Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions, except per share amounts)	2025		2024		2025		2024
Operating Revenues
Regulated electric	$	8,106	$	7,775	$	22,138	$	21,253
Regulated natural gas	361		298		1,928		1,511
Nonregulated electric and other	75		81		233		233
Total operating revenues	8,542		8,154		24,299		22,997
Operating Expenses
Fuel used in electric generation and purchased power	2,289		2,644		6,266		7,207
Cost of natural gas	110		70		642		380
Operation, maintenance and other	1,762		1,409		4,916		4,108
Depreciation and amortization	1,626		1,516		4,721		4,312
Property and other taxes	438		383		1,281		1,162
Impairment of assets and other charges	—		(5)		3		39
Total operating expenses	6,225		6,017		17,829		17,208
Gains on Sales of Other Assets and Other, net	17		7		37		25
Operating Income	2,334		2,144		6,507		5,814
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	16		15		38		53
Other income and expenses, net	182		166		497		502
Total other income and expenses	198		181		535		555
Interest Expense	902		872		2,688		2,513
Income From Continuing Operations Before Income Taxes	1,630		1,453		4,354		3,856
Income Tax Expense From Continuing Operations	176		163		488		481
Income From Continuing Operations	1,454		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 Dividends	14		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
Diluted	778		773		777		772

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2025		2024		2025		2024
Net Income	$	1,454	$	1,315	$	3,865	$	3,387
Other Comprehensive Income (Loss), net of tax(a)

Pension and OPEB adjustments	1		1		1		17
Net unrealized (losses) gains on cash flow hedges	(20)		(57)		(24)		60
Reclassification into earnings from cash flow hedges	(2)		(2)		10		(3)

Net unrealized losses on fair value hedges	(6)		(3)		(41)		(24)
Unrealized gains on available-for-sale securities	2		7		4		4

Other Comprehensive (Loss) Income, net of tax	(25)		(54)		(50)		54
Comprehensive Income	1,429		1,261		3,815		3,441
Less: Comprehensive Income Attributable to Noncontrolling Interests	33		34		81		68
Comprehensive Income Attributable to Duke Energy	1,396		1,227		3,734		3,373
Less: Preferred Dividends	14		39		41		92
Less: Preferred Redemption Costs	—		16		—		16
Comprehensive Income Available to Duke Energy Corporation Common Stockholders	$	1,382	$	1,172	$	3,693	$	3,265

(a)Net of income tax benefit of $7 million and $16 million for the three months ended September 30, 2025, and 2024, respectively and income tax benefit of $15 million and income tax expense of $16 million for the nine months ended September 30, 2025, and 2024, respectively.

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions)	September 30, 2025		December 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 sale	47		96
Other (includes $47 at 2025 and $90 at 2024 related to VIEs)	984		695
Total current assets	12,208		12,950
Property, Plant and Equipment
Cost	185,941		178,737
Accumulated depreciation and amortization	(59,246)		(57,111)

Net property, plant and equipment	126,695		121,626
Other Noncurrent Assets
Goodwill	19,010		19,010
Regulatory assets (includes $2,601 at 2025 and $1,705 at 2024 related to VIEs)	14,077		14,220
Nuclear decommissioning trust funds	12,778		11,434
Operating lease right-of-use assets, net	1,211		1,148
Investments in equity method unconsolidated affiliates	323		353
Assets held for sale	2,106		2,095
Other	3,885		3,507
Total other noncurrent assets	53,390		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 paper	2,885		3,584
Taxes accrued	1,141		851
Interest accrued	814		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 obligations	592		650
Regulatory liabilities	1,229		1,421
Liabilities associated with assets held for sale	57		132
Other	2,044		2,080
Total current liabilities	19,405		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 taxes	12,271		11,424
Asset retirement obligations	9,052		9,338
Regulatory liabilities	15,377		14,521
Operating lease liabilities	1,009		957
Accrued pension and other post-retirement benefit costs	404		434
Investment tax credits	890		894
Liabilities associated with assets held for sale	167		271
Other (includes $27 at 2024 related to VIEs)	1,790		1,551
Total other noncurrent liabilities	40,960		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 capital	45,592		45,494
Retained earnings	4,718		3,431
Accumulated other comprehensive income	178		228
Total Duke Energy Corporation stockholders' equity	51,462		50,127
Noncontrolling interests	1,165		1,129
Total equity	52,627		51,256
Total Liabilities and Equity	$	192,293	$	186,343

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended
	September 30,
(in millions)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	3,865	$	3,387
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	5,744		4,792
Equity component of AFUDC	(236)		(173)
Losses on sales of Commercial Renewables Disposal Groups	4		22
Gains on sales of other assets	(37)		(25)
Impairment of assets and other charges	3		39
Deferred income taxes	940		369
Equity in earnings of unconsolidated affiliates	(38)		(53)

Contributions to qualified pension plans	—		(100)
Payments for asset retirement obligations	(374)		(417)

(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	—		35
Receivables	83		(22)

Inventory	15		(36)
Other current assets	(456)		742
Increase (decrease) in
Accounts payable	(1,308)		90

Taxes accrued	295		202
Other current liabilities	(224)		(291)
Other assets	(44)		154
Other liabilities	440		236
Net cash provided by operating activities	8,672		8,951
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(9,881)		(9,191)
Contributions to equity method investments	—		(8)


Purchases of debt and equity securities	(7,096)		(3,380)
Proceeds from sales and maturities of debt and equity securities	7,200		3,450


Net proceeds from the sales of Commercial Renewables Disposal Groups	559		—


Other	(758)		(722)
Net cash used in investing activities	(9,976)		(9,851)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt	9,432		7,760

Issuance of common stock	16		26
Redemption of preferred stock	—		(1,000)
Payments for the redemption of long-term debt	(4,626)		(2,833)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days	—		552
Payments for the redemption of short-term debt with original maturities greater than 90 days	(5)		(1,025)
Notes payable and commercial paper	(819)		(42)

Contributions from noncontrolling interests	—		47
Dividends paid	(2,455)		(2,411)

Other	79		(84)
Net cash provided by financing activities	1,622		990

Net increase in cash, cash equivalents and restricted cash	318		90
Cash, cash equivalents and restricted cash at beginning of period	421		357
Cash, cash equivalents and restricted cash at end of period	$	739	$	447
Supplemental Disclosures:






Significant non-cash transactions:
Accrued capital expenditures	$	2,090	$	1,604

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Three Months Ended September 30, 2024 and 2025
										Accumulated Other Comprehensive
										Income (Loss)
										Net		Net Unrealized				Total
										Gains		(Losses) Gains				Duke Energy
			Common			Additional				(Losses)		on Available-		Pension and		Corporation		Non-
	Preferred		Stock	Common		Paid-in		Retained		on		for-Sale-		OPEB		Stockholders'		controlling		Total
(in millions)	Stock		Shares	Stock		Capital		Earnings		Hedges(a)		Securities		Adjustments		Equity		Interests		Equity
Balance at June 30, 2024	$	1,962	772	$	1	$	45,007	$	2,635	$	193	$	(18)	$	(73)	$	49,707	$	1,099	$	50,806
Net income(c)	—		—	—		—		1,226		—		—		—		1,226		34		1,260
Other comprehensive (loss) income	—		—	—		—		—		(62)		7		1		(54)		—		(54)


Common stock issuances, including dividend reinvestment and employee benefits	—		—	—		53		—		—		—		—		53		—		53
Preferred stock, Series B, redemption	(989)		—	—		—		—		—		—		—		(989)		—		(989)
Common stock dividends	—		—	—		—		(806)		—		—		—		(806)		—		(806)



Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(18)		(18)
Other	—		—	—		—		(3)		—		—		(1)		(4)		1		(3)
Balance at September 30, 2024	$	973	772	$	1	$	45,060	$	3,052	$	131	$	(11)	$	(73)	$	49,133	$	1,116	$	50,249

Balance at June 30, 2025	$	973	778	$	1	$	45,573	$	4,141	$	299	$	(15)	$	(81)	$	50,891	$	1,139	$	52,030
Net income(c)	—		—	—		—		1,407		—		—		—		1,407		33		1,440
Other comprehensive (loss) income	—		—	—		—		—		(28)		2		1		(25)		—		(25)

Common stock issuances, including dividend reinvestment and employee benefits	—		—	—		20		—		—		—		—		20		—		20

Common stock dividends	—		—	—		—		(831)		—		—		—		(831)		—		(831)


Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(7)		(7)
Other	—		—	—		(1)		1		—		—		—		—		—		—
Balance at September 30, 2025	$	973	778	$	1	$	45,592	$	4,718	$	271	$	(13)	$	(80)	$	51,462	$	1,165	$	52,627

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Nine Months Ended September 30, 2024 and 2025
										Accumulated Other Comprehensive
										Income (Loss)
										Net		Net Unrealized				Total
										Gains		Gains (Losses)				Duke Energy
			Common			Additional				(Losses)		on Available-		Pension and		Corporation		Non-
	Preferred		Stock	Common		Paid-in		Retained		on		for-Sale-		OPEB		Stockholders'		controlling		Total
(in millions)	Stock		Shares	Stock		Capital		Earnings		Hedges(a)		Securities		Adjustments		Equity		Interests		Equity
Balance at December 31, 2023	$	1,962	771	$	1	$	44,920	$	2,235	$	98	$	(15)	$	(89)	$	49,112	$	1,075	$	50,187
Net income(c)	—		—	—		—		3,211		—		—		—		3,211		68		3,279
Other comprehensive income	—		—	—		—		—		33		4		17		54		—		54


Common stock issuances, including dividend reinvestment and employee benefits	—		1	—		139		—		—		—		—		139		—		139
Preferred stock, Series B, redemption	(989)		—	—		—		—		—		—		—		(989)		—		(989)
Common stock dividends	—		—	—		—		(2,392)		—		—		—		(2,392)		—		(2,392)

Sale of Commercial Renewables Disposal Groups(b)	—		—	—		—		—		—		—		—		—		(51)		(51)
Contributions from noncontrolling interests	—		—	—		—		—		—		—		—		—		47		47
Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(23)		(23)
Other	—		—	—		1		(2)		—		—		(1)		(2)		—		(2)
Balance at September 30, 2024	$	973	772	$	1	$	45,060	$	3,052	$	131	$	(11)	$	(73)	$	49,133	$	1,116	$	50,249

Balance at December 31, 2024	$	973	776	$	1	$	45,494	$	3,431	$	326	$	(17)	$	(81)	$	50,127	$	1,129	$	51,256
Net income(c)	—		—	—		—		3,743		—		—		—		3,743		81		3,824
Other comprehensive (loss) income	—		—	—		—		—		(55)		4		1		(50)		—		(50)


Common stock issuances, including dividend reinvestment and employee benefits	—		2	—		98		—		—		—		—		98		—		98

Common stock dividends	—		—	—		—		(2,460)		—		—		—		(2,460)		—		(2,460)
Sale of Commercial Renewables Disposal Groups(b)	—		—	—		—		—		—		—		—		—		(18)		(18)

Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(21)		(21)
Other	—		—	—		—		4		—		—		—		4		(6)		(2)
Balance at September 30, 2025	$	973	778	$	1	$	45,592	$	4,718	$	271	$	(13)	$	(80)	$	51,462	$	1,165	$	52,627

(a)See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.

(b)See Note 2 for additional information.

(c)Net income available to Duke Energy Corporation Common Stockholders reflects preferred dividends and, for 2024, the $16 million preferred redemption costs.

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2025		2024		2025		2024
Operating Revenues	$	2,632	$	2,707	$	7,387	$	7,411
Operating Expenses
Fuel used in electric generation and purchased power	706		922		2,080		2,531
Operation, maintenance and other	487		463		1,471		1,358
Depreciation and amortization	488		472		1,402		1,306
Property and other taxes	96		88		283		271
Impairment of assets and other charges	1		(2)		—		32
Total operating expenses	1,778		1,943		5,236		5,498
Gains on Sales of Other Assets and Other, net	—		—		6		1
Operating Income	854		764		2,157		1,914
Other Income and Expenses, net	65		58		187		181
Interest Expense	184		189		584		537
Income Before Income Taxes	735		633		1,760		1,558
Income Tax Expense	51		49		138		153
Net Income	$	684	$	584	$	1,622	$	1,405
Other Comprehensive Income, net of tax

Net gains on cash flow hedges	1		—		1		—

Comprehensive Income	$	685	$	584	$	1,623	$	1,405

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions)	September 30, 2025		December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	44	$	6
Receivables (net of allowance for doubtful accounts of $56 at 2025 and $18 at 2024)	1,299		266
Receivables of VIEs (net of allowance for doubtful accounts of $51 at 2024)	1		1,054
Receivables from affiliated companies	208		157
Notes receivable from affiliated companies	—		65
Inventory	1,545		1,536

Regulatory assets (includes $41 at 2025 and $12 at 2024 related to VIEs)	662		685
Other (includes $5 at 2025 and $9 at 2024 related to VIEs)	433		52
Total current assets	4,192		3,821
Property, Plant and Equipment
Cost	61,075		58,382
Accumulated depreciation and amortization	(20,158)		(19,090)

Net property, plant and equipment	40,917		39,292
Other Noncurrent Assets

Regulatory assets (includes $729 at 2025 and $189 at 2024 related to VIEs)	4,239		4,199
Nuclear decommissioning trust funds	7,270		6,468
Operating lease right-of-use assets, net	82		98


Other	1,221		1,127
Total other noncurrent assets	12,812		11,892
Total Assets	$	57,921	$	55,005
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	1,294	$	1,809
Accounts payable to affiliated companies	510		241

Notes payable to affiliated companies	196		—
Taxes accrued	348		627
Interest accrued	158		201
Current maturities of long-term debt (includes $13 at 2025 and $510 at 2024 related to VIEs)	26		521

Asset retirement obligations	247		247
Regulatory liabilities	531		618
Other	546		541
Total current liabilities	3,856		4,805
Long-Term Debt (includes $765 at 2025 and $198 at 2024 related to VIEs)	17,895		16,669
Long-Term Debt Payable to Affiliated Companies	300		300
Other Noncurrent Liabilities
Deferred income taxes	4,232		4,052
Asset retirement obligations	3,607		3,743
Regulatory liabilities	7,421		6,592
Operating lease liabilities	74		87
Accrued pension and other post-retirement benefit costs	19		24
Investment tax credits	308		317

Other (includes $15 at 2024 related to VIEs)	755		576
Total other noncurrent liabilities	16,416		15,391
Commitments and Contingencies
Equity
Member's equity	19,459		17,846
Accumulated other comprehensive loss	(5)		(6)
Total equity	19,454		17,840
Total Liabilities and Equity	$	57,921	$	55,005

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended
	September 30,
(in millions)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,622	$	1,405
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	1,603		1,504
Equity component of AFUDC	(102)		(85)


Gains on sales of other assets	(6)		—
Impairment of assets and other charges	—		32
Deferred income taxes	356		(105)


Contributions to qualified pension plans	—		(26)
Payments for asset retirement obligations	(147)		(131)

(Increase) decrease in

Receivables	6		(136)
Receivables from affiliated companies	(51)		1
Inventory	(9)		2
Other current assets	(443)		(3)
Increase (decrease) in
Accounts payable	(438)		149
Accounts payable to affiliated companies	269		35
Taxes accrued	(278)		105
Other current liabilities	(24)		(231)
Other assets	(37)		652
Other liabilities	23		(123)
Net cash provided by operating activities	2,344		3,045
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(3,159)		(2,923)


Purchases of debt and equity securities	(3,757)		(1,712)
Proceeds from sales and maturities of debt and equity securities	3,757		1,712

Notes receivable from affiliated companies	65		(177)
Other	(249)		(289)
Net cash used in investing activities	(3,343)		(3,389)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	1,926		1,031
Payments for the redemption of long-term debt	(1,212)		(17)
Notes payable to affiliated companies	196		(668)




Other	122		(1)
Net cash provided by financing activities	1,032		345
Net increase in cash, cash equivalents and restricted cash	33		1
Cash, cash equivalents and restricted cash at beginning of period	16		19
Cash, cash equivalents and restricted cash at end of period	$	49	$	20
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	796	$	611

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Three Months Ended September 30, 2024 and 2025
			Accumulated Other
			Comprehensive
			Income (Loss)
	Member's		Net Gains (Losses) on		Total
(in millions)	Equity		Cash Flow Hedges		Equity
Balance at June 30, 2024	$	17,714	$	(6)	$	17,708
Net income	584		—		584


Other	20		—		20
Balance at September 30, 2024	$	18,318	$	(6)	$	18,312

Balance at June 30, 2025	$	18,776	$	(6)	$	18,770
Net income	684		—		684
Other comprehensive income	—		1		1

Other	(1)		—		(1)
Balance at September 30, 2025	$	19,459	$	(5)	$	19,454

	Nine Months Ended September 30, 2024 and 2025
			Accumulated Other
			Comprehensive
			Income (Loss)
	Member's		Net Gains (Losses) on		Total
(in millions)	Equity		Cash Flow Hedges		Equity
Balance at December 31, 2023	$	16,913	$	(6)	$	16,907
Net income	1,405		—		1,405



Balance at September 30, 2024	$	18,318	$	(6)	$	18,312

Balance at December 31, 2024	$	17,846	$	(6)	$	17,840
Net income	1,622		—		1,622
Other comprehensive income	—		1		1

Other	(9)		—		(9)
Balance at September 30, 2025	$	19,459	$	(5)	$	19,454

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2025		2024		2025		2024
Operating Revenues	$	4,074	$	3,860	$	11,110	$	10,445
Operating Expenses
Fuel used in electric generation and purchased power	1,175		1,384		3,306		3,729
Operation, maintenance and other	944		653		2,475		1,869
Depreciation and amortization	670		640		1,910		1,795
Property and other taxes	201		170		548		494
Impairment of assets and other charges	(2)		(3)		(2)		6
Total operating expenses	2,988		2,844		8,237		7,893
Gains on Sales of Other Assets and Other, net	7		7		19		20
Operating Income	1,093		1,023		2,892		2,572
Other Income and Expenses, net	79		56		209		178
Interest Expense	272		271		830		796
Income Before Income Taxes	900		808		2,271		1,954
Income Tax Expense	143		130		361		320
Net Income	$	757	$	678	$	1,910	$	1,634
Other Comprehensive Income (Loss), net of tax


Unrealized gains (losses) on available-for-sale securities	—		1		(1)		1

Comprehensive Income	$	757	$	679	$	1,909	$	1,635

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions)	September 30, 2025		December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	102	$	73
Receivables (net of allowance for doubtful accounts of $67 at 2025 and $39 at 2024)	1,665		707
Receivables of VIEs (net of allowance for doubtful accounts of $34 at 2024)	11		835
Receivables from affiliated companies	92		25
Notes receivable from affiliated companies	435		—
Inventory (includes $550 at 2025 and $494 at 2024 related to VIEs)	2,151		2,086
Regulatory assets (includes $132 at 2025 and $108 at 2024 related to VIEs)	875		1,647
Other (includes $32 at 2025 and $75 at 2024 related to VIEs)	176		182
Total current assets	5,507		5,555
Property, Plant and Equipment
Cost	76,411		72,560
Accumulated depreciation and amortization	(25,023)		(23,586)

Net property, plant and equipment	51,388		48,974
Other Noncurrent Assets
Goodwill	3,655		3,655
Regulatory assets (includes $1,872 at 2025 and $1,516 at 2024 related to VIEs)	6,525		6,618
Nuclear decommissioning trust funds	5,508		4,967
Operating lease right-of-use assets, net	630		625
Other	1,351		1,242
Total other noncurrent assets	17,669		17,107
Total Assets	$	74,564	$	71,636
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $266 at 2025 and $208 at 2024 related to VIEs)	$	1,432	$	2,170
Accounts payable to affiliated companies	587		507
Notes payable to affiliated companies	283		1,077
Taxes accrued	484		312
Interest accrued	240		232
Current maturities of long-term debt (includes $102 at 2025 and $502 at 2024 related to VIEs)	872		1,517
Asset retirement obligations	208		231
Regulatory liabilities	379		522
Other	711		792
Total current liabilities	5,196		7,360
Long-Term Debt (includes $1,938 at 2025 and $1,582 at 2024 related to VIEs)	25,062		22,829
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	5,524		5,263
Asset retirement obligations	4,274		4,317
Regulatory liabilities	5,435		5,258
Operating lease liabilities	568		557
Accrued pension and other post-retirement benefit costs	244		254
Investment tax credits	392		385
Other (includes $11 at 2024 related to VIEs)	458		357
Total other noncurrent liabilities	16,895		16,391
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2025 and 2024	—		—
Additional paid-in capital	12,278		11,830
Retained earnings	14,994		13,086
Accumulated other comprehensive loss	(11)		(10)


Total equity	27,261		24,906
Total Liabilities and Equity	$	74,564	$	71,636

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended
	September 30,
(in millions)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,910	$	1,634
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	2,739		2,081
Equity component of AFUDC	(84)		(54)


Gains on sales of other assets	(19)		(20)
Impairment of assets and other charges	(2)		6
Deferred income taxes	231		(19)


Contributions to qualified pension plans	—		(23)
Payments for asset retirement obligations	(155)		(221)

(Increase) decrease in

Receivables	(102)		(185)
Receivables from affiliated companies	(67)		78
Inventory	(53)		(95)
Other current assets	14		841
Increase (decrease) in
Accounts payable	(823)		194
Accounts payable to affiliated companies	137		87
Taxes accrued	179		179
Other current liabilities	(84)		12
Other assets	(29)		(484)
Other liabilities	70		126
Net cash provided by operating activities	3,862		4,137
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(4,320)		(3,891)


Purchases of debt and equity securities	(3,219)		(1,561)
Proceeds from sales and maturities of debt and equity securities	3,254		1,644

Notes receivable from affiliated companies	(435)		—
Other	(328)		(351)
Net cash used in investing activities	(5,048)		(4,159)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	3,328		849
Payments for the redemption of long-term debt	(1,761)		(460)
Notes payable to affiliated companies	(795)		(238)


Contributions from parent	400		—
Dividends to parent	—		(125)
Other	(12)		(1)
Net cash provided by financing activities	1,160		25
Net (decrease) increase in cash, cash equivalents and restricted cash	(26)		3
Cash, cash equivalents and restricted cash at beginning of period	160		135
Cash, cash equivalents and restricted cash at end of period	$	134	$	138
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	898	$	628

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Three Months Ended September 30, 2024 and 2025
					Accumulated Other Comprehensive Income (Loss)
					Net Gains		Net Unrealized
	Additional				(Losses) on		Gains (Losses) on		Pension and
	Paid-in		Retained		Cash Flow		Available-for-		OPEB		Total
(in millions)	Capital		Earnings		Hedges		Sale Securities		Adjustments		Equity
Balance at June 30, 2024	$	11,849	$	11,996	$	(1)	$	(5)	$	(4)	$	23,835
Net income	—		678		—		—		—		678
Other comprehensive income	—		—		—		1		—		1


Dividends to parent	—		(125)		—		—		—		(125)



Other	(19)		—		—		—		—		(19)
Balance at September 30, 2024	$	11,830	$	12,549	$	(1)	$	(4)	$	(4)	$	24,370

Balance at June 30, 2025	$	12,187	$	14,237	$	(1)	$	(6)	$	(4)	$	26,413
Net income	—		757		—		—		—		757


Distributions to parent	(9)		—		—		—		—		(9)


Contributions from parent	100		—		—		—		—		100


Balance at September 30, 2025	$	12,278	$	14,994	$	(1)	$	(6)	$	(4)	$	27,261

	Nine Months Ended September 30, 2024 and 2025
					Accumulated Other Comprehensive Income (Loss)
					Net Gains		Net Unrealized
	Additional				(Losses) on		Gains (Losses) on		Pension and
	Paid-in		Retained		Cash Flow		Available-for-		OPEB		Total
	Capital		Earnings		Hedges		Sale Securities		Adjustments		Equity
Balance at December 31, 2023	$	11,830	$	11,040	$	(1)	$	(5)	$	(4)	$	22,860
Net income	—		1,634		—		—		—		1,634
Other comprehensive income	—		—		—		1		—		1


Dividends to parent	—		(125)		—		—		—		(125)




Balance at September 30, 2024	$	11,830	$	12,549	$	(1)	$	(4)	$	(4)	$	24,370

Balance at December 31, 2024	$	11,830	$	13,086	$	(1)	$	(5)	$	(4)	$	24,906
Net income	—		1,910		—		—		—		1,910
Other comprehensive loss	—		—		—		(1)		—		(1)

Distributions to parent	(9)		—		—		—		—		(9)

Equitization of certain intercompany balances with affiliates	57		(2)		—		—		—		55
Contributions from parent	400		—		—		—		—		400


Balance at September 30, 2025	$	12,278	$	14,994	$	(1)	$	(6)	$	(4)	$	27,261

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2025		2024		2025		2024
Operating Revenues	$	1,913	$	1,914	$	5,612	$	5,338
Operating Expenses
Fuel used in electric generation and purchased power	629		679		1,928		1,896
Operation, maintenance and other	362		376		1,100		1,077
Depreciation and amortization	373		354		1,049		999
Property and other taxes	54		43		159		144
Impairment of assets and other charges	(2)		(3)		(2)		6
Total operating expenses	1,416		1,449		4,234		4,122
Gains on Sales of Other Assets and Other, net	1		1		1		2
Operating Income	498		466		1,379		1,218
Other Income and Expenses, net	55		34		142		107
Interest Expense	125		127		392		370
Income Before Income Taxes	428		373		1,129		955
Income Tax Expense	56		48		151		135
Net Income and Comprehensive Income	$	372	$	325	$	978	$	820

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions)	September 30, 2025		December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	55	$	24
Receivables (net of allowance for doubtful accounts of $39 at 2025 and $10 at 2024)	858		160
Receivables of VIEs (net of allowance for doubtful accounts of $34 at 2024)	5		835
Receivables from affiliated companies	33		10
Notes receivable from affiliated companies	628		—
Inventory	1,380		1,341
Regulatory assets (includes $70 at 2025 and $47 at 2024 related to VIEs)	663		626
Other (includes $20 at 2025 and $40 at 2024 related to VIEs)	208		104
Total current assets	3,830		3,100
Property, Plant and Equipment
Cost	44,082		42,060
Accumulated depreciation and amortization	(16,792)		(15,930)

Net property, plant and equipment	27,290		26,130
Other Noncurrent Assets
Regulatory assets (includes $1,176 at 2025 and $775 at 2024 related to VIEs)	4,412		4,555
Nuclear decommissioning trust funds	5,202		4,636
Operating lease right-of-use assets, net	395		348
Other	778		724
Total other noncurrent assets	10,787		10,263
Total Assets	$	41,907	$	39,493
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	718	$	749
Accounts payable to affiliated companies	448		306
Notes payable to affiliated companies	—		611
Taxes accrued	157		394
Interest accrued	88		122
Current maturities of long-term debt (includes $41 at 2025 and $443 at 2024 related to VIEs)	85		983
Asset retirement obligations	206		230
Regulatory liabilities	259		348
Other	326		427
Total current liabilities	2,287		4,170
Long-Term Debt (includes $1,226 at 2025 and $809 at 2024 related to VIEs)	13,662		11,371
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	2,671		2,344
Asset retirement obligations	4,081		4,104
Regulatory liabilities	4,781		4,570
Operating lease liabilities	390		332
Accrued pension and other post-retirement benefit costs	137		141
Investment tax credits	152		144
Other (includes $11 at 2024 related to VIEs)	290		196
Total other noncurrent liabilities	12,502		11,831
Commitments and Contingencies
Equity
Member's Equity	13,306		11,971


Total Liabilities and Equity	$	41,907	$	39,493

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended
	September 30,
(in millions)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	978	$	820
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	1,197		1,144
Equity component of AFUDC	(70)		(44)



Impairment of assets and other charges	(2)		6
Deferred income taxes	315		(32)


Contributions to qualified pension plans	—		(14)
Payments for asset retirement obligations	(127)		(153)

(Increase) decrease in

Receivables	121		(15)
Receivables from affiliated companies	(23)		2
Inventory	(38)		(93)
Other current assets	(223)		288
Increase (decrease) in
Accounts payable	(56)		(74)
Accounts payable to affiliated companies	199		(10)
Taxes accrued	(236)		17
Other current liabilities	(80)		14
Other assets	23		(101)
Other liabilities	92		117
Net cash provided by operating activities	2,070		1,872
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(2,372)		(2,036)


Purchases of debt and equity securities	(3,053)		(1,452)
Proceeds from sales and maturities of debt and equity securities	3,052		1,451
Notes receivable from affiliated companies	(628)		—
Other	(138)		(130)
Net cash used in investing activities	(3,139)		(2,167)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	2,615		670
Payments for the redemption of long-term debt	(1,228)		(67)
Notes payable to affiliated companies	(611)		(281)
Contributions from parent	300		—

Other	(1)		—
Net cash provided by financing activities	1,075		322
Net increase in cash, cash equivalents and restricted cash	6		27
Cash, cash equivalents and restricted cash at beginning of period	69		51
Cash, cash equivalents and restricted cash at end of period	$	75	$	78
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	438	$	256

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Three Months Ended
	September 30, 2024 and 2025
(in millions)	Member's Equity
Balance at June 30, 2024	$	11,302
Net income	325





Balance at September 30, 2024	$	11,627

Balance at June 30, 2025	$	12,934
Net income	372





Balance at September 30, 2025	$	13,306

	Nine Months Ended
	September 30, 2024 and 2025
(in millions)	Member's Equity
Balance at December 31, 2023	$	10,807
Net income	820





Balance at September 30, 2024	$	11,627

Balance at December 31, 2024	$	11,971
Net income	978


Contributions from parent	300
Equitization of certain intercompany balances with affiliates	57

Balance at September 30, 2025	$	13,306

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2025		2024		2025		2024
Operating Revenues	$	2,157	$	1,940	$	5,486	$	5,092
Operating Expenses
Fuel used in electric generation and purchased power	546		705		1,378		1,833
Operation, maintenance and other	579		272		1,365		779
Depreciation and amortization	297		286		861		796
Property and other taxes	147		127		389		350

Total operating expenses	1,569		1,390		3,993		3,758
Gains on Sales of Other Assets and Other, net	1		1		2		2
Operating Income	589		551		1,495		1,336
Other Income and Expenses, net	22		21		67		67
Interest Expense	118		114		352		339
Income Before Income Taxes	493		458		1,210		1,064
Income Tax Expense	96		94		235		212
Net Income	$	397	$	364	$	975	$	852
Other Comprehensive Loss, net of tax
Unrealized losses on available-for-sale securities	—		—		(1)		—

Comprehensive Income	$	397	$	364	$	974	$	852

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions)	September 30, 2025		December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	30	$	33
Receivables (net of allowance for doubtful accounts of $28 at 2025 and $29 at 2024)	804		544
Receivables of VIEs	6		—
Receivables from affiliated companies	76		21

Inventory (includes $550 at 2025 and $494 at 2024 related to VIEs)	771		745
Regulatory assets (includes $62 at 2025 and $61 at 2024 related to VIEs)	211		1,022
Other (includes $12 at 2025 and $35 at 2024 related to VIEs)	57		227
Total current assets	1,955		2,592
Property, Plant and Equipment
Cost	32,318		30,490
Accumulated depreciation and amortization	(8,224)		(7,650)
Net property, plant and equipment	24,094		22,840
Other Noncurrent Assets
Regulatory assets (includes $696 at 2025 and $741 at 2024 related to VIEs)	2,113		2,064
Nuclear decommissioning trust funds	306		331
Operating lease right-of-use assets, net	236		277
Other	510		465
Total other noncurrent assets	3,165		3,137
Total Assets	$	29,214	$	28,569
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $266 at 2025 and $208 at 2024 related to VIEs)	$	713	$	1,418
Accounts payable to affiliated companies	103		67
Notes payable to affiliated companies	476		466
Taxes accrued	417		60
Interest accrued	124		86
Current maturities of long-term debt (includes $61 at 2025 and $59 at 2024 related to VIEs)	787		534
Asset retirement obligations	2		1
Regulatory liabilities	119		174
Other	366		342
Total current liabilities	3,107		3,148
Long-Term Debt (includes $712 at 2025 and $773 at 2024 related to VIEs)	9,755		9,814

Other Noncurrent Liabilities
Deferred income taxes	2,929		3,024
Asset retirement obligations	193		213
Regulatory liabilities	654		688
Operating lease liabilities	178		225
Accrued pension and other post-retirement benefit costs	87		92
Investment tax credits	240		241
Other	168		143
Total other noncurrent liabilities	4,449		4,626
Commitments and Contingencies
Equity
Member's equity	11,909		10,986
Accumulated other comprehensive loss	(6)		(5)
Total equity	11,903		10,981
Total Liabilities and Equity	$	29,214	$	28,569

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended
	September 30,
(in millions)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	975	$	852
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	1,541		936
Equity component of AFUDC	(14)		(11)
Losses on sales of other assets	(2)		(2)

Deferred income taxes	(114)		13


Contributions to qualified pension plans	—		(9)
Payments for asset retirement obligations	(28)		(68)

(Increase) decrease in

Receivables	(223)		(171)
Receivables from affiliated companies	(55)		236
Inventory	(15)		(2)
Other current assets	299		541
Increase (decrease) in
Accounts payable	(766)		266
Accounts payable to affiliated companies	36		(8)
Taxes accrued	364		56
Other current liabilities	(4)		(3)
Other assets	(57)		(389)
Other liabilities	(6)		27
Net cash provided by operating activities	1,931		2,264
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,948)		(1,855)


Purchases of debt and equity securities	(166)		(109)
Proceeds from sales and maturities of debt and equity securities	202		193

Other	(191)		(222)
Net cash used in investing activities	(2,103)		(1,993)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	713		179
Payments for the redemption of long-term debt	(533)		(393)
Notes payable to affiliated companies	10		43
Contributions from parent	138		—
Distributions to parent	(188)		(125)
Other	(1)		(1)
Net cash provided by (used in) financing activities	139		(297)
Net decrease in cash, cash equivalents and restricted cash	(33)		(26)
Cash, cash equivalents and restricted cash at beginning of period	75		67
Cash, cash equivalents and restricted cash at end of period	$	42	$	41
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	461	$	372

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Three Months Ended September 30, 2024 and 2025
			Accumulated
			Other
			Comprehensive
			Income (Loss)
			Net Unrealized
			Gains (Losses) on
	Member's		Available-for-Sale		Total
(in millions)	Equity		Securities		Equity
Balance at June 30, 2024	$	10,555	$	(5)	$	10,550
Net income	364		—		364

Distributions to parent	(125)		—		(125)


Other	(17)		—		(17)
Balance at September 30, 2024	$	10,777	$	(5)	$	10,772

Balance at June 30, 2025	$	11,562	$	(6)	$	11,556
Net income	397		—		397

Distributions to parent	(188)		—		(188)

Contributions from parent	138		—		138

Balance at September 30, 2025	$	11,909	$	(6)	$	11,903

	Nine Months Ended September 30, 2024 and 2025
			Accumulated
			Other
			Comprehensive
			Income (Loss)
			Net Unrealized
			Gains (Losses) on
	Member's		Available-for-Sale		Total
(in millions)	Equity		Securities		Equity
Balance at December 31, 2023	$	10,048	$	(5)	$	10,043
Net income	852		—		852

Distributions to parent	(125)		—		(125)


Other	2		—		2
Balance at September 30, 2024	$	10,777	$	(5)	$	10,772

Balance at December 31, 2024	$	10,986	$	(5)	$	10,981
Net income	975		—		975
Other comprehensive loss	—		(1)		(1)
Distributions to parent	(188)		—		(188)

Contributions from parent	138		—		138
Other	(2)		—		(2)
Balance at September 30, 2025	$	11,909	$	(6)	$	11,903

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2025		2024		2025		2024
Operating Revenues
Regulated electric	$	561	$	497	$	1,546	$	1,431
Regulated natural gas	118		108		553		460

Total operating revenues	679		605		2,099		1,891
Operating Expenses
Fuel used in electric generation and purchased power	175		146		485		416
Cost of natural gas	12		18		148		100
Operation, maintenance and other	127		131		366		378
Depreciation and amortization	120		102		353		297
Property and other taxes	109		99		326		303

Total operating expenses	543		496		1,678		1,494

Operating Income	136		109		421		397
Other Income and Expenses, net	7		2		18		12
Interest Expense	52		52		150		144
Income Before Income Taxes	91		59		289		265
Income Tax Expense	13		7		47		42


Net Income and Comprehensive Income	$	78	$	52	$	242	$	223

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions)	September 30, 2025		December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	14	$	24
Receivables (net of allowance for doubtful accounts of $51 at 2025 and $43 at 2024)	431		447

Receivables from affiliated companies	11		11
Notes receivable from affiliated companies	167		28
Inventory	182		183

Regulatory assets	68		88
Other	45		30
Total current assets	918		811
Property, Plant and Equipment
Cost	14,435		13,918
Accumulated depreciation and amortization	(3,763)		(3,674)

Net property, plant and equipment	10,672		10,244
Other Noncurrent Assets
Goodwill	920		920
Regulatory assets	667		705

Operating lease right-of-use assets, net	6		6


Other	89		82
Total other noncurrent assets	1,682		1,713
Total Assets	$	13,272	$	12,768
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	266	$	313
Accounts payable to affiliated companies	73		52

Notes payable to affiliated companies	—		162
Taxes accrued	305		363
Interest accrued	58		49
Current maturities of long-term debt	140		245

Asset retirement obligations	8		8
Regulatory liabilities	54		34
Other	91		67
Total current liabilities	995		1,293
Long-Term Debt	4,349		3,895
Long-Term Debt Payable to Affiliated Companies	25		25
Other Noncurrent Liabilities
Deferred income taxes	1,322		1,314
Asset retirement obligations	125		131
Regulatory liabilities	464		465
Operating lease liabilities	5		6
Accrued pension and other post-retirement benefit costs	93		89


Other	92		91
Total other noncurrent liabilities	2,101		2,096
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2025 and 2024	762		762
Additional paid-in capital	3,219		3,118
Retained earnings	1,821		1,579

Total equity	5,802		5,459
Total Liabilities and Equity	$	13,272	$	12,768

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended
	September 30,
(in millions)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	242	$	223
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	356		300
Equity component of AFUDC	(12)		(4)




Deferred income taxes	(14)		30


Contributions to qualified pension plans	—		(5)
Payments for asset retirement obligations	(4)		(5)

(Increase) decrease in

Receivables	15		47
Receivables from affiliated companies	—		57
Inventory	1		6
Other current assets	37		57
Increase (decrease) in
Accounts payable	(24)		(32)
Accounts payable to affiliated companies	21		(9)
Taxes accrued	(57)		(69)
Other current liabilities	56		26
Other assets	(29)		44
Other liabilities	32		(43)
Net cash provided by operating activities	620		623
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(709)		(640)





Notes receivable from affiliated companies	(139)		(199)
Other	(65)		(29)
Net cash used in investing activities	(913)		(868)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	496		645
Payments for the redemption of long-term debt	(150)		—
Notes payable to affiliated companies	(162)		(415)


Contributions from parent	100		—

Other	(1)		(1)
Net cash provided by financing activities	283		229
Net decrease in cash and cash equivalents	(10)		(16)
Cash and cash equivalents at beginning of period	24		24
Cash and cash equivalents at end of period	$	14	$	8
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	87	$	94

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Three Months Ended September 30, 2024 and 2025
			Additional
	Common		Paid-in		Retained		Total
(in millions)	Stock		Capital		Earnings		Equity
Balance at June 30, 2024	$	762	$	3,119	$	1,409	$	5,290
Net income	—		—		52		52



Balance at September 30, 2024	$	762	$	3,119	$	1,461	$	5,342

Balance at June 30, 2025	$	762	$	3,119	$	1,743	$	5,624
Net income	—		—		78		78

Contributions from parent	—		100		—		100

Balance at September 30, 2025	$	762	$	3,219	$	1,821	$	5,802

	Nine Months Ended September 30, 2024 and 2025
			Additional
	Common		Paid-in		Retained		Total
(in millions)	Stock		Capital		Earnings		Equity
Balance at December 31, 2023	$	762	$	3,100	$	1,238	$	5,100
Net income	—		—		223		223


Other	—		19		—		19
Balance at September 30, 2024	$	762	$	3,119	$	1,461	$	5,342

Balance at December 31, 2024	$	762	$	3,118	$	1,579	$	5,459
Net income	—		—		242		242

Contributions from parent	—		100		—		100
Other	—		1		—		1
Balance at September 30, 2025	$	762	$	3,219	$	1,821	$	5,802

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2025		2024		2025		2024
Operating Revenues	$	992	$	836	$	2,671	$	2,342
Operating Expenses
Fuel used in electric generation and purchased power	324		267		803		761
Operation, maintenance and other	214		169		601		510
Depreciation and amortization	203		166		617		507
Property and other taxes	9		7		44		37

Total operating expenses	750		609		2,065		1,815

Operating Income	242		227		606		527
Other Income and Expenses, net	15		16		46		44
Interest Expense	66		58		182		173
Income Before Income Taxes	191		185		470		398
Income Tax Expense	24		29		60		65
Net Income	$	167	$	156	$	410	$	333
Other Comprehensive Loss, net of tax
Pension and OPEB adjustments	—		—		—		(1)
Comprehensive Income	$	167	$	156	$	410	$	332

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions)	September 30, 2025		December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	13	$	13
Receivables (net of allowance for doubtful accounts of $17 at 2025 and $15 at 2024)	478		423

Receivables from affiliated companies	2		1
Notes receivable from affiliated companies	200		—
Inventory	527		586

Regulatory assets	180		113
Other	66		69
Total current assets	1,466		1,205
Property, Plant and Equipment
Cost	20,699		19,970
Accumulated depreciation and amortization	(7,349)		(6,848)

Net property, plant and equipment	13,350		13,122
Other Noncurrent Assets

Regulatory assets	1,051		1,040

Operating lease right-of-use assets, net	33		37


Other	265		323
Total other noncurrent assets	1,349		1,400
Total Assets	$	16,165	$	15,727
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	315	$	257
Accounts payable to affiliated companies	85		57

Notes payable to affiliated companies	—		10
Taxes accrued	90		168
Interest accrued	81		59
Current maturities of long-term debt	4		4

Asset retirement obligations	130		164
Regulatory liabilities	259		183
Other	215		183
Total current liabilities	1,179		1,085
Long-Term Debt	4,942		4,644
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	1,515		1,494
Asset retirement obligations	1,006		1,104
Regulatory liabilities	1,228		1,404
Operating lease liabilities	29		33
Accrued pension and other post-retirement benefit costs	82		82
Investment tax credits	184		186

Other	20		19
Total other noncurrent liabilities	4,064		4,322
Commitments and Contingencies
Equity
Member's equity	5,830		5,526

Total equity	5,830		5,526
Total Liabilities and Equity	$	16,165	$	15,727

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended
	September 30,
(in millions)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	410	$	333
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	619		510
Equity component of AFUDC	(24)		(13)




Deferred income taxes	(40)		87


Contributions to qualified pension plans	—		(8)
Payments for asset retirement obligations	(68)		(60)

(Increase) decrease in

Receivables	(56)		36
Receivables from affiliated companies	(1)		1
Inventory	59		2
Other current assets	(74)		36
Increase (decrease) in
Accounts payable	23		(29)
Accounts payable to affiliated companies	28		(74)
Taxes accrued	(78)		(5)
Other current liabilities	89		(25)
Other assets	73		(83)
Other liabilities	(26)		20
Net cash provided by operating activities	934		728
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(841)		(711)


Purchases of debt and equity securities	(59)		(31)
Proceeds from sales and maturities of debt and equity securities	129		22

Notes receivable from affiliated companies	(200)		(117)
Other	(144)		(24)
Net cash used in investing activities	(1,115)		(861)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	297		298

Notes payable to affiliated companies	(10)		(245)


Contributions from parent	—		235
Distributions to parent	(105)		(154)
Other	(1)		(1)
Net cash provided by financing activities	181		133
Net increase (decrease) in cash and cash equivalents	—		—
Cash and cash equivalents at beginning of period	13		8
Cash and cash equivalents at end of period	$	13	$	8
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	162	$	104

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Three Months Ended September 30, 2024 and 2025
			Accumulated Other
			Comprehensive Income (Loss)
	Member's		Pension and		Total
(in millions)	Equity		OPEB Adjustments		Equity
Balance at June 30, 2024	$	5,401	$	—	$	5,401
Net income	156		—		156


Distributions to parent	(93)		—		(93)
Other	1		—		1
Balance at September 30, 2024	$	5,465	$	—	$	5,465

Balance at June 30, 2025	$	5,699	$	—	$	5,699
Net income	167		—		167


Distributions to parent	(35)		—		(35)
Other	(1)		—		(1)
Balance at September 30, 2025	$	5,830	$	—	$	5,830

	Nine Months Ended September 30, 2024 and 2025
			Accumulated Other
			Comprehensive Income (Loss)
	Member's		Pension and		Total
(in millions)	Equity		OPEB Adjustments		Equity
Balance at December 31, 2023	$	5,012	$	1	$	5,013
Net income	333		—		333

Contributions from parent	235		—		235
Distributions to parent	(113)		—		(113)
Other	(2)		(1)		(3)
Balance at September 30, 2024	$	5,465	$	—	$	5,465

Balance at December 31, 2024	$	5,526	$	—	$	5,526
Net income	410		—		410


Distributions to parent	(105)		—		(105)
Other	(1)		—		(1)
Balance at September 30, 2025	$	5,830	$	—	$	5,830

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2025		2024		2025		2024
Operating Revenues
Regulated natural gas	$	265	$	213	$	1,443	$	1,119
Nonregulated natural gas and other	6		6		20		20
Operating Revenues	$	271	$	219	$	1,463	$	1,139
Operating Expenses
Cost of natural gas	98		52		494		280
Operation, maintenance and other	102		87		301		267
Depreciation and amortization	69		65		210		191
Property and other taxes	19		16		56		47

Total operating expenses	288		220		1,061		785

Operating (Loss) Income	(17)		(1)		402		354
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	3		2		6		6
Other income and expenses, net	12		12		34		42
Total other income and expenses	15		14		40		48
Interest Expense	48		47		143		135
(Loss) Income Before Income Taxes	(50)		(34)		299		267
Income Tax (Benefit) Expense	(12)		(10)		56		49
Net (Loss) Income and Comprehensive (Loss) Income	$	(38)	$	(24)	$	243	$	218

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions)	September 30, 2025		December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	2	$	2
Receivables (net of allowance for doubtful accounts of $8 at 2025 and $7 at 2024)	120		306

Receivables from affiliated companies	9		16

Inventory	54		66
Assets held for sale	47		92
Regulatory assets	128		141
Other	82		10
Total current assets	442		633
Property, Plant and Equipment
Cost	11,131		10,712
Accumulated depreciation and amortization	(2,129)		(2,041)

Net property, plant and equipment	9,002		8,671
Other Noncurrent Assets
Goodwill	39		39
Regulatory assets	379		387

Operating lease right-of-use assets, net	2		4
Investments in equity method unconsolidated affiliates	75		76
Assets held for sale	1,822		1,722
Other	275		267
Total other noncurrent assets	2,592		2,495
Total Assets	$	12,036	$	11,799
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	173	$	195
Accounts payable to affiliated companies	46		26

Notes payable to affiliated companies	543		739
Taxes accrued	57		83
Interest accrued	50		44
Current maturities of long-term debt	505		205
Liabilities associated with assets held for sale	39		52

Regulatory liabilities	6		64
Other	74		72
Total current liabilities	1,493		1,480
Long-Term Debt	3,800		3,798

Other Noncurrent Liabilities
Deferred income taxes	1,080		1,018
Asset retirement obligations	26		24
Regulatory liabilities	801		783
Operating lease liabilities	2		7
Accrued pension and other post-retirement benefit costs	6		7

Liabilities associated with assets held for sale	167		182
Other	103		146
Total other noncurrent liabilities	2,185		2,167
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2025 and 2024	1,635		1,635

Retained earnings	2,922		2,718

Total Piedmont Natural Gas Company, Inc. stockholder's equity	4,557		4,353
Noncontrolling interests	1		1
Total equity	4,558		4,354
Total Liabilities and Equity	$	12,036	$	11,799

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended
	September 30,
(in millions)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	243	$	218
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	212		193
Equity component of AFUDC	(13)		(17)




Deferred income taxes	46		54
Equity in earnings from unconsolidated affiliates	(6)		(6)

Contributions to qualified pension plans	—		(3)


(Increase) decrease in

Receivables	217		185
Receivables from affiliated companies	7		(2)
Inventory	13		54
Other current assets	(49)		(71)
Increase (decrease) in
Accounts payable	(44)		(39)
Accounts payable to affiliated companies	20		10
Taxes accrued	(27)		(36)
Other current liabilities	(51)		8
Other assets	(7)		(15)
Other liabilities	(4)		8
Net cash provided by operating activities	557		541
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(595)		(800)






Other	(24)		(44)
Net cash used in investing activities	(619)		(844)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	450		373
Payments for the redemption of long-term debt	(150)		(40)
Notes payable to affiliated companies	(197)		(26)



Dividends to parent	(40)		—
Other	(1)		—
Net cash provided by financing activities	62		307
Net increase in cash and cash equivalents	—		4
Cash and cash equivalents at beginning of period	2		—
Cash and cash equivalents at end of period	$	2	$	4
Supplemental Disclosures:


Significant non-cash transactions:
Accrued capital expenditures	$	129	$	143

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


	Three Months Ended September 30, 2024 and 2025
					Total
					Piedmont
					Natural Gas
	Common		Retained		Company, Inc.		Noncontrolling		Total
(in millions)	Stock		Earnings		Equity		Interests		Equity
Balance at June 30, 2024	$	1,635	$	2,658	$	4,293	$	1	$	4,294
Net loss	—		(24)		(24)		—		(24)




Balance at September 30, 2024	$	1,635	$	2,634	$	4,269	$	1	$	4,270

Balance at June 30, 2025	$	1,635	$	3,000	$	4,635	$	1	$	4,636
Net loss	—		(38)		(38)		—		(38)


Dividends to parent	—		(40)		(40)		—		(40)

Balance at September 30, 2025	$	1,635	$	2,922	$	4,557	$	1	$	4,558

	Nine Months Ended September 30, 2024 and 2025
					Total
					Piedmont
					Natural Gas
	Common		Retained		Company, Inc.		Noncontrolling		Total
(in millions)	Stock		Earnings		Equity		Interests		Equity
Balance at December 31, 2023	$	1,635	$	2,416	$	4,051	$	1	$	4,052
Net income	—		218		218		—		218




Balance at September 30, 2024	$	1,635	$	2,634	$	4,269	$	1	$	4,270

Balance at December 31, 2024	$	1,635	$	2,718	$	4,353	$	1	$	4,354
Net income	—		243		243		—		243


Dividends to parent	—		(40)		(40)		—		(40)
Other	—		1		1		—		1
Balance at September 30, 2025	$	1,635	$	2,922	$	4,557	$	1	$	4,558

See Notes to Condensed Consolidated Financial Statements


FINANCIAL STATEMENTS			ORGANIZATION AND BASIS OF PRESENTATION

Index to Combined Notes to Condensed Consolidated Financial Statements

The unaudited notes to the Condensed Consolidated Financial Statements that follow are a combined presentation. The following list indicates the registrants to which the footnotes apply.


	Applicable Notes
Registrant	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17
Duke Energy	•	•	•	•	•	•	•	•		•	•	•	•	•	•	•	•
Duke Energy Carolinas	•		•	•	•	•	•		•	•	•	•	•	•		•	•
Progress Energy	•		•	•	•	•	•	•	•	•	•	•	•	•		•	•
Duke Energy Progress	•		•	•	•	•	•		•	•	•	•	•	•		•	•
Duke Energy Florida	•	•	•	•	•	•	•		•	•	•	•	•	•		•	•
Duke Energy Ohio	•		•	•	•	•	•	•	•	•		•	•	•		•	•
Duke Energy Indiana	•		•	•	•	•	•		•	•	•	•	•	•		•	•
Piedmont	•	•	•	•	•	•	•	•	•	•		•		•		•	•

Tables within the notes may not sum across due to (i) Progress Energy's consolidation of Duke Energy Progress, Duke Energy Florida and other subsidiaries that are not registrants and (ii) subsidiaries that are not registrants but included in the consolidated Duke Energy balances.

1. ORGANIZATION AND BASIS OF PRESENTATION

BASIS OF PRESENTATION

These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024.

The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.

These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors.

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

BASIS OF CONSOLIDATION

These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 13 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.

Discontinued Operations

Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. For all periods presented, unless otherwise noted, disclosures related to balance sheet activity exclude amounts presented as held for sale and disclosures related to income statement activity exclude amounts related to discontinued operations. A portion of NCI on Duke Energy's Condensed Consolidated Balance Sheet as of December 31, 2024, relates to discontinued operations. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.


FINANCIAL STATEMENTS			ORGANIZATION AND BASIS OF PRESENTATION

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 11 and 13 for additional information. Restricted cash amounts are included in Other within Current Assets and Other within Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included on the Condensed Consolidated Balance Sheets.


	September 30, 2025										December 31, 2024
			Duke				Duke		Duke				Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	688	$	44	$	102	$	55	$	30	$	314	$	6	$	73	$	24	$	33
Other	38		5		32		20		12		84		9		76		40		35
Other Noncurrent Assets
Other	13		—		—		—		—		20		1		11		5		7
Total cash, cash equivalents and restricted cash	$	739	$	49	$	134	$	75	$	42	$	418	$	16	$	160	$	69	$	75

INVENTORY

Provisions for inventory write-offs were not material at September 30, 2025, and December 31, 2024. The components of inventory are presented in the tables below.


	September 30, 2025
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	3,482	$	1,172	$	1,708	$	1,106	$	602	$	153	$	402	$	13
Coal	718		328		249		170		79		18		123		—
Natural gas, oil and other fuel	294		45		194		104		90		11		2		41
Total inventory	$	4,494	$	1,545	$	2,151	$	1,380	$	771	$	182	$	527	$	54


	December 31, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	3,386	$	1,150	$	1,649	$	1,074	$	576	$	149	$	389	$	11
Coal	801		341		241		164		77		23		196		—
Natural gas, oil and other fuel	309		45		196		103		92		11		1		55
Total inventory	$	4,496	$	1,536	$	2,086	$	1,341	$	745	$	183	$	586	$	66

OTHER NONCURRENT ASSETS

Duke Energy, through a nonregulated subsidiary, was the winner of the Carolina Long Bay offshore wind auction in May 2022. The cost of the rights acquired from the auction, totaling $150 million, is recorded in Other within Other noncurrent assets on Duke Energy's Condensed Consolidated Balance Sheets as of September 30, 2025, and December 31, 2024.

ACCOUNTS PAYABLE

Duke Energy has a voluntary supply chain finance program (the “program”) that allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to a global financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms, which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.


FINANCIAL STATEMENTS			ORGANIZATION AND BASIS OF PRESENTATION

The following table presents the amounts included within Accounts payable on the Condensed Consolidated Balance Sheets sold to the financial institution by our suppliers and the supplier invoices sold to the financial institution under the program included within Net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025, and 2024.


	Three Months Ended September 30, 2024 and 2025

	Duke
(in millions)	Energy		Piedmont
Confirmed obligations outstanding at June 30, 2024	$	28	$	28
Invoices confirmed during the period	26		25
Confirmed invoices paid during the period	(28)		(28)
Confirmed obligations outstanding at September 30, 2024	$	26	$	25

Confirmed obligations outstanding at June 30, 2025	$	12	$	12
Invoices confirmed during the period	15		15
Confirmed invoices paid during the period	(14)		(14)
Confirmed obligations outstanding at September 30, 2025	$	13	$	13

	Nine Months Ended September 30, 2024 and 2025

	Duke
(in millions)	Energy		Piedmont
Confirmed obligations outstanding at December 31, 2023	$	50	$	47
Invoices confirmed during the period	146		144
Confirmed invoices paid during the period	(170)		(166)
Confirmed obligations outstanding at September 30, 2024	$	26	$	25

Confirmed obligations outstanding at December 31, 2024	$	13	$	12
Invoices confirmed during the period	47		45
Confirmed invoices paid during the period	(47)		(44)
Confirmed obligations outstanding at September 30, 2025	$	13	$	13

NEW ACCOUNTING STANDARDS

The following new accounting standards have been issued but not yet adopted by the Duke Energy Registrants as of September 30, 2025.

Improvements to Income Tax Disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued new accounting guidance to enhance income tax disclosures by requiring consistent categorization and additional disaggregation of information in the rate reconciliation, as well as an annual disclosure of income taxes paid information disaggregated by jurisdiction. The Duke Energy Registrants plan to adopt this guidance on a prospective basis as of January 1, 2025, in the Company's 2025 Form 10-K. Duke Energy expects this guidance to impact the financial statement disclosures with no impact on the results of operations, cash flows or financial condition.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued new accounting guidance that requires disclosure of disaggregated information for certain cost and expense categories. This new guidance does not change the expense captions presented on the Condensed Consolidated Statements of Operations but requires disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements. For Duke Energy Registrants, the amendments will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Duke Energy is currently assessing implementation of this guidance on the financial statement disclosures and expects it will have no impact on the results of operations, cash flows or financial condition.


FINANCIAL STATEMENTS			DISPOSITIONS

2. DISPOSITIONS

Minority Interest in Florida Progress

On August 4, 2025, Duke Energy, Progress Energy and Florida Progress LLC (Florida Progress), the holding company of Duke Energy Florida, entered into an investment agreement with an affiliate of Brookfield Super-Core Infrastructure Partners (Investor), pursuant to which Florida Progress agreed to issue membership interests to Investor for up to a 19.7% membership interest in Florida Progress following a series of closings, for an aggregate investment of $6 billion, subject to certain adjustments. At the first closing, Florida Progress will issue to Investor 9.2% of the Florida Progress membership interests for $2.8 billion. The first closing will be followed by additional closings with investments occurring no later than on the following timeline: (i) Investor will invest an additional $200 million in Florida Progress no later than December 31, 2026; (ii) Investor will invest an additional $500 million in Florida Progress no later than June 30, 2027; (iii) Investor will invest an additional $1.5 billion in Florida Progress no later than December 31, 2027; and (iv) Investor will invest an additional $1 billion in Florida Progress no later than June 30, 2028. The ownership interest of Florida Progress will transfer proportionally with each closing. The Investor has the option to fund its total $6 billion investment sooner. The transaction is subject to the satisfaction of certain customary conditions described in the investment agreement, including receipt of the approval of the FERC and completion of review by CFIUS, as well as approval, or a determination that the transaction does not require approval, by the NRC. The investment agreement also provides that, upon termination of the investment agreement under certain specified circumstances prior to the first closing, the Investor would be required to pay Progress Energy a termination fee of $240 million.

Proceeds from the minority interest investment are expected to be used to efficiently fund Duke Energy’s growing capital and investment expenditures plan, primarily by displacing certain previously planned issuances of long-term debt and common equity through 2029.

The investment agreement limits Florida Progress’ ability to declare dividends before the first closing (anticipated to be in early 2026). The Investor will receive certain limited rights commensurate with its 19.7% investment in Florida Progress. Duke Energy and Progress Energy will retain control of Florida Progress, so no gain or loss is expected to be recognized on the Condensed Consolidated Statements of Operations. The investment will be presented as noncontrolling interest within stockholders' equity.

Sale of Piedmont's Tennessee Business

On July 27, 2025, Piedmont entered into a purchase agreement with Spire Inc., a Missouri corporation, for the sale of Piedmont's Tennessee business with expected proceeds of $2.48 billion, subject to closing adjustments, with proceeds due at closing. Piedmont’s Tennessee business is included within the GU&I segment of Duke Energy and Piedmont. Piedmont expects to complete the sale on March 31, 2026. Completion of the transaction is subject to customary closing conditions, including approval from the TPUC and expiration or termination of the applicable waiting period under the HSR. The HSR waiting period for the transaction expired in September 2025. The purchase agreement contains certain termination rights and provides that Spire Inc. may be required to pay a termination fee for an amount equal to 6.5% of the purchase price to Piedmont upon termination of the purchase agreement under certain circumstances. In the third quarter of 2025, Duke Energy and Piedmont reclassified the Piedmont Tennessee Disposal Group to assets held for sale. Proceeds from the sale are expected to be used for debt reduction at Piedmont and to efficiently fund Duke Energy's capital plan, primarily by displacing the issuance of common equity in the near term.

Sale of Commercial Renewables Segment

In 2023, Duke Energy completed the sale of substantially all the assets in the Commercial Renewables business segment. Duke Energy closed on the transaction with Brookfield on October 25, 2023, for proceeds of $1.1 billion, with approximately half of the proceeds received at closing and the remainder due 18 months after closing. The balance of the remaining proceeds of $551 million is included in Receivable from sales of Commercial Renewables Disposal Groups as of December 31, 2024, on Duke Energy's Condensed Consolidated Balance Sheets. On April 28, 2025, Duke Energy received the remaining sale proceeds from Brookfield. In January 2025, a sale of the remaining Commercial Renewables business assets was completed and proceeds from that disposition were not material.

Assets Held For Sale and Discontinued Operations

The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. No interest from corporate level debt was allocated to discontinued operations.

The Piedmont Tennessee Disposal Group was classified as held for sale in the third quarter of 2025. Piedmont ceased recording depreciation and amortization on long-lived assets of the Piedmont Tennessee Disposal Group upon meeting the held for sale criteria in August 2025.


FINANCIAL STATEMENTS			DISPOSITIONS

The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's and Piedmont's Condensed Consolidated Balance Sheets.


	September 30, 2025
	Piedmont		Duke Energy
(in millions)	Piedmont Tennessee Disposal Group		Piedmont Tennessee Disposal Group		Commercial Renewables Disposal Groups		Total
Current Assets Held for Sale

Receivables, net	$	28	$	28	$	—	$	28
Inventory	12		12		—		12
Other	7		7		—		7
Total current assets held for sale	47		47		—		47
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost	2,185		2,185		—		2,185
Accumulated depreciation and amortization	(414)		(414)		—		(414)
Net property, plant and equipment	1,771		1,771		—		1,771

Goodwill	10		294		—		294
Regulatory assets	41		41		—		41

Total noncurrent assets held for sale	1,822		2,106		—		2,106
Total Assets Held for Sale	$	1,869	$	2,153	$	—	$	2,153
Current Liabilities Associated with Assets Held for Sale
Accounts payable	$	35	$	35	$	18	$	53



Other	4		4		—		4
Total current liabilities associated with assets held for sale	39		39		18		57
Noncurrent Liabilities Associated with Assets Held for Sale



Asset retirement obligations	4		4		—		4
Regulatory liabilities	158		158		—		158


Other	5		5		—		5
Total noncurrent liabilities associated with assets held for sale	167		167		—		167
Total Liabilities Associated with Assets Held for Sale	$	206	$	206	$	18	$	224

As of September 30, 2025, $18 million of current liabilities held for sale balance relates to the previously sold Commercial Renewables Disposal Groups' assets and is expected to settle by December 31, 2025.


FINANCIAL STATEMENTS			DISPOSITIONS


	December 31, 2024
	Piedmont		Duke Energy
(in millions)	Piedmont Tennessee Disposal Group		Piedmont Tennessee Disposal Group		Commercial Renewables Disposal Groups		Total
Current Assets Held for Sale

Receivables, net	$	64	$	64	$	—	$	64
Inventory	12		12		—		12
Other	16		16		4		20
Total current assets held for sale	92		92		4		96
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost	2,069		2,069		109		2,178
Accumulated depreciation and amortization	(392)		(392)		(24)		(416)
Net property, plant and equipment	1,677		1,677		85		1,762
Goodwill	10		294		—		294
Regulatory assets	35		35		—		35
Operating lease right-of-use assets, net	—		—		4		4
Total noncurrent assets held for sale	1,722		2,006		89		2,095
Total Assets Held for Sale	$	1,814	$	2,098	$	93	$	2,191
Current Liabilities Associated with Assets Held for Sale
Accounts payable	$	42	$	42	$	19	$	61
Taxes accrued	1		1		1		2
Current maturities of long-term debt	—		—		43		43
Unrealized losses on commodity hedges	—		—		13		13
Other	9		9		4		13
Total current liabilities associated with assets held for sale	52		52		80		132
Noncurrent Liabilities Associated with Assets Held for Sale



Asset retirement obligations	4		4		5		9
Regulatory liabilities	173		173		—		173
Operating lease liabilities	—		—		5		5
Unrealized losses on commodity hedges	—		—		66		66
Other	5		5		13		18
Total noncurrent liabilities associated with assets held for sale	182		182		89		271
Total Liabilities Associated with Assets Held for Sale	$	234	$	234	$	169	$	403

As of December 31, 2024, the noncontrolling interest balance is $18 million and relates to the previously sold Commercial Renewables Disposal Groups.

The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Income (Loss) from Discontinued Operations, net of tax in Duke Energy's Condensed Consolidated Statements of Operations.


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in millions)	2024		2025		2024
Operating revenues	$	2	$	4	$	9


Operation, maintenance and other	3		1		19

Property and other taxes	—		—		1



Interest expense	1		—		3
Loss on disposal	17		4		22
Loss before income taxes	(19)		(1)		(36)
Income tax benefit	(44)		—		(48)
Income (Loss) from discontinued operations	$	25	$	(1)	$	12
Add: Net income attributable to noncontrolling interest included in discontinued operations	(3)		—		(3)
Net income (loss) from discontinued operations attributable to Duke Energy Corporation	$	22	$	(1)	$	9


FINANCIAL STATEMENTS			DISPOSITIONS

Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Condensed Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.


	Nine Months Ended
	September 30,
(in millions)	2025		2024
Cash flows (used in) provided by:
Operating activities	$	(3)	$	6
Investing activities	—		(13)

Other Sale-Related Matters

As part of the 2023 purchase and sale agreement for the Commercial Renewables distributed generation group, Duke Energy agreed to retain certain guarantees, with expiration dates between 2029 through 2034, related to tax equity partners' assets and operations that were disposed of via sale. Duke Energy has obtained certain guarantees from the buyers in regards to future performance obligations to assist in limiting Duke Energy's exposure under the retained guarantees. The fair value of the guarantees is immaterial as Duke Energy does not believe conditions are likely for performance under these guarantees.

3. BUSINESS SEGMENTS

Duke Energy

Duke Energy's segment structure includes the following two segments: EU&I and GU&I.

The EU&I segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. EU&I also includes the offshore wind contract for Carolina Long Bay.

The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage, midstream pipeline and renewable natural gas investments.

The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in NMC.


FINANCIAL STATEMENTS			BUSINESS SEGMENTS

Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets. On a quarterly basis going forward, the Company expects to disclose segment assets as of the prior year end and current interim period end, consistent with the periods presented on the Condensed Consolidated Balance Sheets in each respective Form 10-Q.


	Three Months Ended September 30, 2025
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	8,165	$	371	$	8,536	$	6	$	—	$	8,542
Intersegment revenues	15		23		38		34		(72)		—
Total operating revenues	$	8,180	$	394	$	8,574	$	40	$	(72)	$	8,542
Less:
Fuel used in electric generation and purchased power	$	2,309	$	—	$	2,309	$	—	$	(20)	$	2,289
Cost of natural gas	—		110		110		—		—		110
Operation, maintenance and other	1,728		125		1,853		(38)		(53)		1,762
Depreciation and amortization	1,448		106		1,554		79		(7)		1,626
Property and other taxes	394		41		435		2		1		438
Impairment of assets and other charges	(1)		—		(1)		—		1		—
Interest expense	522		67		589		332		(19)		902
Income tax expense (benefit)	264		(10)		254		(79)		1		176
Other Segment Items
Noncontrolling interests(a)	34		—		34		—		(1)		33
Preferred dividends	—		—		—		14		—		14

Add: Equity in earnings of unconsolidated affiliates	—		5		5		12		(1)		16
Add: Other(b)	176		14		190		33		(24)		199
Segment income (loss)	$	1,658	$	(26)	$	1,632	$	(225)	$	—	$	1,407


Add back: Net income attributable to noncontrolling interest											33
Add back: Preferred dividends											14

Net Income											$	1,454


FINANCIAL STATEMENTS			BUSINESS SEGMENTS


	Three Months Ended September 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	7,833	$	309	$	8,142	$	12	$	—	$	8,154
Intersegment revenues	19		23		42		30		(72)		—
Total operating revenues	$	7,852	$	332	$	8,184	$	42	$	(72)	$	8,154
Less:
Fuel used in electric generation and purchased power	$	2,664	$	—	$	2,664	$	—	$	(20)	$	2,644
Cost of natural gas	—		70		70		—		—		70
Operation, maintenance and other	1,387		113		1,500		(44)		(47)		1,409
Depreciation and amortization	1,352		100		1,452		72		(8)		1,516
Property and other taxes	345		36		381		3		(1)		383
Impairment of assets and other charges	(5)		—		(5)		—		—		(5)
Interest expense	514		67		581		321		(30)		872
Income tax expense (benefit)	244		(14)		230		(66)		(1)		163
Other Segment Items
Noncontrolling interests(a)	31		—		31		—		—		31
Preferred dividends	—		—		—		39		—		39
Preferred redemption costs	—		—		—		16		—		16
Add: Equity in earnings of unconsolidated affiliates	2		3		5		10		—		15
Add: Other(b)	129		12		141		67		(35)		173
Segment income (loss)(c)(d)	$	1,451	$	(25)	$	1,426	$	(222)	$	—	$	1,204
Discontinued Operations											22
Net income available to Duke Energy Corporation Common Stockholders											$	1,226
Add back: Net Income available to noncontrolling interest											34
Add back: Preferred dividends											39
Add back: Preferred redemption costs											16
Net Income											$	1,315

(a)Net income attributable to NCI related to continuing operations.

(b) Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.

(c) EU&I includes $17 million recorded within Operating Revenues and GU&I includes $1 million recorded within Operations, maintenance and other and $3 million recorded within Other income and expenses related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.

(d) Other includes $16 million recorded as Preferred Redemption Costs related to the redemption of Series B Preferred Stock. Refer to Note 15 for further information.


FINANCIAL STATEMENTS			BUSINESS SEGMENTS


	Nine Months Ended September 30, 2025
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	22,320	$	1,958	$	24,278	$	21	$	—	$	24,299
Intersegment revenues	45		69		114		101		(215)		—
Total operating revenues	$	22,365	$	2,027	$	24,392	$	122	$	(215)	$	24,299
Less:
Fuel used in electric generation and purchased power	$	6,326	$	—	$	6,326	$	—	$	(60)	$	6,266
Cost of natural gas	—		642		642		—		—		642
Operation, maintenance and other	4,746		379		5,125		(59)		(150)		4,916
Depreciation and amortization	4,184		325		4,509		233		(21)		4,721
Property and other taxes	1,143		129		1,272		8		1		1,281
Impairment of assets and other charges	(2)		—		(2)		5		—		3
Interest expense	1,587		197		1,784		968		(64)		2,688
Income tax expense (benefit)	653		77		730		(243)		1		488
Other Segment Items
Noncontrolling interests(a)	82		—		82		—		(1)		81
Preferred dividends	—		—		—		41		—		41

Add: Equity in earnings of unconsolidated affiliates	—		11		11		27		—		38
Add: Other(b)	482		40		522		91		(79)		534
Segment income (loss)	$	4,128	$	329	$	4,457	$	(713)	$	—	$	3,744
Discontinued Operations											(1)
Net income available to Duke Energy Corporation Common Stockholders											$	3,743
Add back: Net income attributable to noncontrolling interest											81
Add back: Preferred dividends											41

Net Income											$	3,865
Capital investments expenditures and acquisitions for the nine months ended September 30, 2025	$	8,789	$	847	$	9,636	$	245	$	—	$	9,881
Segment assets as of September 30, 2025(c)	169,647		18,468		188,115		4,178		—		192,293


FINANCIAL STATEMENTS			BUSINESS SEGMENTS


	Nine Months Ended September 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	21,420	$	1,547	$	22,967	$	30	$	—	$	22,997
Intersegment revenues	55		68		123		90		(213)		—
Total operating revenues	$	21,475	$	1,615	$	23,090	$	120	$	(213)	$	22,997
Less:
Fuel used in electric generation and purchased power	$	7,266	$	—	$	7,266	$	—	$	(59)	$	7,207
Cost of natural gas	—		380		380		—		—		380
Operation, maintenance and other	3,965		359		4,324		(70)		(146)		4,108
Depreciation and amortization	3,823		294		4,117		216		(21)		4,312
Property and other taxes	1,033		120		1,153		10		(1)		1,162
Impairment of assets and other charges	38		—		38		1		—		39
Interest expense	1,501		189		1,690		921		(98)		2,513
Income tax expense (benefit)	631		57		688		(207)		—		481
Other Segment Items
Noncontrolling interests(a)	66		—		66		—		(1)		65
Preferred dividends	—		—		—		92		—		92
Preferred redemption costs	—		—		—		16		—		16
Add: Equity in earnings of unconsolidated affiliates	4		3		7		46		—		53
Add: Other(b)	406		46		452		188		(113)		527
Segment income (loss)(d)(e)	$	3,562	$	265	$	3,827	$	(625)	$	—	$	3,202
Discontinued Operations											9
Net income available to Duke Energy Corporation Common Stockholders											$	3,211
Add back: Net Income available to noncontrolling interest											68
Add back: Preferred dividends											92
Add back: Preferred redemption costs											16
Net Income											$	3,387
Capital investments expenditures and acquisitions for the nine months ended September 30, 2024	$	7,969	$	1,027	$	8,996	$	203	$	—	$	9,199
Segment assets as of December 31, 2024(c)	164,010		18,131		182,141		4,202		—		186,343

(a)Net income attributable to NCI related to continuing operations.

(b) Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.

(c) GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group. Refer to Note 2 for further information.

(d) EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the Duke Energy Carolinas' 2024 South Carolina rate case order. Additionally, EU&I includes $17 million recorded within Operating Revenues and GU&I includes $1 million recorded within Operations, maintenance and other and $3 million recorded within Other income and expenses related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.

(e) Other includes $16 million recorded as Preferred Redemption Costs related to the redemption of Series B Preferred Stock. Refer to Note 15 for further information.


FINANCIAL STATEMENTS			BUSINESS SEGMENTS

Duke Energy Carolinas

Duke Energy Carolinas has one reportable segment, EU&I. The remainder of Duke Energy Carolinas' operations is presented as Other.


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Electric						Electric
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	2,632	$	—	$	2,632	$	7,387	$	—	$	7,387
Less:
Fuel used in electric generation and purchased power	$	706	$	—	$	706	$	2,080	$	—	$	2,080
Operation, maintenance and other	477		10		487		1,439		32		1,471
Depreciation and amortization	488		—		488		1,402		—		1,402
Property and other taxes	96		—		96		283		—		283
Impairment of assets and other charges	1		—		1		—		—		—
Interest expense	184		—		184		584		—		584
Income tax expense (benefit)	54		(3)		51		146		(8)		138
Add: Other segment items(a)	66		(1)		65		195		(2)		193
Segment income (loss) / Net income	$	692	$	(8)	$	684	$	1,648	$	(26)	$	1,622
Capital expenditures for the nine months ended September 30, 2025							$	3,159	$	—	$	3,159
Segment assets as of September 30, 2025							57,700		221		57,921


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Electric						Electric
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	2,707	$	—	$	2,707	$	7,411	$	—	$	7,411
Less:
Fuel used in electric generation and purchased power	$	922	$	—	$	922	$	2,531	$	—	$	2,531
Operation, maintenance and other	461		2		463		1,335		23		1,358
Depreciation and amortization	472		—		472		1,306		—		1,306
Property and other taxes	88		—		88		271		—		271
Impairment of assets and other charges	(2)		—		(2)		32		—		32
Interest expense	189		—		189		537		—		537
Income tax expense (benefit)	50		(1)		49		159		(6)		153
Add: Other segment items(a)	59		(1)		58		184		(2)		182
Segment income (loss) / Net income	$	586	$	(2)	$	584	$	1,424	$	(19)	$	1,405
Capital expenditures for the nine months ended September 30, 2024							$	2,923	$	—	$	2,923
Segment assets as of December 31, 2024							54,782		223		55,005

(a) Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.


FINANCIAL STATEMENTS			BUSINESS SEGMENTS

Progress Energy

Progress Energy has one reportable segment, EU&I. The remainder of Progress Energy's operations is presented as Other.


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Electric						Electric
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	4,070	$	4	$	4,074	$	11,098	$	12	$	11,110
Less:
Fuel used in electric generation and purchased power	$	1,175	$	—	$	1,175	$	3,306	$	—	$	3,306
Operation, maintenance and other	935		9		944		2,436		39		2,475
Depreciation and amortization	670		—		670		1,910		—		1,910
Property and other taxes	201		—		201		548		—		548
Impairment of assets and other charges	(2)		—		(2)		(2)		—		(2)
Interest expense	243		29		272		744		86		830
Income tax expense (benefit)	155		(12)		143		394		(33)		361
Add: Other segment items(a)	81		5		86		218		10		228
Segment income (loss) / Net income	$	774	$	(17)	$	757	$	1,980	$	(70)	$	1,910
Capital expenditures for the nine months ended September 30, 2025							$	4,320	$	—	$	4,320
Segment assets as of September 30, 2025							70,292		4,272		74,564


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Electric						Electric
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	3,854	$	6	$	3,860	$	10,430	$	15	$	10,445
Less:
Fuel used in electric generation and purchased power	$	1,384	$	—	$	1,384	$	3,729	$	—	$	3,729
Operation, maintenance and other	646		7		653		1,833		36		1,869
Depreciation and amortization	640		—		640		1,795		—		1,795
Property and other taxes	170		—		170		494		—		494
Impairment of assets and other charges	(3)		—		(3)		6		—		6
Interest expense	241		30		271		709		87		796
Income tax expense (benefit)	142		(12)		130		351		(31)		320
Add: Other segment items(a)	53		10		63		170		28		198
Segment income (loss) / Net income	$	687	$	(9)	$	678	$	1,683	$	(49)	$	1,634
Capital expenditures for the nine months ended September 30, 2024							$	3,891	$	—	$	3,891
Segment assets as of December 31, 2024							67,951		3,685		71,636

(a) Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.


FINANCIAL STATEMENTS			BUSINESS SEGMENTS

Duke Energy Progress

Duke Energy Progress has one reportable segment, EU&I. The remainder of Duke Energy Progress' operations is presented as Other.


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Electric						Electric
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	1,913	$	—	$	1,913	$	5,612	$	—	$	5,612
Less:
Fuel used in electric generation and purchased power	$	629	$	—	$	629	$	1,928	$	—	$	1,928
Operation, maintenance and other	358		4		362		1,082		18		1,100
Depreciation and amortization	373		—		373		1,049		—		1,049
Property and other taxes	54		—		54		159		—		159
Impairment of assets and other charges	(2)		—		(2)		(2)		—		(2)
Interest expense	125		—		125		392		—		392
Income tax expense (benefit)	58		(2)		56		156		(5)		151
Add: Other segment items(a)	58		(2)		56		147		(4)		143
Segment income (loss) / Net income	$	376	$	(4)	$	372	$	995	$	(17)	$	978
Capital expenditures for the nine months ended September 30, 2025							$	2,372	$	—	$	2,372
Segment assets as of September 30, 2025							41,163		744		41,907


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Electric						Electric
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	1,914	$	—	$	1,914	$	5,338	$	—	$	5,338
Less:
Fuel used in electric generation and purchased power	$	679	$	—	$	679	$	1,896	$	—	$	1,896
Operation, maintenance and other	374		2		376		1,063		14		1,077
Depreciation and amortization	354		—		354		999		—		999
Property and other taxes	43		—		43		144		—		144
Impairment of assets and other charges	(3)		—		(3)		6		—		6
Interest expense	127		—		127		370		—		370
Income tax expense (benefit)	48		—		48		137		(2)		135
Add: Other segment items(a)	32		3		35		104		5		109
Segment income (loss) / Net income	$	324	$	1	$	325	$	827	$	(7)	$	820
Capital expenditures for the nine months ended September 30, 2024							$	2,036	$	—	$	2,036
Segment assets as of December 31, 2024							39,402		91		39,493

(a) Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.


FINANCIAL STATEMENTS			BUSINESS SEGMENTS

Duke Energy Florida

Duke Energy Florida has one reportable segment, EU&I. The remainder of Duke Energy Florida's operations is presented as Other.


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Electric						Electric
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	2,157	$	—	$	2,157	$	5,486	$	—	$	5,486
Less:
Fuel used in electric generation and purchased power	$	546	$	—	$	546	$	1,378	$	—	$	1,378
Operation, maintenance and other	577		2		579		1,354		11		1,365
Depreciation and amortization	297		—		297		861		—		861
Property and other taxes	147		—		147		389		—		389

Interest expense	118		—		118		352		—		352
Income tax expense (benefit)	97		(1)		96		238		(3)		235
Add: Other segment items(a)	23		—		23		71		(2)		69
Segment income (loss) / Net income	$	398	$	(1)	$	397	$	985	$	(10)	$	975
Capital expenditures for the nine months ended September 30, 2025							$	1,948	$	—	$	1,948
Segment assets as of September 30, 2025							29,129		85		29,214


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Electric						Electric
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	1,940	$	—	$	1,940	$	5,092	$	—	$	5,092
Less:
Fuel used in electric generation and purchased power	$	705	$	—	$	705	$	1,833	$	—	$	1,833
Operation, maintenance and other	272		—		272		770		9		779
Depreciation and amortization	286		—		286		796		—		796
Property and other taxes	127		—		127		350		—		350

Interest expense	114		—		114		339		—		339
Income tax expense (benefit)	94		—		94		214		(2)		212
Add: Other segment items(a)	21		1		22		66		3		69
Segment income (loss) / Net income	$	363	$	1	$	364	$	856	$	(4)	$	852
Capital expenditures for the nine months ended September 30, 2024							$	1,855	$	—	$	1,855
Segment assets as of December 31, 2024							28,549		20		28,569

(a) Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.


FINANCIAL STATEMENTS			BUSINESS SEGMENTS

Duke Energy Ohio

Duke Energy Ohio has two reportable segments, EU&I and GU&I. The remainder of Duke Energy Ohio's operations is presented as Other.


	Three Months Ended September 30, 2025
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable		Eliminations/
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total


Total operating revenues	$	561	$	118	$	679	$	—	$	679
Less:
Fuel used in electric generation and purchased power	$	175	$	—	$	175	$	—	$	175
Cost of natural gas	—		12		12		—		12
Operation, maintenance and other	98		28		126		1		127
Depreciation and amortization	83		36		119		1		120
Property and other taxes	87		21		108		1		109

Interest expense	34		18		52		—		52
Income tax expense (benefit)	13		1		14		(1)		13
Add: Other segment items(a)	4		2		6		1		7
Segment income (loss) / Net income	$	75	$	4	$	79	$	(1)	$	78


	Three Months Ended September 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable		Eliminations/
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total


Total operating revenues	$	497	$	108	$	605	$	—	$	605
Less:
Fuel used in electric generation and purchased power	$	146	$	—	$	146	—		$	146
Cost of natural gas	—		18		18		—		18
Operation, maintenance and other	106		25		131		—		131
Depreciation and amortization	70		32		102		—		102
Property and other taxes	79		20		99		—		99

Interest expense	32		18		50		2		52
Income tax expense (benefit)	10		(2)		8		(1)		7
Add: Other segment items(a)	3		(1)		2		—		2
Segment income (loss) / Net income	$	57	$	(4)	$	53	$	(1)	$	52

(a) Other segment items for EU&I and GU&I include Gains on sales of other assets and other, net, and Other income and expenses, net.


	Nine Months Ended September 30, 2025
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable		Eliminations/
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total


Total operating revenues	$	1,546	$	553	$	2,099	$	—	$	2,099
Less:
Fuel used in electric generation and purchased power	$	485	$	—	$	485	$	—	$	485
Cost of natural gas	—		148		148		—		148
Operation, maintenance and other	277		84		361		5		366
Depreciation and amortization	242		111		353		—		353
Property and other taxes	253		72		325		1		326

Interest expense	97		52		149		1		150
Income tax expense (benefit)	31		18		49		(2)		47
Add: Other segment items(a)	12		6		18		—		18
Segment income (loss) / Net income	$	173	$	74	$	247	$	(5)	$	242
Capital expenditures for the nine months ended September 30, 2025	$	457	$	252	$	709	$	—	$	709
Segment assets as of September 30, 2025	8,433		4,647		13,080		192		13,272


FINANCIAL STATEMENTS			BUSINESS SEGMENTS


	Nine Months Ended September 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable		Eliminations/
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total


Total operating revenues	$	1,431	$	460	$	1,891	$	—	$	1,891
Less:
Fuel used in electric generation and purchased power	$	416	$	—	$	416	—		$	416
Cost of natural gas	—		100		100		—		100
Operation, maintenance and other	287		87		374		4		378
Depreciation and amortization	201		96		297		—		297
Property and other taxes	230		73		303		—		303

Interest expense	93		50		143		1		144
Income tax expense (benefit)	33		11		44		(2)		42
Add: Other segment items(a)	10		3		13		(1)		12
Segment income (loss) / Net income	$	181	$	46	$	227	$	(4)	$	223
Capital expenditures for the nine months ended September 30, 2024	$	421	$	219	$	640	$	—	$	640
Segment assets as of December 31, 2024	8,211		4,506		12,717		51		12,768

(a) Other segment items for EU&I and GU&I include Gains on sales of other assets and other, net, and Other income and expenses, net.

Duke Energy Indiana

Duke Energy Indiana has one reportable segment, EU&I. The remainder of Duke Energy Indiana's operations is presented as Other.


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Electric						Electric
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	992	$	—	$	992	$	2,671	$	—	$	2,671
Less:
Fuel used in electric generation and purchased power	$	324	$	—	$	324	$	803	$	—	$	803
Operation, maintenance and other	212		2		214		594		7		601
Depreciation and amortization	203		—		203		617		—		617
Property and other taxes	9		—		9		44		—		44

Interest expense	66		—		66		182		—		182
Income tax expense (benefit)	24		—		24		62		(2)		60
Add: Other segment items(a)	15		—		15		47		(1)		46
Segment income (loss) / Net income	$	169	$	(2)	$	167	$	416	$	(6)	$	410
Capital expenditures for the nine months ended September 30, 2025							$	841	$	—	$	841
Segment assets as of September 30, 2025							15,961		204		16,165


FINANCIAL STATEMENTS			BUSINESS SEGMENTS


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Electric						Electric
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	836	$	—	$	836	$	2,342	$	—	$	2,342
Less:
Fuel used in electric generation and purchased power	$	267	$	—	$	267	$	761	$	—	$	761
Operation, maintenance and other	169		—		169		508		2		510
Depreciation and amortization	166		—		166		507		—		507
Property and other taxes	7		—		7		37		—		37

Interest expense	58		—		58		173		—		173
Income tax expense (benefit)	29		—		29		65		—		65
Add: Other segment items(a)	15		1		16		44		—		44
Segment income (loss) / Net income	$	155	$	1	$	156	$	335	$	(2)	$	333
Capital expenditures for the nine months ended September 30, 2024							$	711	$	—	$	711
Segment assets as of December 31, 2024							15,726		1		15,727

(a) Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.

Piedmont

Piedmont has one reportable segment, GU&I. The remainder of Piedmont's operations is presented as Other.


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Gas						Gas
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	271	$	—	$	271	$	1,463	$	—	$	1,463
Less:
Cost of natural gas	$	98	$	—	$	98	$	494	$	—	$	494
Operation, maintenance and other	94		8		102		289		12		301
Depreciation and amortization	69		—		69		210		—		210
Property and other taxes	19		—		19		56		—		56

Interest expense	48		—		48		142		1		143
Income tax (benefit) expense	(11)		(1)		(12)		58		(2)		56
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates	—		3		3		—		6		6
Add: Other(a)	12		—		12		34		—		34
Segment (loss) income / Net (loss) income	$	(34)	$	(4)	$	(38)	$	248	$	(5)	$	243
Capital expenditures for the nine months ended September 30, 2025							$	595	$	—	$	595
Segment assets as of September 30, 2025(b)							11,947		89		12,036


FINANCIAL STATEMENTS			BUSINESS SEGMENTS


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Gas						Gas
	Utilities and		Eliminations/				Utilities and		Eliminations/
(in millions)	Infrastructure		Other		Total		Infrastructure		Other		Total
Total operating revenues	$	219	$	—	$	219	$	1,139	$	—	$	1,139
Less:
Cost of natural gas	$	52	$	—	$	52	$	280	$	—	$	280
Operation, maintenance and other	86		1		87		264		3		267
Depreciation and amortization	65		—		65		191		—		191
Property and other taxes	16		—		16		47		—		47

Interest expense	47		—		47		135		—		135
Income tax (benefit) expense	(10)		—		(10)		48		1		49
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates	—		2		2		—		6		6
Add: Other(a)	12		—		12		42		—		42
Segment (loss) income / Net (loss) income	$	(25)	$	1	$	(24)	$	216	$	2	$	218
Capital expenditures for the nine months ended September 30, 2024							$	800	$	—	$	800
Segment assets as of December 31, 2024(b)							11,707		92		11,799

(a) Other includes Gains on sales of other assets and other, net, and Other income and expenses, net.

(b) GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group. Refer to Note 2 for further information.

4. REGULATORY MATTERS

RATE-RELATED INFORMATION

The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC regulates and approves rates for wholesale electric sales and interstate transmission rates. The FERC also regulates certification and siting of new interstate natural gas pipeline projects. For open regulatory matters, unless otherwise noted, the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.

Duke Energy Carolinas and Duke Energy Progress

Hurricanes Debby and Helene

In 2024, hurricanes Debby and Helene significantly impacted the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina. As of September 30, 2025, the total cumulative operations and maintenance expense incurred for restoration and rebuilding of infrastructure associated with the hurricanes was approximately $789 million ($500 million and $289 million for Duke Energy Carolinas and Duke Energy Progress, respectively). The reduction in cumulative operations and maintenance expense compared to December 31, 2024, of $112 million for Duke Energy Carolinas and an increase of $41 million for Duke Energy Progress, was recorded in Regulatory assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. In addition, through September 30, 2025, there have been cumulative capital investments of $494 million ($400 million and $94 million for Duke Energy Carolinas and Duke Energy Progress, respectively) associated with the hurricanes. Amounts are net of expected insurance recoveries and could change going forward as storm restoration and rebuild work is finalized. Additional estimated capital costs of approximately $40 million are expected to be incurred through 2026 to rebuild the systems from hurricane damage.

North Carolina Storm Cost Securitization

In December 2024, Duke Energy Carolinas and Duke Energy Progress filed their joint petition for review and approval of storm recovery costs (Phase 1) with the NCUC to securitize the North Carolina-retail allocable share of storm costs associated with hurricanes Helene, Debby and Ian, as well as Hurricane Zeta and Winter Storm Izzy, and the establishment of storm reserves for $200 million at Duke Energy Carolinas and $100 million at Duke Energy Progress. On February 3, 2025, Duke Energy Carolinas and Duke Energy Progress filed their joint petition for financing orders (Phase 2). In February 2025, Duke Energy Carolinas and Duke Energy Progress reached a settlement agreement with the North Carolina Public Staff and other intervening parties that resolved all issues between the parties in the Phase 1 proceeding and removed the establishment of storm reserves from the securitization proceeding. Further, the settlement outlined agreement on certain issues in the Phase 2 proceeding. On April 16, 2025, the NCUC issued its Phase 1 order approving the settlement and determining storm recovery costs were reasonable, prudent and eligible for securitization. The order authorized the companies to proceed to Phase 2 of the securitization process. On April 15, 2025, Duke Energy Carolinas and Duke Energy Progress filed a settlement with the North Carolina Public Staff resolving all remaining issues in Phase 2. On June 18, 2025, the NCUC issued its Phase 2 order approving the settlement and issuing the financing orders.


FINANCIAL STATEMENTS			REGULATORY MATTERS

In September 2025, Duke Energy Carolinas and Duke Energy Progress issued $582 million and $461 million, respectively, of storm recovery bonds. Additionally, per the financing orders, any discrepancies between estimates and actual costs of the storms must be accumulated and tracked to allow for a detailed review of the costs for reasonableness and prudency in Duke Energy Carolinas' and Duke Energy Progress’ next general rate case proceedings. As of September 30, 2025, actual North Carolina-retail allocable storm costs were lower than estimates and Duke Energy Carolinas and Duke Energy Progress recorded $144 million and $77 million, respectively, in Regulatory Liabilities within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. Storm recovery charges were effective November 1, 2025. See Notes 6 and 13 for more information.

South Carolina Storm Cost Securitization

On March 21, 2025, Duke Energy Carolinas filed a petition for storm securitization with the PSCSC for authorization to finance the estimated South Carolina-retail allocable share of storm costs primarily related to Hurricane Helene storm recovery activities and inclusive of funding $25 million related to storm reserves. On June 25, 2025, an evidentiary hearing was held. Duke Energy Carolinas reached a comprehensive settlement among all parties in the proceeding, which was filed with the PSCSC supporting securitization of approximately $556 million, including the storm reserve funding. On July 10, 2025, the PSCSC approved the settlement and the financing order was issued on August 1, 2025. Duke Energy Carolinas expects to securitize the South Carolina-retail allocable share of storm costs by the end of 2025. Due to the relatively low level of storm costs incurred by Duke Energy Progress in South Carolina, Duke Energy Progress will not seek to pursue securitization of those costs and has offset them against established storm reserve balances.

Applications to Combine Utilities

On August 14, 2025, Duke Energy Carolinas and Duke Energy Progress (together, the Companies) filed a joint application with the NCUC and PSCSC for approval to combine utilities, by which Duke Energy Progress will merge into Duke Energy Carolinas, resulting in a single electric utility serving the Companies' North Carolina and South Carolina service territories. Duke Energy Corporation, together with the Companies, also filed an application with the FERC on the same day. The single utility’s ability to plan, execute, and operate resources more efficiently is expected to result in substantial cost savings, benefiting customers by reducing the overall costs to serve. Subject to regulatory approvals, the targeted effective date is January 1, 2027. There is no assurance that Duke Energy, Duke Energy Carolinas and Duke Energy Progress will obtain required regulatory approvals from the NCUC, PSCSC and the FERC, and all three approvals are required for the transaction to proceed.

The comment deadline in the FERC proceeding closed on September 4, 2025. Three intervenors offered support for the combination and one filed a protest regarding the mitigation plan for the Companies' Open Access Transmission Tariff rates. Duke Energy responded to the protest on September 19, 2025. A FERC decision is anticipated in the first quarter of 2026.

Evidentiary hearings are scheduled to commence on February 23, 2026, at the NCUC and April 8, 2026, at the PSCSC. Orders are anticipated to be issued in the second quarter of 2026.

Duke Energy Carolinas

Oconee Subsequent License Renewal

On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR) application for Oconee with the NRC to renew the operating licenses. On March 31, 2025, the NRC issued the subsequent renewed licenses for Oconee, allowing an additional 20 years of operation to 2053 (units 1 and 2) and 2054 (unit 3).

2023 North Carolina Rate Case

In January 2023, Duke Energy Carolinas filed a performance-based regulation (PBR) application with the NCUC to request an increase in base rate retail revenues. The PBR application included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms (PIMS) as required by HB951.

In August 2023, Duke Energy Carolinas filed with the NCUC a partial settlement with the North Carolina Public Staff in connection with its PBR application. The partial settlement included, among other things, agreement on a substantial portion of the North Carolina retail rate base for the historic base case of approximately $19.5 billion and all of the capital projects and related costs to be included in the three-year MYRP, including $4.6 billion (North Carolina retail allocation) projected to go in service over the MYRP period. Additionally, the partial settlement included agreement, with certain adjustments, on depreciation rates, the recovery of grid improvement plan costs and PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application. On August 28, 2023, Duke Energy Carolinas filed with the NCUC a second partial settlement with the North Carolina Public Staff resolving additional issues, including the future treatment of nuclear PTCs related to the IRA, through a stand-alone rider that would provide the benefits to customers. This stand-alone rider was effective in rates beginning January 1, 2025.

On December 15, 2023, the NCUC issued an order approving Duke Energy Carolinas' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $436 million in Year 1, $174 million in Year 2 and $158 million in Year 3, for a combined total of $768 million. The order established an ROE of 10.1% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Carolinas implemented interim rates on September 1, 2023. New revised Year 1 rates and the residential decoupling were implemented on January 15, 2024.


FINANCIAL STATEMENTS			REGULATORY MATTERS

In February 2024, a number of parties filed Notices of Appeal of the December 15, 2023, NCUC order. Notices of Appeal were filed by the Carolina Industrial Group for Fair Utility Rates (CIGFUR) III, a collection of electric membership cooperatives (collectively, the EMCs), and the North Carolina Attorney General’s Office (the AGO). CIGFUR III and the EMCs appealed the interclass subsidy reduction percentage and the Transmission Cost Allocation stipulation. In addition, CIGFUR III appealed the NCUC’s elimination of the equal percentage fuel cost allocation methodology. The AGO appealed several issues including the authorized ROE and certain rate design and accounting matters. On March 1, 2024, Carolina Utility Customers Association, Inc. appealed several issues, including the authorized ROE and certain rate design and accounting matters. In July 2024, the Supreme Court of North Carolina consolidated these appeals with the parallel appeals of the NCUC's order regarding the Duke Energy Progress PBR application. Briefing is complete and oral arguments occurred on February 13, 2025. Duke Energy Carolinas anticipates a decision to be issued in the fourth quarter of 2025.

2025 South Carolina Rate Case

On July 1, 2025, Duke Energy Carolinas filed a base rate case with the PSCSC requesting an annualized increase in electric base rates of approximately $151 million and an ROE of 10.85% with an equity ratio of 53%. This is an overall average customer rate increase of approximately 7.7%. The request for the rate increase is driven by significant capital investments, including generation plant additions, as well as transmission, distribution and grid improvements. Duke Energy Carolinas has requested new rates to go into effect no later than March 1, 2026. An evidentiary hearing is scheduled to commence on November 13, 2025. An order is expected by the end of 2025.

Bad Creek License Extension

On July 14, 2025, Duke Energy Carolinas filed its final license application with the FERC for the Bad Creek Pumped Storage Hydroelectric Station. The application, if approved, would extend plant operations for an additional 50 years. The current license expires in 2027 and the renewal would extend the operating license of the facility to 2077.

Anderson County Combined Cycle CECPCN

On October 30, 2025, Duke Energy Carolinas filed with the PSCSC an application for a CECPCN to construct and operate a new 1,365-MW natural gas CC generating facility with hydrogen capability in Anderson County, South Carolina. The preliminary estimate of the total project cost is approximately $3.2 billion, inclusive of financing costs. Subject to negotiation of final contractual terms, the new CC will be co-owned with North Carolina Electric Membership Corporation (NCEMC) and Central Electric Power Cooperative (CEPC), with Duke Energy Carolinas owning approximately 1,170 MW, NCEMC owning 100 MW and CEPC owning the remaining 95 MW. If approved, construction is anticipated to begin in 2027 and the facility would be expected to be in service by the end of 2030.

Duke Energy Progress

2022 North Carolina Rate Case

In October 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMs as required by HB951.

In April 2023, Duke Energy Progress filed with the NCUC a partial settlement with North Carolina Public Staff, which included agreement on many aspects of Duke Energy Progress' three-year MYRP proposal. In May 2023, CIGFUR II joined this partial settlement and North Carolina Public Staff and CIGFUR II filed a separate settlement reaching agreement on PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application.

On August 18, 2023, the NCUC issued an order approving Duke Energy Progress' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $233 million in Year 1, $126 million in Year 2 and $135 million in Year 3, for a combined total of $494 million. Key aspects of the order include the approval of North Carolina retail rate base for the historic base case of approximately $12.2 billion and capital projects and related costs to be included in the three-year MYRP, including $3.5 billion (North Carolina retail allocation) projected to go in service over the MYRP period. The order established an ROE of 9.8% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Progress implemented interim rates on June 1, 2023, and implemented revised Year 1 rates and the residential decoupling on October 1, 2023.

In October 2023, CIGFUR II and Haywood Electric Membership Corporation each filed a Notice of Appeal of the August 18, 2023 NCUC order. Both parties are appealing certain matters that do not impact the overall revenue requirement in the rate case. Specifically, they appealed the interclass subsidy reduction percentage, and CIGFUR II also appealed the Customer Assistance Program and the equal percentage fuel cost allocation methodology. In November 2023, the AGO filed a Notice of Cross Appeal of the NCUC's determination regarding the exclusion of electric vehicle revenue from the residential decoupling mechanism. In November 2023, Duke Energy Progress, the North Carolina Public Staff, CIGFUR II, and a number of other parties reached a settlement pursuant to which CIGFUR II agreed not to pursue its appeal of the Customer Assistance Program. In July 2024, the Supreme Court of North Carolina consolidated these appeals with the parallel appeals of the NCUC's order regarding the Duke Energy Carolinas PBR application. Briefing is complete and oral arguments occurred in February 2025. Duke Energy Progress anticipates a decision to be issued in the fourth quarter of 2025.


FINANCIAL STATEMENTS			REGULATORY MATTERS

Person County Combined Cycle CPCN

On February 7, 2025, Duke Energy Progress filed with the NCUC its application for a CPCN to construct and operate a second 1,360-MW hydrogen-capable, advanced-class CC unit in Person County at the Roxboro Plant. NCEMC has also notified Duke Energy Progress of NCEMC's intent to co-own approximately 225 MW of the second CC and Duke Energy Progress and NCEMC began negotiations on the contractual arrangement in the second quarter of 2025. NCEMC has the right to co-own the facility under its existing supply agreement with Duke Energy Progress. Pending regulatory approvals, construction of the second CC is planned to start in 2026 with the unit targeted to be placed in service by the end of 2029. As part of the application, Duke Energy Progress noted that the recovery of CWIP during the construction period for the proposed facility may be pursued in the future. The 2030 North Carolina retail revenue requirement for the proposed facility is estimated to be $113 million, representing an approximate average retail rate increase of 2.6% across all classes. The air permit issued by the NCDEQ in December 2024, also pertains to the second CC. On October 16, 2025, the NCUC issued its order granting the CPCN.

Robinson Subsequent License Renewal

In April 2025, Duke Energy Progress filed an SLR application for Robinson with the NRC to renew Robinson’s operating license for an additional 20 years. The current license expires in 2030 and the renewal would extend the operating license of the facility to 2050. The NRC is performing the safety and environmental reviews for the application and is scheduled to reach a decision by April 2026.

2025 South Carolina Rate Case

On June 12, 2025, Duke Energy Progress filed a base rate case with the PSCSC requesting an annualized increase in electric base rates of approximately $75 million and an ROE of 10.85% with an equity ratio of 53%. This is an overall average customer rate increase of approximately 12.1%. The request for the rate increase is driven by significant capital investments, primarily including transmission, distribution and grid improvements. On October 27, 2025, Duke Energy Progress filed a comprehensive settlement with the South Carolina Office of Regulatory Staff and other intervenors in the case resolving all revenue requirement issues in the base rate proceeding. The settlement includes a net increase in electric rates of approximately $40 million including the flow back of PTC benefits to customers, an ROE of 9.99% and an equity ratio of 53% and is subject to review and approval by the PSCSC. An evidentiary hearing occurred on October 29, 2025. Duke Energy Progress has requested new rates to go into effect no later than February 1, 2026.

Duke Energy Florida

Clean Energy Connection

In July 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program consisting of 10 new solar generating facilities with combined capacity of 749 MW. The FPSC approved the program in January 2021, allowing participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The 10 new solar generation facilities were completed and all of the remaining sites were in service by the end of 2024 at a cost of approximately $1.1 billion. These investments are included in base rates offset by the revenue from the subscription fees, with credits included in the fuel cost recovery clause.

In February 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC’s order approving the Clean Energy Connection to the Supreme Court of Florida. The Supreme Court of Florida heard oral arguments in the appeal in February 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case back to the FPSC so that the FPSC can amend its order to better address some of the arguments raised by LULAC. In September 2022, the FPSC issued a revised order and submitted it to the Supreme Court of Florida. The Supreme Court of Florida requested that the parties file supplemental briefs regarding the revised order, which were filed in February 2023. On July 17, 2025, the Supreme Court of Florida issued an order affirming the revised FPSC order. The ruling did not change the solar program or have other financial implications. This matter is now fully resolved.

Storm Protection Plan

At least every three years, Duke Energy Florida must file an SPP with the FPSC. Each plan covers a 10-year period and includes investments in transmission and distribution meant to strengthen infrastructure, reduce outage times associated with extreme weather events, reduce restoration costs and improve overall service reliability. In April 2022, Duke Energy Florida filed an SPP for approval with the FPSC for the 2023-2032 time frame. The plan reflected approximately $7 billion of capital investment in transmission and distribution. The evidentiary hearing began in August 2022. In October 2022, the FPSC approved Duke Energy Florida’s plan with one modification to remove the transmission loop radially fed program, representing a reduction of approximately $80 million over the 10-year period starting in 2025. In December 2022, the Office of Public Counsel (OPC) filed a notice of appeal of this order to the Supreme Court of Florida and briefs were filed by the OPC and Duke Energy Florida during 2023. On November 14, 2024, the Supreme Court of Florida issued an order upholding the FPSC's approval of Duke Energy Florida's plan.

In January 2025, Duke Energy Florida filed an SPP for approval with the FPSC for the 2026-2035 time frame reflecting approximately $7 billion of capital investment in transmission and distribution. On March 12, 2025, the OPC filed testimony recommending that the pace of the proposed spend be reduced, as well as challenging three subprograms in Duke Energy Florida's SPP. Duke Energy Florida filed rebuttal testimony on April 2, 2025, requesting that the FPSC approve its SPP as filed. On May 16, 2025, Duke Energy Florida and the OPC filed Joint Stipulations to resolve all matters, and the FPSC issued an order on June 19, 2025, approving those stipulations. The stipulations require Duke Energy Florida to defer certain work in two programs from 2026 to 2027 and later. The remainder of Duke Energy Florida's filed SPP was approved without modification. This matter is now fully resolved.

Hurricanes Debby, Helene and Milton

In 2024, Hurricane Debby (Category 1 storm), Hurricane Helene (Category 4 storm) and Hurricane Milton (Category 3 storm) made landfall in Florida and caused significant damage. Duke Energy Florida has certain existing storm reserve regulatory liability amounts, which are applied to the recovery of storm costs. The storm reserve amount was approximately $63 million as of July 31, 2024, prior to the damage resulting from hurricanes Debby, Helene and Milton. Duke Energy Florida is permitted to petition the FPSC for recovery of incremental operation and maintenance costs resulting from the storms and to replenish the retail customer storm reserve to approximately $132 million.


FINANCIAL STATEMENTS			REGULATORY MATTERS

In December 2024, Duke Energy Florida filed its petition to recover the estimated costs incurred to respond to all three storms, including replenishment of the storm reserve, seeking recovery of approximately $1.1 billion over 12 months beginning with the first billing cycle in March 2025. Approximately $103 million and $936 million of the operation and maintenance expenses, net of storm reserves, are deferred in Regulatory assets within Current assets as of September 30, 2025, and December 31, 2024, respectively. Approximately $85 million of capital related to these storms will be sought for recovery in future base rate case filings. On February 4, 2025, the FPSC voted to approve Duke Energy Florida's request for recovery of these estimated storm costs as filed, subject to true-up after the actual costs are filed. New rates were effective March 1, 2025.

Duke Energy Ohio

Duke Energy Ohio Natural Gas Base Rate Case

In June 2022, Duke Energy Ohio filed a natural gas base rate case application with the PUCO. The drivers for this case were capital invested since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio also sought to adjust the caps on its Capital Expenditure Program (CEP) rider. In April 2023, Duke Energy Ohio filed a stipulation with all parties to the case except the Ohio Consumers' Counsel (OCC). In the stipulation, the parties agreed to approximately $32 million in revenue increases with an equity ratio of 52.32% and an ROE of 9.6%, and adjustments to the CEP Rider caps. The stipulation was opposed by the OCC at an evidentiary hearing that concluded in May 2023. On November 1, 2023, PUCO issued an order approving the stipulation as filed and new rates went into effect November 1, 2023. In December 2023, the OCC filed an application for rehearing and the PUCO granted OCC's application for rehearing for further consideration of issues raised. As a result of a Supreme Court of Ohio decision regarding procedural issues related to applications for rehearing, PUCO denied OCC’s rehearing request. In October 2024, the OCC filed its Notice of Appeal with the Supreme Court of Ohio. The case is fully briefed and oral argument occurred October 7, 2025. The matter is now submitted for decision.

Duke Energy Ohio Electric Security Plan

In April 2024, Duke Energy Ohio filed with the PUCO a request for an Electric Security Plan (ESP). The ESP application proposed a three-year term from June 1, 2025, through May 31, 2028, and included continuation of market-based rates for generation supply through competitive procurement processes and continuation and expansion of existing rider mechanisms. Duke Energy Ohio proposed a new rider mechanism relating to electric distribution infrastructure modernization programs, which may be enabled by and partially funded through federal or state funding opportunities, as well as future battery storage projects and two electric vehicle programs. Additional proposals included new rider mechanisms related to solar for all investments for low-income and disadvantaged communities, low-income senior citizen bill assistance, and energy efficiency (EE) and demand-side management programs.

In November 2024, Duke Energy Ohio filed a stipulation that the majority of the intervenors signed as either signatory or non-opposing parties. The stipulation includes the continuation of market-based customer rates for generation supply through competitive procurement auctions and the continuation of all existing riders. It further establishes new caps for certain riders. Duke Energy Ohio also agreed to withdraw its proposals for an infrastructure modernization rider, battery storage projects and electric vehicle programs. The stipulation includes a residential EE program with provisions for low-income customers. On May 14, 2025, PUCO issued its order, approving the stipulation without modification.

On May 15, 2025, the governor of Ohio signed Ohio Substitute House Bill 15 (HB15) into law to be effective on August 14, 2025. HB15 requires electric distribution utilities to file a base rate case every three years, commencing no later than December 31, 2029, and establishes an opportunity to apply for approval of a three-year rate plan with forward-looking test periods to mitigate regulatory lag. HB15 eliminates ESPs and certain distribution-related riders, but allows ESPs approved as of its effective date to remain in place through the end of their authorized term. HB15 also eliminates Duke Energy Ohio's Legacy Generation Rider upon the effective date of HB15 and prevents the PUCO from future reauthorization of similar arrangements. As a result of HB15, future losses related to Duke Energy Ohio's Inter-Company Power Agreement with OVEC will not be recoverable from retail customers. There is no regulatory asset related to OVEC as of September 30, 2025, and $30 million as of December 31, 2024, recorded in Regulatory Assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.

Duke Energy Ohio RTO Adder

On February 24, 2022, the OCC filed a complaint asserting that FERC should reduce the ROE utilized in transmission formulas for Duke Energy Ohio and certain transmission providers by eliminating the 50 basis point adder associated with RTO membership. The OCC contends this is required because Ohio law mandates that transmission owning utilities join an RTO and that the 50 basis point adder is only applicable where RTO membership is voluntary. On December 15, 2022, FERC denied the complaint as it related to Duke Energy Ohio, but granted it for certain other transmission providers. As a result of appeal by certain other transmission providers, the U.S. Court of Appeals for the Sixth Circuit (Sixth Circuit) on January 17, 2025, reversed the prior decision from FERC. In the decision, the Sixth Circuit ruled the 50 basis point adder is available only where RTO membership is voluntary. The decision noted that Ohio law requires Ohio's transmission utilities to be a member of an RTO and therefore it is unlawful for FERC to remove the adder from certain transmission providers but not also remove the adder from Duke Energy Ohio. As a result, the issue was remanded back to FERC to revise their prior decision. As a result of the ruling, Duke Energy Ohio recognized a pretax charge during 2025, the results of which were not material. On March 26, 2025, the Sixth Circuit denied requests for rehearing. On April 16, 2025, the Sixth Circuit agreed to stay the mandate pending further appeal to the U.S. Supreme Court. On July 17, 2025, Duke Energy Ohio filed a respondent brief at the U.S. Supreme Court requesting review of the Sixth Circuit's decision. Various parties have filed briefs opposing or supporting review by the U.S. Supreme Court. The case has been circulated for conference on November 7, 2025.


FINANCIAL STATEMENTS			REGULATORY MATTERS

Duke Energy Kentucky 2022 Electric Base Rate Case

In December 2022, Duke Energy Kentucky filed a rate case with the KPSC driven by capital investments to strengthen the electricity generation and delivery systems along with adjusted depreciation rates for the East Bend and Woodsdale Combustion Turbine (CT) generation stations. Duke Energy Kentucky also requested approval for new programs and tariff updates, including a voluntary community-based renewable subscription program and two electric vehicle charging programs. The KPSC issued an order on October 12, 2023, including a $48 million increase in base revenues, an ROE of 9.75% for electric base rates and 9.65% for electric riders and an equity ratio of 52.145%. New rates went into effect October 13, 2023. Duke Energy Kentucky's request to align the depreciation rates of East Bend with a 2035 retirement date was denied and the KPSC ordered depreciation rates with a 2041 retirement date for the unit. The KPSC approved the request to align depreciation rates of Woodsdale CT with a 2040 retirement date and denied the voluntary community-based renewable subscription program and electric vehicle charging programs.

Revised rates were implemented in August 2024 after a rehearing request. On December 14, 2023, Duke Energy Kentucky filed an appeal with the Franklin County Circuit Court on certain matters for which the KPSC denied rehearing, specifically as it relates to the inclusion of decommissioning costs in depreciation rates for East Bend and Woodsdale. The case is fully briefed. Duke Energy Kentucky is awaiting the scheduling of oral arguments and outcome of the appeal.

Duke Energy Kentucky 2024 Electric Base Rate Case

In December 2024, Duke Energy Kentucky filed a base rate case with the KPSC requesting an annualized increase in electric base rates of approximately $70 million. The request for the rate increase is driven by capital investments to strengthen the electricity generation and delivery systems. New rates went into effect on July 3, 2025, subject to refund. On October 2, 2025, the KPSC issued its decision approving a $44 million revenue requirement increase, with an ROE of 9.8% and an equity ratio of 52.73%. The KPSC further directed the Company to issue refunds of amounts collected since July 3, 2025 that exceed what has been approved by the order within 60 days. A provision for rate refunds of $7 million is included in Other within Current Liabilities on the Condensed Consolidated Balance Sheets as of September 30, 2025. On October 22, 2025, Duke Energy Kentucky filed a petition for rehearing with the KPSC related to the treatment of terminal net salvage, rate case expense and recovery of costs from PJM. Additionally, on October 22, 2025, one commercial customer filed a petition for rehearing with the KPSC on a rate design issue which does not impact the overall revenue requirement.

Duke Energy Kentucky 2025 Natural Gas Base Rate Case

On June 2, 2025, Duke Energy Kentucky filed a base rate case with the KPSC requesting an annualized increase in natural gas base rates of approximately $26 million and an ROE of 10.75% with an equity ratio of 52.649%. This is an overall average customer rate increase of approximately 17%. The request for the rate increase is driven by capital investments to strengthen the natural gas delivery system. On October 20, 2025, Duke Energy Kentucky filed a settlement with the Office of the Kentucky Attorney General, that if approved, would resolve all issues in the case. The settlement includes an increase in natural gas base rates of approximately $22 million, an ROE of 9.8% for base rates (9.7% for riders), an equity ratio of 52.649%, and approval for cost recovery of Aldyl-A pipe and service replacements through an existing rider. An evidentiary hearing occurred on October 28, 2025. New rates are anticipated to go into effect around January 3, 2026.

Duke Energy Indiana

Indiana Coal Ash Recovery

In Duke Energy Indiana’s 2019 rate case, the IURC opened a subdocket for post-2018 coal ash related expenditures. In April 2020, Duke Energy Indiana filed testimony in the coal ash subdocket requesting recovery for post-2018 coal ash basin closure costs associated with closure plans that were approved by the Indiana Department of Environmental Management (IDEM) at that time as well as continued deferral approval and carrying costs on the balance of such coal ash basin closure costs. On November 3, 2021, the IURC issued an order allowing recovery of the post-2018 coal ash basin closure costs, as well as continuing deferral, with carrying costs on the balance. The OUCC and the Duke Industrial Group appealed. The Indiana Court of Appeals issued its opinion on February 21, 2023, reversing the IURC's order to the extent that it allowed Duke Energy Indiana to recover federally mandated costs incurred prior to the IURC's November 3, 2021 order. In addition, the court found that any costs incurred pre-petition to determine federally mandated compliance options were not specifically authorized by the statute and should also be disallowed.

In 2023, Duke Energy Indiana filed its proposal to remove from rates certain costs incurred prior to the IURC's November 3, 2021 order date. On September 20, 2023, the IURC approved Duke Energy Indiana's proposal to remove the costs from its rates and assessed simple interest on the refunds at a rate of 4.71%, beginning from when the costs were initially recovered from customers. In the 2024 Indiana Rate Case, Duke Energy Indiana included a request to recover the pre-order costs denied by the Indiana Court of Appeals and certain future coal ash closure costs as part of depreciation costs. The IURC's January 29, 2025 order in the 2024 Indiana Rate Case denied recovery of the pre-order costs previously denied by the Indiana Court of Appeals but approved the recovery of certain future coal ash closure costs as part of depreciation costs.

In 2023, Duke Energy Indiana filed a petition under the amended version of the federal mandate statute for additional post-2018 coal ash closure costs for the remaining basins not included in the Indiana coal ash recovery case from 2020. On May 8, 2024, the IURC issued a CPCN and approved these coal ash related compliance projects as federally mandated compliance projects. In June 2024, the Citizens Action Coalition of Indiana (CAC) filed a notice of appeal of the IURC's order. On August 26, 2025, the Indiana Court of Appeals reversed the decision by the IURC concluding that the IURC incorrectly allowed Duke Energy Indiana to collect those coal ash costs from customers. In October 2025, Duke Energy Indiana and the Indiana Office of Attorney General filed separate petitions requesting the Indiana Supreme Court to review the case.


FINANCIAL STATEMENTS			REGULATORY MATTERS

TDSIC 2.0

In November 2021, Duke Energy Indiana filed for approval of the Transmission, Distribution, Storage Improvement Charge 2.0 investment plan for 2023-2028 (TDSIC 2.0). On June 15, 2022, the IURC approved, without modification, TDSIC 2.0, which includes approximately $2 billion in transmission and distribution investments selected to improve customer reliability, harden and improve resiliency of the grid, enable expansion of renewable and distributed energy projects and encourage economic development. In July 2022, the OUCC filed a notice of appeal to the Indiana Court of Appeals in Duke Energy Indiana’s TDSIC 2.0 proceeding. The Indiana Court of Appeals issued its opinion on March 9, 2023, affirming the IURC’s order in its entirety. The Duke Industrial Group filed a petition to transfer to the Indiana Supreme Court. On December 19, 2024, the Indiana Supreme Court affirmed the Indiana Court of Appeals decision, concluding there was substantial evidence that the IURC's conclusion was reasonable and the TDSIC 2.0 plan met the statutory requirements. On January 21, 2025, the Duke Industrial Group filed a motion for rehearing. On March 4, 2025, the Indiana Supreme Court denied the Duke Industrial Group's petition for rehearing. There can be no further appeals on TDSIC 2.0 and this matter is now fully resolved.

2024 Indiana Rate Case

In April 2024, Duke Energy Indiana filed an application with the IURC for a rate increase for retail customers. The request for rate increase was driven by $1.6 billion in investments made since the last general rate case filed in 2019 in order to reliably serve customers, improve resiliency of the system, and advance environmental sustainability.

An order for the rate case was issued by the IURC on January 29, 2025, and revised February 3, 2025, which authorized an ROE of 9.75%, an equity ratio of 53% and an annual revenue increase of $296 million. Based on review of these orders, Duke Energy Indiana identified an inconsistency in the calculation of operating revenues before the effect of trackers. On February 7, 2025, Duke Energy Indiana made a compliance filing in accordance with the IURC's findings in its order and addressed the identified inconsistencies. The compliance filing also clarified the annual revenue increase was approximately $385 million. On February 18, 2025, one industrial customer submitted a filing requesting the IURC to clarify its revenue allocation in these proceedings, which was denied by the Commission on April 16, 2025. On February 25, 2025, the IURC approved Duke Energy Indiana’s compliance filing and new rates were implemented February 27, 2025. The industrial customer filed a notice of appeal on February 28, 2025, regarding cost of service allocation. On April 9, 2025, the IURC issued an order clarifying the intent of its January 29, 2025 order regarding the rate migration adjustment, resulting in revised rates that were effective on May 19, 2025. On May 14, 2025, the industrial customer filed a motion to dismiss its appeal, and on May 20, 2025, the Indiana Court of Appeals granted the industrial customer's motion to dismiss. This matter is now fully resolved.

Cayuga Combined Cycle CPCN

On February 13, 2025, Duke Energy Indiana filed for a CPCN seeking approval to construct two 1x1 CC natural gas-fired units with a combined winter rating of 1,476 MW. The Cayuga CC Project is proposed to be constructed on the same site as the retiring Cayuga coal-fired steam units with a winter rating of 1,005 MW. The Cayuga CC Project will result in an incremental 471 MW for the Duke Energy Indiana system and will allow Duke Energy Indiana to avoid expected maintenance and environmental compliance costs needed for the coal units to continue operating. The estimated cost of the Cayuga CC project is approximately $3.3 billion, plus actual AFUDC. Duke Energy Indiana has proposed recovery of certain facility costs during construction, including AFUDC, through CWIP ratemaking via a proposed generation cost tracker mechanism. The estimated average retail rate impact during construction and initial in-service periods from April 2026 through May 2031 is approximately 5.4%. Duke Energy Indiana expects CC 1 to be placed in service in 2029 and CC 2 to be placed in service in 2030. A final air permit was issued by IDEM on March 5, 2025. On June 17, 2025, Duke Energy Indiana entered into a settlement agreement with one of the parties in this proceeding to conduct a study evaluating the feasibility of third-party operation of the Cayuga coal units. On July 11, 2025, Duke Energy Indiana entered into a settlement agreement with an additional party in this proceeding agreeing to the need of the units and addressing accounting and ratemaking components. Neither agreement altered the underlying plans in the pending CPCN application. On October 29, 2025, the IURC issued its order approving the settlement agreements, granting the CPCN and approving cost recovery through the proposed generation cost tracker mechanism.

5. COMMITMENTS AND CONTINGENCIES

ENVIRONMENTAL

The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all Duke Energy Registrants.

Remediation Activities

In addition to Asset Retirement Obligations recorded as a result of various environmental regulations, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based on site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.


FINANCIAL STATEMENTS			COMMITMENTS AND CONTINGENCIES

The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Accounts Payable within Other Current Liabilities and Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.


(in millions)	September 30, 2025		December 31, 2024
Reserves for Environmental Remediation
Duke Energy	$	73	$	68
Duke Energy Carolinas	36		24
Progress Energy	20		19
Duke Energy Progress	10		9
Duke Energy Florida	9		10
Duke Energy Ohio	13		21
Duke Energy Indiana	2		2
Piedmont	2		2

Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material.

LITIGATION

For open litigation, unless otherwise noted, Duke Energy and the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.

D****uke Energy

Mooresville Coal Ash Class Action Litigation

On December 20, 2024, 15 plaintiffs filed a lawsuit in Iredell County, North Carolina, against Duke Energy (Parent), Duke Energy Carolinas and Duke Energy Progress (collectively “Duke Energy”) on behalf of a putative class alleging past and ongoing environmental contamination in the Mooresville area of North Carolina. The lawsuit alleges that Duke Energy disposed of and sold coal ash as structural fill resulting in the contamination of soil, groundwater and Lake Norman. The plaintiffs claim that Duke Energy failed to properly remediate the contamination and continues to pollute, and they assert that the contamination has negatively impacted property values. The plaintiffs are seeking unspecified compensatory and punitive damages, injunctive relief to stop further contamination, remediation of contaminated areas and attorneys' fees and costs. On July 28, 2025, the plaintiffs filed an amended complaint, which asserts claims for negligence, negligence per se, gross negligence, private nuisance, strict liability for ultra-hazardous activities and trespass. On September 11, 2025, Duke Energy filed its answer to the plaintiff's amended complaint and a motion for judgment on the pleadings. A hearing on the motion for judgment on the pleadings is scheduled for December 15, 2025.

Nuclear Compensation Class Action Litigation

On July 11, 2025, plaintiffs Leo Dorrell and John Dunn filed a putative class action lawsuit in the U.S. District Court for the District of Maryland against all U.S. commercial nuclear power operators, including Duke Energy Corporation (Parent) and Progress Energy. The plaintiffs allege that the nuclear power industry engaged in a conspiracy to suppress compensation by exchanging salary information since 2003, in violation of Section 1 of the Sherman Act. The lawsuit seeks unspecified monetary damages, including treble damages, on behalf of current and former employees in the nuclear power industry as well as injunctive relief. On October 15, 2025, all defendants jointly filed an omnibus motion to dismiss all claims in the complaint and Duke Energy also joined a motion filed by several defendants to dismiss for lack of personal jurisdiction. On November 5, 2025, the plaintiffs filed an amended complaint adding Duke Energy Carolinas and Duke Energy Business Services as defendants and including more factual allegations to support their complaint. Although not named as a defendant, Duke Energy Progress is accused of having participated in the alleged conspiracy. The defendants have until November 19, 2025, to respond to the amended complaint.

Duke Energy Carolinas

NTE Carolinas II, LLC Litigation

In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. In September 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court.

On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate an LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. In April 2023, Duke Energy Carolinas received notice from the FERC Office of Enforcement that they have closed their non-public investigation with no further action recommended.


FINANCIAL STATEMENTS			COMMITMENTS AND CONTINGENCIES

Following completion of discovery, Duke Energy Carolinas filed a motion for summary judgment seeking a ruling in its favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting Duke Energy Carolinas' motion by dismissing NTE's counterclaims that Duke Energy Carolinas engaged in anti-competitive behavior in violation of state and federal statutes. In October 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court.

In November 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the district court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. On August 5, 2024, the U.S. Court of Appeals for the Fourth Circuit reversed the district court's grant of summary judgment and remanded the case back to the district court for further proceedings. In August 2024, Duke Energy Carolinas filed a petition for rehearing, which was denied on November 26, 2024. On February 21, 2025, Duke Energy Carolinas filed a petition seeking review by the U.S. Supreme Court. On June 2, 2025, the U.S. Supreme Court invited the Solicitor General to file a brief reflecting the views of the U.S. as it relates to this matter.

Asbestos-related Injuries and Damages Claims

Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985.

Duke Energy Carolinas has recognized asbestos-related reserves of $404 million at September 30, 2025, and $396 million at December 31, 2024. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based on Duke Energy Carolinas' best estimate for current and future asbestos claims through 2045 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2045 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.

Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $557 million at September 30, 2025, and $539 million at December 31, 2024. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.

The reserve for credit losses for insurance receivables is $9 million as of September 30, 2025, and December 31, 2024, for both Duke Energy and Duke Energy Carolinas. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.

Duke Energy Indiana

Coal Ash Insurance Coverage Litigation

In June 2022, Duke Energy Indiana filed a civil action in Indiana Superior Court against various insurance companies seeking declaratory relief with respect to insurance coverage for coal combustion residuals-related expenses and liabilities covered by third-party liability insurance policies. The insurance policies cover the 1969-1972 and 1984-1985 periods and provide third-party liability insurance for claims and suits alleging property damage, bodily injury and personal injury (or a combination thereof). In June 2024, Duke Energy Indiana filed an amended complaint adding several additional insurance companies as defendants to the litigation. During 2023 through 2025, Duke Energy Indiana reached confidential settlements with various insurance companies, the results of which were not material to Duke Energy. All settlement payments have been received and the case has been dismissed. In July 2025, Duke Energy Indiana began refunding retail customers their share of coal ash insurance settlement proceeds, after expenses, over one year.

Other Litigation and Legal Proceedings

The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities.

OTHER COMMITMENTS AND CONTINGENCIES

General

As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position.

In addition, the Duke Energy Registrants enter into various fixed-price, non-cancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.


FINANCIAL STATEMENTS			DEBT AND CREDIT FACILITIES

6. DEBT AND CREDIT FACILITIES

SUMMARY OF SIGNIFICANT DEBT ISSUANCES

The following table summarizes significant debt issuances (in millions).


				Nine Months Ended September 30, 2025
						Duke		Duke		Duke		Duke		Duke
	Maturity	Interest		Duke		Energy		Energy		Energy		Energy		Energy
Issuance Date	Date	Rate		Energy		(Parent)		Carolinas		Progress		Ohio		Indiana
Unsecured Debt
August 2025(e)	September 2030	5.410	%	$	68	$	—	$	—	$	—	$	68	$	—
August 2025(e)	September 2035	6.010	%	43		—		—		—		43		—
August 2025(e)	September 2037	6.110	%	40		—		—		—		40		—
September 2025(f)	September 2035	4.950	%	1,000		1,000		—		—		—		—
September 2025(f)	September 2055	5.700	%	750		750		—		—		—		—





Secured Debt
September 2025(g)	July 2037	4.226	%	200		$	—	200		$	—	$	—	$	—
September 2025(g)	January 2048	5.070	%	382		—		382		—		—		—
September 2025(g)	January 2048	4.890	%	461		—		—		461		—		—
First Mortgage Bonds
January 2025(a)	March 2030	4.850	%	$	400	$	—	$	400	$	—	$	—	$	—
January 2025(a)	March 2035	5.250	%	700		—		700		—		—		—
March 2025(b)	March 2027	4.350	%	500		—		—		500		—		—
March 2025(b)	March 2035	5.050	%	850		—		—		850		—		—
March 2025(b)	March 2055	5.550	%	750		—		—		750		—		—
May 2025(c)	May 2055	5.900	%	300		—		—		—		—		300
June 2025(d)	June 2035	5.300	%	350		—		—		—		350		—


Total issuances				$	6,794	$	1,750	$	1,682	$	2,561	$	501	$	300

(a)Proceeds were used to repay the $500 million DERF accounts receivable securitization facility due January 2025, to pay down short-term debt and for general company purposes.

(b)Proceeds were used to repay the $400 million DEPR accounts receivable securitization facility due April 2025, to pay down short-term debt and for general company purposes.

(c)Proceeds were used to pay down short-term debt and for general company purposes.

(d)Proceeds were used to repay $150 million of maturities due June 2025, to pay down short-term debt and for general corporate purposes.

(e)Proceeds were used to repay $95 million of maturities due October 2025, pay down short-term debt and for general corporate purposes and will be used to repay $45 million of maturities due January 2026.

(f)Proceeds were used to repay $650 million of maturities due September 2025, to pay down short-term debt and for general corporate purposes and will be used to repay $500 million of maturities due December 2025.

(g)Proceeds from storm recovery bonds were used to repay the Duke Energy Carolinas and Duke Energy Progress term loan facilities and for general company purposes.


FINANCIAL STATEMENTS			DEBT AND CREDIT FACILITIES

CURRENT MATURITIES OF LONG-TERM DEBT

The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.


(in millions)	Maturity Date	Interest Rate		September 30, 2025
Unsecured Debt
Duke Energy Florida Term Loan Facility(a)	October 2025	4.916	%	350
Duke Energy Ohio(b)	October 2025	3.230	%	95
Duke Energy (Parent)	December 2025	5.000	%	500
Duke Energy (Parent) Convertible Senior Notes	April 2026	4.125	%	1,725
Piedmont Term Loan Facility(a)	August 2026	5.025	%	450
Duke Energy (Parent)	September 2026	2.650	%	1,500
Duke Energy (Parent) Term Loan Facility(a)	September 2026	5.124	%	1,200




First Mortgage Bonds
Duke Energy Florida(a)(c)	October 2073	3.992	%	200
Duke Energy Florida(a)(c)	April 2074	3.992	%	173
Other(d)				259
Current maturities of long-term debt				$	6,452

(a)Debt has a floating interest rate.

(b)Current maturity relates to Duke Energy Kentucky.

(c)These first mortgage bonds are classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders.

(d)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.

AVAILABLE CREDIT FACILITIES

Master Credit Facility

In March 2025, Duke Energy extended the termination date of its existing Master Credit Facility to March 2030 and increased its capacity from $9 billion to $10 billion. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder.

The table below includes the current borrowing sublimits and available capacity under these credit facilities.


	September 30, 2025
			Duke		Duke		Duke		Duke		Duke		Duke
	Duke		Energy		Energy		Energy		Energy		Energy		Energy
(in millions)	Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana		Piedmont
Facility size(a)	$	10,000	$	3,925	$	1,000	$	1,125	$	1,150	$	950	$	800	$	1,050
Reduction to backstop issuances
Commercial paper(b)	(2,409)		(1,350)		(370)		(150)		(170)		(25)		(150)		(194)
Outstanding letters of credit	(7)		(2)		(4)		(1)		—		—		—		—
Tax-exempt bonds	(81)		—		—		—		—		—		(81)		—
Available capacity under the Master Credit Facility	$	7,503	$	2,573	$	626	$	974	$	980	$	925	$	569	$	856

(a)Represents the sublimit of each borrower.

(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.

Term Loan Facilities

Duke Energy (Parent)

Duke Energy (Parent) entered into a Term Loan Credit Facility (facility) with commitments totaling $1.4 billion that matured in March 2024. In January 2024, Duke Energy (Parent) repaid the remaining $1 billion outstanding on the facility.

Duke Energy (Parent) entered into a 364-day term loan facility with commitments totaling $2 billion maturing September 2026. As of September 30, 2025, $1.2 billion was drawn under the term loan facility, which was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. Borrowings were used to pay down short-term debt and for general corporate purposes.


FINANCIAL STATEMENTS			DEBT AND CREDIT FACILITIES

Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida

In November 2024, Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida entered into term loan facilities intended to meet incremental financing needs resulting from expenditures for the restoration of service and rebuilding of infrastructure related to hurricanes Debby, Helene and Milton as described in Note 4. Duke Energy Carolinas and Duke Energy Progress entered into two-year term loan facilities with commitments totaling $700 million and $250 million, respectively. Duke Energy Florida entered into a 364-day term loan facility with commitments totaling $800 million. As of December 31, 2024, $455 million and $185 million in borrowings under the term loan facilities for Duke Energy Carolinas and Duke Energy Progress, respectively, were classified as Long-Term Debt and $100 million in borrowings for Duke Energy Florida was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. As of April 2025, the remaining amounts available were drawn on all three term loans.

In September 2025, Duke Energy Carolinas and Duke Energy Progress repaid their respective term loan facilities. In the third quarter of 2025, Duke Energy Florida repaid $450 million of borrowings on its outstanding term loan facility, leaving $350 million in borrowings classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets as of September 30, 2025. The remaining $350 million was repaid in October 2025.

Piedmont

Piedmont entered into a 364-day term loan facility with commitments totaling $450 million maturing August 2026. In September 2025, $450 million was drawn under the term loan facility, which was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets as of September 30, 2025. Proceeds were used to repay $150 million of maturities due September 2025, to pay down short-term debt and for general corporate purposes.

Other Debt Matters

In September 2025, Duke Energy filed a Form S-3 with the SEC. Under this Form S-3, which is uncapped, the Duke Energy Registrants, excluding Progress Energy and Piedmont, may issue debt and other securities in the future at amounts, prices and with terms to be determined at the time of future offerings. The registration statement was filed to replace a similar prior filing upon expiration of its three-year term and also allows for the issuance of common and preferred stock by Duke Energy. Also in September 2025, Duke Energy filed a Form S-3 that allows Duke Energy to sell up to $4 billion of variable denomination floating-rate demand notes, called PremierNotes. The Form S-3 states that no more than $2 billion of the notes will be outstanding at any particular time.

7. ASSET RETIREMENT OBLIGATIONS

The Duke Energy Registrants record AROs when there is a legal obligation to incur retirement costs associated with the retirement of a long-lived asset and the obligation can be reasonably estimated. Actual costs incurred could be materially different from current estimates that form the basis of the recorded AROs.

The following table presents the AROs recorded on the Condensed Consolidated Balance Sheets.


	September 30, 2025
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Decommissioning of nuclear power facilities	$	4,625	$	2,131	$	2,479	$	2,400	$	79	$	—	$	—	$	—
Closure of ash impoundments	4,688		1,648		1,868		1,844		24		65		1,107		—
Other	331		75		135		43		92		68		29		26
Total ARO	$	9,644	$	3,854	$	4,482	$	4,287	$	195	$	133	$	1,136	$	26
Less: Current portion	592		247		208		206		2		8		130		—
Total noncurrent ARO	$	9,052	$	3,607	$	4,274	$	4,081	$	193	$	125	$	1,006	$	26


FINANCIAL STATEMENTS			ASSET RETIREMENT OBLIGATIONS

ARO Liability Rollforward

The following table presents the change in liability associated with AROs for the Duke Energy Registrants.


			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2024(a)	$	9,988	$	3,990	$	4,548	$	4,334	$	214	$	139	$	1,268	$	24

Accretion expense(b)	357		141		164		158		6		5		49		2
Liabilities settled(c)	(435)		(171)		(180)		(149)		(31)		(5)		(79)		—

Revisions in estimates of cash flows(d)	(266)		(106)		(50)		(56)		6		(6)		(102)		—
Balance at September 30, 2025	$	9,644	$	3,854	$	4,482	$	4,287	$	195	$	133	$	1,136	$	26

(a)Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets.

(b)For the nine months ended September 30, 2025, substantially all accretion expense has been deferred in accordance with regulatory accounting treatment.

(c)Primarily relates to ash impoundment closures and nuclear decommissioning.

(d)The revision amounts represent the change in discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The decreases primarily relate to lower third-party markup and a shift in timing of costs to future years.

Asset retirement costs associated with the AROs for operating plants and retired plants are included in Net property, plant and equipment and Regulatory assets, respectively, on the Condensed Consolidated Balance Sheets.

8. GOODWILL

Duke Energy

Duke Energy's Goodwill balance of $19.0 billion is allocated $17.4 billion to EU&I and $1.6 billion to GU&I on Duke Energy's Condensed Consolidated Balance Sheets at September 30, 2025, and December 31, 2024. There are no accumulated impairment charges.

On July 27, 2025, Piedmont entered into a purchase agreement for the sale of Piedmont's Tennessee business. In the third quarter of 2025, Duke Energy reclassified the Piedmont Tennessee Disposal Group to assets held for sale. As a result, $294 million of Duke Energy’s Goodwill balance that is allocated to the Piedmont Tennessee Disposal Group was reclassified to noncurrent assets held for sale on Duke Energy's Condensed Consolidated Balance Sheets. See Note 2 for additional information.

Duke Energy Ohio

Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to EU&I and $324 million to GU&I, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at September 30, 2025, and December 31, 2024.

Progress Energy

Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges.

Piedmont

Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges.

On July 27, 2025, Piedmont entered into a purchase agreement for the sale of Piedmont's Tennessee business. In the third quarter of 2025, $10 million of Piedmont’s Goodwill balance that is allocated to the Piedmont Tennessee Disposal Group was reclassified to noncurrent assets held for sale on Piedmont's Condensed Consolidated Balance Sheets. See Note 2 for additional information.

Impairment Testing

Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont are required to perform an annual goodwill impairment test as of the same date each year and, accordingly, perform their annual impairment testing of goodwill as of August 31. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update their test between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. As the fair value for Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont exceeded their respective carrying values at the date of the annual impairment analysis, no goodwill impairment charges were recorded in the third quarter of 2025.


FINANCIAL STATEMENTS			RELATED PARTY TRANSACTIONS

9. RELATED PARTY TRANSACTIONS

The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Duke Energy Carolinas
Corporate governance and shared service expenses(a)	$	153	$	186	$	488	$	589
Indemnification coverages(b)	13		11		40		33
JDA revenue(c)	12		7		102		29
JDA expense(c)	58		48		245		141
Intercompany natural gas purchases(d)	1		5		5		14
Progress Energy
Corporate governance and shared service expenses(a)	$	145	$	165	$	436	$	524
Indemnification coverages(b)	16		13		48		42
JDA revenue(c)	58		48		245		141
JDA expense(c)	12		7		102		29
Intercompany natural gas purchases(d)	19		19		57		56
Duke Energy Progress
Corporate governance and shared service expenses(a)	$	87	$	104	$	254	$	318
Indemnification coverages(b)	7		5		20		17
JDA revenue(c)	58		48		245		141
JDA expense(c)	12		7		102		29
Intercompany natural gas purchases(d)	19		19		57		56
Duke Energy Florida
Corporate governance and shared service expenses(a)	$	58	$	61	$	182	$	206
Indemnification coverages(b)	9		8		28		25
Duke Energy Ohio
Corporate governance and shared service expenses(a)	$	68	$	74	$	202	$	228
Indemnification coverages(b)	1		2		4		5
Duke Energy Indiana
Corporate governance and shared service expenses(a)	$	80	$	98	$	224	$	283
Indemnification coverages(b)	2		2		7		7
Piedmont
Corporate governance and shared service expenses(a)	$	38	$	40	$	105	$	121
Indemnification coverages(b)	1		1		4		3
Intercompany natural gas sales(d)	20		24		62		70
Natural gas storage and transportation costs(e)	5		5		16		17

(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.

(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.


FINANCIAL STATEMENTS			RELATED PARTY TRANSACTIONS

In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.

As discussed in Note 13, certain trade receivables were previously sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables were largely cash but included a subordinated note from CRC for a portion of the purchase price. In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related CRC credit facility.

Intercompany Income Taxes

Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.


	Duke				Duke		Duke		Duke		Duke
	Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
September 30, 2025
Intercompany income tax receivable	$	—	$	—	$	93	$	—	$	—	$	—	$	45
Intercompany income tax payable	65		101		—		192		23		28		—

December 31, 2024
Intercompany income tax receivable	$	—	$	—	$	—	$	154	$	—	$	—	$	—
Intercompany income tax payable	419		169		315		—		43		110		43

10. DERIVATIVES AND HEDGING

The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt.

All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities on the Condensed Consolidated Statements of Cash Flows.

INTEREST RATE RISK

The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.

Cash Flow Hedges

For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2025, and 2024, were not material. Duke Energy's interest rate derivatives designated as hedges include forward-starting interest rate swaps not accounted for under regulatory accounting.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.


FINANCIAL STATEMENTS			DERIVATIVES AND HEDGING

The following tables show notional amounts of outstanding derivatives related to interest rate risk.


	September 30, 2025
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	1,725	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	4,352		2,075		1,925		650		1,275		325		27
Total notional amount	$	6,077	$	2,075	$	1,925	$	650	$	1,275	$	325	$	27


	December 31, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	2,825	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	3,202		1,150		1,775		1,125		650		250		27
Total notional amount	$	6,027	$	1,150	$	1,775	$	1,125	$	650	$	250	$	27

COMMODITY PRICE RISK

The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.

Undesignated Contracts

For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers.

Volumes

The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.


	September 30, 2025
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	17,663	—	—	—	2,631	15,032	—
Natural gas (millions of dekatherms)	790	297	274	274	—	22	197


	December 31, 2024
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	12,229	—	—	—	1,287	10,942	—
Natural gas (millions of dekatherms)	779	276	246	246	—	32	225

FOREIGN CURRENCY RISK

Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars.

Fair Value Hedges

Derivatives related to existing fixed-rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss.


FINANCIAL STATEMENTS			DERIVATIVES AND HEDGING

The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at September 30, 2025.


										Fair Value Gain (Loss)(a)
										(in millions)
	Pay Notional				Receive Notional		Receive		Hedge	Three Months Ended September 30,				Nine Months Ended September 30,
	(in millions)		Pay Rate		(in millions)		Rate		Maturity Date	2025		2024		2025		2024
Fair value hedges
	$	645	4.75	%	600	euros	3.10	%	June 2028	$	(3)	$	23	$	83	$	23
	537		5.31	%	500	euros	3.85	%	June 2034	(3)		19		69		19
	815		5.65	%	750	euros	3.75	%	April 2031	(4)		29		104		20
Total notional amount	$	1,997			1,850	euros				$	(10)	$	71	$	256	$	62

(a) Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded.

LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED ON THE CONDENS****ED CONSOLIDATED BALANCE SHEETS

The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives have not been netted against the fair values shown.


Derivative Assets	September 30, 2025
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts



Not Designated as Hedging Instruments
Current	$	59	$	22	$	21	$	21	$	—	$	1	$	14	$	1
Noncurrent	47		22		25		26		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	106	$	44	$	46	$	47	$	—	$	1	$	14	$	1
Interest Rate Contracts
Designated as Hedging Instruments

Noncurrent	24		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	3		—		3		—		2		—		—		—
Noncurrent	56		33		23		15		8		—		—		—
Total Derivative Assets – Interest Rate Contracts	$	83	$	33	$	26	$	15	$	10	$	—	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments

Noncurrent	171		—		—		—		—		—		—		—



Total Derivative Assets – Foreign Currency Contracts	$	171	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Assets	$	360	$	77	$	72	$	62	$	10	$	1	$	14	$	1


FINANCIAL STATEMENTS			DERIVATIVES AND HEDGING


Derivative Liabilities	September 30, 2025
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts



Not Designated as Hedging Instruments
Current	$	79	$	43	$	17	$	17	$	—	$	—	$	2	$	17
Noncurrent	100		24		15		15		—		—		—		61
Total Derivative Liabilities – Commodity Contracts	$	179	$	67	$	32	$	32	$	—	$	—	$	2	$	78
Interest Rate Contracts
Designated as Hedging Instruments

Noncurrent	3		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	12		—		12		—		12		—		—		—
Noncurrent	28		12		10		4		6		—		5		—
Total Derivative Liabilities – Interest Rate Contracts	$	43	$	12	$	22	$	4	$	18	$	—	$	5	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	26		—		—		—		—		—		—		—




Total Derivative Liabilities – Foreign Currency Contracts	$	26	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	248	$	79	$	54	$	36	$	18	$	—	$	7	$	78


Derivative Assets	December 31, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts



Not Designated as Hedging Instruments
Current	$	49	$	20	$	17	$	17	$	—	$	1	$	8	$	1
Noncurrent	60		29		32		32		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	109	$	49	$	49	$	49	$	—	$	1	$	8	$	1
Interest Rate Contracts
Designated as Hedging Instruments
Current	108		—		—		—		—		—		—		—
Noncurrent	52		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	110		19		55		44		11		—		36		—
Noncurrent	50		26		23		16		7		—		—		—
Total Derivative Assets – Interest Rate Contracts	$	320	$	45	$	78	$	60	$	18	$	—	$	36	$	—
Foreign Currency Contracts
Designated as Hedging Instruments

Noncurrent	5		—		—		—		—		—		—		—



Total Derivative Assets – Foreign Currency Contracts	$	5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Assets	$	434	$	94	$	127	$	109	$	18	$	1	$	44	$	1


FINANCIAL STATEMENTS			DERIVATIVES AND HEDGING


Derivative Liabilities	December 31, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts



Not Designated as Hedging Instruments
Current	$	108	$	57	$	32	$	32	$	—	$	—	$	3	$	16
Noncurrent	134		31		24		24		—		—		—		78
Total Derivative Liabilities – Commodity Contracts	$	242	$	88	$	56	$	56	$	—	$	—	$	3	$	94
Interest Rate Contracts



Not Designated as Hedging Instruments
Current	2		—		2		1		1		—		—		—
Noncurrent	1		—		—		—		—		1		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	3	$	—	$	2	$	1	$	1	$	1	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	35		—		—		—		—		—		—		—
Noncurrent	39		—		—		—		—		—		—		—



Total Derivative Liabilities – Foreign Currency Contracts	$	74	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	319	$	88	$	58	$	57	$	1	$	1	$	3	$	94

OFFSETTING ASSETS AND LIABILITIES

The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.


Derivative Assets	September 30, 2025
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	62	$	22	$	24	$	21	$	2	$	1	$	14	$	1
Offset	(25)		(12)		(13)		(13)		—		—		—		—

Net amounts presented in Current Assets: Other	$	37	$	10	$	11	$	8	$	2	$	1	$	14	$	1
Noncurrent
Gross amounts recognized	$	298	$	55	$	48	$	41	$	8	$	—	$	—	$	—
Offset	(26)		(14)		(12)		(12)		—		—		—		—

Net amounts presented in Other Noncurrent Assets: Other	$	272	$	41	$	36	$	29	$	8	$	—	$	—	$	—


FINANCIAL STATEMENTS			DERIVATIVES AND HEDGING


Derivative Liabilities	September 30, 2025
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	117	$	43	$	29	$	17	$	12	$	—	$	2	$	17
Offset	(24)		(12)		(13)		(13)		—		—		—		—
Cash collateral posted	(3)		—		—		—		—		—		(3)		—
Net amounts presented in Current Liabilities: Other	$	90	$	31	$	16	$	4	$	12	$	—	$	(1)	$	17
Noncurrent
Gross amounts recognized	$	131	$	36	$	25	$	19	$	6	$	—	$	5	$	61
Offset	(26)		(14)		(12)		(12)		—		—		—		—

Net amounts presented in Other Noncurrent Liabilities: Other	$	105	$	22	$	13	$	7	$	6	$	—	$	5	$	61


Derivative Assets	December 31, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	267	$	39	$	72	$	61	$	11	$	1	$	44	$	1
Offset	(29)		(15)		(14)		(14)		—		—		—		—

Net amounts presented in Current Assets: Other	$	238	$	24	$	58	$	47	$	11	$	1	$	44	$	1
Noncurrent
Gross amounts recognized	$	167	$	55	$	55	$	48	$	7	$	—	$	—	$	—
Offset	(37)		(19)		(17)		(17)		—		—		—		—

Net amounts presented in Other Noncurrent Assets: Other	$	130	$	36	$	38	$	31	$	7	$	—	$	—	$	—


Derivative Liabilities	December 31, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	145	$	57	$	34	$	33	$	1	$	—	$	3	$	16
Offset	(29)		(15)		(14)		(14)		—		—		—		—
Cash collateral posted	(3)		(2)		—		—		—		—		(1)		—
Net amounts presented in Current Liabilities: Other	$	113	$	40	$	20	$	19	$	1	$	—	$	2	$	16
Noncurrent
Gross amounts recognized	$	174	$	31	$	24	$	24	$	—	$	1	$	—	$	78
Offset	(37)		(19)		(17)		(17)		—		—		—		—
Cash collateral posted	(4)		(4)		—		—		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	133	$	8	$	7	$	7	$	—	$	1	$	—	$	78


FINANCIAL STATEMENTS			DERIVATIVES AND HEDGING

OBJECTIVE CREDIT CONTINGENT FEATURES

Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.


	September 30, 2025
			Duke				Duke
	Duke		Energy		Progress		Energy
(in millions)	Energy		Carolinas		Energy		Progress
Aggregate fair value of derivatives in a net liability position	$	45	$	28	$	16	$	16

Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	45	$	28	$	16	$	16


	December 31, 2024
			Duke				Duke
	Duke		Energy		Progress		Energy
(in millions)	Energy		Carolinas		Energy		Progress
Aggregate fair value of derivatives in a net liability position	$	101	$	52	$	49	$	49
Fair value of collateral already posted	6		6		—		—
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	95	$	46	$	49	$	49

The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.

11. INVESTMENTS IN DEBT AND EQUITY SECURITIES

Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the nuclear decommissioning trust funds (NDTF) at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as Available for Sale (AFS) and investments in equity securities as fair value through net income (FV-NI).

For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.

Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.

Investment Trusts

The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.

Other AFS Securities

Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of September 30, 2025, and December 31, 2024.

Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.


FINANCIAL STATEMENTS			INVESTMENTS IN DEBT AND EQUITY SECURITIES

DUKE ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.


	September 30, 2025						December 31, 2024
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	172	$	—	$	—	$	139
Equity securities	5,938		17		8,435		5,753		61		8,233
Corporate debt securities	21		19		1,021		6		33		673
Municipal bonds	4		15		374		2		14		342
U.S. government bonds	32		43		2,488		3		84		1,806
Other debt securities	3		5		287		1		8		239
Total NDTF Investments	$	5,998	$	99	$	12,777	$	5,765	$	200	$	11,432
Other Investments
Cash and cash equivalents	$	—	$	—	$	76	$	—	$	—	$	47
Equity securities	54		—		134		39		4		160
Corporate debt securities	—		2		70		—		5		79
Municipal bonds	—		2		69		—		1		83
U.S. government bonds	—		4		56		—		5		59
Other debt securities	—		2		49		—		4		45
Total Other Investments	$	54	$	10	$	454	$	39	$	19	$	473
Total Investments	$	6,052	$	109	$	13,231	$	5,804	$	219	$	11,905

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2025, and 2024, were as follows.


	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
FV-NI:
Realized gains	$	848	$	61	$	1,015	$	256
Realized losses	21		19		102		64
AFS:
Realized gains	23		10		43		22
Realized losses	20		8		57		44

DUKE ENERGY CAROLINAS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.


	September 30, 2025						December 31, 2024
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	84	$	—	$	—	$	62
Equity securities	3,483		11		4,856		3,386		33		4,751
Corporate debt securities	11		16		637		2		27		401
Municipal bonds	—		5		50		—		4		36
U.S. government bonds	17		28		1,397		—		50		991
Other debt securities	3		5		245		1		8		223
Total NDTF Investments	$	3,514	$	65	$	7,269	$	3,389	$	122	$	6,464


FINANCIAL STATEMENTS			INVESTMENTS IN DEBT AND EQUITY SECURITIES


	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
FV-NI:
Realized gains	$	490	$	38	$	594	$	163
Realized losses	12		9		53		30
AFS:
Realized gains	17		6		32		11
Realized losses	17		5		40		22

PROGRESS ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.


	September 30, 2025						December 31, 2024
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	88	$	—	$	—	$	77
Equity securities	2,455		6		3,579		2,367		28		3,482
Corporate debt securities	10		3		384		4		6		272
Municipal bonds	4		10		324		2		10		306
U.S. government bonds	15		15		1,091		3		34		815
Other debt securities	—		—		42		—		—		16
Total NDTF Investments	$	2,484	$	34	$	5,508	$	2,376	$	78	$	4,968
Other Investments
Cash and cash equivalents	$	—	$	—	$	14	$	—	$	—	$	23


Municipal bonds	—		1		24		—		—		24


Total Other Investments	$	—	$	1	$	38	$	—	$	—	$	47
Total Investments	$	2,484	$	35	$	5,546	$	2,376	$	78	$	5,015


	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
FV-NI:
Realized gains	$	358	$	23	$	421	$	93
Realized losses	9		10		49		34
AFS:
Realized gains	6		4		11		11
Realized losses	3		3		17		22


FINANCIAL STATEMENTS			INVESTMENTS IN DEBT AND EQUITY SECURITIES

DUKE ENERGY PROGRESS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.


	September 30, 2025						December 31, 2024
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	72	$	—	$	—	$	54
Equity securities	2,330		6		3,445		2,256		28		3,362
Corporate debt securities	10		3		367		4		6		256
Municipal bonds	4		10		324		2		10		306
U.S. government bonds	14		11		953		3		26		645
Other debt securities	—		—		41		—		—		14
Total NDTF Investments	$	2,358	$	30	$	5,202	$	2,265	$	70	$	4,637
Other Investments
Cash and cash equivalents	$	—	$	—	$	9	$	—	$	—	$	16





Total Other Investments	$	—	$	—	$	9	$	—	$	—	$	16
Total Investments	$	2,358	$	30	$	5,211	$	2,265	$	70	$	4,653


	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
FV-NI:
Realized gains	$	358	$	23	$	419	$	93
Realized losses	9		10		49		34
AFS:
Realized gains	5		4		10		11
Realized losses	3		3		16		21

DUKE ENERGY FLORIDA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.


	September 30, 2025						December 31, 2024
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	16	$	—	$	—	$	23
Equity securities	125		—		134		111		—		120
Corporate debt securities	—		—		17		—		—		16

U.S. government bonds	1		4		138		—		8		170
Other debt securities	—		—		1		—		—		2
Total NDTF Investments(a)	$	126	$	4	$	306	$	111	$	8	$	331
Other Investments
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	—	$	3


Municipal bonds	—		1		24		—		—		24


Total Other Investments	$	—	$	1	$	25	$	—	$	—	$	27
Total Investments	$	126	$	5	$	331	$	111	$	8	$	358

(a)During the nine months ended September 30, 2025, and the year ended December 31, 2024, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.


FINANCIAL STATEMENTS			INVESTMENTS IN DEBT AND EQUITY SECURITIES

DUKE ENERGY INDIANA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.


	September 30, 2025						December 31, 2024
	Gross		Gross				Gross
	Unrealized		Unrealized		Estimated		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Fair
(in millions)	Gains		Losses		Value		Losses		Value
Investments
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	1
Equity securities	5		—		51		4		89
Corporate debt securities	—		—		1		—		6
Municipal bonds	—		1		24		1		43
U.S. government bonds	—		—		3		—		7

Total Investments	$	5	$	1	$	80	$	5	$	146

DEBT SECURITY MATURITIES

The table below summarizes the maturity date for debt securities.


	September 30, 2025
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana
Due in one year or less	$	92	$	9	$	82	$	10	$	72	$	1
Due after one through five years	1,138		571		507		464		43		8
Due after five through 10 years	900		460		394		377		17		6
Due after 10 years	2,284		1,289		882		834		48		13
Total	$	4,414	$	2,329	$	1,865	$	1,685	$	180	$	28

12. FAIR VALUE MEASUREMENTS

Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient.

Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value per share practical expedient. The net asset value is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.

Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the Company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value.

Valuation methods of the primary fair value measurements disclosed below are as follows.

Investments in equity securities

The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the New York Stock Exchange and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements.


FINANCIAL STATEMENTS			FAIR VALUE MEASUREMENTS

Investments in debt securities

Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3.

Commodity derivatives

Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of certain commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves.

Interest rate derivatives

Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties.

Foreign currency derivatives

Most over-the-counter foreign currency derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward foreign currency rate curves, notional amounts, foreign currency rates and credit quality of the counterparties.

Other fair value considerations

See Note 12 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of the valuation of goodwill and intangible assets.

DUKE ENERGY

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 10. See Note 11 for additional information related to investments by major security type for the Duke Energy Registrants.


	September 30, 2025
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	172	$	172	$	—	$	—	$	—
NDTF equity securities	8,435		8,408		3		—		24
NDTF debt securities	4,170		1,439		2,731		—		—
Other equity securities	134		134		—		—		—
Other debt securities	244		52		192		—		—
Other cash and cash equivalents	76		76		—		—		—

Derivative assets	360		4		344		12		—
Total assets	13,591		10,285		3,270		12		24

Derivative liabilities	(248)		(2)		(246)		—		—
Net assets	$	13,343	$	10,283	$	3,024	$	12	$	24


	December 31, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	139	$	139	$	—	$	—	$	—
NDTF equity securities	8,233		8,203		2		—		28
NDTF debt securities	3,060		1,022		2,038		—		—
Other equity securities	160		160		—		—		—
Other debt securities	266		52		214		—		—
Other cash and cash equivalents	47		47		—		—		—
Derivative assets	434		2		423		9		—
Total assets	12,339		9,625		2,677		9		28

Derivative liabilities	(319)		(3)		(316)		—		—
Net assets	$	12,020	$	9,622	$	2,361	$	9	$	28


FINANCIAL STATEMENTS			FAIR VALUE MEASUREMENTS

The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.


	Derivatives (net)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Balance at beginning of period	$	14	$	35	$	9	$	15


Purchases, sales, issuances and settlements:
Purchases	—		—		14		29


Settlements	(4)		(13)		(2)		(36)

Total gains (losses) included on the Condensed Consolidated Balance Sheet	2		(5)		(9)		9
Balance at end of period	$	12	$	17	$	12	$	17

DUKE ENERGY CAROLINAS

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.


	September 30, 2025
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	84	$	84	$	—	$	—
NDTF equity securities	4,856		4,829		3		24
NDTF debt securities	2,329		747		1,582		—

Derivative assets	77		—		77		—
Total assets	7,346		5,660		1,662		24
Derivative liabilities	(79)		—		(79)		—
Net assets	$	7,267	$	5,660	$	1,583	$	24


	December 31, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	62	$	62	$	—	$	—
NDTF equity securities	4,751		4,721		2		28
NDTF debt securities	1,651		520		1,131		—

Derivative assets	94		—		94		—
Total assets	6,558		5,303		1,227		28
Derivative liabilities	(88)		—		(88)		—
Net assets	$	6,470	$	5,303	$	1,139	$	28

PROGRESS ENERGY

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.


	September 30, 2025						December 31, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	88	$	88	$	—	$	77	$	77	$	—
NDTF equity securities	3,579		3,579		—		3,482		3,482		—
NDTF debt securities	1,841		692		1,149		1,409		502		907
Other debt securities	24		—		24		24		—		24
Other cash and cash equivalents	14		14		—		23		23		—
Derivative assets	72		—		72		127		—		127
Total assets	5,618		4,373		1,245		5,142		4,084		1,058

Derivative liabilities	(54)		—		(54)		(58)		—		(58)
Net assets	$	5,564	$	4,373	$	1,191	$	5,084	$	4,084	$	1,000


FINANCIAL STATEMENTS			FAIR VALUE MEASUREMENTS

DUKE ENERGY PROGRESS

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.


	September 30, 2025						December 31, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	72	$	72	$	—	$	54	$	54	$	—
NDTF equity securities	3,445		3,445		—		3,362		3,362		—
NDTF debt securities	1,685		577		1,108		1,221		365		856

Other cash and cash equivalents	9		9		—		16		16		—
Derivative assets	62		—		62		109		—		109
Total assets	5,273		4,103		1,170		4,762		3,797		965
Derivative liabilities	(36)		—		(36)		(57)		—		(57)
Net assets	$	5,237	$	4,103	$	1,134	$	4,705	$	3,797	$	908

DUKE ENERGY FLORIDA

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.


	September 30, 2025						December 31, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	16	$	16	$	—	$	23	$	23	$	—
NDTF equity securities	134		134		—		120		120		—
NDTF debt securities	156		115		41		188		137		51
Other debt securities	24		—		24		24		—		24
Other cash and cash equivalents	1		1		—		3		3		—
Derivative assets	10		—		10		18		—		18
Total assets	341		266		75		376		283		93

Derivative liabilities	(18)		—		(18)		(1)		—		(1)
Net assets	$	323	$	266	$	57	$	375	$	283	$	92

DUKE ENERGY OHIO

The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at September 30, 2025, and December 31, 2024.

DUKE ENERGY INDIANA

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.


	September 30, 2025								December 31, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Other equity securities	$	51	$	51	$	—	$	—	$	89	$	89	$	—	$	—
Other debt securities	28		—		28		—		56		—		56		—
Other cash and cash equivalents	1		1		—		—		1		1		—		—
Derivative assets	14		3		—		11		44		—		36		8
Total assets	94		55		28		11		190		90		92		8
Derivative liabilities	(7)		(2)		(5)		—		(3)		(3)		—		—
Net assets	$	87	$	53	$	23	$	11	$	187	$	87	$	92	$	8


FINANCIAL STATEMENTS			FAIR VALUE MEASUREMENTS

The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.


	Derivatives (net)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Balance at beginning of period	$	13	$	33	$	8	$	13


Purchases, sales, issuances and settlements:
Purchases	—		—		12		27


Settlements	(3)		(13)		—		(33)

Total gains (losses) included on the Condensed Consolidated Balance Sheet	1		(5)		(9)		8
Balance at end of period	$	11	$	15	$	11	$	15

PIEDMONT

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.


	September 30, 2025						December 31, 2024
(in millions)	Total Fair Value		Level 1		Level 2			Total Fair Value		Level 1		Level 2


Derivative assets	$	1	$	1	$	—		$	1	$	1	$	—

Derivative liabilities	(78)		—		(78)			(94)		—		(94)
Net (liabilities) assets	$	(77)	$	1	$	(78)		$	(93)	$	1	$	(94)

QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS

The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.


	September 30, 2025
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range


Duke Energy Ohio
FTRs	$	1	RTO auction pricing	FTR price – per MWh	$	—	-	$	1.14	$	0.22
Duke Energy Indiana
FTRs	11		RTO auction pricing	FTR price – per MWh	(2.13)		-	12.29		1.01


Duke Energy
Total Level 3 derivatives	$	12


	December 31, 2024
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range






















Duke Energy Ohio


FTRs	$	1	RTO auction pricing	FTR price – per MWh	$	—	–	$	1.13	$	0.48

Duke Energy Indiana
FTRs	8		RTO auction pricing	FTR price – per MWh	(0.63)		–	9.24		0.94


Duke Energy
Total Level 3 derivatives	$	9


FINANCIAL STATEMENTS			FAIR VALUE MEASUREMENTS

OTHER FAIR VALUE DISCLOSURES

The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.


	September 30, 2025				December 31, 2024
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	85,753	$	78,926	$	80,689	$	73,440
Duke Energy Carolinas	18,221		16,747		17,490		15,975
Progress Energy	26,084		24,179		24,496		22,548
Duke Energy Progress	13,897		12,449		12,504		11,009
Duke Energy Florida	10,542		9,943		10,348		9,752
Duke Energy Ohio	4,514		4,251		4,165		3,871
Duke Energy Indiana	5,096		4,643		4,798		4,329
Piedmont	4,305		4,030		4,003		3,584

(a)Book value of long-term debt includes $941 million and $1 billion at September 30, 2025, and December 31, 2024, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

At both September 30, 2025, and December 31, 2024, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.

13. VARIABLE INTEREST ENTITIES

CONSOLIDATED VIEs

The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.

No financial support was provided to any of the consolidated VIEs during the nine months ended September 30, 2025, and the year ended December 31, 2024, or is expected to be provided in the future that was not previously contractually required.

Receivables Financing – DERF/DEPR/DEFR

DERF, DEPR and DEFR were bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR were wholly owned LLCs with separate legal existence from their parent companies, and their assets were not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR bought certain accounts receivable arising from the sale of electricity and related services from their parent companies.

DERF, DEPR and DEFR borrowed amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities was limited to the amount of qualified receivables purchased, which generally excluded receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations were cash collections from the receivables. Amounts borrowed under the DERF and DEPR credit facilities were reflected on the Condensed Consolidated Balance Sheets as Current maturities of long-term debt as of December 31, 2024.

The most significant activity that impacted the economic performance of DERF, DEPR and DEFR were the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida were considered the primary beneficiaries and consolidated DERF, DEPR and DEFR, respectively, as they made those decisions.

In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowings totaling $325 million and terminated the related DEFR credit facility. Additionally, Duke Energy Florida's related restricted receivables outstanding at DEFR at the time of termination totaled $459 million and were transferred back to Duke Energy Florida to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.

In January 2025, Duke Energy Carolinas repaid all outstanding DERF borrowings totaling $500 million and terminated the related DERF credit facility. Additionally, Duke Energy Carolinas' related restricted receivables outstanding at DERF at the time of termination totaled $1,081 million and were transferred back to Duke Energy Carolinas to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.

In March 2025, Duke Energy Progress repaid all outstanding DEPR borrowings totaling $400 million and terminated the related DEPR credit facility. Additionally, Duke Energy Progress' related restricted receivables outstanding at DEPR at the time of termination totaled $943 million and were transferred back to Duke Energy Progress to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.

Receivables Financing – CRC

In March 2024, Duke Energy repaid all outstanding CRC borrowings totaling $350 million and terminated the related CRC credit facility. Additionally, Duke Energy's related restricted receivables outstanding at CRC at the time of termination totaled $682 million, consisting of $316 million and $366 million of restricted receivables that were transferred back to Duke Energy Indiana and Duke Energy Ohio, respectively, to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.


FINANCIAL STATEMENTS			VARIABLE INTEREST ENTITIES

Receivables Financing – Credit Facilities

The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.


	Duke Energy	Duke Energy
	Carolinas	Progress
(in millions)	DERF	DEPR
Expiration date	(a)	(b)
Credit facility amount	(a)	(b)
Amounts borrowed at September 30, 2025	—	—
Amounts borrowed at December 31, 2024	500	400
Restricted Receivables at September 30, 2025	—	—
Restricted Receivables at December 31, 2024	1,054	835

(a) In January 2025, Duke Energy Carolinas repaid all outstanding DERF borrowings totaling $500 million and terminated the related DERF credit facility.

(b) In March 2025, Duke Energy Progress repaid all outstanding DEPR borrowings totaling $400 million and terminated the related DEPR credit facility.

Nuclear Asset-Recovery Bonds

Duke Energy Florida Project Finance, LLC (DEFPF) is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3.

In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida.

DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF.

The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.


(in millions)	September 30, 2025	December 31, 2024

Regulatory Assets: Current	62	61
Current Assets: Other	12	35
Other Noncurrent Assets: Regulatory assets	696	741
Other Noncurrent Assets: Other	7	—
Current Liabilities: Other	2	8
Current maturities of long-term debt	61	59
Long-Term Debt	712	773

Storm Recovery Bonds

Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF), Duke Energy Carolinas NC Storm Funding II, LLC (DECNCSFII), Duke Energy Progress NC Storm Funding, LLC (DEPNCSF), Duke Energy Progress NC Storm Funding II, LLC (DEPNCSFII) and Duke Energy Progress SC Storm Funding, LLC (DEPSCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress. DECNCSF and DEPNCSF were formed in 2021, DEPSCSF was formed in 2024, and DECNCSFII and DEPNCSFII were formed in 2025, all for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs incurred in North Carolina and South Carolina.

In 2021, DECNCSF and DEPNCSF issued senior secured bonds, and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property was created by state legislation and NCUC financing orders for the purpose of financing storm costs incurred in 2018 and 2019. In April 2024, DEPSCSF issued $177 million of senior secured bonds and used the proceeds to acquire storm recovery property from Duke Energy Progress. The storm recovery property was created by state legislation and a PSCSC financing order for the purpose of financing storm costs incurred from 2014 through 2022. In September 2025, DECNCSFII issued $582 million of senior secured bonds and used the proceeds to repay Duke Energy Carolinas' term loan facility. Also in September 2025, DEPNCSFII issued $461 million of senior secured bonds and used the proceeds to repay Duke Energy Progress' term loan facility. See Note 6 for more information.


FINANCIAL STATEMENTS			VARIABLE INTEREST ENTITIES

The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ North Carolina and South Carolina retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries. Duke Energy Carolinas consolidates DECNCSF and DECNCSFII and Duke Energy Progress consolidates DEPNCSF, DEPNCSFII and DEPSCSF.

The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.


	September 30, 2025
	Duke Energy				Duke Energy
	Carolinas				Progress
(in millions)	DECNCSF		DECNCSFII		DEPNCSF		DEPNCSFII		DEPSCSF

Regulatory Assets: Current	$	12	$	29	$	39	$	23	$	8
Current Assets: Other	5		—		18		—		2
Other Noncurrent Assets: Regulatory assets	181		548		590		433		153
Other Noncurrent Assets: Other	1		3		4		2		1

Current Maturities of Long-Term Debt	11		2		35		1		5
Long-Term Debt	188		577		611		457		158


	December 31, 2024
	Duke Energy		Duke Energy
	Carolinas		Progress
(in millions)	DECNCSF		DEPNCSF		DEPSCSF

Regulatory Assets: Current	$	12	$	39	$	8
Current Assets: Other	9		27		13
Other Noncurrent Assets: Regulatory assets	189		620		155
Other Noncurrent Assets: Other	1		4		1
Current Liabilities: Other	2		10		7
Current Maturities of Long-Term Debt	10		34		9
Long-Term Debt	198		646		163

Procurement Company – Duke Energy Florida

Duke Energy Florida Purchasing Company, LLC (DEF ProCo) is a wholly owned special purpose subsidiary of Duke Energy Florida. DEF ProCo was formed in 2023 as the primary procurement agent for equipment, materials and supplies for Duke Energy Florida. DEF ProCo interacts with third-party suppliers on Duke Energy Florida’s behalf with credit and risk support provided by Duke Energy Florida. DEF ProCo is a qualified reseller under Florida tax law and conveys acquired assets to Duke Energy Florida through leases on each acquired asset.

This entity is considered a VIE primarily because the equity capitalization is insufficient to support their operations. Duke Energy Florida has the power to direct the significant activities of this VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates the procurement company.

The following table summarizes the impact of this VIE on Duke Energy Florida's Consolidated Balance Sheets.


(in millions)	September 30, 2025		December 31, 2024
Inventory	$	550	$	494
Accounts Payable	266		208

NON-CONSOLIDATED VIEs

Natural Gas Investments

Duke Energy has investments in various joint ventures including pipeline and renewable natural gas projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities.

Non-consolidated VIEs are immaterial on the Condensed Consolidated Balance Sheets and the Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values.


FINANCIAL STATEMENTS			VARIABLE INTEREST ENTITIES

CRC

The following table shows sales and cash flows related to receivables sold and reflects CRC activity prior to its termination in March 2024.


	Duke Energy Ohio		Duke Energy Indiana
	Nine Months Ended		Nine Months Ended
(in millions)	September 30, 2024		September 30, 2024
Sales
Receivables sold	$	474	$	473
Loss recognized on sale	7		6
Cash flows
Cash proceeds from receivables sold	$	478	$	523
Return received on retained interests	4		4

Cash flows from sales of receivables are reflected within Cash Flows from Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Condensed Consolidated Statements of Cash Flows.

14. REVENUE

Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I.

Electric Utilities and Infrastructure

EU&I earns the majority of its revenues through retail and wholesale electric service through the generation, transmission, distribution and sale of electricity. Duke Energy generally provides retail and wholesale electric service customers with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity.

The majority of wholesale revenues are full requirements contracts where the customers purchase the substantial majority of their energy needs and do not have a fixed quantity of contractually required energy or capacity. As such, related forecasted revenues are considered optional purchases. Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations as of September 30, 2025:


	Remaining Performance Obligations
(in millions)	2025		2026		2027		2028		2029		Thereafter		Total
Duke Energy Carolinas	$	3	$	12	$	12	$	12	$	—	$	—	$	39
Progress Energy	8		43		13		13		13		42		132
Duke Energy Progress	1		6		6		6		6		20		45
Duke Energy Florida	7		37		7		7		7		22		87

Duke Energy Indiana	4		17		15		6		—		—		42

Revenues for block sales are recognized monthly as energy is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates.

Gas Utilities and Infrastructure

GU&I earns its revenue through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery.

Fixed-capacity payments under long-term contracts for the GU&I segment include minimum margin contracts and supply arrangements with municipalities and power generation facilities. Revenues for related sales are recognized monthly as natural gas is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Estimated remaining performance obligations as of September 30, 2025, are as follows:


	Remaining Performance Obligations
(in millions)	2025		2026		2027		2028		2029		Thereafter		Total

Piedmont	$	16	$	51	$	49	$	46	$	44	$	151	$	357

Other

The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers.


FINANCIAL STATEMENTS			REVENUE

Disaggregated Revenues

Disaggregated revenues are presented as follows:


	Three Months Ended September 30, 2025
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	3,953	$	1,134	$	2,098	$	781	$	1,318	$	330	$	394	$	—
Commercial	2,339		793		1,087		475		614		166		297		—
Industrial	933		402		276		195		83		37		219		—
Wholesale	632		172		377		346		32		26		55		—
Other revenues	191		65		181		96		80		6		19		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	8,048	$	2,566	$	4,019	$	1,893	$	2,127	$	565	$	984	$	—

Gas Utilities and Infrastructure
Residential	$	143	$	—	$	—	$	—	$	—	$	80	$	—	$	63
Commercial	84		—		—		—		—		27		—		57
Industrial	39		—		—		—		—		8		—		31
Power Generation	—		—		—		—		—		—		—		8
Other revenues	57		—		—		—		—		2		—		72
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	323	$	—	$	—	$	—	$	—	$	117	$	—	$	231

Other
Revenue from contracts with customers	$	6	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	8,377	$	2,566	$	4,019	$	1,893	$	2,127	$	682	$	984	$	231

Other revenue sources(a)	$	165	$	66	$	55	$	20	$	30	$	(3)	$	8	$	40
Total revenues	$	8,542	$	2,632	$	4,074	$	1,913	$	2,157	$	679	$	992	$	271


FINANCIAL STATEMENTS			REVENUE


	Three Months Ended September 30, 2024
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	3,738	$	1,173	$	1,973	$	811	$	1,162	$	275	$	316	$	—
Commercial	2,287		859		1,035		485		550		152		243		—
Industrial	924		416		275		196		79		39		193		—
Wholesale	620		158		394		350		44		15		53		—
Other revenues	237		71		166		88		78		24		23		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	7,806	$	2,677	$	3,843	$	1,930	$	1,913	$	505	$	828	$	—

Gas Utilities and Infrastructure
Residential	$	157	$	—	$	—	$	—	$	—	$	74	$	—	$	83
Commercial	91		—		—		—		—		23		—		68
Industrial	36		—		—		—		—		6		—		30
Power Generation	—		—		—		—		—		—		—		8
Other revenues	25		—		—		—		—		5		—		20
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	309	$	—	$	—	$	—	$	—	$	108	$	—	$	209

Other
Revenue from contracts with customers	$	12	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	8,127	$	2,677	$	3,843	$	1,930	$	1,913	$	613	$	828	$	209

Other revenue sources(a)	$	27	$	30	$	17	$	(16)	$	27	$	(8)	$	8	$	10
Total revenues	$	8,154	$	2,707	$	3,860	$	1,914	$	1,940	$	605	$	836	$	219


FINANCIAL STATEMENTS			REVENUE


	Nine Months Ended September 30, 2025
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	10,598	$	3,180	$	5,465	$	2,264	$	3,201	$	865	$	1,089	$	—
Commercial	6,313		2,187		2,898		1,316		1,582		455		775		—
Industrial	2,606		1,091		807		567		239		106		602		—
Wholesale	1,825		453		1,148		1,044		104		67		156		—
Other revenues	689		341		641		370		273		42		27		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	22,031	$	7,252	$	10,959	$	5,561	$	5,399	$	1,535	$	2,649	$	—

Gas Utilities and Infrastructure
Residential	$	1,038	$	—	$	—	$	—	$	—	$	366	$	—	$	672
Commercial	542		—		—		—		—		134		—		408
Industrial	135		—		—		—		—		33		—		102
Power Generation	—		—		—		—		—		—		—		25
Other revenues	201		—		—		—		—		16		—		202
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,916	$	—	$	—	$	—	$	—	$	549	$	—	$	1,409

Other
Revenue from contracts with customers	$	21	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	23,968	$	7,252	$	10,959	$	5,561	$	5,399	$	2,084	$	2,649	$	1,409

Other revenue sources(a)	$	331	$	135	$	151	$	51	$	87	$	15	$	22	$	54
Total operating revenues	$	24,299	$	7,387	$	11,110	$	5,612	$	5,486	$	2,099	$	2,671	$	1,463


FINANCIAL STATEMENTS			REVENUE


	Nine Months Ended September 30, 2024
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	9,945	$	3,190	$	5,115	$	2,214	$	2,901	$	768	$	872	$	—
Commercial	6,234		2,331		2,834		1,334		1,500		448		624		—
Industrial	2,615		1,130		808		556		252		110		566		—
Wholesale	1,698		423		1,086		974		112		39		150		—
Other revenues	783		269		502		257		245		64		96		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	21,275	$	7,343	$	10,345	$	5,335	$	5,010	$	1,429	$	2,308	$	—

Gas Utilities and Infrastructure
Residential	$	859	$	—	$	—	$	—	$	—	$	307	$	—	$	552
Commercial	434		—		—		—		—		111		—		323
Industrial	115		—		—		—		—		23		—		92
Power Generation	—		—		—		—		—		—		—		24
Other revenues	97		—		—		—		—		19		—		78
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,505	$	—	$	—	$	—	$	—	$	460	$	—	$	1,069

Other
Revenue from contracts with customers	$	30	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	22,810	$	7,343	$	10,345	$	5,335	$	5,010	$	1,889	$	2,308	$	1,069

Other revenue sources(a)	$	187	$	68	$	100	$	3	$	82	$	2	$	34	$	70
Total operating revenues	$	22,997	$	7,411	$	10,445	$	5,338	$	5,092	$	1,891	$	2,342	$	1,139

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.


FINANCIAL STATEMENTS			REVENUE

The following table presents the reserve for credit losses for trade and other receivables.


	Three Months Ended September 30, 2024 and 2025
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at June 30, 2024	$	204	$	65	$	73	$	47	$	26	$	42	$	16	$	8
Write-Offs	(29)		(13)		(16)		(10)		(6)		—		—		—
Credit Loss Expense	34		15		18		7		11		—		—		1
Other Adjustments	5		3		4		4		—		(1)		—		—
Balance at September 30, 2024	$	214	$	70	$	79	$	48	$	31	$	41	$	16	$	9

Balance at June 30, 2025	$	195	$	57	$	70	$	42	$	28	$	41	$	17	$	8
Write-Offs	(34)		(13)		(15)		(10)		(5)		(2)		(4)		—
Credit Loss Expense	25		8		10		5		5		3		4		—
Other Adjustments	13		4		2		2		—		9		—		—
Balance at September 30, 2025	$	199	$	56	$	67	$	39	$	28	$	51	$	17	$	8

	Nine Months Ended September 30, 2024 and 2025
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2023	$	202	$	56	$	74	$	44	$	31	$	9	$	5	$	8
Write-Offs	(97)		(41)		(49)		(29)		(20)		—		—		(4)
Credit Loss Expense	79		32		38		17		21		2		2		5
Other Adjustments	30		23		16		16		(1)		30		9		—
Balance at September 30, 2024	$	214	$	70	$	79	$	48	$	31	$	41	$	16	$	9

Balance at December 31, 2024	$	207	$	69	$	73	$	44	$	29	$	43	$	15	$	7
Write-Offs	(115)		(39)		(44)		(28)		(16)		(10)		(8)		(14)
Credit Loss Expense	73		18		28		13		15		4		10		13
Other Adjustments	34		8		10		10		—		14		—		2
Balance at September 30, 2025	$	199	$	56	$	67	$	39	$	28	$	51	$	17	$	8

Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables.

15. STOCKHOLDERS' EQUITY

Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.


FINANCIAL STATEMENTS			STOCKHOLDERS' EQUITY

The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2025		2024		2025		2024
Net Income available to Duke Energy common stockholders	$	1,407	$	1,226	$	3,743	$	3,211
Less: Income (Loss) from discontinued operations attributable to Duke Energy common stockholders	—		22		(1)		9
Accumulated preferred stock dividends adjustment	—		14		—		14
Less: Impact of participating securities	2		2		5		4
Income from continuing operations available to Duke Energy common stockholders	$	1,405	$	1,216	$	3,739	$	3,212

Income (Loss) from discontinued operations, net of tax	$	—	$	25	$	(1)	$	12
Add: Loss attributable to NCI	—		(3)		—		(3)
Income (Loss) from discontinued operations attributable to Duke Energy common stockholders	$	—	$	22	$	(1)	$	9

Weighted average common shares outstanding – basic	778		772		777		772
Equity forwards	—		1		—		—
Weighted average common shares outstanding – diluted	778		773		777		772
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted(a)	$	1.81	$	1.57	$	4.81	$	4.16

EPS from discontinued operations attributable to Duke Energy common stockholders
Basic and diluted(a)	$	—	$	0.03	$	—	$	0.01
Potentially dilutive items excluded from the calculation(b)	2		2		2		2
Dividends declared per common share	$	1.065	$	1.045	$	3.155	$	3.095
Dividends declared on Series A preferred stock per depositary share(c)	$	0.359	$	0.359	$	1.078	$	1.078
Dividends declared on Series B preferred stock per share(d)	$	—	$	24.375	$	—	$	48.750

(a)The convertible notes were excluded from the calculation of diluted EPS for the three months ended September 30, 2024, and the nine months ended September 30, 2025 and 2024, because the effect was antidilutive. For the three months ended September 30, 2025, the convertible notes were included in the calculation of diluted EPS, but the impact was immaterial.

(b)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.

(c)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.

(d)4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends were payable semiannually in arrears on the 16th day of March and September. The preferred stock was redeemed on September 16, 2024.

Common Stock

In November 2022, Duke Energy filed a prospectus supplement and executed an Equity Distribution Agreement (EDA) under which it may sell up to $1.5 billion of its common stock through an at-the-market (ATM) offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy was entitled to issue and sell shares of common stock through September 2025.

The following table shows ATM equity issuances pursuant to forward contracts executed during February and March 2025.



Tranche	Shares Priced	Initial Forward Price
1	1,710,979	$	116.02
2	1,262,618	$	117.94
3	1,264,410	$	117.79

Total	4,238,007

The equity forwards require Duke Energy to either physically settle the transactions by issuing shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or net settle in whole or in part through the delivery or receipt of cash or shares. The settlement alternatives are at Duke Energy's election. No amounts have or will be recorded in Duke Energy's Condensed Consolidated Financial Statements with respect to the ATM offering until settlement of the equity forwards occurs, which is expected by December 31, 2026. The initial forward sale prices will be subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the relevant forward sale agreements. Until settlement of the equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method.


FINANCIAL STATEMENTS			STOCKHOLDERS' EQUITY

Preferred Stock

On September 16, 2024, Duke Energy redeemed all 1 million outstanding shares of Series B Preferred Stock for a redemption price of $1,000 per share or $1 billion in total. Following the redemption, dividends ceased to accrue on the shares of Series B Preferred Stock, shares of the Series B Preferred Stock were no longer deemed outstanding and all rights of the holders of such shares of Series B Preferred Stock terminated. In conjunction with the redemption, Duke Energy recorded $16 million in preferred stock redemption costs, calculated as the difference of $11 million between the carrying value on the redemption date of the Series B Preferred Stock and the total amount of consideration paid to redeem, and including the recognition of an excise tax liability under the IRA of $5 million. The preferred stock redemption costs were recorded as a reduction to Retained earnings on Duke Energy Corporations' Condensed Consolidated Balance Sheets during the three and nine months ended September 30, 2024.

16. EMPLOYEE BENEFIT PLANS

DEFINED BENEFIT RETIREMENT PLANS

Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants.

The following table includes information related to the Duke Energy Registrants' contributions to its qualified defined benefit pension plans. There were no contributions made during the nine months ended September 30, 2025.



	Nine Months Ended September 30, 2024
		Duke		Duke	Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy	Energy
(in millions)	Energy	Carolinas	Energy	Progress	Florida	Ohio	Indiana	Piedmont
Contributions made:

2024	100	26	23	14	9	5	8	3

QUALIFIED PENSION PLANS

The following tables include the components of net periodic pension costs for qualified pension plans.


	Three Months Ended September 30, 2025
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	26	$	9	$	8	$	5	$	3	$	1	$	1	$	1
Interest cost on projected benefit obligation	83		20		25		11		14		4		6		3
Expected return on plan assets	(149)		(38)		(55)		(24)		(30)		(6)		(10)		(5)
Amortization of actuarial loss	16		3		5		2		2		1		2		1
Amortization of prior service credit	(4)		—		—		—		—		—		—		(2)
Amortization of settlement charges	6		3		1		1		1		—		—		1
Net periodic pension costs	$	(22)	$	(3)	$	(16)	$	(5)	$	(10)	$	—	$	(1)	$	(1)


	Three Months Ended September 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	28	$	9	$	8	$	5	$	3	$	1	$	1	$	1
Interest cost on projected benefit obligation	82		19		26		12		14		5		6		2
Expected return on plan assets	(154)		(41)		(55)		(25)		(29)		(6)		(10)		(5)
Amortization of actuarial loss	9		2		2		1		1		—		1		1
Amortization of prior service credit	(3)		—		—		—		—		—		—		(1)
Amortization of settlement charges	17		5		7		6		—		2		—		2
Net periodic pension costs	$	(21)	$	(6)	$	(12)	$	(1)	$	(11)	$	2	$	(2)	$	—


FINANCIAL STATEMENTS			EMPLOYEE BENEFIT PLANS


	Nine Months Ended September 30, 2025
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	80	$	27	$	23	$	14	$	9	$	2	$	4	$	3
Interest cost on projected benefit obligation	247		59		77		34		43		12		19		8
Expected return on plan assets	(447)		(114)		(165)		(73)		(90)		(17)		(30)		(15)
Amortization of actuarial loss	46		10		14		6		6		2		4		3
Amortization of prior service credit	(10)		—		—		—		—		—		(1)		(5)
Amortization of settlement charges	19		9		5		4		2		—		1		3
Net periodic pension costs	$	(65)	$	(9)	$	(46)	$	(15)	$	(30)	$	(1)	$	(3)	$	(3)


	Nine Months Ended September 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	85	$	28	$	24	$	15	$	10	$	2	$	4	$	3
Interest cost on projected benefit obligation	247		59		78		36		42		13		19		7
Expected return on plan assets	(462)		(122)		(163)		(75)		(87)		(19)		(31)		(15)
Amortization of actuarial loss	25		6		7		4		3		1		3		2
Amortization of prior service credit	(10)		—		—		—		—		—		(1)		(5)
Amortization of settlement charges	26		9		9		8		1		2		1		4
Net periodic pension costs	$	(89)	$	(20)	$	(45)	$	(12)	$	(31)	$	(1)	$	(5)	$	(4)

NON-QUALIFIED PENSION PLANS

Net periodic pension costs for non-qualified pension plans were not material for the three and nine months ended September 30, 2025, and 2024.

OTHER POST-RETIREMENT BENEFIT PLANS

Net periodic costs for OPEB plans were not material for the three and nine months ended September 30, 2025, and 2024.

17. INCOME TAXES

The IRA established transferability markets for tax credits including nuclear PTCs, solar PTCs and ITCs. In April 2025, agreements were executed for the sale of approximately $643 million in net tax credits under the IRA. The sale primarily includes estimated nuclear PTCs of $478 million at Duke Energy Carolinas and $69 million at Duke Energy Progress, as well as estimated solar PTCs of $58 million at Duke Energy Florida to be earned through the end of 2025. Proceeds for the sale of the nuclear PTCs are expected to be received in November 2025. Receivables related to Duke Energy Carolinas' nuclear PTC sales were $382 million as of September 30, 2025, and are classified in Other within Current Assets on the Condensed Consolidated Balance Sheets.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, which among other things, modified tax legislation affecting clean energy tax credits. While transferability was preserved for tax credits established by the IRA, including the nuclear PTC, which remains available through 2032, the legislation phases out or terminates certain tax credits sooner than previously scheduled. To remain eligible for the PTC or ITC, solar and wind facilities must be placed in service by December 31, 2027, unless construction begins by July 4, 2026. For other types of facilities, the credits continue to be available at full value if construction begins by December 31, 2033, although there are new prohibited foreign entity restrictions. The OBBBA did not change the federal corporate income tax rate and did not require the remeasurement of deferred tax assets or liabilities. While Duke Energy does not expect material current year impacts to the results of operations, financial position or cash flows for the Duke Energy Registrants as a result of the OBBBA being signed into law in the third quarter of 2025, the Company will continue to evaluate the future impact of this tax law change as additional information and guidance becomes available.


FINANCIAL STATEMENTS			INCOME TAXES

EFFECTIVE TAX RATES

The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Duke Energy	10.8	%	11.2	%	11.2	%	12.5	%
Duke Energy Carolinas	6.9	%	7.7	%	7.8	%	9.8	%
Progress Energy	15.9	%	16.1	%	15.9	%	16.4	%
Duke Energy Progress	13.1	%	12.9	%	13.4	%	14.1	%
Duke Energy Florida	19.5	%	20.5	%	19.4	%	19.9	%
Duke Energy Ohio	14.3	%	11.9	%	16.3	%	15.8	%
Duke Energy Indiana	12.6	%	15.7	%	12.8	%	16.3	%
Piedmont	24.0	%	29.4	%	18.7	%	18.4	%

The decrease in the ETR for Duke Energy for the nine months ended September 30, 2025, was primarily due to an increase in the amortization of nuclear PTCs and investment tax credits.

The decrease in the ETR for Duke Energy Carolinas for the nine months ended September 30, 2025, was primarily due to an increase in the amortization of nuclear PTCs and investment tax credits.

The decrease in the ETR for Duke Energy Florida for the three months ended September 30 2025, was primarily due to an increase in solar PTCs.

The increase in the ETR for Duke Energy Ohio for the three months ending September 30, 2025, was primarily due to a decrease in certain favorable tax credits.

The decrease in the ETR for Duke Energy Indiana for the three and nine months ended September 30, 2025, was primarily due to an increase in the amortization of EDIT.

The decrease in the ETR for Piedmont for the three months ending September 30, 2025, was primarily due to AFUDC equity and the amortization of EDIT in relation to higher pretax losses.


MD&A			DUKE ENERGY

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