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Duke Energy (NYSE: DUK) lifts 2025 EPS to $6.31 and extends 5–7% growth

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Duke Energy Corporation reported strong 2025 results and updated its long-term outlook. Full-year reported and adjusted EPS were $6.31, up from reported EPS of $5.71 and adjusted EPS of $5.90 in 2024, with no special-item difference in 2025.

Management cited earnings growth from recovering infrastructure investments and customer growth, partly offset by higher operations and maintenance, interest expense, property taxes and depreciation on a larger asset base. Fourth-quarter 2025 adjusted EPS was $1.50, down from $1.66 a year earlier, reflecting higher costs and a higher effective tax rate.

The company outlined a $103 billion five-year capital plan that it expects will drive about 9.6% earnings base growth through 2030. It introduced 2026 adjusted EPS guidance of $6.55 to $6.80 and extended its targeted long-term adjusted EPS growth rate of 5% to 7% through 2030, aiming to earn in the top half of that range beginning in 2028.

Positive

  • Full-year earnings acceleration: 2025 reported and adjusted EPS reached $6.31, rising from 2024 adjusted EPS of $5.90, driven by recovery on infrastructure investments and growth in service territories.
  • Stronger long-term growth framework: A $103 billion five-year capital plan targeting about 9.6% earnings base growth through 2030, plus extended adjusted EPS growth guidance of 5%–7% with a top-half focus from 2028, supports a more robust long-range outlook.

Negative

  • None.

Insights

Duke posts solid 2025 EPS growth, raises visibility with long-term capex and EPS targets.

Duke Energy delivered 2025 reported and adjusted EPS of $6.31, above 2024 adjusted EPS of $5.90. Management attributes the gain mainly to recovery on rising infrastructure investment and customer growth, offset by higher O&M, interest, taxes and depreciation on an expanding asset base.

The company laid out a $103 billion five-year capital plan supporting approximately 9.6% earnings base growth through 2030. It also introduced 2026 adjusted EPS guidance of $6.55–$6.80 and extended its 5%–7% long-term adjusted EPS growth target through 2030, signaling confidence in regulated investment recovery and load trends.

Near term, fourth-quarter 2025 adjusted EPS of $1.50 was below the prior year’s $1.66, as higher O&M, interest, depreciation, foundation contributions and a higher effective tax rate outweighed investment recovery. Future company updates on rate cases, capital deployment and cost control in upcoming fiscal periods will clarify how consistently results track the stated growth range.

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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): February 10, 2026
Commission File NumberExact Name of Registrant as Specified in its Charter, State or other Jurisdiction of Incorporation,
Address of Principal Executive Offices, Zip Code, and Registrant's Telephone Number, Including Area Code		IRS Employer Identification No.
dukeenergylogo4ca57.jpg
1-32853
DUKE ENERGY CORPORATION
20-2777218
(a Delaware corporation)
525 South Tryon Street
Charlotte, North Carolina 28202
800-488-3853

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Duke EnergyCommon Stock, $0.001 par valueDUKNew York Stock Exchange LLC
Duke Energy5.625% Junior Subordinated DebenturesDUKBNew York Stock Exchange LLC
due September 15, 2078
Duke EnergyDepositary SharesDUK PR ANew York Stock Exchange LLC
each representing a 1/1,000th interest in a share of 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share
Duke Energy3.10% Senior Notes due 2028DUK 28ANew York Stock Exchange LLC
Duke Energy3.85% Senior Notes due 2034DUK34New York Stock Exchange LLC
Duke Energy3.75% Senior Notes due 2031DUK31ANew 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 Condition.

    On February 10, 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 fourth quarter ended December 31, 2025. A copy of this news release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 2.02. In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.


Item 9.01  Financial Statements and Exhibits.

(d) Exhibits

    99.1 News Release to be issued by Duke Energy Corporation on February 10, 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/ CYNTHIA S. LEE
Cynthia S. Lee
Senior Vice President, Chief Accounting Officer and Controller
Dated:February 10, 2026





News Release
          dukeenergylogo4ca54a.jpg
    
Media Contact: Gillian Moore
24-Hour: 800.559.3853

Analyst Contact: Abby Motsinger
Office: 704.382.7624

February 10, 2026

Duke Energy reports fourth-quarter and full-year 2025 financial results
▪2025 reported and adjusted EPS of $6.31, closing the year above the guidance midpoint
▪$103 billion five-year capital plan drives 9.6% earnings base growth through 2030
▪Company extends long-term adjusted EPS growth rate of 5% to 7% though 2030, with confidence to earn in the top half of the range beginning in 2028
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2025 full-year reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $6.31. This is compared to reported and adjusted EPS of $5.71 and $5.90, respectively, for the full-year 2024.
Adjusted EPS excludes the impact of certain items that are included in reported EPS. There is no difference between 2025 GAAP reported and adjusted EPS.
Higher full-year 2025 adjusted results were primarily driven by recovery of growing infrastructure investments to serve customers and growth in our service territories. These items were partially offset by higher O&M, interest expense, property taxes and depreciation on a growing asset base.
The company is introducing 2026 adjusted EPS guidance of $6.55 to $6.80 and extending its long-term adjusted EPS growth rate of 5% to 7% through 2030 off the 2025 guidance range midpoint of $6.30. Management does not forecast reported GAAP EPS and related long-term growth rates.
“The fourth quarter marked a strong finish to a productive year, where we met every financial goal, progressed our economic development pipeline, broke ground on 5 gigawatts of new dispatchable generation resources, and continued to deliver value for customers,” said Harry Sideris, Duke Energy president and chief executive officer. “The cost of energy has always been and will remain a key focus for our company. We continue to find new ways to deliver affordable energy for our customers, keeping our rates below the national average and rate changes below inflation.”
“We enter 2026 with incredible momentum. The fundamentals of our business have never been stronger, and we operate in some of the most attractive jurisdictions in the nation. With the largest regulated capital plan in the industry, a balance sheet prepared for growth, and contracted demand from AI and advanced manufacturing, we are well-positioned to deliver 5% to 7% EPS growth through 2030.”


Duke Energy News Release     2

Quarterly results
Duke Energy's fourth-quarter 2025 reported EPS was $1.50, compared to $1.54 for the fourth quarter of 2024. Duke Energy's fourth-quarter 2025 adjusted EPS was $1.50, compared to $1.66 for the fourth quarter of 2024. Lower adjusted results for the quarter compared to last year were primarily driven by higher O&M, interest expense, depreciation on a growing asset base, contributions to the Duke Energy Foundation, along with a higher effective tax rate. These items were partially offset by recovery of infrastructure investments.
In addition to the following summary of fourth-quarter 2025 business segment performance, comprehensive tables with detailed EPS drivers for the fourth-quarter and full-year 2025 compared to prior year are provided at the end of this news release.
The discussion below of fourth-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 fourth-quarter 2025 segment income of $1,209 million, compared to segment income of $1,208 million in the fourth quarter of 2024.
On an adjusted basis, Electric Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $1,209 million, compared to segment income of $1,238 million, in the fourth quarter of 2024. This represents a decrease of $0.04 per share, excluding share dilution of $0.01 per share. Lower quarterly results were primarily driven by higher O&M, depreciation on a growing asset base and interest expense, partially offset by recovery of infrastructure investments.
Gas Utilities and Infrastructure
On a reported basis, Gas Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $230 million, compared to segment income of $189 million in the fourth quarter of 2024.
On an adjusted basis, Gas Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $230 million, compared to segment income of $231 million, in the fourth quarter of 2024. Flat quarterly results were primarily driven by recovery of infrastructure investments, offset by higher O&M and taxes.
Other
Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.
On a reported basis, Other recognized a fourth-quarter 2025 segment loss of $272 million, compared to a segment loss of $204 million in the fourth quarter of 2024.


Duke Energy News Release     3

On an adjusted basis, Other recognized a fourth-quarter 2025 segment loss of $272 million, compared to a segment loss of $186 million in the fourth quarter of 2024. This represents a decrease of $0.11 per share. Lower quarterly results were primarily driven by higher contributions to the Duke Energy Foundation, interest expense and the absence of tax optimization in the prior year.
Effective tax rate
Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2025 was 11.3% compared to 8.1% in the fourth quarter of 2024. The increase was primarily due to tax benefits recognized in the prior year related to the utilization of previously valued carryforward attributes.
Duke Energy's consolidated adjusted effective tax rate for the fourth quarter of 2025 was 11.3% compared to 9.3% in the fourth quarter of 2024. The increase was primarily due to tax benefits recognized in the prior year related to the utilization of previously valued carryforward attributes.
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 fourth-quarter and year-end 2025 financial results and other business and financial updates. The conference call will be hosted by Harry Sideris, president and chief executive officer, and Brian Savoy, executive vice president and chief financial officer.
The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the United States or 929.526.1599 outside the United States. The confirmation code is 807396. Please call in 10 to 15 minutes prior to the scheduled start time.



Duke Energy News Release     4

Special Items and Non-GAAP Reconciliation
The following tables present a reconciliation of GAAP reported to adjusted earnings per share for fourth-quarter and full-year 2025 and 2024 financial results:
(In millions, except per share amounts)After-Tax Amount
4Q 2025 EPS
4Q 2024 EPS
EPS, as reported
$1.50 $1.54 
Adjustments to reported EPS:
Fourth Quarter 2025
Discontinued operations
$(2)— 
Fourth Quarter 2024
Regulatory matters
$18 $0.02 
Noncore asset sales and net impairments
54 0.07 
Captive storm deductible
18 0.02 
Discontinued operations2 — 
Total adjustments(a)
$— $0.12 
EPS, adjusted$1.50 $1.66 
(a)    Total EPS adjustments may not foot due to rounding.
(In millions, except per share amounts)After-Tax Amount
Full-Year 2025 EPS
Full-Year 2024 EPS
EPS, as reported$6.31 $5.71 
Adjustments to reported EPS:
Full-Year 2025
Discontinued operations
$(1)— 
Full-Year 2024
Regulatory matters
$43 $0.06 
System post-implementation costs
16 0.02 
Preferred redemption costs
16 0.02 
Noncore asset sales and net impairments
54 0.07 
Captive storm deductible
18 0.02 
Discontinued operations
(7)(0.01)
Total adjustments(a)
$— $0.19 
EPS, adjusted
$6.31 $5.90 
(a)    Total EPS adjustments may not foot due to rounding.
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.


Duke Energy News Release     5

Special items included within the financial statement periods presented, which management does not believe are reflective of ongoing costs, are described below:
•Regulatory matters primarily represents net impairment charges related to Duke Energy Carolinas' and Duke Energy Progress' South Carolina 2024 rate case orders and charges related to Duke Energy Indiana post-retirement benefits.
•System post-implementation costs represents the net impact of charges related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
•Preferred redemption costs represents charges related to the redemption of Series B Preferred Stock.
•Noncore asset sales and net impairments primarily represents charges related to certain joint venture electric transmission projects and certain renewable natural gas investments.
•Captive Storm Deductible represents charges related to an insurance deductible for Hurricane Helene property losses.
Management uses these non-GAAP financial measures for planning, forecasting, and to report financial results to the Board of Directors, employees, and stockholders, as well as analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and the adjusted effective tax rate are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.
Due to the forward-looking nature of forecasted adjusted EPS and related growth rates, the information to reconcile those amounts to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, such as legal settlements, impacts of regulatory orders or asset impairments, for future periods.
Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss are defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss include intercompany revenues and expenses that are eliminated in the Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as measures of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss are non-GAAP financial measures, as they represent segment income and other net loss adjusted for special items, as discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provide useful information to investors, as they provide additional relevant comparison of a segment’s or Other's performance across periods. The most directly comparable GAAP measures for adjusted segment income and adjusted other net loss are segment income and other net loss.


Duke Energy News Release     6

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 1.8 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.
Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.
More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.
Forward-Looking Information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
◦The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and 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, and to earn an adequate return on investment through rate case proceedings and the regulatory process;


Duke Energy News Release     7

◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;
◦The impact of extraordinary external events, such as a global pandemic, trade wars or military conflict, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;
◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
◦Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;
◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;
◦Advancements in technology, including artificial intelligence;
◦Additional competition in electric and natural gas markets, municipalization and continued industry consolidation;
◦The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
◦Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto;
◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the Company resulting from an incident that affects the United States electric grid or generating resources;
◦Operational interruptions to our natural gas distribution and transmission activities;
◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;
◦The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences;
◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
◦The timing and extent of changes in commodity prices, including any impact from increased tariffs, export controls and interest rates, and the ability to timely recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation portfolio, and general market and economic conditions;
◦Credit ratings of the Duke Energy Registrants may be different from what is expected;
◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
◦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;


Duke Energy News Release     8

◦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.


DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended December 31, 2025
(Dollars in millions, except per share amounts)
Reported EarningsDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$1,209 $— $— $1,209 
Gas Utilities and Infrastructure230 — — 230 
Total Reportable Segment Income1,439 — — 1,439 
Other(272)— — (272)
Discontinued Operations$2 (2)
A
(2)— 
Net Income Available to Duke Energy Corporation Common Stockholders
$1,169 $(2)$(2)$1,167 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS
$1.50 $— $— $1.50 
A – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.

Weighted Average Shares, basic (reported and adjusted) – 778 million
9

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Year Ended December 31, 2025
(Dollars in millions, except per share amounts)
Reported EarningsDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$5,337 $— $— $5,337 
Gas Utilities and Infrastructure559 — — 559 
Total Reportable Segment Income5,896 — — 5,896 
Other(985)— — (985)
Discontinued Operations1 (1)
A
(1)— 
Net Income Available to Duke Energy Corporation Common Stockholders$4,912 $(1)$(1)$4,911 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$6.31 $— $— $6.31 
A – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 777 million
10

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended December 31, 2024
(Dollars in millions, except per share amounts)
Special Items
Reported Earnings
Regulatory Matters
Noncore Asset Sales and Net Impairments
Captive Storm Deductible
Discontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$1,208 $18 A$12 
B
$— $30 $1,238 
Gas Utilities and Infrastructure189 — 42 
C
— — 42 231 
Total Reportable Segment Income1,397 18 54 — — 72 1,469 
Other(204)— — 18 
D
— 18 (186)
Discontinued Operations(2)— — — 2 
E
2 — 
Net Income Available to Duke Energy Corporation Common Stockholders$1,191 $18 $54 $18 $2 $92 $1,283 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$1.54 $0.02 $0.07 $0.02 $— $0.12 $1.66 
Note: Total EPS adjustments do not cross-foot due to rounding.
A – Net of $7 million tax benefit. $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Duke Energy Indiana's Consolidated Statements of Operations related to a regulatory liability associated with certain employee post-retirement benefits.
B – Net of $1 million tax expense. $15 million recorded within Equity in earnings (losses) of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects.
C – Net of $12 million tax benefit. $54 million recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments.

D – Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses.

E – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 773 million
11

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Year Ended December 31, 2024
(Dollars in millions, except per share amounts)
Special Items
Reported Earnings
Regulatory Matters
System Post-Implementation Costs
Preferred Redemption Costs
Noncore Asset Sales and Net Impairments
Captive Storm Deductible
Discontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$4,770 $43 A$13 
B
$— $12 
E
$— $— $68 $4,838 
Gas Utilities and Infrastructure454 — 3 
C
— 42 
F
— — 45 499 
Total Reportable Segment Income5,224 43 16 — 54 — — 113 5,337 
Other(829)— — 16 
D
— 18 
G
— 34 (795)
Discontinued Operations7 — — — — — (7)
H
(7)— 
Net Income Available to Duke Energy Corporation Common Stockholders$4,402 $43 $16 $16 $54 $18 $(7)$140 $4,542 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$5.71 $0.06 $0.02 $0.02 $0.07 $0.02 $(0.01)$0.19 $5.90 

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding.
A – Net of $15 million tax benefits.
•$33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the 2024 South Carolina rate case order.
•$9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Consolidated Statements of Operations primarily related to the 2024 South Carolina rate case order.
•$29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Duke Energy Indiana's Consolidated Statements of Operations related to a regulatory liability associated with certain employee post-retirement benefits.
B – Net of $4 million tax benefit. $17 million recorded as a reduction of Operating Revenues on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
C – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million as a charge within Other Income and expenses on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
D – $16 million recorded within Preferred Redemption Costs on the Consolidated Statements of Operations related to the redemption of Series B Preferred Stock.
E – Net of $1 million tax expense. $15 million recorded within Equity in earnings (losses) of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects.
F – Net of $12 million tax benefit. $54 million recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments.
G – Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses.
H – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 772 million
12

DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
December 2025
(Dollars in millions)
Three Months Ended 
 
December 31, 2025		Year Ended 
 
December 31, 2025
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported Income From Continuing Operations Before Income Taxes
$1,358 $5,712 
Noncontrolling Interests(27)(120)
Preferred Dividends
(15)(56)
Adjusted Pretax Income
$1,316 $5,536 
Reported Income Tax Expense From Continuing Operations$154 11.3 %$642 11.2 %
Noncontrolling interest portion of income taxes(a)
(5)(17)
Adjusted Tax Expense
$149 11.3%$625 11.3 %
Three Months Ended 
 
December 31, 2024		Year Ended 
 
December 31, 2024
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported Income From Continuing Operations Before Income Taxes$1,338 $5,194 
Regulatory Matters29 62 
System Post-Implementation Costs— 21 
Preferred Redemption Costs— 16 
Noncore Asset Sales and Net Impairments65 65 
Captive Storm Deductible23 23 
Noncontrolling Interests(27)(106)
Preferred Dividends and Redemption Premium(14)(122)
Adjusted Pretax Income$1,414 $5,153 
Reported Income Tax Expense From Continuing Operations$109 8.1 %$590 11.4 %
Regulatory Matters7 15 
System Post-Implementation Costs— 5 
Noncore Asset Sales and Net Impairments11 11 
Captive Storm Deductible5 5 
Noncontrolling interest portion of income taxes(a)
(1)(15)
Adjusted Tax Expense$131 9.3%$611 11.9 %
(a)    Income tax related to non-pass-through entities for tax purposes.
13

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
December 2025 QTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		OtherConsolidated
2024 QTD Reported Earnings Per Share
$1.57 $0.25 $(0.27)$1.54 
Noncore Asset Sales and Net Impairments
0.02 0.05 — 0.07 
Captive Insurance Deductible
— — 0.02 0.02 
Regulatory Matters
0.02 — — 0.02 
2024 QTD Adjusted Earnings Per Share
$1.61 $0.30 $(0.25)$1.66 
Weather0.01 — — 0.01 
Volume(a)
(0.02)— — (0.02)
Riders and Other Retail Margin(b)
0.07 0.03 — 0.10 
Rate case impacts, net(c)
0.13 0.01 — 0.14 
Operations and maintenance, net of recoverables(d)
(0.15)(0.02)— (0.17)
Interest Expense(e)
(0.03)— (0.03)(0.06)
AFUDC Equity0.04 — — 0.04 
Depreciation and amortization(e)
(0.05)— — (0.05)
Other(f)
(0.04)(0.02)(0.08)(0.14)
Total variance$(0.04)$— $(0.11)$(0.15)
Change in share count(0.01)— — (0.01)
2025 QTD Reported and Adjusted Earnings Per Share
$1.56 $0.30 $(0.36)$1.50 
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 773 million shares to 778 million. Totals may not foot or cross-foot due to rounding.
(a)    Includes block and seasonal pricing.
(b)    Electric Utilities and Infrastructure includes favorable fuel and purchased power.
(c)    Electric Utilities and Infrastructure includes impacts from DEF multiyear rate plan revenue increases (+$0.05) DEC North Carolina Year 2 rates, effective January 2025, (+$0.04), DEP North Carolina Year 3 rates, effective October 2025, (+$0.02) DEI rates, effective February 2025 (+$0.01) and DEK rates, effective July 2025 (+$0.01). Gas Utilities and Infrastructure includes impacts from the Piedmont North Carolina rate case, effective November 2024.
(d)    Electric Utilities and Infrastructure includes higher employee-related expense, grid and other maintenance expense and generation outage costs, partially offset by lower storm costs.
(e)    Electric Utilities and Infrastructure excludes depreciation and amortization related to rate case impacts.
(f)    Other includes higher contributions to the Duke Energy Foundation and the absence of tax optimization in the prior year.
14

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
December 2025 YTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		OtherDiscontinued OperationsConsolidated
2024 YTD Reported Earnings Per Share
$6.17 $0.60 $(1.06)$(0.01)$5.71 
Regulatory Matters
0.06 — — — 0.06 
System Post-Implementation Costs
0.02 — — — 0.02 
Preferred Redemption Costs
— — 0.02 — 0.02 
Noncore Asset Sales and Net Impairments
0.020.05— — 0.07 
Captive Storm Deductible
— — 0.02— 0.02 
Discontinued Operations— — — 0.01 0.01 
2024 YTD Adjusted Earnings Per Share
$6.27 $0.65 $(1.02)$— $5.90 
Weather0.07 — — — 0.07 
Volume(a)
0.22 — — — 0.22 
Riders and Other Retail Margin(b)
0.24 0.07 — — 0.31 
Rate case impacts, net(c)
0.61 0.10 — — 0.71 
Wholesale0.01 — — 0.01 
Operations and maintenance, net of recoverables(d)
(0.28)(0.04)— — (0.32)
Interest Expense(e)
(0.12)(0.01)(0.14)— (0.27)
AFUDC Equity0.12 — — — 0.12 
Depreciation and amortization(e)
(0.11)(0.03)— — (0.14)
Other(f)
(0.12)(0.02)(0.12)— (0.26)
Total variance$0.64 $0.07 $(0.26)$— $0.45 
Change in share count(0.04)— — — (0.04)
2025 YTD Reported and Adjusted Earnings Per Share
$6.87 $0.72 $(1.28)$— $6.31 
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 772 million shares to 777 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 energy efficiency and grid modernization riders (+$0.21). Gas Utilities and Infrastructure includes higher construction and pipeline integrity riders in Ohio and Kentucky and customer growth.
(c)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.22), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.20), DEI rates, effective February 2025 (+$0.09), DEP North Carolina Year 3 rates, effective October 2025 (+$0.08) and DEK rates, effective July 2025 (+$0.02). Gas Utilities and Infrastructure includes impacts from Piedmont North Carolina rates, effective November 2024.
(d)    Electric Utilities and Infrastructure includes higher employee-related expenses, grid and other maintenance and generation outage costs, partially offset by lower storm costs.
(e)    Electric Utilities and Infrastructure excludes depreciation and amortization related to rate case impacts.
(f)    Electric Utilities and Infrastructure includes higher property taxes. Other includes higher contributions to the Duke Energy Foundation and the absence of tax optimization in the prior year.
15

DUKE ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
Years Ended December 31,
202520242023
Operating Revenues
Regulated electric$29,060 $27,787 $26,617 
Regulated natural gas2,870 2,252 2,152 
Nonregulated electric and other307 318 291 
Total operating revenues32,237 30,357 29,060 
Operating Expenses
Fuel used in electric generation and purchased power8,058 9,206 9,086 
Cost of natural gas983 565 593 
Operation, maintenance and other6,698 5,389 5,625 
Depreciation and amortization6,324 5,793 5,253 
Property and other taxes1,597 1,466 1,400 
Impairment of assets and other charges(4)38 85 
Total operating expenses23,656 22,457 22,042 
Gains on Sales of Other Assets and Other, net45 26 52 
Operating Income8,626 7,926 7,070 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates51 (9)113 
Other income and expenses, net669 661 598 
Total other income and expenses720 652 711 
Interest Expense3,634 3,384 3,014 
Income From Continuing Operations Before Income Taxes5,712 5,194 4,767 
Income Tax Expense From Continuing Operations
642 590 438 
Income From Continuing Operations5,070 4,604 4,329 
Income (Loss) From Discontinued Operations, net of tax
1 10 (1,455)
Net Income5,071 4,614 2,874 
Less: Net Income Attributable to Noncontrolling Interests103 90 33 
Net Income Attributable to Duke Energy Corporation4,968 4,524 $2,841 
Less: Preferred Dividends56 106 106 
Less: Preferred Redemption Costs
— 16 — 
Net Income Available to Duke Energy Corporation Common Stockholders$4,912 $4,402 $2,735 
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted$6.31 $5.70 $5.35 
Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted$— $0.01 $(1.81)
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted$6.31 $5.71 $3.54 
Weighted average shares outstanding
Basic and Diluted
777 772 771


16

DUKE ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)December 31, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$245 $314 
Receivables (net of allowance for doubtful accounts of $194 at 2025 and $122 at 2024)4,214 2,170 
Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024)16 1,889 
Receivable from sales of Commercial Renewables Disposal Groups
— 551 
Inventory (includes $669 at 2025 and $494 at 2024 related to VIEs)4,569 4,496 
Regulatory assets (includes $204 at 2025 and $120 at 2024 related to VIEs)1,934 2,739 
Assets held for sale 109 96 
Other (includes $88 at 2025 and $90 at 2024 related to VIEs)526 695 
Total current assets11,613 12,950 
Property, Plant and Equipment
Cost190,409 178,737 
Accumulated depreciation and amortization(60,450)(57,111)
Net property, plant and equipment129,959 121,626 
Other Noncurrent Assets
Goodwill19,010 19,010 
Regulatory assets (includes $3,108 at 2025 and $1,705 at 2024 related to VIEs)14,379 14,220 
Nuclear decommissioning trust funds12,889 11,434 
Operating lease right-of-use assets, net1,241 1,148 
Investments in equity method unconsolidated affiliates330 353 
Assets held for sale2,148 2095
Other
4,167 3,507 
Total other noncurrent assets54,164 51,767 
Total Assets$195,736 $186,343 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $296 at 2025 and $214 at 2024 related to VIEs)$5,223 $5,436 
Notes payable and commercial paper2,624 3,584 
Taxes accrued975 851 
Interest accrued922 854 
Current maturities of long-term debt (includes $118 at 2025 and $1,012 at 2024 related to VIEs)7,104 4,349 
Asset retirement obligations579 650
Regulatory liabilities1,271 1,421 
Liabilities associated with assets held for sale84 132 
Other 2,265 2,080 
Total current liabilities21,047 19,357 
Long-Term Debt (includes $3,308 at 2025 and $1,842 at 2024 related to VIEs)80,108 76,340 
Other Noncurrent Liabilities
Deferred income taxes12,377 11,424 
Asset retirement obligations9,046 9,338 
Regulatory liabilities15,682 14,521 
Operating lease liabilities1,033 957 
Accrued pension and other post-retirement benefit costs396 434 
Investment tax credits969 894 
Liabilities associated with assets held for sale170 271
Other (includes $27 at 2024 related to VIEs)1,889 1,551 
Total other noncurrent liabilities41,562 39,390 
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2025 and 2024
973 973 
Common Stock, $0.001 par value, 2 billion shares authorized; 778 million and 776 million shares outstanding at 2025 and 2024
1 1 
Additional paid-in capital45,614 45,494 
Retained earnings5,056 3,431 
Accumulated other comprehensive income
198 228 
Total Duke Energy Corporation stockholders' equity51,842 50,127 
Noncontrolling interests1,177 1,129 
Total equity53,019 51,256 
Total Liabilities and Equity$195,736 $186,343 
17

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Years Ended December 31,
202520242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$5,071 $4,614 $2,874 
Adjustments to reconcile net income to net cash provided by operating activities
7,259 7,714 7,004 
Net cash provided by operating activities12,330 12,328 9,878 
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities(14,338)(13,123)(12,475)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities1,950 859 2,351 
Net (decrease) increase in cash, cash equivalents and restricted cash
(58)64 (246)
Cash, cash equivalents and restricted cash at beginning of period421 357 603 
Cash, cash equivalents and restricted cash at end of period$363 $421 $357 

18

DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December 31, 2025
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$6,936 $— $— $(14)$6,922 
Regulated natural gas— 965 — (23)942 
Nonregulated electric and other56 11 43 (36)74 
Total operating revenues6,992 976 43 (73)7,938 
Operating Expenses
Fuel used in electric generation and purchased power1,812 — — (20)1,792 
Cost of natural gas— 341 — — 341 
Operation, maintenance and other1,668 139 24 (49)1,782 
Depreciation and amortization1,421 110 79 (7)1,603 
Property and other taxes275 35 6 — 316 
Impairment of assets and other charges(7)— — — (7)
Total operating expenses5,169 625 109 (76)5,827 
Gains on Sales of Other Assets and Other, net
1 — 6 1 8 
Operating Income (Loss)1,824 351 (60)4 2,119 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates
— 4 9 — 13 
Other income and expenses, net161 13 20 (22)172 
Total Other Income and Expenses161 17 29 (22)185 
Interest Expense545 70 349 (18)946 
Income (Loss) from Continuing Operations Before Income Taxes
1,440 298 (380)— 1,358 
Income Tax Expense (Benefit) from Continuing Operations209 69 (123)(1)154 
Income (Loss) from Continuing Operations1,231 229 (257)1 1,204 
Less: Net Income (Loss) Attributable to Noncontrolling Interest
22 (1)— 1 22 
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation
1,209 230 (257)— 1,182 
Less: Preferred Dividends— — 15 — 15 
Segment Income/Other Net Loss$1,209 $230 $(272)$— $1,167 
Discontinued Operations2 
Net Income Available to Duke Energy Corporation Common Stockholders
$1,169 

19

DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Year Ended December 31, 2025
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$29,119 $— $— $(59)$29,060 
Regulated natural gas— 2,961 — (91)2,870 
Nonregulated electric and other238 42 165 (138)307 
Total operating revenues29,357 3,003 165 (288)32,237 
Operating Expenses
Fuel used in electric generation and purchased power8,138 — — (80)8,058 
Cost of natural gas— 983 — — 983 
Operation, maintenance and other6,414 518 (35)(199)6,698 
Depreciation and amortization5,605 435 312 (28)6,324 
Property and other taxes1,418 164 14 1 1,597 
Impairment of assets and other charges(9)— 5 — (4)
Total operating expenses21,566 2,100 296 (306)23,656 
Gains on Sales of Other Assets and Other, net22 — 22 1 45 
Operating Income (Loss)7,813 903 (109)19 8,626 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates
— 15 36 — 51 
Other income and expenses, net622 53 95 (101)669 
Total Other Income and Expenses622 68 131 (101)720 
Interest Expense2,132 267 1,317 (82)3,634 
Income (Loss) from Continuing Operations Before Income Taxes6,303 704 (1,295)— 5,712 
Income Tax Expense (Benefit) from Continuing Operations862 146 (366)— 642 
Income (Loss) from Continuing Operations5,441 558 (929)— 5,070 
Less: Net Income (Loss) Attributable to Noncontrolling Interest
104 (1)— — 103 
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation
5,337 559 (929)— 4,967 
Less: Preferred Dividends— — 56 — 56 
Segment Income/Other Net Loss$5,337 $559 $(985)$— $4,911 
Discontinued Operations1 
Net Income Available to Duke Energy Corporation Common Stockholders$4,912 

20

DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December 31, 2024
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$6,551 $— $— $(17)$6,534 
Regulated natural gas— 763 — (22)741 
Nonregulated electric and other67 12 37 (31)85 
Total operating revenues6,618 775 37 (70)7,360 
Operating Expenses
Fuel used in electric generation and purchased power2,019 — — (20)1,999 
Cost of natural gas— 185 — — 185 
Operation, maintenance and other1,220 119 (9)(49)1,281 
Depreciation and amortization1,305 106 77 (7)1,481 
Property and other taxes272 29 2 1 304 
Impairment of assets and other charges(1)— — — (1)
Total operating expenses4,815 439 70 (75)5,249 
(Losses) Gains on Sales of Other Assets and Other, net
(6)— 6 1 1 
Operating Income (Loss)1,797 336 (27)6 2,112 
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates
(15)(51)4 — (62)
Other income and expenses, net142 12 35 (30)159 
Total Other Income and Expenses127 (39)39 (30)97 
Interest Expense505 67 324 (25)871 
Income (Loss) from Continuing Operations Before Income Taxes1,419 230 (312)1 1,338 
Income Tax Expense (Benefit) from Continuing Operations189 42 (122)— 109 
Income (Loss) from Continuing Operations1,230 188 (190)1 1,229 
Less: Net Income (Loss) Attributable to Noncontrolling Interest
22 (1)— 1 22 
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation1,208 189 (190)— 1,207 
Less: Preferred Dividends— — 14 — 14 
Segment Income/Other Net Loss$1,208 $189 $(204)$— $1,193 
Discontinued Operations(2)
Net Income Available to Duke Energy Corporation Common Stockholders$1,191 
Segment Income/Other Net Loss$1,208 $189 $(204)$— $1,193 
Special Items30 42 18 — 90 
Adjusted Earnings(a)
$1,238 $231 $(186)$— $1,283 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.

21

DUKE ENERGY CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Year Ended December 31, 2024
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$27,856 $— $— $(69)$27,787 
Regulated natural gas— 2,342 — (90)2,252 
Nonregulated electric and other237 48 157 (124)318 
Total operating revenues28,093 2,390 157 (283)30,357 
Operating Expenses
Fuel used in electric generation and purchased power9,285 — — (79)9,206 
Cost of natural gas— 565 — — 565 
Operation, maintenance and other5,185 478 (79)(195)5,389 
Depreciation and amortization5,128 400 293 (28)5,793 
Property and other taxes1,305 149 12 — 1,466 
Impairment of assets and other charges37 — 1 — 38 
Total operating expenses20,940 1,592 227 (302)22,457 
Gains on Sales of Other Assets and Other, net
3 — 22 1 26 
Operating Income (Loss)7,156 798 (48)20 7,926 
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates
(11)(48)50 — (9)
Other income and expenses, net539 58 207 (143)661 
Total Other Income and Expenses528 10 257 (143)652 
Interest Expense2,006 256 1,245 (123)3,384 
Income (Loss) from Continuing Operations Before Income Taxes5,678 552 (1,036)— 5,194 
Income Tax Expense (Benefit) from Continuing Operations820 99 (329)— 590 
Income (Loss) from Continuing Operations4,858 453 (707)— 4,604 
Less: Net Income (Loss) Attributable to Noncontrolling Interest
88 (1)— — 87 
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation4,770 454 (707)— 4,517 
Less: Preferred Dividends— — 106 — 106 
Less: Preferred Redemption Costs— — 16 — 16 
Segment Income/Other Net Loss$4,770 $454 $(829)$— $4,395 
Discontinued Operations7 
Net Income Available to Duke Energy Corporation Common Stockholders$4,402 
Segment Income/Other Net Loss$4,770 $454 $(829)$— $4,395 
Special Items68 45 34 — 147 
Adjusted Earnings(a)
$4,838 $499 $(795)$— $4,542 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.
22

DUKE ENERGY CORPORATION
CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

December 31, 2025
(In millions)Electric Utilities and InfrastructureGas
Utilities and Infrastructure
Other(a)
Eliminations/
Adjustments		Duke Energy
Current Assets
Cash and cash equivalents$66 $8 $170 $1 $245 
Receivables, net3,737 467 10 — 4,214 
Receivables of variable interest entities, net16 — — — 16 
Receivables from affiliated companies254 68 1,278 (1,600)— 
Notes receivable from affiliated companies329 19 499 (847)— 
Inventory4,444 91 34 — 4,569 
Regulatory assets1,707 137 90 — 1,934 
Assets held for sale— 106 2 1 109 
Other253 39 237 (3)526 
Total current assets10,806 935 2,320 (2,448)11,613 
Property, Plant and Equipment
Cost171,593 16,582 2,307 (73)190,409 
Accumulated depreciation and amortization(56,063)(3,456)(931)— (60,450)
Net property, plant and equipment115,530 13,126 1,376 (73)129,959 
Other Noncurrent Assets
Goodwill17,380 1,630 — — 19,010 
Regulatory assets13,184 728 468 (1)14,379 
Nuclear decommissioning trust funds12,889 — — — 12,889 
Operating lease right-of-use assets, net736 2 503 — 1,241 
Investments in equity method unconsolidated affiliates1 177 153 (1)330 
Investment in consolidated subsidiaries6,598 7 85,866 (92,471)— 
Assets held for sale— 2,148 — — 2,148 
Other2,558 329 1,902 (622)4,167 
Total other noncurrent assets53,346 5,021 88,892 (93,095)54,164 
Total Assets179,682 19,082 92,588 (95,616)195,736 
Segment reclassifications, intercompany balances and other(7,255)(93)(88,268)95,616 — 
Segment Assets$172,427 $18,989 $4,320 $— $195,736 

(a)     Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group.
23

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

December 31, 2025
(In millions)Electric Utilities and InfrastructureGas
Utilities and Infrastructure
Other(a)
Eliminations/
Adjustments		Duke Energy
Current Liabilities
Accounts payable$3,949 $388 $887 $(1)$5,223 
Accounts payable to affiliated companies792 52 641 (1,485)— 
Notes payable to affiliated companies122 592 134 (848)— 
Notes payable and commercial paper— — 2,624 — 2,624 
Taxes accrued942 161 (128)— 975 
Interest accrued549 50 323 — 922 
Current maturities of long-term debt1,375 507 5,229 (7)7,104 
Asset retirement obligations579 — — — 579 
Regulatory liabilities1,235 35 — 1 1,271 
Liabilities associated with assets held for sale— 63 21 — 84 
Other1,655 87 645 (122)2,265 
Total current liabilities11,198 1,935 10,376 (2,462)21,047 
Long-Term Debt51,016 4,719 24,439 (66)80,108 
Long-Term Debt Payable to Affiliated Companies618 7 — (625)— 
Other Noncurrent Liabilities
Deferred income taxes12,361 1,571 (1,560)5 12,377 
Asset retirement obligations8,954 92 — — 9,046 
Regulatory liabilities14,610 1,042 29 1 15,682 
Operating lease liabilities663 2 369 (1)1,033 
Accrued pension and other post-retirement benefit costs(18)31 384 (1)396 
Investment tax credits968 1 — — 969 
Liabilities associated with assets held for sale— 170 — — 170 
Other1,361 109 607 (188)1,889 
Total other noncurrent liabilities38,899 3,018 (171)(184)41,562 
Equity
Total Duke Energy Corporation stockholders' equity76,776 9,400 57,944 (92,278)51,842 
Noncontrolling interests1,175 3 — (1)1,177 
Total equity77,951 9,403 57,944 (92,279)53,019 
Total Liabilities and Equity179,682 19,082 92,588 (95,616)195,736 
Segment reclassifications, intercompany balances and other(7,255)(93)(88,268)95,616 — 
Segment Liabilities and Equity$172,427 $18,989 $4,320 $— $195,736 

(a)     Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group.
24

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)

Three Months Ended December 31, 2025
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana		Eliminations/
Other		Electric Utilities and Infrastructure
Operating Revenues$2,326 $1,774 $1,619 $499 $873 $(99)$6,992 
Operating Expenses
Fuel used in electric generation and purchased power569 590 371 141 262 (121)1,812 
Operation, maintenance and other520 349 495 89 207 8 1,668 
Depreciation and amortization501 357 276 76 206 5 1,421 
Property and other taxes66 13 97 82 17 — 275 
Impairment of assets and other charges(11)4 — — — — (7)
Total operating expenses1,645 1,313 1,239 388 692 (108)5,169 
Gains on Sales of Other Assets and Other, net
— 1 1 — — (1)1 
Operating Income681 462 381 111 181 8 1,824 
Other Income and Expenses, net(b)
72 52 19 5 15 (2)161 
Interest Expense199 134 127 34 61 (10)545 
Income Before Income Taxes554 380 273 82 135 16 1,440 
Income Tax Expense59 73 56 12 23 (14)209 
Less: Net Income Attributable to Noncontrolling Interest(c)
— — — — — 22 22 
Segment Income$495 $307 $217 $70 $112 $8 $1,209 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes an equity component of allowance for funds used during construction of $42 million for Duke Energy Carolinas, $30 million for Duke Energy Progress, $3 million for Duke Energy Florida, $3 million for Duke Energy Ohio and $10 million for Duke Energy Indiana.
(c)    Includes a noncontrolling interest in Duke Energy Indiana.
25

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)

Year Ended December 31, 2025
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana		Eliminations/
Other		Electric Utilities and Infrastructure
Operating Revenues$9,713 $7,386 $7,105 $2,045 $3,544 $(436)$29,357 
Operating Expenses
Fuel used in electric generation and purchased power2,649 2,518 1,749 626 1,065 (469)8,138 
Operation, maintenance and other1,959 1,431 1,849 366 801 8 6,414 
Depreciation and amortization1,903 1,406 1,137 318 823 18 5,605 
Property and other taxes349 172 486 335 61 15 1,418 
Impairment of assets and other charges(11)2 — — — — (9)
Total operating expenses6,849 5,529 5,221 1,645 2,750 (428)21,566 
Gains on Sales of Other Assets and Other, net
6 2 3 — — 11 22 
Operating Income2,870 1,859 1,887 400 794 3 7,813 
Other Income and Expenses, net(b)
261 198 88 17 62 (4)622 
Interest Expense783 526 479 131 243 (30)2,132 
Income Before Income Taxes2,348 1,531 1,496 286 613 29 6,303 
Income Tax Expense205 229 294 43 85 6 862 
Less: Net Income Attributable to Noncontrolling Interest(c)
— — — — — 104 $104 
Segment Income
$2,143 $1,302 $1,202 $243 $528 $(81)$5,337 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes an equity component of allowance for funds used during construction of $144 million for Duke Energy Carolinas, $100 million for Duke Energy Progress, $17 million for Duke Energy Florida, $12 million for Duke Energy Ohio and $34 million for Duke Energy Indiana.
(c)    Includes a noncontrolling interest in Duke Energy Indiana.
26

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

December 31, 2025
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana
Eliminations/
Adjustments(b)
Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents$3 $16 $21 $15 $12 $(1)$66 
Receivables, net1,343 943 591 396 458 6 3,737 
Receivables of variable interest entities, net5 9 3 — — (1)16 
Receivables from affiliated companies331 104 68 27 25 (301)254 
Notes receivable from affiliated companies69 186 65 71 — (62)329 
Inventory1,530 1,363 847 173 531 — 4,444 
Regulatory assets730 652 102 31 193 (1)1,707 
Other74 95 52 — 36 (4)253 
Total current assets4,085 3,368 1,749 713 1,255 (364)10,806 
Property, Plant and Equipment
Cost62,513 45,175 33,160 9,444 21,241 60 171,593 
Accumulated depreciation and amortization(20,658)(16,980)(8,437)(2,539)(7,492)43 (56,063)
Net property, plant and equipment41,855 28,195 24,723 6,905 13,749 103 115,530 
Other Noncurrent Assets
Goodwill— — — 596 — 16,784 17,380 
Regulatory assets4,502 4,543 2,106 386 1,032 615 13,184 
Nuclear decommissioning trust funds7,338 5,254 296 — — 1 12,889 
Operating lease right-of-use assets, net91 386 221 5 32 1 736 
Investments in equity method unconsolidated affiliates— — 1 — — — 1 
Investment in consolidated subsidiaries55 10 3 498 1 6,031 6,598 
Other1,304 780 560 68 278 (432)2,558 
Total other noncurrent assets13,290 10,973 3,187 1,553 1,343 23,000 53,346 
Total Assets59,230 42,536 29,659 9,171 16,347 22,739 179,682 
Segment reclassifications, intercompany balances and other(455)(373)(137)(596)(26)(5,668)(7,255)
Reportable Segment Assets$58,775 $42,163 $29,522 $8,575 $16,321 $17,071 $172,427 
(a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances, purchase accounting adjustments, restricted receivables related to Cinergy Receivables Company and Duke Energy Indiana Holdco, LLC balances.

27

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

December 31, 2025
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana
Eliminations/
Adjustments(b)
Electric Utilities and Infrastructure
Current Liabilities
Accounts payable$1,670 $886 $792 $237 $360 $4 $3,949 
Accounts payable to affiliated companies386 398 171 20 38 (221)792 
Notes payable to affiliated companies— — — 9 175 (62)122 
Taxes accrued308 168 70 314 101 (19)942 
Interest accrued214 145 87 42 62 (1)549 
Current maturities of long-term debt629 285 437 29 4 (9)1,375 
Asset retirement obligations245 194 2 6 133 (1)579 
Regulatory liabilities569 274 76 42 275 (1)1,235 
Other621 371 375 72 217 (1)1,655 
Total current liabilities4,642 2,721 2,010 771 1,365 (311)11,198 
Long-Term Debt17,848 13,461 10,870 3,491 4,939 407 51,016 
Long-Term Debt Payable to Affiliated Companies300 150 — 18 150 — 618 
Other Noncurrent Liabilities
Deferred income taxes4,244 2,650 3,007 881 1,525 54 12,361 
Asset retirement obligations3,597 4,095 195 63 992 12 8,954 
Regulatory liabilities7,609 4,807 794 240 1,186 (26)14,610 
Operating lease liabilities79 384 168 5 28 (1)663 
Accrued pension and other post-retirement benefit costs24 139 88 63 75 (407)(18)
Investment tax credits345 194 240 5 183 1 968 
Other802 326 166 67 14 (14)1,361 
Total other noncurrent liabilities16,700 12,595 4,658 1,324 4,003 (381)38,899 
Equity
Total Duke Energy Corporation stockholders' equity19,740 13,609 12,121 3,567 5,890 21,849 76,776 
Noncontrolling interests(c)
— — — — — 1,175 1,175 
Equity19,740 13,609 12,121 3,567 5,890 23,024 77,951 
Total Liabilities and Equity59,230 42,536 29,659 9,171 16,347 22,739 179,682 
Segment reclassifications, intercompany balances and other(455)(373)(137)(596)(26)(5,668)(7,255)
Reportable Segment Liabilities and Equity$58,775 $42,163 $29,522 $8,575 $16,321 $17,071 $172,427 
(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.

28

GAS UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)

Three Months Ended December 31, 2025
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDC
Midstream Pipelines and Storage(b)
Eliminations/
Adjustments		Gas
Utilities and Infrastructure
Operating Revenues$199 $774 $3 $— $976 
Operating Expenses
Cost of natural gas51 290 — — 341 
Operation, maintenance and other32 104 1 2 139 
Depreciation and amortization36 72 2 — 110 
Property and other taxes25 11 — (1)35 
Total operating expenses144 477 3 1 625 
Operating Income
55 297 — (1)351 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates
— — 3 1 4 
Other income and expenses, net2 12 — (1)13 
Total other income and expenses2 12 3 — 17 
Interest Expense19 51 1 (1)70 
Income Before Income Taxes
38 258 2 — 298 
Income Tax Expense
9 57 1 2 69 
Less: Net Income (Loss) Attributable to Noncontrolling Interest
— — — (1)(1)
Segment Income
$29 $201 $1 $(1)$230 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

29

GAS UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)

Year Ended December 31, 2025
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDC
Midstream Pipelines and Storage(b)
Eliminations/
Adjustments		Gas
Utilities and Infrastructure
Operating Revenues$752 $2,237 $14 $— $3,003 
Operating Expenses
Cost of natural gas199 784 — — 983 
Operation, maintenance and other116 393 8 1 518 
Depreciation and amortization147 282 6 — 435 
Property and other taxes97 67 — — 164 
Total operating expenses559 1,526 14 1 2,100 
Operating Income
193 711 — (1)903 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates
— — 14 1 15 
Other income and expenses, net8 46 — (1)53 
Total other income and expenses8 46 14 — 68 
Interest Expense71 193 4 (1)267 
Income Before Income Taxes
130 564 10 — 704 
Income Tax Expense
27 115 3 1 146 
Less: Net Income (Loss) Attributable to Noncontrolling Interest
— — — (1)(1)
Segment Income
$103 $449 $7 $— $559 
(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.
30

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

December 31, 2025
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDCMidstream Pipelines and Storage
Eliminations/
Adjustments(b)
Gas
Utilities and Infrastructure
Current Assets
Cash and cash equivalents$3 $1 $4 $— $8 
Receivables, net78 390 — (1)467 
Receivables from affiliated companies— 71 90 (93)68 
Notes receivable from affiliated companies41 — — (22)19 
Inventory14 77 — — 91 
Regulatory assets31 106 — — 137 
Assets held for sale— 106 — — 106 
Other25 8 4 2 39 
Total current assets192 759 98 (114)935 
Property, Plant and Equipment
Cost5,183 11,325 74 — 16,582 
Accumulated depreciation and amortization(1,274)(2,168)(14)— (3,456)
Net property, plant and equipment3,909 9,157 60 — 13,126 
Other Noncurrent Assets
Goodwill324 39 — 1,267 1,630 
Regulatory assets322 350 — 56 728 
Operating lease right-of-use assets, net— 2 — — 2 
Investments in equity method unconsolidated affiliates— — 172 5 177 
Investment in consolidated subsidiaries— — — 7 7 
Assets held for sale— 1,864 — 284 2,148 
Other29 283 17 — 329 
Total other noncurrent assets675 2,538 189 1,619 5,021 
Total Assets4,776 12,454 347 1,505 19,082 
Segment reclassifications, intercompany balances and other(40)(70)(120)137 (93)
Reportable Segment Assets$4,736 $12,384 $227 $1,642 $18,989 
(a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.
31

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

December 31, 2025
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDCMidstream Pipelines and Storage
Eliminations/
Adjustments(b)
Gas
Utilities and Infrastructure
Current Liabilities
Accounts payable$94 $286 $8 $— $388 
Accounts payable to affiliated companies3 126 15 (92)52 
Notes payable to affiliated companies5 609 — (22)592 
Taxes accrued53 107 1 — 161 
Interest accrued9 41 — — 50 
Current maturities of long-term debt16 490 — 1 507 
Regulatory liabilities15 20 — — 35 
Liabilities associated with assets held for sale— 63 — — 63 
Other6 81 — — 87 
Total current liabilities201 1,823 24 (113)1,935 
Long-Term Debt859 3,761 56 43 4,719 
Long-Term Debt Payable to Affiliated Companies7 — — — 7 
Other Noncurrent Liabilities
Deferred income taxes462 1,060 48 1 1,571 
Asset retirement obligations66 25 — 1 92 
Regulatory liabilities229 802 — 11 1,042 
Operating lease liabilities— 2 — — 2 
Accrued pension and other post-retirement benefit costs24 7 — — 31 
Investment tax credits— 1 — — 1 
Liabilities associated with assets held for sale— 170 — — 170 
Other21 88 — — 109 
Total other noncurrent liabilities802 2,155 48 13 3,018 
Equity
Total Duke Energy Corporation stockholders' equity2,907 4,715 216 1,562 9,400 
Noncontrolling interests— — 3 — 3 
Equity2,907 4,715 219 1,562 9,403 
Total Liabilities and Equity4,776 12,454 347 1,505 19,082 
Segment reclassifications, intercompany balances and other(40)(70)(120)137 (93)
Reportable Segment Liabilities and Equity$4,736 $12,384 $227 $1,642 $18,989 
(a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

32

Electric Utilities and Infrastructure
Quarterly Highlights
Year Ended December 2025
Three Months Ended December 31,Years Ended December 31,
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
Gigawatt-hour (GWh) Sales(a)
Residential19,668 19,142 2.7%2.0%91,021 88,166 3.2%1.7%
Commercial
18,847 18,410 2.4%1.4%80,391 78,956 1.8%1.6%
Industrial11,218 11,271 (0.5%)(4.3%)46,230 47,150 (2.0%)(2.0%)
Other Energy Sales128 128 —%n/a477 523 (8.8%)n/a
Unbilled Sales708 852 (16.9%)n/a100 (168)159.5%n/a
Total Retail Sales
50,569 49,803 1.5%0.4 %218,219 214,627 1.7%0.8%
Wholesale and Other11,157 10,513 6.1%45,789 44,041 4.0%
Total Consolidated Electric Sales – Electric Utilities and Infrastructure
61,726 60,316 2.3%264,008 258,668 2.1%
Average Number of Customers (Electric)
Residential7,585,493 7,462,570 1.6%7,538,307 7,409,924 1.7%
Commercial
1,049,755 1,043,964 0.6%1,047,877 1,043,764 0.4%
Industrial14,893 15,500 (3.9%)15,081 15,653 (3.7%)
Other Energy Sales22,848 23,427 (2.5%)23,007 23,650 (2.7%)
Total Retail Customers
8,672,989 8,545,461 1.5%8,624,272 8,492,991 1.5%
Wholesale and Other59 52 13.5%54 52 3.8%
Total Average Number of Customers – Electric Utilities and Infrastructure
8,673,048 8,545,513 1.5%8,624,326 8,493,043 1.5%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal10,089 7,457 35.3%40,054 38,241 4.7%
Nuclear18,237 18,605 (2.0%)76,006 74,787 1.6%
Hydro164 304 (46.1%)1,362 2,008 (32.2%)
Natural Gas and Oil20,585 22,856 (9.9%)92,566 94,362 (1.9%)
Renewable Energy917 713 28.6%4,048 3,361 20.4%
Total Generation(d)
49,992 49,935 0.1%214,036 212,759 0.6%
Purchased Power and Net Interchange(e)
14,682 13,296 10.4%62,428 59,259 5.3%
Total Sources of Energy64,674 63,231 2.3%276,464 272,018 1.6%
Less: Line Loss and Other2,948 2,915 1.1%12,456 13,350 (6.7%)
Total GWh Sources61,726 60,316 2.3%264,008 258,668 2.1%
Owned Megawatt (MW) Capacity(c)(f)
Summer51,945 51,409 
Winter55,713 55,139 
Nuclear Capacity Factor (%)(g)
97 95 
(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.

33

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2025
Three Months Ended December 31,Years Ended December 31,
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential6,6446,3195.1%30,751 29,659 3.7%
Commercial
7,1767,0571.7%30,576 30,446 0.4%
Industrial4,7544,792(0.8%)19,602 19,827 (1.1%)
Other Energy Sales6767—%261 268 (2.6%)
Unbilled Sales528582(9.3%)209 11 1,800.0%
Total Retail Sales
19,16918,8171.9%1.0%81,399 80,211 1.5%0.6%
Wholesale and Other2,6792,5594.7%11,490 10,885 5.6%
Total Consolidated Electric Sales – Duke Energy Carolinas
21,84821,3762.2%92,889 91,096 2.0%
Average Number of Customers
Residential2,563,1072,509,4152.1%2,543,170 2,487,959 2.2%
Commercial
402,863401,6230.3%402,662 402,136 0.1%
Industrial5,7725,917(2.5%)5,828 5,946 (2.0%)
Other Energy Sales10,71810,910(1.8%)10,778 11,026 (2.2%)
Total Retail Customers
2,982,4602,927,8651.9%2,962,438 2,907,067 1.9%
Wholesale and Other28267.7%27 26 3.8%
Total Average Number of Customers – Duke Energy Carolinas
2,982,4882,927,8911.9%2,962,465 2,907,093 1.9%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal2,3181,65240.3%9,790 10,203 (4.0%)
Nuclear10,90311,400(4.4%)45,743 45,286 1.0%
Hydro11167(93.4%)604 1,140 (47.0%)
Natural Gas and Oil5,6646,523(13.2%)27,079 27,302 (0.8%)
Renewable Energy644833.3%291 314 (7.3%)
Total Generation(d)
18,96019,790(4.2%)83,507 84,245 (0.9%)
Purchased Power and Net Interchange(e)
3,9192,60350.6%13,441 11,618 15.7%
Total Sources of Energy22,87922,3932.2%96,948 95,863 1.1%
Less: Line Loss and Other1,0311,0171.4%4,059 4,767 (14.9%)
Total GWh Sources21,84821,3762.2%92,889 91,096 2.0%
Owned MW Capacity(c)(f)
Summer19,813 19,756 
Winter20,901 20,773 
Nuclear Capacity Factor (%)(g)
97 95 
Heating and Cooling Degree Days
Actual
Heating Degree Days1,190 1,092 9.0%2,961 2,691 10.0%
Cooling Degree Days32 68 (52.9%)1,605 1,724 (6.9%)
Variance from Normal
Heating Degree Days(2.3%)(11.0%)(5.6%)(15.4%)
Cooling Degree Days(26.9%)53.6%2.7%9.6%
(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.

34

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2025
Three Months Ended December 31,Years Ended December 31,
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential4,155 3,972 4.6%19,357 18,431 5.0%
Commercial
3,563 3,470 2.7%15,568 15,234 2.2%
Industrial2,252 2,234 0.8%9,559 9,412 1.6%
Other Energy Sales21 21 —%84 85 (1.2%)
Unbilled Sales447 582 (23.2%)(161)152 (206%)
Total Retail Sales
10,438 10,279 1.5%(0.9%)44,407 43,314 2.5%1.1%
Wholesale and Other6,824 6,307 8.2%26,969 25,745 4.8%
Total Consolidated Electric Sales – Duke Energy Progress
17,262 16,586 4.1%71,376 69,059 3.4%
Average Number of Customers
Residential1,538,724 1,512,356 1.7%1,527,825 1,499,792 1.9%
Commercial
249,130 248,094 0.4%248,908 248,149 0.3%
Industrial2,999 3,151 (4.8%)3,035 3,197 (5.1%)
Other Energy Sales2,374 2,418 (1.8%)2,388 2,437 (2.0%)
Total Retail Customers
1,793,227 1,766,019 1.5%1,782,156 1,753,575 1.6%
Wholesale and Other9 8 12.5%8 8 —%
Total Average Number of Customers – Duke Energy Progress
1,793,236 1,766,027 1.5%1,782,164 1,753,583 1.6%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal2,106 1,631 29.1%8,270 7,644 8.2%
Nuclear7,334 7,205 1.8%30,263 29,501 2.6%
Hydro72 57 26.3%505 580 (12.9%)
Natural Gas and Oil6,045 6,232 (3.0%)23,881 23,924 (0.2%)
Renewable Energy56 54 3.7%232 229 1.3%
Total Generation(d)
15,613 15,179 2.9%63,151 61,878 2.1%
Purchased Power and Net Interchange(e)
2,232 1,732 28.9%10,533 9,346 12.7%
Total Sources of Energy17,845 16,911 5.5%73,684 71,224 3.5%
Less: Line Loss and Other583 325 79.4%2,308 2,165 6.6%
Total GWh Sources17,262 16,586 4.1%71,376 69,059 3.4%
Owned MW Capacity(c)(f)
Summer12,866 12,666 
Winter14,068 13,845 
Nuclear Capacity Factor (%)(g)
96 93 
Heating and Cooling Degree Days
Actual
Heating Degree Days1,135 919 23.5%2,741 2,288 19.8%
Cooling Degree Days37 89 (58.4%)1,846 1,978 (6.7%)
Variance from Normal
Heating Degree Days4.2%(16.4%)(3.2%)(20.5%)
Cooling Degree Days(43.5%)36.8%6.8%14.5%
(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.
(g)    Statistics reflect 100% of jointly owned stations.

35

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2025
Three Months Ended December 31,Years Ended December 31,
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential4,699 4,949 (5.1%)22,032 22,043 —%
Commercial
3,752 3,752 —%15,819 15,773 0.3%
Industrial804 754 6.6%3,261 3,287 (0.8%)
Other Energy Sales7 7 —%27 29 (6.9%)
Unbilled Sales(369)(398)7.3%(26)11 (336.4%)
Total Retail Sales
8,893 9,064 (1.9%)(0.3%)41,113 41,143 (0.1%)(0.1%)
Wholesale and Other278 658 (57.8%)1,890 2,703 (30.1%)
Total Electric Sales – Duke Energy Florida
9,171 9,722 (5.7%)43,003 43,846 (1.9%)
Average Number of Customers
Residential1,830,253 1,803,424 1.5%1,819,962 1,793,067 1.5%
Commercial
213,910 211,510 1.1%212,915 211,118 0.9%
Industrial1,540 1,635 (5.8%)1,575 1,671 (5.7%)
Other Energy Sales3,513 3,583 (2.0%)3,533 3,607 (2.1%)
Total Retail Customers
2,049,216 2,020,152 1.4%2,037,985 2,009,463 1.4%
Wholesale and Other17 13 30.8%14 13 7.7%
Total Average Number of Customers – Duke Energy Florida
2,049,233 2,020,165 1.4%2,037,999 2,009,476 1.4%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal933 279 234.4%3,837 3,262 17.6%
Natural Gas and Oil7,708 8,784 (12.2%)36,380 37,524 (3.0%)
Renewable Energy784 605 29.6%3,489 2,789 25.1%
Total Generation(d)
9,425 9,668 (2.5%)43,706 43,575 0.3%
Purchased Power and Net Interchange(e)
(1)369 (100.3%)741 1,721 (56.9%)
Total Sources of Energy9,424 10,037 (6.1%)44,447 45,296 (1.9%)
Less: Line Loss and Other253 315 (19.7%)1,444 1,450 (0.4%)
Total GWh Sources9,171 9,722 (5.7%)43,003 43,846 (1.9%)
Owned MW Capacity(c)(f)
Summer11,854 11,574 
Winter12,765 12,542 
Heating and Cooling Degree Days
Actual
Heating Degree Days133 158 (15.8%)492 452 8.8%
Cooling Degree Days467 613 (23.8%)3,522 3,705 (4.9%)
Variance from Normal
Heating Degree Days(26.1%)(15.1%)(11.1%)(20.0%)
Cooling Degree Days(6.6%)23.2%7.5%13.8%
(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.

36

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2025
Three Months Ended December 31,Years Ended December 31,
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential2,040 1,921 6.2%9,294 8,985 3.4%
Commercial
2,322 2,181 6.5%9,822 9,309 5.5%
Industrial1,112 1,292 (13.9%)4,619 5,218 (11.5%)
Other Energy Sales20 20 —%54 85 (36.5%)
Unbilled Sales(15)2 (850.0%)13 (79)116.5%
Total Retail Sales
5,479 5,416 1.2%(1.6%)23,802 23,518 1.2%0.6%
Wholesale and Other146 72 102.8%552 464 19.0%
Total Electric Sales – Duke Energy Ohio
5,625 5,488 2.5%24,354 23,982 1.6%
Average Number of Customers
Residential841,169 835,840 0.6%838,778 832,841 0.7%
Commercial
76,572 76,260 0.4%76,466 76,038 0.6%
Industrial1,998 2,171 (8.0%)2,042 2,209 (7.6%)
Other Energy Sales2,572 2,769 (7.1%)2,603 2,787 (6.6%)
Total Retail Customers
922,311 917,040 0.6%919,889 913,875 0.7%
Wholesale and Other1 1 —%1 1 —%
Total Average Number of Customers – Duke Energy Ohio
922,312 917,041 0.6%919,890 913,876 0.7%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal532 368 44.6%2,594 2,264 14.6%
Natural Gas and Oil68 106 (35.8%)362 371 (2.4%)
Total Generation(d)
609 474 28.5%2,965 2,635 12.5%
Purchased Power and Net Interchange(e)
5,746 5,606 2.5%23,942 23,681 1.1%
Total Sources of Energy6,355 6,080 4.5%26,907 26,316 2.2%
Less: Line Loss and Other730 592 23.3%2,553 2,334 9.4%
Total GWh Sources5,625 5,488 2.5%24,354 23,982 1.6%
Owned MW Capacity(c)(f)
Summer1,085 1,085 
Winter1,173 1,173 
Heating and Cooling Degree Days
Actual
Heating Degree Days1,808 1,494 21.0%4,797 4,020 19.3%
Cooling Degree Days39 31 25.8%1,233 1,378 (10.5%)
Variance from Normal
Heating Degree Days1.0%(17.2%)(0.7%)(17.8%)
Cooling Degree Days55.8%28.6%7.6%20.1%
(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.

37

Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2025
Three Months Ended December 31,Years Ended December 31,
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20252024%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential2,130 1,981 7.5%9,587 9,048 6.0%
Commercial
2,034 1,949 4.4%8,606 8,193 5.0%
Industrial2,296 2,200 4.4%9,189 9,407 (2.3%)
Other Energy Sales13 13 —%51 56 (8.9%)
Unbilled Sales117 84 39.3%65 (263)(124.7%)
Total Retail Sales
6,590 6,227 5.8%3.2%27,498 26,441 4.0%2.8%
Wholesale and Other1,230 917 34.1%4,888 4,244 15.2%
Total Electric Sales – Duke Energy Indiana
7,820 7,144 9.5%32,386 30,685 5.5%
Average Number of Customers
Residential812,240 801,535 1.3%808,572 796,265 1.5%
Commercial
107,280 106,477 0.8%106,926 106,323 0.6%
Industrial2,584 2,626 (1.6%)2,601 2,630 (1.1%)
Other Energy Sales3,671 3,747 (2.0%)3,705 3,793 (2.3%)
Total Retail Customers
925,775 914,385 1.2%921,804 909,011 1.4%
Wholesale and Other4 4 —%4 4 —%
Total Average Number of Customers – Duke Energy Indiana
925,779 914,389 1.2%921,808 909,015 1.4%
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal4,200 3,527 19.1%15,563 14,868 4.7%
Hydro81 80 1.3%253 288 (12.2%)
Natural Gas and Oil1,100 1,211 (9.2%)4,864 5,241 (7.2%)
Renewable Energy4 6 (33.3%)27 29 (6.9%)
Total Generation(d)
5,385 4,824 11.6%20,707 20,426 1.4%
Purchased Power and Net Interchange(e)
2,786 2,986 (6.7%)13,771 12,893 6.8%
Total Sources of Energy8,171 7,810 4.6%34,478 33,319 3.5%
Less: Line Loss and Other351 666 (47.3%)2,092 2,634 (20.6%)
Total GWh Sources7,820 7,144 9.5%32,386 30,685 5.5%
Owned MW Capacity(c)(f)
Summer6,327 6,328 
Winter6,806 6,806 
Heating and Cooling Degree Days
Actual
Heating Degree Days1,888 1,595 18.4%5,067 4,290 18.1%
Cooling Degree Days39 29 34.5%1,257 1,267 (0.8%)
Variance from Normal
Heating Degree Days(1.8%)(17.8%)(2.7%)(18.6%)
Cooling Degree Days71.3%35.4%9.9%20.1%
(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.

38

Gas Utilities and Infrastructure
Quarterly Highlights
Year Ended December 2025
Three Months Ended December 31,Years Ended December 31,
20252024%
Inc. (Dec.)		20252024%
Inc. (Dec.)
Total Sales
Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)
156,489,712 163,029,361 (4.0%)614,062,646 616,724,667 (0.4%)
Duke Energy Midwest LDC throughput (Mcf)26,807,484 22,148,273 21.0%90,651,428 77,923,033 16.3%
Average Number of Customers – Piedmont Natural Gas
Residential1,091,395 1,076,163 1.4%1,091,331 1,072,819 1.7%
Commercial108,684 107,668 0.9%108,971 107,952 0.9%
Industrial939 942 (0.3%)937 942 (0.5%)
Power Generation19 19 —%19 19 —%
Total Average Number of Gas Customers – Piedmont Natural Gas
1,201,037 1,184,792 1.4%1,201,258 1,181,732 1.7%
Average Number of Customers – Duke Energy Midwest
Residential527,089 524,834 0.4%524,780 522,774 0.4%
Commercial
35,373 34,764 1.8%34,529 34,367 0.5%
Industrial2,038 2,397 (15.0%)2,163 2,257 (4.2%)
Other 114 117 (2.6%)116 117 (0.9%)
Total Average Number of Gas Customers – Duke Energy Midwest
564,614 562,112 0.4%561,588 559,515 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.

39

Source: View Original Filing on SEC EDGAR

FAQ

How did Duke Energy (DUK) perform financially in full-year 2025?

Duke Energy reported and adjusted EPS of $6.31 for 2025, up from reported EPS of $5.71 and adjusted EPS of $5.90 in 2024. Growth was mainly driven by recovery on infrastructure investments and expanding customer demand, partly offset by higher operating, interest and tax costs.

What were Duke Energy’s fourth-quarter 2025 earnings compared to 2024?

Duke Energy’s fourth-quarter 2025 reported and adjusted EPS were both $1.50, versus reported EPS of $1.54 and adjusted EPS of $1.66 in 2024. The year-over-year decline primarily reflected higher O&M, interest expense, depreciation, contributions to the Duke Energy Foundation and a higher effective tax rate.

What is Duke Energy’s capital investment plan disclosed in the 2025 results?

Duke Energy outlined a $103 billion five-year capital plan that management expects will drive about 9.6% earnings base growth through 2030. The investments focus on infrastructure to serve customer growth, grid upgrades and generation resources, including new dispatchable capacity initiated during 2025.

What earnings guidance did Duke Energy provide for 2026?

For 2026, Duke Energy introduced adjusted EPS guidance of $6.55 to $6.80. Management bases this range on continued recovery of its large capital program and demand growth, and does not provide GAAP EPS forecasts because future special items such as regulatory orders or impairments are not projected.

What long-term earnings growth target did Duke Energy reaffirm or extend?

Duke Energy extended its long-term adjusted EPS growth rate target of 5% to 7% through 2030, using a 2025 guidance midpoint of $6.30 as the base. The company also expressed confidence in earning in the top half of that range beginning in 2028, supported by its regulated investment pipeline.

How did Duke Energy’s tax rate change in fourth-quarter 2025?

Duke Energy’s consolidated reported and adjusted effective tax rate for fourth-quarter 2025 was 11.3%, compared with reported 8.1% and adjusted 9.3% in 2024. The increase mainly reflects tax benefits recognized in the prior year related to utilization of previously valued carryforward attributes, which did not recur in 2025.

What were Duke Energy’s 2025 operating revenues and operating income?

In 2025, Duke Energy generated total operating revenues of $32,237 million, up from $30,357 million in 2024. Operating income reached $8,626 million, compared with $7,926 million a year earlier, as higher regulated electric and natural gas revenues outpaced increased fuel, O&M, depreciation and tax expenses.

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DUK Rankings

#164 Ranked by Market Cap
#619 Ranked by Dividends
#1005 52-Week Gainer
#1049 YTD Gainer
#839 Monthly Gainer

DUK Latest News

Feb 10, 2026
Duke Energy reports fourth-quarter and full-year 2025 financial results
Feb 5, 2026
Duke Energy again named by Fortune one of World's Most Admired Companies™
Feb 5, 2026
Duke Energy invests $500,000 in North Carolina community colleges to strengthen energy workforce pipeline
Feb 2, 2026
Duke Energy: Thank you, Florida customers, for conserving energy during extreme cold on Monday morning
Feb 2, 2026
Duke Energy: Thank you, Carolinas customers, for conserving energy during extreme cold on Monday morning

DUK Latest SEC Filings

Feb 9, 2026
[Form 4] Duke Energy CORP Insider Trading Activity
Feb 9, 2026
[Form 4] Duke Energy CORP Insider Trading Activity
Feb 9, 2026
[Form 4] Duke Energy CORP Insider Trading Activity
Feb 9, 2026
[Form 4] Duke Energy CORP Insider Trading Activity
Feb 9, 2026
[Form 4] Duke Energy CORP Insider Trading Activity

DUK Stock Data

94.66B
776.54M
0.13%
69.73%
1.81%
Utilities - Regulated Electric
Electric & Other Services Combined
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