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Duke Energy
DUK
#228
Rank
$98.07 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$126.11
Share price
0.73%
Change (1 day)
11.33%
Change (1 year)
๐Ÿ›ข Oil&Gas๐Ÿ”‹ Electricity๐Ÿšฐ Utility companies โšก Energy
Categories
  1. Duke Energy
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

Duke Energy - 10-Q quarterly report FY2025 Q3


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________to_________
Commission File NumberRegistrant, State of Incorporation or Organization,
Address of Principal Executive Offices, Zip Code and Telephone Number		IRS Employer Identification No.
dukeenergylogo4ca65.jpg
1-32853
DUKE ENERGY CORPORATION
20-2777218
(a Delaware corporation)
525 South Tryon Street
Charlotte, North Carolina 28202
800-488-3853
1-4928
DUKE ENERGY CAROLINAS, LLC
56-0205520
(a North Carolina limited liability company)
525 South Tryon Street
Charlotte, North Carolina 28202
800-488-3853
1-15929
PROGRESS ENERGY, INC.
56-2155481
(a North Carolina corporation)
411 Fayetteville Street
Raleigh, North Carolina 27601
800-488-3853
1-3382
DUKE ENERGY PROGRESS, LLC
56-0165465
(a North Carolina limited liability company)
411 Fayetteville Street
Raleigh, North Carolina 27601
800-488-3853
1-3274
DUKE ENERGY FLORIDA, LLC
59-0247770
(a Florida limited liability company)
299 First Avenue North
St. Petersburg, Florida 33701
800-488-3853
1-1232
DUKE ENERGY OHIO, INC.
31-0240030
(an Ohio corporation)
139 East Fourth Street
Cincinnati, Ohio 45202
800-488-3853
1-3543
DUKE ENERGY INDIANA, LLC
35-0594457
(an Indiana limited liability company)
1000 East Main Street
Plainfield, Indiana 46168
800-488-3853
1-6196
PIEDMONT NATURAL GAS COMPANY, INC.
56-0556998
(a North Carolina corporation)
525 South Tryon Street
Charlotte, North Carolina 28202
800-488-3853




SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Name of each exchange on
Registrant    Title of each class    Trading symbols        which registered
Duke Energy    Common Stock, $0.001 par value    DUK    New York Stock Exchange LLC

Duke Energy    5.625% Junior Subordinated Debentures due    DUKB    New York Stock Exchange LLC
September 15, 2078
Duke Energy    Depositary Shares, each representing a 1/1,000th    DUK PR A    New York Stock Exchange LLC
interest in a share of 5.75% Series A Cumulative
Redeemable Perpetual Preferred Stock, par value
$0.001 per share
Duke Energy    3.10% Senior Notes due 2028    DUK 28A    New York Stock Exchange LLC        
Duke Energy    3.85% Senior Notes due 2034    DUK 34    New York Stock Exchange LLC
Duke Energy    3.75% Senior Notes due 2031    DUK 31A    New York Stock Exchange LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Duke Energy Corporation (Duke Energy)Yes☒No☐Duke Energy Florida, LLC (Duke Energy Florida)Yes☒No☐
Duke Energy Carolinas, LLC (Duke Energy Carolinas)Yes☒No☐Duke Energy Ohio, Inc. (Duke Energy Ohio)Yes☒No☐
Progress Energy, Inc. (Progress Energy)Yes☒No☐Duke Energy Indiana, LLC (Duke Energy Indiana)Yes☒No☐
Duke Energy Progress, LLC (Duke Energy Progress)Yes☒No☐Piedmont Natural Gas Company, Inc. (Piedmont)Yes☒No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Duke EnergyYes☒No☐Duke Energy FloridaYes☒No☐
Duke Energy CarolinasYes☒No☐Duke Energy OhioYes☒No☐
Progress EnergyYes☒No☐Duke Energy IndianaYes☒No☐
Duke Energy ProgressYes☒No☐PiedmontYes☒No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Duke EnergyLarge Accelerated Filer☒Accelerated filer☐Non-accelerated Filer☐Smaller reporting company☐Emerging growth company☐
Duke Energy CarolinasLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Progress EnergyLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy ProgressLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy FloridaLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy OhioLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy IndianaLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
PiedmontLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Duke EnergyYes
☐
No☒Duke Energy FloridaYes
☐
No☒
Duke Energy CarolinasYes
☐
No☒Duke Energy OhioYes
☐
No☒
Progress EnergyYes
☐
No☒Duke Energy IndianaYes
☐
No☒
Duke Energy ProgressYes
☐
No☒PiedmontYes
☐
No☒


Number of shares of common stock outstanding at October 31, 2025:
RegistrantDescriptionShares
Duke EnergyCommon stock, $0.001 par value777,661,224
Duke Energy CarolinasAll of the registrant's limited liability company member interests are directly owned by Duke Energy.N/A
Progress EnergyAll of the registrant's common stock is directly owned by Duke Energy.100
Duke Energy ProgressAll of the registrant's limited liability company member interests are indirectly owned by Duke Energy.N/A
Duke Energy FloridaAll of the registrant's limited liability company member interests are indirectly owned by Duke Energy.N/A
Duke Energy OhioAll of the registrant's common stock is indirectly owned by Duke Energy.89,663,086
Duke Energy IndianaAll of the registrant's limited liability company member interests are owned by a Duke Energy subsidiary that is 80.1% indirectly owned by Duke Energy.N/A
PiedmontAll of the registrant's common stock is directly owned by Duke Energy.100
This combined Form 10-Q is filed separately by eight registrants: Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont (collectively the Duke Energy Registrants). Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.
Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and are therefore filing this form with the reduced disclosure format specified in General Instructions H(2) of Form 10-Q.


TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
9
15
19
23
27
31
35
39
Note 1 – Organization and Basis of Presentation
43
Note 2 – Dispositions
46
Note 3 – Business Segments
49
Note 4 – Regulatory Matters
61
Note 5 – Commitments and Contingencies
67
Note 6 – Debt and Credit Facilities
70
Note 7 – Asset Retirement Obligations
72
Note 8 – Goodwill
73
Note 9 – Related Party Transactions
74
Note 10 – Derivatives and Hedging
75
Note 11 – Investments in Debt and Equity Securities
81
Note 12 – Fair Value Measurements
85
Note 13 – Variable Interest Entities
90
Note 14 – Revenue
93
Note 15 – Stockholders' Equity
98
Note 16 – Employee Benefit Plans
100
Note 17 – Income Taxes
101
103
121
121
PART II. OTHER INFORMATION
122
122
122
122
124
127

GLOSSARY OF TERMS
Glossary of Terms 
The following terms or acronyms used in this Form 10-Q are defined below:
Term or AcronymDefinition
2015 CCR Rule
A 2015 EPA rule establishing national regulations to provide a comprehensive set of requirements for the
management and disposal of CCR from coal-fired power plants
2024 CCR Rule
The EPA's Legacy CCR Surface Impoundments rule issued in April 2024 under the Resource Conservation and Recovery Act, which significantly expands the scope of the 2015 CCR Rule
AFUDCAllowance for funds used during construction
BisonBison Insurance Company Limited
BrookfieldBrookfield Renewable Partners L.P.
CC
Combined Cycle
CCR
Coal Combustion Residuals
CECPCN
Certificate of Environmental Compatibility and Public Convenience and Necessity
CFIUS
The Committee on Foreign Investments in the United States
CPCN
Certificate of Public Convenience and Necessity
the CompanyDuke Energy Corporation and its subsidiaries
Commercial Renewables Disposal GroupsCommercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, separated into the utility-scale solar and wind group, the distributed generation group and the remaining assets
COVID
Coronavirus Disease 2019
CRCCinergy Receivables Company, LLC
Crystal River Unit 3Crystal River Unit 3 Nuclear Plant
CT
Combustion Turbine
CWIP
Construction Work in Progress
DEFRDuke Energy Florida Receivables, LLC
DEPRDuke Energy Progress Receivables, LLC
DERFDuke Energy Receivables Finance Company, LLC
Duke EnergyDuke Energy Corporation (collectively with its subsidiaries)
Duke Energy OhioDuke Energy Ohio, Inc.
Duke Energy ProgressDuke Energy Progress, LLC
Duke Energy CarolinasDuke Energy Carolinas, LLC
Duke Energy FloridaDuke Energy Florida, LLC
Duke Energy IndianaDuke Energy Indiana, LLC
Duke Energy Kentucky
Duke Energy Kentucky, Inc.
Duke Energy RegistrantsDuke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
EDITExcess deferred income tax
EPAUnited States Environmental Protection Agency
EPSEarnings (Loss) Per Share
ETREffective tax rate
EU&IElectric Utilities and Infrastructure
Exchange ActSecurities Exchange Act of 1934
FERCFederal Energy Regulatory Commission
Florida Progress
Florida Progress, LLC
FPSCFlorida Public Service Commission
FTRFinancial transmission rights

GLOSSARY OF TERMS
GAAPGenerally accepted accounting principles in the U.S.
GAAP Reported EarningsNet Income Available to Duke Energy Corporation Common Stockholders
GAAP Reported EPSBasic Earnings Per Share Available to Duke Energy Corporation common stockholders
GHG
Greenhouse Gas
GU&IGas Utilities and Infrastructure
GWhGigawatt-hours
HB951
The Energy Solutions for North Carolina, or House Bill 951, passed in October 2021
HSR
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended
IRAInflation Reduction Act
IRSInternal Revenue Service
IURCIndiana Utility Regulatory Commission
JDA
Joint Dispatch Agreement
KPSCKentucky Public Service Commission
LLCLimited Liability Company
MTBE
Methyl tertiary butyl ether
MWMegawatt
MWhMegawatt-hour
MYRP
Multiyear rate plan
NCI
Noncontrolling Interests
NCUCNorth Carolina Utilities Commission
NMC
National Methanol Company
NPNSNormal purchase/normal sale
NRC
U.S. Nuclear Regulatory Commission
Oconee
Oconee Nuclear Station
OPEBOther Post-Retirement Benefit Obligations
OVEC
Ohio Valley Electric Corporation
the ParentDuke Energy Corporation holding company
PiedmontPiedmont Natural Gas Company, Inc.
Piedmont Tennessee Disposal Group
Piedmont's Tennessee business, a natural gas local distribution company included in a purchase agreement with Spire Inc.
PJM
PJM Interconnection LLC.
Progress EnergyProgress Energy, Inc.
PSCSCPublic Service Commission of South Carolina
PTC
Production Tax Credit
PUCOPublic Utilities Commission of Ohio
Robinson
Robinson Nuclear Plant
RTORegional Transmission Organization
SPP
Storm Protection Plan
Subsidiary RegistrantsDuke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
TPUCTennessee Public Utility Commission
U.S.United States
U.S. Supreme Court
Supreme Court of the United States
VIEVariable Interest Entity

FORWARD-LOOKING STATEMENTS
CAUTIONARY STATEMENT REGARDING 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 our carbon emission reduction goals, while balancing customer reliability and affordability;
◦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;
◦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;

FORWARD-LOOKING STATEMENTS
◦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 and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
◦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.

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions, except per share amounts)2025202420252024
Operating Revenues
Regulated electric$8,106 $7,775 $22,138 $21,253 
Regulated natural gas361 298 1,928 1,511 
Nonregulated electric and other75 81 233 233 
Total operating revenues8,542 8,154 24,299 22,997 
Operating Expenses
Fuel used in electric generation and purchased power2,289 2,644 6,266 7,207 
Cost of natural gas110 70 642 380 
Operation, maintenance and other1,762 1,409 4,916 4,108 
Depreciation and amortization1,626 1,516 4,721 4,312 
Property and other taxes438 383 1,281 1,162 
Impairment of assets and other charges— (5)3 39 
Total operating expenses6,225 6,017 17,829 17,208 
Gains on Sales of Other Assets and Other, net17 7 37 25 
Operating Income2,334 2,144 6,507 5,814 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates16 15 38 53 
Other income and expenses, net182 166 497 502 
Total other income and expenses198 181 535 555 
Interest Expense902 872 2,688 2,513 
Income From Continuing Operations Before Income Taxes1,630 1,453 4,354 3,856 
Income Tax Expense From Continuing Operations176 163 488 481 
Income From Continuing Operations1,454 1,290 3,866 3,375 
Income (Loss) From Discontinued Operations, net of tax— 25 (1)12 
Net Income
1,454 1,315 3,865 3,387 
Less: Net Income Attributable to Noncontrolling Interests
33 34 81 68 
Net Income Attributable to Duke Energy Corporation
1,421 1,281 3,784 3,319 
Less: Preferred Dividends14 39 41 92 
Less: Preferred Redemption Costs
— $16 $— $16 
Net Income Available to Duke Energy Corporation Common Stockholders
$1,407 $1,226 $3,743 $3,211 
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted$1.81 $1.57 $4.81 $4.16 
Income from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted$— $0.03 $— $0.01 
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted$1.81 $1.60 $4.81 $4.17 
Weighted Average Shares Outstanding
Basic
778 772 777 772 
Diluted778 773 777 772 
See Notes to Condensed Consolidated Financial Statements
9
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
Net Income
$1,454 $1,315 $3,865 $3,387 
Other Comprehensive Income (Loss), net of tax(a)
Pension and OPEB adjustments1 1 1 17 
Net unrealized (losses) gains on cash flow hedges(20)(57)(24)60 
Reclassification into earnings from cash flow hedges(2)(2)10 (3)
Net unrealized losses on fair value hedges
(6)(3)(41)(24)
Unrealized gains on available-for-sale securities2 7 4 4 
Other Comprehensive (Loss) Income, net of tax(25)(54)(50)54 
Comprehensive Income
1,429 1,261 3,815 3,441 
Less: Comprehensive Income Attributable to Noncontrolling Interests
33 34 81 68 
Comprehensive Income Attributable to Duke Energy
1,396 1,227 3,734 3,373 
Less: Preferred Dividends14 39 41 92 
Less: Preferred Redemption Costs
— 16 — 16 
Comprehensive Income Available to Duke Energy Corporation Common Stockholders
$1,382 $1,172 $3,693 $3,265 
(a)Net of income tax benefit of $7 million and $16 million for the three months ended September 30, 2025, and 2024, respectively and income tax benefit of $15 million and income tax expense of $16 million for the nine months ended September 30, 2025, and 2024, respectively.
See Notes to Condensed Consolidated Financial Statements
10
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)September 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$688 $314 
Receivables (net of allowance for doubtful accounts of $199 at 2025 and $122 at 2024)
4,006 2,170 
Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024)
12 1,889 
Receivable from sales of Commercial Renewables Disposal Groups
— 551 
Inventory (includes $550 at 2025 and $494 at 2024 related to VIEs)
4,494 4,496 
Regulatory assets (includes $173 at 2025 and $120 at 2024 related to VIEs)
1,977 2,739 
Assets held for sale47 96 
Other (includes $47 at 2025 and $90 at 2024 related to VIEs)
984 695 
Total current assets12,208 12,950 
Property, Plant and Equipment
Cost185,941 178,737 
Accumulated depreciation and amortization(59,246)(57,111)
Net property, plant and equipment126,695 121,626 
Other Noncurrent Assets
Goodwill19,010 19,010 
Regulatory assets (includes $2,601 at 2025 and $1,705 at 2024 related to VIEs)
14,077 14,220 
Nuclear decommissioning trust funds12,778 11,434 
Operating lease right-of-use assets, net1,211 1,148 
Investments in equity method unconsolidated affiliates323 353 
Assets held for sale2,106 2,095 
Other
3,885 3,507 
Total other noncurrent assets53,390 51,767 
Total Assets$192,293 $186,343 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $273 at 2025 and $214 at 2024 related to VIEs)
$4,191 $5,436 
Notes payable and commercial paper2,885 3,584 
Taxes accrued1,141 851 
Interest accrued814 854 
Current maturities of long-term debt (includes $115 at 2025 and $1,012 at 2024 related to VIEs)
6,452 4,349 
Asset retirement obligations592 650 
Regulatory liabilities1,229 1,421 
Liabilities associated with assets held for sale57 132 
Other 2,044 2,080 
Total current liabilities19,405 19,357 
Long-Term Debt (includes $2,760 at 2025 and $1,842 at 2024 related to VIEs)
79,301 76,340 
Other Noncurrent Liabilities
Deferred income taxes12,271 11,424 
Asset retirement obligations9,052 9,338 
Regulatory liabilities15,377 14,521 
Operating lease liabilities1,009 957 
Accrued pension and other post-retirement benefit costs404 434 
Investment tax credits890 894 
Liabilities associated with assets held for sale167 271 
Other (includes $27 at 2024 related to VIEs)
1,790 1,551 
Total other noncurrent liabilities40,960 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 capital45,592 45,494 
Retained earnings4,718 3,431 
Accumulated other comprehensive income
178 228 
Total Duke Energy Corporation stockholders' equity51,462 50,127 
Noncontrolling interests1,165 1,129 
Total equity52,627 51,256 
Total Liabilities and Equity$192,293 $186,343 
See Notes to Condensed Consolidated Financial Statements
11
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$3,865 $3,387 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)5,744 4,792 
Equity component of AFUDC(236)(173)
Losses on sales of Commercial Renewables Disposal Groups
4 22 
Gains on sales of other assets(37)(25)
Impairment of assets and other charges3 39 
Deferred income taxes940 369 
Equity in earnings of unconsolidated affiliates(38)(53)
Contributions to qualified pension plans— (100)
Payments for asset retirement obligations(374)(417)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions— 35 
Receivables83 (22)
Inventory15 (36)
Other current assets(456)742 
Increase (decrease) in
Accounts payable(1,308)90 
Taxes accrued295 202 
Other current liabilities(224)(291)
Other assets(44)154 
Other liabilities440 236 
Net cash provided by operating activities8,672 8,951 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(9,881)(9,191)
Contributions to equity method investments— (8)
Purchases of debt and equity securities(7,096)(3,380)
Proceeds from sales and maturities of debt and equity securities7,200 3,450 
Net proceeds from the sales of Commercial Renewables Disposal Groups
559 — 
Other(758)(722)
Net cash used in investing activities(9,976)(9,851)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt9,432 7,760 
Issuance of common stock16 26 
Redemption of preferred stock
— (1,000)
Payments for the redemption of long-term debt(4,626)(2,833)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days— 552 
Payments for the redemption of short-term debt with original maturities greater than 90 days(5)(1,025)
Notes payable and commercial paper(819)(42)
Contributions from noncontrolling interests— 47 
Dividends paid(2,455)(2,411)
Other79 (84)
Net cash provided by financing activities1,622 990 
Net increase in cash, cash equivalents and restricted cash
318 90 
Cash, cash equivalents and restricted cash at beginning of period421 357 
Cash, cash equivalents and restricted cash at end of period$739 $447 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$2,090 $1,604 
See Notes to Condensed Consolidated Financial Statements
12
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2024 and 2025
Accumulated Other Comprehensive
 Income (Loss)
NetNet UnrealizedTotal
Gains(Losses) Gains Duke Energy
CommonAdditional(Losses)on Available-Pension and CorporationNon-
PreferredStockCommonPaid-inRetainedonfor-Sale-OPEB Stockholders'controllingTotal
(in millions)StockSharesStockCapitalEarnings
Hedges(a)
SecuritiesAdjustmentsEquityInterestsEquity
Balance at June 30, 2024
$1,962 772 $1 $45,007 $2,635 $193 $(18)$(73)$49,707 $1,099 $50,806 
Net income(c)
— — — — 1,226 — — — 1,226 34 1,260 
Other comprehensive (loss) income
— — — — — (62)7 1 (54)— (54)
Common stock issuances, including dividend reinvestment and employee benefits— — — 53 — — — — 53 — 53 
Preferred stock, Series B, redemption
(989)— — — — — — — (989)— (989)
Common stock dividends— — — — (806)— — — (806)— (806)
Distributions to noncontrolling interest in subsidiaries— — — — — — — — — (18)(18)
Other— — — — (3)— — (1)(4)1 (3)
Balance at September 30, 2024$973 772 $1 $45,060 $3,052 $131 $(11)$(73)$49,133 $1,116 $50,249 
Balance at June 30, 2025
$973 778 $1 $45,573 $4,141 $299 $(15)$(81)$50,891 $1,139 $52,030 
Net income(c)
— — — — 1,407 — — — 1,407 33 1,440 
Other comprehensive (loss) income
— — — — — (28)2 1 (25)— (25)
Common stock issuances, including dividend reinvestment and employee benefits— — — 20 — — — — 20 — 20 
Common stock dividends— — — — (831)— — — (831)— (831)
Distributions to noncontrolling interest in subsidiaries— — — — — — — — — (7)(7)
Other— — — (1)1 — — — — — — 
Balance at September 30, 2025$973 778 $1 $45,592 $4,718 $271 $(13)$(80)$51,462 $1,165 $52,627 
See Notes to Condensed Consolidated Financial Statements
13
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Nine Months Ended September 30, 2024 and 2025
Accumulated Other Comprehensive
Income (Loss)
NetNet UnrealizedTotal
GainsGains (Losses)Duke Energy
CommonAdditional(Losses)on Available-Pension and CorporationNon-
PreferredStockCommonPaid-inRetainedonfor-Sale-OPEB Stockholders'controllingTotal
(in millions)StockSharesStockCapitalEarnings
Hedges(a)
SecuritiesAdjustmentsEquityInterestsEquity
Balance at December 31, 2023$1,962 771 $1 $44,920 $2,235 $98 $(15)$(89)$49,112 $1,075 $50,187 
Net income(c)
— — — — 3,211 — — — 3,211 68 3,279 
Other comprehensive income
— — — — — 33 4 17 54 — 54 
Common stock issuances, including dividend reinvestment and employee benefits— 1 — 139 — — — — 139 — 139 
Preferred stock, Series B, redemption
(989)— — — — — — — (989)— (989)
Common stock dividends— — — — (2,392)— — — (2,392)— (2,392)
Sale of Commercial Renewables Disposal Groups(b)
— — — — — — — — — (51)(51)
Contributions from noncontrolling interests
— — — — — — — — — 47 47 
Distributions to noncontrolling interest in subsidiaries— — — — — — — — — (23)(23)
Other— — — 1 (2)— — (1)(2)— (2)
Balance at September 30, 2024$973 772 $1 $45,060 $3,052 $131 $(11)$(73)$49,133 $1,116 $50,249 
Balance at December 31, 2024$973 776 $1 $45,494 $3,431 $326 $(17)$(81)$50,127 $1,129 $51,256 
Net income(c)
— — — — 3,743 — — — 3,743 81 3,824 
Other comprehensive (loss) income
— — — — — (55)4 1 (50)— (50)
Common stock issuances, including dividend reinvestment and employee benefits— 2 — 98 — — — — 98 — 98 
Common stock dividends— — — — (2,460)— — — (2,460)— (2,460)
Sale of Commercial Renewables Disposal Groups(b)
— — — — — — — — — (18)(18)
Distributions to noncontrolling interest in subsidiaries— — — — — — — — — (21)(21)
Other— — — — 4 — — — 4 (6)(2)
Balance at September 30, 2025$973 778 $1 $45,592 $4,718 $271 $(13)$(80)$51,462 $1,165 $52,627 
(a)See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.
(b)See Note 2 for additional information.
(c)Net income available to Duke Energy Corporation Common Stockholders reflects preferred dividends and, for 2024, the $16 million preferred redemption costs.
See Notes to Condensed Consolidated Financial Statements
14
FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
Operating Revenues$2,632 $2,707 $7,387 $7,411 
Operating Expenses
Fuel used in electric generation and purchased power706 922 2,080 2,531 
Operation, maintenance and other487 463 1,471 1,358 
Depreciation and amortization488 472 1,402 1,306 
Property and other taxes96 88 283 271 
Impairment of assets and other charges1 (2)— 32 
Total operating expenses1,778 1,943 5,236 5,498 
Gains on Sales of Other Assets and Other, net— — 6 1 
Operating Income854 764 2,157 1,914 
Other Income and Expenses, net65 58 187 181 
Interest Expense184 189 584 537 
Income Before Income Taxes735 633 1,760 1,558 
Income Tax Expense51 49 138 153 
Net Income
$684 $584 $1,622 $1,405 
Other Comprehensive Income, net of tax
Net gains on cash flow hedges
1 — 1 — 
Comprehensive Income$685 $584 $1,623 $1,405 
See Notes to Condensed Consolidated Financial Statements
15
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)September 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$44 $6 
Receivables (net of allowance for doubtful accounts of $56 at 2025 and $18 at 2024)
1,299 266 
Receivables of VIEs (net of allowance for doubtful accounts of $51 at 2024)
1 1,054 
Receivables from affiliated companies208 157 
Notes receivable from affiliated companies— 65 
Inventory1,545 1,536 
Regulatory assets (includes $41 at 2025 and $12 at 2024 related to VIEs)
662 685 
Other (includes $5 at 2025 and $9 at 2024 related to VIEs)
433 52 
Total current assets4,192 3,821 
Property, Plant and Equipment
Cost61,075 58,382 
Accumulated depreciation and amortization(20,158)(19,090)
Net property, plant and equipment40,917 39,292 
Other Noncurrent Assets
Regulatory assets (includes $729 at 2025 and $189 at 2024 related to VIEs)
4,239 4,199 
Nuclear decommissioning trust funds7,270 6,468 
Operating lease right-of-use assets, net82 98 
Other1,221 1,127 
Total other noncurrent assets12,812 11,892 
Total Assets$57,921 $55,005 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$1,294 $1,809 
Accounts payable to affiliated companies510 241 
Notes payable to affiliated companies196 — 
Taxes accrued348 627 
Interest accrued158 201 
Current maturities of long-term debt (includes $13 at 2025 and $510 at 2024 related to VIEs)
26 521 
Asset retirement obligations247 247 
Regulatory liabilities531 618 
Other 546 541 
Total current liabilities3,856 4,805 
Long-Term Debt (includes $765 at 2025 and $198 at 2024 related to VIEs)
17,895 16,669 
Long-Term Debt Payable to Affiliated Companies300 300 
Other Noncurrent Liabilities
Deferred income taxes4,232 4,052 
Asset retirement obligations3,607 3,743 
Regulatory liabilities7,421 6,592 
Operating lease liabilities74 87 
Accrued pension and other post-retirement benefit costs19 24 
Investment tax credits308 317 
Other (includes $15 at 2024 related to VIEs)
755 576 
Total other noncurrent liabilities16,416 15,391 
Commitments and Contingencies
Equity
Member's equity19,459 17,846 
Accumulated other comprehensive loss(5)(6)
Total equity19,454 17,840 
Total Liabilities and Equity$57,921 $55,005 
See Notes to Condensed Consolidated Financial Statements
16
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,622 $1,405 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)1,603 1,504 
Equity component of AFUDC(102)(85)
Gains on sales of other assets(6)— 
Impairment of assets and other charges— 32 
Deferred income taxes356 (105)
Contributions to qualified pension plans— (26)
Payments for asset retirement obligations(147)(131)
(Increase) decrease in
Receivables6 (136)
Receivables from affiliated companies(51)1 
Inventory(9)2 
Other current assets(443)(3)
Increase (decrease) in
Accounts payable(438)149 
Accounts payable to affiliated companies269 35 
Taxes accrued(278)105 
Other current liabilities(24)(231)
Other assets(37)652 
Other liabilities23 (123)
Net cash provided by operating activities2,344 3,045 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(3,159)(2,923)
Purchases of debt and equity securities(3,757)(1,712)
Proceeds from sales and maturities of debt and equity securities3,757 1,712 
Notes receivable from affiliated companies65 (177)
Other(249)(289)
Net cash used in investing activities(3,343)(3,389)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt1,926 1,031 
Payments for the redemption of long-term debt(1,212)(17)
Notes payable to affiliated companies196 (668)
Other122 (1)
Net cash provided by financing activities1,032 345 
Net increase in cash, cash equivalents and restricted cash
33 1 
Cash, cash equivalents and restricted cash at beginning of period16 19 
Cash, cash equivalents and restricted cash at end of period$49 $20 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$796 $611 
See Notes to Condensed Consolidated Financial Statements
17
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2024 and 2025
Accumulated Other
Comprehensive
Income (Loss)
Member's
Net Gains (Losses) on
Total
(in millions)EquityCash Flow HedgesEquity
Balance at June 30, 2024$17,714 $(6)$17,708 
Net income584 — 584 
Other20 — 20 
Balance at September 30, 2024$18,318 $(6)$18,312 
Balance at June 30, 2025$18,776 $(6)$18,770 
Net income684 — 684 
Other comprehensive income— 1 1 
Other(1)— (1)
Balance at September 30, 2025$19,459 $(5)$19,454 
Nine Months Ended September 30, 2024 and 2025
Accumulated Other
Comprehensive
Income (Loss)
Member's
Net Gains (Losses) on
Total
(in millions)EquityCash Flow HedgesEquity
Balance at December 31, 2023$16,913 $(6)$16,907 
Net income1,405 — 1,405 
Balance at September 30, 2024$18,318 $(6)$18,312 
Balance at December 31, 2024$17,846 $(6)$17,840 
Net income1,622 — 1,622 
Other comprehensive income— 1 1 
Other
(9)— (9)
Balance at September 30, 2025$19,459 $(5)$19,454 

See Notes to Condensed Consolidated Financial Statements
18
FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
Operating Revenues$4,074 $3,860 $11,110 $10,445 
Operating Expenses
Fuel used in electric generation and purchased power1,175 1,384 3,306 3,729 
Operation, maintenance and other944 653 2,475 1,869 
Depreciation and amortization670 640 1,910 1,795 
Property and other taxes201 170 548 494 
Impairment of assets and other charges(2)(3)(2)6 
Total operating expenses2,988 2,844 8,237 7,893 
Gains on Sales of Other Assets and Other, net7 7 19 20 
Operating Income1,093 1,023 2,892 2,572 
Other Income and Expenses, net79 56 209 178 
Interest Expense272 271 830 796 
Income Before Income Taxes900 808 2,271 1,954 
Income Tax Expense143 130 361 320 
Net Income
$757 $678 $1,910 $1,634 
Other Comprehensive Income (Loss), net of tax
Unrealized gains (losses) on available-for-sale securities
— 1 (1)1 
Comprehensive Income$757 $679 $1,909 $1,635 
See Notes to Condensed Consolidated Financial Statements
19
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)September 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$102 $73 
Receivables (net of allowance for doubtful accounts of $67 at 2025 and $39 at 2024)
1,665 707 
Receivables of VIEs (net of allowance for doubtful accounts of $34 at 2024)
11 835 
Receivables from affiliated companies92 25 
Notes receivable from affiliated companies435 — 
Inventory (includes $550 at 2025 and $494 at 2024 related to VIEs)
2,151 2,086 
Regulatory assets (includes $132 at 2025 and $108 at 2024 related to VIEs)
875 1,647 
Other (includes $32 at 2025 and $75 at 2024 related to VIEs)
176 182 
Total current assets5,507 5,555 
Property, Plant and Equipment
Cost76,411 72,560 
Accumulated depreciation and amortization(25,023)(23,586)
Net property, plant and equipment51,388 48,974 
Other Noncurrent Assets
Goodwill3,655 3,655 
Regulatory assets (includes $1,872 at 2025 and $1,516 at 2024 related to VIEs)
6,525 6,618 
Nuclear decommissioning trust funds5,508 4,967 
Operating lease right-of-use assets, net630 625 
Other1,351 1,242 
Total other noncurrent assets17,669 17,107 
Total Assets$74,564 $71,636 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $266 at 2025 and $208 at 2024 related to VIEs)
$1,432 $2,170 
Accounts payable to affiliated companies587 507 
Notes payable to affiliated companies283 1,077 
Taxes accrued484 312 
Interest accrued240 232 
Current maturities of long-term debt (includes $102 at 2025 and $502 at 2024 related to VIEs)
872 1,517 
Asset retirement obligations208 231 
Regulatory liabilities379 522 
Other711 792 
Total current liabilities5,196 7,360 
Long-Term Debt (includes $1,938 at 2025 and $1,582 at 2024 related to VIEs)
25,062 22,829 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes5,524 5,263 
Asset retirement obligations4,274 4,317 
Regulatory liabilities5,435 5,258 
Operating lease liabilities568 557 
Accrued pension and other post-retirement benefit costs244 254 
Investment tax credits392 385 
Other (includes $11 at 2024 related to VIEs)
458 357 
Total other noncurrent liabilities16,895 16,391 
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2025 and 2024
— — 
Additional paid-in capital12,278 11,830 
Retained earnings14,994 13,086 
Accumulated other comprehensive loss(11)(10)
Total equity27,261 24,906 
Total Liabilities and Equity$74,564 $71,636 
See Notes to Condensed Consolidated Financial Statements
20
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,910 $1,634 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)2,739 2,081 
Equity component of AFUDC(84)(54)
Gains on sales of other assets(19)(20)
Impairment of assets and other charges(2)6 
Deferred income taxes231 (19)
Contributions to qualified pension plans— (23)
Payments for asset retirement obligations(155)(221)
(Increase) decrease in
Receivables(102)(185)
Receivables from affiliated companies(67)78 
Inventory(53)(95)
Other current assets14 841 
Increase (decrease) in
Accounts payable(823)194 
Accounts payable to affiliated companies137 87 
Taxes accrued179 179 
Other current liabilities(84)12 
Other assets(29)(484)
Other liabilities70 126 
Net cash provided by operating activities3,862 4,137 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(4,320)(3,891)
Purchases of debt and equity securities(3,219)(1,561)
Proceeds from sales and maturities of debt and equity securities3,254 1,644 
Notes receivable from affiliated companies(435)— 
Other(328)(351)
Net cash used in investing activities(5,048)(4,159)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt3,328 849 
Payments for the redemption of long-term debt(1,761)(460)
Notes payable to affiliated companies(795)(238)
Contributions from parent
400 — 
Dividends to parent— (125)
Other(12)(1)
Net cash provided by financing activities1,160 25 
Net (decrease) increase in cash, cash equivalents and restricted cash
(26)3 
Cash, cash equivalents and restricted cash at beginning of period160 135 
Cash, cash equivalents and restricted cash at end of period$134 $138 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$898 $628 
See Notes to Condensed Consolidated Financial Statements
21
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2024 and 2025
Accumulated Other Comprehensive Income (Loss)
Net Gains
Net Unrealized
Additional
(Losses) on
Gains (Losses) on
Pension and
Paid-inRetainedCash FlowAvailable-for-OPEBTotal
(in millions)CapitalEarningsHedgesSale SecuritiesAdjustmentsEquity
Balance at June 30, 2024$11,849 $11,996 $(1)$(5)$(4)$23,835 
Net income— 678 — — — 678 
Other comprehensive income
— — — 1 — 1 
Dividends to parent— (125)— — — (125)
Other(19)— — — — (19)
Balance at September 30, 2024$11,830 $12,549 $(1)$(4)$(4)$24,370 
Balance at June 30, 2025$12,187 $14,237 $(1)$(6)$(4)$26,413 
Net income— 757 — — — 757 
Distributions to parent
(9)— — — — (9)
Contributions from parent
100 — — — — 100 
Balance at September 30, 2025$12,278 $14,994 $(1)$(6)$(4)$27,261 
Nine Months Ended September 30, 2024 and 2025
Accumulated Other Comprehensive Income (Loss)
Net Gains
Net Unrealized
Additional
(Losses) on
Gains (Losses) onPension and
Paid-inRetainedCash FlowAvailable-for-OPEBTotal
CapitalEarningsHedgesSale SecuritiesAdjustmentsEquity
Balance at December 31, 2023$11,830 $11,040 $(1)$(5)$(4)$22,860 
Net income— 1,634 — — — 1,634 
Other comprehensive income
— — — 1 — 1 
Dividends to parent— (125)— — — (125)
Balance at September 30, 2024$11,830 $12,549 $(1)$(4)$(4)$24,370 
Balance at December 31, 2024$11,830 $13,086 $(1)$(5)$(4)$24,906 
Net income— 1,910 — — — 1,910 
Other comprehensive loss
— — — (1)— (1)
Distributions to parent
(9)— — — — (9)
Equitization of certain intercompany balances with affiliates
57 (2)— — — 55 
Contributions from parent
400 — — — — 400 
Balance at September 30, 2025$12,278 $14,994 $(1)$(6)$(4)$27,261 
See Notes to Condensed Consolidated Financial Statements
22
FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
Operating Revenues$1,913 $1,914 $5,612 $5,338 
Operating Expenses
Fuel used in electric generation and purchased power629 679 1,928 1,896 
Operation, maintenance and other362 376 1,100 1,077 
Depreciation and amortization373 354 1,049 999 
Property and other taxes54 43 159 144 
Impairment of assets and other charges(2)(3)(2)6 
Total operating expenses1,416 1,449 4,234 4,122 
Gains on Sales of Other Assets and Other, net1 1 1 2 
Operating Income498 466 1,379 1,218 
Other Income and Expenses, net55 34 142 107 
Interest Expense125 127 392 370 
Income Before Income Taxes428 373 1,129 955 
Income Tax Expense56 48 151 135 
Net Income and Comprehensive Income$372 $325 $978 $820 

See Notes to Condensed Consolidated Financial Statements
23
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)September 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$55 $24 
Receivables (net of allowance for doubtful accounts of $39 at 2025 and $10 at 2024)
858 160 
Receivables of VIEs (net of allowance for doubtful accounts of $34 at 2024)
5 835 
Receivables from affiliated companies33 10 
Notes receivable from affiliated companies628 — 
Inventory1,380 1,341 
Regulatory assets (includes $70 at 2025 and $47 at 2024 related to VIEs)
663 626 
Other (includes $20 at 2025 and $40 at 2024 related to VIEs)
208 104 
Total current assets3,830 3,100 
Property, Plant and Equipment
Cost44,082 42,060 
Accumulated depreciation and amortization(16,792)(15,930)
Net property, plant and equipment27,290 26,130 
Other Noncurrent Assets
Regulatory assets (includes $1,176 at 2025 and $775 at 2024 related to VIEs)
4,412 4,555 
Nuclear decommissioning trust funds5,202 4,636 
Operating lease right-of-use assets, net395 348 
Other778 724 
Total other noncurrent assets10,787 10,263 
Total Assets$41,907 $39,493 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$718 $749 
Accounts payable to affiliated companies448 306 
Notes payable to affiliated companies— 611 
Taxes accrued157 394 
Interest accrued88 122 
Current maturities of long-term debt (includes $41 at 2025 and $443 at 2024 related to VIEs)
85 983 
Asset retirement obligations206 230 
Regulatory liabilities259 348 
Other326 427 
Total current liabilities2,287 4,170 
Long-Term Debt (includes $1,226 at 2025 and $809 at 2024 related to VIEs)
13,662 11,371 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes2,671 2,344 
Asset retirement obligations4,081 4,104 
Regulatory liabilities4,781 4,570 
Operating lease liabilities390 332 
Accrued pension and other post-retirement benefit costs137 141 
Investment tax credits152 144 
Other (includes $11 at 2024 related to VIEs)
290 196 
Total other noncurrent liabilities12,502 11,831 
Commitments and Contingencies
Equity
Member's Equity13,306 11,971 
Total Liabilities and Equity$41,907 $39,493 

See Notes to Condensed Consolidated Financial Statements
24
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$978 $820 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)1,197 1,144 
Equity component of AFUDC(70)(44)
Impairment of assets and other charges(2)6 
Deferred income taxes315 (32)
Contributions to qualified pension plans— (14)
Payments for asset retirement obligations(127)(153)
(Increase) decrease in
Receivables121 (15)
Receivables from affiliated companies(23)2 
Inventory(38)(93)
Other current assets(223)288 
Increase (decrease) in
Accounts payable(56)(74)
Accounts payable to affiliated companies199 (10)
Taxes accrued(236)17 
Other current liabilities(80)14 
Other assets23 (101)
Other liabilities92 117 
Net cash provided by operating activities2,070 1,872 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(2,372)(2,036)
Purchases of debt and equity securities(3,053)(1,452)
Proceeds from sales and maturities of debt and equity securities3,052 1,451 
Notes receivable from affiliated companies(628)— 
Other(138)(130)
Net cash used in investing activities(3,139)(2,167)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt2,615 670 
Payments for the redemption of long-term debt(1,228)(67)
Notes payable to affiliated companies(611)(281)
Contributions from parent
300 — 
Other(1)— 
Net cash provided by financing activities1,075 322 
Net increase in cash, cash equivalents and restricted cash
6 27 
Cash, cash equivalents and restricted cash at beginning of period69 51 
Cash, cash equivalents and restricted cash at end of period$75 $78 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$438 $256 
See Notes to Condensed Consolidated Financial Statements
25
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended
September 30, 2024 and 2025
(in millions)Member's Equity
Balance at June 30, 2024$11,302 
Net income325 
Balance at September 30, 2024$11,627 
Balance at June 30, 2025$12,934 
Net income372 
Balance at September 30, 2025$13,306 
Nine Months Ended
September 30, 2024 and 2025
(in millions)Member's Equity
Balance at December 31, 2023$10,807 
Net income820 
Balance at September 30, 2024$11,627 
Balance at December 31, 2024$11,971 
Net income978 
Contributions from parent
300 
Equitization of certain intercompany balances with affiliates
57 
Balance at September 30, 2025$13,306 

See Notes to Condensed Consolidated Financial Statements
26
FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
Operating Revenues$2,157 $1,940 $5,486 $5,092 
Operating Expenses
Fuel used in electric generation and purchased power546 705 1,378 1,833 
Operation, maintenance and other579 272 1,365 779 
Depreciation and amortization297 286 861 796 
Property and other taxes147 127 389 350 
Total operating expenses1,569 1,390 3,993 3,758 
Gains on Sales of Other Assets and Other, net1 1 2 2 
Operating Income589 551 1,495 1,336 
Other Income and Expenses, net22 21 67 67 
Interest Expense118 114 352 339 
Income Before Income Taxes493 458 1,210 1,064 
Income Tax Expense96 94 235 212 
Net Income
$397 $364 $975 $852 
Other Comprehensive Loss, net of tax
Unrealized losses on available-for-sale securities
— — (1)— 
Comprehensive Income$397 $364 $974 $852 
See Notes to Condensed Consolidated Financial Statements
27
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)September 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$30 $33 
Receivables (net of allowance for doubtful accounts of $28 at 2025 and $29 at 2024)
804 544 
Receivables of VIEs
6 — 
Receivables from affiliated companies76 21 
Inventory (includes $550 at 2025 and $494 at 2024 related to VIEs)
771 745 
Regulatory assets (includes $62 at 2025 and $61 at 2024 related to VIEs)
211 1,022 
Other (includes $12 at 2025 and $35 at 2024 related to VIEs)
57 227 
Total current assets1,955 2,592 
Property, Plant and Equipment
Cost32,318 30,490 
Accumulated depreciation and amortization(8,224)(7,650)
Net property, plant and equipment24,094 22,840 
Other Noncurrent Assets
Regulatory assets (includes $696 at 2025 and $741 at 2024 related to VIEs)
2,113 2,064 
Nuclear decommissioning trust funds306 331 
Operating lease right-of-use assets, net236 277 
Other510 465 
Total other noncurrent assets3,165 3,137 
Total Assets$29,214 $28,569 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $266 at 2025 and $208 at 2024 related to VIEs)
$713 $1,418 
Accounts payable to affiliated companies103 67 
Notes payable to affiliated companies476 466 
Taxes accrued417 60 
Interest accrued124 86 
Current maturities of long-term debt (includes $61 at 2025 and $59 at 2024 related to VIEs)
787 534 
Asset retirement obligations2 1 
Regulatory liabilities119 174 
Other366 342 
Total current liabilities3,107 3,148 
Long-Term Debt (includes $712 at 2025 and $773 at 2024 related to VIEs)
9,755 9,814 
Other Noncurrent Liabilities
Deferred income taxes2,929 3,024 
Asset retirement obligations193 213 
Regulatory liabilities654 688 
Operating lease liabilities178 225 
Accrued pension and other post-retirement benefit costs87 92 
Investment tax credits240 241 
Other
168 143 
Total other noncurrent liabilities4,449 4,626 
Commitments and Contingencies
Equity
Member's equity11,909 10,986 
Accumulated other comprehensive loss(6)(5)
Total equity11,903 10,981 
Total Liabilities and Equity$29,214 $28,569 
See Notes to Condensed Consolidated Financial Statements
28
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$975 $852 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion1,541 936 
Equity component of AFUDC(14)(11)
Losses on sales of other assets(2)(2)
Deferred income taxes(114)13 
Contributions to qualified pension plans— (9)
Payments for asset retirement obligations(28)(68)
(Increase) decrease in
Receivables(223)(171)
Receivables from affiliated companies(55)236 
Inventory(15)(2)
Other current assets299 541 
Increase (decrease) in
Accounts payable(766)266 
Accounts payable to affiliated companies36 (8)
Taxes accrued364 56 
Other current liabilities(4)(3)
Other assets(57)(389)
Other liabilities(6)27 
Net cash provided by operating activities1,931 2,264 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(1,948)(1,855)
Purchases of debt and equity securities(166)(109)
Proceeds from sales and maturities of debt and equity securities202 193 
Other(191)(222)
Net cash used in investing activities(2,103)(1,993)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt713 179 
Payments for the redemption of long-term debt(533)(393)
Notes payable to affiliated companies10 43 
Contributions from parent
138 — 
Distributions to parent(188)(125)
Other(1)(1)
Net cash provided by (used in) financing activities139 (297)
Net decrease in cash, cash equivalents and restricted cash
(33)(26)
Cash, cash equivalents and restricted cash at beginning of period75 67 
Cash, cash equivalents and restricted cash at end of period$42 $41 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$461 $372 
See Notes to Condensed Consolidated Financial Statements
29
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2024 and 2025
Accumulated
Other
Comprehensive
Income (Loss)
Net Unrealized
Gains (Losses) on
Member'sAvailable-for-SaleTotal
(in millions)EquitySecuritiesEquity
Balance at June 30, 2024$10,555 $(5)$10,550 
Net income364 — 364 
Distributions to parent(125)— (125)
Other(17)— (17)
Balance at September 30, 2024$10,777 $(5)$10,772 
Balance at June 30, 2025$11,562 $(6)$11,556 
Net income397 — 397 
Distributions to parent(188)— (188)
Contributions from parent
138 — 138 
Balance at September 30, 2025$11,909 $(6)$11,903 
Nine Months Ended September 30, 2024 and 2025
Accumulated
Other
Comprehensive
Income (Loss)
Net Unrealized
Gains (Losses) on
Member'sAvailable-for-SaleTotal
(in millions)EquitySecuritiesEquity
Balance at December 31, 2023$10,048 $(5)$10,043 
Net income852 — 852 
Distributions to parent(125)— (125)
Other2 — 2 
Balance at September 30, 2024$10,777 $(5)$10,772 
Balance at December 31, 2024$10,986 $(5)$10,981 
Net income975 — 975 
Other comprehensive loss
— (1)(1)
Distributions to parent(188)— (188)
Contributions from parent
138 — 138 
Other(2)— (2)
Balance at September 30, 2025$11,909 $(6)$11,903 
See Notes to Condensed Consolidated Financial Statements
30
FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
Operating Revenues
Regulated electric$561 $497 $1,546 $1,431 
Regulated natural gas118 108 553 460 
Total operating revenues679 605 2,099 1,891 
Operating Expenses
Fuel used in electric generation and purchased power175 146 485 416 
Cost of natural gas12 18 148 100 
Operation, maintenance and other127 131 366 378 
Depreciation and amortization120 102 353 297 
Property and other taxes109 99 326 303 
Total operating expenses543 496 1,678 1,494 
Operating Income136 109 421 397 
Other Income and Expenses, net7 2 18 12 
Interest Expense52 52 150 144 
Income Before Income Taxes91 59 289 265 
Income Tax Expense13 7 47 42 
Net Income and Comprehensive Income$78 $52 $242 $223 
See Notes to Condensed Consolidated Financial Statements
31
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)September 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$14 $24 
Receivables (net of allowance for doubtful accounts of $51 at 2025 and $43 at 2024)
431 447 
Receivables from affiliated companies11 11 
Notes receivable from affiliated companies167 28 
Inventory182 183 
Regulatory assets68 88 
Other45 30 
Total current assets918 811 
Property, Plant and Equipment
Cost14,435 13,918 
Accumulated depreciation and amortization(3,763)(3,674)
Net property, plant and equipment10,672 10,244 
Other Noncurrent Assets
Goodwill920 920 
Regulatory assets667 705 
Operating lease right-of-use assets, net6 6 
Other89 82 
Total other noncurrent assets1,682 1,713 
Total Assets$13,272 $12,768 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$266 $313 
Accounts payable to affiliated companies73 52 
Notes payable to affiliated companies— 162 
Taxes accrued305 363 
Interest accrued58 49 
Current maturities of long-term debt140 245 
Asset retirement obligations8 8 
Regulatory liabilities54 34 
Other91 67 
Total current liabilities995 1,293 
Long-Term Debt4,349 3,895 
Long-Term Debt Payable to Affiliated Companies25 25 
Other Noncurrent Liabilities
Deferred income taxes1,322 1,314 
Asset retirement obligations125 131 
Regulatory liabilities464 465 
Operating lease liabilities5 6 
Accrued pension and other post-retirement benefit costs93 89 
Other92 91 
Total other noncurrent liabilities2,101 2,096 
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2025 and 2024
762 762 
Additional paid-in capital3,219 3,118 
Retained earnings1,821 1,579 
Total equity5,802 5,459 
Total Liabilities and Equity$13,272 $12,768 

See Notes to Condensed Consolidated Financial Statements
32
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$242 $223 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization356 300 
Equity component of AFUDC(12)(4)
Deferred income taxes(14)30 
Contributions to qualified pension plans— (5)
Payments for asset retirement obligations(4)(5)
(Increase) decrease in
Receivables15 47 
Receivables from affiliated companies— 57 
Inventory1 6 
Other current assets37 57 
Increase (decrease) in
Accounts payable(24)(32)
Accounts payable to affiliated companies21 (9)
Taxes accrued(57)(69)
Other current liabilities56 26 
Other assets(29)44 
Other liabilities32 (43)
Net cash provided by operating activities620 623 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(709)(640)
Notes receivable from affiliated companies(139)(199)
Other(65)(29)
Net cash used in investing activities(913)(868)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt496 645 
Payments for the redemption of long-term debt(150)— 
Notes payable to affiliated companies(162)(415)
Contributions from parent
100 — 
Other(1)(1)
Net cash provided by financing activities283 229 
Net decrease in cash and cash equivalents
(10)(16)
Cash and cash equivalents at beginning of period24 24 
Cash and cash equivalents at end of period$14 $8 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$87 $94 

See Notes to Condensed Consolidated Financial Statements
33
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2024 and 2025
Additional
CommonPaid-inRetainedTotal
(in millions)StockCapitalEarningsEquity
Balance at June 30, 2024$762 $3,119 $1,409 $5,290 
Net income— — 52 52 
Balance at September 30, 2024$762 $3,119 $1,461 $5,342 
Balance at June 30, 2025$762 $3,119 $1,743 $5,624 
Net income— — 78 78 
Contributions from parent
— 100 — 100 
Balance at September 30, 2025$762 $3,219 $1,821 $5,802 
Nine Months Ended September 30, 2024 and 2025
Additional
CommonPaid-inRetainedTotal
(in millions)StockCapitalEarningsEquity
Balance at December 31, 2023$762 $3,100 $1,238 $5,100 
Net income— — 223 223 
Other— 19 — 19 
Balance at September 30, 2024$762 $3,119 $1,461 $5,342 
Balance at December 31, 2024$762 $3,118 $1,579 $5,459 
Net income— — 242 242 
Contributions from parent
— 100 — 100 
Other— 1 — 1 
Balance at September 30, 2025$762 $3,219 $1,821 $5,802 
See Notes to Condensed Consolidated Financial Statements
34
FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
Operating Revenues$992 $836 $2,671 $2,342 
Operating Expenses
Fuel used in electric generation and purchased power324 267 803 761 
Operation, maintenance and other214 169 601 510 
Depreciation and amortization203 166 617 507 
Property and other taxes9 7 44 37 
Total operating expenses750 609 2,065 1,815 
Operating Income242 227 606 527 
Other Income and Expenses, net15 16 46 44 
Interest Expense66 58 182 173 
Income Before Income Taxes191 185 470 398 
Income Tax Expense
24 29 60 65 
Net Income
$167 $156 $410 $333 
Other Comprehensive Loss, net of tax
Pension and OPEB adjustments— — — (1)
Comprehensive Income$167 $156 $410 $332 

See Notes to Condensed Consolidated Financial Statements
35
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)September 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$13 $13 
Receivables (net of allowance for doubtful accounts of $17 at 2025 and $15 at 2024)
478 423 
Receivables from affiliated companies2 1 
Notes receivable from affiliated companies200 — 
Inventory527 586 
Regulatory assets180 113 
Other66 69 
Total current assets1,466 1,205 
Property, Plant and Equipment
Cost20,699 19,970 
Accumulated depreciation and amortization(7,349)(6,848)
Net property, plant and equipment13,350 13,122 
Other Noncurrent Assets
Regulatory assets1,051 1,040 
Operating lease right-of-use assets, net33 37 
Other265 323 
Total other noncurrent assets1,349 1,400 
Total Assets$16,165 $15,727 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$315 $257 
Accounts payable to affiliated companies85 57 
Notes payable to affiliated companies— 10 
Taxes accrued90 168 
Interest accrued81 59 
Current maturities of long-term debt4 4 
Asset retirement obligations130 164 
Regulatory liabilities259 183 
Other215 183 
Total current liabilities1,179 1,085 
Long-Term Debt4,942 4,644 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes1,515 1,494 
Asset retirement obligations1,006 1,104 
Regulatory liabilities1,228 1,404 
Operating lease liabilities29 33 
Accrued pension and other post-retirement benefit costs82 82 
Investment tax credits184 186 
Other20 19 
Total other noncurrent liabilities4,064 4,322 
Commitments and Contingencies
Equity
Member's equity5,830 5,526 
           Total equity5,830 5,526 
Total Liabilities and Equity$16,165 $15,727 

See Notes to Condensed Consolidated Financial Statements
36
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$410 $333 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion619 510 
Equity component of AFUDC(24)(13)
Deferred income taxes(40)87 
Contributions to qualified pension plans— (8)
Payments for asset retirement obligations(68)(60)
(Increase) decrease in
Receivables(56)36 
Receivables from affiliated companies(1)1 
Inventory59 2 
Other current assets(74)36 
Increase (decrease) in
Accounts payable23 (29)
Accounts payable to affiliated companies28 (74)
Taxes accrued(78)(5)
Other current liabilities89 (25)
Other assets73 (83)
Other liabilities(26)20 
Net cash provided by operating activities934 728 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(841)(711)
Purchases of debt and equity securities(59)(31)
Proceeds from sales and maturities of debt and equity securities129 22 
Notes receivable from affiliated companies(200)(117)
Other(144)(24)
Net cash used in investing activities(1,115)(861)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt297 298 
Notes payable to affiliated companies(10)(245)
Contributions from parent
— 235 
Distributions to parent(105)(154)
Other(1)(1)
Net cash provided by financing activities
181 133 
Net increase (decrease) in cash and cash equivalents
— — 
Cash and cash equivalents at beginning of period13 8 
Cash and cash equivalents at end of period$13 $8 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$162 $104 
See Notes to Condensed Consolidated Financial Statements
37
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2024 and 2025
Accumulated Other
Comprehensive Income (Loss)
Member's Pension andTotal
(in millions)EquityOPEB AdjustmentsEquity
Balance at June 30, 2024$5,401 $— $5,401 
Net income156 — 156 
Distributions to parent(93)— (93)
Other1 — 1 
Balance at September 30, 2024$5,465 $— $5,465 
Balance at June 30, 2025$5,699 $— $5,699 
Net income167 — 167 
Distributions to parent(35)— (35)
Other(1)— (1)
Balance at September 30, 2025$5,830 $— $5,830 
Nine Months Ended September 30, 2024 and 2025
Accumulated Other
Comprehensive Income (Loss)
Member'sPension andTotal
(in millions)EquityOPEB AdjustmentsEquity
Balance at December 31, 2023$5,012 $1 $5,013 
Net income
333 — 333 
Contributions from parent
235 — 235 
Distributions to parent(113)— (113)
Other(2)(1)(3)
Balance at September 30, 2024$5,465 $— $5,465 
Balance at December 31, 2024$5,526 $— $5,526 
Net income410 — 410 
Distributions to parent(105)— (105)
Other(1)— (1)
Balance at September 30, 2025$5,830 $— $5,830 

See Notes to Condensed Consolidated Financial Statements
38
FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2025202420252024
Operating Revenues
Regulated natural gas$265 $213 $1,443 $1,119 
Nonregulated natural gas and other6 6 20 20 
Operating Revenues$271 $219 $1,463 $1,139 
Operating Expenses
Cost of natural gas98 52 494 280 
Operation, maintenance and other102 87 301 267 
Depreciation and amortization69 65 210 191 
Property and other taxes19 16 56 47 
Total operating expenses288 220 1,061 785 
Operating (Loss) Income
(17)(1)402 354 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates3 2 6 6 
Other income and expenses, net12 12 34 42 
Total other income and expenses15 14 40 48 
Interest Expense48 47 143 135 
(Loss) Income Before Income Taxes
(50)(34)299 267 
Income Tax (Benefit) Expense
(12)(10)56 49 
Net (Loss) Income and Comprehensive (Loss) Income$(38)$(24)$243 $218 
See Notes to Condensed Consolidated Financial Statements
39
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)September 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents
$2 $2 
Receivables (net of allowance for doubtful accounts of $8 at 2025 and $7 at 2024)
120 306 
Receivables from affiliated companies9 16 
Inventory54 66 
Assets held for sale47 92 
Regulatory assets128 141 
Other82 10 
Total current assets442 633 
Property, Plant and Equipment
Cost11,131 10,712 
Accumulated depreciation and amortization(2,129)(2,041)
Net property, plant and equipment9,002 8,671 
Other Noncurrent Assets
Goodwill39 39 
Regulatory assets379 387 
Operating lease right-of-use assets, net2 4 
Investments in equity method unconsolidated affiliates75 76 
Assets held for sale
1,822 1,722 
Other275 267 
Total other noncurrent assets2,592 2,495 
Total Assets$12,036 $11,799 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$173 $195 
Accounts payable to affiliated companies46 26 
Notes payable to affiliated companies543 739 
Taxes accrued57 83 
Interest accrued50 44 
Current maturities of long-term debt505 205 
Liabilities associated with assets held for sale39 52 
Regulatory liabilities6 64 
Other74 72 
Total current liabilities1,493 1,480 
Long-Term Debt3,800 3,798 
Other Noncurrent Liabilities
Deferred income taxes1,080 1,018 
Asset retirement obligations26 24 
Regulatory liabilities801 783 
Operating lease liabilities2 7 
Accrued pension and other post-retirement benefit costs6 7 
Liabilities associated with assets held for sale
167 182 
Other103 146 
Total other noncurrent liabilities2,185 2,167 
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2025 and 2024
1,635 1,635 
Retained earnings2,922 2,718 
Total Piedmont Natural Gas Company, Inc. stockholder's equity4,557 4,353 
Noncontrolling interests1 1 
Total equity4,558 4,354 
Total Liabilities and Equity$12,036 $11,799 

See Notes to Condensed Consolidated Financial Statements
40
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$243 $218 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization212 193 
Equity component of AFUDC(13)(17)
Deferred income taxes46 54 
Equity in earnings from unconsolidated affiliates(6)(6)
Contributions to qualified pension plans— (3)
(Increase) decrease in
Receivables217 185 
Receivables from affiliated companies7 (2)
Inventory13 54 
Other current assets(49)(71)
Increase (decrease) in
Accounts payable(44)(39)
Accounts payable to affiliated companies20 10 
Taxes accrued(27)(36)
Other current liabilities(51)8 
Other assets(7)(15)
Other liabilities(4)8 
Net cash provided by operating activities557 541 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(595)(800)
Other(24)(44)
Net cash used in investing activities(619)(844)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt450 373 
Payments for the redemption of long-term debt(150)(40)
Notes payable to affiliated companies(197)(26)
Dividends to parent(40)— 
Other(1)— 
Net cash provided by financing activities62 307 
Net increase in cash and cash equivalents— 4 
Cash and cash equivalents at beginning of period2 — 
Cash and cash equivalents at end of period$2 $4 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$129 $143 

See Notes to Condensed Consolidated Financial Statements
41
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2024 and 2025
Total
Piedmont
Natural Gas
CommonRetainedCompany, Inc.NoncontrollingTotal
(in millions)StockEarningsEquityInterestsEquity
Balance at June 30, 2024$1,635 $2,658 $4,293 $1 $4,294 
Net loss
— (24)(24)— (24)
Balance at September 30, 2024$1,635 $2,634 $4,269 $1 $4,270 
Balance at June 30, 2025$1,635 $3,000 $4,635 $1 $4,636 
Net loss
— (38)(38)— (38)
Dividends to parent
— (40)(40)— (40)
Balance at September 30, 2025$1,635 $2,922 $4,557 $1 $4,558 
Nine Months Ended September 30, 2024 and 2025
Total
Piedmont
Natural Gas
CommonRetained Company, Inc.NoncontrollingTotal
(in millions)StockEarningsEquityInterestsEquity
Balance at December 31, 2023$1,635 $2,416 $4,051 $1 $4,052 
Net income— 218 218 — 218 
Balance at September 30, 2024$1,635 $2,634 $4,269 $1 $4,270 
Balance at December 31, 2024$1,635 $2,718 $4,353 $1 $4,354 
Net income— 243 243 — 243 
Dividends to parent
— (40)(40)— (40)
Other— 1 1 — 1 
Balance at September 30, 2025$1,635 $2,922 $4,557 $1 $4,558 

See Notes to Condensed Consolidated Financial Statements
42
FINANCIAL STATEMENTSORGANIZATION AND BASIS OF PRESENTATION
Index to Combined Notes to Condensed Consolidated Financial Statements
The unaudited notes to the Condensed Consolidated Financial Statements that follow are a combined presentation. The following list indicates the registrants to which the footnotes apply.
Applicable Notes
Registrant1
2
34567891011121314151617
Duke Energy••••••••••••••••
Duke Energy Carolinas••••••••••••••
Progress Energy•••••••••••••••
Duke Energy Progress••••••••••••••
Duke Energy Florida•••••••••••••••
Duke Energy Ohio••••••••••••••
Duke Energy Indiana••••••••••••••
Piedmont••••••••••••••
Tables within the notes may not sum across due to (i) Progress Energy's consolidation of Duke Energy Progress, Duke Energy Florida and other subsidiaries that are not registrants and (ii) subsidiaries that are not registrants but included in the consolidated Duke Energy balances.
1. ORGANIZATION AND BASIS OF PRESENTATION
BASIS OF PRESENTATION
These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024.
The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.
These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors.
In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
BASIS OF CONSOLIDATION
These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 13 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.
Discontinued Operations
Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. For all periods presented, unless otherwise noted, disclosures related to balance sheet activity exclude amounts presented as held for sale and disclosures related to income statement activity exclude amounts related to discontinued operations. A portion of NCI on Duke Energy's Condensed Consolidated Balance Sheet as of December 31, 2024, relates to discontinued operations. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.
43
FINANCIAL STATEMENTSORGANIZATION AND BASIS OF PRESENTATION
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 11 and 13 for additional information. Restricted cash amounts are included in Other within Current Assets and Other within Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included on the Condensed Consolidated Balance Sheets.
September 30, 2025December 31, 2024
DukeDukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyDukeEnergyProgressEnergyEnergy
EnergyCarolinasEnergyProgressFlorida
Energy
CarolinasEnergyProgressFlorida
Current Assets
Cash and cash equivalents$688 $44 $102 $55 $30 $314 $6 $73 $24 $33 
Other38 5 32 20 12 84 9 76 40 35 
Other Noncurrent Assets
Other13 — — — — 20 1 11 5 7 
Total cash, cash equivalents and restricted cash$739 $49 $134 $75 $42 $418 $16 $160 $69 $75 
INVENTORY
Provisions for inventory write-offs were not material at September 30, 2025, and December 31, 2024. The components of inventory are presented in the tables below.
 September 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Materials and supplies $3,482 $1,172 $1,708 $1,106 $602 $153 $402 $13 
Coal718 328 249 170 79 18 123 — 
Natural gas, oil and other fuel294 45 194 104 90 11 2 41 
Total inventory $4,494 $1,545 $2,151 $1,380 $771 $182 $527 $54 
 December 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Materials and supplies $3,386 $1,150 $1,649 $1,074 $576 $149 $389 $11 
Coal801 341 241 164 77 23 196 — 
Natural gas, oil and other fuel309 45 196 103 92 11 1 55 
Total inventory $4,496 $1,536 $2,086 $1,341 $745 $183 $586 $66 
OTHER NONCURRENT ASSETS
Duke Energy, through a nonregulated subsidiary, was the winner of the Carolina Long Bay offshore wind auction in May 2022. The cost of the rights acquired from the auction, totaling $150 million, is recorded in Other within Other noncurrent assets on Duke Energy's Condensed Consolidated Balance Sheets as of September 30, 2025, and December 31, 2024.
ACCOUNTS PAYABLE
Duke Energy has a voluntary supply chain finance program (the “program”) that allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to a global financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms, which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.
44
FINANCIAL STATEMENTSORGANIZATION AND BASIS OF PRESENTATION
The following table presents the amounts included within Accounts payable on the Condensed Consolidated Balance Sheets sold to the financial institution by our suppliers and the supplier invoices sold to the financial institution under the program included within Net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025, and 2024.
Three Months Ended September 30, 2024 and 2025
Duke
(in millions)EnergyPiedmont
Confirmed obligations outstanding at June 30, 2024
$28 $28 
Invoices confirmed during the period26 25 
Confirmed invoices paid during the period(28)(28)
Confirmed obligations outstanding at September 30, 2024
$26 $25 
Confirmed obligations outstanding at June 30, 2025
$12 $12 
Invoices confirmed during the period15 15 
Confirmed invoices paid during the period(14)(14)
Confirmed obligations outstanding at September 30, 2025
$13 $13 
Nine Months Ended September 30, 2024 and 2025
Duke
(in millions)EnergyPiedmont
Confirmed obligations outstanding at December 31, 2023
$50 $47 
Invoices confirmed during the period146 144 
Confirmed invoices paid during the period(170)(166)
Confirmed obligations outstanding at September 30, 2024
$26 $25 
Confirmed obligations outstanding at December 31, 2024
$13 $12 
Invoices confirmed during the period47 45 
Confirmed invoices paid during the period(47)(44)
Confirmed obligations outstanding at September 30, 2025
$13 $13 
NEW ACCOUNTING STANDARDS
The following new accounting standards have been issued but not yet adopted by the Duke Energy Registrants as of September 30, 2025.
Improvements to Income Tax Disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued new accounting guidance to enhance income tax disclosures by requiring consistent categorization and additional disaggregation of information in the rate reconciliation, as well as an annual disclosure of income taxes paid information disaggregated by jurisdiction. The Duke Energy Registrants plan to adopt this guidance on a prospective basis as of January 1, 2025, in the Company's 2025 Form 10-K. Duke Energy expects this guidance to impact the financial statement disclosures with no impact on the results of operations, cash flows or financial condition.
Disaggregation of Income Statement Expenses. In November 2024, the FASB issued new accounting guidance that requires disclosure of disaggregated information for certain cost and expense categories. This new guidance does not change the expense captions presented on the Condensed Consolidated Statements of Operations but requires disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements. For Duke Energy Registrants, the amendments will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Duke Energy is currently assessing implementation of this guidance on the financial statement disclosures and expects it will have no impact on the results of operations, cash flows or financial condition.
45
FINANCIAL STATEMENTSDISPOSITIONS
2. DISPOSITIONS
Minority Interest in Florida Progress
On August 4, 2025, Duke Energy, Progress Energy and Florida Progress LLC (Florida Progress), the holding company of Duke Energy Florida, entered into an investment agreement with an affiliate of Brookfield Super-Core Infrastructure Partners (Investor), pursuant to which Florida Progress agreed to issue membership interests to Investor for up to a 19.7% membership interest in Florida Progress following a series of closings, for an aggregate investment of $6 billion, subject to certain adjustments. At the first closing, Florida Progress will issue to Investor 9.2% of the Florida Progress membership interests for $2.8 billion. The first closing will be followed by additional closings with investments occurring no later than on the following timeline: (i) Investor will invest an additional $200 million in Florida Progress no later than December 31, 2026; (ii) Investor will invest an additional $500 million in Florida Progress no later than June 30, 2027; (iii) Investor will invest an additional $1.5 billion in Florida Progress no later than December 31, 2027; and (iv) Investor will invest an additional $1 billion in Florida Progress no later than June 30, 2028. The ownership interest of Florida Progress will transfer proportionally with each closing. The Investor has the option to fund its total $6 billion investment sooner. The transaction is subject to the satisfaction of certain customary conditions described in the investment agreement, including receipt of the approval of the FERC and completion of review by CFIUS, as well as approval, or a determination that the transaction does not require approval, by the NRC. The investment agreement also provides that, upon termination of the investment agreement under certain specified circumstances prior to the first closing, the Investor would be required to pay Progress Energy a termination fee of $240 million.
Proceeds from the minority interest investment are expected to be used to efficiently fund Duke Energy’s growing capital and investment expenditures plan, primarily by displacing certain previously planned issuances of long-term debt and common equity through 2029.
The investment agreement limits Florida Progress’ ability to declare dividends before the first closing (anticipated to be in early 2026). The Investor will receive certain limited rights commensurate with its 19.7% investment in Florida Progress. Duke Energy and Progress Energy will retain control of Florida Progress, so no gain or loss is expected to be recognized on the Condensed Consolidated Statements of Operations. The investment will be presented as noncontrolling interest within stockholders' equity.
Sale of Piedmont's Tennessee Business
On July 27, 2025, Piedmont entered into a purchase agreement with Spire Inc., a Missouri corporation, for the sale of Piedmont's Tennessee business with expected proceeds of $2.48 billion, subject to closing adjustments, with proceeds due at closing. Piedmont’s Tennessee business is included within the GU&I segment of Duke Energy and Piedmont. Piedmont expects to complete the sale on March 31, 2026. Completion of the transaction is subject to customary closing conditions, including approval from the TPUC and expiration or termination of the applicable waiting period under the HSR. The HSR waiting period for the transaction expired in September 2025. The purchase agreement contains certain termination rights and provides that Spire Inc. may be required to pay a termination fee for an amount equal to 6.5% of the purchase price to Piedmont upon termination of the purchase agreement under certain circumstances. In the third quarter of 2025, Duke Energy and Piedmont reclassified the Piedmont Tennessee Disposal Group to assets held for sale. Proceeds from the sale are expected to be used for debt reduction at Piedmont and to efficiently fund Duke Energy's capital plan, primarily by displacing the issuance of common equity in the near term.
Sale of Commercial Renewables Segment
In 2023, Duke Energy completed the sale of substantially all the assets in the Commercial Renewables business segment. Duke Energy closed on the transaction with Brookfield on October 25, 2023, for proceeds of $1.1 billion, with approximately half of the proceeds received at closing and the remainder due 18 months after closing. The balance of the remaining proceeds of $551 million is included in Receivable from sales of Commercial Renewables Disposal Groups as of December 31, 2024, on Duke Energy's Condensed Consolidated Balance Sheets. On April 28, 2025, Duke Energy received the remaining sale proceeds from Brookfield. In January 2025, a sale of the remaining Commercial Renewables business assets was completed and proceeds from that disposition were not material.
Assets Held For Sale and Discontinued Operations
The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. No interest from corporate level debt was allocated to discontinued operations.
The Piedmont Tennessee Disposal Group was classified as held for sale in the third quarter of 2025. Piedmont ceased recording depreciation and amortization on long-lived assets of the Piedmont Tennessee Disposal Group upon meeting the held for sale criteria in August 2025.
46
FINANCIAL STATEMENTSDISPOSITIONS
The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's and Piedmont's Condensed Consolidated Balance Sheets.
September 30, 2025
Piedmont
Duke Energy
(in millions)
Piedmont Tennessee Disposal Group
Piedmont Tennessee Disposal Group
Commercial Renewables Disposal Groups
Total
Current Assets Held for Sale
Receivables, net$28 $28 $— $28 
Inventory12 12 — 12 
Other7 7 — 7 
Total current assets held for sale47 47 — 47 
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost2,185 2,185 — 2,185 
Accumulated depreciation and amortization(414)(414)— (414)
Net property, plant and equipment1,771 1,771 — 1,771 
Goodwill
10 294 — 294 
Regulatory assets
41 41 — 41 
Total noncurrent assets held for sale
1,822 2,106 — 2,106 
Total Assets Held for Sale$1,869 $2,153 $— $2,153 
Current Liabilities Associated with Assets Held for Sale
Accounts payable$35 $35 $18 $53 
Other4 4 — 4 
Total current liabilities associated with assets held for sale39 39 18 57 
Noncurrent Liabilities Associated with Assets Held for Sale
Asset retirement obligations4 4 — 4 
Regulatory liabilities
158 158 — 158 
Other5 5 — 5 
Total noncurrent liabilities associated with assets held for sale
167 167 — 167 
Total Liabilities Associated with Assets Held for Sale$206 $206 $18 $224 
As of September 30, 2025, $18 million of current liabilities held for sale balance relates to the previously sold Commercial Renewables Disposal Groups' assets and is expected to settle by December 31, 2025.
47
FINANCIAL STATEMENTSDISPOSITIONS
December 31, 2024
Piedmont
Duke Energy
(in millions)
Piedmont Tennessee Disposal Group
Piedmont Tennessee Disposal Group
Commercial Renewables Disposal Groups
Total
Current Assets Held for Sale
Receivables, net$64 $64 $— $64 
Inventory12 12 — 12 
Other16 16 4 20 
Total current assets held for sale92 92 4 96 
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost2,069 2,069 109 2,178 
Accumulated depreciation and amortization(392)(392)(24)(416)
Net property, plant and equipment1,677 1,677 85 1,762 
Goodwill
10 294 — 294 
Regulatory assets
35 35 — 35 
Operating lease right-of-use assets, net— — 4 4 
Total noncurrent assets held for sale
1,722 2,006 89 2,095 
Total Assets Held for Sale$1,814 $2,098 $93 $2,191 
Current Liabilities Associated with Assets Held for Sale
Accounts payable$42 $42 $19 $61 
Taxes accrued1 1 1 2 
Current maturities of long-term debt— — 43 43 
Unrealized losses on commodity hedges
— — 13 13 
Other9 9 4 13 
Total current liabilities associated with assets held for sale52 52 80 132 
Noncurrent Liabilities Associated with Assets Held for Sale
Asset retirement obligations4 4 5 9 
Regulatory liabilities
173 173 — 173 
Operating lease liabilities— — 5 5 
Unrealized losses on commodity hedges
— — 66 66 
Other5 5 13 18 
Total noncurrent liabilities associated with assets held for sale
182 182 89 271 
Total Liabilities Associated with Assets Held for Sale$234 $234 $169 $403 
As of December 31, 2024, the noncontrolling interest balance is $18 million and relates to the previously sold Commercial Renewables Disposal Groups.
The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Income (Loss) from Discontinued Operations, net of tax in Duke Energy's Condensed Consolidated Statements of Operations.
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions)202420252024
Operating revenues$2 $4 $9 
Operation, maintenance and other31 19
Property and other taxes— — 1
Interest expense1 — 3
Loss on disposal
17 4 22 
Loss before income taxes(19)(1)(36)
Income tax benefit
(44)— (48)
Income (Loss) from discontinued operations $25 $(1)$12 
Add: Net income attributable to noncontrolling interest included in discontinued operations
(3)— (3)
Net income (loss) from discontinued operations attributable to Duke Energy Corporation
$22 $(1)$9 
48
FINANCIAL STATEMENTSDISPOSITIONS
Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Condensed Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.
Nine Months Ended
September 30,
(in millions)20252024
Cash flows (used in) provided by:
Operating activities$(3)$6 
Investing activities— (13)
Other Sale-Related Matters
As part of the 2023 purchase and sale agreement for the Commercial Renewables distributed generation group, Duke Energy agreed to retain certain guarantees, with expiration dates between 2029 through 2034, related to tax equity partners' assets and operations that were disposed of via sale. Duke Energy has obtained certain guarantees from the buyers in regards to future performance obligations to assist in limiting Duke Energy's exposure under the retained guarantees. The fair value of the guarantees is immaterial as Duke Energy does not believe conditions are likely for performance under these guarantees.
3. BUSINESS SEGMENTS
Duke Energy
Duke Energy's segment structure includes the following two segments: EU&I and GU&I.
The EU&I segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. EU&I also includes the offshore wind contract for Carolina Long Bay.
The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage, midstream pipeline and renewable natural gas investments.
The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in NMC.
49
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets. On a quarterly basis going forward, the Company expects to disclose segment assets as of the prior year end and current interim period end, consistent with the periods presented on the Condensed Consolidated Balance Sheets in each respective Form 10-Q.
Three Months Ended September 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$8,165 $371 $8,536 $6 $— $8,542 
Intersegment revenues15 23 38 34 (72)— 
Total operating revenues
$8,180 $394 $8,574 $40 $(72)$8,542 
Less:
Fuel used in electric generation and purchased power$2,309 $— $2,309 $— $(20)$2,289 
Cost of natural gas— 110 110 — — 110 
Operation, maintenance and other1,728 125 1,853 (38)(53)1,762 
Depreciation and amortization1,448 106 1,554 79 (7)1,626 
Property and other taxes394 41 435 2 1 438 
Impairment of assets and other charges(1)— (1)— 1 — 
Interest expense522 67 589 332 (19)902 
Income tax expense (benefit)264 (10)254 (79)1 176 
Other Segment Items
Noncontrolling interests(a)
34 — 34 — (1)33 
Preferred dividends— — — 14 — 14 
Add: Equity in earnings of unconsolidated affiliates
— 5 5 12 (1)16 
Add: Other(b)
176 14 190 33 (24)199 
Segment income (loss)
$1,658 $(26)$1,632 $(225)$— $1,407 
Add back: Net income attributable to noncontrolling interest
33 
Add back: Preferred dividends
14 
Net Income
$1,454 
50
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Three Months Ended September 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$7,833 $309 $8,142 $12 $— $8,154 
Intersegment revenues19 23 42 30 (72)— 
Total operating revenues
$7,852 $332 $8,184 $42 $(72)$8,154 
Less:
Fuel used in electric generation and purchased power$2,664 $— $2,664 $— $(20)$2,644 
Cost of natural gas— 70 70 — — 70 
Operation, maintenance and other1,387 113 1,500 (44)(47)1,409 
Depreciation and amortization1,352 100 1,452 72 (8)1,516 
Property and other taxes345 36 381 3 (1)383 
Impairment of assets and other charges(5)— (5)— — (5)
Interest expense514 67 581 321 (30)872 
Income tax expense (benefit)244 (14)230 (66)(1)163 
Other Segment Items
Noncontrolling interests(a)
31 — 31 — — 31 
Preferred dividends— — — 39 — 39 
Preferred redemption costs— — — 16 — 16 
Add: Equity in earnings of unconsolidated affiliates
2 3 5 10 — 15 
Add: Other(b)
129 12 141 67 (35)173 
Segment income (loss)(c)(d)
$1,451 $(25)$1,426 $(222)$— $1,204 
Discontinued Operations
22 
Net income available to Duke Energy Corporation Common Stockholders
$1,226 
Add back: Net Income available to noncontrolling interest
34 
Add back: Preferred dividends
39 
Add back: Preferred redemption costs
16 
Net Income
$1,315 
(a)Net income attributable to NCI related to continuing operations.
(b)    Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.
(c)    EU&I includes $17 million recorded within Operating Revenues and GU&I includes $1 million recorded within Operations, maintenance and other and $3 million recorded within Other income and expenses related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
(d)    Other includes $16 million recorded as Preferred Redemption Costs related to the redemption of Series B Preferred Stock. Refer to Note 15 for further information.
51
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Nine Months Ended September 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$22,320 $1,958 $24,278 $21 $— $24,299 
Intersegment revenues45 69 114 101 (215)— 
Total operating revenues
$22,365 $2,027 $24,392 $122 $(215)$24,299 
Less:
Fuel used in electric generation and purchased power$6,326 $— $6,326 $— $(60)$6,266 
Cost of natural gas— 642 642 — — 642 
Operation, maintenance and other4,746 379 5,125 (59)(150)4,916 
Depreciation and amortization4,184 325 4,509 233 (21)4,721 
Property and other taxes1,143 129 1,272 8 1 1,281 
Impairment of assets and other charges(2)— (2)5 — 3 
Interest expense1,587 197 1,784 968 (64)2,688 
Income tax expense (benefit)653 77 730 (243)1 488 
Other Segment Items
Noncontrolling interests(a)
82 — 82 — (1)81 
Preferred dividends— — — 41 — 41 
Add: Equity in earnings of unconsolidated affiliates
— 11 11 27 — 38 
Add: Other(b)
482 40 522 91 (79)534 
Segment income (loss)
$4,128 $329 $4,457 $(713)$— $3,744 
Discontinued Operations
(1)
Net income available to Duke Energy Corporation Common Stockholders
$3,743 
Add back: Net income attributable to noncontrolling interest
81 
Add back: Preferred dividends
41 
Net Income
$3,865 
Capital investments expenditures and acquisitions for the nine months ended September 30, 2025$8,789 $847 $9,636 $245 $— $9,881 
Segment assets as of September 30, 2025(c)
169,647 18,468 188,115 4,178 — 192,293 
52
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Nine Months Ended September 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$21,420 $1,547 $22,967 $30 $— $22,997 
Intersegment revenues55 68 123 90 (213)— 
Total operating revenues
$21,475 $1,615 $23,090 $120 $(213)$22,997 
Less:
Fuel used in electric generation and purchased power$7,266 $— $7,266 $— $(59)$7,207 
Cost of natural gas— 380 380 — — 380 
Operation, maintenance and other3,965 359 4,324 (70)(146)4,108 
Depreciation and amortization3,823 294 4,117 216 (21)4,312 
Property and other taxes1,033 120 1,153 10 (1)1,162 
Impairment of assets and other charges38 — 38 1 — 39 
Interest expense1,501 189 1,690 921 (98)2,513 
Income tax expense (benefit)631 57 688 (207)— 481 
Other Segment Items
Noncontrolling interests(a)
66 — 66 — (1)65 
Preferred dividends— — — 92 — 92 
Preferred redemption costs— — — 16 — 16 
Add: Equity in earnings of unconsolidated affiliates
4 3 7 46 — 53 
Add: Other(b)
406 46 452 188 (113)527 
Segment income (loss)(d)(e)
$3,562 $265 $3,827 $(625)$— $3,202 
Discontinued Operations
9 
Net income available to Duke Energy Corporation Common Stockholders
$3,211 
Add back: Net Income available to noncontrolling interest
68 
Add back: Preferred dividends
92 
Add back: Preferred redemption costs
16 
Net Income
$3,387 
Capital investments expenditures and acquisitions for the nine months ended September 30, 2024
$7,969 $1,027 $8,996 $203 $— $9,199 
Segment assets as of December 31, 2024(c)
164,010 18,131 182,141 4,202 — 186,343 
(a)Net income attributable to NCI related to continuing operations.
(b)    Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.
(c)    GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group. Refer to Note 2 for further information.
(d)    EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the Duke Energy Carolinas' 2024 South Carolina rate case order. Additionally, EU&I includes $17 million recorded within Operating Revenues and GU&I includes $1 million recorded within Operations, maintenance and other and $3 million recorded within Other income and expenses related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
(e)    Other includes $16 million recorded as Preferred Redemption Costs related to the redemption of Series B Preferred Stock. Refer to Note 15 for further information.
53
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Carolinas
Duke Energy Carolinas has one reportable segment, EU&I. The remainder of Duke Energy Carolinas' operations is presented as Other.
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$2,632 $— $2,632 $7,387 $— $7,387 
Less:
Fuel used in electric generation and purchased power$706 $— $706 $2,080 $— $2,080 
Operation, maintenance and other477 10 487 1,439 32 1,471 
Depreciation and amortization488 — 488 1,402 — 1,402 
Property and other taxes96 — 96 283 — 283 
Impairment of assets and other charges1 — 1 — — — 
Interest expense184 — 184 584 — 584 
Income tax expense (benefit)54 (3)51 146 (8)138 
Add: Other segment items(a)
66 (1)65 195 (2)193 
Segment income (loss) / Net income$692 $(8)$684 $1,648 $(26)$1,622 
Capital expenditures for the nine months ended September 30, 2025
$3,159 $— $3,159 
Segment assets as of September 30, 2025
57,700 221 57,921 
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$2,707 $— $2,707 $7,411 $— $7,411 
Less:
Fuel used in electric generation and purchased power$922 $— $922 $2,531 $— $2,531 
Operation, maintenance and other461 2 463 1,335 23 1,358 
Depreciation and amortization472 — 472 1,306 — 1,306 
Property and other taxes88 — 88 271 — 271 
Impairment of assets and other charges(2)— (2)32 — 32 
Interest expense189 — 189 537 — 537 
Income tax expense (benefit)50 (1)49 159 (6)153 
Add: Other segment items(a)
59 (1)58 184 (2)182 
Segment income (loss) / Net income$586 $(2)$584 $1,424 $(19)$1,405 
Capital expenditures for the nine months ended September 30, 2024
$2,923 $— $2,923 
Segment assets as of December 31, 2024
54,782 223 55,005 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
54
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Progress Energy
Progress Energy has one reportable segment, EU&I. The remainder of Progress Energy's operations is presented as Other.
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$4,070 $4 $4,074 $11,098 $12 $11,110 
Less:
Fuel used in electric generation and purchased power$1,175 $— $1,175 $3,306 $— $3,306 
Operation, maintenance and other935 9 944 2,436 39 2,475 
Depreciation and amortization670 — 670 1,910 — 1,910 
Property and other taxes201 — 201 548 — 548 
Impairment of assets and other charges(2)— (2)(2)— (2)
Interest expense243 29 272 744 86 830 
Income tax expense (benefit)155 (12)143 394 (33)361 
Add: Other segment items(a)
81 5 86 218 10 228 
Segment income (loss) / Net income$774 $(17)$757 $1,980 $(70)$1,910 
Capital expenditures for the nine months ended September 30, 2025$4,320 $— $4,320 
Segment assets as of September 30, 2025
70,292 4,272 74,564 
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$3,854 $6 $3,860 $10,430 $15 $10,445 
Less:
Fuel used in electric generation and purchased power$1,384 $— $1,384 $3,729 $— $3,729 
Operation, maintenance and other646 7 653 1,833 36 1,869 
Depreciation and amortization640 — 640 1,795 — 1,795 
Property and other taxes170 — 170 494 — 494 
Impairment of assets and other charges(3)— (3)6 — 6 
Interest expense241 30 271 709 87 796 
Income tax expense (benefit)142 (12)130 351 (31)320 
Add: Other segment items(a)
53 10 63 170 28 198 
Segment income (loss) / Net income$687 $(9)$678 $1,683 $(49)$1,634 
Capital expenditures for the nine months ended September 30, 2024
$3,891 $— $3,891 
Segment assets as of December 31, 2024
67,951 3,685 71,636 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
55
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Progress
Duke Energy Progress has one reportable segment, EU&I. The remainder of Duke Energy Progress' operations is presented as Other.
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,913 $— $1,913 $5,612 $— $5,612 
Less:
Fuel used in electric generation and purchased power$629 $— $629 $1,928 $— $1,928 
Operation, maintenance and other358 4 362 1,082 18 1,100 
Depreciation and amortization373 — 373 1,049 — 1,049 
Property and other taxes54 — 54 159 — 159 
Impairment of assets and other charges(2)— (2)(2)— (2)
Interest expense125 — 125 392 — 392 
Income tax expense (benefit)58 (2)56 156 (5)151 
Add: Other segment items(a)
58 (2)56 147 (4)143 
Segment income (loss) / Net income$376 $(4)$372 $995 $(17)$978 
Capital expenditures for the nine months ended September 30, 2025$2,372 $— $2,372 
Segment assets as of September 30, 2025
41,163 744 41,907 
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,914 $— $1,914 $5,338 $— $5,338 
Less:
Fuel used in electric generation and purchased power$679 $— $679 $1,896 $— $1,896 
Operation, maintenance and other374 2 376 1,063 14 1,077 
Depreciation and amortization354 — 354 999 — 999 
Property and other taxes43 — 43 144 — 144 
Impairment of assets and other charges(3)— (3)6 — 6 
Interest expense127 — 127 370 — 370 
Income tax expense (benefit)48 — 48 137 (2)135 
Add: Other segment items(a)
32 3 35 104 5 109 
Segment income (loss) / Net income$324 $1 $325 $827 $(7)$820 
Capital expenditures for the nine months ended September 30, 2024
$2,036 $— $2,036 
Segment assets as of December 31, 2024
39,402 91 39,493 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
56
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Florida
Duke Energy Florida has one reportable segment, EU&I. The remainder of Duke Energy Florida's operations is presented as Other.
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$2,157 $— $2,157 $5,486 $— $5,486 
Less:
Fuel used in electric generation and purchased power$546 $— $546 $1,378 $— $1,378 
Operation, maintenance and other577 2 579 1,354 11 1,365 
Depreciation and amortization297 — 297 861 — 861 
Property and other taxes147 — 147 389 — 389 
Interest expense118 — 118 352 — 352 
Income tax expense (benefit)97 (1)96 238 (3)235 
Add: Other segment items(a)
23 — 23 71 (2)69 
Segment income (loss) / Net income$398 $(1)$397 $985 $(10)$975 
Capital expenditures for the nine months ended September 30, 2025$1,948 $— $1,948 
Segment assets as of September 30, 2025
29,129 85 29,214 
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,940 $— $1,940 $5,092 $— $5,092 
Less:
Fuel used in electric generation and purchased power$705 $— $705 $1,833 $— $1,833 
Operation, maintenance and other272 — 272 770 9 779 
Depreciation and amortization286 — 286 796 — 796 
Property and other taxes127 — 127 350 — 350 
Interest expense114 — 114 339 — 339 
Income tax expense (benefit)94 — 94 214 (2)212 
Add: Other segment items(a)
21 1 22 66 3 69 
Segment income (loss) / Net income$363 $1 $364 $856 $(4)$852 
Capital expenditures for the nine months ended September 30, 2024
$1,855 $— $1,855 
Segment assets as of December 31, 2024
28,549 20 28,569 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
57
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Ohio
Duke Energy Ohio has two reportable segments, EU&I and GU&I. The remainder of Duke Energy Ohio's operations is presented as Other.
Three Months Ended September 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$561 $118 $679 $— $679 
Less:
Fuel used in electric generation and purchased power$175 $— $175 $— $175 
Cost of natural gas— 12 12 — 12 
Operation, maintenance and other98 28 126 1 127 
Depreciation and amortization83 36 119 1 120 
Property and other taxes87 21 108 1 109 
Interest expense34 18 52 — 52 
Income tax expense (benefit)13 1 14 (1)13 
Add: Other segment items(a)
4 2 6 1 7 
Segment income (loss) / Net income
$75 $4 $79 $(1)$78 
Three Months Ended September 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$497 $108 $605 $— $605 
Less:
Fuel used in electric generation and purchased power$146 $— $146 — $146 
Cost of natural gas— 18 18 — 18 
Operation, maintenance and other106 25 131 — 131 
Depreciation and amortization70 32 102 — 102 
Property and other taxes79 20 99 — 99 
Interest expense32 18 50 2 52 
Income tax expense (benefit)10 (2)8 (1)7 
Add: Other segment items(a)
3 (1)2 — 2 
Segment income (loss) / Net income$57 $(4)$53 $(1)$52 
(a)    Other segment items for EU&I and GU&I include Gains on sales of other assets and other, net, and Other income and expenses, net.
Nine Months Ended September 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$1,546 $553 $2,099 $— $2,099 
Less:
Fuel used in electric generation and purchased power$485 $— $485 $— $485 
Cost of natural gas— 148 148 — 148 
Operation, maintenance and other277 84 361 5 366 
Depreciation and amortization242 111 353 — 353 
Property and other taxes253 72 325 1 326 
Interest expense97 52 149 1 150 
Income tax expense (benefit)31 18 49 (2)47 
Add: Other segment items(a)
12 6 18 — 18 
Segment income (loss) / Net income
$173 $74 $247 $(5)$242 
Capital expenditures for the nine months ended September 30, 2025$457 $252 $709 $— $709 
Segment assets as of September 30, 2025
8,433 4,647 13,080 192 13,272 
58
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Nine Months Ended September 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$1,431 $460 $1,891 $— $1,891 
Less:
Fuel used in electric generation and purchased power$416 $— $416 — $416 
Cost of natural gas— 100 100 — 100 
Operation, maintenance and other287 87 374 4 378 
Depreciation and amortization201 96 297 — 297 
Property and other taxes230 73 303 — 303 
Interest expense93 50 143 1 144 
Income tax expense (benefit)33 11 44 (2)42 
Add: Other segment items(a)
10 3 13 (1)12 
Segment income (loss) / Net income
$181 $46 $227 $(4)$223 
Capital expenditures for the nine months ended September 30, 2024
$421 $219 $640 $— $640 
Segment assets as of December 31, 2024
8,211 4,506 12,717 51 12,768 
(a)    Other segment items for EU&I and GU&I include Gains on sales of other assets and other, net, and Other income and expenses, net.
Duke Energy Indiana
Duke Energy Indiana has one reportable segment, EU&I. The remainder of Duke Energy Indiana's operations is presented as Other.
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$992 $— $992 $2,671 $— $2,671 
Less:
Fuel used in electric generation and purchased power$324 $— $324 $803 $— $803 
Operation, maintenance and other212 2 214 594 7 601 
Depreciation and amortization203 — 203 617 — 617 
Property and other taxes9 — 9 44 — 44 
Interest expense66 — 66 182 — 182 
Income tax expense (benefit)24 — 24 62 (2)60 
Add: Other segment items(a)
15 — 15 47 (1)46 
Segment income (loss) / Net income$169 $(2)$167 $416 $(6)$410 
Capital expenditures for the nine months ended September 30, 2025$841 $— $841 
Segment assets as of September 30, 2025
15,961 204 16,165 
59
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$836 $— $836 $2,342 $— $2,342 
Less:
Fuel used in electric generation and purchased power$267 $— $267 $761 $— $761 
Operation, maintenance and other169 — 169 508 2 510 
Depreciation and amortization166 — 166 507 — 507 
Property and other taxes7 — 7 37 — 37 
Interest expense58 — 58 173 — 173 
Income tax expense (benefit)29 — 29 65 — 65 
Add: Other segment items(a)
15 1 16 44 — 44 
Segment income (loss) / Net income$155 $1 $156 $335 $(2)$333 
Capital expenditures for the nine months ended September 30, 2024
$711 $— $711 
Segment assets as of December 31, 2024
15,726 1 15,727 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
Piedmont
Piedmont has one reportable segment, GU&I. The remainder of Piedmont's operations is presented as Other.
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Gas
Gas
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$271 $— $271 $1,463 $— $1,463 
Less:
Cost of natural gas$98 $— $98 $494 $— $494 
Operation, maintenance and other94 8 102 289 12 301 
Depreciation and amortization69 — 69 210 — 210 
Property and other taxes19 — 19 56 — 56 
Interest expense48 — 48 142 1 143 
Income tax (benefit) expense
(11)(1)(12)58 (2)56 
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates— 3 3 — 6 6 
Add: Other(a)
12 — 12 34 — 34 
Segment (loss) income / Net (loss) income
$(34)$(4)$(38)$248 $(5)$243 
Capital expenditures for the nine months ended September 30, 2025$595 $— $595 
Segment assets as of September 30, 2025(b)
11,947 89 12,036 
60
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
Gas
Gas
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$219 $— $219 $1,139 $— $1,139 
Less:
Cost of natural gas$52 $— $52 $280 $— $280 
Operation, maintenance and other86 1 87 264 3 267 
Depreciation and amortization65 — 65 191 — 191 
Property and other taxes16 — 16 47 — 47 
Interest expense47 — 47 135 — 135 
Income tax (benefit) expense
(10)— (10)48 1 49 
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates— 2 2 — 6 6 
Add: Other(a)
12 — 12 42 — 42 
Segment (loss) income / Net (loss) income
$(25)$1 $(24)$216 $2 $218 
Capital expenditures for the nine months ended September 30, 2024
$800 $— $800 
Segment assets as of December 31, 2024(b)
11,707 92 11,799 
(a)    Other includes Gains on sales of other assets and other, net, and Other income and expenses, net.
(b)    GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group. Refer to Note 2 for further information.
4. REGULATORY MATTERS
RATE-RELATED INFORMATION
The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC regulates and approves rates for wholesale electric sales and interstate transmission rates. The FERC also regulates certification and siting of new interstate natural gas pipeline projects. For open regulatory matters, unless otherwise noted, the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.
Duke Energy Carolinas and Duke Energy Progress
Hurricanes Debby and Helene
In 2024, hurricanes Debby and Helene significantly impacted the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina. As of September 30, 2025, the total cumulative operations and maintenance expense incurred for restoration and rebuilding of infrastructure associated with the hurricanes was approximately $789 million ($500 million and $289 million for Duke Energy Carolinas and Duke Energy Progress, respectively). The reduction in cumulative operations and maintenance expense compared to December 31, 2024, of $112 million for Duke Energy Carolinas and an increase of $41 million for Duke Energy Progress, was recorded in Regulatory assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. In addition, through September 30, 2025, there have been cumulative capital investments of $494 million ($400 million and $94 million for Duke Energy Carolinas and Duke Energy Progress, respectively) associated with the hurricanes. Amounts are net of expected insurance recoveries and could change going forward as storm restoration and rebuild work is finalized. Additional estimated capital costs of approximately $40 million are expected to be incurred through 2026 to rebuild the systems from hurricane damage.
North Carolina Storm Cost Securitization
In December 2024, Duke Energy Carolinas and Duke Energy Progress filed their joint petition for review and approval of storm recovery costs (Phase 1) with the NCUC to securitize the North Carolina-retail allocable share of storm costs associated with hurricanes Helene, Debby and Ian, as well as Hurricane Zeta and Winter Storm Izzy, and the establishment of storm reserves for $200 million at Duke Energy Carolinas and $100 million at Duke Energy Progress. On February 3, 2025, Duke Energy Carolinas and Duke Energy Progress filed their joint petition for financing orders (Phase 2). In February 2025, Duke Energy Carolinas and Duke Energy Progress reached a settlement agreement with the North Carolina Public Staff and other intervening parties that resolved all issues between the parties in the Phase 1 proceeding and removed the establishment of storm reserves from the securitization proceeding. Further, the settlement outlined agreement on certain issues in the Phase 2 proceeding. On April 16, 2025, the NCUC issued its Phase 1 order approving the settlement and determining storm recovery costs were reasonable, prudent and eligible for securitization. The order authorized the companies to proceed to Phase 2 of the securitization process. On April 15, 2025, Duke Energy Carolinas and Duke Energy Progress filed a settlement with the North Carolina Public Staff resolving all remaining issues in Phase 2. On June 18, 2025, the NCUC issued its Phase 2 order approving the settlement and issuing the financing orders.
61
FINANCIAL STATEMENTSREGULATORY MATTERS
In September 2025, Duke Energy Carolinas and Duke Energy Progress issued $582 million and $461 million, respectively, of storm recovery bonds. Additionally, per the financing orders, any discrepancies between estimates and actual costs of the storms must be accumulated and tracked to allow for a detailed review of the costs for reasonableness and prudency in Duke Energy Carolinas' and Duke Energy Progress’ next general rate case proceedings. As of September 30, 2025, actual North Carolina-retail allocable storm costs were lower than estimates and Duke Energy Carolinas and Duke Energy Progress recorded $144 million and $77 million, respectively, in Regulatory Liabilities within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. Storm recovery charges were effective November 1, 2025. See Notes 6 and 13 for more information.
South Carolina Storm Cost Securitization
On March 21, 2025, Duke Energy Carolinas filed a petition for storm securitization with the PSCSC for authorization to finance the estimated South Carolina-retail allocable share of storm costs primarily related to Hurricane Helene storm recovery activities and inclusive of funding $25 million related to storm reserves. On June 25, 2025, an evidentiary hearing was held. Duke Energy Carolinas reached a comprehensive settlement among all parties in the proceeding, which was filed with the PSCSC supporting securitization of approximately $556 million, including the storm reserve funding. On July 10, 2025, the PSCSC approved the settlement and the financing order was issued on August 1, 2025. Duke Energy Carolinas expects to securitize the South Carolina-retail allocable share of storm costs by the end of 2025. Due to the relatively low level of storm costs incurred by Duke Energy Progress in South Carolina, Duke Energy Progress will not seek to pursue securitization of those costs and has offset them against established storm reserve balances.
Applications to Combine Utilities
On August 14, 2025, Duke Energy Carolinas and Duke Energy Progress (together, the Companies) filed a joint application with the NCUC and PSCSC for approval to combine utilities, by which Duke Energy Progress will merge into Duke Energy Carolinas, resulting in a single electric utility serving the Companies' North Carolina and South Carolina service territories. Duke Energy Corporation, together with the Companies, also filed an application with the FERC on the same day. The single utility’s ability to plan, execute, and operate resources more efficiently is expected to result in substantial cost savings, benefiting customers by reducing the overall costs to serve. Subject to regulatory approvals, the targeted effective date is January 1, 2027. There is no assurance that Duke Energy, Duke Energy Carolinas and Duke Energy Progress will obtain required regulatory approvals from the NCUC, PSCSC and the FERC, and all three approvals are required for the transaction to proceed.
The comment deadline in the FERC proceeding closed on September 4, 2025. Three intervenors offered support for the combination and one filed a protest regarding the mitigation plan for the Companies' Open Access Transmission Tariff rates. Duke Energy responded to the protest on September 19, 2025. A FERC decision is anticipated in the first quarter of 2026.
Evidentiary hearings are scheduled to commence on February 23, 2026, at the NCUC and April 8, 2026, at the PSCSC. Orders are anticipated to be issued in the second quarter of 2026.
Duke Energy Carolinas
Oconee Subsequent License Renewal
On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR) application for Oconee with the NRC to renew the operating licenses. On March 31, 2025, the NRC issued the subsequent renewed licenses for Oconee, allowing an additional 20 years of operation to 2053 (units 1 and 2) and 2054 (unit 3).
2023 North Carolina Rate Case
In January 2023, Duke Energy Carolinas filed a performance-based regulation (PBR) application with the NCUC to request an increase in base rate retail revenues. The PBR application included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms (PIMS) as required by HB951.
In August 2023, Duke Energy Carolinas filed with the NCUC a partial settlement with the North Carolina Public Staff in connection with its PBR application. The partial settlement included, among other things, agreement on a substantial portion of the North Carolina retail rate base for the historic base case of approximately $19.5 billion and all of the capital projects and related costs to be included in the three-year MYRP, including $4.6 billion (North Carolina retail allocation) projected to go in service over the MYRP period. Additionally, the partial settlement included agreement, with certain adjustments, on depreciation rates, the recovery of grid improvement plan costs and PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application. On August 28, 2023, Duke Energy Carolinas filed with the NCUC a second partial settlement with the North Carolina Public Staff resolving additional issues, including the future treatment of nuclear PTCs related to the IRA, through a stand-alone rider that would provide the benefits to customers. This stand-alone rider was effective in rates beginning January 1, 2025.
On December 15, 2023, the NCUC issued an order approving Duke Energy Carolinas' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $436 million in Year 1, $174 million in Year 2 and $158 million in Year 3, for a combined total of $768 million. The order established an ROE of 10.1% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Carolinas implemented interim rates on September 1, 2023. New revised Year 1 rates and the residential decoupling were implemented on January 15, 2024.
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FINANCIAL STATEMENTSREGULATORY MATTERS
In February 2024, a number of parties filed Notices of Appeal of the December 15, 2023, NCUC order. Notices of Appeal were filed by the Carolina Industrial Group for Fair Utility Rates (CIGFUR) III, a collection of electric membership cooperatives (collectively, the EMCs), and the North Carolina Attorney General’s Office (the AGO). CIGFUR III and the EMCs appealed the interclass subsidy reduction percentage and the Transmission Cost Allocation stipulation. In addition, CIGFUR III appealed the NCUC’s elimination of the equal percentage fuel cost allocation methodology. The AGO appealed several issues including the authorized ROE and certain rate design and accounting matters. On March 1, 2024, Carolina Utility Customers Association, Inc. appealed several issues, including the authorized ROE and certain rate design and accounting matters. In July 2024, the Supreme Court of North Carolina consolidated these appeals with the parallel appeals of the NCUC's order regarding the Duke Energy Progress PBR application. Briefing is complete and oral arguments occurred on February 13, 2025. Duke Energy Carolinas anticipates a decision to be issued in the fourth quarter of 2025.
2025 South Carolina Rate Case
On July 1, 2025, Duke Energy Carolinas filed a base rate case with the PSCSC requesting an annualized increase in electric base rates of approximately $151 million and an ROE of 10.85% with an equity ratio of 53%. This is an overall average customer rate increase of approximately 7.7%. The request for the rate increase is driven by significant capital investments, including generation plant additions, as well as transmission, distribution and grid improvements. Duke Energy Carolinas has requested new rates to go into effect no later than March 1, 2026. An evidentiary hearing is scheduled to commence on November 13, 2025. An order is expected by the end of 2025.
Bad Creek License Extension
On July 14, 2025, Duke Energy Carolinas filed its final license application with the FERC for the Bad Creek Pumped Storage Hydroelectric Station. The application, if approved, would extend plant operations for an additional 50 years. The current license expires in 2027 and the renewal would extend the operating license of the facility to 2077.
Anderson County Combined Cycle CECPCN
On October 30, 2025, Duke Energy Carolinas filed with the PSCSC an application for a CECPCN to construct and operate a new 1,365-MW natural gas CC generating facility with hydrogen capability in Anderson County, South Carolina. The preliminary estimate of the total project cost is approximately $3.2 billion, inclusive of financing costs. Subject to negotiation of final contractual terms, the new CC will be co-owned with North Carolina Electric Membership Corporation (NCEMC) and Central Electric Power Cooperative (CEPC), with Duke Energy Carolinas owning approximately 1,170 MW, NCEMC owning 100 MW and CEPC owning the remaining 95 MW. If approved, construction is anticipated to begin in 2027 and the facility would be expected to be in service by the end of 2030.
Duke Energy Progress
2022 North Carolina Rate Case
In October 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMs as required by HB951.
In April 2023, Duke Energy Progress filed with the NCUC a partial settlement with North Carolina Public Staff, which included agreement on many aspects of Duke Energy Progress' three-year MYRP proposal. In May 2023, CIGFUR II joined this partial settlement and North Carolina Public Staff and CIGFUR II filed a separate settlement reaching agreement on PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application.
On August 18, 2023, the NCUC issued an order approving Duke Energy Progress' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $233 million in Year 1, $126 million in Year 2 and $135 million in Year 3, for a combined total of $494 million. Key aspects of the order include the approval of North Carolina retail rate base for the historic base case of approximately $12.2 billion and capital projects and related costs to be included in the three-year MYRP, including $3.5 billion (North Carolina retail allocation) projected to go in service over the MYRP period. The order established an ROE of 9.8% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Progress implemented interim rates on June 1, 2023, and implemented revised Year 1 rates and the residential decoupling on October 1, 2023.
In October 2023, CIGFUR II and Haywood Electric Membership Corporation each filed a Notice of Appeal of the August 18, 2023 NCUC order. Both parties are appealing certain matters that do not impact the overall revenue requirement in the rate case. Specifically, they appealed the interclass subsidy reduction percentage, and CIGFUR II also appealed the Customer Assistance Program and the equal percentage fuel cost allocation methodology. In November 2023, the AGO filed a Notice of Cross Appeal of the NCUC's determination regarding the exclusion of electric vehicle revenue from the residential decoupling mechanism. In November 2023, Duke Energy Progress, the North Carolina Public Staff, CIGFUR II, and a number of other parties reached a settlement pursuant to which CIGFUR II agreed not to pursue its appeal of the Customer Assistance Program. In July 2024, the Supreme Court of North Carolina consolidated these appeals with the parallel appeals of the NCUC's order regarding the Duke Energy Carolinas PBR application. Briefing is complete and oral arguments occurred in February 2025. Duke Energy Progress anticipates a decision to be issued in the fourth quarter of 2025.
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FINANCIAL STATEMENTSREGULATORY MATTERS
Person County Combined Cycle CPCN
On February 7, 2025, Duke Energy Progress filed with the NCUC its application for a CPCN to construct and operate a second 1,360-MW hydrogen-capable, advanced-class CC unit in Person County at the Roxboro Plant. NCEMC has also notified Duke Energy Progress of NCEMC's intent to co-own approximately 225 MW of the second CC and Duke Energy Progress and NCEMC began negotiations on the contractual arrangement in the second quarter of 2025. NCEMC has the right to co-own the facility under its existing supply agreement with Duke Energy Progress. Pending regulatory approvals, construction of the second CC is planned to start in 2026 with the unit targeted to be placed in service by the end of 2029. As part of the application, Duke Energy Progress noted that the recovery of CWIP during the construction period for the proposed facility may be pursued in the future. The 2030 North Carolina retail revenue requirement for the proposed facility is estimated to be $113 million, representing an approximate average retail rate increase of 2.6% across all classes. The air permit issued by the NCDEQ in December 2024, also pertains to the second CC. On October 16, 2025, the NCUC issued its order granting the CPCN.
Robinson Subsequent License Renewal
In April 2025, Duke Energy Progress filed an SLR application for Robinson with the NRC to renew Robinson’s operating license for an additional 20 years. The current license expires in 2030 and the renewal would extend the operating license of the facility to 2050. The NRC is performing the safety and environmental reviews for the application and is scheduled to reach a decision by April 2026.
2025 South Carolina Rate Case
On June 12, 2025, Duke Energy Progress filed a base rate case with the PSCSC requesting an annualized increase in electric base rates of approximately $75 million and an ROE of 10.85% with an equity ratio of 53%. This is an overall average customer rate increase of approximately 12.1%. The request for the rate increase is driven by significant capital investments, primarily including transmission, distribution and grid improvements. On October 27, 2025, Duke Energy Progress filed a comprehensive settlement with the South Carolina Office of Regulatory Staff and other intervenors in the case resolving all revenue requirement issues in the base rate proceeding. The settlement includes a net increase in electric rates of approximately $40 million including the flow back of PTC benefits to customers, an ROE of 9.99% and an equity ratio of 53% and is subject to review and approval by the PSCSC. An evidentiary hearing occurred on October 29, 2025. Duke Energy Progress has requested new rates to go into effect no later than February 1, 2026.
Duke Energy Florida
Clean Energy Connection
In July 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program consisting of 10 new solar generating facilities with combined capacity of 749 MW. The FPSC approved the program in January 2021, allowing participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The 10 new solar generation facilities were completed and all of the remaining sites were in service by the end of 2024 at a cost of approximately $1.1 billion. These investments are included in base rates offset by the revenue from the subscription fees, with credits included in the fuel cost recovery clause.
In February 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC’s order approving the Clean Energy Connection to the Supreme Court of Florida. The Supreme Court of Florida heard oral arguments in the appeal in February 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case back to the FPSC so that the FPSC can amend its order to better address some of the arguments raised by LULAC. In September 2022, the FPSC issued a revised order and submitted it to the Supreme Court of Florida. The Supreme Court of Florida requested that the parties file supplemental briefs regarding the revised order, which were filed in February 2023. On July 17, 2025, the Supreme Court of Florida issued an order affirming the revised FPSC order. The ruling did not change the solar program or have other financial implications. This matter is now fully resolved.
Storm Protection Plan
At least every three years, Duke Energy Florida must file an SPP with the FPSC. Each plan covers a 10-year period and includes investments in transmission and distribution meant to strengthen infrastructure, reduce outage times associated with extreme weather events, reduce restoration costs and improve overall service reliability. In April 2022, Duke Energy Florida filed an SPP for approval with the FPSC for the 2023-2032 time frame. The plan reflected approximately $7 billion of capital investment in transmission and distribution. The evidentiary hearing began in August 2022. In October 2022, the FPSC approved Duke Energy Florida’s plan with one modification to remove the transmission loop radially fed program, representing a reduction of approximately $80 million over the 10-year period starting in 2025. In December 2022, the Office of Public Counsel (OPC) filed a notice of appeal of this order to the Supreme Court of Florida and briefs were filed by the OPC and Duke Energy Florida during 2023. On November 14, 2024, the Supreme Court of Florida issued an order upholding the FPSC's approval of Duke Energy Florida's plan.
In January 2025, Duke Energy Florida filed an SPP for approval with the FPSC for the 2026-2035 time frame reflecting approximately $7 billion of capital investment in transmission and distribution. On March 12, 2025, the OPC filed testimony recommending that the pace of the proposed spend be reduced, as well as challenging three subprograms in Duke Energy Florida's SPP. Duke Energy Florida filed rebuttal testimony on April 2, 2025, requesting that the FPSC approve its SPP as filed. On May 16, 2025, Duke Energy Florida and the OPC filed Joint Stipulations to resolve all matters, and the FPSC issued an order on June 19, 2025, approving those stipulations. The stipulations require Duke Energy Florida to defer certain work in two programs from 2026 to 2027 and later. The remainder of Duke Energy Florida's filed SPP was approved without modification. This matter is now fully resolved.
Hurricanes Debby, Helene and Milton
In 2024, Hurricane Debby (Category 1 storm), Hurricane Helene (Category 4 storm) and Hurricane Milton (Category 3 storm) made landfall in Florida and caused significant damage. Duke Energy Florida has certain existing storm reserve regulatory liability amounts, which are applied to the recovery of storm costs. The storm reserve amount was approximately $63 million as of July 31, 2024, prior to the damage resulting from hurricanes Debby, Helene and Milton. Duke Energy Florida is permitted to petition the FPSC for recovery of incremental operation and maintenance costs resulting from the storms and to replenish the retail customer storm reserve to approximately $132 million.
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FINANCIAL STATEMENTSREGULATORY MATTERS
In December 2024, Duke Energy Florida filed its petition to recover the estimated costs incurred to respond to all three storms, including replenishment of the storm reserve, seeking recovery of approximately $1.1 billion over 12 months beginning with the first billing cycle in March 2025. Approximately $103 million and $936 million of the operation and maintenance expenses, net of storm reserves, are deferred in Regulatory assets within Current assets as of September 30, 2025, and December 31, 2024, respectively. Approximately $85 million of capital related to these storms will be sought for recovery in future base rate case filings. On February 4, 2025, the FPSC voted to approve Duke Energy Florida's request for recovery of these estimated storm costs as filed, subject to true-up after the actual costs are filed. New rates were effective March 1, 2025.
Duke Energy Ohio
Duke Energy Ohio Natural Gas Base Rate Case
In June 2022, Duke Energy Ohio filed a natural gas base rate case application with the PUCO. The drivers for this case were capital invested since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio also sought to adjust the caps on its Capital Expenditure Program (CEP) rider. In April 2023, Duke Energy Ohio filed a stipulation with all parties to the case except the Ohio Consumers' Counsel (OCC). In the stipulation, the parties agreed to approximately $32 million in revenue increases with an equity ratio of 52.32% and an ROE of 9.6%, and adjustments to the CEP Rider caps. The stipulation was opposed by the OCC at an evidentiary hearing that concluded in May 2023. On November 1, 2023, PUCO issued an order approving the stipulation as filed and new rates went into effect November 1, 2023. In December 2023, the OCC filed an application for rehearing and the PUCO granted OCC's application for rehearing for further consideration of issues raised. As a result of a Supreme Court of Ohio decision regarding procedural issues related to applications for rehearing, PUCO denied OCC’s rehearing request. In October 2024, the OCC filed its Notice of Appeal with the Supreme Court of Ohio. The case is fully briefed and oral argument occurred October 7, 2025. The matter is now submitted for decision.
Duke Energy Ohio Electric Security Plan
In April 2024, Duke Energy Ohio filed with the PUCO a request for an Electric Security Plan (ESP). The ESP application proposed a three-year term from June 1, 2025, through May 31, 2028, and included continuation of market-based rates for generation supply through competitive procurement processes and continuation and expansion of existing rider mechanisms. Duke Energy Ohio proposed a new rider mechanism relating to electric distribution infrastructure modernization programs, which may be enabled by and partially funded through federal or state funding opportunities, as well as future battery storage projects and two electric vehicle programs. Additional proposals included new rider mechanisms related to solar for all investments for low-income and disadvantaged communities, low-income senior citizen bill assistance, and energy efficiency (EE) and demand-side management programs.
In November 2024, Duke Energy Ohio filed a stipulation that the majority of the intervenors signed as either signatory or non-opposing parties. The stipulation includes the continuation of market-based customer rates for generation supply through competitive procurement auctions and the continuation of all existing riders. It further establishes new caps for certain riders. Duke Energy Ohio also agreed to withdraw its proposals for an infrastructure modernization rider, battery storage projects and electric vehicle programs. The stipulation includes a residential EE program with provisions for low-income customers. On May 14, 2025, PUCO issued its order, approving the stipulation without modification.
On May 15, 2025, the governor of Ohio signed Ohio Substitute House Bill 15 (HB15) into law to be effective on August 14, 2025. HB15 requires electric distribution utilities to file a base rate case every three years, commencing no later than December 31, 2029, and establishes an opportunity to apply for approval of a three-year rate plan with forward-looking test periods to mitigate regulatory lag. HB15 eliminates ESPs and certain distribution-related riders, but allows ESPs approved as of its effective date to remain in place through the end of their authorized term. HB15 also eliminates Duke Energy Ohio's Legacy Generation Rider upon the effective date of HB15 and prevents the PUCO from future reauthorization of similar arrangements. As a result of HB15, future losses related to Duke Energy Ohio's Inter-Company Power Agreement with OVEC will not be recoverable from retail customers. There is no regulatory asset related to OVEC as of September 30, 2025, and $30 million as of December 31, 2024, recorded in Regulatory Assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
Duke Energy Ohio RTO Adder
On February 24, 2022, the OCC filed a complaint asserting that FERC should reduce the ROE utilized in transmission formulas for Duke Energy Ohio and certain transmission providers by eliminating the 50 basis point adder associated with RTO membership. The OCC contends this is required because Ohio law mandates that transmission owning utilities join an RTO and that the 50 basis point adder is only applicable where RTO membership is voluntary. On December 15, 2022, FERC denied the complaint as it related to Duke Energy Ohio, but granted it for certain other transmission providers. As a result of appeal by certain other transmission providers, the U.S. Court of Appeals for the Sixth Circuit (Sixth Circuit) on January 17, 2025, reversed the prior decision from FERC. In the decision, the Sixth Circuit ruled the 50 basis point adder is available only where RTO membership is voluntary. The decision noted that Ohio law requires Ohio's transmission utilities to be a member of an RTO and therefore it is unlawful for FERC to remove the adder from certain transmission providers but not also remove the adder from Duke Energy Ohio. As a result, the issue was remanded back to FERC to revise their prior decision. As a result of the ruling, Duke Energy Ohio recognized a pretax charge during 2025, the results of which were not material. On March 26, 2025, the Sixth Circuit denied requests for rehearing. On April 16, 2025, the Sixth Circuit agreed to stay the mandate pending further appeal to the U.S. Supreme Court. On July 17, 2025, Duke Energy Ohio filed a respondent brief at the U.S. Supreme Court requesting review of the Sixth Circuit's decision. Various parties have filed briefs opposing or supporting review by the U.S. Supreme Court. The case has been circulated for conference on November 7, 2025.
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FINANCIAL STATEMENTSREGULATORY MATTERS
Duke Energy Kentucky 2022 Electric Base Rate Case
In December 2022, Duke Energy Kentucky filed a rate case with the KPSC driven by capital investments to strengthen the electricity generation and delivery systems along with adjusted depreciation rates for the East Bend and Woodsdale Combustion Turbine (CT) generation stations. Duke Energy Kentucky also requested approval for new programs and tariff updates, including a voluntary community-based renewable subscription program and two electric vehicle charging programs. The KPSC issued an order on October 12, 2023, including a $48 million increase in base revenues, an ROE of 9.75% for electric base rates and 9.65% for electric riders and an equity ratio of 52.145%. New rates went into effect October 13, 2023. Duke Energy Kentucky's request to align the depreciation rates of East Bend with a 2035 retirement date was denied and the KPSC ordered depreciation rates with a 2041 retirement date for the unit. The KPSC approved the request to align depreciation rates of Woodsdale CT with a 2040 retirement date and denied the voluntary community-based renewable subscription program and electric vehicle charging programs.
Revised rates were implemented in August 2024 after a rehearing request. On December 14, 2023, Duke Energy Kentucky filed an appeal with the Franklin County Circuit Court on certain matters for which the KPSC denied rehearing, specifically as it relates to the inclusion of decommissioning costs in depreciation rates for East Bend and Woodsdale. The case is fully briefed. Duke Energy Kentucky is awaiting the scheduling of oral arguments and outcome of the appeal.
Duke Energy Kentucky 2024 Electric Base Rate Case
In December 2024, Duke Energy Kentucky filed a base rate case with the KPSC requesting an annualized increase in electric base rates of approximately $70 million. The request for the rate increase is driven by capital investments to strengthen the electricity generation and delivery systems. New rates went into effect on July 3, 2025, subject to refund. On October 2, 2025, the KPSC issued its decision approving a $44 million revenue requirement increase, with an ROE of 9.8% and an equity ratio of 52.73%. The KPSC further directed the Company to issue refunds of amounts collected since July 3, 2025 that exceed what has been approved by the order within 60 days. A provision for rate refunds of $7 million is included in Other within Current Liabilities on the Condensed Consolidated Balance Sheets as of September 30, 2025. On October 22, 2025, Duke Energy Kentucky filed a petition for rehearing with the KPSC related to the treatment of terminal net salvage, rate case expense and recovery of costs from PJM. Additionally, on October 22, 2025, one commercial customer filed a petition for rehearing with the KPSC on a rate design issue which does not impact the overall revenue requirement.
Duke Energy Kentucky 2025 Natural Gas Base Rate Case
On June 2, 2025, Duke Energy Kentucky filed a base rate case with the KPSC requesting an annualized increase in natural gas base rates of approximately $26 million and an ROE of 10.75% with an equity ratio of 52.649%. This is an overall average customer rate increase of approximately 17%. The request for the rate increase is driven by capital investments to strengthen the natural gas delivery system. On October 20, 2025, Duke Energy Kentucky filed a settlement with the Office of the Kentucky Attorney General, that if approved, would resolve all issues in the case. The settlement includes an increase in natural gas base rates of approximately $22 million, an ROE of 9.8% for base rates (9.7% for riders), an equity ratio of 52.649%, and approval for cost recovery of Aldyl-A pipe and service replacements through an existing rider. An evidentiary hearing occurred on October 28, 2025. New rates are anticipated to go into effect around January 3, 2026.
Duke Energy Indiana
Indiana Coal Ash Recovery
In Duke Energy Indiana’s 2019 rate case, the IURC opened a subdocket for post-2018 coal ash related expenditures. In April 2020, Duke Energy Indiana filed testimony in the coal ash subdocket requesting recovery for post-2018 coal ash basin closure costs associated with closure plans that were approved by the Indiana Department of Environmental Management (IDEM) at that time as well as continued deferral approval and carrying costs on the balance of such coal ash basin closure costs. On November 3, 2021, the IURC issued an order allowing recovery of the post-2018 coal ash basin closure costs, as well as continuing deferral, with carrying costs on the balance. The OUCC and the Duke Industrial Group appealed. The Indiana Court of Appeals issued its opinion on February 21, 2023, reversing the IURC's order to the extent that it allowed Duke Energy Indiana to recover federally mandated costs incurred prior to the IURC's November 3, 2021 order. In addition, the court found that any costs incurred pre-petition to determine federally mandated compliance options were not specifically authorized by the statute and should also be disallowed.
In 2023, Duke Energy Indiana filed its proposal to remove from rates certain costs incurred prior to the IURC's November 3, 2021 order date. On September 20, 2023, the IURC approved Duke Energy Indiana's proposal to remove the costs from its rates and assessed simple interest on the refunds at a rate of 4.71%, beginning from when the costs were initially recovered from customers. In the 2024 Indiana Rate Case, Duke Energy Indiana included a request to recover the pre-order costs denied by the Indiana Court of Appeals and certain future coal ash closure costs as part of depreciation costs. The IURC's January 29, 2025 order in the 2024 Indiana Rate Case denied recovery of the pre-order costs previously denied by the Indiana Court of Appeals but approved the recovery of certain future coal ash closure costs as part of depreciation costs.
In 2023, Duke Energy Indiana filed a petition under the amended version of the federal mandate statute for additional post-2018 coal ash closure costs for the remaining basins not included in the Indiana coal ash recovery case from 2020. On May 8, 2024, the IURC issued a CPCN and approved these coal ash related compliance projects as federally mandated compliance projects. In June 2024, the Citizens Action Coalition of Indiana (CAC) filed a notice of appeal of the IURC's order. On August 26, 2025, the Indiana Court of Appeals reversed the decision by the IURC concluding that the IURC incorrectly allowed Duke Energy Indiana to collect those coal ash costs from customers. In October 2025, Duke Energy Indiana and the Indiana Office of Attorney General filed separate petitions requesting the Indiana Supreme Court to review the case.
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FINANCIAL STATEMENTSREGULATORY MATTERS
TDSIC 2.0
In November 2021, Duke Energy Indiana filed for approval of the Transmission, Distribution, Storage Improvement Charge 2.0 investment plan for 2023-2028 (TDSIC 2.0). On June 15, 2022, the IURC approved, without modification, TDSIC 2.0, which includes approximately $2 billion in transmission and distribution investments selected to improve customer reliability, harden and improve resiliency of the grid, enable expansion of renewable and distributed energy projects and encourage economic development. In July 2022, the OUCC filed a notice of appeal to the Indiana Court of Appeals in Duke Energy Indiana’s TDSIC 2.0 proceeding. The Indiana Court of Appeals issued its opinion on March 9, 2023, affirming the IURC’s order in its entirety. The Duke Industrial Group filed a petition to transfer to the Indiana Supreme Court. On December 19, 2024, the Indiana Supreme Court affirmed the Indiana Court of Appeals decision, concluding there was substantial evidence that the IURC's conclusion was reasonable and the TDSIC 2.0 plan met the statutory requirements. On January 21, 2025, the Duke Industrial Group filed a motion for rehearing. On March 4, 2025, the Indiana Supreme Court denied the Duke Industrial Group's petition for rehearing. There can be no further appeals on TDSIC 2.0 and this matter is now fully resolved.
2024 Indiana Rate Case
In April 2024, Duke Energy Indiana filed an application with the IURC for a rate increase for retail customers. The request for rate increase was driven by $1.6 billion in investments made since the last general rate case filed in 2019 in order to reliably serve customers, improve resiliency of the system, and advance environmental sustainability.
An order for the rate case was issued by the IURC on January 29, 2025, and revised February 3, 2025, which authorized an ROE of 9.75%, an equity ratio of 53% and an annual revenue increase of $296 million. Based on review of these orders, Duke Energy Indiana identified an inconsistency in the calculation of operating revenues before the effect of trackers. On February 7, 2025, Duke Energy Indiana made a compliance filing in accordance with the IURC's findings in its order and addressed the identified inconsistencies. The compliance filing also clarified the annual revenue increase was approximately $385 million. On February 18, 2025, one industrial customer submitted a filing requesting the IURC to clarify its revenue allocation in these proceedings, which was denied by the Commission on April 16, 2025. On February 25, 2025, the IURC approved Duke Energy Indiana’s compliance filing and new rates were implemented February 27, 2025. The industrial customer filed a notice of appeal on February 28, 2025, regarding cost of service allocation. On April 9, 2025, the IURC issued an order clarifying the intent of its January 29, 2025 order regarding the rate migration adjustment, resulting in revised rates that were effective on May 19, 2025. On May 14, 2025, the industrial customer filed a motion to dismiss its appeal, and on May 20, 2025, the Indiana Court of Appeals granted the industrial customer's motion to dismiss. This matter is now fully resolved.
Cayuga Combined Cycle CPCN
On February 13, 2025, Duke Energy Indiana filed for a CPCN seeking approval to construct two 1x1 CC natural gas-fired units with a combined winter rating of 1,476 MW. The Cayuga CC Project is proposed to be constructed on the same site as the retiring Cayuga coal-fired steam units with a winter rating of 1,005 MW. The Cayuga CC Project will result in an incremental 471 MW for the Duke Energy Indiana system and will allow Duke Energy Indiana to avoid expected maintenance and environmental compliance costs needed for the coal units to continue operating. The estimated cost of the Cayuga CC project is approximately $3.3 billion, plus actual AFUDC. Duke Energy Indiana has proposed recovery of certain facility costs during construction, including AFUDC, through CWIP ratemaking via a proposed generation cost tracker mechanism. The estimated average retail rate impact during construction and initial in-service periods from April 2026 through May 2031 is approximately 5.4%. Duke Energy Indiana expects CC 1 to be placed in service in 2029 and CC 2 to be placed in service in 2030. A final air permit was issued by IDEM on March 5, 2025. On June 17, 2025, Duke Energy Indiana entered into a settlement agreement with one of the parties in this proceeding to conduct a study evaluating the feasibility of third-party operation of the Cayuga coal units. On July 11, 2025, Duke Energy Indiana entered into a settlement agreement with an additional party in this proceeding agreeing to the need of the units and addressing accounting and ratemaking components. Neither agreement altered the underlying plans in the pending CPCN application. On October 29, 2025, the IURC issued its order approving the settlement agreements, granting the CPCN and approving cost recovery through the proposed generation cost tracker mechanism.
5. COMMITMENTS AND CONTINGENCIES
ENVIRONMENTAL
The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all Duke Energy Registrants.
Remediation Activities
In addition to Asset Retirement Obligations recorded as a result of various environmental regulations, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based on site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.
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FINANCIAL STATEMENTSCOMMITMENTS AND CONTINGENCIES
The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Accounts Payable within Other Current Liabilities and Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.
(in millions)September 30, 2025December 31, 2024
Reserves for Environmental Remediation
Duke Energy$73 $68 
Duke Energy Carolinas36 24 
Progress Energy20 19 
Duke Energy Progress10 9 
Duke Energy Florida9 10 
Duke Energy Ohio13 21 
Duke Energy Indiana2 2 
Piedmont2 2 
Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material.
LITIGATION
For open litigation, unless otherwise noted, Duke Energy and the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.
Duke Energy
Mooresville Coal Ash Class Action Litigation
On December 20, 2024, 15 plaintiffs filed a lawsuit in Iredell County, North Carolina, against Duke Energy (Parent), Duke Energy Carolinas and Duke Energy Progress (collectively “Duke Energy”) on behalf of a putative class alleging past and ongoing environmental contamination in the Mooresville area of North Carolina. The lawsuit alleges that Duke Energy disposed of and sold coal ash as structural fill resulting in the contamination of soil, groundwater and Lake Norman. The plaintiffs claim that Duke Energy failed to properly remediate the contamination and continues to pollute, and they assert that the contamination has negatively impacted property values. The plaintiffs are seeking unspecified compensatory and punitive damages, injunctive relief to stop further contamination, remediation of contaminated areas and attorneys' fees and costs. On July 28, 2025, the plaintiffs filed an amended complaint, which asserts claims for negligence, negligence per se, gross negligence, private nuisance, strict liability for ultra-hazardous activities and trespass. On September 11, 2025, Duke Energy filed its answer to the plaintiff's amended complaint and a motion for judgment on the pleadings. A hearing on the motion for judgment on the pleadings is scheduled for December 15, 2025.
Nuclear Compensation Class Action Litigation
On July 11, 2025, plaintiffs Leo Dorrell and John Dunn filed a putative class action lawsuit in the U.S. District Court for the District of Maryland against all U.S. commercial nuclear power operators, including Duke Energy Corporation (Parent) and Progress Energy. The plaintiffs allege that the nuclear power industry engaged in a conspiracy to suppress compensation by exchanging salary information since 2003, in violation of Section 1 of the Sherman Act. The lawsuit seeks unspecified monetary damages, including treble damages, on behalf of current and former employees in the nuclear power industry as well as injunctive relief. On October 15, 2025, all defendants jointly filed an omnibus motion to dismiss all claims in the complaint and Duke Energy also joined a motion filed by several defendants to dismiss for lack of personal jurisdiction. On November 5, 2025, the plaintiffs filed an amended complaint adding Duke Energy Carolinas and Duke Energy Business Services as defendants and including more factual allegations to support their complaint. Although not named as a defendant, Duke Energy Progress is accused of having participated in the alleged conspiracy. The defendants have until November 19, 2025, to respond to the amended complaint.
Duke Energy Carolinas
NTE Carolinas II, LLC Litigation
In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. In September 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court.
On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate an LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. In April 2023, Duke Energy Carolinas received notice from the FERC Office of Enforcement that they have closed their non-public investigation with no further action recommended.
68
FINANCIAL STATEMENTSCOMMITMENTS AND CONTINGENCIES
Following completion of discovery, Duke Energy Carolinas filed a motion for summary judgment seeking a ruling in its favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting Duke Energy Carolinas' motion by dismissing NTE's counterclaims that Duke Energy Carolinas engaged in anti-competitive behavior in violation of state and federal statutes. In October 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court.
In November 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the district court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. On August 5, 2024, the U.S. Court of Appeals for the Fourth Circuit reversed the district court's grant of summary judgment and remanded the case back to the district court for further proceedings. In August 2024, Duke Energy Carolinas filed a petition for rehearing, which was denied on November 26, 2024. On February 21, 2025, Duke Energy Carolinas filed a petition seeking review by the U.S. Supreme Court. On June 2, 2025, the U.S. Supreme Court invited the Solicitor General to file a brief reflecting the views of the U.S. as it relates to this matter.
Asbestos-related Injuries and Damages Claims
Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985.
Duke Energy Carolinas has recognized asbestos-related reserves of $404 million at September 30, 2025, and $396 million at December 31, 2024. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based on Duke Energy Carolinas' best estimate for current and future asbestos claims through 2045 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2045 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.
Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $557 million at September 30, 2025, and $539 million at December 31, 2024. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.
The reserve for credit losses for insurance receivables is $9 million as of September 30, 2025, and December 31, 2024, for both Duke Energy and Duke Energy Carolinas. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.
Duke Energy Indiana
Coal Ash Insurance Coverage Litigation
In June 2022, Duke Energy Indiana filed a civil action in Indiana Superior Court against various insurance companies seeking declaratory relief with respect to insurance coverage for coal combustion residuals-related expenses and liabilities covered by third-party liability insurance policies. The insurance policies cover the 1969-1972 and 1984-1985 periods and provide third-party liability insurance for claims and suits alleging property damage, bodily injury and personal injury (or a combination thereof). In June 2024, Duke Energy Indiana filed an amended complaint adding several additional insurance companies as defendants to the litigation. During 2023 through 2025, Duke Energy Indiana reached confidential settlements with various insurance companies, the results of which were not material to Duke Energy. All settlement payments have been received and the case has been dismissed. In July 2025, Duke Energy Indiana began refunding retail customers their share of coal ash insurance settlement proceeds, after expenses, over one year.
Other Litigation and Legal Proceedings
The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities.
OTHER COMMITMENTS AND CONTINGENCIES
General
As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position.
In addition, the Duke Energy Registrants enter into various fixed-price, non-cancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.
69
FINANCIAL STATEMENTSDEBT AND CREDIT FACILITIES
6. DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).
Nine Months Ended September 30, 2025
Duke DukeDukeDukeDuke
MaturityInterestDukeEnergyEnergyEnergyEnergyEnergy
Issuance DateDateRateEnergy(Parent)CarolinasProgressOhioIndiana
Unsecured Debt
August 2025(e)
September 2030
5.410 %$68 $— $— $— $68 $— 
August 2025(e)
September 2035
6.010 %43 — — — 43 — 
August 2025(e)
September 2037
6.110 %40 — — — 40 — 
September 2025(f)
September 2035
4.950 %1,000 1,000 — — — — 
September 2025(f)
September 2055
5.700 %750 750 — — — — 
Secured Debt
September 2025(g)
July 2037
4.226 %200 $— 200 $— $— $— 
September 2025(g)
January 2048
5.070 %382 — 382 — — — 
September 2025(g)
January 2048
4.890 %461 — — 461 — — 
First Mortgage Bonds
January 2025(a)
March 2030
4.850 %$400 $— $400 $— $— $— 
January 2025(a)
March 2035
5.250 %700 — 700 — — — 
March 2025(b)
March 2027
4.350 %500 — — 500 — — 
March 2025(b)
March 2035
5.050 %850 — — 850 — — 
March 2025(b)
March 2055
5.550 %750 — — 750 — — 
May 2025(c)
May 2055
5.900 %300 — — — — 300 
June 2025(d)
June 2035
5.300 %350 — — — 350 — 
Total issuances$6,794 $1,750 $1,682 $2,561 $501 $300 
(a)Proceeds were used to repay the $500 million DERF accounts receivable securitization facility due January 2025, to pay down short-term debt and for general company purposes.
(b)Proceeds were used to repay the $400 million DEPR accounts receivable securitization facility due April 2025, to pay down short-term debt and for general company purposes.
(c)Proceeds were used to pay down short-term debt and for general company purposes.
(d)Proceeds were used to repay $150 million of maturities due June 2025, to pay down short-term debt and for general corporate purposes.
(e)Proceeds were used to repay $95 million of maturities due October 2025, pay down short-term debt and for general corporate purposes and will be used to repay $45 million of maturities due January 2026.
(f)Proceeds were used to repay $650 million of maturities due September 2025, to pay down short-term debt and for general corporate purposes and will be used to repay $500 million of maturities due December 2025.
(g)Proceeds from storm recovery bonds were used to repay the Duke Energy Carolinas and Duke Energy Progress term loan facilities and for general company purposes.
70
FINANCIAL STATEMENTSDEBT AND CREDIT FACILITIES
CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions)Maturity DateInterest RateSeptember 30, 2025
Unsecured Debt
Duke Energy Florida Term Loan Facility(a)
October 20254.916 %350 
Duke Energy Ohio(b)
October 20253.230 %95 
Duke Energy (Parent)December 20255.000 %500 
Duke Energy (Parent) Convertible Senior Notes
April 20264.125 %1,725 
Piedmont Term Loan Facility(a)
August 20265.025 %450 
Duke Energy (Parent)
September 20262.650 %1,500 
Duke Energy (Parent) Term Loan Facility(a)
September 20265.124 %1,200 
First Mortgage Bonds
Duke Energy Florida(a)(c)
October 2073
3.992 %200 
Duke Energy Florida(a)(c)
April 20743.992 %173 
Other(d)
259 
Current maturities of long-term debt$6,452 
(a)Debt has a floating interest rate.
(b)Current maturity relates to Duke Energy Kentucky.
(c)These first mortgage bonds are classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders.
(d)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.
AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2025, Duke Energy extended the termination date of its existing Master Credit Facility to March 2030 and increased its capacity from $9 billion to $10 billion. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder.
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
September 30, 2025
DukeDukeDukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergyEnergyEnergy
(in millions)Energy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Facility size(a)
$10,000 $3,925 $1,000 $1,125 $1,150 $950 $800 $1,050 
Reduction to backstop issuances
Commercial paper(b)
(2,409)(1,350)(370)(150)(170)(25)(150)(194)
Outstanding letters of credit(7)(2)(4)(1)— — — — 
Tax-exempt bonds(81)— — — — — (81)— 
Available capacity under the Master Credit Facility$7,503 $2,573 $626 $974 $980 $925 $569 $856 
(a)Represents the sublimit of each borrower.
(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.
Term Loan Facilities
Duke Energy (Parent)
Duke Energy (Parent) entered into a Term Loan Credit Facility (facility) with commitments totaling $1.4 billion that matured in March 2024. In January 2024, Duke Energy (Parent) repaid the remaining $1 billion outstanding on the facility.
Duke Energy (Parent) entered into a 364-day term loan facility with commitments totaling $2 billion maturing September 2026. As of September 30, 2025, $1.2 billion was drawn under the term loan facility, which was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. Borrowings were used to pay down short-term debt and for general corporate purposes.
71
FINANCIAL STATEMENTSDEBT AND CREDIT FACILITIES
Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida
In November 2024, Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida entered into term loan facilities intended to meet incremental financing needs resulting from expenditures for the restoration of service and rebuilding of infrastructure related to hurricanes Debby, Helene and Milton as described in Note 4. Duke Energy Carolinas and Duke Energy Progress entered into two-year term loan facilities with commitments totaling $700 million and $250 million, respectively. Duke Energy Florida entered into a 364-day term loan facility with commitments totaling $800 million. As of December 31, 2024, $455 million and $185 million in borrowings under the term loan facilities for Duke Energy Carolinas and Duke Energy Progress, respectively, were classified as Long-Term Debt and $100 million in borrowings for Duke Energy Florida was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. As of April 2025, the remaining amounts available were drawn on all three term loans.
In September 2025, Duke Energy Carolinas and Duke Energy Progress repaid their respective term loan facilities. In the third quarter of 2025, Duke Energy Florida repaid $450 million of borrowings on its outstanding term loan facility, leaving $350 million in borrowings classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets as of September 30, 2025. The remaining $350 million was repaid in October 2025.
Piedmont
Piedmont entered into a 364-day term loan facility with commitments totaling $450 million maturing August 2026. In September 2025, $450 million was drawn under the term loan facility, which was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets as of September 30, 2025. Proceeds were used to repay $150 million of maturities due September 2025, to pay down short-term debt and for general corporate purposes.
Other Debt Matters
In September 2025, Duke Energy filed a Form S-3 with the SEC. Under this Form S-3, which is uncapped, the Duke Energy Registrants, excluding Progress Energy and Piedmont, may issue debt and other securities in the future at amounts, prices and with terms to be determined at the time of future offerings. The registration statement was filed to replace a similar prior filing upon expiration of its three-year term and also allows for the issuance of common and preferred stock by Duke Energy. Also in September 2025, Duke Energy filed a Form S-3 that allows Duke Energy to sell up to $4 billion of variable denomination floating-rate demand notes, called PremierNotes. The Form S-3 states that no more than $2 billion of the notes will be outstanding at any particular time.
7. ASSET RETIREMENT OBLIGATIONS
The Duke Energy Registrants record AROs when there is a legal obligation to incur retirement costs associated with the retirement of a long-lived asset and the obligation can be reasonably estimated. Actual costs incurred could be materially different from current estimates that form the basis of the recorded AROs.
The following table presents the AROs recorded on the Condensed Consolidated Balance Sheets.
September 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Decommissioning of nuclear power facilities
$4,625 $2,131 $2,479 $2,400 $79 $— $— $— 
Closure of ash impoundments4,688 1,648 1,868 1,844 24 65 1,107 — 
Other331 75 135 43 92 68 29 26 
Total ARO$9,644 $3,854 $4,482 $4,287 $195 $133 $1,136 $26 
Less: Current portion592 247 208 206 2 8 130 — 
Total noncurrent ARO$9,052 $3,607 $4,274 $4,081 $193 $125 $1,006 $26 
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FINANCIAL STATEMENTSASSET RETIREMENT OBLIGATIONS
ARO Liability Rollforward
The following table presents the change in liability associated with AROs for the Duke Energy Registrants.
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at December 31, 2024(a)
$9,988 $3,990 $4,548 $4,334 $214 $139 $1,268 $24 
Accretion expense(b)
357 141 164 158 6 5 49 2 
Liabilities settled(c)
(435)(171)(180)(149)(31)(5)(79)— 
Revisions in estimates of cash flows(d)
(266)(106)(50)(56)6 (6)(102)— 
Balance at September 30, 2025$9,644 $3,854 $4,482 $4,287 $195 $133 $1,136 $26 
(a)Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets.
(b)For the nine months ended September 30, 2025, substantially all accretion expense has been deferred in accordance with regulatory accounting treatment.
(c)Primarily relates to ash impoundment closures and nuclear decommissioning.
(d)The revision amounts represent the change in discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The decreases primarily relate to lower third-party markup and a shift in timing of costs to future years.
Asset retirement costs associated with the AROs for operating plants and retired plants are included in Net property, plant and equipment and Regulatory assets, respectively, on the Condensed Consolidated Balance Sheets.
8. GOODWILL
Duke Energy
Duke Energy's Goodwill balance of $19.0 billion is allocated $17.4 billion to EU&I and $1.6 billion to GU&I on Duke Energy's Condensed Consolidated Balance Sheets at September 30, 2025, and December 31, 2024. There are no accumulated impairment charges.
On July 27, 2025, Piedmont entered into a purchase agreement for the sale of Piedmont's Tennessee business. In the third quarter of 2025, Duke Energy reclassified the Piedmont Tennessee Disposal Group to assets held for sale. As a result, $294 million of Duke Energy’s Goodwill balance that is allocated to the Piedmont Tennessee Disposal Group was reclassified to noncurrent assets held for sale on Duke Energy's Condensed Consolidated Balance Sheets. See Note 2 for additional information.
Duke Energy Ohio
Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to EU&I and $324 million to GU&I, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at September 30, 2025, and December 31, 2024.
Progress Energy
Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges.
Piedmont
Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges.
On July 27, 2025, Piedmont entered into a purchase agreement for the sale of Piedmont's Tennessee business. In the third quarter of 2025, $10 million of Piedmont’s Goodwill balance that is allocated to the Piedmont Tennessee Disposal Group was reclassified to noncurrent assets held for sale on Piedmont's Condensed Consolidated Balance Sheets. See Note 2 for additional information.
Impairment Testing
Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont are required to perform an annual goodwill impairment test as of the same date each year and, accordingly, perform their annual impairment testing of goodwill as of August 31. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update their test between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. As the fair value for Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont exceeded their respective carrying values at the date of the annual impairment analysis, no goodwill impairment charges were recorded in the third quarter of 2025.
73
FINANCIAL STATEMENTSRELATED PARTY TRANSACTIONS
9. RELATED PARTY TRANSACTIONS
The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Duke Energy Carolinas
Corporate governance and shared service expenses(a)
$153 $186 $488 $589 
Indemnification coverages(b)
13 11 40 33 
JDA revenue(c)
12 7 102 29 
JDA expense(c)
58 48 245 141 
Intercompany natural gas purchases(d)
1 5 5 14 
Progress Energy
Corporate governance and shared service expenses(a)
$145 $165 $436 $524 
Indemnification coverages(b)
16 13 48 42 
JDA revenue(c)
58 48 245 141 
JDA expense(c)
12 7 102 29 
Intercompany natural gas purchases(d)
19 19 57 56 
Duke Energy Progress
Corporate governance and shared service expenses(a)
$87 $104 $254 $318 
Indemnification coverages(b)
7 5 20 17 
JDA revenue(c)
58 48 245 141 
JDA expense(c)
12 7 102 29 
Intercompany natural gas purchases(d)
19 19 57 56 
Duke Energy Florida
Corporate governance and shared service expenses(a)
$58 $61 $182 $206 
Indemnification coverages(b)
9 8 28 25 
Duke Energy Ohio
Corporate governance and shared service expenses(a)
$68 $74 $202 $228 
Indemnification coverages(b)
1 2 4 5 
Duke Energy Indiana
Corporate governance and shared service expenses(a)
$80 $98 $224 $283 
Indemnification coverages(b)
2 2 7 7 
Piedmont
Corporate governance and shared service expenses(a)
$38 $40 $105 $121 
Indemnification coverages(b)
1 1 4 3 
Intercompany natural gas sales(d)
20 24 62 70 
Natural gas storage and transportation costs(e)
5 5 16 17 
(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.
(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.
74
FINANCIAL STATEMENTSRELATED PARTY TRANSACTIONS
In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.
As discussed in Note 13, certain trade receivables were previously sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables were largely cash but included a subordinated note from CRC for a portion of the purchase price. In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related CRC credit facility.
Intercompany Income Taxes
Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.
DukeDukeDukeDukeDuke
EnergyProgressEnergyEnergyEnergyEnergy
(in millions)CarolinasEnergyProgressFloridaOhioIndianaPiedmont
September 30, 2025
Intercompany income tax receivable$— $— $93 $— $— $— $45 
Intercompany income tax payable65 101 — 192 23 28 — 
December 31, 2024
Intercompany income tax receivable$— $— $— $154 $— $— $— 
Intercompany income tax payable419 169 315 — 43 110 43 
10. DERIVATIVES AND HEDGING
The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt.
All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities on the Condensed Consolidated Statements of Cash Flows.
INTEREST RATE RISK
The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.
Cash Flow Hedges
For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2025, and 2024, were not material. Duke Energy's interest rate derivatives designated as hedges include forward-starting interest rate swaps not accounted for under regulatory accounting.
Undesignated Contracts
Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.
Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.
75
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
The following tables show notional amounts of outstanding derivatives related to interest rate risk.
September 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndianaOhio
Cash flow hedges$1,725 $— $— $— $— $— $— 
Undesignated contracts4,352 2,075 1,925 650 1,275 325 27 
Total notional amount$6,077 $2,075 $1,925 $650 $1,275 $325 $27 
December 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndianaOhio
Cash flow hedges$2,825 $— $— $— $— $— $— 
Undesignated contracts3,202 1,150 1,775 1,125 650 250 27 
Total notional amount$6,027 $1,150 $1,775 $1,125 $650 $250 $27 
COMMODITY PRICE RISK
The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.
Undesignated Contracts
For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers.
Volumes
The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.
September 30, 2025
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
EnergyCarolinasEnergyProgressOhioIndianaPiedmont
Electricity (GWh)17,663 — — — 2,631 15,032 — 
Natural gas (millions of dekatherms)790 297 274 274 — 22 197 
December 31, 2024
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
EnergyCarolinasEnergyProgressOhioIndianaPiedmont
Electricity (GWh)12,229 — — — 1,287 10,942 — 
Natural gas (millions of dekatherms)779 276 246 246 — 32 225 
FOREIGN CURRENCY RISK
Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars.
Fair Value Hedges
Derivatives related to existing fixed-rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss.
76
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at September 30, 2025.
Fair Value Gain (Loss)(a)
(in millions)
Pay NotionalReceive NotionalReceiveHedgeThree Months Ended September 30,Nine Months Ended September 30,
(in millions)Pay Rate(in millions)RateMaturity Date2025202420252024
Fair value hedges
$645 4.75 %600 euros3.10 %June 2028$(3)$23 $83 $23 
537 5.31 %500 euros3.85 %June 2034(3)19 69 19 
815 5.65 %750 
euros
3.75 %April 2031(4)29 104 20 
Total notional amount$1,997 1,850 euros$(10)$71 $256 $62 
(a)    Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded.
LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives have not been netted against the fair values shown.
Derivative AssetsSeptember 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$59 $22 $21 $21 $— $1 $14 $1 
Noncurrent47 22 25 26 — — — — 
Total Derivative Assets – Commodity Contracts$106 $44 $46 $47 $— $1 $14 $1 
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent24 — — — — — — — 
Not Designated as Hedging Instruments
Current3 — 3 — 2 — — — 
Noncurrent56 33 23 15 8 — — — 
Total Derivative Assets – Interest Rate Contracts$83 $33 $26 $15 $10 $— $— $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent171 — — — — — — — 
Total Derivative Assets – Foreign Currency Contracts$171 $— $— $— $— $— $— $— 
Total Derivative Assets$360 $77 $72 $62 $10 $1 $14 $1 
77
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Derivative LiabilitiesSeptember 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$79 $43 $17 $17 $— $— $2 $17 
Noncurrent100 24 15 15 — — — 61 
Total Derivative Liabilities – Commodity Contracts$179 $67 $32 $32 $— $— $2 $78 
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent3 — — — — — — — 
Not Designated as Hedging Instruments
Current12 — 12 — 12 — — — 
Noncurrent28 12 10 4 6 — 5 — 
Total Derivative Liabilities – Interest Rate Contracts$43 $12 $22 $4 $18 $— $5 $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Current26 — — — — — — — 
Total Derivative Liabilities – Foreign Currency Contracts$26 $— $— $— $— $— $— $— 
Total Derivative Liabilities$248 $79 $54 $36 $18 $— $7 $78 
Derivative AssetsDecember 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$49 $20 $17 $17 $— $1 $8 $1 
Noncurrent60 29 32 32 — — — — 
Total Derivative Assets – Commodity Contracts$109 $49 $49 $49 $— $1 $8 $1 
Interest Rate Contracts
Designated as Hedging Instruments
Current108 — — — — — — — 
Noncurrent52 — — — — — — — 
Not Designated as Hedging Instruments
Current110 19 55 44 11 — 36 — 
Noncurrent50 26 23 16 7 — — — 
Total Derivative Assets – Interest Rate Contracts$320 $45 $78 $60 $18 $— $36 $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent5 — — — — — — — 
Total Derivative Assets – Foreign Currency Contracts
$5 $— $— $— $— $— $— $— 
Total Derivative Assets$434 $94 $127 $109 $18 $1 $44 $1 
78
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Derivative LiabilitiesDecember 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$108 $57 $32 $32 $— $— $3 $16 
Noncurrent134 31 24 24 — — — 78 
Total Derivative Liabilities – Commodity Contracts$242 $88 $56 $56 $— $— $3 $94 
Interest Rate Contracts
Not Designated as Hedging Instruments
Current2 — 2 1 1 — — — 
Noncurrent1 — — — — 1 — — 
Total Derivative Liabilities – Interest Rate Contracts$3 $— $2 $1 $1 $1 $— $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Current35 — — — — — — — 
Noncurrent39 — — — — — — — 
Total Derivative Liabilities – Foreign Currency Contracts
$74 $— $— $— $— $— $— $— 
Total Derivative Liabilities$319 $88 $58 $57 $1 $1 $3 $94 
OFFSETTING ASSETS AND LIABILITIES
The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.
Derivative AssetsSeptember 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$62 $22 $24 $21 $2 $1 $14 $1 
Offset
(25)(12)(13)(13)— — — — 
Net amounts presented in Current Assets: Other$37 $10 $11 $8 $2 $1 $14 $1 
Noncurrent
Gross amounts recognized$298 $55 $48 $41 $8 $— $— $— 
Offset
(26)(14)(12)(12)— — — — 
Net amounts presented in Other Noncurrent Assets: Other$272 $41 $36 $29 $8 $— $— $— 
79
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Derivative LiabilitiesSeptember 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$117 $43 $29 $17 $12 $— $2 $17 
Offset
(24)(12)(13)(13)— — — — 
Cash collateral posted
(3)— — — — — (3)— 
Net amounts presented in Current Liabilities: Other$90 $31 $16 $4 $12 $— $(1)$17 
Noncurrent
Gross amounts recognized$131 $36 $25 $19 $6 $— $5 $61 
Offset
(26)(14)(12)(12)— — — — 
Net amounts presented in Other Noncurrent Liabilities: Other$105 $22 $13 $7 $6 $— $5 $61 
Derivative AssetsDecember 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$267 $39 $72 $61 $11 $1 $44 $1 
Offset
(29)(15)(14)(14)— — — — 
Net amounts presented in Current Assets: Other$238 $24 $58 $47 $11 $1 $44 $1 
Noncurrent
Gross amounts recognized$167 $55 $55 $48 $7 $— $— $— 
Offset
(37)(19)(17)(17)— — — — 
Net amounts presented in Other Noncurrent Assets: Other$130 $36 $38 $31 $7 $— $— $— 
Derivative LiabilitiesDecember 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$145 $57 $34 $33 $1 $— $3 $16 
Offset
(29)(15)(14)(14)— — — — 
Cash collateral posted
(3)(2)— — — — (1)— 
Net amounts presented in Current Liabilities: Other$113 $40 $20 $19 $1 $— $2 $16 
Noncurrent
Gross amounts recognized$174 $31 $24 $24 $— $1 $— $78 
Offset
(37)(19)(17)(17)— — — — 
Cash collateral posted
(4)(4)— — — — — — 
Net amounts presented in Other Noncurrent Liabilities: Other$133 $8 $7 $7 $— $1 $— $78 
80
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
OBJECTIVE CREDIT CONTINGENT FEATURES
Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.
September 30, 2025
DukeDuke
DukeEnergyProgressEnergy
(in millions)EnergyCarolinasEnergyProgress
Aggregate fair value of derivatives in a net liability position$45 $28 $16 $16 
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered$45 $28 $16 $16 
December 31, 2024
DukeDuke
DukeEnergyProgressEnergy
(in millions)EnergyCarolinasEnergyProgress
Aggregate fair value of derivatives in a net liability position$101 $52 $49 $49 
Fair value of collateral already posted6 6 — — 
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered$95 $46 $49 $49 
The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.
11. INVESTMENTS IN DEBT AND EQUITY SECURITIES
Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the nuclear decommissioning trust funds (NDTF) at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as Available for Sale (AFS) and investments in equity securities as fair value through net income (FV-NI).
For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.
Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.
Investment Trusts
The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.
Other AFS Securities
Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of September 30, 2025, and December 31, 2024.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
81
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
DUKE ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $172 $— $— $139 
Equity securities5,938 17 8,435 5,753 61 8,233 
Corporate debt securities21 19 1,021 6 33 673 
Municipal bonds4 15 374 2 14 342 
U.S. government bonds32 43 2,488 3 84 1,806 
Other debt securities3 5 287 1 8 239 
Total NDTF Investments$5,998 $99 $12,777 $5,765 $200 $11,432 
Other Investments
Cash and cash equivalents$— $— $76 $— $— $47 
Equity securities54 — 134 39 4 160 
Corporate debt securities— 2 70 — 5 79 
Municipal bonds— 2 69 — 1 83 
U.S. government bonds— 4 56 — 5 59 
Other debt securities— 2 49 — 4 45 
Total Other Investments$54 $10 $454 $39 $19 $473 
Total Investments$6,052 $109 $13,231 $5,804 $219 $11,905 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2025, and 2024, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
FV-NI:
 Realized gains $848 $61 $1,015 $256 
 Realized losses21 19 102 64 
AFS:
 Realized gains23 10 43 22 
 Realized losses20 8 57 44 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $84 $— $— $62 
Equity securities3,483 11 4,856 3,386 33 4,751 
Corporate debt securities11 16 637 2 27 401 
Municipal bonds— 5 50 — 4 36 
U.S. government bonds17 28 1,397 — 50 991 
Other debt securities3 5 245 1 8 223 
Total NDTF Investments$3,514 $65 $7,269 $3,389 $122 $6,464 
82
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2025, and 2024, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
FV-NI:
 Realized gains$490 $38 $594 $163 
 Realized losses 12 9 53 30 
AFS:
 Realized gains17 6 32 11 
 Realized losses17 5 40 22 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $88 $— $— $77 
Equity securities2,455 6 3,579 2,367 28 3,482 
Corporate debt securities10 3 384 4 6 272 
Municipal bonds4 10 324 2 10 306 
U.S. government bonds15 15 1,091 3 34 815 
Other debt securities— — 42 — — 16 
Total NDTF Investments$2,484 $34 $5,508 $2,376 $78 $4,968 
Other Investments
Cash and cash equivalents$— $— $14 $— $— $23 
Municipal bonds— 1 24 — — 24 
Total Other Investments$— $1 $38 $— $— $47 
Total Investments$2,484 $35 $5,546 $2,376 $78 $5,015 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2025, and 2024, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
FV-NI:
 Realized gains$358 $23 $421 $93 
 Realized losses9 10 49 34 
AFS:
 Realized gains6 4 11 11 
 Realized losses3 3 17 22 
83
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $72 $— $— $54 
Equity securities2,330 6 3,445 2,256 28 3,362 
Corporate debt securities10 3 367 4 6 256 
Municipal bonds4 10 324 2 10 306 
U.S. government bonds14 11 953 3 26 645 
Other debt securities— — 41 — — 14 
Total NDTF Investments$2,358 $30 $5,202 $2,265 $70 $4,637 
Other Investments
Cash and cash equivalents$— $— $9 $— $— $16 
Total Other Investments$— $— $9 $— $— $16 
Total Investments$2,358 $30 $5,211 $2,265 $70 $4,653 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2025, and 2024, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
FV-NI:
 Realized gains$358 $23 $419 $93 
 Realized losses9 10 49 34 
AFS:
 Realized gains5 4 10 11 
 Realized losses3 3 16 21 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $16 $— $— $23 
Equity securities125 — 134 111 — 120 
Corporate debt securities— — 17 — — 16 
U.S. government bonds1 4 138 — 8 170 
Other debt securities— — 1 — — 2 
Total NDTF Investments(a)
$126 $4 $306 $111 $8 $331 
Other Investments
Cash and cash equivalents$— $— $1 $— $— $3 
Municipal bonds— 1 24 — — 24 
Total Other Investments$— $1 $25 $— $— $27 
Total Investments$126 $5 $331 $111 $8 $358 
(a)During the nine months ended September 30, 2025, and the year ended December 31, 2024, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
84
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2025, and 2024, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedEstimated
HoldingHoldingFairHoldingFair
(in millions)GainsLossesValueLossesValue
Investments
Cash and cash equivalents$— $— $1 $— $1 
Equity securities5 — 51 4 89 
Corporate debt securities— — 1 — 6 
Municipal bonds— 1 24 1 43 
U.S. government bonds— — 3 — 7 
Total Investments$5 $1 $80 $5 $146 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2025, and 2024, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
September 30, 2025
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$92 $9 $82 $10 $72 $1 
Due after one through five years1,138 571 507 464 43 8 
Due after five through 10 years900 460 394 377 17 6 
Due after 10 years2,284 1,289 882 834 48 13 
Total$4,414 $2,329 $1,865 $1,685 $180 $28 
12. FAIR VALUE MEASUREMENTS
Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient.
Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value per share practical expedient. The net asset value is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.
Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the Company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value.
Valuation methods of the primary fair value measurements disclosed below are as follows.
Investments in equity securities
The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the New York Stock Exchange and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements.
85
FINANCIAL STATEMENTSFAIR VALUE MEASUREMENTS
Investments in debt securities
Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3.
Commodity derivatives
Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of certain commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves.
Interest rate derivatives
Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties.
Foreign currency derivatives
Most over-the-counter foreign currency derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward foreign currency rate curves, notional amounts, foreign currency rates and credit quality of the counterparties.
Other fair value considerations
See Note 12 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of the valuation of goodwill and intangible assets.
DUKE ENERGY
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 10. See Note 11 for additional information related to investments by major security type for the Duke Energy Registrants.
September 30, 2025
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$172 $172 $— $— $— 
NDTF equity securities8,435 8,408 3 — 24 
NDTF debt securities4,170 1,439 2,731 — — 
Other equity securities134 134 — — — 
Other debt securities244 52 192 — — 
Other cash and cash equivalents76 76 — — — 
Derivative assets360 4 344 12 — 
Total assets13,591 10,285 3,270 12 24 
Derivative liabilities(248)(2)(246)— — 
Net assets$13,343 $10,283 $3,024 $12 $24 
December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$139 $139 $— $— $— 
NDTF equity securities8,233 8,203 2 — 28 
NDTF debt securities3,060 1,022 2,038 — — 
Other equity securities160 160 — — — 
Other debt securities266 52 214 — — 
Other cash and cash equivalents47 47 — — — 
Derivative assets434 2 423 9 — 
Total assets12,339 9,625 2,677 9 28 
Derivative liabilities(319)(3)(316)— — 
Net assets$12,020 $9,622 $2,361 $9 $28 
86
FINANCIAL STATEMENTSFAIR VALUE MEASUREMENTS
The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions) 2025202420252024
Balance at beginning of period$14 $35 $9 $15 
Purchases, sales, issuances and settlements:
Purchases— — 14 29 
Settlements(4)(13)(2)(36)
Total gains (losses) included on the Condensed Consolidated Balance Sheet
2 (5)(9)9 
Balance at end of period$12 $17 $12 $17 
DUKE ENERGY CAROLINAS
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2025
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$84 $84 $— $— 
NDTF equity securities4,856 4,829 3 24 
NDTF debt securities2,329 747 1,582 — 
Derivative assets77 — 77 — 
Total assets7,346 5,660 1,662 24 
Derivative liabilities(79)— (79)— 
Net assets$7,267 $5,660 $1,583 $24 
December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$62 $62 $— $— 
NDTF equity securities4,751 4,721 2 28 
NDTF debt securities1,651 520 1,131 — 
Derivative assets94 — 94 — 
Total assets6,558 5,303 1,227 28 
Derivative liabilities(88)— (88)— 
Net assets$6,470 $5,303 $1,139 $28 
PROGRESS ENERGY
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$88 $88 $— $77 $77 $— 
NDTF equity securities3,579 3,579 — 3,482 3,482 — 
NDTF debt securities1,841 692 1,149 1,409 502 907 
Other debt securities24 — 24 24 — 24 
Other cash and cash equivalents14 14 — 23 23 — 
Derivative assets72 — 72 127 — 127 
Total assets5,618 4,373 1,245 5,142 4,084 1,058 
Derivative liabilities(54)— (54)(58)— (58)
Net assets$5,564 $4,373 $1,191 $5,084 $4,084 $1,000 
87
FINANCIAL STATEMENTSFAIR VALUE MEASUREMENTS
DUKE ENERGY PROGRESS
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$72 $72 $— $54 $54 $— 
NDTF equity securities3,445 3,445 — 3,362 3,362 — 
NDTF debt securities1,685 577 1,108 1,221 365 856 
Other cash and cash equivalents9 9 — 16 16 — 
Derivative assets62 — 62 109 — 109 
Total assets5,273 4,103 1,170 4,762 3,797 965 
Derivative liabilities(36)— (36)(57)— (57)
Net assets$5,237 $4,103 $1,134 $4,705 $3,797 $908 
DUKE ENERGY FLORIDA
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$16 $16 $— $23 $23 $— 
NDTF equity securities134 134 — 120 120 — 
NDTF debt securities156 115 41 188 137 51 
Other debt securities24 — 24 24 — 24 
Other cash and cash equivalents1 1 — 3 3 — 
Derivative assets10 — 10 18 — 18 
Total assets341 266 75 376 283 93 
Derivative liabilities(18)— (18)(1)— (1)
Net assets$323 $266 $57 $375 $283 $92 
DUKE ENERGY OHIO
The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at September 30, 2025, and December 31, 2024.
DUKE ENERGY INDIANA
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$51 $51 $— $— $89 $89 $— $— 
Other debt securities28 — 28 — 56 — 56 — 
Other cash and cash equivalents1 1 — — 1 1 — — 
Derivative assets14 3 — 11 44 — 36 8 
Total assets94 55 28 11 190 90 92 8 
Derivative liabilities(7)(2)(5)— (3)(3)— — 
Net assets$87 $53 $23 $11 $187 $87 $92 $8 
88
FINANCIAL STATEMENTSFAIR VALUE MEASUREMENTS
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Balance at beginning of period$13 $33 $8 $13 
Purchases, sales, issuances and settlements:
Purchases— — 12 27 
Settlements(3)(13)— (33)
Total gains (losses) included on the Condensed Consolidated Balance Sheet
1 (5)(9)8 
Balance at end of period$11 $15 $11 $15 
PIEDMONT
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
Derivative assets$1 $1 $— $1 $1 $— 
Derivative liabilities(78)— (78)(94)— (94)
Net (liabilities) assets$(77)$1 $(78)$(93)$1 $(94)
QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
September 30, 2025
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio 
FTRs$1 RTO auction pricingFTR price – per MWh$— -$1.14 $0.22 
Duke Energy Indiana 
FTRs11 RTO auction pricingFTR price – per MWh(2.13)-12.29 1.01 
Duke Energy
Total Level 3 derivatives$12 
December 31, 2024
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio   
FTRs$1 RTO auction pricingFTR price – per MWh$— –$1.13 $0.48 
Duke Energy Indiana   
FTRs8 RTO auction pricingFTR price – per MWh(0.63)–9.24 0.94 
Duke Energy
Total Level 3 derivatives$9 
89
FINANCIAL STATEMENTSFAIR VALUE MEASUREMENTS
OTHER FAIR VALUE DISCLOSURES
The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.
September 30, 2025December 31, 2024
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$85,753 $78,926 $80,689 $73,440 
Duke Energy Carolinas18,221 16,747 17,490 15,975 
Progress Energy26,084 24,179 24,496 22,548 
Duke Energy Progress13,897 12,449 12,504 11,009 
Duke Energy Florida10,542 9,943 10,348 9,752 
Duke Energy Ohio4,514 4,251 4,165 3,871 
Duke Energy Indiana5,096 4,643 4,798 4,329 
Piedmont4,305 4,030 4,003 3,584 
(a)Book value of long-term debt includes $941 million and $1 billion at September 30, 2025, and December 31, 2024, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.
At both September 30, 2025, and December 31, 2024, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.
13. VARIABLE INTEREST ENTITIES
CONSOLIDATED VIEs
The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.
No financial support was provided to any of the consolidated VIEs during the nine months ended September 30, 2025, and the year ended December 31, 2024, or is expected to be provided in the future that was not previously contractually required.
Receivables Financing – DERF/DEPR/DEFR
DERF, DEPR and DEFR were bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR were wholly owned LLCs with separate legal existence from their parent companies, and their assets were not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR bought certain accounts receivable arising from the sale of electricity and related services from their parent companies.
DERF, DEPR and DEFR borrowed amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities was limited to the amount of qualified receivables purchased, which generally excluded receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations were cash collections from the receivables. Amounts borrowed under the DERF and DEPR credit facilities were reflected on the Condensed Consolidated Balance Sheets as Current maturities of long-term debt as of December 31, 2024.
The most significant activity that impacted the economic performance of DERF, DEPR and DEFR were the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida were considered the primary beneficiaries and consolidated DERF, DEPR and DEFR, respectively, as they made those decisions.
In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowings totaling $325 million and terminated the related DEFR credit facility. Additionally, Duke Energy Florida's related restricted receivables outstanding at DEFR at the time of termination totaled $459 million and were transferred back to Duke Energy Florida to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.
In January 2025, Duke Energy Carolinas repaid all outstanding DERF borrowings totaling $500 million and terminated the related DERF credit facility. Additionally, Duke Energy Carolinas' related restricted receivables outstanding at DERF at the time of termination totaled $1,081 million and were transferred back to Duke Energy Carolinas to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.
In March 2025, Duke Energy Progress repaid all outstanding DEPR borrowings totaling $400 million and terminated the related DEPR credit facility. Additionally, Duke Energy Progress' related restricted receivables outstanding at DEPR at the time of termination totaled $943 million and were transferred back to Duke Energy Progress to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.
Receivables Financing – CRC
In March 2024, Duke Energy repaid all outstanding CRC borrowings totaling $350 million and terminated the related CRC credit facility. Additionally, Duke Energy's related restricted receivables outstanding at CRC at the time of termination totaled $682 million, consisting of $316 million and $366 million of restricted receivables that were transferred back to Duke Energy Indiana and Duke Energy Ohio, respectively, to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.
90
FINANCIAL STATEMENTSVARIABLE INTEREST ENTITIES
Receivables Financing – Credit Facilities
The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.
Duke EnergyDuke Energy
CarolinasProgress
(in millions)DERFDEPR
Expiration date
(a)
(b)
Credit facility amount
(a)
(b)
Amounts borrowed at September 30, 2025— — 
Amounts borrowed at December 31, 2024500 400 
Restricted Receivables at September 30, 2025— — 
Restricted Receivables at December 31, 20241,054 835 
(a)    In January 2025, Duke Energy Carolinas repaid all outstanding DERF borrowings totaling $500 million and terminated the related DERF credit facility.
(b)    In March 2025, Duke Energy Progress repaid all outstanding DEPR borrowings totaling $400 million and terminated the related DEPR credit facility.
Nuclear Asset-Recovery Bonds
Duke Energy Florida Project Finance, LLC (DEFPF) is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3.
In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida.
DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF.
The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.
(in millions)September 30, 2025December 31, 2024
Regulatory Assets: Current62 61 
Current Assets: Other12 35 
Other Noncurrent Assets: Regulatory assets696 741 
Other Noncurrent Assets: Other
7 — 
Current Liabilities: Other2 8 
Current maturities of long-term debt61 59 
Long-Term Debt712 773 
Storm Recovery Bonds
Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF), Duke Energy Carolinas NC Storm Funding II, LLC (DECNCSFII), Duke Energy Progress NC Storm Funding, LLC (DEPNCSF), Duke Energy Progress NC Storm Funding II, LLC (DEPNCSFII) and Duke Energy Progress SC Storm Funding, LLC (DEPSCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress. DECNCSF and DEPNCSF were formed in 2021, DEPSCSF was formed in 2024, and DECNCSFII and DEPNCSFII were formed in 2025, all for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs incurred in North Carolina and South Carolina.
In 2021, DECNCSF and DEPNCSF issued senior secured bonds, and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property was created by state legislation and NCUC financing orders for the purpose of financing storm costs incurred in 2018 and 2019. In April 2024, DEPSCSF issued $177 million of senior secured bonds and used the proceeds to acquire storm recovery property from Duke Energy Progress. The storm recovery property was created by state legislation and a PSCSC financing order for the purpose of financing storm costs incurred from 2014 through 2022. In September 2025, DECNCSFII issued $582 million of senior secured bonds and used the proceeds to repay Duke Energy Carolinas' term loan facility. Also in September 2025, DEPNCSFII issued $461 million of senior secured bonds and used the proceeds to repay Duke Energy Progress' term loan facility. See Note 6 for more information.
91
FINANCIAL STATEMENTSVARIABLE INTEREST ENTITIES
The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ North Carolina and South Carolina retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries. Duke Energy Carolinas consolidates DECNCSF and DECNCSFII and Duke Energy Progress consolidates DEPNCSF, DEPNCSFII and DEPSCSF.
The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.
September 30, 2025
Duke EnergyDuke Energy
CarolinasProgress
(in millions)DECNCSF
DECNCSFII
DEPNCSF
DEPNCSFII
DEPSCSF
Regulatory Assets: Current$12 $29 $39 $23 $8 
Current Assets: Other5 — 18 — 2 
Other Noncurrent Assets: Regulatory assets181 548 590 433 153 
Other Noncurrent Assets: Other1 3 4 2 1 
Current Maturities of Long-Term Debt
11 2 35 1 5 
Long-Term Debt188 577 611 457 158 
December 31, 2024
Duke EnergyDuke Energy
CarolinasProgress
(in millions)DECNCSFDEPNCSFDEPSCSF
Regulatory Assets: Current$12 $39 $8 
Current Assets: Other9 27 13 
Other Noncurrent Assets: Regulatory assets189 620 155 
Other Noncurrent Assets: Other1 4 1 
Current Liabilities: Other2 10 7 
Current Maturities of Long-Term Debt
10 34 9 
Long-Term Debt198 646 163 
Procurement Company – Duke Energy Florida
Duke Energy Florida Purchasing Company, LLC (DEF ProCo) is a wholly owned special purpose subsidiary of Duke Energy Florida. DEF ProCo was formed in 2023 as the primary procurement agent for equipment, materials and supplies for Duke Energy Florida. DEF ProCo interacts with third-party suppliers on Duke Energy Florida’s behalf with credit and risk support provided by Duke Energy Florida. DEF ProCo is a qualified reseller under Florida tax law and conveys acquired assets to Duke Energy Florida through leases on each acquired asset.
This entity is considered a VIE primarily because the equity capitalization is insufficient to support their operations. Duke Energy Florida has the power to direct the significant activities of this VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates the procurement company.
The following table summarizes the impact of this VIE on Duke Energy Florida's Consolidated Balance Sheets.
(in millions)September 30, 2025
December 31, 2024
Inventory
$550 $494 
Accounts Payable
266 208 
NON-CONSOLIDATED VIEs
Natural Gas Investments
Duke Energy has investments in various joint ventures including pipeline and renewable natural gas projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities.
Non-consolidated VIEs are immaterial on the Condensed Consolidated Balance Sheets and the Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values.
92
FINANCIAL STATEMENTSVARIABLE INTEREST ENTITIES
CRC
The following table shows sales and cash flows related to receivables sold and reflects CRC activity prior to its termination in March 2024.
Duke Energy Ohio
Duke Energy Indiana
Nine Months EndedNine Months Ended
(in millions)September 30, 2024September 30, 2024
Sales
Receivables sold$474 $473 
Loss recognized on sale7 6 
Cash flows
Cash proceeds from receivables sold$478 $523 
Return received on retained interests4 4 
Cash flows from sales of receivables are reflected within Cash Flows from Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Condensed Consolidated Statements of Cash Flows.
14. REVENUE
Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I.
Electric Utilities and Infrastructure
EU&I earns the majority of its revenues through retail and wholesale electric service through the generation, transmission, distribution and sale of electricity. Duke Energy generally provides retail and wholesale electric service customers with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity.
The majority of wholesale revenues are full requirements contracts where the customers purchase the substantial majority of their energy needs and do not have a fixed quantity of contractually required energy or capacity. As such, related forecasted revenues are considered optional purchases. Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations as of September 30, 2025:
Remaining Performance Obligations
(in millions)20252026202720282029ThereafterTotal
Duke Energy Carolinas$3 $12 $12 $12 $— $— $39 
Progress Energy8 43 13 13 13 42 132 
Duke Energy Progress1 6 6 6 6 20 45 
Duke Energy Florida7 37 7 7 7 22 87 
Duke Energy Indiana4 17 15 6 — — 42 
Revenues for block sales are recognized monthly as energy is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates.
Gas Utilities and Infrastructure
GU&I earns its revenue through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery.
Fixed-capacity payments under long-term contracts for the GU&I segment include minimum margin contracts and supply arrangements with municipalities and power generation facilities. Revenues for related sales are recognized monthly as natural gas is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Estimated remaining performance obligations as of September 30, 2025, are as follows:
Remaining Performance Obligations
(in millions)20252026202720282029ThereafterTotal
Piedmont$16 $51 $49 $46 $44 $151 $357 
Other
The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers.
93
FINANCIAL STATEMENTSREVENUE
Disaggregated Revenues
Disaggregated revenues are presented as follows:
Three Months Ended September 30, 2025
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$3,953 $1,134 $2,098 $781 $1,318 $330 $394 $— 
Commercial
2,339 793 1,087 475 614 166 297 — 
   Industrial933 402 276 195 83 37 219 — 
   Wholesale632 172 377 346 32 26 55 — 
   Other revenues191 65 181 96 80 6 19 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$8,048 $2,566 $4,019 $1,893 $2,127 $565 $984 $— 
Gas Utilities and Infrastructure
   Residential$143 $— $— $— $— $80 $— $63 
   Commercial84 — — — — 27 — 57 
   Industrial39 — — — — 8 — 31 
   Power Generation— — — — — — — 8 
   Other revenues57 — — — — 2 — 72 
Total Gas Utilities and Infrastructure revenue from contracts with customers$323 $— $— $— $— $117 $— $231 
Other
Revenue from contracts with customers$6 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$8,377 $2,566 $4,019 $1,893 $2,127 $682 $984 $231 
Other revenue sources(a)
$165 $66 $55 $20 $30 $(3)$8 $40 
Total revenues$8,542 $2,632 $4,074 $1,913 $2,157 $679 $992 $271 
94
FINANCIAL STATEMENTSREVENUE
Three Months Ended September 30, 2024
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$3,738 $1,173 $1,973 $811 $1,162 $275 $316 $— 
Commercial
2,287 859 1,035 485 550 152 243 — 
   Industrial924 416 275 196 79 39 193 — 
   Wholesale620 158 394 350 44 15 53 — 
   Other revenues237 71 166 88 78 24 23 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$7,806 $2,677 $3,843 $1,930 $1,913 $505 $828 $— 
Gas Utilities and Infrastructure
   Residential$157 $— $— $— $— $74 $— $83 
   Commercial91 — — — — 23 — 68 
   Industrial36 — — — — 6 — 30 
   Power Generation— — — — — — — 8 
   Other revenues25 — — — — 5 — 20 
Total Gas Utilities and Infrastructure revenue from contracts with customers$309 $— $— $— $— $108 $— $209 
Other
Revenue from contracts with customers$12 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$8,127 $2,677 $3,843 $1,930 $1,913 $613 $828 $209 
Other revenue sources(a)
$27 $30 $17 $(16)$27 $(8)$8 $10 
Total revenues$8,154 $2,707 $3,860 $1,914 $1,940 $605 $836 $219 
95
FINANCIAL STATEMENTSREVENUE
Nine Months Ended September 30, 2025
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$10,598 $3,180 $5,465 $2,264 $3,201 $865 $1,089 $— 
Commercial
6,313 2,187 2,898 1,316 1,582 455 775 — 
   Industrial2,606 1,091 807 567 239 106 602 — 
   Wholesale1,825 453 1,148 1,044 104 67 156 — 
   Other revenues689 341 641 370 273 42 27 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$22,031 $7,252 $10,959 $5,561 $5,399 $1,535 $2,649 $— 
Gas Utilities and Infrastructure
   Residential$1,038 $— $— $— $— $366 $— $672 
   Commercial542 — — — — 134 — 408 
   Industrial135 — — — — 33 — 102 
   Power Generation— — — — — — — 25 
   Other revenues201 — — — — 16 — 202 
Total Gas Utilities and Infrastructure revenue from contracts with customers$1,916 $— $— $— $— $549 $— $1,409 
Other
Revenue from contracts with customers$21 $— $— $— $— $— $— $— 
Total Revenue from contracts with customers$23,968 $7,252 $10,959 $5,561 $5,399 $2,084 $2,649 $1,409 
Other revenue sources(a)
$331 $135 $151 $51 $87 $15 $22 $54 
Total operating revenues
$24,299 $7,387 $11,110 $5,612 $5,486 $2,099 $2,671 $1,463 
96
FINANCIAL STATEMENTSREVENUE
Nine Months Ended September 30, 2024
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$9,945 $3,190 $5,115 $2,214 $2,901 $768 $872 $— 
Commercial
6,234 2,331 2,834 1,334 1,500 448 624 — 
   Industrial2,615 1,130 808 556 252 110 566 — 
   Wholesale1,698 423 1,086 974 112 39 150 — 
   Other revenues783 269 502 257 245 64 96 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$21,275 $7,343 $10,345 $5,335 $5,010 $1,429 $2,308 $— 
Gas Utilities and Infrastructure
   Residential$859 $— $— $— $— $307 $— $552 
   Commercial434 — — — — 111 — 323 
   Industrial115 — — — — 23 — 92 
   Power Generation— — — — — — — 24 
   Other revenues97 — — — — 19 — 78 
Total Gas Utilities and Infrastructure revenue from contracts with customers$1,505 $— $— $— $— $460 $— $1,069 
Other
Revenue from contracts with customers$30 $— $— $— $— $— $— $— 
Total Revenue from contracts with customers$22,810 $7,343 $10,345 $5,335 $5,010 $1,889 $2,308 $1,069 
Other revenue sources(a)
$187 $68 $100 $3 $82 $2 $34 $70 
Total operating revenues
$22,997 $7,411 $10,445 $5,338 $5,092 $1,891 $2,342 $1,139 
(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.
97
FINANCIAL STATEMENTSREVENUE
The following table presents the reserve for credit losses for trade and other receivables.
Three Months Ended September 30, 2024 and 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at June 30, 2024$204 $65 $73 $47 $26 $42 $16 $8 
Write-Offs(29)(13)(16)(10)(6)— — — 
Credit Loss Expense34 15 18 7 11 — — 1 
Other Adjustments5 3 4 4 — (1)— — 
Balance at September 30, 2024$214 $70 $79 $48 $31 $41 $16 $9 
Balance at June 30, 2025$195 $57 $70 $42 $28 $41 $17 $8 
Write-Offs(34)(13)(15)(10)(5)(2)(4)— 
Credit Loss Expense25 8 10 5 5 3 4 — 
Other Adjustments13 4 2 2 — 9 — — 
Balance at September 30, 2025$199 $56 $67 $39 $28 $51 $17 $8 
Nine Months Ended September 30, 2024 and 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at December 31, 2023$202 $56 $74 $44 $31 $9 $5 $8 
Write-Offs(97)(41)(49)(29)(20)— — (4)
Credit Loss Expense79 32 38 17 21 2 2 5 
Other Adjustments30 23 16 16 (1)30 9 — 
Balance at September 30, 2024$214 $70 $79 $48 $31 $41 $16 $9 
Balance at December 31, 2024$207 $69 $73 $44 $29 $43 $15 $7 
Write-Offs(115)(39)(44)(28)(16)(10)(8)(14)
Credit Loss Expense73 18 28 13 15 4 10 13 
Other Adjustments34 8 10 10 — 14 — 2 
Balance at September 30, 2025$199 $56 $67 $39 $28 $51 $17 $8 
Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables.
15. STOCKHOLDERS' EQUITY
Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.
98
FINANCIAL STATEMENTSSTOCKHOLDERS' EQUITY
The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share amounts)2025202420252024
Net Income available to Duke Energy common stockholders
$1,407 $1,226 $3,743 $3,211 
Less: Income (Loss) from discontinued operations attributable to Duke Energy common stockholders
— 22 (1)9 
Accumulated preferred stock dividends adjustment— 14 — 14 
Less: Impact of participating securities2 2 5 4 
Income from continuing operations available to Duke Energy common stockholders$1,405 $1,216 $3,739 $3,212 
Income (Loss) from discontinued operations, net of tax
$— $25 $(1)$12 
Add: Loss attributable to NCI
— (3)— (3)
Income (Loss) from discontinued operations attributable to Duke Energy common stockholders
$— $22 $(1)$9 
Weighted average common shares outstanding – basic
778 772 777 772 
Equity forwards— 1 — — 
Weighted average common shares outstanding – diluted
778 773 777 772 
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted(a)
$1.81 $1.57 $4.81 $4.16 
EPS from discontinued operations attributable to Duke Energy common stockholders
   Basic and diluted(a)
$— $0.03 $— $0.01 
Potentially dilutive items excluded from the calculation(b)
2 2 2 2 
Dividends declared per common share$1.065 $1.045 $3.155 $3.095 
Dividends declared on Series A preferred stock per depositary share(c)
$0.359 $0.359 $1.078 $1.078 
Dividends declared on Series B preferred stock per share(d)
$— $24.375 $— $48.750 
(a)The convertible notes were excluded from the calculation of diluted EPS for the three months ended September 30, 2024, and the nine months ended September 30, 2025 and 2024, because the effect was antidilutive. For the three months ended September 30, 2025, the convertible notes were included in the calculation of diluted EPS, but the impact was immaterial.
(b)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.
(c)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.
(d)4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends were payable semiannually in arrears on the 16th day of March and September. The preferred stock was redeemed on September 16, 2024.
Common Stock
In November 2022, Duke Energy filed a prospectus supplement and executed an Equity Distribution Agreement (EDA) under which it may sell up to $1.5 billion of its common stock through an at-the-market (ATM) offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy was entitled to issue and sell shares of common stock through September 2025.
The following table shows ATM equity issuances pursuant to forward contracts executed during February and March 2025.
Tranche
Shares Priced
Initial Forward Price
1
1,710,979$116.02 
2
1,262,618$117.94 
3
1,264,410$117.79 
Total
4,238,007
The equity forwards require Duke Energy to either physically settle the transactions by issuing shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or net settle in whole or in part through the delivery or receipt of cash or shares. The settlement alternatives are at Duke Energy's election. No amounts have or will be recorded in Duke Energy's Condensed Consolidated Financial Statements with respect to the ATM offering until settlement of the equity forwards occurs, which is expected by December 31, 2026. The initial forward sale prices will be subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the relevant forward sale agreements. Until settlement of the equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method.
99
FINANCIAL STATEMENTSSTOCKHOLDERS' EQUITY
Preferred Stock
On September 16, 2024, Duke Energy redeemed all 1 million outstanding shares of Series B Preferred Stock for a redemption price of $1,000 per share or $1 billion in total. Following the redemption, dividends ceased to accrue on the shares of Series B Preferred Stock, shares of the Series B Preferred Stock were no longer deemed outstanding and all rights of the holders of such shares of Series B Preferred Stock terminated. In conjunction with the redemption, Duke Energy recorded $16 million in preferred stock redemption costs, calculated as the difference of $11 million between the carrying value on the redemption date of the Series B Preferred Stock and the total amount of consideration paid to redeem, and including the recognition of an excise tax liability under the IRA of $5 million. The preferred stock redemption costs were recorded as a reduction to Retained earnings on Duke Energy Corporations' Condensed Consolidated Balance Sheets during the three and nine months ended September 30, 2024.
16. EMPLOYEE BENEFIT PLANS
DEFINED BENEFIT RETIREMENT PLANS
Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants.
The following table includes information related to the Duke Energy Registrants' contributions to its qualified defined benefit pension plans. There were no contributions made during the nine months ended September 30, 2025.
Nine Months Ended September 30, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Contributions made:
2024100 26 23 14 9 5 8 3 
QUALIFIED PENSION PLANS
The following tables include the components of net periodic pension costs for qualified pension plans.
Three Months Ended September 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$26 $9 $8 $5 $3 $1 $1 $1 
Interest cost on projected benefit obligation83 20 25 11 14 4 6 3 
Expected return on plan assets(149)(38)(55)(24)(30)(6)(10)(5)
Amortization of actuarial loss16 3 5 2 2 1 2 1 
Amortization of prior service credit(4)— — — — — — (2)
Amortization of settlement charges6 3 1 1 1 — — 1 
Net periodic pension costs$(22)$(3)$(16)$(5)$(10)$— $(1)$(1)
Three Months Ended September 30, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$28 $9 $8 $5 $3 $1 $1 $1 
Interest cost on projected benefit obligation82 19 26 12 14 5 6 2 
Expected return on plan assets(154)(41)(55)(25)(29)(6)(10)(5)
Amortization of actuarial loss9 2 2 1 1 — 1 1 
Amortization of prior service credit(3)— — — — — — (1)
Amortization of settlement charges17 5 7 6 — 2 — 2 
Net periodic pension costs$(21)$(6)$(12)$(1)$(11)$2 $(2)$— 
100
FINANCIAL STATEMENTSEMPLOYEE BENEFIT PLANS
Nine Months Ended September 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$80 $27 $23 $14 $9 $2 $4 $3 
Interest cost on projected benefit obligation247 59 77 34 43 12 19 8 
Expected return on plan assets(447)(114)(165)(73)(90)(17)(30)(15)
Amortization of actuarial loss46 10 14 6 6 2 4 3 
Amortization of prior service credit(10)— — — — — (1)(5)
Amortization of settlement charges19 9 5 4 2 — 1 3 
Net periodic pension costs$(65)$(9)$(46)$(15)$(30)$(1)$(3)$(3)
Nine Months Ended September 30, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$85 $28 $24 $15 $10 $2 $4 $3 
Interest cost on projected benefit obligation247 59 78 36 42 13 19 7 
Expected return on plan assets(462)(122)(163)(75)(87)(19)(31)(15)
Amortization of actuarial loss25 6 7 4 3 1 3 2 
Amortization of prior service credit(10)— — — — — (1)(5)
Amortization of settlement charges26 9 9 8 1 2 1 4 
Net periodic pension costs$(89)$(20)$(45)$(12)$(31)$(1)$(5)$(4)
NON-QUALIFIED PENSION PLANS
Net periodic pension costs for non-qualified pension plans were not material for the three and nine months ended September 30, 2025, and 2024.
OTHER POST-RETIREMENT BENEFIT PLANS
Net periodic costs for OPEB plans were not material for the three and nine months ended September 30, 2025, and 2024.
17. INCOME TAXES
The IRA established transferability markets for tax credits including nuclear PTCs, solar PTCs and ITCs. In April 2025, agreements were executed for the sale of approximately $643 million in net tax credits under the IRA. The sale primarily includes estimated nuclear PTCs of $478 million at Duke Energy Carolinas and $69 million at Duke Energy Progress, as well as estimated solar PTCs of $58 million at Duke Energy Florida to be earned through the end of 2025. Proceeds for the sale of the nuclear PTCs are expected to be received in November 2025. Receivables related to Duke Energy Carolinas' nuclear PTC sales were $382 million as of September 30, 2025, and are classified in Other within Current Assets on the Condensed Consolidated Balance Sheets.
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, which among other things, modified tax legislation affecting clean energy tax credits. While transferability was preserved for tax credits established by the IRA, including the nuclear PTC, which remains available through 2032, the legislation phases out or terminates certain tax credits sooner than previously scheduled. To remain eligible for the PTC or ITC, solar and wind facilities must be placed in service by December 31, 2027, unless construction begins by July 4, 2026. For other types of facilities, the credits continue to be available at full value if construction begins by December 31, 2033, although there are new prohibited foreign entity restrictions. The OBBBA did not change the federal corporate income tax rate and did not require the remeasurement of deferred tax assets or liabilities. While Duke Energy does not expect material current year impacts to the results of operations, financial position or cash flows for the Duke Energy Registrants as a result of the OBBBA being signed into law in the third quarter of 2025, the Company will continue to evaluate the future impact of this tax law change as additional information and guidance becomes available.
101
FINANCIAL STATEMENTSINCOME TAXES
EFFECTIVE TAX RATES
The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Duke Energy10.8 %11.2 %11.2 %12.5 %
Duke Energy Carolinas6.9 %7.7 %7.8 %9.8 %
Progress Energy15.9 %16.1 %15.9 %16.4 %
Duke Energy Progress13.1 %12.9 %13.4 %14.1 %
Duke Energy Florida19.5 %20.5 %19.4 %19.9 %
Duke Energy Ohio14.3 %11.9 %16.3 %15.8 %
Duke Energy Indiana12.6 %15.7 %12.8 %16.3 %
Piedmont24.0 %29.4 %18.7 %18.4 %
The decrease in the ETR for Duke Energy for the nine months ended September 30, 2025, was primarily due to an increase in the amortization of nuclear PTCs and investment tax credits.
The decrease in the ETR for Duke Energy Carolinas for the nine months ended September 30, 2025, was primarily due to an increase in the amortization of nuclear PTCs and investment tax credits.
The decrease in the ETR for Duke Energy Florida for the three months ended September 30 2025, was primarily due to an increase in solar PTCs.
The increase in the ETR for Duke Energy Ohio for the three months ending September 30, 2025, was primarily due to a decrease in certain favorable tax credits.
The decrease in the ETR for Duke Energy Indiana for the three and nine months ended September 30, 2025, was primarily due to an increase in the amortization of EDIT.
The decrease in the ETR for Piedmont for the three months ending September 30, 2025, was primarily due to AFUDC equity and the amortization of EDIT in relation to higher pretax losses.
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MD&ADUKE ENERGY
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Duke Energy and Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. However, none of the registrants make any representation as to information related solely to Duke Energy or the Subsidiary Registrants of Duke Energy other than itself.
DUKE ENERGY
Duke Energy, an energy company headquartered in Charlotte, North Carolina, operates in the U.S. primarily through its subsidiaries, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. Duke Energy’s consolidated financial information includes the results of the Subsidiary Registrants, which along with Duke Energy, are collectively referred to as the Duke Energy Registrants.
Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the nine months ended September 30, 2025, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2024.
Executive Overview
Acting on Investment Opportunities. We operate in some of the most attractive jurisdictions in the country and the affordable, reliable power we provide continues to play a key role in bringing business and job growth to our region. Our service territories continue to experience accelerating investment opportunities driven by a deepening economic development pipeline and significant customer growth. To efficiently fund this growth and the related capital required in the coming years, we entered into two strategic transactions in the third quarter of 2025.
In August 2025, we entered into an investment agreement to receive $6 billion in exchange for a 19.7% indirect investment in Duke Energy Florida. Subject to regulatory approvals, the transaction is expected to be completed through a series of closings starting in 2026 through mid-2028. In July 2025, we announced the sale of Piedmont’s Tennessee business to Spire Inc. for $2.48 billion. Subject to regulatory approvals, we expect to complete the Piedmont transaction on March 31, 2026. Proceeds from both transactions will support Duke Energy’s expanded capital plan and replaces certain originally planned long-term debt and common equity issuances through 2029.
Both of these transactions, along with our unwavering focus on operational excellence and value creation, demonstrate our continued ability to meet the unprecedented long-term growth anticipated across our service territories. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for further information.
Building a Smarter Energy Future. During the nine months ended September 30, 2025, we continued to move our regulatory strategy forward and execute on investments for building a smarter energy future while maintaining our focus on safety and operational excellence, our customers, growth of our business as well as the engagement and empowerment of our employees. These priorities enable us to provide strong, sustainable value for our employees, customers, communities and shareholders.
•In January 2025, Piedmont and Duke Energy Indiana received constructive orders on their general rate cases from the NCUC and IURC, respectively. New rates were effective in November 2024 for Piedmont and late February 2025 for Duke Energy Indiana. New rates were also effective in January 2025 for Duke Energy Florida's new three-year rate plan. In June 2025, Duke Energy Progress filed a South Carolina base rate case and Duke Energy Kentucky filed a natural gas base rate case. In July 2025, Duke Energy Carolinas filed a South Carolina base rate case. In October 2025, Duke Energy Kentucky received a constructive order on its electric base rate case filed last December and Duke Energy Progress reached a comprehensive settlement in its South Carolina base rate case. Our regulatory efforts continue to focus on securing critical investments for reliable customer service while ensuring timely cost recovery across our service territories.
•In October 2025, Duke Energy Progress received an order from the NCUC granting the CPCN for the second CC unit in Person County and Duke Energy Indiana received an order from the IURC granting the CPCN for the Cayuga CC project. Also in October 2025, Duke Energy Carolinas filed for a CECPCN with the PSCSC for a new CC unit in Anderson County, South Carolina. These advanced natural gas plants, along with our planned CTs, will provide critical generation as we continue to modernize our energy infrastructure in the coming years.
•We reached key milestones to recover costs related to critical storm restoration activities from the 2024 historic storm season while also seeking to minimize customer bill impacts resulting from hurricanes Debby, Helene and Milton. In February 2025, the FPSC voted to approve Duke Energy Florida's storm cost recovery of approximately $1.1 billion over 12 months beginning in March 2025. During 2025, Duke Energy Carolinas and Duke Energy Progress reached constructive settlements in Phase 2 proceedings and financing orders have been issued by both the NCUC and PSCSC. In September 2025, we issued North Carolina storm recovery bonds and expect to securitize the related South Carolina storm costs by the end of 2025.
•Our nuclear sites continue to positively impact the customers we serve by safely producing clean, reliable and low-cost electricity, as well as providing economic benefits for our local communities that includes thousands of well-paying jobs and significant tax benefits. During 2025, we continue to sell nuclear PTCs to further reduce the cost of electricity for our customers. Additionally, in March 2025, the NRC issued a subsequent license renewal for Oconee that allows an additional 20 years of operation through 2054. Oconee is the first Duke Energy nuclear facility to reach this significant approval milestone to permit extension of its operations to 80 years. In April 2025, we submitted an application to the NRC for Robinson to extend the plant's operations an additional 20 years through 2050.
•In July 2025, Duke Energy Carolinas filed its final license application with the FERC to extend the operating license for the Bad Creek Pumped Storage Hydroelectric Station. Located in South Carolina, Bad Creek is designed to produce significant amounts of energy when our customers need it most, performing a vital role on the company's system since 1991. If approved, the application would extend plant operations for an additional 50 years through 2077.
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MD&ADUKE ENERGY
•In August 2025, we filed applications with the NCUC, PSCSC and FERC to combine our utilities that operate in the Carolinas, by which Duke Energy Progress will merge into Duke Energy Carolinas. This proposed transaction would result in a single electric utility serving our North Carolina and South Carolina service territories. The single utility’s ability to plan, execute and operate resources more efficiently is expected to result in substantial cost savings to benefit customers by reducing the overall costs to serve. The targeted effective date is January 1, 2027, subject to regulatory approvals.
Operational Excellence. In June 2025, as the summer's first heat wave brought triple-digit temperatures to parts of North Carolina and South Carolina, our customers set a new summertime record for electricity usage, surpassing the previous summertime record set in July 2024. We maintain our focus on operational excellence and prepare for extreme weather by identifying potential risks, effectively maintaining adequate short-term planning reserves, leveraging outage scheduling optimization and controlling planned and emergent equipment issues.
Economic Development. In June 2025, the governor of North Carolina announced Amazon is planning to invest an estimated $10 billion to launch a new high-tech cloud computing and artificial intelligence innovation campus in Richmond County, North Carolina. The site selected for this project was included in Duke Energy's Site Readiness Program in 2019, a program that helps state, regional and local economic development partners increase the competitiveness of potential industrial land. These new data centers will be located in Duke Energy Progress' service territory and the investment is expected to be among the largest in North Carolina's history, a testament to the impactful and ongoing work of continuing to bring economic development success to the vibrant communities we proudly serve.
See Notes 4 and 17 to the Condensed Consolidated Financial Statements, "Regulatory Matters" and "Income Taxes," for additional information.
Matters Impacting Future Results
The matters discussed herein could materially impact the future operating results, financial condition and cash flows of the Duke Energy Registrants and Business Segments.
Regulatory Matters
Coal Ash Costs
In April 2024, the EPA issued the 2024 CCR Rule, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities and previously unregulated coal ash sources at regulated facilities. Duke Energy is participating in legal challenges to the 2024 CCR Rule.
Cost recovery for future expenditures is anticipated and will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. For more information, see "Other Matters" and Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters."
Storm Cost Recovery
From August through October 2024, a series of major storm events occurred that resulted in significant damage to utility infrastructure within our service territories and primarily impacted Duke Energy Carolinas', Duke Energy Progress' and Duke Energy Florida's electric utility operations. Hurricanes Debby, Helene and Milton caused widespread outages and included unprecedented damage to certain assets, including the hardest-hit areas on the western coast of Florida and certain regions in western North Carolina and upstate South Carolina. Appropriate storm cost recovery mechanisms are in place to track and recover incremental costs from such events. Funding restoration activities and, in some cases, the complete rebuild of critical infrastructure, for a series of sequential events of this magnitude has resulted in incremental financing needs until cost recovery occurs and may impact the near-term results of operations, financial position or cash flows of the impacted registrants. Regulatory filings have been made for recovery of storm costs across all jurisdictions and full recovery is expected by early 2026. For more information related to storm costs, regulatory asset deferrals and financing activities, see "Liquidity and Capital Resources" and Notes 4, 6 and 13 to the Condensed Consolidated Financial Statements, "Regulatory Matters," "Debt and Credit Facilities" and Variable Interest Entities."
EPA Regulations of GHG Emissions
In April 2024, the EPA issued final rules under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants. Duke Energy is analyzing the potential impacts the rules could have on the Company, which could be material and may influence the timing, nature and magnitude of future generation investments in our service territories. Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. Duke Energy is participating in legal challenges to the final rules. In June 2025, the EPA proposed to repeal EPA Rule 111 as well as an alternative proposal for a narrower set of requirements. For more information, see "Other Matters."
Supply Chain
The Company continues to monitor the ongoing stability of markets for key materials and supplies, including potential restrictions on the trade of certain rare earth materials and technologies used in electric utility infrastructure. Public policy outcomes, including potential impacts from new or escalating tariffs or other actions from federal executive orders, federal legislation or other rulemakings, could disrupt or impact Duke Energy's supply chain, future financial results, capital plan execution or the ability to execute on the Company's vision for a smarter energy future.
Goodwill
The Duke Energy Registrants performed their annual goodwill impairment tests as of August 31, 2025. As of this date, all of the Duke Energy Registrants' reporting units' estimated fair values materially exceeded the carrying values except for the GU&I reporting unit of Duke Energy Ohio. While no goodwill impairment charges have been recorded in the accompanying Condensed Consolidated Statements of Operations, the potential for deteriorating economic conditions impacting GU&I's future cash flows or equity valuations of peer companies could impact the estimated fair value of GU&I, and goodwill impairment charges could be recorded in the future.
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MD&AMATTERS IMPACTING FUTURE RESULTS
Minority Interest in Florida Progress
In August 2025, Duke Energy, Progress Energy and Florida Progress entered into an investment agreement for Florida Progress to receive $6 billion in exchange for a 19.7% indirect investment in Duke Energy Florida. The transaction is subject to the satisfaction of certain customary conditions described in the investment agreement, including receipt of the approval of the FERC and completion of review by CFIUS, as well as approval, or a determination that the transaction does not require approval, by the NRC. The transaction is expected to be completed through a series of closings through June 30, 2028. Termination of the transaction under certain specified circumstances could require the investor to pay a $240 million termination fee to Progress Energy and result in Duke Energy seeking alternative funding sources through 2029, including additional long-term debt and common equity issuances. For additional information, see Note 2 to the Condensed Consolidated Financial Statements, “Dispositions.”
Sale of Piedmont's Tennessee Business
In July 2025, Piedmont entered into a purchase agreement to sell Piedmont’s Tennessee business. Completion of the transaction is subject to customary closing conditions, including approval from the TPUC and expiration or termination of the applicable waiting period under the HSR. The HSR waiting period for the transaction expired in September 2025. There is no assurance of the transaction as failure to obtain related approvals or to satisfy conditions in the purchase agreement could result in termination of the transaction. The purchase agreement contains termination rights and Spire Inc. may be required to pay a termination fee equal to 6.5% of the purchase price under certain circumstances that result in termination of the transaction. Termination of the purchase agreement could also result in Duke Energy seeking alternative funding sources for its 2025-2029 capital and investment expenditures plan, including additional long-term debt and common equity issuances. Completion of the transaction could impact the operating revenues and profitability of Piedmont, including potential recognition of a gain on sale. In the third quarter of 2025, Duke Energy and Piedmont reclassified the Piedmont Tennessee Disposal Group to assets held for sale. For additional information, see Note 2 to the Condensed Consolidated Financial Statements, “Dispositions.”
Other
Duke Energy continues to monitor general market conditions, including the potential for interest rate pressures on the Company's cost of capital, which may impact Duke Energy's capital plan execution, future financial results or the ability to execute on the Company's vision for a smarter energy future.
Results of Operations
Non-GAAP Measures
Management’s Discussion and Analysis includes financial information prepared in accordance with GAAP in the U.S., as well as certain non-GAAP financial measures, adjusted earnings and adjusted EPS, discussed below. Non-GAAP financial measures are numerical measures of financial performance, financial position or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, financial measures presented in accordance with GAAP. Non-GAAP measures presented may not be comparable to similarly titled measures used by other companies because other companies may not calculate the measures in the same manner.
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings and adjusted EPS. Adjusted earnings and adjusted EPS represent income 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. Special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. The most directly comparable GAAP measures for adjusted earnings and adjusted EPS are GAAP Reported Earnings (Loss) and GAAP Reported Basic Earnings (Loss) Per Share, respectively.
Special items included in the periods presented below include the following, which management believes do not reflect ongoing costs:
•Regulatory Matters primarily represents impairment charges related to the 2024 Duke Energy Carolinas' South Carolina rate case order.
•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.
Discontinued operations primarily represents the operating results of Duke Energy's Commercial Renewables Disposal Groups.
Three Months Ended September 30, 2025, as compared to September 30, 2024
GAAP reported EPS was $1.81 for the three months ended September 30, 2025, compared to $1.60 for the three months ended September 30, 2024. In addition to the drivers below, GAAP reported EPS increased primarily due to the net impact of charges related to nonrecurring customer billing adjustments in the prior year and charges related to the redemption of Series B Preferred Stock in the prior year.
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $1.81 for the three months ended September 30, 2025, compared to $1.62 for the three months ended September 30, 2024. The increase in adjusted EPS was primarily due to the implementation of new rates and riders, along with higher sales volumes, partially offset by higher interest expense, milder weather, and higher depreciation and property taxes on a growing asset base.
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MD&ADUKE ENERGY
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
 Three Months Ended September 30,
20252024
(in millions, except per share amounts)EarningsEPS EarningsEPS
GAAP Reported Earnings/GAAP Reported EPS
$1,407 $1.81 $1,226 $1.60 
Adjustments:
System Post-Implementation Costs(a)
— — 16 0.02 
Preferred Redemption Costs(b)
— — 16 0.02 
Discontinued Operations(c)
— — (22)(0.03)
Adjusted Earnings/Adjusted EPS$1,407 $1.81 $1,236 $1.62 
Note: Total EPS may not foot due to rounding.
(a)Net of $5 million tax benefit. $17 million recorded within Operating Revenues, $1 million recorded within Operations, maintenance and other and $3 million recorded within Other Income and expenses.
(b)    Recorded within Preferred Redemption Costs.
(c)    Recorded in Income (Loss) from Discontinued Operations, net of tax.
Nine Months Ended September 30, 2025, as compared to September 30, 2024
GAAP Reported EPS was $4.81 for the nine months ended September 30, 2025, compared to $4.17 for the nine months ended September 30, 2024. In addition to the drivers below, GAAP reported EPS increased primarily due to impairments related to the 2024 South Carolina rate case in the prior year, the net impact of charges related to nonrecurring customer billing adjustments in the prior year and charges related to the redemption of Series B Preferred Stock in the prior year.
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $4.81 for the nine months ended September 30, 2025, compared to $4.24 for the nine months ended September 30, 2024. The increase in adjusted EPS was primarily due to the implementation of new rates and riders, along with higher retail sales volumes, partially offset by higher interest expense, operation and maintenance expense, and depreciation and property taxes on a growing asset base.
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
 Nine Months Ended September 30,
20252024
(in millions, except per share amounts)EarningsEPSEarningsEPS
GAAP Reported Earnings/GAAP Reported EPS$3,743 $4.81 $3,211 $4.17 
Adjustments:
Regulatory Matters(a)
— — 25 0.03 
System Post-Implementation Costs(b)
— — 16 0.02 
Preferred Redemption Costs(c)
— — 16 0.02 
Discontinued Operations(d)
1 — (9)(0.01)
Adjusted Earnings/Adjusted EPS$3,744 $4.81 $3,259 $4.24 
Note: Total EPS may not foot due to rounding.
(a)Net of $8 million tax benefit. $42 million recorded within Impairment of assets and other charges, $2 million within Operations,
maintenance and other, and an $11 million reduction recorded within Interest Expense.
(b)Net of $5 million tax benefit. $17 million recorded within Operating Revenues, $1 million recorded within Operations, maintenance and other and $3 million recorded within Other Income and expenses.
(c)     Recorded within Preferred Redemption Costs.
(d)    Recorded in Income (Loss) from Discontinued Operations, net of tax.
SEGMENT RESULTS
The remaining information presented in this discussion of results of operations is on a GAAP basis. Management evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income includes intercompany revenues and expenses that are eliminated on the Condensed Consolidated Financial Statements.
Duke Energy's segment structure includes the following segments: EU&I and GU&I. The remainder of Duke Energy’s operations is presented as Other. See Note 3 to the Condensed Consolidated Financial Statements, “Business Segments,” for additional information on Duke Energy’s segment structure.
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MD&ASEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE
Electric Utilities and Infrastructure
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20252024Variance20252024Variance
Operating Revenues8,180 $7,852 $328 $22,365 $21,475 $890 
Operating Expenses
Fuel used in electric generation and purchased power2,309 2,664 (355)6,326 7,266 (940)
Operation, maintenance and other1,728 1,387 341 4,746 3,965 781 
Depreciation and amortization1,448 1,352 96 4,184 3,823 361 
Property and other taxes394 345 49 1,143 1,033 110 
Impairment of assets and other charges(1)(5)4 (2)38 (40)
Total operating expenses5,878 5,743 135 16,397 16,125 272 
Gains on Sales of Other Assets and Other, net12 2 10 21 9 12 
Operating Income2,314 2,111 203 5,989 5,359 630 
Other Income and Expenses, net164 129 35 461 401 60 
Interest Expense522 514 8 1,587 1,501 86 
Income Before Income Taxes1,956 1,726 230 4,863 4,259 604 
Income Tax Expense264 244 20 653 631 22 
Less: Net Income Attributable to Noncontrolling Interest
34 31 3 82 66 16 
Segment Income$1,658 $1,451 $207 $4,128 $3,562 $566 
Duke Energy Carolinas GWh sales25,316 24,848 468 71,042 69,720 1,322 
Duke Energy Progress GWh sales18,871 19,131 (260)54,114 52,473 1,641 
Duke Energy Florida GWh sales13,038 13,423 (385)33,832 34,124 (292)
Duke Energy Ohio GWh sales6,951 6,804 147 18,729 18,494 235 
Duke Energy Indiana GWh sales8,704 8,550 154 24,566 23,541 1,025 
Total Electric Utilities and Infrastructure GWh sales72,880 72,756 124 202,283 198,352 3,931 
Net proportional MW capacity in operation55,270 54,416 854 
Three Months Ended September 30, 2025, as compared to September 30, 2024
EU&I’s results were driven by higher revenues from rate cases across multiple jurisdictions and higher weather-normal retail sales volumes, partially offset by higher operation and maintenance and depreciation expenses. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $286 million increase in storm recovery revenues at Duke Energy Florida;
•a $238 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Carolinas, Duke Energy Indiana, Duke Energy Florida and Duke Energy Progress;
•a $94 million increase in weather-normal retail sales volumes; and
•a $22 million increase in other revenues primarily due to higher transmission revenues across all jurisdictions.
Partially offset by:
•a $329 million decrease in fuel revenues primarily due to net lower rates in the current year.
Operating Expenses. The variance was driven primarily by:
•a $341 million increase in operation, maintenance and other primarily driven by higher storm amortization at Duke Energy Florida, increased costs related to customer products and services programs at Duke Energy Carolinas, higher plant maintenance at Duke Energy Indiana and higher employee-related expenses across all jurisdictions, partially offset by lower storm costs in the current year at Duke Energy Progress, Duke Energy Carolinas and Duke Energy Ohio;
•a $96 million increase in depreciation and amortization primarily due to higher depreciable base across all jurisdictions and higher depreciation rates driven by rate cases; and
•a $49 million increase in property and other taxes due to a higher base on which property taxes are levied and higher sales and use tax refunds in the prior year at Duke Energy Carolinas and Duke Energy Progress.
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MD&ASEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE
Partially offset by:
•a $355 million decrease in fuel used in electric generation and purchased power primarily due to higher recovery of fuel expense in the prior year at Duke Energy Carolinas and Duke Energy Progress and lower fuel cost recovery and lower purchased power driven by the expiration of contracts in the prior year at Duke Energy Florida, partially offset by higher fuel costs and purchased power at Duke Energy Ohio.
Other Income and Expense. The increase was primarily driven by higher AFUDC equity base and rates compared to the prior year across all jurisdictions.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of nuclear PTCs, investment tax credits and EDIT. The ETRs for the three months ended September 30, 2025, and 2024, were 13.5% and 14.1%, respectively.
Nine Months Ended September 30, 2025, as compared to September 30, 2024
EU&I’s results were driven by higher revenues from rate cases across multiple jurisdictions, higher weather-normal retail sales volumes and higher transmission revenues, partially offset by higher operation and maintenance and depreciation expenses. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $735 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Carolinas, Duke Energy Indiana, Duke Energy Florida and Duke Energy Progress;
•a $550 million increase in storm recovery revenues at Duke Energy Florida;
•a $244 million increase in weather-normal retail sales volumes;
•a $112 million increase in rider revenues primarily due to the SPP at Duke Energy Florida, the North Carolina Municipal Power Agency (NCEMPA) rider at Duke Energy Progress, as well as the Uncollectible Expense Riders and Distribution Capital Investment Rider and higher OVEC rider collections and OVEC sales into PJM at Duke Energy Ohio;
•an $82 million increase in other revenues due to higher transmission revenues across all jurisdictions and higher Clean Energy Connection subscription revenues at Duke Energy Florida; and
•a $60 million increase in retail sales due to favorable weather compared to prior year.
Partially offset by:
•a $978 million decrease in fuel revenues primarily due to net lower rates in the current year, partially offset by higher volumes.
Operating Expenses. The variance was driven primarily by:
•a $781 million increase in operation, maintenance and other primarily driven by higher storm amortization at Duke Energy Florida, increased litigation and environmental costs, as well as joint owner reimbursements in the prior year at Duke Energy Carolinas, an increase in TDSIC rider amortizations at Duke Energy Indiana, increased customer products and services program costs and higher employee-related expenses across all jurisdictions, partially offset by lower storm costs in the current year at Duke Energy Progress, Duke Energy Carolinas and Duke Energy Florida;
•a $361 million increase in depreciation and amortization primarily due to higher depreciable base across all jurisdictions and higher depreciation rates driven by rate cases; and
•a $110 million increase in property and other taxes due to a higher base on which property taxes are levied.
Partially offset by:
•a $940 million decrease in fuel used in electric generation and purchased power primarily due to lower fuel cost recovery and lower purchased power driven by the expiration of contracts in the prior year at Duke Energy Florida and higher recovery of fuel expense in the prior year at Duke Energy Carolinas, partially offset by higher fuel costs and purchased power at Duke Energy Progress and Duke Energy Ohio; and
•a $40 million decrease in impairment of assets and other charges primarily related to the 2024 South Carolina rate case order in the prior year at Duke Energy Carolinas and Duke Energy Progress.
Other Income and Expense. The increase was primarily driven by higher AFUDC equity base and rates compared to the prior year across all jurisdictions.
Interest Expense. The increase was primarily driven by higher outstanding debt balances, current year return on deferred nuclear PTC liability, absence of prior year return on deferred South Carolina grid costs, partially offset by lower intercompany interest expense and current year return on deferred storm costs at Duke Energy Carolinas and Duke Energy Progress.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, mostly offset by an increase in the amortization of nuclear PTCs, investment tax credits and EDIT. The ETRs for the nine months ended September 30, 2025, and 2024, were 13.4% and 14.8%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of nuclear PTCs and investment tax credits.
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MD&ASEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE
Gas Utilities and Infrastructure
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20252024Variance20252024Variance
Operating Revenues$394 $332 $62 $2,027 $1,615 $412 
Operating Expenses
Cost of natural gas110 70 40 642 380 262 
Operation, maintenance and other125 113 12 379 359 20 
Depreciation and amortization106 100 6 325 294 31 
Property and other taxes41 36 5 129 120 9 
Total operating expenses382 319 63 1,475 1,153 322 
Operating Income12 13 (1)552 462 90 
Other Income and Expenses, net
19 15 4 51 49 2 
Interest Expense67 67 — 197 189 8 
(Loss) Income Before Income Taxes
(36)(39)3 406 322 84 
Income Tax (Benefit) Expense
(10)(14)4 77 57 20 
Segment Income
$(26)$(25)$(1)$329 $265 $64 
Piedmont LDC throughput (dekatherms)150,368,042 162,163,516 (11,795,474)457,572,934 453,695,306 3,877,628 
Duke Energy Midwest LDC throughput (Mcf)9,505,511 9,607,415 (101,904)63,843,944 55,774,760 8,069,184 
Three Months Ended September 30, 2025, as compared to September 30, 2024
GU&I’s results were impacted primarily by margin growth, partially offset by higher operations, maintenance and other. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $52 million increase in cost of natural gas revenues primarily due to higher commodity prices; and
•a $7 million increase due to higher pricing from the 2024 Piedmont North Carolina rate case.
Operating Expenses. The variance was driven primarily by:
•a $40 million increase in the cost of natural gas due primarily to higher commodity prices, partially offset by lower storage balancing charges in the current year; and
•a $12 million increase in operations, maintenance and other primarily due to higher customer information technology (IT) system costs.
Income Tax (Benefit) Expense. The decrease in the tax benefit was primarily due to a decrease in pretax losses and the amortization of EDIT. The ETRs for the three months ended September 30, 2025, and 2024, were 27.8% and 35.9%, respectively. The decrease in the ETR was primarily due to AFUDC equity and the amortization of EDIT in relation to pretax losses.
Nine Months Ended September 30, 2025, as compared to September 30, 2024
GU&I’s results were impacted primarily by higher revenues from the 2024 Piedmont North Carolina rate case, partially offset by higher depreciation and amortization. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $274 million increase in cost of natural gas revenues primarily due to higher commodity prices;
•a $92 million increase due to higher pricing from the 2024 Piedmont North Carolina rate case; and
•a $21 million increase in Midwest rider revenue.
Operating Expenses. The variance was driven primarily by:
•a $262 million increase in the cost of natural gas primarily due to higher commodity prices, partially offset by lower storage balancing charges in the current year;
•a $31 million increase in depreciation and amortization primarily due to higher depreciable base, partially offset by lower Tennessee depreciation due to assets meeting the held for sale criteria; and
•a $20 million increase in operations, maintenance and other primarily due to higher customer IT system costs and employee-related expenses.
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MD&ASEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE
Income Tax (Benefit) Expense. The increase in tax expense was primarily due to an increase in pretax income. The ETRs for the nine months ended September 30, 2025, and 2024, were 19.0% and 17.7%, respectively. The increase in the ETR was primarily due to a decrease in the amortization of EDIT.
Other
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20252024Variance20252024Variance
Operating Revenues$40 $42 $(2)$122 $120 $2 
Operating Expenses43 31 12 187 157 30 
Gains on Sales of Other Assets and Other, net5 5 — 16 16 — 
Operating Income (Loss)
2 16 (14)(49)(21)(28)
Other Income and Expenses, net40 72 (32)102 218 (116)
Interest Expense332 321 11 968 921 47 
Loss Before Income Taxes(290)(233)(57)(915)(724)(191)
Income Tax Benefit(79)(66)(13)(243)(207)(36)
Less: Preferred Dividends14 39 (25)41 92 (51)
Less: Preferred Redemption Costs
— 16 (16)— 16 (16)
Net Loss$(225)$(222)$(3)$(713)$(625)$(88)
Three Months Ended September 30, 2025, as compared to September 30, 2024
Other's results were primarily driven by lower interest income and higher interest expense, partially offset by impacts from the redemption of the Company’s Series B Preferred Stock in the prior year.
Operating Expenses. The increase was driven by accrued reserves released in the prior year.
Other Income and Expenses, net. The decrease was primarily driven by lower money pool interest income.
Interest Expense. The increase was primarily due to higher outstanding long-term debt balances.
Income Tax Benefit. The increase in the tax benefit was primarily due to an increase in pretax losses. The ETRs for the three months ended September 30, 2025, and 2024, were 27.2% and 28.3%, respectively. The decrease in the ETR was primarily due to lower state tax benefits and tax impacts related to the NMC investment.
Preferred Dividends. The decrease was due to the redemption of the Company’s Series B Preferred Stock in the prior year.
Preferred Redemption Costs. The decrease was due to the redemption of the Company’s Series B Preferred Stock in the prior year.
Nine Months Ended September 30, 2025, as compared to September 30, 2024
Other's results were primarily driven by lower interest income, higher interest expense and lower equity earnings from the NMC investment, partially offset by impacts from the redemption of the Company’s Series B Preferred Stock in the prior year.
Operating Expenses. The increase was driven by higher captive insurance losses due to claims experience and accrued reserves released in the prior year, partially offset by contributions to the Duke Energy Foundation in the prior year.
Other Income and Expenses, net. The decrease was primarily driven by lower money pool interest income, lower equity earnings from the NMC investment and lower return on investments that fund certain employee benefit obligations.
Interest Expense. The increase was primarily due to higher outstanding long-term debt balances and higher money pool interest expense, partially offset by lower short-term commercial paper borrowings.
Income Tax Benefit. The increase in the tax benefit was primarily due to an increase in pretax losses. The ETRs for the nine months ended September 30, 2025, and 2024, were 26.6% and 28.6%, respectively. The decrease in the ETR was primarily due to lower state tax benefits and tax impacts related to the NMC investment.
Preferred Dividends. The decrease was due to the redemption of the Company’s Series B Preferred Stock in the prior year.
Preferred Redemption Costs. The decrease was due to the redemption of the Company’s Series B Preferred Stock in the prior year.
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20252024Variance20252024Variance
Income (Loss) From Discontinued Operations, net of tax$— $25 $(25)$(1)$12 $(13)
Three Months Ended September 30, 2025, as compared to September 30, 2024
The variance was primarily driven by prior year operating results related to the Commercial Renewables Disposal Groups.
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MD&ASEGMENT RESULTS — DISCONTINUED OPERATIONS
Nine Months Ended September 30, 2025, as compared to September 30, 2024
The variance was primarily driven by prior year operating results related to the Commercial Renewables Disposal Groups.
DUKE ENERGY CAROLINAS
Results of Operations
Nine Months Ended September 30,
(in millions)20252024Variance
Operating Revenues$7,387 $7,411 $(24)
Operating Expenses
Fuel used in electric generation and purchased power2,080 2,531 (451)
Operation, maintenance and other1,471 1,358 113 
Depreciation and amortization1,402 1,306 96 
Property and other taxes283 271 12 
Impairment of assets and other charges— 32 (32)
Total operating expenses5,236 5,498 (262)
Gains on Sales of Other Assets and Other, net6 1 5 
Operating Income2,157 1,914 243 
Other Income and Expenses, net187 181 6 
Interest Expense584 537 47 
Income Before Income Taxes1,760 1,558 202 
Income Tax Expense138 153 (15)
Net Income$1,622 $1,405 $217 
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior year2025
Residential sales3.3 %
Commercial sales
— %
Industrial sales(1.2)%
Wholesale power sales3.5 %
Joint dispatch sales23.0 %
Total sales1.9 %
Average number of customers1.9 %
Nine Months Ended September 30, 2025, as compared to September 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $462 million decrease in fuel revenues due to lower fuel rates, partially offset by higher volumes, including JDA sales.
Partially offset by:
•a $279 million increase due to higher pricing from the 2024 South Carolina rate case and Year 2 of the North Carolina MYRP;
•a $107 million increase in weather-normal retail sales volumes;
•a $29 million increase in retail sales due to improved weather compared to prior year; and
•an $11 million increase in transmission revenues due to network demand and rates.
Operating Expenses. The variance was driven primarily by:
•a $451 million decrease in fuel used in electric generation and purchased power primarily due to the increased recovery of fuel cost in the prior year, partially offset by higher purchased power costs, including JDA, natural gas prices and volumes; and
•a $32 million decrease in impairment of assets and other charges primarily related to the 2024 South Carolina rate case order in the prior year.
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MD&ADUKE ENERGY CAROLINAS
Partially offset by:
•a $113 million increase in operation, maintenance and other primarily due to increased costs related to customer products and services programs, litigation and environmental costs and higher employee-related expenses, partially offset by lower storm costs in the current year; and
•a $96 million increase in depreciation and amortization primarily due to higher net amortizations and depreciation rates driven by the 2024 South Carolina rate case and Year 2 of the North Carolina MYRP.
Interest Expense. The increase was primarily due to higher outstanding debt balances, current year return on deferred nuclear production tax credit liability and absence of prior year return on deferred South Carolina grid costs, partially offset by current year return on deferred storm costs.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of nuclear PTCs, investment tax credits and EDIT, partially offset by an increase in pretax income.
PROGRESS ENERGY
Results of Operations
Nine Months Ended September 30,
(in millions)20252024Variance
Operating Revenues$11,110 $10,445 $665 
Operating Expenses
Fuel used in electric generation and purchased power3,306 3,729 (423)
Operation, maintenance and other2,475 1,869 606 
Depreciation and amortization1,910 1,795 115 
Property and other taxes548 494 54 
Impairment of assets and other charges(2)6 (8)
Total operating expenses8,237 7,893 344 
Gains on Sales of Other Assets and Other, net19 20 (1)
Operating Income2,892 2,572 320 
Other Income and Expenses, net209 178 31 
Interest Expense830 796 34 
Income Before Income Taxes2,271 1,954 317 
Income Tax Expense361 320 41 
Net Income$1,910 $1,634 $276 
Nine Months Ended September 30, 2025, as compared to September 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $550 million increase in storm recovery revenues at Duke Energy Florida;
•a $253 million increase due to higher pricing from the 2024 Duke Energy Florida rate case and Duke Energy Progress Year 2 of the North Carolina MYRP;
•a $90 million increase in rider revenues primarily due to higher rates for the SPP at Duke Energy Florida and NCEMPA rider at Duke Energy Progress;
•an $83 million increase in weather-normal retail sales volumes; and
•a $61 million increase in other revenues due to higher transmission revenues at Duke Energy Florida and Duke Energy Progress and higher Clean Energy Connection subscription revenues at Duke Energy Florida.
Partially offset by:
•a $422 million decrease in fuel revenues primarily due to lower fuel and capacity rates billed to retail customers at Duke Energy Florida and lower retail fuel rates at Duke Energy Progress, partially offset by an increase in fuel volumes at Duke Energy Progress.
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MD&APROGRESS ENERGY
Operating Expenses. The variance was driven primarily by:
•a $606 million increase in operation, maintenance and other primarily due to higher storm amortization at Duke Energy Florida and increased costs related to customer products and services and higher employee-related expenses, partially offset by lower storm costs in the current year at Duke Energy Progress;
•a $115 million increase in depreciation and amortization due to higher depreciable base at Duke Energy Florida and Duke Energy Progress and Year 2 of the North Carolina MYRP at Duke Energy Progress; and
•a $54 million increase in property and other taxes primarily due to higher base upon which property taxes are levied at Duke Energy Florida and Duke Energy Progress.
Partially offset by:
•a $423 million decrease in fuel used in electric generation and purchased power primarily due to lower fuel cost recovery and lower purchased power costs driven by the expiration of contracts in the prior year at Duke Energy Florida and increased recovery of fuel cost in the prior year at Duke Energy Progress, partially offset by higher volumes and higher natural gas prices.
Other Income and expenses, net. The increase was primarily due to higher AFUDC equity rate and base compared to the prior year and intercompany interest income at Duke Energy Progress.
Interest Expense. The increase was primarily due to higher outstanding debt balances at Duke Energy Progress and Duke Energy Florida, partially offset by lower intercompany interest expense and current year return on deferred storm costs at Duke Energy Progress.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in solar PTCs.
DUKE ENERGY PROGRESS
Results of Operations
Nine Months Ended September 30,
(in millions)20252024Variance
Operating Revenues$5,612 $5,338 $274 
Operating Expenses
Fuel used in electric generation and purchased power1,928 1,896 32 
Operation, maintenance and other1,100 1,077 23 
Depreciation and amortization1,049 999 50 
Property and other taxes159 144 15 
Impairment of assets and other charges(2)6 (8)
Total operating expenses4,234 4,122 112 
Gains on Sales of Other Assets and Other, net1 2 (1)
Operating Income1,379 1,218 161 
Other Income and Expenses, net142 107 35 
Interest Expense392 370 22 
Income Before Income Taxes1,129 955 174 
Income Tax Expense151 135 16 
Net Income
$978 $820 $158 
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior period2025
Residential sales5.1 %
Commercial sales
2.0 %
Industrial sales1.8 %
Wholesale power sales4.9 %
Joint dispatch sales0.4 %
Total sales3.1 %
Average number of customers1.7 %
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MD&ADUKE ENERGY PROGRESS
Nine Months Ended September 30, 2025, as compared to September 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $94 million increase due to higher pricing from Year 2 of the North Carolina MYRP;
•a $60 million increase in weather-normal retail sales volumes;
•a $26 million increase in rider revenues primarily due to the NCEMPA rider;
•a $26 million increase in fuel revenues due to higher fuel volumes, partially offset by lower retail fuel rates;
•a $21 million increase in wholesale revenues, net of fuel, due to higher capacity volumes; and
•a $15 million increase due to transmission revenues from higher network demand and rates.
Operating Expenses. The variance was driven primarily by:
•a $50 million increase in depreciation and amortization primarily due to Year 2 of the North Carolina MYRP and higher depreciable base;
•a $32 million increase in fuel used in electric generation and purchased power primarily due to higher volumes, including JDA purchases, and natural gas prices, partially offset by increased recovery of fuel cost in the prior year; and
•a $23 million increase in operation, maintenance and other primarily due to increased costs related to customer products and services and higher employee-related expenses, partially offset by lower storm costs in the current year.
Other Income and expenses, net. The increase was primarily due to higher AFUDC equity rate and base compared to the prior year and intercompany interest income.
Interest Expense. The increase was primarily due to higher outstanding debt balances, partially offset by lower intercompany interest expense and the current year return on deferred storm costs.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of EDIT and higher AFUDC equity.
DUKE ENERGY FLORIDA
Results of Operations
Nine Months Ended September 30,
(in millions)20252024Variance
Operating Revenues$5,486 $5,092 $394 
Operating Expenses
Fuel used in electric generation and purchased power1,378 1,833 (455)
Operation, maintenance and other1,365 779 586 
Depreciation and amortization861 796 65 
Property and other taxes389 350 39 
Total operating expenses3,993 3,758 235 
Gains on Sales of Other Assets and Other, net2 2 — 
Operating Income1,495 1,336 159 
Other Income and Expenses, net67 67 — 
Interest Expense352 339 13 
Income Before Income Taxes1,210 1,064 146 
Income Tax Expense235 212 23 
Net Income$975 $852 $123 
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Wholesale power sales include both billed and unbilled sales. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior period2025
Residential sales1.4 %
Commercial sales
0.4 %
Industrial sales(3.0)%
Wholesale power sales(21.2)%
Total sales(0.9)%
Average number of customers1.4 %
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MD&ADUKE ENERGY FLORIDA
Nine Months Ended September 30, 2025, as compared to September 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $550 million increase in storm recovery revenues;
•a $159 million increase due to higher pricing from the 2024 Florida rate case;
•a $64 million increase in rider revenues primarily due to higher rates for the SPP;
•a $46 million increase in other revenues due to higher transmission revenues primarily from higher demand and rates and Clean Energy Connection subscription revenues; and
•a $23 million increase in weather-normal retail sales volumes.
Partially offset by:
•a $448 million decrease in fuel revenues primarily due to lower fuel and capacity rates; and
•a $25 million decrease in wholesale base revenues primarily due to lower capacity volumes.
Operating Expenses. The variance was driven primarily by:
•a $586 million increase in operation, maintenance and other primarily due to higher storm amortization;
•a $65 million increase in depreciation and amortization primarily due to higher depreciable base; and
•a $39 million increase in property and other taxes primarily due to higher base upon which property taxes are levied and higher gross receipts tax driven by higher revenues.
Partially offset by:
•a $455 million decrease in fuel used in electric generation and purchased power primarily due to lower fuel cost recovery and lower purchased power costs driven by the expiration of contracts in the prior year, partially offset by higher fuel costs driven by higher natural gas prices.
Interest Expense. The increase was primarily driven by higher outstanding debt balances and interest rates.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in solar PTCs.
DUKE ENERGY OHIO
Results of Operations
Nine Months Ended September 30,
(in millions)20252024Variance
Operating Revenues
Regulated electric$1,546 $1,431 $115 
Regulated natural gas553 460 93 
Total operating revenues2,099 1,891 208 
Operating Expenses
Fuel used in electric generation and purchased power485 416 69 
Cost of natural gas148 100 48 
Operation, maintenance and other366 378 (12)
Depreciation and amortization353 297 56 
Property and other taxes326 303 23 
Total operating expenses 1,678 1,494 184 
Operating Income421 397 24 
Other Income and Expenses, net18 12 6 
Interest Expense150 144 6 
Income Before Income Taxes289 265 24 
Income Tax Expense
47 42 5 
Net Income$242 $223 $19 
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MD&ADUKE ENERGY OHIO
The following table shows the percent changes in GWh sales of electricity, dekatherms of natural gas delivered and average number of electric and natural gas customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
ElectricNatural Gas
Increase (Decrease) over prior year20252025
Residential sales2.7 %24.5 %
Commercial sales
5.2 %19.8 %
Industrial sales(10.7)%4.6 %
Wholesale electric power sales3.6 %n/a
Other natural gas salesn/a(1.0)%
Total sales1.3 %14.5 %
Average number of customers0.7 %0.3 %
Nine Months Ended September 30, 2025, as compared to September 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $102 million increase in fuel-related revenues primarily due to higher natural gas costs passed through to customers and higher full-service retail sales volumes;
•a $33 million increase in retail revenue riders primarily due to the Distribution Capital Investment Rider, Uncollectible Expense Riders and Ohio CEP Rider, partially offset by a decrease in the Distribution Storm Rider;
•a $23 million increase in revenues related to higher OVEC rider collections and OVEC sales into PJM;
•a $20 million increase in weather-normal retail sales volumes; and
•a $13 million increase primarily due to higher pricing from the 2024 Duke Energy Kentucky electric rate case.
Operating Expenses. The variance was driven primarily by:
•a $117 million increase in fuel expense primarily driven by higher retail prices for natural gas and purchased power;
•a $56 million increase in depreciation and amortization primarily driven by an increase in distribution plant in service and higher amortization related to the increased collections of the Uncollectible Expense Riders; and
•a $23 million increase in property and other taxes primarily due to a higher base upon which property taxes are levied and higher franchise taxes.
Partially offset by:
•a $12 million decrease in operation, maintenance and other expense primarily due to lower customer charge-offs.
DUKE ENERGY INDIANA
Results of Operations
Nine Months Ended September 30,
(in millions)20252024Variance
Operating Revenues$2,671 $2,342 $329 
Operating Expenses
Fuel used in electric generation and purchased power803 761 42 
Operation, maintenance and other601 510 91 
Depreciation and amortization617 507 110 
Property and other taxes44 37 7 
Total operating expenses2,065 1,815 250 
Operating Income606 527 79 
Other Income and Expenses, net46 44 2 
Interest Expense182 173 9 
Income Before Income Taxes470 398 72 
Income Tax Expense
60 65 (5)
Net Income$410 $333 $77 
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MD&ADUKE ENERGY INDIANA
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior year2025
Residential sales5.5 %
Commercial sales
5.3 %
Industrial sales(4.4)%
Wholesale power sales9.9 %
Total sales4.4 %
Average number of customers1.5 %
Nine Months Ended September 30, 2025, as compared to September 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $193 million increase primarily due to higher pricing from the 2024 Indiana rate case, net of certain rider revenues moving to base;
•a $61 million increase in fuel revenues primarily due to higher retail fuel rates and non-firm revenues;
•a $38 million increase in weather-normal retail sales volumes; and
•a $14 million increase in retail sales due to improved weather compared to prior year.
Operating Expenses. The variance was driven primarily by:
•a $110 million increase in depreciation and amortization primarily due to higher depreciation rates from the 2024 Indiana rate case;
•a $91 million increase in operation, maintenance and other primarily due to an increase in the amortization of riders, plant maintenance and higher employee-related expenses; and
•a $42 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas costs and purchased power expense, partially offset by lower coal costs.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of EDIT, mostly offset by an increase in pretax income.
PIEDMONT
Results of Operations
Nine Months Ended September 30,
(in millions)20252024Variance
Operating Revenues$1,463 $1,139 $324 
Operating Expenses
Cost of natural gas494 280 214 
Operation, maintenance and other301 267 34 
Depreciation and amortization210 191 19 
Property and other taxes56 47 9 
Total operating expenses1,061 785 276 
Operating Income402 354 48 
Other Income and Expenses, net40 48 (8)
Interest Expense143 135 8 
Income Before Income Taxes299 267 32 
Income Tax Expense56 49 7 
Net Income$243 $218 $25 
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MD&APIEDMONT
The following table shows the percent changes in dekatherms delivered and average number of customers. The percentages for all throughput deliveries represent billed and unbilled sales. Amounts are not weather-normalized.
Increase (Decrease) over prior year2025
Residential deliveries5.2 %
Commercial deliveries6.2 %
Industrial deliveries1.2 %
Power generation deliveries(0.4)%
For resale10.7 %
Total throughput deliveries0.9 %
Secondary market volumes77.1 %
Average number of customers1.7 %
Nine Months Ended September 30, 2025, as compared to September 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $214 million increase in cost of natural gas revenues primarily due to higher commodity prices; and
•a $92 million increase due to higher pricing from the 2024 North Carolina rate case.
Operating Expenses. The variance was driven primarily by:
•a $214 million increase in the cost of natural gas primarily due to higher commodity prices;
•a $34 million increase in operations, maintenance and other primarily due to higher customer IT system costs, employee-related expenses and Tennessee divestitures fees; and
•a $19 million increase in depreciation and amortization due to higher depreciable base and higher rates due to 2024 North Carolina rate case, partially offset by lower Tennessee depreciation due to assets meeting the held for sale criteria.
LIQUIDITY AND CAPITAL RESOURCES
Sources and Uses of Cash
Duke Energy relies primarily upon cash flows from operations, debt and equity issuances and its existing cash and cash equivalents to fund its liquidity and capital requirements. Duke Energy’s capital requirements arise primarily from capital and investment expenditures, repaying long-term debt and paying dividends to shareholders. In 2024, Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida began monetizing tax credits in the transferability markets established by the IRA and are working with the state utility commissions on the appropriate regulatory process to pass the net realizable value back to customers over time. See Note 17 to the Condensed Consolidated Financial Statements, “Income Taxes,” for further information. Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2024, included a summary and detailed discussion of projected primary sources and uses of cash for 2025 to 2027.
In 2025, Duke Energy executed several equity forward sales agreements as part of the ATM program. Settlement of the forward sales agreements is expected to occur by December 31, 2026. See Note 15 to the Condensed Consolidated Financial Statements, “Stockholders’ Equity” for further details.
In March 2025, Duke Energy extended the termination date of its existing Master Credit Facility to March 2030 and increased its capacity from $9 billion to $10 billion. As of September 30, 2025, Duke Energy had $688 million of cash on hand and $7.5 billion available under its Master Credit Facility. Duke Energy expects to have sufficient liquidity in the form of cash on hand, cash from operations and available credit capacity to support its funding needs.
See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for the timing and use of final proceeds received in April 2025 from the sale of certain Commercial Renewables assets to affiliates of Brookfield.
In July, Piedmont entered into an agreement with Spire Inc., to sell Piedmont’s Tennessee business for $2.48 billion. Piedmont expects to complete the sale on March 31, 2026, and proceeds are expected to be used for debt reduction at Piedmont and to efficiently fund Duke Energy's capital plan, primarily by displacing the issuance of common equity in the near term. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for further details.
In August 2025, Duke Energy, Progress Energy and Florida Progress entered into an investment agreement for Florida Progress to receive $6 billion in exchange for a 19.7% indirect investment in Duke Energy Florida. The transaction is expected to be completed through a series of closings through June 30, 2028. Proceeds from the minority interest investment are expected to be used to efficiently fund Duke Energy’s growing capital and investment expenditures plan, primarily by displacing certain previously planned issuances of long-term debt and common equity through 2029. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for information on the timing and use of proceeds related to the transaction.
Debt
As discussed in Note 13 to the Condensed Consolidated Financial Statements, "Variable Interest Entities," Duke Energy Carolinas terminated and repaid DERF in January 2025 and Duke Energy Progress terminated and repaid DEPR in March 2025. As a result of these repayments, DERF and DEPR have ceased operations.
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MD&ALIQUIDITY AND CAPITAL RESOURCES
From August through October 2024, a series of major storm events occurred that resulted in significant damage to utility infrastructure within our service territories and primarily impacted Duke Energy Carolinas', Duke Energy Progress' and Duke Energy Florida's electric utility operations. As discussed in Note 4, to the Condensed Consolidated Financial Statements, "Regulatory Matters," hurricanes Debby, Helene and Milton caused widespread outages and included unprecedented damage to certain assets, including the hardest-hit areas on the western coast of Florida and certain regions in western North Carolina and upstate South Carolina. Funding restoration activities and, in some cases, the complete rebuild of critical infrastructure, for a series of sequential events of this magnitude have resulted in incremental financing needs until cost recovery occurs. See "Matters Impacting Future Results" for further details and Note 6 to the Condensed Consolidated Financial Statements, "Debt and Credit Facilities," for information regarding term loans executed in response to these major storm events and storm recovery bonds issued in September 2025.
Additionally, see Note 6 for information related to the Duke Energy (Parent) and Piedmont term loans executed in the third quarter of 2025.
Cash Flow Information
The following table summarizes Duke Energy’s cash flows.
Nine Months Ended
September 30,
(in millions)20252024
Cash flows provided by (used in):
Operating activities$8,672 $8,951 
Investing activities(9,976)(9,851)
Financing activities1,622 990 
Net increase in cash, cash equivalents and restricted cash
318 90 
Cash, cash equivalents and restricted cash at beginning of period421 357 
Cash, cash equivalents and restricted cash at end of period$739 $447 
OPERATING CASH FLOWS
The following table summarizes key components of Duke Energy’s operating cash flows.
Nine Months Ended
September 30,
(in millions)20252024Variance
Net income$3,865 $3,387 $478 
Non-cash adjustments to net income6,380 4,971 1,409 
Contributions to qualified pension plans— (100)100 
Payments for asset retirement obligations(374)(417)43 
Working capital(1,595)720 (2,315)
Other assets and Other liabilities396 390 6 
Net cash provided by operating activities$8,672 $8,951 $(279)
The variance is primarily driven by:
•a $2,315 million decrease in net working capital amounts, primarily due to lower recovery of fuel costs and the timing of accruals and payments, including payments related to restoration activities from the 2024 storm season.
Partially offset by:
•a $1,887 million increase in net income, after adjustment for non-cash items, primarily due to the implementation of new rates and riders including Duke Energy Florida's storm recovery surcharge, along with higher retail sales volumes, partially offset by higher interest expense, operation and maintenance expense and property taxes; and
•a $100 million increase due to contributions to qualified pension plans in the prior year.
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MD&ALIQUIDITY AND CAPITAL RESOURCES
INVESTING CASH FLOWS
The following table summarizes key components of Duke Energy’s investing cash flows.
Nine Months Ended
September 30,
(in millions)20252024Variance
Capital, investment and acquisition expenditures$(9,881)$(9,199)$(682)
Proceeds from the sales of Commercial Renewables Disposal Groups and other assets
559 — 559 
Other investing items(654)(652)(2)
Net cash used in investing activities$(9,976)$(9,851)$(125)
The variance is primarily due to higher capital expenditures within the EU&I segment in the current year, partially offset by proceeds received from the sales of the Commercial Renewables Disposal Groups.
FINANCING CASH FLOWS
The following table summarizes key components of Duke Energy’s financing cash flows.
Nine Months Ended
September 30,
(in millions)20252024Variance
Issuances of long-term debt, net$4,806 $4,927 $(121)
Issuances of common stock16 26 (10)
Redemption of preferred stock
— (1,000)1,000 
Notes payable, commercial paper and other short-term borrowings(824)(515)(309)
Dividends paid(2,455)(2,411)(44)
Contributions from noncontrolling interests— 47 (47)
Other financing items79 (84)163 
Net cash provided by financing activities$1,622 $990 $632 
The variance is primarily due to:
•a $1 billion increase due to the redemption of Series B preferred stock in the prior year.
Partially offset by:
•a $309 million decrease in net borrowings from notes payable and commercial paper.
OTHER MATTERS
Environmental Regulations
The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time and result in new obligations of the Duke Energy Registrants. Refer to Note 4, "Regulatory Matters," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024, for more information regarding potential plant retirements and Note 4, "Regulatory Matters," to the Condensed Consolidated Financial Statements, for further information regarding regulatory filings related to the Duke Energy Registrants.
GHG Standards and Guidelines
In April 2024, the EPA issued final rules under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants, referred to as electric generating units. Duke Energy is participating in legal challenges to EPA Rule 111 as a member of Electric Generators for a Sensible Transition, a coalition of similarly affected utilities, and as a member of a utility trade group. The litigation is currently pending in the U.S. Court of Appeals for the District of Columbia Circuit (the Court). On February 5, 2025, the EPA requested the Court to withhold issuing an opinion and place the case in a 60-day abeyance to allow time for new EPA leadership to review the issues and EPA Rule 111 to determine how they wish to proceed. On February 19, 2025, the Court granted the EPA’s request. On April 21, 2025, the EPA filed a motion with the Court requesting a continuing abeyance while it conducts a new notice-and-comment rulemaking to reconsider the challenged EPA Rule 111. As part of this request, the EPA indicated it intended to issue a final rule by December 2025. On April 25, 2025, the Court granted the EPA’s motion and ordered that the litigation continue to remain in abeyance pending further order of the Court. On June 17, 2025, the EPA published a proposed rule to repeal EPA Rule 111 based on a finding that fossil fuel-fired power plants “do not contribute significantly to dangerous air pollution” under the meaning of section 111 of the Clean Air Act. The EPA also published an alternative proposal to repeal a narrower set of requirements leaving in place only GHG emission standards for new and reconstructed stationary combustion turbine electric generating units. Comments on the proposed rule were due by August 7, 2025.
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MD&AOTHER MATTERS
Coal Combustion Residuals
In April 2024, the EPA issued the 2024 CCR Rule, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities (Legacy CCR Surface Impoundments). Duke Energy, as part of a group of similarly affected electric utilities, filed a petition to challenge the 2024 CCR Rule in the U.S. Court of Appeals for the District of Columbia Circuit (the Court) on August 6, 2024. On February 13, 2025, the EPA requested the Court to withhold issuing an opinion and place the case in a 120-day abeyance to allow time for new EPA leadership to review the issues and the 2024 CCR Rule to determine how they wish to proceed. On that same day, the Court granted EPA’s motion to hold the case in abeyance pending further order of the Court. On June 13, 2025, the EPA requested, and the Court granted, a 60-day extension of the abeyance to give the agency time to “decide the full scope of reconsideration.” On August 11, 2025, the EPA filed a motion to govern further proceedings in the legacy CCR surface impoundments rule litigation, and on August 13, 2025, the Court granted an abeyance in the case until December 15, 2025.
Cost recovery for future expenditures is anticipated and will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations.
South Carolina Energy Security Act
Act 41, also referred to as the South Carolina Energy Security Act, was signed into law on May 12, 2025. The law promotes evaluating new generation resources, including hydro pumped storage, hydrogen-capable natural gas, and advanced nuclear, while streamlining siting, permitting and construction of certain new resources located in South Carolina. Act 41 establishes a new process for evaluating new potential generation projects over 75 MW located in North Carolina that are planned to serve South Carolina retail customers. This legislation also establishes an electric rate stabilization mechanism for electric utilities to elect into a framework that provides for annual adjustments to base rates, including for CWIP and other cost categories. Electric utilities electing the mechanism must file a general rate case at least every five years.
North Carolina Power Bill Reduction Act
In 2021, the state of North Carolina passed HB951, which among other things, directed the NCUC to develop and approve a carbon reduction plan that would target a 70% reduction in CO2 emissions from Duke Energy Progress' and Duke Energy Carolinas' electric generation in the state by 2030 and carbon neutrality by 2050, considering all resource options and the latest technology, while balancing affordability and reliability for customers. On July 29, 2025, North Carolina Senate Bill 266, or the Power Bill Reduction Act (SB266), was passed into law which retained HB951's 2050 carbon neutrality goal but eliminated the state's interim 2030 carbon reduction target and implemented other actions designed to reduce electricity costs for customers including enhanced cost recovery mechanisms for baseload generation by establishing an annual CWIP recovery for baseload generation and a construction project monitoring process. SB266 also provides more timely recovery of fuel costs, allows for the recovery of CTs in MYRP proceedings and authorizes the prudent continued use of securitization for certain costs and investments serving North Carolina retail electric customers, including increasing the eligible securitization amounts for sub-critical coal assets up to 100% of their respective net book value upon retirement.
Carolinas Resource Plan
On October 1, 2025, Duke Energy Carolinas and Duke Energy Progress filed their systemwide 2025 Carolinas Resource Plan (the 2025 Plan) with the NCUC, which builds upon the approved 2023 Carolinas Resource Plan, outlines development and procurement activities related to a diverse set of generation assets and presents an updated execution strategy to meet growing energy demands reliably and cost-effectively in the coming decades. A hearing is anticipated in the second quarter of 2026, and an order from the NCUC is expected to be issued by December 31, 2026. The 2025 Plan is expected to be filed with the PSCSC in November 2025.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For an in-depth discussion of the Duke Energy Registrants' market risks, see “Quantitative and Qualitative Disclosures about Market Risk” in Item 7 of Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified by the SEC rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated the effectiveness of their disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2025, and, based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective in providing reasonable assurance of compliance.
Changes in Internal Control over Financial Reporting
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated changes in internal control over financial reporting (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) that occurred during the fiscal quarter ended September 30, 2025, and have concluded no change has materially affected, or is reasonably likely to materially affect, internal controls over financial reporting.
121
OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
The litigation matter of NTE Carolinas II, LLC Litigation included in Part 1, Item 1 of this Quarterly Report on Form 10-Q, within Note 5, "Commitments and Contingencies" of the Condensed Consolidated Financial Statements, is incorporated herein by reference.
In addition, the Duke Energy Registrants are, from time to time, parties to various lawsuits and regulatory proceedings in the ordinary course of their business. For information regarding legal proceedings, including regulatory and environmental matters, see Note 4, "Regulatory Matters," and Note 5, "Commitments and Contingencies," to the Condensed Consolidated Financial Statements. For additional information, see Item 3, "Legal Proceedings," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024.
For open litigation, unless otherwise noted, Duke Energy cannot predict the outcome or ultimate resolution of these matters.
MTBE Litigation
In December 2017, the state of Maryland filed suit in Baltimore City Circuit Court against Duke Energy Merchants and other defendants alleging contamination of state waters by MTBE leaking from gasoline storage tanks and is seeking an unspecified amount of monetary damages. MTBE is a gasoline additive intended to increase the oxygen levels in gasoline and make it burn cleaner. The case was removed from Baltimore City Circuit Court to federal District Court. Initial motions to dismiss filed by the defendants were denied by the court in September 2019, and the matter is now in discovery. In December 2020, the plaintiff and defendants selected 50 focus sites, none of which have any ties to Duke Energy Merchants. Discovery will be specific to those sites. Duke Energy Merchants has reached an agreement in principle with the state of Maryland to resolve the litigation. The settlement agreement is being finalized and the amount is not material.
The Town of Carrboro Litigation
On December 4, 2024, the town of Carrboro, North Carolina, filed a lawsuit against Duke Energy in the North Carolina Superior Court, Orange County, alleging that Duke Energy and its predecessor companies knew since the late 1960s that fossil fuel emissions could cause global climate changes and engaged in a campaign to conceal the dangers of fossil fuel emissions from the public, regulators, legislators, and others, resulting in a delayed transition away from fossil fuel emissions and worsening climate change. The lawsuit also alleges that Duke Energy misled the public regarding Duke Energy’s support for, and actions toward, transitioning its fossil fuel portfolio to renewable energy. The damages alleged range from road and stormwater system impacts to increased electricity costs and recurring invasions and interferences from extreme weather events. The lawsuit asserts state law claims for public nuisance, private nuisance, trespass, negligence, and gross negligence, and is seeking an unspecified amount of monetary damages. The case has been transferred to the North Carolina Business Court. Duke Energy filed a motion to dismiss the litigation based on lack of subject matter jurisdiction on March 17, 2025, and filed a motion to dismiss based on failure to state a claim on which relief can be granted on May 9, 2025. Oral argument regarding Duke Energy's motions to dismiss was held on September 25, 2025. As requested by the court, supplemental briefing addressing various aspects of causation, including traceability and proximate cause, was filed on October 25, 2025.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, careful consideration should be given to the factors discussed in Part I, “Item 1A. Risk Factors” in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024, which could materially affect the Duke Energy Registrants’ financial condition or future results. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024.
Failure to complete strategic transactions could adversely affect the Duke Energy Registrants’ financial condition, credit profile and ability to execute their business strategy.
There can be no assurance that strategic transactions, including merger and acquisition activities and the disposition of assets or businesses, will be completed as expected or at all. These transactions are subject to various closing conditions, including regulatory approvals, and delays or failures may occur due to factors beyond our control. If the proposed transactions are not consummated, we could face a range of negative outcomes, including:
•Inability to achieve anticipated proceeds could require Duke Energy to seek alternative funding sources to execute its capital plan and impede our ability to reduce debt or accomplish strategic initiatives;
•Adverse impacts to our credit metrics and potential pressure on our credit ratings;
•Negative reactions from financial markets and stakeholders, including reputational effects;
•Opportunity costs, lost strategic optionality, and foregone operational or financial benefits; and
•Costs incurred in connection with these transactions, including advisory fees and management diversion, for which we may receive little or no benefit.
Additionally, even if completed, strategic transactions may not deliver the anticipated strategic, operational or financial results. Integration or separation challenges, unfavorable regulatory outcomes or unforeseen liabilities could further impact our business, results of operations or financial condition.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
122
OTHER INFORMATION
ITEM 5. OTHER INFORMATION
Director and Officer Trading Arrangements
During the three months ended September 30, 2025, no director or officer of the Company adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
123
EXHIBITS
ITEM 6. EXHIBITS
Exhibits filed herein are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated. Items constituting management contracts or compensatory plans or arrangements are designated by a double asterisk (**). The Company agrees to furnish upon request to the commission a copy of any omitted schedules or exhibits upon request on all items designated by a triple asterisk (***).
DukeDukeDukeDukeDuke
ExhibitDukeEnergyProgressEnergyEnergyEnergyEnergy
NumberEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
*2.1***
X
4.1
X
*10.1***
X
X
*31.1.1X
*31.1.2X
*31.1.3X
*31.1.4X
*31.1.5X
*31.1.6X
*31.1.7X
*31.1.8X
*31.2.1X
*31.2.2X
*31.2.3X
*31.2.4X
*31.2.5X
*31.2.6X
124
EXHIBITS
*31.2.7X
*31.2.8X
*32.1.1X
*32.1.2X
*32.1.3X
*32.1.4X
*32.1.5X
*32.1.6X
*32.1.7X
*32.1.8X
*32.2.1X
*32.2.2X
*32.2.3X
*32.2.4X
*32.2.5X
*32.2.6X
*32.2.7X
*32.2.8X
*101.INSXBRL Instance Document (this does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).XXXXXXXX
125
EXHIBITS
*101.SCHXBRL Taxonomy Extension Schema Document.XXXXXXXX
*101.CALXBRL Taxonomy Calculation Linkbase Document.XXXXXXXX
*101.LABXBRL Taxonomy Label Linkbase Document.XXXXXXXX
*101.PREXBRL Taxonomy Presentation Linkbase Document.XXXXXXXX
*101.DEFXBRL Taxonomy Definition Linkbase Document.XXXXXXXX
*104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).XXXXXXXX
The total amount of securities of the registrant or its subsidiaries authorized under any instrument with respect to long-term debt not filed as an exhibit does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis. The registrant agrees, upon request of the SEC, to furnish copies of any or all of such instruments to it.
126
SIGNATURES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

DUKE ENERGY CORPORATION
DUKE ENERGY CAROLINAS, LLC
PROGRESS ENERGY, INC.
DUKE ENERGY PROGRESS, LLC
DUKE ENERGY FLORIDA, LLC
DUKE ENERGY OHIO, INC.
DUKE ENERGY INDIANA, LLC
PIEDMONT NATURAL GAS COMPANY, INC.

Date:November 7, 2025/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:November 7, 2025/s/ CYNTHIA S. LEE
Cynthia S. Lee
Senior Vice President, Chief Accounting Officer
and Controller
(Principal Accounting Officer)
127

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