Duke Energy CORP 8-K, filed Feb 10, 2026

Duke Energy CORP (DUK)

8-K 2026-02-10 For: 2026-02-10

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Added on April 09, 2026

About this 8-K

Duke Energy CORP filed this 8-K on February 10, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Commission File Number	Exact Name of Registrant as Specified in its Charter, State or other Jurisdiction of Incorporation, Address of Principal Executive Offices, Zip Code, and Registrant's Telephone Number, Including Area Code	IRS Employer Identification No.

1-32853	DUKE ENERGY CORPORATION	20-2777218


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


		DUKE ENERGY CORPORATION
		/s/ CYNTHIA S. LEE
		Cynthia S. Lee
		Senior Vice President, Chief Accounting Officer and Controller
Dated:	February 10, 2026


(In millions, except per share amounts)	After-Tax Amount		4Q 2025 EPS		4Q 2024 EPS
EPS, as reported			$	1.50	$	1.54
Adjustments to reported EPS:
Fourth Quarter 2025





Discontinued operations	$	(2)	—
Fourth Quarter 2024
Regulatory matters	$	18			$	0.02
Noncore asset sales and net impairments	54				0.07
Captive storm deductible	18				0.02
Discontinued operations	2				—

Total adjustments(a)			$	—	$	0.12
EPS, adjusted			$	1.50	$	1.66


(In millions, except per share amounts)	After-Tax Amount		Full-Year 2025 EPS		Full-Year 2024 EPS
EPS, as reported			$	6.31	$	5.71
Adjustments to reported EPS:
Full-Year 2025





Discontinued operations	$	(1)	—



Full-Year 2024
Regulatory matters	$	43			$	0.06
System post-implementation costs	16				0.02
Preferred redemption costs	16				0.02
Noncore asset sales and net impairments	54				0.07
Captive storm deductible	18				0.02

Discontinued operations	(7)				(0.01)
Total adjustments(a)			$	—	$	0.19
EPS, adjusted			$	6.31	$	5.90



	Reported Earnings		Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	1,209	$	—		$	—	$	1,209
Gas Utilities and Infrastructure	230		—			—		230

Total Reportable Segment Income	1,439		—			—		1,439
Other	(272)		—			—		(272)

Discontinued Operations	$	2	(2)		A	(2)		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,169	$	(2)		$	(2)	$	1,167
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.50	$	—		$	—	$	1.50


			Special Items
	Reported Earnings		Regulatory Matters			Noncore Asset Sales and Net Impairments			Captive Storm Deductible			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	1,208	$	18	A	$	12	B				$	—		$	30	$	1,238
Gas Utilities and Infrastructure	189		—			42		C	—			—			42		231

Total Reportable Segment Income	1,397		18			54			—			—			72		1,469

Other	(204)		—			—			18		D	—			18		(186)

Discontinued Operations	(2)		—			—			—			2		E	2		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,191	$	18		$	54		$	18		$	2		$	92	$	1,283
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.54	$	0.02		$	0.07		$	0.02		$	—		$	0.12	$	1.66


	Three Months Ended December 31, 2025				Year Ended December 31, 2025
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	1,358			$	5,712





Noncontrolling Interests	(27)				(120)
Preferred Dividends	(15)				(56)
Adjusted Pretax Income	$	1,316			$	5,536

Reported Income Tax Expense From Continuing Operations	$	154	11.3	%	$	642	11.2	%




Noncontrolling interest portion of income taxes(a)	(5)				(17)
Adjusted Tax Expense	$	149	11.3	%	$	625	11.3	%


	Three Months Ended December 31, 2024				Year Ended December 31, 2024
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	1,338			$	5,194
Regulatory Matters	29				62
System Post-Implementation Costs	—				21
Preferred Redemption Costs	—				16
Noncore Asset Sales and Net Impairments	65				65
Captive Storm Deductible	23				23
Noncontrolling Interests	(27)				(106)
Preferred Dividends and Redemption Premium	(14)				(122)
Adjusted Pretax Income	$	1,414			$	5,153

Reported Income Tax Expense From Continuing Operations	$	109	8.1	%	$	590	11.4	%
Regulatory Matters	7				15
System Post-Implementation Costs	—				5
Noncore Asset Sales and Net Impairments	11				11
Captive Storm Deductible	5				5
Noncontrolling interest portion of income taxes(a)	(1)				(15)
Adjusted Tax Expense	$	131	9.3	%	$	611	11.9	%



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other			Consolidated
2024 QTD Reported Earnings Per Share	$	1.57	$	0.25		$	(0.27)		$	1.54
Noncore Asset Sales and Net Impairments	0.02		0.05			—			0.07
Captive Insurance Deductible	—		—			0.02			0.02


Regulatory Matters	0.02		—			—			0.02

2024 QTD Adjusted Earnings Per Share	$	1.61	$	0.30		$	(0.25)		$	1.66
Weather	0.01		—			—			0.01
Volume(a)	(0.02)		—			—			(0.02)
Riders and Other Retail Margin(b)	0.07		0.03			—			0.10
Rate case impacts, net(c)	0.13		0.01			—			0.14

Operations and maintenance, net of recoverables(d)	(0.15)		(0.02)			—			(0.17)


Interest Expense(e)	(0.03)		—			(0.03)			(0.06)
AFUDC Equity	0.04		—			—			0.04
Depreciation and amortization(e)	(0.05)		—			—			(0.05)

Other(f)	(0.04)		(0.02)			(0.08)			(0.14)
Total variance	$	(0.04)	$	—		$	(0.11)		$	(0.15)
Change in share count	(0.01)		—			—			(0.01)
2025 QTD Reported and Adjusted Earnings Per Share	$	1.56	$	0.30		$	(0.36)		$	1.50






Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 773 million shares to 778 million. Totals may not foot or cross-foot due to rounding.


DUKE ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)


	Years Ended December 31,
		2025		2024		2023
Operating Revenues
Regulated electric		$	29,060	$	27,787	$	26,617
Regulated natural gas		2,870		2,252		2,152
Nonregulated electric and other		307		318		291
Total operating revenues		32,237		30,357		29,060
Operating Expenses
Fuel used in electric generation and purchased power		8,058		9,206		9,086
Cost of natural gas		983		565		593
Operation, maintenance and other		6,698		5,389		5,625
Depreciation and amortization		6,324		5,793		5,253
Property and other taxes		1,597		1,466		1,400
Impairment of assets and other charges		(4)		38		85
Total operating expenses		23,656		22,457		22,042
Gains on Sales of Other Assets and Other, net		45		26		52
Operating Income		8,626		7,926		7,070
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates		51		(9)		113
Other income and expenses, net		669		661		598
Total other income and expenses		720		652		711
Interest Expense		3,634		3,384		3,014
Income From Continuing Operations Before Income Taxes		5,712		5,194		4,767
Income Tax Expense From Continuing Operations		642		590		438
Income From Continuing Operations		5,070		4,604		4,329
Income (Loss) From Discontinued Operations, net of tax		1		10		(1,455)
Net Income		5,071		4,614		2,874
Less: Net Income Attributable to Noncontrolling Interests		103		90		33
Net Income Attributable to Duke Energy Corporation		4,968		4,524		$	2,841
Less: Preferred Dividends		56		106		106
Less: Preferred Redemption Costs		—		16		—
Net Income Available to Duke Energy Corporation Common Stockholders		$	4,912	$	4,402	$	2,735

Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted		$	6.31	$	5.70	$	5.35

Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted		$	—	$	0.01	$	(1.81)

Net income available to Duke Energy Corporation common stockholders
Basic and Diluted		$	6.31	$	5.71	$	3.54

Weighted average shares outstanding
Basic and Diluted		777		772		771


(In millions)	December 31, 2025		December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	245	$	314

Receivables (net of allowance for doubtful accounts of $194 at 2025 and $122 at 2024)	4,214		2,170
Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024)	16		1,889
Receivable from sales of Commercial Renewables Disposal Groups	—		551
Inventory (includes $669 at 2025 and $494 at 2024 related to VIEs)	4,569		4,496
Regulatory assets (includes $204 at 2025 and $120 at 2024 related to VIEs)	1,934		2,739
Assets held for sale	109		96
Other (includes $88 at 2025 and $90 at 2024 related to VIEs)	526		695
Total current assets	11,613		12,950
Property, Plant and Equipment
Cost	190,409		178,737
Accumulated depreciation and amortization	(60,450)		(57,111)

Net property, plant and equipment	129,959		121,626
Other Noncurrent Assets
Goodwill	19,010		19,010
Regulatory assets (includes $3,108 at 2025 and $1,705 at 2024 related to VIEs)	14,379		14,220
Nuclear decommissioning trust funds	12,889		11,434
Operating lease right-of-use assets, net	1,241		1,148
Investments in equity method unconsolidated affiliates	330		353
Assets held for sale	2,148		2095
Other	4,167		3,507
Total other noncurrent assets	54,164		51,767
Total Assets	$	195,736	$	186,343
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $296 at 2025 and $214 at 2024 related to VIEs)	$	5,223	$	5,436
Notes payable and commercial paper	2,624		3,584
Taxes accrued	975		851
Interest accrued	922		854
Current maturities of long-term debt (includes $118 at 2025 and $1,012 at 2024 related to VIEs)	7,104		4,349
Asset retirement obligations	579		650
Regulatory liabilities	1,271		1,421
Liabilities associated with assets held for sale	84		132
Other	2,265		2,080
Total current liabilities	21,047		19,357
Long-Term Debt (includes $3,308 at 2025 and $1,842 at 2024 related to VIEs)	80,108		76,340
Other Noncurrent Liabilities
Deferred income taxes	12,377		11,424
Asset retirement obligations	9,046		9,338
Regulatory liabilities	15,682		14,521
Operating lease liabilities	1,033		957
Accrued pension and other post-retirement benefit costs	396		434
Investment tax credits	969		894
Liabilities associated with assets held for sale	170		271
Other (includes $27 at 2024 related to VIEs)	1,889		1,551
Total other noncurrent liabilities	41,562		39,390
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2025 and 2024	973		973

Common Stock, $0.001 par value, 2 billion shares authorized; 778 million and 776 million shares outstanding at 2025 and 2024	1		1
Additional paid-in capital	45,614		45,494
Retained earnings	5,056		3,431
Accumulated other comprehensive income	198		228
Total Duke Energy Corporation stockholders' equity	51,842		50,127
Noncontrolling interests	1,177		1,129
Total equity	53,019		51,256
Total Liabilities and Equity	$	195,736	$	186,343


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)

	Years Ended December 31,
	2025		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	5,071	$	4,614	$	2,874
Adjustments to reconcile net income to net cash provided by operating activities	7,259		7,714		7,004
Net cash provided by operating activities	12,330		12,328		9,878

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	(14,338)		(13,123)		(12,475)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities	1,950		859		2,351



Net (decrease) increase in cash, cash equivalents and restricted cash	(58)		64		(246)
Cash, cash equivalents and restricted cash at beginning of period	421		357		603
Cash, cash equivalents and restricted cash at end of period	$	363	$	421	$	357


	Three Months Ended December 31, 2025
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	6,936	$	—	$	—	$	(14)	$	6,922
Regulated natural gas	—		965		—		(23)		942
Nonregulated electric and other	56		11		43		(36)		74
Total operating revenues	6,992		976		43		(73)		7,938
Operating Expenses
Fuel used in electric generation and purchased power	1,812		—		—		(20)		1,792
Cost of natural gas	—		341		—		—		341
Operation, maintenance and other	1,668		139		24		(49)		1,782
Depreciation and amortization	1,421		110		79		(7)		1,603
Property and other taxes	275		35		6		—		316
Impairment of assets and other charges	(7)		—		—		—		(7)
Total operating expenses	5,169		625		109		(76)		5,827
Gains on Sales of Other Assets and Other, net	1		—		6		1		8
Operating Income (Loss)	1,824		351		(60)		4		2,119
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	—		4		9		—		13
Other income and expenses, net	161		13		20		(22)		172
Total Other Income and Expenses	161		17		29		(22)		185
Interest Expense	545		70		349		(18)		946
Income (Loss) from Continuing Operations Before Income Taxes	1,440		298		(380)		—		1,358
Income Tax Expense (Benefit) from Continuing Operations	209		69		(123)		(1)		154
Income (Loss) from Continuing Operations	1,231		229		(257)		1		1,204
Less: Net Income (Loss) Attributable to Noncontrolling Interest	22		(1)		—		1		22
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	1,209		230		(257)		—		1,182
Less: Preferred Dividends	—		—		15		—		15

Segment Income/Other Net Loss	$	1,209	$	230	$	(272)	$	—	$	1,167
Discontinued Operations									2
Net Income Available to Duke Energy Corporation Common Stockholders									$	1,169


	Year Ended December 31, 2025
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	29,119	$	—	$	—	$	(59)	$	29,060
Regulated natural gas	—		2,961		—		(91)		2,870
Nonregulated electric and other	238		42		165		(138)		307
Total operating revenues	29,357		3,003		165		(288)		32,237
Operating Expenses
Fuel used in electric generation and purchased power	8,138		—		—		(80)		8,058
Cost of natural gas	—		983		—		—		983
Operation, maintenance and other	6,414		518		(35)		(199)		6,698
Depreciation and amortization	5,605		435		312		(28)		6,324
Property and other taxes	1,418		164		14		1		1,597
Impairment of assets and other charges	(9)		—		5		—		(4)
Total operating expenses	21,566		2,100		296		(306)		23,656
Gains on Sales of Other Assets and Other, net	22		—		22		1		45
Operating Income (Loss)	7,813		903		(109)		19		8,626
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	—		15		36		—		51
Other income and expenses, net	622		53		95		(101)		669
Total Other Income and Expenses	622		68		131		(101)		720
Interest Expense	2,132		267		1,317		(82)		3,634
Income (Loss) from Continuing Operations Before Income Taxes	6,303		704		(1,295)		—		5,712
Income Tax Expense (Benefit) from Continuing Operations	862		146		(366)		—		642
Income (Loss) from Continuing Operations	5,441		558		(929)		—		5,070
Less: Net Income (Loss) Attributable to Noncontrolling Interest	104		(1)		—		—		103
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	5,337		559		(929)		—		4,967
Less: Preferred Dividends	—		—		56		—		56

Segment Income/Other Net Loss	$	5,337	$	559	$	(985)	$	—	$	4,911
Discontinued Operations									1
Net Income Available to Duke Energy Corporation Common Stockholders									$	4,912


News Release


	December 31, 2025
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	3	$	16	$	21	$	15	$	12	$	(1)	$	66

Receivables, net	1,343		943		591		396		458		6		3,737
Receivables of variable interest entities, net	5		9		3		—		—		(1)		16
Receivables from affiliated companies	331		104		68		27		25		(301)		254
Notes receivable from affiliated companies	69		186		65		71		—		(62)		329
Inventory	1,530		1,363		847		173		531		—		4,444

Regulatory assets	730		652		102		31		193		(1)		1,707
Other	74		95		52		—		36		(4)		253
Total current assets	4,085		3,368		1,749		713		1,255		(364)		10,806
Property, Plant and Equipment
Cost	62,513		45,175		33,160		9,444		21,241		60		171,593
Accumulated depreciation and amortization	(20,658)		(16,980)		(8,437)		(2,539)		(7,492)		43		(56,063)

Net property, plant and equipment	41,855		28,195		24,723		6,905		13,749		103		115,530
Other Noncurrent Assets
Goodwill	—		—		—		596		—		16,784		17,380
Regulatory assets	4,502		4,543		2,106		386		1,032		615		13,184
Nuclear decommissioning trust funds	7,338		5,254		296		—		—		1		12,889
Operating lease right-of-use assets, net	91		386		221		5		32		1		736
Investments in equity method unconsolidated affiliates	—		—		1		—		—		—		1
Investment in consolidated subsidiaries	55		10		3		498		1		6,031		6,598

Other	1,304		780		560		68		278		(432)		2,558
Total other noncurrent assets	13,290		10,973		3,187		1,553		1,343		23,000		53,346
Total Assets	59,230		42,536		29,659		9,171		16,347		22,739		179,682
Segment reclassifications, intercompany balances and other	(455)		(373)		(137)		(596)		(26)		(5,668)		(7,255)
Reportable Segment Assets	$	58,775	$	42,163	$	29,522	$	8,575	$	16,321	$	17,071	$	172,427


	December 31, 2025
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Liabilities
Accounts payable	$	1,670	$	886	$	792	$	237	$	360	$	4	$	3,949
Accounts payable to affiliated companies	386		398		171		20		38		(221)		792
Notes payable to affiliated companies	—		—		—		9		175		(62)		122

Taxes accrued	308		168		70		314		101		(19)		942
Interest accrued	214		145		87		42		62		(1)		549
Current maturities of long-term debt	629		285		437		29		4		(9)		1,375

Asset retirement obligations	245		194		2		6		133		(1)		579
Regulatory liabilities	569		274		76		42		275		(1)		1,235
Other	621		371		375		72		217		(1)		1,655
Total current liabilities	4,642		2,721		2,010		771		1,365		(311)		11,198
Long-Term Debt	17,848		13,461		10,870		3,491		4,939		407		51,016
Long-Term Debt Payable to Affiliated Companies	300		150		—		18		150		—		618
Other Noncurrent Liabilities
Deferred income taxes	4,244		2,650		3,007		881		1,525		54		12,361
Asset retirement obligations	3,597		4,095		195		63		992		12		8,954
Regulatory liabilities	7,609		4,807		794		240		1,186		(26)		14,610
Operating lease liabilities	79		384		168		5		28		(1)		663
Accrued pension and other post-retirement benefit costs	24		139		88		63		75		(407)		(18)
Investment tax credits	345		194		240		5		183		1		968

Other	802		326		166		67		14		(14)		1,361
Total other noncurrent liabilities	16,700		12,595		4,658		1,324		4,003		(381)		38,899
Equity
Total Duke Energy Corporation stockholders' equity	19,740		13,609		12,121		3,567		5,890		21,849		76,776
Noncontrolling interests(c)	—		—		—		—		—		1,175		1,175
Equity	19,740		13,609		12,121		3,567		5,890		23,024		77,951
Total Liabilities and Equity	59,230		42,536		29,659		9,171		16,347		22,739		179,682
Segment reclassifications, intercompany balances and other	(455)		(373)		(137)		(596)		(26)		(5,668)		(7,255)
Reportable Segment Liabilities and Equity	$	58,775	$	42,163	$	29,522	$	8,575	$	16,321	$	17,071	$	172,427


Electric Utilities and Infrastructure
Quarterly Highlights
Year Ended December 2025

		Three Months Ended December 31,						Years Ended December 31,
		2025	2024	% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2025	2024	% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
	Residential	19,668	19,142	2.7	%	2.0	%	91,021	88,166	3.2	%	1.7	%
	Commercial	18,847	18,410	2.4	%	1.4	%	80,391	78,956	1.8	%	1.6	%
	Industrial	11,218	11,271	(0.5	%)	(4.3	%)	46,230	47,150	(2.0	%)	(2.0	%)
	Other Energy Sales	128	128	—	%	n/a		477	523	(8.8	%)	n/a
	Unbilled Sales	708	852	(16.9	%)	n/a		100	(168)	159.5	%	n/a
	Total Retail Sales	50,569	49,803	1.5	%	0.4	%	218,219	214,627	1.7	%	0.8	%
	Wholesale and Other	11,157	10,513	6.1	%			45,789	44,041	4.0	%
	Total Consolidated Electric Sales – Electric Utilities and Infrastructure	61,726	60,316	2.3	%			264,008	258,668	2.1	%

Average Number of Customers (Electric)
	Residential	7,585,493	7,462,570	1.6	%			7,538,307	7,409,924	1.7	%
	Commercial	1,049,755	1,043,964	0.6	%			1,047,877	1,043,764	0.4	%
	Industrial	14,893	15,500	(3.9	%)			15,081	15,653	(3.7	%)
	Other Energy Sales	22,848	23,427	(2.5	%)			23,007	23,650	(2.7	%)
	Total Retail Customers	8,672,989	8,545,461	1.5	%			8,624,272	8,492,991	1.5	%
	Wholesale and Other	59	52	13.5	%			54	52	3.8	%
	Total Average Number of Customers – Electric Utilities and Infrastructure	8,673,048	8,545,513	1.5	%			8,624,326	8,493,043	1.5	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	10,089	7,457	35.3	%			40,054	38,241	4.7	%
	Nuclear	18,237	18,605	(2.0	%)			76,006	74,787	1.6	%
	Hydro	164	304	(46.1	%)			1,362	2,008	(32.2	%)
	Natural Gas and Oil	20,585	22,856	(9.9	%)			92,566	94,362	(1.9	%)
	Renewable Energy	917	713	28.6	%			4,048	3,361	20.4	%
	Total Generation(d)	49,992	49,935	0.1	%			214,036	212,759	0.6	%
	Purchased Power and Net Interchange(e)	14,682	13,296	10.4	%			62,428	59,259	5.3	%
	Total Sources of Energy	64,674	63,231	2.3	%			276,464	272,018	1.6	%
	Less: Line Loss and Other	2,948	2,915	1.1	%			12,456	13,350	(6.7	%)
	Total GWh Sources	61,726	60,316	2.3	%			264,008	258,668	2.1	%

Owned Megawatt (MW) Capacity(c)(f)


	Three Months Ended December 31, 2024
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	6,551	$	—	$	—	$	(17)	$	6,534
Regulated natural gas	—		763		—		(22)		741
Nonregulated electric and other	67		12		37		(31)		85
Total operating revenues	6,618		775		37		(70)		7,360
Operating Expenses
Fuel used in electric generation and purchased power	2,019		—		—		(20)		1,999
Cost of natural gas	—		185		—		—		185
Operation, maintenance and other	1,220		119		(9)		(49)		1,281
Depreciation and amortization	1,305		106		77		(7)		1,481
Property and other taxes	272		29		2		1		304
Impairment of assets and other charges	(1)		—		—		—		(1)
Total operating expenses	4,815		439		70		(75)		5,249
(Losses) Gains on Sales of Other Assets and Other, net	(6)		—		6		1		1
Operating Income (Loss)	1,797		336		(27)		6		2,112
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates	(15)		(51)		4		—		(62)
Other income and expenses, net	142		12		35		(30)		159
Total Other Income and Expenses	127		(39)		39		(30)		97
Interest Expense	505		67		324		(25)		871
Income (Loss) from Continuing Operations Before Income Taxes	1,419		230		(312)		1		1,338
Income Tax Expense (Benefit) from Continuing Operations	189		42		(122)		—		109
Income (Loss) from Continuing Operations	1,230		188		(190)		1		1,229
Less: Net Income (Loss) Attributable to Noncontrolling Interest	22		(1)		—		1		22
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	1,208		189		(190)		—		1,207
Less: Preferred Dividends	—		—		14		—		14
Segment Income/Other Net Loss	$	1,208	$	189	$	(204)	$	—	$	1,193
Discontinued Operations									(2)
Net Income Available to Duke Energy Corporation Common Stockholders									$	1,191

Segment Income/Other Net Loss	$	1,208	$	189	$	(204)	$	—	$	1,193
Special Items	30		42		18		—		90
Adjusted Earnings(a)	$	1,238	$	231	$	(186)	$	—	$	1,283


	Year Ended December 31, 2024
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	27,856	$	—	$	—	$	(69)	$	27,787
Regulated natural gas	—		2,342		—		(90)		2,252
Nonregulated electric and other	237		48		157		(124)		318
Total operating revenues	28,093		2,390		157		(283)		30,357
Operating Expenses
Fuel used in electric generation and purchased power	9,285		—		—		(79)		9,206
Cost of natural gas	—		565		—		—		565
Operation, maintenance and other	5,185		478		(79)		(195)		5,389
Depreciation and amortization	5,128		400		293		(28)		5,793
Property and other taxes	1,305		149		12		—		1,466
Impairment of assets and other charges	37		—		1		—		38
Total operating expenses	20,940		1,592		227		(302)		22,457
Gains on Sales of Other Assets and Other, net	3		—		22		1		26
Operating Income (Loss)	7,156		798		(48)		20		7,926
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates	(11)		(48)		50		—		(9)
Other income and expenses, net	539		58		207		(143)		661
Total Other Income and Expenses	528		10		257		(143)		652
Interest Expense	2,006		256		1,245		(123)		3,384
Income (Loss) from Continuing Operations Before Income Taxes	5,678		552		(1,036)		—		5,194
Income Tax Expense (Benefit) from Continuing Operations	820		99		(329)		—		590
Income (Loss) from Continuing Operations	4,858		453		(707)		—		4,604
Less: Net Income (Loss) Attributable to Noncontrolling Interest	88		(1)		—		—		87
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	4,770		454		(707)		—		4,517
Less: Preferred Dividends	—		—		106		—		106
Less: Preferred Redemption Costs	—		—		16		—		16
Segment Income/Other Net Loss	$	4,770	$	454	$	(829)	$	—	$	4,395
Discontinued Operations									7
Net Income Available to Duke Energy Corporation Common Stockholders									$	4,402

Segment Income/Other Net Loss	$	4,770	$	454	$	(829)	$	—	$	4,395
Special Items	68		45		34		—		147
Adjusted Earnings(a)	$	4,838	$	499	$	(795)	$	—	$	4,542


Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2025

		Three Months Ended December 31,								Years Ended December 31,
		2025		2024		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2025		2024		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	6,644		6,319		5.1	%			30,751		29,659		3.7	%
	Commercial	7,176		7,057		1.7	%			30,576		30,446		0.4	%
	Industrial	4,754		4,792		(0.8	%)			19,602		19,827		(1.1	%)
	Other Energy Sales	67		67		—	%			261		268		(2.6	%)
	Unbilled Sales	528		582		(9.3	%)			209		11		1,800.0	%
	Total Retail Sales	19,169		18,817		1.9	%	1.0	%	81,399		80,211		1.5	%	0.6	%
	Wholesale and Other	2,679		2,559		4.7	%			11,490		10,885		5.6	%
	Total Consolidated Electric Sales – Duke Energy Carolinas	21,848		21,376		2.2	%			92,889		91,096		2.0	%

Average Number of Customers
	Residential	2,563,107		2,509,415		2.1	%			2,543,170		2,487,959		2.2	%
	Commercial	402,863		401,623		0.3	%			402,662		402,136		0.1	%
	Industrial	5,772		5,917		(2.5	%)			5,828		5,946		(2.0	%)
	Other Energy Sales	10,718		10,910		(1.8	%)			10,778		11,026		(2.2	%)
	Total Retail Customers	2,982,460		2,927,865		1.9	%			2,962,438		2,907,067		1.9	%
	Wholesale and Other	28		26		7.7	%			27		26		3.8	%
	Total Average Number of Customers – Duke Energy Carolinas	2,982,488		2,927,891		1.9	%			2,962,465		2,907,093		1.9	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	2,318		1,652		40.3	%			9,790		10,203		(4.0	%)
	Nuclear	10,903		11,400		(4.4	%)			45,743		45,286		1.0	%
	Hydro	11		167		(93.4	%)			604		1,140		(47.0	%)
	Natural Gas and Oil	5,664		6,523		(13.2	%)			27,079		27,302		(0.8	%)
	Renewable Energy	64		48		33.3	%			291		314		(7.3	%)
	Total Generation(d)	18,960		19,790		(4.2	%)			83,507		84,245		(0.9	%)
	Purchased Power and Net Interchange(e)	3,919		2,603		50.6	%			13,441		11,618		15.7	%
	Total Sources of Energy	22,879		22,393		2.2	%			96,948		95,863		1.1	%
	Less: Line Loss and Other	1,031		1,017		1.4	%			4,059		4,767		(14.9	%)
	Total GWh Sources	21,848		21,376		2.2	%			92,889		91,096		2.0	%

Owned MW Capacity(c)(f)
	Summer									19,813		19,756
	Winter									20,901		20,773
Nuclear Capacity Factor (%)(g)										97		95

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,190		1,092		9.0	%			2,961		2,691		10.0	%
	Cooling Degree Days	32		68		(52.9	%)			1,605		1,724		(6.9	%)

	Variance from Normal
	Heating Degree Days	(2.3	%)	(11.0	%)					(5.6	%)	(15.4	%)
	Cooling Degree Days	(26.9	%)	53.6	%					2.7	%	9.6	%


Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2025

		Three Months Ended December 31,								Years Ended December 31,
		2025		2024		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2025		2024		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	4,155		3,972		4.6	%			19,357		18,431		5.0	%
	Commercial	3,563		3,470		2.7	%			15,568		15,234		2.2	%
	Industrial	2,252		2,234		0.8	%			9,559		9,412		1.6	%
	Other Energy Sales	21		21		—	%			84		85		(1.2	%)
	Unbilled Sales	447		582		(23.2	%)			(161)		152		(206	%)
	Total Retail Sales	10,438		10,279		1.5	%	(0.9	%)	44,407		43,314		2.5	%	1.1	%
	Wholesale and Other	6,824		6,307		8.2	%			26,969		25,745		4.8	%
	Total Consolidated Electric Sales – Duke Energy Progress	17,262		16,586		4.1	%			71,376		69,059		3.4	%

Average Number of Customers
	Residential	1,538,724		1,512,356		1.7	%			1,527,825		1,499,792		1.9	%
	Commercial	249,130		248,094		0.4	%			248,908		248,149		0.3	%
	Industrial	2,999		3,151		(4.8	%)			3,035		3,197		(5.1	%)
	Other Energy Sales	2,374		2,418		(1.8	%)			2,388		2,437		(2.0	%)
	Total Retail Customers	1,793,227		1,766,019		1.5	%			1,782,156		1,753,575		1.6	%
	Wholesale and Other	9		8		12.5	%			8		8		—	%
	Total Average Number of Customers – Duke Energy Progress	1,793,236		1,766,027		1.5	%			1,782,164		1,753,583		1.6	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	2,106		1,631		29.1	%			8,270		7,644		8.2	%
	Nuclear	7,334		7,205		1.8	%			30,263		29,501		2.6	%
	Hydro	72		57		26.3	%			505		580		(12.9	%)
	Natural Gas and Oil	6,045		6,232		(3.0	%)			23,881		23,924		(0.2	%)
	Renewable Energy	56		54		3.7	%			232		229		1.3	%
	Total Generation(d)	15,613		15,179		2.9	%			63,151		61,878		2.1	%
	Purchased Power and Net Interchange(e)	2,232		1,732		28.9	%			10,533		9,346		12.7	%
	Total Sources of Energy	17,845		16,911		5.5	%			73,684		71,224		3.5	%
	Less: Line Loss and Other	583		325		79.4	%			2,308		2,165		6.6	%
	Total GWh Sources	17,262		16,586		4.1	%			71,376		69,059		3.4	%

Owned MW Capacity(c)(f)
	Summer									12,866		12,666
	Winter									14,068		13,845
Nuclear Capacity Factor (%)(g)										96		93

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,135		919		23.5	%			2,741		2,288		19.8	%
	Cooling Degree Days	37		89		(58.4	%)			1,846		1,978		(6.7	%)

	Variance from Normal
	Heating Degree Days	4.2	%	(16.4	%)					(3.2	%)	(20.5	%)
	Cooling Degree Days	(43.5	%)	36.8	%					6.8	%	14.5	%


Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2025

		Three Months Ended December 31,								Years Ended December 31,
		2025		2024		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2025		2024		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	4,699		4,949		(5.1	%)			22,032		22,043		—	%
	Commercial	3,752		3,752		—	%			15,819		15,773		0.3	%
	Industrial	804		754		6.6	%			3,261		3,287		(0.8	%)
	Other Energy Sales	7		7		—	%			27		29		(6.9	%)
	Unbilled Sales	(369)		(398)		7.3	%			(26)		11		(336.4	%)
	Total Retail Sales	8,893		9,064		(1.9	%)	(0.3	%)	41,113		41,143		(0.1	%)	(0.1	%)
	Wholesale and Other	278		658		(57.8	%)			1,890		2,703		(30.1	%)
	Total Electric Sales – Duke Energy Florida	9,171		9,722		(5.7	%)			43,003		43,846		(1.9	%)

Average Number of Customers
	Residential	1,830,253		1,803,424		1.5	%			1,819,962		1,793,067		1.5	%
	Commercial	213,910		211,510		1.1	%			212,915		211,118		0.9	%
	Industrial	1,540		1,635		(5.8	%)			1,575		1,671		(5.7	%)
	Other Energy Sales	3,513		3,583		(2.0	%)			3,533		3,607		(2.1	%)
	Total Retail Customers	2,049,216		2,020,152		1.4	%			2,037,985		2,009,463		1.4	%
	Wholesale and Other	17		13		30.8	%			14		13		7.7	%
	Total Average Number of Customers – Duke Energy Florida	2,049,233		2,020,165		1.4	%			2,037,999		2,009,476		1.4	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	933		279		234.4	%			3,837		3,262		17.6	%


	Natural Gas and Oil	7,708		8,784		(12.2	%)			36,380		37,524		(3.0	%)
	Renewable Energy	784		605		29.6	%			3,489		2,789		25.1	%
	Total Generation(d)	9,425		9,668		(2.5	%)			43,706		43,575		0.3	%
	Purchased Power and Net Interchange(e)	(1)		369		(100.3	%)			741		1,721		(56.9	%)
	Total Sources of Energy	9,424		10,037		(6.1	%)			44,447		45,296		(1.9	%)
	Less: Line Loss and Other	253		315		(19.7	%)			1,444		1,450		(0.4	%)
	Total GWh Sources	9,171		9,722		(5.7	%)			43,003		43,846		(1.9	%)

Owned MW Capacity(c)(f)
	Summer									11,854		11,574
	Winter									12,765		12,542

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	133		158		(15.8	%)			492		452		8.8	%
	Cooling Degree Days	467		613		(23.8	%)			3,522		3,705		(4.9	%)

	Variance from Normal
	Heating Degree Days	(26.1	%)	(15.1	%)					(11.1	%)	(20.0	%)
	Cooling Degree Days	(6.6	%)	23.2	%					7.5	%	13.8	%


Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2025

		Three Months Ended December 31,								Years Ended December 31,
		2025		2024		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2025		2024		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	2,040		1,921		6.2	%			9,294		8,985		3.4	%
	Commercial	2,322		2,181		6.5	%			9,822		9,309		5.5	%
	Industrial	1,112		1,292		(13.9	%)			4,619		5,218		(11.5	%)
	Other Energy Sales	20		20		—	%			54		85		(36.5	%)
	Unbilled Sales	(15)		2		(850.0	%)			13		(79)		116.5	%
	Total Retail Sales	5,479		5,416		1.2	%	(1.6	%)	23,802		23,518		1.2	%	0.6	%
	Wholesale and Other	146		72		102.8	%			552		464		19.0	%
	Total Electric Sales – Duke Energy Ohio	5,625		5,488		2.5	%			24,354		23,982		1.6	%

Average Number of Customers
	Residential	841,169		835,840		0.6	%			838,778		832,841		0.7	%
	Commercial	76,572		76,260		0.4	%			76,466		76,038		0.6	%
	Industrial	1,998		2,171		(8.0	%)			2,042		2,209		(7.6	%)
	Other Energy Sales	2,572		2,769		(7.1	%)			2,603		2,787		(6.6	%)
	Total Retail Customers	922,311		917,040		0.6	%			919,889		913,875		0.7	%
	Wholesale and Other	1		1		—	%			1		1		—	%
	Total Average Number of Customers – Duke Energy Ohio	922,312		917,041		0.6	%			919,890		913,876		0.7	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	532		368		44.6	%			2,594		2,264		14.6	%


	Natural Gas and Oil	68		106		(35.8	%)			362		371		(2.4	%)

	Total Generation(d)	609		474		28.5	%			2,965		2,635		12.5	%
	Purchased Power and Net Interchange(e)	5,746		5,606		2.5	%			23,942		23,681		1.1	%
	Total Sources of Energy	6,355		6,080		4.5	%			26,907		26,316		2.2	%
	Less: Line Loss and Other	730		592		23.3	%			2,553		2,334		9.4	%
	Total GWh Sources	5,625		5,488		2.5	%			24,354		23,982		1.6	%

Owned MW Capacity(c)(f)
	Summer									1,085		1,085
	Winter									1,173		1,173

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,808		1,494		21.0	%			4,797		4,020		19.3	%
	Cooling Degree Days	39		31		25.8	%			1,233		1,378		(10.5	%)

	Variance from Normal
	Heating Degree Days	1.0	%	(17.2	%)					(0.7	%)	(17.8	%)
	Cooling Degree Days	55.8	%	28.6	%					7.6	%	20.1	%


Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2025

		Three Months Ended December 31,								Years Ended December 31,
		2025		2024		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2025		2024		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	2,130		1,981		7.5	%			9,587		9,048		6.0	%
	Commercial	2,034		1,949		4.4	%			8,606		8,193		5.0	%
	Industrial	2,296		2,200		4.4	%			9,189		9,407		(2.3	%)
	Other Energy Sales	13		13		—	%			51		56		(8.9	%)
	Unbilled Sales	117		84		39.3	%			65		(263)		(124.7	%)
	Total Retail Sales	6,590		6,227		5.8	%	3.2	%	27,498		26,441		4.0	%	2.8	%
	Wholesale and Other	1,230		917		34.1	%			4,888		4,244		15.2	%
	Total Electric Sales – Duke Energy Indiana	7,820		7,144		9.5	%			32,386		30,685		5.5	%

Average Number of Customers
	Residential	812,240		801,535		1.3	%			808,572		796,265		1.5	%
	Commercial	107,280		106,477		0.8	%			106,926		106,323		0.6	%
	Industrial	2,584		2,626		(1.6	%)			2,601		2,630		(1.1	%)
	Other Energy Sales	3,671		3,747		(2.0	%)			3,705		3,793		(2.3	%)
	Total Retail Customers	925,775		914,385		1.2	%			921,804		909,011		1.4	%
	Wholesale and Other	4		4		—	%			4		4		—	%
	Total Average Number of Customers – Duke Energy Indiana	925,779		914,389		1.2	%			921,808		909,015		1.4	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	4,200		3,527		19.1	%			15,563		14,868		4.7	%

	Hydro	81		80		1.3	%			253		288		(12.2	%)
	Natural Gas and Oil	1,100		1,211		(9.2	%)			4,864		5,241		(7.2	%)
	Renewable Energy	4		6		(33.3	%)			27		29		(6.9	%)
	Total Generation(d)	5,385		4,824		11.6	%			20,707		20,426		1.4	%
	Purchased Power and Net Interchange(e)	2,786		2,986		(6.7	%)			13,771		12,893		6.8	%
	Total Sources of Energy	8,171		7,810		4.6	%			34,478		33,319		3.5	%
	Less: Line Loss and Other	351		666		(47.3	%)			2,092		2,634		(20.6	%)
	Total GWh Sources	7,820		7,144		9.5	%			32,386		30,685		5.5	%

Owned MW Capacity(c)(f)
	Summer									6,327		6,328
	Winter									6,806		6,806

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,888		1,595		18.4	%			5,067		4,290		18.1	%
	Cooling Degree Days	39		29		34.5	%			1,257		1,267		(0.8	%)

	Variance from Normal
	Heating Degree Days	(1.8	%)	(17.8	%)					(2.7	%)	(18.6	%)
	Cooling Degree Days	71.3	%	35.4	%					9.9	%	20.1	%