Duke Energy (NYSE: DUK) posts higher Q1 2026 EPS and reaffirms growth outlook

Rhea-AI Filing Summary

Duke Energy Corporation reported strong first-quarter 2026 results, with reported EPS of $1.97 and adjusted EPS of $1.93, up from $1.76 a year ago. Revenue rose to $9.18 billion from $8.25 billion as both electric and gas utility operations grew.

Electric Utilities and Infrastructure delivered adjusted segment income of $1,404 million, while Gas Utilities and Infrastructure produced $361 million. Duke Energy closed $5.3 billion of strategic transactions, lifting gains on asset sales, and reaffirmed 2026 adjusted EPS guidance of $6.55 to $6.80 and a 5%–7% long-term growth rate through 2030.

Positive

• Double-digit earnings and revenue growth: Reported EPS rose to $1.97 and adjusted EPS to $1.93 from $1.76, while operating revenues increased to $9.18 billion from $8.25 billion, reflecting solid performance across regulated electric and gas utilities.
• Guidance and growth outlook reaffirmed: Management reaffirmed 2026 adjusted EPS guidance of $6.55–$6.80 and a 5%–7% long-term adjusted EPS growth rate through 2030, signaling confidence in the capital plan and earnings trajectory.

Negative

• None.

Insights

Utility sector equity analyst

Quarter shows double-digit growth, mix of organic drivers and asset sales, with guidance reaffirmed.

Duke Energy posted first-quarter 2026 reported EPS of $1.97 and adjusted EPS of $1.93, both above $1.76 last year. Revenue increased to $9.18B, helped by infrastructure recovery, favorable weather and higher gas and electric volumes.

Electric Utilities and Infrastructure adjusted segment income rose to $1,404M, while Gas Utilities and Infrastructure reached $361M. Results also reflect legal and regulatory settlement charges and sizable gains on asset sales, plus income from discontinued operations, which are excluded from adjusted metrics.

The company reaffirmed its 2026 adjusted EPS guidance range of $6.55–$6.80 and a long-term adjusted EPS growth target of 5%–7% through 2030. Actual performance will depend on continued rate recovery, managing higher O&M and depreciation, and executing planned capital investments.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Reported EPS: $1.97 per share Adjusted EPS: $1.93 per share Operating revenues: $9.178 billion +5 more

8 metrics

Reported EPS $1.97 per share First quarter 2026, up from $1.76 in first quarter 2025

Adjusted EPS $1.93 per share First quarter 2026, compared to $1.76 in first quarter 2025

Operating revenues $9.178 billion First quarter 2026 total operating revenues, versus $8.249 billion in 2025

Electric Utilities adjusted segment income $1,404 million Electric Utilities and Infrastructure, first quarter 2026

Gas Utilities adjusted segment income $361 million Gas Utilities and Infrastructure, first quarter 2026

Reported effective tax rate 17.6% Consolidated reported effective tax rate, first quarter 2026

Adjusted effective tax rate 10.6% Consolidated adjusted effective tax rate, first quarter 2026

Net cash from operations $1,512 million Net cash provided by operating activities, three months ended March 31, 2026

Key Terms

adjusted EPS, segment income, non-GAAP financial measures, nuclear production tax credits, +2 more

6 terms

adjusted EPS financial

"This is compared to reported and adjusted EPS of $1.76 for the first quarter of 2025."

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

segment income financial

"Electric Utilities and Infrastructure recognized first-quarter 2026 segment income of $1,254 million."

Segment income is the profit or loss attributed to a specific business unit, product line, or geographic area after the direct revenues and expenses for that part are counted. Think of it like checking how much each store in a chain actually earns after its own costs; it helps investors see which parts of a company are driving profits, which are dragging performance, and where future growth or cuts might matter.

non-GAAP financial measures financial

"Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and adjusted effective tax rate."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

nuclear production tax credits financial

"The decrease in the adjusted effective tax rate was primarily due to an increase in the amortization of nuclear production tax credits."

Nuclear production tax credits are government payments tied to the amount of electricity a nuclear plant generates, effectively lowering the plant’s operating cost for each unit of power produced. For investors, these credits act like a steady per-unit subsidy—similar to a rebate or coupon given for every item sold—improving a plant’s cash flow, reducing financial risk, and making utility and energy companies that rely on nuclear generation more attractive or stable investments.

asset retirement obligations financial

"Asset retirement obligations | 9,036 | | | 9,046 |"

Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.

allowance for funds used during construction financial

"Includes an equity component of allowance for funds used during construction of $41 million for Duke Energy Carolinas."

Allowance for funds used during construction (AFUDC) is the accounting practice of adding the cost of borrowing money and using company funds while building long-term assets to the value of that asset instead of treating it as an immediate expense. For investors, AFUDC matters because it boosts reported profits and increases the company’s asset base today while deferring financing costs to future periods, similar to adding construction loan interest to the price of a house under renovation.

Earnings Snapshot

Revenue: $9.178 billion · Guidance included

Q1 2026

Revenue $9.178 billion

Reported EPS $1.97

Adjusted EPS $1.93

Guidance

2026 adjusted EPS guidance of $6.55 to $6.80 and long-term adjusted EPS growth rate of 5% to 7% through 2030 off the 2025 midpoint of $6.30.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2026

Commission File Number			Exact Name of Registrant as Specified in its Charter, State or other Jurisdiction of Incorporation, Address of Principal Executive Offices, Zip Code, and Registrant's Telephone Number, Including Area Code						IRS Employer Identification No.
1-32853			DUKE ENERGY CORPORATION						20-2777218

(a Delaware corporation)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Duke Energy

Common Stock, $0.001 par value

DUK

New York Stock Exchange LLC

Duke Energy

5.625% Junior Subordinated Debentures

DUKB

New York Stock Exchange LLC

due September 15, 2078

Duke Energy

Depositary Shares

DUK PR A

New York Stock Exchange LLC

each representing a 1/1,000th interest in a share of 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share

Duke Energy

3.10% Senior Notes due 2028

DUK 28A

New York Stock Exchange LLC

Duke Energy

3.85% Senior Notes due 2034

DUK 34

New York Stock Exchange LLC

Duke Energy

3.75% Senior Notes due 2031

DUK 31A

New York Stock Exchange LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02  Results of Operations and Financial Conditions.

    On May 5, 2026, Duke Energy Corporation (the "Corporation") will issue and post a news release to its website (duke-energy.com/investors) announcing its financial results for the first quarter ended March 31, 2026. A copy of this news release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 2.02. In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

Item 9.01  Financial Statements and Exhibits.

(d) Exhibits

    99.1 News Release to be issued by Duke Energy Corporation on May 5, 2026 (furnished pursuant to Item 2.02).

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

SIGNATURE

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

									DUKE ENERGY CORPORATION
									/s/ ABIGAIL L. MOTSINGER
									Abigail L. Motsinger
									Senior Vice President, Chief Accounting Officer and Controller
Dated:			May 5, 2026

News Release

Media Contact: Gillian Moore

24-Hour: 800.559.3853

Analyst Contact: Mike Switzer

Office: 704.382.6473

May 5, 2026

Duke Energy reports first-quarter 2026 financial results

▪First-quarter 2026 reported EPS of $1.97 and adjusted EPS of $1.93

▪Seizing growth opportunities with a total of 7.6 GW of economic development projects secured under Electric Service Agreements

▪Successfully closed $5.3 billion strategic transactions to strengthen balance sheet and support growth

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced first-quarter 2026 reported EPS of $1.97, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.93. This is compared to reported and adjusted EPS of $1.76 for the first quarter of 2025.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between first-quarter 2026 reported and adjusted EPS includes gains on asset sales, charges related to legal and regulatory settlements, and results of discontinued operations.

Higher first-quarter 2026 adjusted results were driven by recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, along with favorable weather. These items were partially offset by higher O&M expenses, including storm costs, as well as higher depreciation on a growing asset base.

The company is reaffirming its 2026 adjusted EPS guidance of $6.55 to $6.80 and long-term adjusted EPS growth rate of 5% to 7% through 2030 off the 2025 midpoint of $6.30, with confidence to earn in the top half of the range beginning in 2028. Management does not forecast reported GAAP EPS and related long-term growth rates.

“We’re advancing the economies of the states we serve by making the right investments at the right time in a way that delivers value for our customers and communities,” said Harry Sideris, Duke Energy president and chief executive officer. “From maximizing our existing fleet, to constructing new generation and strengthening the grid, we’re executing today and building for the future – all while pursuing solutions to keep rates as low as possible.”

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Duke Energy News Release    2

Business segment results

In addition to the following summary of first-quarter 2026 business segment performance, comprehensive tables with detailed EPS drivers for the first quarter compared to prior year are provided at the end of this news release.

The discussion below of first-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.

Electric Utilities and Infrastructure

On a reported basis, Electric Utilities and Infrastructure recognized first-quarter 2026 segment income of $1,254 million, compared to segment income of $1,276 million in the first quarter of 2025. In addition to the drivers outlined below, first-quarter 2026 results include the impact of charges related to legal and regulatory settlements at Duke Energy Carolinas and Duke Energy Progress, which were treated as special items and excluded from adjusted earnings.

On an adjusted basis, Electric Utilities and Infrastructure recognized first-quarter 2026 segment income of $1,404 million, compared to segment income of $1,276 million in the first quarter of 2025. This represents an increase of $0.16 per share. Higher quarterly results were primarily driven by recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, along with favorable weather, partially offset by higher O&M expenses, including storm costs, along with higher depreciation on a growing asset base.

Gas Utilities and Infrastructure

On a reported basis, Gas Utilities and Infrastructure recognized first-quarter 2026 segment income of $532 million, compared to segment income of $349 million in the first quarter of 2025. In addition to the drivers outlined below, first-quarter 2026 results include the impact of gains on asset sales related to Piedmont's Tennessee business and SustainRNG projects, which were treated as special items and excluded from adjusted earnings.

On an adjusted basis, Gas Utilities and Infrastructure recognized first-quarter 2026 segment income of $361 million, compared to segment income of $349 million in the first quarter of 2025. This represents an increase of $0.01 per share. Higher quarterly results were primarily driven by recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, partially offset by higher O&M expenses and depreciation on a growing asset base.

Other

Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.

On a reported and adjusted basis, Other recognized a first-quarter 2026 segment loss of $263 million, compared to segment loss of $260 million in the first quarter of 2025.

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Duke Energy News Release    3

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the first quarter of 2026 was 17.6% compared to 12.1% in the first quarter of 2025. The increase in the reported effective tax rate was primarily due to non-deductible goodwill associated with the sale of Piedmont's Tennessee business.

Duke Energy's consolidated adjusted effective tax rate was 10.6% for the first quarter of 2026 compared to 12.2% in the first quarter of 2025. The decrease in the adjusted effective tax rate was primarily due to an increase in the amortization of nuclear production tax credits.

The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate.

Earnings conference call for analysts

An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss first-quarter 2026 financial results and other business and financial updates. The conference call will be hosted by Harry Sideris, president and chief executive officer, and Brian Savoy, executive vice president and chief financial officer.

The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 585.542.9983 in the U.S. or 833.461.5787 outside the U.S. The confirmation code is 939851751. Please call in 10 to 15 minutes prior to the scheduled start time.

Special Items and Non-GAAP Reconciliation

The following table presents a reconciliation of GAAP reported EPS to adjusted EPS for first-quarter 2026 and 2025 financial results:

(In millions, except per share amounts)			After-Tax Amount			1Q 2026 EPS			1Q 2025 EPS
EPS, as reported						$	1.97		$	1.76
Adjustments to reported EPS:
First Quarter 2026
Legal and Regulatory Settlements			$	150		$	0.19
Asset Sales			(171)			(0.22)
Discontinued Operations			(13)			(0.02)
Total adjustments(a)						$	(0.04)		$	—
EPS, adjusted						$	1.93		$	1.76

(a)    Total EPS adjustments may not foot due to rounding.

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Duke Energy News Release    4

Non-GAAP financial measures

Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and adjusted effective tax rate. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and basic per share amounts, adjusted for the dollar and per share impact of special items. The adjusted effective tax rate is calculated using pretax earnings and income tax expense, both adjusted to include the impact of noncontrolling interests and preferred dividends and to exclude the impact of special items. Special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.

Special items included within the financial statement periods presented, which management does not believe are reflective of ongoing costs, are described below:

•Legal and Regulatory Settlements represent the impact of charges related to legal settlements as well as regulatory matters related to the establishment of a regulatory liability associated with an energy efficiency program at Duke Energy Carolinas and Duke Energy Progress.

•Asset Sales represent the impact of gains on sale of assets related to Piedmont's Tennessee business and certain renewable natural gas investments.

Management uses these non-GAAP financial measures for planning, forecasting, and to report financial results to the Board of Directors, employees, and stockholders, as well as analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and the adjusted effective tax rate are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.

Due to the forward-looking nature of forecasted adjusted EPS and related growth rates, the information to reconcile those amounts to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, such as legal settlements, impacts of regulatory orders or asset impairments, for future periods.

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Duke Energy News Release    5

Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss are defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss include intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as measures of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss are non-GAAP financial measures, as they represent segment income and other net loss adjusted for special items, as discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provide useful information to investors, as they provide additional relevant comparison of a segment’s or Other's performance across periods. The most directly comparable GAAP measures for adjusted segment income and adjusted other net loss are segment income and other net loss.

Due to the forward-looking nature of forecasted adjusted segment income and forecasted adjusted other net loss and related growth rates, the information to reconcile these amounts to the most directly comparable GAAP financial measures are not available, as management is unable to project special items, as discussed above.

Duke Energy’s adjusted earnings, adjusted EPS, adjusted effective tax rate, adjusted segment income, and adjusted other net loss may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky.

Duke Energy is executing an energy modernization strategy, keeping customer value at the forefront as it invests in electric grid upgrades and efficient generation resources to strengthen the system and serve growing energy needs.

More information is available at duke-energy.com. Follow Duke Energy on X, LinkedIn, Instagram, TikTok and Facebook for stories about the people and innovations powering its communities.

Forward-Looking Information

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:

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Duke Energy News Release    6

◦The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and reducing carbon emissions, while balancing customer reliability and keeping costs as low as possible for our customers;

◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements and/or uncertainty of applicability or changes to such legislative and regulatory initiatives, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;

◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;

◦The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, particularly in periods of heightened customer affordability concerns, bill volatility, or public and political scrutiny, and to earn an adequate return on investment through rate case proceedings and the regulatory process;

◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;

◦The impact of extraordinary external events, such as a global pandemic, trade wars or military conflict, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;

◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;

◦Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;

◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;

◦Advancements in technology, including artificial intelligence;

◦Additional competition in electric and natural gas markets, municipalization and continued industry consolidation;

◦The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;

◦Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto;

◦The ability to successfully operate electric generating facilities and deliver electricity to customers, including direct or indirect effects to the company resulting from an incident that affects the United States electric grid or generating resources;

◦Operational interruptions to our natural gas distribution and transmission activities;

◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;

◦The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences;

◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;

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Duke Energy News Release    7

◦The timing and extent of changes in commodity prices, including any impact from increased tariffs, export controls and interest rates, and the ability to timely recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;

◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation portfolio, and general market and economic conditions;

◦Credit ratings of the Duke Energy Registrants may be different from what is expected;

◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;

◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules, obtaining sufficient skilled labor and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;

◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;

◦The ability to control operation and maintenance costs;

◦The level of creditworthiness of counterparties to transactions;

◦The ability to obtain adequate insurance at acceptable costs and recover on claims made;

◦Employee workforce factors, including the potential inability to attract and retain key personnel;

◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);

◦The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities;

◦The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC;

◦The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings;

◦The impacts from potential impairments of goodwill or investment carrying values;

◦Asset or business acquisitions and dispositions may not be consummated or yield the anticipated benefits, which could adversely affect our financial condition, credit metrics or ability to execute strategic and capital plans; and

◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock.

Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2026

(Dollars in millions, except per share amounts)

												Special Items
						Reported Earnings						Legal and Regulatory Settlements						Asset Sales																																										Discontinued Operations						Total Adjustments						Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure						$	1,254					$	150		A			$	—																																									$	—					$	150					$	1,404
Gas Utilities and Infrastructure						532						—						(171)			B																																							—						(171)						361
Total Reportable Segment Income						1,786						150						(171)																																										—						(21)						1,765
Other						(263)						—																																																—						—						(263)
Discontinued Operations						13						—						—																																										(13)			C			(13)						—
Net Income Available to Duke Energy Corporation Common Stockholders						$	1,536					$	150					$	(171)																																									$	(13)					$	(34)					$	1,502
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS						$	1.97					$	0.19					$	(0.22)																																									$	(0.02)					$	(0.04)					$	1.93

Note: Total EPS adjustments do not cross-foot due to rounding.

A – $197 million total pretax recorded at Duke Energy Carolinas and Duke Energy Progress within Operations, maintenance and other and Operating Revenues on the Condensed Consolidated Statements of Operations for legal settlements as well as regulatory matters related to the establishment of a regulatory liability associated with an energy efficiency program. The segment income amount for these items are net of a $47 million tax benefit.

B – Net of $196 million tax expense which includes the impact of nondeductible goodwill related to the sale of Piedmont's Tennessee business.

•$368 million recorded within Gains on Sales of Other Assets and Other, net, and $7 million recorded within Property and other taxes on the Condensed Consolidated Statements of Operations related to the sale of Piedmont's Tennessee business.

•$6 million recorded within Gains on Sales of Other Assets and Other, net on the Condensed Consolidated Statements of Operations related to the sale of certain renewable natural gas investments.

C – Recorded in Income from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations.

Weighted Average Shares, basic (reported and adjusted) – 778 million

8

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2025

(Dollars in millions, except per share amounts)

​
						Reported Earnings																																										Discontinued Operations						Total Adjustments						Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure						$	1,276																																									$	—					$	—					$	1,276
Gas Utilities and Infrastructure						349																																										—						—						349
Total Reportable Segment Income						1,625																																										—						—						1,625
Other						(260)																																										—						—						(260)
Net Income Available to Duke Energy Corporation Common Stockholders						$	1,365																																									$	—					$	—					$	1,365
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS						$	1.76																																															$	—					$	1.76

Weighted Average Shares, basic (reported and adjusted) – 777 million

9

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

March 2026

(Dollars in millions)

									Three Months Ended    March 31, 2026
															Balance						Effective Tax Rate
Reported Income From Continuing Operations Before Income Taxes															$	1,897
Legal and Regulatory Settlements															197
Asset Sales															(367)
Noncontrolling Interests															(32)
Preferred Dividends															(14)
Adjusted Pretax Income															$	1,681
Reported Income Tax Expense From Continuing Operations															$	333					17.6		%
Legal and Regulatory Settlements															47
Asset Sales															(196)
Noncontrolling Interest Portion of Income Taxes(a)															(5)
Adjusted Tax Expense															$	179					10.6		%

									Three Months Ended    March 31, 2025
															Balance						Effective Tax Rate
Reported Income From Continuing Operations Before Income Taxes															$	1,597
Noncontrolling Interests															(28)
Preferred Dividends															(14)
Adjusted Pretax Income															$	1,555
Reported Income Tax Expense From Continuing Operations															$	193					12.1		%
Noncontrolling Interest Portion of Income Taxes(a)															(3)
Adjusted Tax Expense															$	190					12.2		%

(a)    Income tax related to non-pass-through entities for tax purposes.

10

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

March 2026 YTD vs. Prior Year

(Dollars per share)			Electric Utilities and Infrastructure									Gas Utilities and Infrastructure															Other															Consolidated
2025 YTD Reported and Adjusted Earnings Per Share			$	1.64								$	0.45																	$	(0.33)																	$	1.76
Weather			0.04									—																		—																		0.04
Volume(a)			0.03									—																		—																		0.03
Riders and Other Retail Margin(b)			0.10									0.03																		—																		0.13
Rate case impacts, net(c)			0.13									0.01																		—																		0.14
Wholesale			0.01									—																		—																		0.01
Operations and maintenance, net of recoverables(d)			(0.08)									(0.01)																		—																		(0.09)
Interest Expense			(0.02)									—																		(0.03)																		(0.05)
AFUDC Equity			0.02									—																		—																		0.02
Depreciation and amortization(e)			(0.08)									(0.01)																		—																		(0.09)
Other			0.01									(0.01)																		0.03																		0.03
Total variance			$	0.16								$	0.01																	$	—																	$	0.17
2026 YTD Adjusted Earnings Per Share			$	1.80								$	0.46																	$	(0.33)																	$	1.93
Legal and Regulatory Settlements			(0.19)									—																		—																		(0.19)
Asset Sales			—									0.22																		—																		0.22
Discontinued Operations			—									—																		0.02																		0.02
2026 YTD Reported Earnings Per Share			$	1.61								$	0.68																	$	(0.31)																	$	1.97
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 777 million to 778 million. Totals may not foot or cross-foot due to rounding.

(a)    Includes block and seasonal pricing.

(b)    Electric Utilities and Infrastructure includes transmission revenues and higher grid modernization riders. Gas Utilities and Infrastructure includes customer growth in North Carolina and South Carolina.

(c)    Electric Utilities and Infrastructure includes impacts from DEI rates, effective February 2025 (+$0.04), DEC North Carolina Year 3 rates, effective January 2026, and DEC South Carolina rates, effective March 2026 (+$0.03), DEF Year 2 rates, effective January 2026 (+$0.03) DEP North Carolina Year 3 rates, effective October 2025, and DEP South Carolina rates, effective February 2026 (+$0.02) and DEK rates, effective July 2025 (+$0.01). Gas Utilities and Infrastructure includes impacts from DEK rates, effective January 2026.

(d)    Electric Utilities and Infrastructure includes higher storm costs (-$0.04), increased environmental reserves, and higher grid maintenance and generation outage costs in the current year.

(e)    Electric Utilities and Infrastructure excludes rate case impacts.

11

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
									Three Months Ended
									March 31,
															2026						2025
Operating Revenues
Regulated electric															$	7,803					$	7,064
Regulated natural gas															1,297						1,105
Nonregulated electric and other															78						80
Total operating revenues															9,178						8,249
Operating Expenses
Fuel used in electric generation and purchased power															2,419						2,099
Cost of natural gas															525						374
Operation, maintenance and other															1,752						1,499
Depreciation and amortization															1,689						1,512
Property and other taxes															452						428
Total operating expenses															6,837						5,912
Gains on Sales of Other Assets and Other, net															384						6
Operating Income															2,725						2,343
Other Income and Expenses
Equity in earnings of unconsolidated affiliates															7						11
Other income and expenses, net															133						132
Total other income and expenses															140						143
Interest Expense															968						889
Income From Continuing Operations Before Income Taxes															1,897						1,597
Income Tax Expense From Continuing Operations															333						193
Income From Continuing Operations															1,564						1,404
Income From Discontinued Operations, net of tax															13						—
Net Income															1,577						1,404
Less: Net Income Attributable to Noncontrolling Interests															27						25
Net Income Attributable to Duke Energy Corporation															1,550						1,379
Less: Preferred Dividends															14						14
Net Income Available to Duke Energy Corporation Common Stockholders															$	1,536					$	1,365
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted															$	1.95					$	1.76
Income from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted															$	0.02					$	—
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted															$	1.97					$	1.76
Weighted average shares outstanding
Basic															778						777
Diluted															779						777

12

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			March 31, 2026						December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents			$	2,140					$	245
Receivables (net of allowance for doubtful accounts of $201 at 2026 and $194 at 2025)			3,947						4,230
Inventory (includes $1,062 at 2026 and $669 at 2025 related to VIEs)			4,572						4,569
Regulatory assets (includes $204 at 2026 and 2025 related to VIEs)			2,201						1,934
Assets held for sale			—						109
Other (includes $82 at 2026 and $88 at 2025 related to VIEs)			586						526
Total current assets			13,446						11,613
Property, Plant and Equipment
Cost			193,525						190,409
Accumulated depreciation and amortization			(61,252)						(60,450)
Net property, plant and equipment			132,273						129,959
Other Noncurrent Assets
Goodwill			19,010						19,010
Regulatory assets (includes $3,062 at 2026 and $3,108 at 2025 related to VIEs)			15,059						14,379
Nuclear decommissioning trust funds			12,644						12,889
Operating lease right-of-use assets, net			1,169						1,241
Investments in equity method unconsolidated affiliates			328						330
Assets held for sale			—						$	2,148
Other			4,119						4,167
Total other noncurrent assets			52,329						54,164
Total Assets			$	198,048					$	195,736
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $376 at 2026 and $296 at 2025 related to VIEs)			$	4,732					$	5,223
Notes payable and commercial paper			2,373						2,624
Taxes accrued			839						975
Interest accrued			816						922
Current maturities of long-term debt (includes $147 at 2026 and $118 at 2025 related to VIEs)			7,395						7,104
Asset retirement obligations			574						579
Regulatory liabilities			1,554						1,271
Liabilities associated with assets held for sale			—						84
Other			2,051						2,265
Total current liabilities			20,334						21,047
Long-Term Debt (includes $3,222 at 2026 and $3,308 at 2025 related to VIEs)			80,477						80,108
Other Noncurrent Liabilities
Deferred income taxes			12,799						12,377
Asset retirement obligations			9,036						9,046
Regulatory liabilities			14,774						15,682
Operating lease liabilities			964						1,033
Accrued pension and other post-retirement benefit costs			384						396
Investment tax credits			985						969
Liabilities associated with assets held for sale			—						$	170
Other			1,817						1,889
Total other noncurrent liabilities			40,759						41,562
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2026 and 2025			973						973
Common stock, $0.001 par value, 2 billion shares authorized; 778 million shares outstanding at 2026 and 2025			1						1
Additional paid-in capital			47,551						45,614
Retained earnings			5,761						5,056
Accumulated other comprehensive income			171						198
Total Duke Energy Corporation stockholders' equity			54,457						51,842
Noncontrolling interests			2,021						1,177
Total equity			56,478						53,019
Total Liabilities and Equity			$	198,048					$	195,736

13

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
						Three Months Ended March 31,
						2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income						$	1,577					$	1,404
Adjustments to reconcile net income to net cash provided by operating activities						(65)						773
Net cash provided by operating activities						1,512						2,177
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities						(1,846)						(3,300)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities						2,223						1,238
Net increase in cash, cash equivalents and restricted cash						1,889						115
Cash, cash equivalents and restricted cash at beginning of period						363						421
Cash, cash equivalents and restricted cash at end of period						$	2,252					$	536

14

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Three Months Ended March 31, 2026
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	7,817		$	—					$	—		$	(14)		$	7,803
Regulated natural gas			—			1,321						—			(24)			1,297
Nonregulated electric and other			61			12						42			(37)			78
Total operating revenues			7,878			1,333						42			(75)			9,178
Operating Expenses
Fuel used in electric generation and purchased power			2,440			—						—			(21)			2,419
Cost of natural gas			—			525						—			—			525
Operation, maintenance and other			1,709			135						(41)			(51)			1,752
Depreciation and amortization			1,498			115						83			(7)			1,689
Property and other taxes			393			57						2			—			452
Total operating expenses			6,040			832						44			(79)			6,837
Gains on Sales of Other Assets and Other, net			5			374						5			—			384
Operating Income			1,843			875						3			4			2,725
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			—			6						1			—			7
Other income and expenses, net			136			12						8			(23)			133
Total Other Income and Expenses			136			18						9			(23)			140
Interest Expense			571			67						349			(19)			968
Income (Loss) from Continuing Operations before Income Taxes			1,408			826						(337)			—			1,897
Income Tax Expense (Benefit) from Continuing Operations			127			294						(88)			—			333
Income (Loss) from Continuing Operations			1,281			532						(249)			—			1,564
Less: Net Income Attributable to Noncontrolling Interest			27			—						—			—			27
Net Income (Loss) Attributable to Duke Energy Corporation			1,254			532						(249)			—			1,537
Less: Preferred Dividends			—			—						14			—			14
Segment Income/Other Net Loss			$	1,254		$	532					$	(263)		$	—		$	1,523
Discontinued Operations																		13
Net Income Available to Duke Energy Corporation Common Stockholders																		$	1,536
Segment Income/Other Net Loss			$	1,254		$	532					$	(263)		$	—		$	1,523
Special Items			150			(171)						—			—			(21)
Adjusted Earnings(a)			$	1,404		$	361					$	(263)		$	—		$	1,502

(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.

15

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Three Months Ended March 31, 2025
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	7,079		$	—					$	—		$	(15)		$	7,064
Regulated natural gas			—			1,129						—			(24)			1,105
Nonregulated electric and other			61			11						42			(34)			80
Total operating revenues			7,140			1,140						42			(73)			8,249
Operating Expenses
Fuel used in electric generation and purchased power			2,119			—						—			(20)			2,099
Cost of natural gas			—			374						—			—			374
Operation, maintenance and other			1,424			125						2			(52)			1,499
Depreciation and amortization			1,334			107						77			(6)			1,512
Property and other taxes			378			47						3			—			428
Total operating expenses			5,255			653						82			(78)			5,912
Gains on Sales of Other Assets and Other, net			1			—						5			—			6
Operating Income (Loss)			1,886			487						(35)			5			2,343
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			—			5						6			—			11
Other income and expenses, net			134			13						14			(29)			132
Total Other Income and Expenses			134			18						20			(29)			143
Interest Expense			530			65						318			(24)			889
Income (Loss) From Continuing Operations Before Income Taxes			1,490			440						(333)			—			1,597
Income Tax Expense (Benefit) from Continuing Operations			189			91						(87)			—			193
Income (Loss) from Continuing Operations			1,301			349						(246)			—			1,404
Less: Net Income Attributable to Noncontrolling Interest			25			—						—			—			25
Net Income (Loss) Attributable to Duke Energy Corporation			1,276			349						(246)			—			1,379
Less: Preferred Dividends			—			—						14			—			14
Segment Income/Other Net Loss			$	1,276		$	349					$	(260)		$	—		$	1,365
Discontinued Operations																		—
Net Income Available to Duke Energy Corporation Common Stockholders																		$	1,365

16

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 31, 2026
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure			Other			Eliminations/ Adjustments			Duke Energy
Current Assets
Cash and cash equivalents			$	158		$	16		$	1,966		$	—		$	2,140
Receivables, net			3,559			385			2			1			3,947
Receivables from affiliated companies			181			79			1,334			(1,594)			—
Notes receivable from affiliated companies			87			279			1,083			(1,449)			—
Inventory			4,479			59			35			(1)			4,572
Regulatory assets			1,937			180			85			(1)			2,201
Other			640			19			28			(101)			586
Total current assets			11,041			1,017			4,533			(3,145)			13,446
Property, Plant and Equipment
Cost			174,578			16,758			2,261			(72)			193,525
Accumulated depreciation and amortization			(56,825)			(3,503)			(924)			—			(61,252)
Net property, plant and equipment			117,753			13,255			1,337			(72)			132,273
Other Noncurrent Assets
Goodwill			17,380			1,630			—			—			19,010
Regulatory assets			13,904			688			467			—			15,059
Nuclear decommissioning trust funds			12,644			—			—			—			12,644
Operating lease right-of-use assets, net			702			2			465			—			1,169
Investments in equity method unconsolidated affiliates			1			183			145			(1)			328
Investment in consolidated subsidiaries			563			5			80,005			(80,573)			—
Other			2,586			332			1,825			(624)			4,119
Total other noncurrent assets			47,780			2,840			82,907			(81,198)			52,329
Total Assets			176,574			17,112			88,777			(84,415)			198,048
Segment reclassifications, intercompany balances and other			(1,001)			(367)			(83,047)			84,415			—
Segment Assets			$	175,573		$	16,745		$	5,730		$	—		$	198,048

17

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 31, 2026
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other			Eliminations/ Adjustments			Duke Energy
Current Liabilities
Accounts payable			$	3,695		$	315					$	722		$	—		$	4,732
Accounts payable to affiliated companies			829			68						565			(1,462)			—
Notes payable to affiliated companies			1,254			23						172			(1,449)			—
Notes payable and commercial paper			—			—						2,373			—			2,373
Taxes accrued			655			583						(399)			—			839
Interest accrued			522			58						237			(1)			816
Current maturities of long-term debt			3,508			57						3,837			(7)			7,395
Asset retirement obligations			574			—						—			—			574
Regulatory liabilities			1,470			84						—			—			1,554
Other			1,597			72						615			(233)			2,051
Total current liabilities			14,104			1,260						8,122			(3,152)			20,334
Long-Term Debt			50,547			4,717						25,278			(65)			80,477
Long-Term Debt Payable to Affiliated Companies			618			7						—			(625)			—
Other Noncurrent Liabilities
Deferred income taxes			12,715			1,391						(1,311)			4			12,799
Asset retirement obligations			8,944			93						—			(1)			9,036
Regulatory liabilities			13,727			1,019						28			—			14,774
Operating lease liabilities			629			1						334			—			964
Accrued pension and other post-retirement benefit costs			(28)			31						381			—			384
Investment tax credits			985			1						—			(1)			985
Other			1,307			116						581			(187)			1,817
Total other noncurrent liabilities			38,279			2,652						13			(185)			40,759
Equity
Total Duke Energy Corporation stockholders' equity			71,007			8,473						55,364			(80,387)			54,457
Noncontrolling interests			2,019			3						—			(1)			2,021
Total equity			73,026			8,476						55,364			(80,388)			56,478
Total Liabilities and Equity			176,574			17,112						88,777			(84,415)			198,048
Segment reclassifications, intercompany balances and other			(1,001)			(367)						(83,047)			84,415			—
Segment Liabilities and Equity			$	175,573		$	16,745					$	5,730		$	—		$	198,048

18

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Three Months Ended March 31, 2026
(In millions)			Duke Energy Carolinas			Duke Energy Progress			Duke Energy Florida			Duke Energy Ohio(a)			Duke Energy Indiana			Eliminations/ Other			Electric Utilities and Infrastructure
Operating Revenues			$	2,766		$	2,301		$	1,621		$	562		$	966		$	(338)		$	7,878
Operating Expenses
Fuel used in electric generation and purchased power			931			863			448			173			370			(345)			2,440
Operation, maintenance and other			601			501			319			97			187			4			1,709
Depreciation and amortization			526			386			296			82			205			3			1,498
Property and other taxes			106			59			123			87			19			(1)			393
Total operating expenses			2,164			1,809			1,186			439			781			(339)			6,040
Gains on Sales of Other Assets and Other, net			2			1			2			—			—			—			5
Operating Income			604			493			437			123			185			1			1,843
Other Income and Expenses, net(b)			63			43			15			4			11			—			136
Interest Expense			217			135			127			34			64			(6)			571
Income Before Income Taxes			450			401			325			93			132			7			1,408
Income Tax Expense			14			42			65			16			19			(29)			127
Less: Net Income Attributable to Noncontrolling Interest(c)			—			—			—			—			—			27			27
Segment Income			$	436		$	359		$	260		$	77		$	113		$	9		$	1,254

(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.

(b)    Includes an equity component of allowance for funds used during construction of $41 million for Duke Energy Carolinas, $27 million for Duke Energy Progress, $3 million for Duke Energy Florida, $3 million for Duke Energy Ohio and $9 million for Duke Energy Indiana.

(c)    Includes a noncontrolling interest in Duke Energy Indiana and Florida Progress.

19

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 31, 2026
(In millions)			Duke Energy Carolinas			Duke Energy Progress			Duke Energy Florida			Duke Energy Ohio(a)			Duke Energy Indiana			Eliminations/ Adjustments(b)			Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents			$	44		$	63		$	17		$	15		$	18		$	1		$	158
Receivables, net			1,198			967			524			394			469			7			3,559
Receivables from affiliated companies			251			35			47			27			24			(203)			181
Notes receivable from affiliated companies			—			—			—			29			239			(181)			87
Inventory			1,544			1,350			850			185			550			—			4,479
Regulatory assets			752			675			286			28			198			(2)			1,937
Other			256			188			116			1			86			(7)			640
Total current assets			4,045			3,278			1,840			679			1,584			(385)			11,041
Property, Plant and Equipment
Cost			63,715			45,974			33,739			9,568			21,514			68			174,578
Accumulated depreciation and amortization			(20,863)			(17,179)			(8,643)			(2,586)			(7,604)			50			(56,825)
Net property, plant and equipment			42,852			28,795			25,096			6,982			13,910			118			117,753
Other Noncurrent Assets
Goodwill			—			—			—			596			—			16,784			17,380
Regulatory assets			5,177			4,629			2,130			358			1,009			601			13,904
Nuclear decommissioning trust funds			7,213			5,156			275			—			—			—			12,644
Operating lease right-of-use assets, net			92			368			206			5			32			(1)			702
Investments in equity method unconsolidated affiliates			—			—			1			—			—			—			1
Investment in consolidated subsidiaries			56			10			4			493			1			(1)			563
Other			1,336			788			585			70			240			(433)			2,586
Total other noncurrent assets			13,874			10,951			3,201			1,522			1,282			16,950			47,780
Total Assets			60,771			43,024			30,137			9,183			16,776			16,683			176,574
Segment reclassifications, intercompany balances and other			(339)			(140)			(82)			(552)			(272)			384			(1,001)
Reportable Segment Assets			$	60,432		$	42,884		$	30,055		$	8,631		$	16,504		$	17,067		$	175,573

(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b)    Includes the elimination of intercompany balances, purchase accounting adjustments, and Duke Energy Indiana Holdco, LLC balances.

20

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 31, 2026
(In millions)			Duke Energy Carolinas			Duke Energy Progress			Duke Energy Florida			Duke Energy Ohio(a)			Duke Energy Indiana			Eliminations/ Adjustments(b)			Electric Utilities and Infrastructure
Current Liabilities
Accounts payable			$	1,539		$	962		$	639		$	201		$	348		$	6		$	3,695
Accounts payable to affiliated companies			353			370			139			18			90			(141)			829
Notes payable to affiliated companies			638			644			107			46			—			(181)			1,254
Taxes accrued			124			66			99			289			108			(31)			655
Interest accrued			163			91			142			44			81			1			522
Current maturities of long-term debt			1,649			793			1,087			(17)			4			(8)			3,508
Asset retirement obligations			242			186			2			6			138			—			574
Regulatory liabilities			660			356			152			43			259			—			1,470
Other			634			342			337			70			218			(4)			1,597
Total current liabilities			6,002			3,810			2,704			700			1,246			(358)			14,104
Long-Term Debt			17,839			12,917			10,465			3,492			5,436			398			50,547
Long-Term Debt Payable to Affiliated Companies			300			150			—			18			150			—			618
Other Noncurrent Liabilities
Deferred income taxes			4,327			2,786			3,121			888			1,537			56			12,715
Asset retirement obligations			3,598			4,113			180			62			979			12			8,944
Regulatory liabilities			7,333			4,245			775			237			1,164			(27)			13,727
Operating lease liabilities			79			366			154			4			26			—			629
Accrued pension and other post-retirement benefit costs			23			138			86			65			76			(416)			(28)
Investment tax credits			353			197			248			5			182			—			985
Other			750			338			162			56			13			(12)			1,307
Total other noncurrent liabilities			16,463			12,183			4,726			1,317			3,977			(387)			38,279
Equity
Total Duke Energy Corporation stockholders equity			20,167			13,964			12,242			3,656			5,967			15,011			71,007
Noncontrolling interests(c)			—			—			—			—			—			2,019			2,019
Total equity			20,167			13,964			12,242			3,656			5,967			17,030			73,026
Total Liabilities and Equity			60,771			43,024			30,137			9,183			16,776			16,683			176,574
Segment reclassifications, intercompany balances and other			(339)			(140)			(82)			(552)			(272)			384			(1,001)
Reportable Segment Liabilities and Equity			$	60,432		$	42,884		$	30,055		$	8,631		$	16,504		$	17,067		$	175,573

(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Duke Energy Indiana Holdco, LLC balances.

(c)    Includes a noncontrolling interest in Duke Energy Indiana and Florida Progress.

21

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Three Months Ended March 31, 2026
(In millions)			Duke Energy Ohio(a)			Piedmont Natural Gas LDC			Midstream Pipelines and Storage(b)			Eliminations/ Adjustments			Gas Utilities and Infrastructure
Operating Revenues			$	317		$	1,011		$	5		$	—		$	1,333
Operating Expenses
Cost of natural gas			121			404			—			—			525
Operation, maintenance and other			40			93			—			2			135
Depreciation and amortization			39			74			3			(1)			115
Property and other taxes			30			26			2			(1)			57
Total operating expenses			230			597			5			—			832
Gains on Sales of Other Assets and Other, net(c)			—			652			6			(284)			374
Operating Income			87			1,066			6			(284)			875
Other Income and Expenses, net
Equity in earnings of unconsolidated affiliates			—			—			6			—			6
Other income and expenses, net			1			10			—			1			12
Other Income and Expenses, net			1			10			6			1			18
Interest Expense			18			48			1			—			67
Income Before Income Taxes			70			1,028			11			(283)			826
Income Tax Expense			15			258			20			1			294
Segment Income			$	55		$	770		$	(9)		$	(284)		$	532

(a)    Includes results of the wholly owned subsidiary Duke Energy Kentucky.

(b)    Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

(c)    The gain on sale is $284 million lower at the Gas Utilities and Infrastructure segment level due to higher allocated goodwill related to the Piedmont Tennessee Disposal Group than at Piedmont Natural Gas LDC.

22

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 31, 2026
(In millions)			Duke Energy Ohio(a)			Piedmont Natural Gas LDC			Midstream Pipelines and Storage			Eliminations/ Adjustments(b)			Gas Utilities and Infrastructure
Current Assets
Cash and cash equivalents			$	6		$	5		$	4		$	1		$	16
Receivables, net			75			310			—			—			385
Receivables from affiliated companies			—			84			90			(95)			79
Notes receivable from affiliated companies			16			266			—			(3)			279
Inventory			14			45			—			—			59
Regulatory assets			94			85			—			1			180
Other			8			10			4			(3)			19
Total current assets			213			805			98			(99)			1,017
Property, Plant and Equipment
Cost			5,202			11,481			75			—			16,758
Accumulated depreciation and amortization			(1,271)			(2,217)			(15)			—			(3,503)
Net property, plant and equipment			3,931			9,264			60			—			13,255
Other Noncurrent Assets
Goodwill			324			39			—			1,267			1,630
Regulatory assets			328			306			—			54			688
Operating lease right-of-use assets, net			—			2			—			—			2
Investments in equity method unconsolidated affiliates			—			—			178			5			183
Investment in consolidated subsidiaries			—			—			—			5			5
Other			31			284			16			1			332
Total other noncurrent assets			683			631			194			1,332			2,840
Total Assets			4,827			10,700			352			1,233			17,112
Segment reclassifications, intercompany balances and other			(18)			(354)			(119)			124			(367)
Reportable Segment Assets			$	4,809		$	10,346		$	233		$	1,357		$	16,745

(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

23

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 31, 2026
(In millions)			Duke Energy Ohio(a)			Piedmont Natural Gas LDC			Midstream Pipelines and Storage			Eliminations/ Adjustments(b)			Gas Utilities and Infrastructure
Current Liabilities
Accounts payable			$	71		$	234		$	9		$	1		$	315
Accounts payable to affiliated companies			3			146			14			(95)			68
Notes payable to affiliated companies			27			—			—			(4)			23
Taxes accrued			39			526			18			—			583
Interest accrued			10			48			—			—			58
Current maturities of long-term debt			17			40			—			—			57
Regulatory liabilities			36			48			—			—			84
Other			4			67			—			1			72
Total current liabilities			207			1,109			41			(97)			1,260
Long-Term Debt			859			3,761			55			42			4,717
Long-Term Debt Payable to Affiliated Companies			7			—			—			—			7
Other Noncurrent Liabilities
Deferred income taxes			475			864			51			1			1,391
Asset retirement obligations			67			26			—			—			93
Regulatory liabilities			228			780			—			11			1,019
Operating lease liabilities			—			1			—			—			1
Accrued pension and other post-retirement benefit costs			24			6			—			1			31
Investment tax credits			—			1			—			—			1
Other			31			85			—			—			116
Total other noncurrent liabilities			825			1,763			51			13			2,652
Equity
Total Duke Energy Corporation stockholders' equity			2,929			4,067			202			1,275			8,473
Noncontrolling interests			—			—			3			—			3
Total equity			2,929			4,067			205			1,275			8,476
Total Liabilities and Equity			4,827			10,700			352			1,233			17,112
Segment reclassifications, intercompany balances and other			(18)			(354)			(119)			124			(367)
Reportable Segment Liabilities and Equity			$	4,809		$	10,346		$	233		$	1,357		$	16,745

(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

24

Electric Utilities and Infrastructure
Quarterly Highlights
March 2026
												Three Months Ended March 31,
																														2026						2025						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
			Residential																											25,405						25,225						0.7		%				(0.9		%)
			Commercial																											19,071						18,902						0.9		%				1.2		%
			Industrial																											10,738						10,964						(2.1		%)				(2.4		%)
			Other Energy Sales																											130						116						12.1		%				n/a
			Unbilled Sales																											(1,675)						(1,816)						7.8		%				n/a
			Total Retail Sales																											53,669						53,391						0.5		%				(0.5		%)
			Wholesale and Other																											11,785						11,851						(0.6		%)
			Total Consolidated Electric Sales – Electric Utilities and Infrastructure																											65,454						65,242						0.3		%
Average Number of Customers (Electric)
			Residential																											7,616,258						7,498,119						1.6		%
			Commercial																											1,050,836						1,045,224						0.5		%
			Industrial																											14,795						15,305						(3.3		%)
			Other Energy Sales																											22,757						23,202						(1.9		%)
			Total Retail Customers																											8,704,646						8,581,850						1.4		%
			Wholesale and Other																											54						52						3.8		%
			Total Average Number of Customers – Electric Utilities and Infrastructure																											8,704,700						8,581,902						1.4		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											11,781						11,347						3.8		%
			Nuclear																											18,506						18,926						(2.2		%)
			Hydro																											290						446						(35.0		%)
			Natural Gas and Oil																											21,765						21,553						1.0		%
			Renewable Energy																											985						841						17.1		%
			Total Generation(d)																											53,327						53,113						0.4		%
			Purchased Power and Net Interchange(e)																											15,239						14,952						1.9		%
			Total Sources of Energy																											68,566						68,065						0.7		%
			Less: Line Loss and Other																											3,112						2,823						10.2		%
			Total GWh Sources																											65,454						65,242						0.3		%
Owned Megawatt (MW) Capacity(c)(f)
			Summer																											51,989						50,562
			Winter																											55,757						55,139
Nuclear Capacity Factor (%)(g)																														97						99

(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

(d)    Generation by source is reported net of auxiliary power.

(e)    Purchased power includes renewable energy purchases.

(f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

(g)    Statistics reflect 100% of jointly owned stations.

25

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2026
												Three Months Ended March 31,
																														2026						2025						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											9,082						9,138						(0.6		%)
			Commercial																											7,334						7,390						(0.8		%)
			Industrial																											4,506						4,554						(1.1		%)
			Other Energy Sales																											69						56						23.2		%
			Unbilled Sales																											(615)						(730)						15.8		%
			Total Retail Sales																											20,376						20,408						(0.2		%)				(0.6		%)
			Wholesale and Other																											3,204						3,150						1.7		%
			Total Consolidated Electric Sales – Duke Energy Carolinas																											23,580						23,558						0.1		%
Average Number of Customers
			Residential																											2,575,950						2,524,566						2.0		%
			Commercial																											403,006						401,939						0.3		%
			Industrial																											5,750						5,895						(2.5		%)
			Other Energy Sales																											10,700						10,836						(1.3		%)
			Total Retail Customers																											2,995,406						2,943,236						1.8		%
			Wholesale and Other																											26						26						—		%
			Total Average Number of Customers – Duke Energy Carolinas																											2,995,432						2,943,262						1.8		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											2,931						3,285						(10.8		%)
			Nuclear																											11,407						11,789						(3.2		%)
			Hydro																											126						251						(49.8		%)
			Natural Gas and Oil																											6,451						5,880						9.7		%
			Renewable Energy																											59						57						3.5		%
			Total Generation(d)																											20,974						21,262						(1.4		%)
			Purchased Power and Net Interchange(e)																											3,754						3,238						15.9		%
			Total Sources of Energy																											24,728						24,500						0.9		%
			Less: Line Loss and Other																											1,148						942						21.9		%
			Total GWh Sources																											23,580						23,558						0.1		%
Owned MW Capacity(c)(f)
			Summer																											19,858						19,698
			Winter																											20,946						20,773
Nuclear Capacity Factor (%)(g)																														99						102
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											1,597						1,643						(2.8		%)
			Cooling Degree Days																											46						8						475.0		%
			Variance from Normal
			Heating Degree Days																											(5.1		%)				(3.2		%)
			Cooling Degree Days																											468.5		%				(2.4		%)

(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

(d)    Generation by source is reported net of auxiliary power.

(e)    Purchased power includes renewable energy purchases.

(f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

(g)    Statistics reflect 100% of jointly owned stations.

26

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2026
												Three Months Ended March 31,
																														2026						2025						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											5,926						5,880						0.8		%
			Commercial																											3,799						3,740						1.6		%
			Industrial																											2,192						2,457						(10.8		%)
			Other Energy Sales																											21						21						—		%
			Unbilled Sales																											(495)						(747)						33.7		%
			Total Retail Sales																											11,443						11,351						0.8		%				(1.0		%)
			Wholesale and Other																											6,844						6,834						0.1		%
			Total Consolidated Electric Sales – Duke Energy Progress																											18,287						18,185						0.6		%
Average Number of Customers
			Residential																											1,545,119						1,518,693						1.7		%
			Commercial																											249,489						248,333						0.5		%
			Industrial																											2,973						3,072						(3.2		%)
			Other Energy Sales																											2,368						2,406						(1.6		%)
			Total Retail Customers																											1,799,949						1,772,504						1.5		%
			Wholesale and Other																											8						8						—		%
			Total Average Number of Customers – Duke Energy Progress																											1,799,957						1,772,512						1.5		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											2,015						2,276						(11.5		%)
			Nuclear																											7,099						7,137						(0.5		%)
			Hydro																											119						138						(13.8		%)
			Natural Gas and Oil																											6,941						6,519						6.5		%
			Renewable Energy																											60						50						20.0		%
			Total Generation(d)																											16,234						16,120						0.7		%
			Purchased Power and Net Interchange(e)																											2,295						2,492						(7.9		%)
			Total Sources of Energy																											18,529						18,612						(0.4		%)
			Less: Line Loss and Other																											242						427						(43.3		%)
			Total GWh Sources																											18,287						18,185						0.6		%
Owned MW Capacity(c)(f)
			Summer																											12,865						12,585
			Winter																											14,067						13,845
Nuclear Capacity Factor (%)(g)																														92						92
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											1,545						1,523						1.4		%
			Cooling Degree Days																											53						15						253.3		%
			Variance from Normal
			Heating Degree Days																											(0.4		%)				(2.6		%)
			Cooling Degree Days																											302.5		%				14.9		%

(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

(d)    Generation by source is reported net of auxiliary power.

(e)    Purchased power includes renewable energy purchases.

(f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

(g)    Statistics reflect 100% of jointly owned stations.

27

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2026
												Three Months Ended March 31,
																														2026						2025						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											4,789						4,618						3.7		%
			Commercial																											3,433						3,402						0.9		%
			Industrial																											774						783						(1.1		%)
			Other Energy Sales																											7						7						—		%
			Unbilled Sales																											(40)						(125)						68.0		%
			Total Retail Sales																											8,963						8,685						3.2		%				0.1		%
			Wholesale and Other																											353						383						(7.8		%)
			Total Electric Sales – Duke Energy Florida																											9,316						9,068						2.7		%
Average Number of Customers
			Residential																											1,837,440						1,811,645						1.4		%
			Commercial																											214,245						211,835						1.1		%
			Industrial																											1,519						1,616						(6.0		%)
			Other Energy Sales																											3,497						3,562						(1.8		%)
			Total Retail Customers																											2,056,701						2,028,658						1.4		%
			Wholesale and Other																											15						13						15.4		%
			Total Average Number of Customers – Duke Energy Florida																											2,056,716						2,028,671						1.4		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											1,488						454						227.8		%
			Natural Gas and Oil																											7,029						8,004						(12.2		%)
			Renewable Energy																											860						729						18.0		%
			Total Generation(d)																											9,377						9,187						2.1		%
			Purchased Power and Net Interchange(e)																											245						108						126.9		%
			Total Sources of Energy																											9,622						9,295						3.5		%
			Less: Line Loss and Other																											306						227						34.8		%
			Total GWh Sources																											9,316						9,068						2.7		%
Owned MW Capacity(c)(f)
			Summer																											11,854						10,895
			Winter																											12,765						12,542
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											416						359						15.9		%
			Cooling Degree Days																											267						215						24.2		%
			Variance from Normal
			Heating Degree Days																											12.0		%				(1.8		%)
			Cooling Degree Days																											31.3		%				1.6		%

(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

(d)    Generation by source is reported net of auxiliary power.

(e)    Purchased power includes renewable energy purchases.

(f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

28

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2026
												Three Months Ended March 31,
																														2026						2025						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											2,713						2,672						1.5		%
			Commercial																											2,400						2,329						3.0		%
			Industrial																											1,111						1,096						1.4		%
			Other Energy Sales																											21						19						10.5		%
			Unbilled Sales																											(200)						(121)						(65.3		%)
			Total Retail Sales																											6,045						5,995						0.8		%				0.7		%
			Wholesale and Other																											266						112						137.5		%
			Total Electric Sales – Duke Energy Ohio																											6,311						6,107						3.3		%
Average Number of Customers
			Residential																											842,841						837,876						0.6		%
			Commercial																											76,626						76,514						0.1		%
			Industrial																											1,970						2,101						(6.2		%)
			Other Energy Sales																											2,564						2,652						(3.3		%)
			Total Retail Customers																											924,001						919,143						0.5		%
			Wholesale and Other																											1						1						—		%
			Total Average Number of Customers – Duke Energy Ohio																											924,002						919,144						0.5		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											900						779						15.5		%
			Natural Gas and Oil																											103						37						178.4		%
			Total Generation(d)																											1,004						816						23.0		%
			Purchased Power and Net Interchange(e)																											5,907						6,046						(2.3		%)
			Total Sources of Energy																											6,911						6,862						0.7		%
			Less: Line Loss and Other																											600						755						(20.5		%)
			Total GWh Sources																											6,311						6,107						3.3		%
Owned MW Capacity(c)(f)
			Summer																											1,085						1,080
			Winter																											1,173						1,173
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											2,462						2,563						(3.9		%)
			Cooling Degree Days																											20						7						185.7		%
			Variance from Normal
			Heating Degree Days																											(3.4		%)				0.6		%
			Cooling Degree Days																											590.1		%				142.5		%

(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

(d)    Generation by source is reported net of auxiliary power.

(e)    Purchased power includes renewable energy purchases.

(f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

29

Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2026
												Three Months Ended March 31,
																														2026						2025						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											2,895						2,917						(0.8		%)
			Commercial																											2,105						2,041						3.1		%
			Industrial																											2,155						2,074						3.9		%
			Other Energy Sales																											12						13						(7.7		%)
			Unbilled Sales																											(325)						(93)						(249.5		%)
			Total Retail Sales																											6,842						6,952						(1.6		%)				(1.0		%)
			Wholesale and Other																											1,118						1,372						(18.5		%)
			Total Electric Sales – Duke Energy Indiana																											7,960						8,324						(4.4		%)
Average Number of Customers
			Residential																											814,908						805,339						1.2		%
			Commercial																											107,470						106,603						0.8		%
			Industrial																											2,583						2,621						(1.4		%)
			Other Energy Sales																											3,628						3,746						(3.2		%)
			Total Retail Customers																											928,589						918,309						1.1		%
			Wholesale and Other																											4						4						—		%
			Total Average Number of Customers – Duke Energy Indiana																											928,593						918,313						1.1		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											4,447						4,553						(2.3		%)
			Hydro																											45						57						(21.1		%)
			Natural Gas and Oil																											1,241						1,113						11.5		%
			Renewable Energy																											5						5						—		%
			Total Generation(d)																											5,738						5,728						0.2		%
			Purchased Power and Net Interchange(e)																											3,038						3,068						(1.0		%)
			Total Sources of Energy																											8,776						8,796						(0.2		%)
			Less: Line Loss and Other																											816						472						72.9		%
			Total GWh Sources																											7,960						8,324						(4.4		%)
Owned MW Capacity(c)(f)
			Summer																											6,327						6,304
			Winter																											6,806						6,806
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											2,579						2,731						(5.6		%)
			Cooling Degree Days																											16						2						700.0		%
			Variance from Normal
			Heating Degree Days																											(6.8		%)				(0.5		%)
			Cooling Degree Days																											532.7		%				(10.9		%)

(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

(d)    Generation by source is reported net of auxiliary power.

(e)    Purchased power includes renewable energy purchases.

(f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

30

Gas Utilities and Infrastructure
Quarterly Highlights
March 2026
												Three Months Ended March 31,
																								2026						2025						% Inc. (Dec.)
Total Sales
			Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)																					184,175,397						181,459,847						1.5		%
			Duke Energy Midwest LDC throughput (Mcf)(a)																					36,902,590						40,455,684						(8.8		%)
Average Number of Customers – Piedmont Natural Gas
			Residential																					1,035,404						1,092,898						(5.3		%)
			Commercial																					105,098						109,848						(4.3		%)
			Industrial																					872						945						(7.7		%)
			Power Generation																					19						19						—		%
			Total Average Number of Gas Customers – Piedmont Natural Gas																					1,141,393						1,203,710						(5.2		%)
Average Number of Customers – Duke Energy Midwest
			Residential																					528,525						526,598						0.4		%
			Commercial																					35,770						35,285						1.4		%
			Industrial																					2,007						2,334						(14.0		%)
			Other																					114						117						(2.6		%)
			Total Average Number of Gas Customers – Duke Energy Midwest																					566,416						564,334						0.4		%

(a)    Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact. On March 31, 2026, Piedmont closed on the sale of its Tennessee business.

31

FAQ

How did Duke Energy (DUK) perform financially in first-quarter 2026?

Duke Energy reported first-quarter 2026 EPS of $1.97 and adjusted EPS of $1.93, up from $1.76 a year earlier. Total operating revenues increased to $9.178 billion from $8.249 billion, driven by higher regulated electric and natural gas revenues and favorable weather.

What were Duke Energy’s key segment results for Q1 2026?

Electric Utilities and Infrastructure generated reported segment income of $1,254 million and adjusted segment income of $1,404 million. Gas Utilities and Infrastructure reported segment income of $532 million and adjusted segment income of $361 million. Other recorded a segment loss of $263 million on both a reported and adjusted basis.

Did Duke Energy reaffirm its earnings guidance for 2026?

Yes. Duke Energy reaffirmed its 2026 adjusted EPS guidance range of $6.55 to $6.80. The company also reiterated a long-term adjusted EPS growth rate target of 5% to 7% through 2030, based on the 2025 midpoint of $6.30.

How did special items affect Duke Energy’s Q1 2026 earnings?

Special items in Q1 2026 included $150 million of legal and regulatory settlement charges, $(171) million of gains on asset sales, and $(13) million from discontinued operations. In total, these reduced EPS by $0.04, taking reported EPS of $1.97 to adjusted EPS of $1.93.

What were Duke Energy’s tax rates in first-quarter 2026?

Duke Energy’s reported effective tax rate for Q1 2026 was 17.6%, compared with 12.1% a year earlier, mainly due to non-deductible goodwill on an asset sale. The adjusted effective tax rate declined to 10.6% from 12.2%, helped by higher amortization of nuclear production tax credits.

How strong were Duke Energy’s cash flows in Q1 2026?

Net cash provided by operating activities in Q1 2026 was $1,512 million, compared with $2,177 million in the prior-year period. Net cash used in investing activities was $(1,846) million, while net cash provided by financing activities totaled $2,223 million for the quarter.

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