) from Continuing Operations | 1,231 | 229 | (257) | 1 | 1,204 |
| Less: Net Income (Loss) Attributable to Noncontrolling Interest | 22 | (1) | - | 1 | 22 |
| Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation | 1,209 | 230 | (257) | - | 1,182 |
| Less: Preferred Dividends | - | - | 15 | - | 15 |
| Segment Income/Other Net Loss | $1,209 | $230 | $(272) | $ - | $1,167 |
| Discontinued Operations | | | | | 2 |
| Net Income Available to Duke Energy Corporation Common Stockholders | | | | | $1,169 |
DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| Year Ended December 31, 2025 | |
|---|
| (In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | |
| Regulated electric | $29,119 | $ - | $ - | $(59) | $29,060 |
| Regulated natural gas | - | 2,961 | - | (91) | 2,870 |
| Nonregulated electric and other | 238 | 42 | 165 | (138) | 307 |
| Total operating revenues | 29,357 | 3,003 | 165 | (288) | 32,237 |
| Operating Expenses | | | | | |
| Fuel used in electric generation and purchased power | 8,138 | - | - | (80) | 8,058 |
| Cost of natural gas | - | 983 | - | - | 983 |
| Operation, maintenance and other | 6,414 | 518 | (35) | (199) | 6,698 |
| Depreciation and amortization | 5,605 | 435 | 312 | (28) | 6,324 |
| Property and other taxes | 1,418 | 164 | 14 | 1 | 1,597 |
| Impairment of assets and other charges | (9) | - | 5 | - | (4) |
| Total operating expenses | 21,566 | 2,100 | 296 | (306) | 23,656 |
| Gains on Sales of Other Assets and Other, net | 22 | - | 22 | 1 | 45 |
| Operating Income (Loss) | 7,813 | 903 | (109) | 19 | 8,626 |
| Other Income and Expenses | | | | | |
| Equity in earnings of unconsolidated affiliates | - | 15 | 36 | - | 51 |
| Other income and expenses, net | 622 | 53 | 95 | (101) | 669 |
| Total Other Income and Expenses | 622 | 68 | 131 | (101) | 720 |
| Interest Expense | 2,132 | 267 | 1,317 | (82) | 3,634 |
| Income (Loss) from Continuing Operations Before Income Taxes | 6,303 | 704 | (1,295) | - | 5,712 |
| Income Tax Expense (Benefit) from Continuing Operations | 862 | 146 | (366) | - | 642 |
| Income (Loss) from Continuing Operations | 5,441 | 558 | (929) | - | 5,070 |
| Less: Net Income (Loss) Attributable to Noncontrolling Interest | 104 | (1) | - | - | 103 |
| Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation | 5,337 | 559 | (929) | - | 4,967 |
| Less: Preferred Dividends | - | - | 56 | - | 56 |
| Segment Income/Other Net Loss | $5,337 | $559 | $(985) | $ - | $4,911 |
| Discontinued Operations | | | | | 1 |
| Net Income Available to Duke Energy Corporation Common Stockholders | | | | | $4,912 |
DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended December 31, 2024 | |
|---|
| (In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | |
| Regulated electric | $6,551 | $ - | $ - | $(17) | $6,534 |
| Regulated natural gas | - | 763 | - | (22) | 741 |
| Nonregulated electric and other | 67 | 12 | 37 | (31) | 85 |
| Total operating revenues | 6,618 | 775 | 37 | (70) | 7,360 |
| Operating Expenses | | | | | |
| Fuel used in electric generation and purchased power | 2,019 | - | - | (20) | 1,999 |
| Cost of natural gas | - | 185 | - | - | 185 |
| Operation, maintenance and other | 1,220 | 119 | (9) | (49) | 1,281 |
| Depreciation and amortization | 1,305 | 106 | 77 | (7) | 1,481 |
| Property and other taxes | 272 | 29 | 2 | 1 | 304 |
| Impairment of assets and other charges | (1) | - | - | - | (1) |
| Total operating expenses | 4,815 | 439 | 70 | (75) | 5,249 |
| (Losses) Gains on Sales of Other Assets and Other, net | (6) | - | 6 | 1 | 1 |
| Operating Income (Loss) | 1,797 | 336 | (27) | 6 | 2,112 |
| Other Income and Expenses | | | | | |
| Equity in (losses) earnings of unconsolidated affiliates | (15) | (51) | 4 | - | (62) |
| Other income and expenses, net | 142 | 12 | 35 | (30) | 159 |
| Total Other Income and Expenses | 127 | (39) | 39 | (30) | 97 |
| Interest Expense | 505 | 67 | 324 | (25) | 871 |
| Income (Loss) from Continuing Operations Before Income Taxes | 1,419 | 230 | (312) | 1 | 1,338 |
| Income Tax Expense (Benefit) from Continuing Operations | 189 | 42 | (122) | - | 109 |
| Income (Loss) from Continuing Operations | 1,230 | 188 | (190) | 1 | 1,229 |
| Less: Net Income (Loss) Attributable to Noncontrolling Interest | 22 | (1) | - | 1 | 22 |
| Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation | 1,208 | 189 | (190) | - | 1,207 |
| Less: Preferred Dividends | - | - | 14 | - | 14 |
| Segment Income/Other Net Loss | $1,208 | $189 | $(204) | $ - | $1,193 |
| Discontinued Operations | | | | | (2) |
| Net Income Available to Duke Energy Corporation Common Stockholders | | | | | $1,191 |
| Segment Income/Other Net Loss | $1,208 | $189 | $(204) | $ - | $1,193 |
| Special Items | 30 | 42 | 18 | - | 90 |
| Adjusted Earnings | $1,238 | $231 | $(186) | $ - | $1,283 |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| Year Ended December 31, 2024 | |
|---|
| (In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | |
| Regulated electric | $27,856 | $ - | $ - | $(69) | $27,787 |
| Regulated natural gas | - | 2,342 | - | (90) | 2,252 |
| Nonregulated electric and other | 237 | 48 | 157 | (124) | 318 |
| Total operating revenues | 28,093 | 2,390 | 157 | (283) | 30,357 |
| Operating Expenses | | | | | |
| Fuel used in electric generation and purchased power | 9,285 | - | - | (79) | 9,206 |
| Cost of natural gas | - | 565 | - | - | 565 |
| Operation, maintenance and other | 5,185 | 478 | (79) | (195) | 5,389 |
| Depreciation and amortization | 5,128 | 400 | 293 | (28) | 5,793 |
| Property and other taxes | 1,305 | 149 | 12 | - | 1,466 |
| Impairment of assets and other charges | 37 | - | 1 | - | 38 |
| Total operating expenses | 20,940 | 1,592 | 227 | (302) | 22,457 |
| Gains on Sales of Other Assets and Other, net | 3 | - | 22 | 1 | 26 |
| Operating Income (Loss) | 7,156 | 798 | (48) | 20 | 7,926 |
| Other Income and Expenses | | | | | |
| Equity in (losses) earnings of unconsolidated affiliates | (11) | (48) | 50 | - | (9) |
| Other income and expenses, net | 539 | 58 | 207 | (143) | 661 |
| Total Other Income and Expenses | 528 | 10 | 257 | (143) | 652 |
| Interest Expense | 2,006 | 256 | 1,245 | (123) | 3,384 |
| Income (Loss) from Continuing Operations Before Income Taxes | 5,678 | 552 | (1,036) | - | 5,194 |
| Income Tax Expense (Benefit) from Continuing Operations | 820 | 99 | (329) | - | 590 |
| Income (Loss) from Continuing Operations | 4,858 | 453 | (707) | - | 4,604 |
| Less: Net Income (Loss) Attributable to Noncontrolling Interest | 88 | (1) | - | - | 87 |
| Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation | 4,770 | 454 | (707) | - | 4,517 |
| Less: Preferred Dividends | - | - | 106 | - | 106 |
| Less: Preferred Redemption Costs | - | - | 16 | - | 16 |
| Segment Income/Other Net Loss | $4,770 | $454 | $(829) | $ - | $4,395 |
| Discontinued Operations | | | | | 7 |
| Net Income Available to Duke Energy Corporation Common Stockholders | | | | | $4,402 |
| Segment Income/Other Net Loss | $4,770 | $454 | $(829) | $ - | $4,395 |
| Special Items | 68 | 45 | 34 | - | 147 |
| Adjusted Earnings | $4,838 | $499 | $(795) | $ - | $4,542 |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONSOLIDATING BALANCE SHEETS - ASSETS
(Unaudited)
| December 31, 2025 |
|---|
| (In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Other | Eliminations/ Adjustments | Duke Energy |
| Current Assets | | | | | |
| Cash and cash equivalents | $66 | $8 | $170 | $1 | $245 |
| Receivables, net | 3,737 | 467 | 10 | - | 4,214 |
| Receivables of variable interest entities, net | 16 | - | - | - | 16 |
| Receivables from affiliated companies | 254 | 68 | 1,278 | (1,600) | - |
| Notes receivable from affiliated companies | 329 | 19 | 499 | (847) | - |
| Inventory | 4,444 | 91 | 34 | - | 4,569 |
| Regulatory assets | 1,707 | 137 | 90 | - | 1,934 |
| Assets held for sale | - | 106 | 2 | 1 | 109 |
| Other | 253 | 39 | 237 | (3) | 526 |
| Total current assets | 10,806 | 935 | 2,320 | (2,448) | 11,613 |
| Property, Plant and Equipment | | | | | |
| Cost | 171,593 | 16,582 | 2,307 | (73) | 190,409 |
| Accumulated depreciation and amortization | (56,063) | (3,456) | (931) | - | (60,450) |
| Net property, plant and equipment | 115,530 | 13,126 | 1,376 | (73) | 129,959 |
| Other Noncurrent Assets | | | | | |
| Goodwill | 17,380 | 1,630 | - | - | 19,010 |
| Regulatory assets | 13,184 | 728 | 468 | (1) | 14,379 |
| Nuclear decommissioning trust funds | 12,889 | - | - | - | 12,889 |
| Operating lease right-of-use assets, net | 736 | 2 | 503 | - | 1,241 |
| Investments in equity method unconsolidated affiliates | 1 | 177 | 153 | (1) | 330 |
| Investment in consolidated subsidiaries | 6,598 | 7 | 85,866 | (92,471) | - |
| Assets held for sale | - | 2,148 | - | - | 2,148 |
| Other | 2,558 | 329 | 1,902 | (622) | 4,167 |
| Total other noncurrent assets | 53,346 | 5,021 | 88,892 | (93,095) | 54,164 |
| Total Assets | 179,682 | 19,082 | 92,588 | (95,616) | 195,736 |
| Segment reclassifications, intercompany balances and other | (7,255) | (93) | (88,268) | 95,616 | - |
| Segment Assets | $172,427 | $18,989 | $4,320 | $ - | $195,736 |
(a) Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group.
DUKE ENERGY CORPORATION
CONSOLIDATING BALANCE SHEETS - LIABILITIES AND EQUITY
(Unaudited)
| December 31, 2025 |
|---|
| (In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Other | Eliminations/ Adjustments | Duke Energy |
| Current Liabilities | | | | | |
| Accounts payable | $3,949 | $388 | $887 | $(1) | $5,223 |
| Accounts payable to affiliated companies | 792 | 52 | 641 | (1,485) | - |
| Notes payable to affiliated companies | 122 | 592 | 134 | (848) | - |
| Notes payable and commercial paper | - | - | 2,624 | - | 2,624 |
| Taxes accrued | 942 | 161 | (128) | - | 975 |
| Interest accrued | 549 | 50 | 323 | - | 922 |
| Current maturities of long-term debt | 1,375 | 507 | 5,229 | (7) | 7,104 |
| Asset retirement obligations | 579 | - | - | - | 579 |
| Regulatory liabilities | 1,235 | 35 | - | 1 | 1,271 |
| Liabilities associated with assets held for sale | - | 63 | 21 | - | 84 |
| Other | 1,655 | 87 | 645 | (122) | 2,265 |
| Total current liabilities | 11,198 | 1,935 | 10,376 | (2,462) | 21,047 |
| Long-Term Debt | 51,016 | 4,719 | 24,439 | (66) | 80,108 |
| Long-Term Debt Payable to Affiliated Companies | 618 | 7 | - | (625) | - |
| Other Noncurrent Liabilities | | | | | |
| Deferred income taxes | 12,361 | 1,571 | (1,560) | 5 | 12,377 |
| Asset retirement obligations | 8,954 | 92 | - | - | 9,046 |
| Regulatory liabilities | 14,610 | 1,042 | 29 | 1 | 15,682 |
| Operating lease liabilities | 663 | 2 | 369 | (1) | 1,033 |
| Accrued pension and other post-retirement benefit costs | (18) | 31 | 384 | (1) | 396 |
| Investment tax credits | 968 | 1 | - | - | 969 |
| Liabilities associated with assets held for sale | - | 170 | - | - | 170 |
| Other | 1,361 | 109 | 607 | (188) | 1,889 |
| Total other noncurrent liabilities | 38,899 | 3,018 | (171) | (184) | 41,562 |
| Equity | | | | | |
| Total Duke Energy Corporation stockholders' equity | 76,776 | 9,400 | 57,944 | (92,278) | 51,842 |
| Noncontrolling interests | 1,175 | 3 | - | (1) | 1,177 |
| Total equity | 77,951 | 9,403 | 57,944 | (92,279) | 53,019 |
| Total Liabilities and Equity | 179,682 | 19,082 | 92,588 | (95,616) | 195,736 |
| Segment reclassifications, intercompany balances and other | (7,255) | (93) | (88,268) | 95,616 | - |
| Segment Liabilities and Equity | $172,427 | $18,989 | $4,320 | $ - | $195,736 |
(a) Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group.
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)
| Three Months Ended December 31, 2025 |
|---|
| (In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | DukeEnergy Ohio | Duke Energy Indiana | Eliminations/ Other | Electric Utilities and Infrastructure |
| Operating Revenues | $2,326 | $1,774 | $1,619 | $499 | $873 | $(99) | $6,992 |
| Operating Expenses | | | | | | | |
| Fuel used in electric generation and purchased power | 569 | 590 | 371 | 141 | 262 | (121) | 1,812 |
| Operation, maintenance and other | 520 | 349 | 495 | 89 | 207 | 8 | 1,668 |
| Depreciation and amortization | 501 | 357 | 276 | 76 | 206 | 5 | 1,421 |
| Property and other taxes | 66 | 13 | 97 | 82 | 17 | - | 275 |
| Impairment of assets and other charges | (11) | 4 | - | - | - | - | (7) |
| Total operating expenses | 1,645 | 1,313 | 1,239 | 388 | 692 | (108) | 5,169 |
| Gains on Sales of Other Assets and Other, net | - | 1 | 1 | - | - | (1) | 1 |
| Operating Income | 681 | 462 | 381 | 111 | 181 | 8 | 1,824 |
| Other Income and Expenses, net | 72 | 52 | 19 | 5 | 15 | (2) | 161 |
| Interest Expense | 199 | 134 | 127 | 34 | 61 | (10) | 545 |
| Income Before Income Taxes | 554 | 380 | 273 | 82 | 135 | 16 | 1,440 |
| Income Tax Expense | 59 | 73 | 56 | 12 | 23 | (14) | 209 |
| Less: Net Income Attributable to Noncontrolling Interest | - | - | - | - | - | 22 | 22 |
| Segment Income | $495 | $307 | $217 | $70 | $112 | $8 | $1,209 |
(b) Includes an equity component of allowance for funds used during construction of $42 million for Duke Energy Carolinas, $30 million for Duke Energy Progress, $3 million for Duke Energy Florida, $3 million for Duke Energy Ohio and $10 million for Duke Energy Indiana.
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)
| Year Ended December 31, 2025 |
|---|
| (In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | DukeEnergy Ohio | Duke Energy Indiana | Eliminations/ Other | Electric Utilities and Infrastructure |
| Operating Revenues | $9,713 | $7,386 | $7,105 | $2,045 | $3,544 | $(436) | $29,357 |
| Operating Expenses | | | | | | | |
| Fuel used in electric generation and purchased power | 2,649 | 2,518 | 1,749 | 626 | 1,065 | (469) | 8,138 |
| Operation, maintenance and other | 1,959 | 1,431 | 1,849 | 366 | 801 | 8 | 6,414 |
| Depreciation and amortization | 1,903 | 1,406 | 1,137 | 318 | 823 | 18 | 5,605 |
| Property and other taxes | 349 | 172 | 486 | 335 | 61 | 15 | 1,418 |
| Impairment of assets and other charges | (11) | 2 | - | - | - | - | (9) |
| Total operating expenses | 6,849 | 5,529 | 5,221 | 1,645 | 2,750 | (428) | 21,566 |
| Gains on Sales of Other Assets and Other, net | 6 | 2 | 3 | - | - | 11 | 22 |
| Operating Income | 2,870 | 1,859 | 1,887 | 400 | 794 | 3 | 7,813 |
| Other Income and Expenses, net | 261 | 198 | 88 | 17 | 62 | (4) | 622 |
| Interest Expense | 783 | 526 | 479 | 131 | 243 | (30) | 2,132 |
| Income Before Income Taxes | 2,348 | 1,531 | 1,496 | 286 | 613 | 29 | 6,303 |
| Income Tax Expense | 205 | 229 | 294 | 43 | 85 | 6 | 862 |
| Less: Net Income Attributable to Noncontrolling Interest | - | - | - | - | - | 104 | $104 |
| Segment Income | $2,143 | $1,302 | $1,202 | $243 | $528 | $(81) | $5,337 |
(b) Includes an equity component of allowance for funds used during construction of $144 million for Duke Energy Carolinas, $100 million for Duke Energy Progress, $17 million for Duke Energy Florida, $12 million for Duke Energy Ohio and $34 million for Duke Energy Indiana.
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING BALANCE SHEETS - ASSETS
(Unaudited)
| December 31, 2025 |
|---|
| (In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | DukeEnergyOhio | Duke Energy Indiana | Eliminations/Adjustments | Electric Utilities and Infrastructure |
| Current Assets | | | | | | | |
| Cash and cash equivalents | $3 | $16 | $21 | $15 | $12 | $(1) | $66 |
| Receivables, net | 1,343 | 943 | 591 | 396 | 458 | 6 | 3,737 |
| Receivables of variable interest entities, net | 5 | 9 | 3 | - | - | (1) | 16 |
| Receivables from affiliated companies | 331 | 104 | 68 | 27 | 25 | (301) | 254 |
| Notes receivable from affiliated companies | 69 | 186 | 65 | 71 | - | (62) | 329 |
| Inventory | 1,530 | 1,363 | 847 | 173 | 531 | - | 4,444 |
| Regulatory assets | 730 | 652 | 102 | 31 | 193 | (1) | 1,707 |
| Other | 74 | 95 | 52 | - | 36 | (4) | 253 |
| Total current assets | 4,085 | 3,368 | 1,749 | 713 | 1,255 | (364) | 10,806 |
| Property, Plant and Equipment | | | | | | | |
| Cost | 62,513 | 45,175 | 33,160 | 9,444 | 21,241 | 60 | 171,593 |
| Accumulated depreciation and amortization | (20,658) | (16,980) | (8,437) | (2,539) | (7,492) | 43 | (56,063) |
| Net property, plant and equipment | 41,855 | 28,195 | 24,723 | 6,905 | 13,749 | 103 | 115,530 |
| Other Noncurrent Assets | | | | | | | |
| Goodwill | - | - | - | 596 | - | 16,784 | 17,380 |
| Regulatory assets | 4,502 | 4,543 | 2,106 | 386 | 1,032 | 615 | 13,184 |
| Nuclear decommissioning trust funds | 7,338 | 5,254 | 296 | - | - | 1 | 12,889 |
| Operating lease right-of-use assets, net | 91 | 386 | 221 | 5 | 32 | 1 | 736 |
| Investments in equity method unconsolidated affiliates | - | - | 1 | - | - | - | 1 |
| Investment in consolidated subsidiaries | 55 | 10 | 3 | 498 | 1 | 6,031 | 6,598 |
| Other | 1,304 | 780 | 560 | 68 | 278 | (432) | 2,558 |
| Total other noncurrent assets | 13,290 | 10,973 | 3,187 | 1,553 | 1,343 | 23,000 | 53,346 |
| Total Assets | 59,230 | 42,536 | 29,659 | 9,171 | 16,347 | 22,739 | 179,682 |
| Segment reclassifications, intercompany balances and other | (455) | (373) | (137) | (596) | (26) | (5,668) | (7,255) |
| Reportable Segment Assets | $58,775 | $42,163 | $29,522 | $8,575 | $16,321 | $17,071 | $172,427 |
(b) Includes the elimination of intercompany balances, purchase accounting adjustments, restricted receivables related to Cinergy Receivables Company and Duke Energy Indiana Holdco, LLC balances.
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING BALANCE SHEETS - LIABILITIES AND EQUITY
(Unaudited)
| December 31, 2025 |
|---|
| (In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | DukeEnergyOhio | Duke Energy Indiana | Eliminations/ Adjustments | Electric Utilities and Infrastructure |
| Current Liabilities | | | | | | | |
| Accounts payable | $1,670 | $886 | $792 | $237 | $360 | $4 | $3,949 |
| Accounts payable to affiliated companies | 386 | 398 | 171 | 20 | 38 | (221) | 792 |
| Notes payable to affiliated companies | - | - | - | 9 | 175 | (62) | 122 |
| Taxes accrued | 308 | 168 | 70 | 314 | 101 | (19) | 942 |
| Interest accrued | 214 | 145 | 87 | 42 | 62 | (1) | 549 |
| Current maturities of long-term debt | 629 | 285 | 437 | 29 | 4 | (9) | 1,375 |
| Asset retirement obligations | 245 | 194 | 2 | 6 | 133 | (1) | 579 |
| Regulatory liabilities | 569 | 274 | 76 | 42 | 275 | (1) | 1,235 |
| Other | 621 | 371 | 375 | 72 | 217 | (1) | 1,655 |
| Total current liabilities | 4,642 | 2,721 | 2,010 | 771 | 1,365 | (311) | 11,198 |
| Long-Term Debt | 17,848 | 13,461 | 10,870 | 3,491 | 4,939 | 407 | 51,016 |
| Long-Term Debt Payable to Affiliated Companies | 300 | 150 | - | 18 | 150 | - | 618 |
| Other Noncurrent Liabilities | | | | | | | |
| Deferred income taxes | 4,244 | 2,650 | 3,007 | 881 | 1,525 | 54 | 12,361 |
| Asset retirement obligations | 3,597 | 4,095 | 195 | 63 | 992 | 12 | 8,954 |
| Regulatory liabilities | 7,609 | 4,807 | 794 | 240 | 1,186 | (26) | 14,610 |
| Operating lease liabilities | 79 | 384 | 168 | 5 | 28 | (1) | 663 |
| Accrued pension and other post-retirement benefit costs | 24 | 139 | 88 | 63 | 75 | (407) | (18) |
| Investment tax credits | 345 | 194 | 240 | 5 | 183 | 1 | 968 |
| Other | 802 | 326 | 166 | 67 | 14 | (14) | 1,361 |
| Total other noncurrent liabilities | 16,700 | 12,595 | 4,658 | 1,324 | 4,003 | (381) | 38,899 |
| Equity | | | | | | | |
| Total Duke Energy Corporation stockholders' equity | 19,740 | 13,609 | 12,121 | 3,567 | 5,890 | 21,849 | 76,776 |
| Noncontrolling interests | - | - | - | - | - | 1,175 | 1,175 |
| Equity | 19,740 | 13,609 | 12,121 | 3,567 | 5,890 | 23,024 | 77,951 |
| Total Liabilities and Equity | 59,230 | 42,536 | 29,659 | 9,171 | 16,347 | 22,739 | 179,682 |
| Segment reclassifications, intercompany balances and other | (455) | (373) | (137) | (596) | (26) | (5,668) | (7,255) |
| Reportable Segment Liabilities and Equity | $58,775 | $42,163 | $29,522 | $8,575 | $16,321 | $17,071 | $172,427 |
(b) Includes the elimination of intercompany balances, purchase accounting adjustments and Duke Energy Indiana Holdco, LLC balances.
GAS UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)
| Three Months Ended December 31, 2025 |
|---|
| (In millions) | DukeEnergy Ohio | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/ Adjustments | Gas Utilities and Infrastructure |
| Operating Revenues | $199 | $774 | $3 | $ - | $976 |
| Operating Expenses | | | | | |
| Cost of natural gas | 51 | 290 | - | - | 341 |
| Operation, maintenance and other | 32 | 104 | 1 | 2 | 139 |
| Depreciation and amortization | 36 | 72 | 2 | - | 110 |
| Property and other taxes | 25 | 11 | - | (1) | 35 |
| Total operating expenses | 144 | 477 | 3 | 1 | 625 |
| Operating Income | 55 | 297 | - | (1) | 351 |
| Other Income and Expenses | | | | | |
| Equity in earnings of unconsolidated affiliates | - | - | 3 | 1 | 4 |
| Other income and expenses, net | 2 | 12 | - | (1) | 13 |
| Total other income and expenses | 2 | 12 | 3 | - | 17 |
| Interest Expense | 19 | 51 | 1 | (1) | 70 |
| Income Before Income Taxes | 38 | 258 | 2 | - | 298 |
| Income Tax Expense | 9 | 57 | 1 | 2 | 69 |
| Less: Net Income (Loss) Attributable to Noncontrolling Interest | - | - | - | (1) | (1) |
| Segment Income | $29 | $201 | $1 | $(1) | $230 |
(b) Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
GAS UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)
| Year Ended December 31, 2025 |
|---|
| (In millions) | DukeEnergy Ohio | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/ Adjustments | Gas Utilities and Infrastructure |
| Operating Revenues | $752 | $2,237 | $14 | $ - | $3,003 |
| Operating Expenses | | | | | |
| Cost of natural gas | 199 | 784 | - | - | 983 |
| Operation, maintenance and other | 116 | 393 | 8 | 1 | 518 |
| Depreciation and amortization | 147 | 282 | 6 | - | 435 |
| Property and other taxes | 97 | 67 | - | - | 164 |
| Total operating expenses | 559 | 1,526 | 14 | 1 | 2,100 |
| Operating Income | 193 | 711 | - | (1) | 903 |
| Other Income and Expenses | | | | | |
| Equity in earnings of unconsolidated affiliates | - | - | 14 | 1 | 15 |
| Other income and expenses, net | 8 | 46 | - | (1) | 53 |
| Total other income and expenses | 8 | 46 | 14 | - | 68 |
| Interest Expense | 71 | 193 | 4 | (1) | 267 |
| Income Before Income Taxes | 130 | 564 | 10 | - | 704 |
| Income Tax Expense | 27 | 115 | 3 | 1 | 146 |
| Less: Net Income (Loss) Attributable to Noncontrolling Interest | - | - | - | (1) | (1) |
| Segment Income | $103 | $449 | $7 | $ - | $559 |
(b) Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
GAS UTILITIES AND INFRASTRUCTURE
CONSOLIDATING BALANCE SHEETS - ASSETS
(Unaudited)
| December 31, 2025 |
|---|
| (In millions) | DukeEnergyOhio | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/ Adjustments | Gas Utilities and Infrastructure |
| Current Assets | | | | | |
| Cash and cash equivalents | $3 | $1 | $4 | $ - | $8 |
| Receivables, net | 78 | 390 | - | (1) | 467 |
| Receivables from affiliated companies | - | 71 | 90 | (93) | 68 |
| Notes receivable from affiliated companies | 41 | - | - | (22) | 19 |
| Inventory | 14 | 77 | - | - | 91 |
| Regulatory assets | 31 | 106 | - | - | 137 |
| Assets held for sale | - | 106 | - | - | 106 |
| Other | 25 | 8 | 4 | 2 | 39 |
| Total current assets | 192 | 759 | 98 | (114) | 935 |
| Property, Plant and Equipment | | | | | |
| Cost | 5,183 | 11,325 | 74 | - | 16,582 |
| Accumulated depreciation and amortization | (1,274) | (2,168) | (14) | - | (3,456) |
| Net property, plant and equipment | 3,909 | 9,157 | 60 | - | 13,126 |
| Other Noncurrent Assets | | | | | |
| Goodwill | 324 | 39 | - | 1,267 | 1,630 |
| Regulatory assets | 322 | 350 | - | 56 | 728 |
| Operating lease right-of-use assets, net | - | 2 | - | - | 2 |
| Investments in equity method unconsolidated affiliates | - | - | 172 | 5 | 177 |
| Investment in consolidated subsidiaries | - | - | - | 7 | 7 |
| Assets held for sale | - | 1,864 | - | 284 | 2,148 |
| Other | 29 | 283 | 17 | - | 329 |
| Total other noncurrent assets | 675 | 2,538 | 189 | 1,619 | 5,021 |
| Total Assets | 4,776 | 12,454 | 347 | 1,505 | 19,082 |
| Segment reclassifications, intercompany balances and other | (40) | (70) | (120) | 137 | (93) |
| Reportable Segment Assets | $4,736 | $12,384 | $227 | $1,642 | $18,989 |
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
GAS UTILITIES AND INFRASTRUCTURE
CONSOLIDATING BALANCE SHEETS - LIABILITIES AND EQUITY
(Unaudited)
| December 31, 2025 |
|---|
| (In millions) | DukeEnergyOhio | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/Adjustments | Gas Utilities and Infrastructure |
| Current Liabilities | | | | | |
| Accounts payable | $94 | $286 | $8 | $ - | $388 |
| Accounts payable to affiliated companies | 3 | 126 | 15 | (92) | 52 |
| Notes payable to affiliated companies | 5 | 609 | - | (22) | 592 |
| Taxes accrued | 53 | 107 | 1 | - | 161 |
| Interest accrued | 9 | 41 | - | - | 50 |
| Current maturities of long-term debt | 16 | 490 | - | 1 | 507 |
| Regulatory liabilities | 15 | 20 | - | - | 35 |
| Liabilities associated with assets held for sale | - | 63 | - | - | 63 |
| Other | 6 | 81 | - | - | 87 |
| Total current liabilities | 201 | 1,823 | 24 | (113) | 1,935 |
| Long-Term Debt | 859 | 3,761 | 56 | 43 | 4,719 |
| Long-Term Debt Payable to Affiliated Companies | 7 | - | - | - | 7 |
| Other Noncurrent Liabilities | | | | | |
| Deferred income taxes | 462 | 1,060 | 48 | 1 | 1,571 |
| Asset retirement obligations | 66 | 25 | - | 1 | 92 |
| Regulatory liabilities | 229 | 802 | - | 11 | 1,042 |
| Operating lease liabilities | - | 2 | - | - | 2 |
| Accrued pension and other post-retirement benefit costs | 24 | 7 | - | - | 31 |
| Investment tax credits | - | 1 | - | - | 1 |
| Liabilities associated with assets held for sale | - | 170 | - | - | 170 |
| Other | 21 | 88 | - | - | 109 |
| Total other noncurrent liabilities | 802 | 2,155 | 48 | 13 | 3,018 |
| Equity | | | | | |
| Total Duke Energy Corporation stockholders' equity | 2,907 | 4,715 | 216 | 1,562 | 9,400 |
| Noncontrolling interests | - | - | 3 | - | 3 |
| Equity | 2,907 | 4,715 | 219 | 1,562 | 9,403 |
| Total Liabilities and Equity | 4,776 | 12,454 | 347 | 1,505 | 19,082 |
| Segment reclassifications, intercompany balances and other | (40) | (70) | (120) | 137 | (93) |
| Reportable Segment Liabilities and Equity | $4,736 | $12,384 | $227 | $1,642 | $18,989 |
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
| | Three Months Ended December 31, | Years Ended December 31, |
|---|
| | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal |
|---|
| Residential | 19,668 | | 19,142 | | 2.7% | 2.0% | | 91,021 | | 88,166 | | 3.2% | 1.7% | |
|---|
| Commercial | 18,847 | | 18,410 | | 2.4% | 1.4% | | 80,391 | | 78,956 | | 1.8% | 1.6% | |
|---|
| Industrial | 11,218 | | 11,271 | | (0.5%) | (4.3%) | | 46,230 | | 47,150 | | (2.0%) | (2.0%) | |
|---|
| Other Energy Sales | 128 | | 128 | | - % | n/a | 477 | | 523 | | (8.8%) | n/a |
|---|
| Unbilled Sales | 708 | | 852 | | (16.9%) | n/a | 100 | | (168) | | 159.5% | n/a |
|---|
| Total Retail Sales | 50,569 | | 49,803 | | 1.5% | 0.4% | | 218,219 | | 214,627 | | 1.7% | 0.8% | |
|---|
| Wholesale and Other | 11,157 | | 10,513 | | 6.1% | | 45,789 | | 44,041 | | 4.0% | |
|---|
| Total Consolidated Electric Sales - Electric Utilities and Infrastructure | 61,726 | | 60,316 | | 2.3% | | 264,008 | | 258,668 | | 2.1% | |
|---|
| Residential | 7,585,493 | | 7,462,570 | | 1.6% | | 7,538,307 | | 7,409,924 | | 1.7% | |
|---|
| Commercial | 1,049,755 | | 1,043,964 | | 0.6% | | 1,047,877 | | 1,043,764 | | 0.4% | |
|---|
| Industrial | 14,893 | | 15,500 | | (3.9%) | | 15,081 | | 15,653 | | (3.7%) | |
|---|
| Other Energy Sales | 22,848 | | 23,427 | | (2.5%) | | 23,007 | | 23,650 | | (2.7%) | |
|---|
| Total Retail Customers | 8,672,989 | | 8,545,461 | | 1.5% | | 8,624,272 | | 8,492,991 | | 1.5% | |
|---|
| Wholesale and Other | 59 | | 52 | | 13.5% | | 54 | | 52 | | 3.8% | |
|---|
| Total Average Number of Customers - Electric Utilities and Infrastructure | 8,673,048 | | 8,545,513 | | 1.5% | | 8,624,326 | | 8,493,043 | | 1.5% | |
|---|
| Generated - Net Output | | | | | | | | |
|---|
| Coal | 10,089 | | 7,457 | | 35.3% | | 40,054 | | 38,241 | | 4.7% | |
|---|
| Nuclear | 18,237 | | 18,605 | | (2.0%) | | 76,006 | | 74,787 | | 1.6% | |
|---|
| Hydro | 164 | | 304 | | (46.1%) | | 1,362 | | 2,008 | | (32.2%) | |
|---|
| Natural Gas and Oil | 20,585 | | 22,856 | | (9.9%) | | 92,566 | | 94,362 | | (1.9%) | |
|---|
| Renewable Energy | 917 | | 713 | | 28.6% | | 4,048 | | 3,361 | | 20.4% | |
|---|
| Total Generation | 49,992 | | 49,935 | | 0.1% | | 214,036 | | 212,759 | | 0.6% | |
|---|
| Purchased Power and Net Interchange | 14,682 | | 13,296 | | 10.4% | | 62,428 | | 59,259 | | 5.3% | |
|---|
| Total Sources of Energy | 64,674 | | 63,231 | | 2.3% | | 276,464 | | 272,018 | | 1.6% | |
|---|
| Less: Line Loss and Other | 2,948 | | 2,915 | | 1.1% | | 12,456 | | 13,350 | | (6.7%) | |
|---|
| Total GWh Sources | 61,726 | | 60,316 | | 2.3% | | 264,008 | | 258,668 | | 2.1% | |
|---|
| Summer | | | | | 51,945 | | 51,409 | | | |
|---|
| Winter | | | | | 55,713 | | 55,139 | | | |
|---|
| Electric Utilities and Infrastructure |
| Quarterly Highlights |
| Year Ended December 2025 |
| Gigawatt-hour (GWh) Sales | | | | | | | | |
| Average Number of Customers (Electric) | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | |
| Owned Megawatt (MW) Capacity(c)(f) | | | | | | | | |
| Nuclear Capacity Factor (%) | | | | | 97 | | 95 | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.
| | Three Months Ended December 31, | Years Ended December 31, |
|---|
| | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal |
|---|
| Residential | 6,644 | 6,319 | 5.1% | | 30,751 | | 29,659 | | 3.7% | |
|---|
| Commercial | 7,176 | 7,057 | 1.7% | | 30,576 | | 30,446 | | 0.4% | |
|---|
| Industrial | 4,754 | 4,792 | (0.8%) | | 19,602 | | 19,827 | | (1.1%) | |
|---|
| Other Energy Sales | 67 | 67 | - % | | 261 | | 268 | | (2.6%) | |
|---|
| Unbilled Sales | 528 | 582 | (9.3%) | | 209 | | 11 | | 1,800.0% | |
|---|
| Total Retail Sales | 19,169 | 18,817 | 1.9% | 1.0% | 81,399 | | 80,211 | | 1.5% | 0.6% |
|---|
| Wholesale and Other | 2,679 | 2,559 | 4.7% | | 11,490 | | 10,885 | | 5.6% | |
|---|
| Total Consolidated Electric Sales - Duke Energy Carolinas | 21,848 | 21,376 | 2.2% | | 92,889 | | 91,096 | | 2.0% | |
|---|
| Residential | 2,563,107 | 2,509,415 | 2.1% | | 2,543,170 | | 2,487,959 | | 2.2% | |
|---|
| Commercial | 402,863 | 401,623 | 0.3% | | 402,662 | | 402,136 | | 0.1% | |
|---|
| Industrial | 5,772 | 5,917 | (2.5%) | | 5,828 | | 5,946 | | (2.0%) | |
|---|
| Other Energy Sales | 10,718 | 10,910 | (1.8%) | | 10,778 | | 11,026 | | (2.2%) | |
|---|
| Total Retail Customers | 2,982,460 | 2,927,865 | 1.9% | | 2,962,438 | | 2,907,067 | | 1.9% | |
|---|
| Wholesale and Other | 28 | 26 | 7.7% | | 27 | | 26 | | 3.8% | |
|---|
| Total Average Number of Customers - Duke Energy Carolinas | 2,982,488 | 2,927,891 | 1.9% | | 2,962,465 | | 2,907,093 | | 1.9% | |
|---|
| Generated - Net Output | | | | | | | | |
|---|
| Coal | 2,318 | 1,652 | 40.3% | | 9,790 | | 10,203 | | (4.0%) | |
|---|
| Nuclear | 10,903 | 11,400 | (4.4%) | | 45,743 | | 45,286 | | 1.0% | |
|---|
| Hydro | 11 | 167 | (93.4%) | | 604 | | 1,140 | | (47.0%) | |
|---|
| Natural Gas and Oil | 5,664 | 6,523 | (13.2%) | | 27,079 | | 27,302 | | (0.8%) | |
|---|
| Renewable Energy | 64 | 48 | 33.3% | | 291 | | 314 | | (7.3%) | |
|---|
| Total Generation | 18,960 | 19,790 | (4.2%) | | 83,507 | | 84,245 | | (0.9%) | |
|---|
| Purchased Power and Net Interchange | 3,919 | 2,603 | 50.6% | | 13,441 | | 11,618 | | 15.7% | |
|---|
| Total Sources of Energy | 22,879 | 22,393 | 2.2% | | 96,948 | | 95,863 | | 1.1% | |
|---|
| Less: Line Loss and Other | 1,031 | 1,017 | 1.4% | | 4,059 | | 4,767 | | (14.9%) | |
|---|
| Total GWh Sources | 21,848 | 21,376 | 2.2% | | 92,889 | | 91,096 | | 2.0% | |
|---|
| Summer | | | | | 19,813 | | 19,756 | | | |
|---|
| Winter | | | | | 20,901 | | 20,773 | | | |
|---|
| Duke Energy Carolinas |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| Year Ended December 2025 |
| GWh Sales | | | | | | | | |
| Average Number of Customers | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | |
| Owned MW Capacity(c)(f) | | | | | | | | |
| Nuclear Capacity Factor (%) | | | | | 97 | | 95 | | | |
| Heating and Cooling Degree Days | | | | | | | | |
| Actual | | | | | | | | |
| Heating Degree Days | 1,190 | | 1,092 | | 9.0% | | 2,961 | | 2,691 | | 10.0% | |
| Cooling Degree Days | 32 | | 68 | | (52.9%) | | 1,605 | | 1,724 | | (6.9%) | |
| Variance from Normal | | | | | | | | |
| Heating Degree Days | (2.3%) | | (11.0%) | | | | (5.6%) | | (15.4%) | | | |
| Cooling Degree Days | (26.9%) | | 53.6% | | | | 2.7% | | 9.6% | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.
| | Three Months Ended December 31, | Years Ended December 31, |
|---|
| | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal |
|---|
| Residential | 4,155 | | 3,972 | | 4.6% | | 19,357 | | 18,431 | | 5.0% | |
|---|
| Commercial | 3,563 | | 3,470 | | 2.7% | | 15,568 | | 15,234 | | 2.2% | |
|---|
| Industrial | 2,252 | | 2,234 | | 0.8% | | 9,559 | | 9,412 | | 1.6% | |
|---|
| Other Energy Sales | 21 | | 21 | | - % | | 84 | | 85 | | (1.2%) | |
|---|
| Unbilled Sales | 447 | | 582 | | (23.2%) | | (161) | | 152 | | (206%) | |
|---|
| Total Retail Sales | 10,438 | | 10,279 | | 1.5% | (0.9%) | 44,407 | | 43,314 | | 2.5% | 1.1% |
|---|
| Wholesale and Other | 6,824 | | 6,307 | | 8.2% | | 26,969 | | 25,745 | | 4.8% | |
|---|
| Total Consolidated Electric Sales - Duke Energy Progress | 17,262 | | 16,586 | | 4.1% | | 71,376 | | 69,059 | | 3.4% | |
|---|
| Residential | 1,538,724 | | 1,512,356 | | 1.7% | | 1,527,825 | | 1,499,792 | | 1.9% | |
|---|
| Commercial | 249,130 | | 248,094 | | 0.4% | | 248,908 | | 248,149 | | 0.3% | |
|---|
| Industrial | 2,999 | | 3,151 | | (4.8%) | | 3,035 | | 3,197 | | (5.1%) | |
|---|
| Other Energy Sales | 2,374 | | 2,418 | | (1.8%) | | 2,388 | | 2,437 | | (2.0%) | |
|---|
| Total Retail Customers | 1,793,227 | | 1,766,019 | | 1.5% | | 1,782,156 | | 1,753,575 | | 1.6% | |
|---|
| Wholesale and Other | 9 | | 8 | | 12.5% | | 8 | | 8 | | - % | |
|---|
| Total Average Number of Customers - Duke Energy Progress | 1,793,236 | | 1,766,027 | | 1.5% | | 1,782,164 | | 1,753,583 | | 1.6% | |
|---|
| Generated - Net Output | | | | | | | | |
|---|
| Coal | 2,106 | | 1,631 | | 29.1% | | 8,270 | | 7,644 | | 8.2% | |
|---|
| Nuclear | 7,334 | | 7,205 | | 1.8% | | 30,263 | | 29,501 | | 2.6% | |
|---|
| Hydro | 72 | | 57 | | 26.3% | | 505 | | 580 | | (12.9%) | |
|---|
| Natural Gas and Oil | 6,045 | | 6,232 | | (3.0%) | | 23,881 | | 23,924 | | (0.2%) | |
|---|
| Renewable Energy | 56 | | 54 | | 3.7% | | 232 | | 229 | | 1.3% | |
|---|
| Total Generation | 15,613 | | 15,179 | | 2.9% | | 63,151 | | 61,878 | | 2.1% | |
|---|
| Purchased Power and Net Interchange | 2,232 | | 1,732 | | 28.9% | | 10,533 | | 9,346 | | 12.7% | |
|---|
| Total Sources of Energy | 17,845 | | 16,911 | | 5.5% | | 73,684 | | 71,224 | | 3.5% | |
|---|
| Less: Line Loss and Other | 583 | | 325 | | 79.4% | | 2,308 | | 2,165 | | 6.6% | |
|---|
| Total GWh Sources | 17,262 | | 16,586 | | 4.1% | | 71,376 | | 69,059 | | 3.4% | |
|---|
| Summer | | | | | 12,866 | | 12,666 | | | |
|---|
| Winter | | | | | 14,068 | | 13,845 | | | |
|---|
| Duke Energy Progress |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| Year Ended December 2025 |
| GWh Sales | | | | | | | | |
| Average Number of Customers | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | |
| Owned MW Capacity(c)(f) | | | | | | | | |
| Nuclear Capacity Factor (%) | | | | | 96 | | 93 | | | |
| Heating and Cooling Degree Days | | | | | | | | |
| Actual | | | | | | | | |
| Heating Degree Days | 1,135 | | 919 | | 23.5% | | 2,741 | | 2,288 | | 19.8% | |
| Cooling Degree Days | 37 | | 89 | | (58.4%) | | 1,846 | | 1,978 | | (6.7%) | |
| Variance from Normal | | | | | | | | |
| Heating Degree Days | 4.2% | | (16.4%) | | | | (3.2%) | | (20.5%) | | | |
| Cooling Degree Days | (43.5%) | | 36.8% | | | | 6.8% | | 14.5% | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.
| | Three Months Ended December 31, | Years Ended December 31, |
|---|
| | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal |
|---|
| Residential | 4,699 | | 4,949 | | (5.1%) | | 22,032 | | 22,043 | | - % | |
|---|
| Commercial | 3,752 | | 3,752 | | - % | | 15,819 | | 15,773 | | 0.3% | |
|---|
| Industrial | 804 | | 754 | | 6.6% | | 3,261 | | 3,287 | | (0.8%) | |
|---|
| Other Energy Sales | 7 | | 7 | | - % | | 27 | | 29 | | (6.9%) | |
|---|
| Unbilled Sales | (369) | | (398) | | 7.3% | | (26) | | 11 | | (336.4%) | |
|---|
| Total Retail Sales | 8,893 | | 9,064 | | (1.9%) | (0.3%) | 41,113 | | 41,143 | | (0.1%) | (0.1%) |
|---|
| Wholesale and Other | 278 | | 658 | | (57.8%) | | 1,890 | | 2,703 | | (30.1%) | |
|---|
| Total Electric Sales - Duke Energy Florida | 9,171 | | 9,722 | | (5.7%) | | 43,003 | | 43,846 | | (1.9%) | |
|---|
| Residential | 1,830,253 | | 1,803,424 | | 1.5% | | 1,819,962 | | 1,793,067 | | 1.5% | |
|---|
| Commercial | 213,910 | | 211,510 | | 1.1% | | 212,915 | | 211,118 | | 0.9% | |
|---|
| Industrial | 1,540 | | 1,635 | | (5.8%) | | 1,575 | | 1,671 | | (5.7%) | |
|---|
| Other Energy Sales | 3,513 | | 3,583 | | (2.0%) | | 3,533 | | 3,607 | | (2.1%) | |
|---|
| Total Retail Customers | 2,049,216 | | 2,020,152 | | 1.4% | | 2,037,985 | | 2,009,463 | | 1.4% | |
|---|
| Wholesale and Other | 17 | | 13 | | 30.8% | | 14 | | 13 | | 7.7% | |
|---|
| Total Average Number of Customers - Duke Energy Florida | 2,049,233 | | 2,020,165 | | 1.4% | | 2,037,999 | | 2,009,476 | | 1.4% | |
|---|
| Generated - Net Output | | | | | | | | |
|---|
| Coal | 933 | | 279 | | 234.4% | | 3,837 | | 3,262 | | 17.6% | |
|---|
| Natural Gas and Oil | 7,708 | | 8,784 | | (12.2%) | | 36,380 | | 37,524 | | (3.0%) | |
|---|
| Renewable Energy | 784 | | 605 | | 29.6% | | 3,489 | | 2,789 | | 25.1% | |
|---|
| Total Generation | 9,425 | | 9,668 | | (2.5%) | | 43,706 | | 43,575 | | 0.3% | |
|---|
| Purchased Power and Net Interchange | (1) | | 369 | | (100.3%) | | 741 | | 1,721 | | (56.9%) | |
|---|
| Total Sources of Energy | 9,424 | | 10,037 | | (6.1%) | | 44,447 | | 45,296 | | (1.9%) | |
|---|
| Less: Line Loss and Other | 253 | | 315 | | (19.7%) | | 1,444 | | 1,450 | | (0.4%) | |
|---|
| Total GWh Sources | 9,171 | | 9,722 | | (5.7%) | | 43,003 | | 43,846 | | (1.9%) | |
|---|
| Summer | | | | | 11,854 | | 11,574 | | | |
|---|
| Winter | | | | | 12,765 | | 12,542 | | | |
|---|
| Actual | | | | | | | | |
|---|
| Heating Degree Days | 133 | | 158 | | (15.8%) | | 492 | | 452 | | 8.8% | |
|---|
| Cooling Degree Days | 467 | | 613 | | (23.8%) | | 3,522 | | 3,705 | | (4.9%) | |
|---|
| Variance from Normal | | | | | | | | |
|---|
| Heating Degree Days | (26.1%) | | (15.1%) | | | | (11.1%) | | (20.0%) | | | |
|---|
| Cooling Degree Days | (6.6%) | | 23.2% | | | | 7.5% | | 13.8% | | | |
|---|
| Duke Energy Florida |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| Year Ended December 2025 |
| GWh Sales | | | | | | | | |
| Average Number of Customers | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | |
| Owned MW Capacity(c)(f) | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.
| | Three Months Ended December 31, | Years Ended December 31, |
|---|
| | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal |
|---|
| Residential | 2,040 | | 1,921 | | 6.2% | | 9,294 | | 8,985 | | 3.4% | |
|---|
| Commercial | 2,322 | | 2,181 | | 6.5% | | 9,822 | | 9,309 | | 5.5% | |
|---|
| Industrial | 1,112 | | 1,292 | | (13.9%) | | 4,619 | | 5,218 | | (11.5%) | |
|---|
| Other Energy Sales | 20 | | 20 | | - % | | 54 | | 85 | | (36.5%) | |
|---|
| Unbilled Sales | (15) | | 2 | | (850.0%) | | 13 | | (79) | | 116.5% | |
|---|
| Total Retail Sales | 5,479 | | 5,416 | | 1.2% | (1.6%) | 23,802 | | 23,518 | | 1.2% | 0.6% |
|---|
| Wholesale and Other | 146 | | 72 | | 102.8% | | 552 | | 464 | | 19.0% | |
|---|
| Total Electric Sales - Duke Energy Ohio | 5,625 | | 5,488 | | 2.5% | | 24,354 | | 23,982 | | 1.6% | |
|---|
| Residential | 841,169 | | 835,840 | | 0.6% | | 838,778 | | 832,841 | | 0.7% | |
|---|
| Commercial | 76,572 | | 76,260 | | 0.4% | | 76,466 | | 76,038 | | 0.6% | |
|---|
| Industrial | 1,998 | | 2,171 | | (8.0%) | | 2,042 | | 2,209 | | (7.6%) | |
|---|
| Other Energy Sales | 2,572 | | 2,769 | | (7.1%) | | 2,603 | | 2,787 | | (6.6%) | |
|---|
| Total Retail Customers | 922,311 | | 917,040 | | 0.6% | | 919,889 | | 913,875 | | 0.7% | |
|---|
| Wholesale and Other | 1 | | 1 | | - % | | 1 | | 1 | | - % | |
|---|
| Total Average Number of Customers - Duke Energy Ohio | 922,312 | | 917,041 | | 0.6% | | 919,890 | | 913,876 | | 0.7% | |
|---|
| Generated - Net Output | | | | | | | | |
|---|
| Coal | 532 | | 368 | | 44.6% | | 2,594 | | 2,264 | | 14.6% | |
|---|
| Natural Gas and Oil | 68 | | 106 | | (35.8%) | | 362 | | 371 | | (2.4%) | |
|---|
| Total Generation | 609 | | 474 | | 28.5% | | 2,965 | | 2,635 | | 12.5% | |
|---|
| Purchased Power and Net Interchange | 5,746 | | 5,606 | | 2.5% | | 23,942 | | 23,681 | | 1.1% | |
|---|
| Total Sources of Energy | 6,355 | | 6,080 | | 4.5% | | 26,907 | | 26,316 | | 2.2% | |
|---|
| Less: Line Loss and Other | 730 | | 592 | | 23.3% | | 2,553 | | 2,334 | | 9.4% | |
|---|
| Total GWh Sources | 5,625 | | 5,488 | | 2.5% | | 24,354 | | 23,982 | | 1.6% | |
|---|
| Summer | | | | | 1,085 | | 1,085 | | | |
|---|
| Winter | | | | | 1,173 | | 1,173 | | | |
|---|
| Actual | | | | | | | | |
|---|
| Heating Degree Days | 1,808 | | 1,494 | | 21.0% | | 4,797 | | 4,020 | | 19.3% | |
|---|
| Cooling Degree Days | 39 | | 31 | | 25.8% | | 1,233 | | 1,378 | | (10.5%) | |
|---|
| Variance from Normal | | | | | | | | |
|---|
| Heating Degree Days | 1.0% | | (17.2%) | | | | (0.7%) | | (17.8%) | | | |
|---|
| Cooling Degree Days | 55.8% | | 28.6% | | | | 7.6% | | 20.1% | | | |
|---|
| Duke Energy Ohio |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| Year Ended December 2025 |
| GWh Sales | | | | | | | | |
| Average Number of Customers | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | |
| Owned MW Capacity(c)(f) | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.
| | Three Months Ended December 31, | Years Ended December 31, |
|---|
| | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal | 2025 | 2024 | % Inc.(Dec.) | % Inc. (Dec.)WeatherNormal |
|---|
| Residential | 2,130 | | 1,981 | | 7.5% | | 9,587 | | 9,048 | | 6.0% | |
|---|
| Commercial | 2,034 | | 1,949 | | 4.4% | | 8,606 | | 8,193 | | 5.0% | |
|---|
| Industrial | 2,296 | | 2,200 | | 4.4% | | 9,189 | | 9,407 | | (2.3%) | |
|---|
| Other Energy Sales | 13 | | 13 | | - % | | 51 | | 56 | | (8.9%) | |
|---|
| Unbilled Sales | 117 | | 84 | | 39.3% | | 65 | | (263) | | (124.7%) | |
|---|
| Total Retail Sales | 6,590 | | 6,227 | | 5.8% | 3.2% | 27,498 | | 26,441 | | 4.0% | 2.8% |
|---|
| Wholesale and Other | 1,230 | | 917 | | 34.1% | | 4,888 | | 4,244 | | 15.2% | |
|---|
| Total Electric Sales - Duke Energy Indiana | 7,820 | | 7,144 | | 9.5% | | 32,386 | | 30,685 | | 5.5% | |
|---|
| Residential | 812,240 | | 801,535 | | 1.3% | | 808,572 | | 796,265 | | 1.5% | |
|---|
| Commercial | 107,280 | | 106,477 | | 0.8% | | 106,926 | | 106,323 | | 0.6% | |
|---|
| Industrial | 2,584 | | 2,626 | | (1.6%) | | 2,601 | | 2,630 | | (1.1%) | |
|---|
| Other Energy Sales | 3,671 | | 3,747 | | (2.0%) | | 3,705 | | 3,793 | | (2.3%) | |
|---|
| Total Retail Customers | 925,775 | | 914,385 | | 1.2% | | 921,804 | | 909,011 | | 1.4% | |
|---|
| Wholesale and Other | 4 | | 4 | | - % | | 4 | | 4 | | - % | |
|---|
| Total Average Number of Customers - Duke Energy Indiana | 925,779 | | 914,389 | | 1.2% | | 921,808 | | 909,015 | | 1.4% | |
|---|
| Generated - Net Output | | | | | | | | |
|---|
| Coal | 4,200 | | 3,527 | | 19.1% | | 15,563 | | 14,868 | | 4.7% | |
|---|
| Hydro | 81 | | 80 | | 1.3% | | 253 | | 288 | | (12.2%) | |
|---|
| Natural Gas and Oil | 1,100 | | 1,211 | | (9.2%) | | 4,864 | | 5,241 | | (7.2%) | |
|---|
| Renewable Energy | 4 | | 6 | | (33.3%) | | 27 | | 29 | | (6.9%) | |
|---|
| Total Generation | 5,385 | | 4,824 | | 11.6% | | 20,707 | | 20,426 | | 1.4% | |
|---|
| Purchased Power and Net Interchange | 2,786 | | 2,986 | | (6.7%) | | 13,771 | | 12,893 | | 6.8% | |
|---|
| Total Sources of Energy | 8,171 | | 7,810 | | 4.6% | | 34,478 | | 33,319 | | 3.5% | |
|---|
| Less: Line Loss and Other | 351 | | 666 | | (47.3%) | | 2,092 | | 2,634 | | (20.6%) | |
|---|
| Total GWh Sources | 7,820 | | 7,144 | | 9.5% | | 32,386 | | 30,685 | | 5.5% | |
|---|
| Summer | | | | | 6,327 | | 6,328 | | | |
|---|
| Winter | | | | | 6,806 | | 6,806 | | | |
|---|
| Actual | | | | | | | | |
|---|
| Heating Degree Days | 1,888 | | 1,595 | | 18.4% | | 5,067 | | 4,290 | | 18.1% | |
|---|
| Cooling Degree Days | 39 | | 29 | | 34.5% | | 1,257 | | 1,267 | | (0.8%) | |
|---|
| Variance from Normal | | | | | | | | |
|---|
| Heating Degree Days | (1.8%) | | (17.8%) | | | | (2.7%) | | (18.6%) | | | |
|---|
| Cooling Degree Days | 71.3% | | 35.4% | | | | 9.9% | | 20.1% | | | |
|---|
| Duke Energy Indiana |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| Year Ended December 2025 |
| GWh Sales | | | | | | | | |
| Average Number of Customers | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | |
| Owned MW Capacity(c)(f) | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.
| | Three Months Ended December 31, | Years Ended December 31, |
|---|
| | 2025 | 2024 | % Inc. (Dec.) | 2025 | 2024 | % Inc. (Dec.) |
|---|
| Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) | 156,489,712 | | 163,029,361 | | (4.0%) | 614,062,646 | | 616,724,667 | | (0.4%) |
|---|
| Duke Energy Midwest LDC throughput (Mcf) | 26,807,484 | | 22,148,273 | | 21.0% | 90,651,428 | | 77,923,033 | | 16.3% |
|---|
| Residential | 1,091,395 | | 1,076,163 | | 1.4% | 1,091,331 | | 1,072,819 | | 1.7% |
|---|
| Commercial | 108,684 | | 107,668 | | 0.9% | 108,971 | | 107,952 | | 0.9% |
|---|
| Industrial | 939 | | 942 | | (0.3%) | 937 | | 942 | | (0.5%) |
|---|
| Power Generation | 19 | | 19 | | - % | 19 | | 19 | | - % |
|---|
| Total Average Number of Gas Customers - Piedmont Natural Gas | 1,201,037 | | 1,184,792 | | 1.4% | 1,201,258 | | 1,181,732 | | 1.7% |
|---|
| Residential | 527,089 | | 524,834 | | 0.4% | 524,780 | | 522,774 | | 0.4% |
|---|
| Commercial | 35,373 | | 34,764 | | 1.8% | 34,529 | | 34,367 | | 0.5% |
|---|
| Industrial | 2,038 | | 2,397 | | (15.0%) | 2,163 | | 2,257 | | (4.2%) |
|---|
| Other | 114 | | 117 | | (2.6%) | 116 | | 117 | | (0.9%) |
|---|
| Total Average Number of Gas Customers - Duke Energy Midwest | 564,614 | | 562,112 | | 0.4% | 561,588 | | 559,515 | | 0.4% |
|---|
| Gas Utilities and Infrastructure |
| Quarterly Highlights |
| Year Ended December 2025 |
| Total Sales | | | | | | |
| Average Number of Customers - Piedmont Natural Gas | | | | | | |
| Average Number of Customers - Duke Energy Midwest | | | | | | |
(a) Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact.
Contacts
Gillian Moore
24-Hour: 800.559.3853
Analyst Contact: Abby Motsinger
Office: 704.382.7624