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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 7, 2025
Commission File NumberExact 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.
dukeenergylogo4ca57.jpg
1-32853
DUKE ENERGY CORPORATION
20-2777218
(a Delaware corporation)
525 South Tryon Street
Charlotte, North Carolina 28202
800-488-3853

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐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))
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Duke EnergyCommon Stock, $0.001 par valueDUKNew York Stock Exchange LLC
Duke Energy5.625% Junior Subordinated DebenturesDUKBNew York Stock Exchange LLC
due September 15, 2078
Duke EnergyDepositary SharesDUK PR ANew York Stock Exchange LLC
each representing a 1/1,000th interest in a share of 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share
Duke Energy3.10% Senior Notes due 2028DUK 28ANew York Stock Exchange LLC
Duke Energy3.85% Senior Notes due 2034DUK 34New York Stock Exchange LLC
Duke Energy3.75% Senior Notes due 2031DUK 31ANew York Stock Exchange LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. o


Item 2.02  Results of Operations and Financial Conditions.

    On November 7, 2025, Duke Energy Corporation (the "Corporation") will issue and post a news release to its website (duke-energy.com/investors) announcing its financial results for the third quarter ended September 30, 2025. A copy of this news release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 2.02. In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.


Item 9.01  Financial Statements and Exhibits.

(d) Exhibits

    99.1 News Release to be issued by Duke Energy Corporation on November 7, 2025 (furnished pursuant to Item 2.02).

    104 Cover Page Interactive Data File (embedded within the Inline XBRL document).





SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

DUKE ENERGY CORPORATION
/s/ CYNTHIA S. LEE
Cynthia S. Lee
Senior Vice President, Chief Accounting Officer and Controller
Dated:November 7, 2025
News Release
          dukeenergylogo4ca54a.jpg
    
Media Contact: Gillian Moore
24-Hour: 800.559.3853
Analyst Contact: Abby Motsinger
Office: 704.382.7624
November 7, 2025
Duke Energy reports third-quarter 2025 financial results
▪Third-quarter 2025 reported and adjusted EPS of $1.81, representing over 11% growth versus third-quarter 2024
▪Company narrows 2025 adjusted EPS guidance range to $6.25 to $6.35 and reaffirms long-term adjusted EPS growth rate of 5% to 7% through 2029
▪Economic development tailwinds support increasing capital plan while keeping customer rates below the national average; expect to announce new 2026-2030 capital plan between $95 and $105 billion in February
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced third-quarter 2025 reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.81. This is compared to reported EPS of $1.60 and adjusted EPS of $1.62 for the third quarter of 2024. Adjusted EPS excludes the impact of certain items that are included in reported EPS.
Higher third-quarter 2025 adjusted results were driven by the implementation of new rates and riders, along with higher retail sales volumes. These items were partially offset by higher interest expense, milder weather and higher depreciation and property taxes on a growing asset base.
The company is narrowing its 2025 adjusted EPS guidance range to $6.25 to $6.35 and reaffirming its long-term adjusted EPS growth rate of 5% to 7% through 2029 off the 2025 midpoint of $6.30. Management does not forecast reported GAAP EPS and related long-term growth rates.
“We remain on track to deliver strong results in 2025, while advancing an energy modernization strategy that creates value for our customers, stakeholders and investors,” said Harry Sideris, Duke Energy president and chief executive officer. “With our economic development pipeline continuing to progress and concrete investment plans in place, we are reaffirming our long-term EPS growth rate and have confidence we will earn in the top half of the range beginning in 2028.”
“Furthermore, as load growth materializes across our jurisdictions, we are expecting our new five-year capital plan to be between $95 and $105 billion when we refresh the plan in February, increasing the largest capital plan in the industry.”
“As the investment needs of our utilities accelerate, customer value and affordability remain front and center,” Sideris added. “Cost management is a core competency for Duke Energy and we focus on keeping bills as low as possible – including rates well below the national average and average changes below the rate of inflation – to ensure our 10 million customers receive the service they count on at a fair price."


Duke Energy News Release    2

Business segment results
In addition to the following summary of third-quarter 2025 business segment performance, comprehensive tables with detailed EPS drivers for the third quarter compared to prior year are provided at the end of this news release.
The discussion below of third-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.
Electric Utilities and Infrastructure
On a reported basis, Electric Utilities and Infrastructure recognized third-quarter 2025 segment income of $1,658 million, compared to segment income of $1,451 million in the third quarter of 2024.
On an adjusted basis, Electric Utilities and Infrastructure recognized third-quarter 2025 segment income of $1,658 million, compared to segment income of $1,464 million in the third quarter of 2024. This represents an increase of $0.24 per share, excluding share dilution of $0.01 per share. Higher quarterly results were primarily due to the implementation of new rates and higher retail sales volumes, partially offset by milder weather, higher interest expense and higher depreciation and property taxes on a growing asset base.
Gas Utilities and Infrastructure
On a reported basis, Gas Utilities and Infrastructure recognized third-quarter 2025 segment loss of $26 million, compared to segment loss of $25 million in the third quarter of 2024.
On an adjusted basis, Gas Utilities and Infrastructure recognized third-quarter 2025 segment loss of $26 million, compared to segment loss of $22 million in the third quarter of 2024. Flat quarterly results were primarily due to growth from rate increases and riders, offset by higher O&M expense and depreciation on a growing asset base.
Other
Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.
On a reported basis, Other recognized a third-quarter 2025 segment loss of $225 million, compared to segment loss of $222 million in the third quarter of 2024.
On an adjusted basis, Other recognized a third-quarter 2025 segment loss of $225 million, compared to segment loss of $206 million in the third quarter of 2024. This represents a decrease of $0.04 per share. Lower quarterly results were primarily due to higher interest expense.


Duke Energy News Release    3

Effective tax rate
Duke Energy's consolidated reported effective tax rate for the third quarter of 2025 was 10.8% compared to 11.2% in the third quarter of 2024. The decrease in the reported effective tax rate was primarily due to an increase in the amortization of income tax credits.
Duke Energy's consolidated adjusted effective tax rate was 10.8% for the third quarter of 2025 compared to 11.6% in the third quarter of 2024. The decrease in the adjusted effective tax rate was primarily due to an increase in the amortization of income tax credits.
The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss third-quarter 2025 financial results and other business and financial updates. The conference call will be hosted by Harry Sideris, president and chief executive officer, and Brian Savoy, executive vice president and chief financial officer.
The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 664572. Please call in 10 to 15 minutes prior to the scheduled start time.
Special Items and Non-GAAP Reconciliation
The following table presents a reconciliation of GAAP reported EPS to adjusted EPS for third-quarter 2025 and 2024 financial results:
(In millions, except per share amounts)After-Tax Amount
3Q 2025 EPS
3Q 2024 EPS
EPS, as reported
$1.81 $1.60 
Adjustments to reported EPS:
Third Quarter 2025
Discontinued Operations
— — 
Third Quarter 2024
System Post-Implementation Costs
$16 $0.02 
Preferred Redemption Costs
16 0.02 
Discontinued Operations(a)
(22)(0.03)
Total adjustments(b)
$— $0.02 
EPS, adjusted$1.81 $1.62 
(a)    Represents the operating results and net impairment reversal recognized related to the sale of the Commercial Renewables business disposal group.
(b)    Total EPS adjustments may not foot due to rounding.



Duke Energy News Release    4

Non-GAAP financial measures
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and adjusted effective tax rate. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and basic per share amounts, adjusted for the dollar and per share impact of special items. The adjusted effective tax rate is calculated using pretax earnings and income tax expense, both adjusted to include the impact of noncontrolling interests and preferred dividends and to exclude the impact of special items. Special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.
Special items included within the financial statement periods presented, which management does not believe are reflective of ongoing costs, are described below:
•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.
Management uses these non-GAAP financial measures for planning, forecasting, and to report financial results to the Board of Directors, employees, and stockholders, as well as analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and the adjusted effective tax rate are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.
Due to the forward-looking nature of forecasted adjusted EPS and related growth rates, the information to reconcile those amounts to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, such as legal settlements, impacts of regulatory orders or asset impairments, for future periods.
Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss are defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss include intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as measures of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss are non-GAAP financial measures, as they represent segment income and other net loss adjusted for special items, as discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provide useful information to investors, as they provide additional relevant comparison of a segment’s or Other's performance across periods. The most directly comparable GAAP measures for adjusted segment income and adjusted other net loss are segment income and other net loss.


Duke Energy News Release    5

Due to the forward-looking nature of forecasted adjusted segment income and forecasted adjusted other net loss and related growth rates, the information to reconcile these amounts to the most directly comparable GAAP financial measures are not available, as management is unable to project special items, as discussed above.
Duke Energy’s adjusted earnings, adjusted EPS, adjusted effective tax rate, adjusted segment income, and adjusted other net loss may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.
Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.
More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.
Forward-Looking Information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
◦The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and 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;


Duke Energy News Release    6

◦The impact of extraordinary external events, such as a global pandemic, trade wars or military conflict, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;
◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
◦Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;
◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;
◦Advancements in technology, including artificial intelligence;
◦Additional competition in electric and natural gas markets, municipalization and continued industry consolidation;
◦The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
◦Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto;
◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the United States electric grid or generating resources;
◦Operational interruptions to our natural gas distribution and transmission activities;
◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;
◦The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences;
◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
◦The timing and extent of changes in commodity prices, including any impact from increased tariffs, export controls and interest rates, and the ability to timely recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation portfolio, and general market and economic conditions;
◦Credit ratings of the Duke Energy Registrants may be different from what is expected;
◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules 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;


Duke Energy News Release    7

◦The level of creditworthiness of counterparties to transactions;
◦The ability to obtain adequate insurance at acceptable costs and recover on claims made;
◦Employee workforce factors, including the potential inability to attract and retain key personnel;
◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);
◦The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities;
◦The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC;
◦The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings;
◦The impacts from potential impairments of goodwill or investment carrying values;
◦Asset or business acquisitions and dispositions may not be consummated or yield the anticipated benefits, which could adversely affect our financial condition, credit metrics or ability to execute strategic and capital plans; and
◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock.
Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended September 30, 2025
(Dollars in millions, except per share amounts)
Reported EarningsDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$1,658 $— $— $1,658 
Gas Utilities and Infrastructure(26)— — (26)
Total Reportable Segment Income1,632 — — 1,632 
Other(225)— — (225)
Net Income Available to Duke Energy Corporation Common Stockholders
$1,407 $— $— $1,407 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS
$1.81 $— $— $1.81 
Weighted Average Shares, basic (reported and adjusted) – 778 million
8

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Nine Months Ended September 30, 2025
(Dollars in millions, except per share amounts)
Reported EarningsDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$4,128 $— $— $4,128 
Gas Utilities and Infrastructure329 — — 329 
Total Reportable Segment Income4,457 — — 4,457 
Other(713)— — (713)
Discontinued Operations(1)1 
A
1 — 
Net Income Available to Duke Energy Corporation Common Stockholders$3,743 $1 $1 $3,744 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$4.81 $— $— $4.81 
A – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 777 million
9

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended September 30, 2024
(Dollars in millions, except per share amounts)
Special Items
Reported Earnings
System Post-Implementation Costs
Preferred Redemption Costs
Discontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$1,451 $13 A$— $— $13 $1,464 
Gas Utilities and Infrastructure(25)3 
B
— — 3 (22)
Total Reportable Segment Income1,426 16 — — 16 1,442 
Other(222)— 16 
C
— 16 (206)
Discontinued Operations22 — — (22)
D
(22)— 
Net Income Available to Duke Energy Corporation Common Stockholders$1,226 $16 $16 $(22)$10 $1,236 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS
$1.60 $0.02 $0.02 $(0.03)$0.02 $1.62 
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding.
A – Net of $4 million tax benefit. $17 million recorded within Operating Revenues on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
B – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million recorded within Other Income and expenses on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
C – $16 million recorded within Preferred Redemption Costs on the Condensed Consolidated Statements of Operations related to the redemption of Series B Preferred Stock.
D – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 772 million
10

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Nine Months Ended September 30, 2024
(Dollars in millions, except per share amounts)

Special Items
Reported EarningsRegulatory Matters
System Post-Implementation Costs
Preferred Redemption Costs
Discontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$3,562 $25 
A
$13 B$— $— $38 $3,600 
Gas Utilities and Infrastructure265 — 3 
C
— — 3 268 
Total Reportable Segment Income3,827 25 16 — — 41 3,868 
Other(625)— — 16 
D
— 16 (609)
Discontinued Operations9 — — — (9)
E
(9)— 
Net Income Available to Duke Energy Corporation Common Stockholders$3,211 $25 $16 $16 $(9)$48 $3,259 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$4.17 $0.03 $0.02 $0.02 $(0.01)$0.07 $4.24 
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding.
A – Net of $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress.
•$33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order.
•$9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order.
B – Net of $4 million tax benefit. $17 million recorded within Operating Revenues on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
C – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million recorded within Other Income and expenses on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
D – $16 million recorded within Preferred Redemption Costs on the Condensed Consolidated Statements of Operations related to the redemption of Series B Preferred Stock.
E – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 772 million
11

DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
September 2025
(Dollars in millions)
Three Months Ended 
 
September 30, 2025		Nine Months Ended 
 
September 30, 2025
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported Income From Continuing Operations Before Income Taxes$1,630 $4,354 
Noncontrolling Interests(38)(93)
Preferred Dividends
(14)(41)
Adjusted Pretax Income
$1,578 $4,220 
Reported Income Tax Expense From Continuing Operations$176 10.8 %$488 11.2 %
Noncontrolling Interest Portion of Income Taxes(a)
(5)(12)
Adjusted Tax Expense
$171 10.8 %$476 11.3 %

 Three Months Ended 
 
September 30, 2024		Nine Months Ended 
 
September 30, 2024
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported Income From Continuing Operations Before Income Taxes$1,453 $3,856 
Regulatory Matters
— 33 
System Post-Implementation Costs
21 21 
Preferred Redemption Costs
16 16 
Noncontrolling Interests(37)(79)
Preferred Dividends(55)(108)
Adjusted Pretax Income
$1,398 $3,739 
Reported Income Tax Expense From Continuing Operations$163 11.2 %$481 12.5 %
Regulatory Matters
— 8 
System Post-Implementation Costs
5 5 
Noncontrolling Interest Portion of Income Taxes(a)
(6)(14)
Adjusted Tax Expense
$162 11.6 %$480 12.8 %
(a)    Income tax related to non-pass-through entities for tax purposes.
12

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
September 2025 QTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		OtherDiscontinued OperationsConsolidated
2024 QTD Reported Earnings Per Share
$1.88 $(0.03)$(0.27)$0.03 $1.60 
System Post-Implementation Costs
0.02 — — — 0.02 
Preferred Redemption Costs
— — 0.02 — 0.02 
Discontinued Operations— — — (0.03)(0.03)
2024 QTD Adjusted Earnings Per Share
$1.90 $(0.03)$(0.25)$— $1.62 
Weather(0.02)— — — (0.02)
Volume(a)
0.09 — — — 0.09 
Riders and Other Retail Margin(b)
0.07 0.01 — — 0.08 
Rate case impacts, net(c)
0.15 0.01 — — 0.16 
Wholesale(0.01)— — — (0.01)
Operations and maintenance, net of recoverables
(0.01)(0.01)— — (0.02)
Interest Expense(d)
(0.01)— (0.03)— (0.04)
AFUDC Equity0.04 — — — 0.04 
Depreciation and amortization(d)
(0.01)(0.01)— — (0.02)
Other(e)
(0.05)— (0.01)— (0.06)
Total variance$0.24 $— $(0.04)$— $0.20 
Change in share count(0.01)— — — (0.01)
2025 QTD Reported and Adjusted Earnings Per Share
$2.13 $(0.03)$(0.29)$— $1.81 
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 772 million to 778 million. Totals may not foot or cross-foot due to rounding.
(a)    Includes block and seasonal pricing.
(b)    Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues.
(c)    Electric Utilities and Infrastructure includes impacts from DEF multiyear rate plan revenue increases, effective January 2025 (+$0.06), DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.03), DEI rates, effective February 2025 (+$0.03), DEP North Carolina Year 2 rates, effective October 2024, (+$0.02) and DEK rates, effective July 2025 (+$0.01). Gas Utilities and Infrastructure includes impacts from Piedmont North Carolina rates, effective November 2024.
(d)    Electric Utilities and Infrastructure excludes rate case impacts.
(e)    Electric Utilities and Infrastructure includes higher property taxes.
13

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
September 2025 YTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		OtherDiscontinued OperationsConsolidated
2024 YTD Reported Earnings Per Share
$4.61 $0.35 $(0.79)$0.01 $4.17 
Regulatory Matters0.03 — — — 0.03 
System Post-Implementation Costs
0.02 — — — 0.02 
Preferred Redemption Costs
— — 0.02 — 0.02 
Discontinued Operations— — — (0.01)(0.01)
2024 YTD Adjusted Earnings Per Share
$4.66 $0.35 $(0.77)$— $4.24 
Weather0.06 — — — 0.06 
Volume0.24 — — — 0.24 
Riders and Other Retail Margin(a)
0.17 0.04 — — 0.21 
Rate case impacts, net(b)
0.48 0.09 — — 0.57 
Wholesale
0.01 — — — 0.01 
Operations and maintenance, net of recoverables(c)
(0.13)(0.02)— — (0.15)
Interest Expense(d)
(0.09)(0.01)(0.10)— (0.20)
AFUDC Equity0.08 — — — 0.08 
Depreciation and amortization(d)
(0.06)(0.03)— — (0.09)
Other(e)
(0.08)— (0.05)— (0.13)
Total variance$0.68 $0.07 $(0.15)$— $0.60 
Change in share count(0.03)— — — (0.03)
2025 YTD Reported and Adjusted Earnings Per Share
$5.31 $0.42 $(0.92)$— $4.81 
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 772 million to 777 million. Totals may not foot or cross-foot due to rounding.
(a)    Electric Utilities and Infrastructure includes transmission revenues and higher grid modernization riders. Gas Utilities and Infrastructure includes higher construction and pipeline integrity riders in Ohio and Kentucky, as well as higher revenues from the Tennessee Annual Review Mechanism and the South Carolina Rate Stabilization Act mechanism.
(b)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.18), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.15), DEI rates, effective February 2025 (+$0.08), DEP North Carolina Year 2 rates, effective October 2024 (+$0.06) and DEK rates, effective July 2025 (+$0.01). Gas Utilities and Infrastructure includes impacts from Piedmont North Carolina rates, effective November 2024.
(c)    Electric Utilities and Infrastructure includes higher grid maintenance and generation outage costs, as well as other corporate costs in the current year.
(d)    Electric Utilities and Infrastructure excludes rate case impacts.
(e)    Electric Utilities and Infrastructure includes higher property taxes.
14

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
Three Months EndedNine Months Ended
September 30,September 30,
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 

15

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 
Other3,885 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 
16

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Nine Months Ended September 30,
20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$3,865 $3,387 
Adjustments to reconcile net income to net cash provided by operating activities
4,807 5,564 
Net cash provided by operating activities8,672 8,951 
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities(9,976)(9,851)
CASH FLOWS FROM FINANCING ACTIVITIES
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 

17

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30, 2025
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$8,122 $— $— $(16)$8,106 
Regulated natural gas— 384 — (23)361 
Nonregulated electric and other58 10 40 (33)75 
Total operating revenues8,180 394 40 (72)8,542 
Operating Expenses
Fuel used in electric generation and purchased power2,309 — — (20)2,289 
Cost of natural gas— 110 — — 110 
Operation, maintenance and other1,728 125 (38)(53)1,762 
Depreciation and amortization1,448 106 79 (7)1,626 
Property and other taxes394 41 2 1 438 
Impairment of assets and other charges(1)— — 1 — 
Total operating expenses5,878 382 43 (78)6,225 
Gains on Sales of Other Assets and Other, net
12 — 5 — 17 
Operating Income2,314 12 2 6 2,334 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates— 5 12 (1)16 
Other income and expenses, net164 14 28 (24)182 
Total Other Income and Expenses164 19 40 (25)198 
Interest Expense522 67 332 (19)902 
Income (Loss) from Continuing Operations before Income Taxes1,956 (36)(290)— 1,630 
Income Tax Expense (Benefit) from Continuing Operations264 (10)(79)1 176 
Income (Loss) from Continuing Operations1,692 (26)(211)(1)1,454 
Less: Net Income Attributable to Noncontrolling Interest34 — — (1)33 
Net Income (Loss) Attributable to Duke Energy Corporation1,658 (26)(211)— 1,421 
Less: Preferred Dividends— — 14 — 14 
Segment Income/Other Net Loss
$1,658 $(26)$(225)$— $1,407 
Discontinued Operations— 
Net Income Available to Duke Energy Corporation Common Stockholders
$1,407 
18

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Ended September 30, 2025
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$22,183 $— $— $(45)$22,138 
Regulated natural gas— 1,996 — (68)1,928 
Nonregulated electric and other182 31 122 (102)233 
Total operating revenues22,365 2,027 122 (215)24,299 
Operating Expenses
Fuel used in electric generation and purchased power6,326 — — (60)6,266 
Cost of natural gas— 642 — — 642 
Operation, maintenance and other4,746 379 (59)(150)4,916 
Depreciation and amortization4,184 325 233 (21)4,721 
Property and other taxes1,143 129 8 1 1,281 
Impairment of assets and other charges(2)— 5 — 3 
Total operating expenses16,397 1,475 187 (230)17,829 
Gains on Sales of Other Assets and Other, net
21 — 16 — 37 
Operating Income (Loss)
5,989 552 (49)15 6,507 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates— 11 27 — 38 
Other income and expenses, net461 40 75 (79)497 
Total Other Income and Expenses461 51 102 (79)535 
Interest Expense1,587 197 968 (64)2,688 
Income (Loss) from Continuing Operations before Income Taxes4,863 406 (915)— 4,354 
Income Tax Expense (Benefit) from Continuing Operations653 77 (243)1 488 
Income (Loss) from Continuing Operations4,210 329 (672)(1)3,866 
Less: Net Income Attributable to Noncontrolling Interest82 — — (1)81 
Net Income (Loss) Attributable to Duke Energy Corporation4,128 329 (672)— 3,785 
Less: Preferred Dividends— — 41 — 41 
Segment Income/Other Net Loss$4,128 $329 $(713)$— $3,744 
Discontinued Operations(1)
Net Income Available to Duke Energy Corporation Common Stockholders$3,743 
19

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30, 2024
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$7,792 $— $— $(17)$7,775 
Regulated natural gas— 321 — (23)298 
Nonregulated electric and other60 11 42 (32)81 
Total operating revenues7,852 332 42 (72)8,154 
Operating Expenses
Fuel used in electric generation and purchased power2,664 — — (20)2,644 
Cost of natural gas— 70 — — 70 
Operation, maintenance and other1,387 113 (44)(47)1,409 
Depreciation and amortization1,352 100 72 (8)1,516 
Property and other taxes345 36 3 (1)383 
Impairment of assets and other charges(5)— — — (5)
Total operating expenses5,743 319 31 (76)6,017 
Gains on Sales of Other Assets and Other, net
2 — 5 — 7 
Operating Income2,111 13 16 4 2,144 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates2 3 10 — 15 
Other income and expenses, net127 12 62 (35)166 
Total Other Income and Expenses129 15 72 (35)181 
Interest Expense514 67 321 (30)872 
Income (Loss) from Continuing Operations before Income Taxes1,726 (39)(233)(1)1,453 
Income Tax Expense (Benefit) from Continuing Operations244 (14)(66)(1)163 
Income (Loss) from Continuing Operations1,482 (25)(167)— 1,290 
Less: Net Income Attributable to Noncontrolling Interest
31 — — — 31 
Net Income (Loss) Attributable to Duke Energy Corporation1,451 (25)(167)— 1,259 
Less: Preferred Dividends— — 39 — 39 
Less: Preferred Redemption Costs
— — 16 — 16 
Segment Income/Other Net Loss
$1,451 $(25)$(222)$— $1,204 
Discontinued Operations22 
Net Income Available to Duke Energy Corporation Common Stockholders
$1,226 
Segment Income/Other Net Loss$1,451 $(25)$(222)$— $1,204 
Special Items
13 3 16 — 32 
Adjusted Earnings(a)
$1,464 $(22)$(206)$— $1,236 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.
20

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Ended September 30, 2024
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$21,305 $— $— $(52)$21,253 
Regulated natural gas— 1,579 — (68)1,511 
Nonregulated electric and other170 36 120 (93)233 
Total operating revenues21,475 1,615 120 (213)22,997 
Operating Expenses
Fuel used in electric generation and purchased power7,266 — — (59)7,207 
Cost of natural gas— 380 — — 380 
Operation, maintenance and other3,965 359 (70)(146)4,108 
Depreciation and amortization3,823 294 216 (21)4,312 
Property and other taxes1,033 120 10 (1)1,162 
Impairment of assets and other charges38 — 1 — 39 
Total operating expenses16,125 1,153 157 (227)17,208 
Gains on Sales of Other Assets and Other, net
9 — 16 — 25 
Operating Income (Loss)
5,359 462 (21)14 5,814 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates4 3 46 — 53 
Other income and expenses, net397 46 172 (113)502 
Total Other Income and Expenses401 49 218 (113)555 
Interest Expense1,501 189 921 (98)2,513 
Income (Loss) From Continuing Operations Before Income Taxes4,259 322 (724)(1)3,856 
Income Tax Expense (Benefit) from Continuing Operations631 57 (207)— 481 
Income (Loss) from Continuing Operations3,628 265 (517)(1)3,375 
Less: Net Income Attributable to Noncontrolling Interest66 — — (1)65 
Net Income (Loss) Attributable to Duke Energy Corporation3,562 265 (517)— 3,310 
Less: Preferred Dividends— — 92 — 92 
Less: Preferred Redemption Costs
— — 16 — 16 
Segment Income/Other Net Loss$3,562 $265 $(625)$— $3,202 
Discontinued Operations9 
Net Income Available to Duke Energy Corporation Common Stockholders$3,211 
Segment Income/Other Net Loss$3,562 $265 $(625)$— $3,202 
Special Items
38 3 16 — 57 
Adjusted Earnings(a)
$3,600 $268 $(609)$— $3,259 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.
21

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

September 30, 2025
(In millions)Electric Utilities and InfrastructureGas
Utilities and Infrastructure
Other(a)
Eliminations/
Adjustments		Duke Energy
Current Assets
Cash and cash equivalents$152 $10 $526 $— $688 
Receivables, net3,833 167 6 — 4,006 
Receivables of variable interest entities, net12 — — — 12 
Receivables from affiliated companies191 154 1,306 (1,651)— 
Notes receivable from affiliated companies529 39 435 (1,003)— 
Inventory4,391 69 35 (1)4,494 
Regulatory assets1,749 140 89 (1)1,977 
Assets held for sale— 44 3 — 47 
Other756 116 142 (30)984 
Total current assets11,613 739 2,542 (2,686)12,208 
Property, Plant and Equipment
Cost167,544 16,322 2,151 (76)185,941 
Accumulated depreciation and amortization(54,998)(3,391)(857)— (59,246)
Net property, plant and equipment112,546 12,931 1,294 (76)126,695 
Other Noncurrent Assets
Goodwill17,380 1,630 — — 19,010 
Regulatory assets12,807 761 510 (1)14,077 
Nuclear decommissioning trust funds12,778 — — — 12,778 
Operating lease right-of-use assets, net751 3 457 — 1,211 
Investments in equity method unconsolidated affiliates1 178 144 — 323 
Investment in consolidated subsidiaries569 8 78,737 (79,314)— 
Assets held for sale— 2,106 — — 2,106 
Other2,599 314 1,595 (623)3,885 
Total other noncurrent assets46,885 5,000 81,443 (79,938)53,390 
Total Assets171,044 18,670 85,279 (82,700)192,293 
Segment reclassifications, intercompany balances and other(1,397)(202)(81,101)82,700 — 
Segment Assets$169,647 $18,468 $4,178 $— $192,293 
(a)    Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups.
22

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

September 30, 2025
(In millions)Electric Utilities and InfrastructureGas
Utilities and Infrastructure
Other(a)
Eliminations/
Adjustments		Duke Energy
Current Liabilities
Accounts payable$3,264 $221 $706 $— $4,191 
Accounts payable to affiliated companies970 44 530 (1,544)— 
Notes payable to affiliated companies266 522 215 (1,003)— 
Notes payable and commercial paper— — 2,885 — 2,885 
Taxes accrued1,336 100 (294)(1)1,141 
Interest accrued498 61 255 — 814 
Current maturities of long-term debt984 555 4,921 (8)6,452 
Asset retirement obligations592 — — — 592 
Regulatory liabilities1,214 15 — — 1,229 
Liabilities associated with assets held for sale— 36 21 — 57 
Other1,537 80 565 (138)2,044 
Total current liabilities10,661 1,634 9,804 (2,694)19,405 
Long-Term Debt50,160 4,763 24,447 (69)79,301 
Long-Term Debt Payable to Affiliated Companies618 7 — (625)— 
Other Noncurrent Liabilities
Deferred income taxes12,327 1,575 (1,631)— 12,271 
Asset retirement obligations8,962 90 — — 9,052 
Regulatory liabilities14,309 1,039 29 — 15,377 
Operating lease liabilities676 2 331 — 1,009 
Accrued pension and other post-retirement benefit costs177 28 199 — 404 
Investment tax credits889 1 — — 890 
Liabilities associated with assets held for sale— 167 — — 167 
Other1,286 123 568 (187)1,790 
Total other noncurrent liabilities38,626 3,025 (504)(187)40,960 
Equity
Total Duke Energy Corporation stockholders' equity69,817 9,238 51,532 (79,125)51,462 
Noncontrolling interests1,162 3 — — 1,165 
Total equity70,979 9,241 51,532 (79,125)52,627 
Total Liabilities and Equity171,044 18,670 85,279 (82,700)192,293 
Segment reclassifications, intercompany balances and other(1,397)(202)(81,101)82,700 — 
Segment Liabilities and Equity$169,647 $18,468 $4,178 $— $192,293 
(a)    Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups.
23

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Three Months Ended September 30, 2025
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana		Eliminations/
Other		Electric Utilities and Infrastructure
Operating Revenues$2,632 $1,913 $2,157 $561 $992 $(75)$8,180 
Operating Expenses
Fuel used in electric generation and purchased power706 629 546 175 324 (71)2,309 
Operation, maintenance and other477 358 577 98 212 6 1,728 
Depreciation and amortization488 373 297 83 203 4 1,448 
Property and other taxes96 54 147 87 9 1 394 
Impairment of assets and other charges1 (2)— — — — (1)
Total operating expenses1,768 1,412 1,567 443 748 (60)5,878 
Gains on Sales of Other Assets and Other, net— 1 1 — — 10 12 
Operating Income864 502 591 118 244 (5)2,314 
Other Income and Expenses, net(b)
66 57 22 4 15 — 164 
Interest Expense184 125 118 34 66 (5)522 
Income Before Income Taxes746 434 495 88 193 — 1,956 
Income Tax Expense54 58 97 13 24 18 264 
Less: Net Income Attributable to Noncontrolling Interest(c)
— — — — — 34 34 
Segment Income$692 $376 $398 $75 $169 $(52)$1,658 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes an equity component of allowance for funds used during construction of $36 million for Duke Energy Carolinas, $29 million for Duke Energy Progress, $3 million for Duke Energy Florida, $4 million for Duke Energy Ohio and $9 million for Duke Energy Indiana.
(c)    Includes a noncontrolling interest in Duke Energy Indiana.
24

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Nine Months Ended September 30, 2025
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana		Eliminations/
Other		Electric Utilities and Infrastructure
Operating Revenues$7,387 $5,612 $5,486 $1,546 $2,671 $(337)$22,365 
Operating Expenses
Fuel used in electric generation and purchased power2,080 1,928 1,378 485 803 (348)6,326 
Operation, maintenance and other1,439 1,082 1,354 277 594 — 4,746 
Depreciation and amortization1,402 1,049 861 242 617 13 4,184 
Property and other taxes283 159 389 253 44 15 1,143 
Impairment of assets and other charges— (2)— — — — (2)
Total operating expenses5,204 4,216 3,982 1,257 2,058 (320)16,397 
Gains on Sales of Other Assets and Other, net6 1 2 — — 12 21 
Operating Income2,189 1,397 1,506 289 613 (5)5,989 
Other Income and Expenses, net(b)
189 146 69 12 47 (2)461 
Interest Expense584 392 352 97 182 (20)1,587 
Income Before Income Taxes1,794 1,151 1,223 204 478 13 4,863 
Income Tax Expense146 156 238 31 62 20 653 
Less: Net Income Attributable to Noncontrolling Interest(c)
— — — — — 82 82 
Segment Income
$1,648 $995 $985 $173 $416 $(89)$4,128 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes an equity component of allowance for funds used during construction of $102 million for Duke Energy Carolinas, $70 million for Duke Energy Progress, $14 million for Duke Energy Florida, $9 million for Duke Energy Ohio and $24 million for Duke Energy Indiana.
(c)    Includes a noncontrolling interest in Duke Energy Indiana.
25

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

September 30, 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$44 $55 $30 $10 $13 $— $152 
Receivables, net1,299 858 804 384 478 10 3,833 
Receivables of variable interest entities, net1 5 6 — — — 12 
Receivables from affiliated companies208 33 76 24 2 (152)191 
Notes receivable from affiliated companies— 628 — 107 200 (406)529 
Inventory1,545 1,380 771 168 527 — 4,391 
Regulatory assets662 663 211 34 180 (1)1,749 
Other433 207 57 2 66 (9)756 
Total current assets4,192 3,829 1,955 729 1,466 (558)11,613 
Property, Plant and Equipment
Cost61,074 44,082 32,318 9,317 20,699 54 167,544 
Accumulated depreciation and amortization(20,157)(16,793)(8,224)(2,514)(7,349)39 (54,998)
Net property, plant and equipment40,917 27,289 24,094 6,803 13,350 93 112,546 
Other Noncurrent Assets
Goodwill— — — 596 — 16,784 17,380 
Regulatory assets4,239 4,412 2,113 366 1,051 626 12,807 
Nuclear decommissioning trust funds7,270 5,202 306 — — — 12,778 
Operating lease right-of-use assets, net82 395 236 5 33 — 751 
Investments in equity method unconsolidated affiliates— — 1 — — — 1 
Investment in consolidated subsidiaries56 10 3 499 1 — 569 
Other1,221 778 509 66 266 (241)2,599 
Total other noncurrent assets12,868 10,797 3,168 1,532 1,351 17,169 46,885 
Total Assets57,977 41,915 29,217 9,064 16,167 16,704 171,044 
Segment reclassifications, intercompany balances and other(277)(752)(88)(631)(206)557 (1,397)
Reportable Segment Assets$57,700 $41,163 $29,129 $8,433 $15,961 $17,261 $169,647 
(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.

26

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

September 30, 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$1,294 $718 $713 $223 $315 $1 $3,264 
Accounts payable to affiliated companies510 448 103 18 85 (194)970 
Notes payable to affiliated companies196 — 476 — — (406)266 
Taxes accrued351 157 417 277 91 43 1,336 
Interest accrued158 88 124 46 81 1 498 
Current maturities of long-term debt26 85 787 90 4 (8)984 
Asset retirement obligations247 206 2 8 130 (1)592 
Regulatory liabilities531 259 119 45 259 1 1,214 
Other546 326 367 87 215 (4)1,537 
Total current liabilities3,859 2,287 3,108 794 1,180 (567)10,661 
Long-Term Debt17,895 13,662 9,755 3,491 4,942 415 50,160 
Long-Term Debt Payable to Affiliated Companies300 150 — 18 150 — 618 
Other Noncurrent Liabilities
Deferred income taxes4,285 2,679 2,931 867 1,516 49 12,327 
Asset retirement obligations3,607 4,081 193 61 1,006 14 8,962 
Regulatory liabilities7,421 4,781 654 237 1,228 (12)14,309 
Operating lease liabilities74 390 178 5 29 — 676 
Accrued pension and other post-retirement benefit costs19 137 87 70 82 (218)177 
Investment tax credits308 152 240 5 184 — 889 
Other755 289 168 68 20 (14)1,286 
Total other noncurrent liabilities16,469 12,509 4,451 1,313 4,065 (181)38,626 
Equity
Total Duke Energy Corporation stockholders equity19,454 13,307 11,903 3,448 5,830 15,875 69,817 
Noncontrolling interests(c)
— — — — — 1,162 1,162 
Total equity19,454 13,307 11,903 3,448 5,830 17,037 70,979 
Total Liabilities and Equity57,977 41,915 29,217 9,064 16,167 16,704 171,044 
Segment reclassifications, intercompany balances and other(277)(752)(88)(631)(206)557 (1,397)
Reportable Segment Liabilities and Equity$57,700 $41,163 $29,129 $8,433 $15,961 $17,261 $169,647 
(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.
(c)    Includes a noncontrolling interest in Duke Energy Indiana.

27

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Three Months Ended September 30, 2025
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDC
Midstream Pipelines and Storage(b)
Eliminations/
Adjustments		Gas
Utilities and Infrastructure
Operating Revenues$118 $271 $4 $1 $394 
Operating Expenses
Cost of natural gas12 98 — — 110 
Operation, maintenance and other28 94 — 3 125 
Depreciation and amortization36 69 3 (2)106 
Property and other taxes21 19 1 — 41 
Total operating expenses97 280 4 1 382 
Operating Income (Loss)
21 (9)— — 12 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates— — 5 — 5 
Other income and expenses, net2 12 — — 14 
Total other income and expenses2 12 5 — 19 
Interest Expense18 48 1 — 67 
Income (Loss) Before Income Taxes
5 (45)4 — (36)
Income Tax Expense (Benefit)
1 (11)1 (1)(10)
Segment Income (Loss)
$4 $(34)$3 $1 $(26)
(a)    Includes results of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Primarily earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
28

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Nine Months Ended September 30, 2025
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDC
Midstream Pipelines and Storage(b)
Eliminations/
Adjustments		Gas
Utilities and Infrastructure
Operating Revenues$553 $1,463 $11 $— $2,027 
Operating Expenses
Cost of natural gas148 494 — — 642 
Operation, maintenance and other84 289 — 6 379 
Depreciation and amortization111 210 7 (3)325 
Property and other taxes72 56 4 (3)129 
Total operating expenses415 1,049 11 — 1,475 
Operating Income
138 414 — — 552 
Other Income and Expenses, net
Equity in earnings of unconsolidated affiliates— — 11 — 11 
Other income and expenses, net6 34 — — 40 
Other Income and Expenses, net6 34 11 — 51 
Interest Expense52 142 3 — 197 
Income Before Income Taxes
92 306 8 — 406 
Income Tax Expense
18 58 2 (1)77 
Segment Income
$74 $248 $6 $1 $329 
(a)    Includes results of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
29

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

September 30, 2025
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDCMidstream Pipelines and Storage
Eliminations/
Adjustments(b)
Gas
Utilities and Infrastructure
Current Assets
Cash and cash equivalents$5 $2 $3 $— $10 
Receivables, net47 120 — — 167 
Receivables from affiliated companies— 82 139 (67)154 
Notes receivable from affiliated companies60 — — (21)39 
Inventory15 54 — — 69 
Regulatory assets12 128 — — 140 
Assets held for sale— 44 — — 44 
Other29 81 6 — 116 
Total current assets168 511 148 (88)739 
Property, Plant and Equipment
Cost5,118 11,130 74 — 16,322 
Accumulated depreciation and amortization(1,249)(2,129)(13)— (3,391)
Net property, plant and equipment3,869 9,001 61 — 12,931 
Other Noncurrent Assets
Goodwill324 39 — 1,267 1,630 
Regulatory assets323 379 — 59 761 
Operating lease right-of-use assets, net— 2 — 1 3 
Investments in equity method unconsolidated affiliates— — 173 5 178 
Investment in consolidated subsidiaries— — — 8 8 
Assets held for sale— 1,822 — 284 2,106 
Other23 276 16 (1)314 
Total other noncurrent assets670 2,518 189 1,623 5,000 
Total Assets4,707 12,030 398 1,535 18,670 
Segment reclassifications, intercompany balances and other(60)(83)(169)110 (202)
Reportable Segment Assets$4,647 $11,947 $229 $1,645 $18,468 
(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.
30

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

September 30, 2025
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDCMidstream Pipelines and Storage
Eliminations/
Adjustments(b)
Gas
Utilities and Infrastructure
Current Liabilities
Accounts payable$42 $173 $7 $(1)$221 
Accounts payable to affiliated companies4 91 16 (67)44 
Notes payable to affiliated companies— 543 — (21)522 
Taxes accrued18 59 23 — 100 
Interest accrued12 50 — (1)61 
Current maturities of long-term debt50 505 — — 555 
Regulatory liabilities9 6 — — 15 
Liabilities associated with assets held for sale— 36 — — 36 
Other3 74 — 3 80 
Total current liabilities138 1,537 46 (87)1,634 
Long-Term Debt859 3,800 57 47 4,763 
Long-Term Debt Payable to Affiliated Companies7 — — — 7 
Other Noncurrent Liabilities
Deferred income taxes457 1,069 47 2 1,575 
Asset retirement obligations64 26 — — 90 
Regulatory liabilities227 801 — 11 1,039 
Operating lease liabilities— 2 — — 2 
Accrued pension and other post-retirement benefit costs23 6 — (1)28 
Investment tax credits— 1 — — 1 
Liabilities associated with assets held for sale— 167 — — 167 
Other20 102 — 1 123 
Total other noncurrent liabilities791 2,174 47 13 3,025 
Equity
Total Duke Energy Corporation stockholders' equity2,912 4,519 245 1,562 9,238 
Noncontrolling interests— — 3 — 3 
Total equity2,912 4,519 248 1,562 9,241 
Total Liabilities and Equity4,707 12,030 398 1,535 18,670 
Segment reclassifications, intercompany balances and other(60)(83)(169)110 (202)
Reportable Segment Liabilities and Equity$4,647 $11,947 $229 $1,645 $18,468 
(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

31

Electric Utilities and Infrastructure
Quarterly Highlights
September 2025
Three Months Ended September 30,Nine Months Ended September 30,
20252024
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
Gigawatt-hour (GWh) Sales(a)
Residential26,800 26,756 0.2%1.7%71,353 69,024 3.4%1.6%
Commercial
23,375 22,954 1.8%2.8%61,544 60,546 1.6%1.7%
Industrial12,297 12,595 (2.4%)(0.6%)35,012 35,879 (2.4%)(1.2%)
Other Energy Sales95 130 (26.9%)n/a349 395 (11.6%)n/a
Unbilled Sales(1,603)(1,960)18.2%n/a(608)(1,020)40.4%n/a
Total Retail Sales
60,964 60,475 0.8%1.6%167,650 164,824 1.7%1.0%
Wholesale and Other11,916 12,281 (3.0%)34,633 33,528 3.3%
Total Consolidated Electric Sales – Electric Utilities and Infrastructure
72,880 72,756 0.2%202,283 198,352 2.0%
Average Number of Customers (Electric)
Residential7,549,514 7,430,021 1.6%7,522,577 7,392,374 1.8%
Commercial
1,048,926 1,045,408 0.3%1,047,251 1,043,696 0.3%
Industrial15,001 15,604 (3.9%)15,144 15,705 (3.6%)
Other Energy Sales22,923 23,607 (2.9%)23,060 23,722 (2.8%)
Total Retail Customers
8,636,364 8,514,640 1.4%8,608,032 8,475,497 1.6%
Wholesale and Other53 50 6.0%53 51 3.9%
Total Average Number of Customers – Electric Utilities and Infrastructure
8,636,417 8,514,690 1.4%8,608,085 8,475,548 1.6%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal10,833 11,410 (5.1%)29,965 30,784 (2.7%)
Nuclear19,593 19,150 2.3%57,769 56,182 2.8%
Hydro300 276 8.7%1,198 1,704 (29.7%)
Natural Gas and Oil28,056 28,704 (2.3%)71,981 71,506 0.7%
Renewable Energy1,119 942 18.8%3,131 2,648 18.2%
Total Generation(d)
59,901 60,482 (1.0%)164,044 162,824 0.7%
Purchased Power and Net Interchange(e)
16,580 16,480 0.6%47,746 45,963 3.9%
Total Sources of Energy76,481 76,962 (0.6%)211,790 208,787 1.4%
Less: Line Loss and Other3,601 4,206 (14.4%)9,507 10,435 (8.9%)
Total GWh Sources72,880 72,756 0.2%202,283 198,352 2.0%
Owned Megawatt (MW) Capacity(c)
Summer50,689 50,241 
Winter55,270 54,782 
Nuclear Capacity Factor (%)(f)
98 96 
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

32

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2025
Three Months Ended September 30,Nine Months Ended September 30,
20252024
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential8,8048,843 (0.4%)24,10723,3403.3%
Commercial
8,7458,725 0.2%23,40023,389—%
Industrial5,3175,364 (0.9%)14,84815,035(1.2%)
Other Energy Sales6165 (6.2%)194201(3.5%)
Unbilled Sales(669)(1,046)36.0%(319)(571)44.1%
Total Retail Sales
22,25821,951 1.4%1.4%62,23061,3941.4%0.5%
Wholesale and Other3,0582,897 5.6%8,8128,3265.8%
Total Consolidated Electric Sales – Duke Energy Carolinas
25,31624,848 1.9%71,04269,7201.9%
Average Number of Customers
Residential2,548,8282,496,2862.1%2,536,5242,480,8072.2%
Commercial
403,029402,8090.1%402,595402,3060.1%
Industrial5,8015,941(2.4%)5,8475,956(1.8%)
Other Energy Sales10,75511,009(2.3%)10,79811,064(2.4%)
Total Retail Customers
2,968,4132,916,0451.8%2,955,7642,900,1331.9%
Wholesale and Other272412.5%27258.0%
Total Average Number of Customers – Duke Energy Carolinas
2,968,4402,916,0691.8%2,955,7912,900,1581.9%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal2,649 2,940 (9.9%)7,4728,551(12.6%)
Nuclear11,688 11,157 4.8%34,84033,8862.8%
Hydro126 112 12.5%593973(39.1%)
Natural Gas and Oil8,945 8,719 2.6%21,41520,7793.1%
Renewable Energy83 94 (11.7%)227266(14.7%)
Total Generation(d)
23,491 23,022 2.0%64,54764,4550.1%
Purchased Power and Net Interchange(e)
2,852 3,535 (19.3%)9,5229,0155.6%
Total Sources of Energy26,343 26,557 (0.8%)74,06973,4700.8%
Less: Line Loss and Other1,027 1,709 (39.9%)3,0273,750(19.3%)
Total GWh Sources25,316 24,848 1.9%71,04269,7201.9%
Owned MW Capacity(c)
Summer19,74519,429
Winter20,84220,476
Nuclear Capacity Factor (%)(f)
9896
Heating and Cooling Degree Days
Actual
Heating Degree Days1 — —%1,7711,59910.8%
Cooling Degree Days969 1,029 (5.8%)1,5731,656(5.0%)
Variance from Normal
Heating Degree Days(90.3%)(100.0%)(7.6%)(18.1%)
Cooling Degree Days(3.9%)1.6%3.5%8.3%
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

33

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2025
Three Months Ended September 30,Nine Months Ended September 30,
20252024
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential5,436 5,415 0.4%15,20214,4595.1%
Commercial
4,570 4,513 1.3%12,00511,7642.0%
Industrial2,475 2,627 (5.8%)7,3077,1781.8%
Other Energy Sales21 21 —%6364(1.6%)
Unbilled Sales(530)(613)13.5%(608)(430)(41.4%)
Total Retail Sales
11,972 11,963 0.1%2.4%33,96933,0352.8%1.7%
Wholesale and Other6,899 7,168 (3.8%)20,14519,4383.6%
Total Consolidated Electric Sales – Duke Energy Progress
18,871 19,131 (1.4%)54,11452,4733.1%
Average Number of Customers
Residential1,530,7541,504,5841.7%1,524,1921,495,6041.9%
Commercial
249,167248,5170.3%248,833248,1670.3%
Industrial3,0263,187(5.1%)3,0473,213(5.2%)
Other Energy Sales2,3802,436(2.3%)2,3922,443(2.1%)
Total Retail Customers
1,785,327 1,758,724 1.5%1,778,4641,749,4271.7%
Wholesale and Other8 8 —%88—%
Total Average Number of Customers – Duke Energy Progress
1,785,335 1,758,732 1.5%1,778,4721,749,4351.7%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal2,115 2,095 1.0%6,1646,0132.5%
Nuclear7,905 7,993 (1.1%)22,92922,2962.8%
Hydro116 94 23.4%433523(17.2%)
Natural Gas and Oil6,321 6,919 (8.6%)17,83617,6920.8%
Renewable Energy58 60 (3.3%)1761750.6%
Total Generation(d)
16,515 17,161 (3.8%)47,53846,6991.8%
Purchased Power and Net Interchange(e)
3,048 2,769 10.1%8,3017,6149.0%
Total Sources of Energy19,563 19,930 (1.8%)55,83954,3132.8%
Less: Line Loss and Other692 799 (13.4%)1,7251,840(6.3%)
Total GWh Sources18,871 19,131 (1.4%)54,11452,4733.1%
Owned MW Capacity(c)
Summer12,58512,570
Winter13,88013,775
Nuclear Capacity Factor (%)(f)
9794
Heating and Cooling Degree Days
Actual
Heating Degree Days— — —%1,6061,36917.3%
Cooling Degree Days1,040 1,151 (9.6%)1,8091,889(4.2%)
Variance from Normal
Heating Degree Days(100.0%)(100.0%)(7.9%)(23.1%)
Cooling Degree Days(4.4%)5.8%8.8%13.6%
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

34

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2025
Three Months Ended September 30,Nine Months Ended September 30,
20252024
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential7,0937,184(1.3%)17,33317,0941.4%
Commercial
4,7014,6770.5%12,06712,0210.4%
Industrial823853(3.5%)2,4572,533(3.0%)
Other Energy Sales67(14.3%)2022(9.1%)
Unbilled Sales(172)(138)—%343409(16.1%)
Total Retail Sales
12,45112,583(1.0%)0.3%32,22032,0790.4%(0.1%)
Wholesale and Other587840(30.1%)1,6122,045(21.2%)
Total Electric Sales – Duke Energy Florida
13,03813,423(2.9%)33,83234,124(0.9%)
Average Number of Customers
Residential1,822,2961,797,8781.4%1,816,5311,789,6141.5%
Commercial
213,293211,5470.8%212,584210,9880.8%
Industrial1,5641,652(5.3%)1,5871,683(5.7%)
Other Energy Sales3,5193,598(2.2%)3,5403,615(2.1%)
Total Retail Customers
2,040,6722,014,6751.3%2,034,2422,005,9001.4%
Wholesale and Other1313—%1313—%
Total Average Number of Customers – Duke Energy Florida
2,040,6852,014,6881.3%2,034,2552,005,9131.4%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal1,2111,361(11.0%)2,9042,983(2.6%)
Natural Gas and Oil11,04711,348(2.7%)28,67228,740(0.2%)
Renewable Energy96978024.2%2,7052,18423.9%
Total Generation(d)
13,22713,489(1.9%)34,28133,9071.1%
Purchased Power and Net Interchange(e)
291454(35.9%)7421,352(45.1%)
Total Sources of Energy13,51813,943(3.0%)35,02335,259(0.7%)
Less: Line Loss and Other480520(7.7%)1,1911,1354.9%
Total GWh Sources13,03813,423(2.9%)33,83234,124(0.9%)
Owned MW Capacity(c)
Summer10,98010,858
Winter12,56912,575
Heating and Cooling Degree Days
Actual
Heating Degree Days— — —%35929422.1%
Cooling Degree Days1,579 1,656 (4.6%)3,0553,092(1.2%)
Variance from Normal
Heating Degree Days—%—%(3.8%)(22.4%)
Cooling Degree Days5.7%11.2%10.0%12.2%
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

35

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2025
Three Months Ended September 30,Nine Months Ended September 30,
20252024
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential2,7692,7450.9%7,2547,0642.7%
Commercial
2,8542,6706.9%7,5007,1285.2%
Industrial1,2851,335(3.7%)3,5073,926(10.7%)
Other Energy Sales(6)24(125.0%)3465(47.7%)
Unbilled Sales(110)(105)(4.8%)28(81)134.6%
Total Retail Sales
6,7926,6691.8%3.0%18,32318,1021.2%1.2%
Wholesale and Other15913517.8%4063923.6%
Total Electric Sales – Duke Energy Ohio
6,9516,8042.2%18,72918,4941.3%
Average Number of Customers
Residential838,473833,6210.6%837,981831,8410.7%
Commercial
76,38576,1500.3%76,43075,9640.6%
Industrial2,0182,196(8.1%)2,0572,221(7.4%)
Other Energy Sales2,5842,786(7.3%)2,6142,792(6.4%)
Total Retail Customers
919,460914,7530.5%919,082912,8180.7%
Wholesale and Other11—%11—%
Total Average Number of Customers – Duke Energy Ohio
919,461914,7540.5%919,083912,8190.7%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal7076498.9%2,0621,8968.8%
Natural Gas and Oil15912032.5%29426510.9%
Total Generation(d)
86676912.6%2,3562,1619.0%
Purchased Power and Net Interchange(e)
6,5486,590(0.6%)18,19618,0750.7%
Total Sources of Energy7,4147,3590.7%20,55220,2361.6%
Less: Line Loss and Other463555(16.6%)1,8231,7424.6%
Total GWh Sources6,9516,8042.2%18,72918,4941.3%
Owned MW Capacity(c)
Summer1,0771,080
Winter1,1731,173
Heating and Cooling Degree Days
Actual
Heating Degree Days181338.5%2,9892,52618.3%
Cooling Degree Days843894(5.7%)1,194 1,347 (11.4%)
Variance from Normal
Heating Degree Days(62.3%)(73.2%)(1.7%)(18.1%)
Cooling Degree Days8.1%14.4%6.5%19.9%
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

36

Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2025
Three Months Ended September 30,Nine Months Ended September 30,
20252024
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential2,6982,5695.0%7,4577,0675.5%
Commercial
2,5052,3695.7%6,5726,2445.3%
Industrial2,3972,416(0.8%)6,8937,207(4.4%)
Other Energy Sales1313—%3843(11.6%)
Unbilled Sales(122)(58)(110.3%)(52)(347)85.0%
Total Retail Sales
7,4917,3092.5%1.7%20,90820,2143.4%2.6%
Wholesale and Other1,2131,241(2.3%)3,6583,3279.9%
Total Electric Sales – Duke Energy Indiana
8,7048,5501.8%24,56623,5414.4%
Average Number of Customers
Residential809,163797,6521.4%807,349794,5081.6%
Commercial
107,052106,3850.6%106,809106,2710.5%
Industrial2,5922,628(1.4%)2,6062,632(1.0%)
Other Energy Sales3,6853,778(2.5%)3,7163,808(2.4%)
Total Retail Customers
922,492910,4431.3%920,480907,2191.5%
Wholesale and Other44—%44—%
Total Average Number of Customers – Duke Energy Indiana
922,496910,4471.3%920,484907,2231.5%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal4,1514,365(4.9%)11,36311,3410.2%
Hydro5870(17.1%)172208(17.3%)
Natural Gas and Oil1,5841,598(0.9%)3,7644,030(6.6%)
Renewable Energy9812.5%2323—%
Total Generation(d)
5,8026,041(4.0%)15,32215,602(1.8%)
Purchased Power and Net Interchange(e)
3,8413,13222.6%10,9859,90710.9%
Total Sources of Energy9,6439,1735.1%26,30725,5093.1%
Less: Line Loss and Other93962350.7%1,7411,968(11.5%)
Total GWh Sources8,7048,5501.8%24,56623,5414.4%
Owned MW Capacity(c)
Summer6,3026,304
Winter6,8066,783
Heating and Cooling Degree Days
Actual
Heating Degree Days1818—%3,1792,69518.0%
Cooling Degree Days8648017.9%1,2181,238(1.6%)
Variance from Normal
Heating Degree Days(64.5%)(68.8%)(3.2%)(19.1%)
Cooling Degree Days11.5%5.1%8.7%12.6%
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

37

Gas Utilities and Infrastructure
Quarterly Highlights
September 2025
Three Months Ended September 30,Nine Months Ended September 30,
20252024%
Inc. (Dec.)		20252024%
Inc. (Dec.)
Total Sales
Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)
150,368,042 162,163,516 (7.3%)457,572,934 453,695,306 0.9%
Duke Energy Midwest LDC throughput (Mcf)(a)
9,505,511 9,607,415 (1.1%)63,843,944 55,774,760 14.5%
Average Number of Customers – Piedmont Natural Gas
Residential1,090,804 1,070,213 1.9%1,091,309 1,071,704 1.8%
Commercial108,349 107,481 0.8%109,067 108,047 0.9%
Industrial925 939 (1.5%)937 942 (0.5%)
Power Generation19 19 —%19 19 —%
Total Average Number of Gas Customers – Piedmont Natural Gas
1,200,097 1,178,652 1.8%1,201,332 1,180,712 1.7%
Average Number of Customers – Duke Energy Midwest
Residential521,730 520,087 0.3%524,011 522,087 0.4%
Commercial
33,337 33,221 0.3%34,247 34,234 —%
Industrial2,080 2,189 (5.0%)2,205 2,210 (0.2%)
Other 116 118 (1.7%)117 117 —%
Total Average Number of Gas Customers – Duke Energy Midwest
557,263 555,615 0.3%560,580 558,648 0.3%
(a)    Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact.

38