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Duke Energy
DUK
#243
Rank
$97.33 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$124.83
Share price
0.75%
Change (1 day)
0.56%
Change (1 year)
๐Ÿ›ข Oil&Gas๐Ÿ”‹ Electricity๐Ÿšฐ Utility companies โšก Energy
Categories
  1. Duke Energy
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Duke Energy - 10-Q quarterly report FY2026 Q2


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________to_________
Commission File NumberRegistrant, State of Incorporation or Organization,
Address of Principal Executive Offices, Zip Code and Telephone Number		IRS Employer Identification No.
dukeenergylogo4ca65.jpg
1-32853
DUKE ENERGY CORPORATION
20-2777218
(a Delaware corporation)
525 South Tryon Street
Charlotte, North Carolina 28202
800-488-3853
1-4928
DUKE ENERGY CAROLINAS, LLC
56-0205520
(a North Carolina limited liability company)
525 South Tryon Street
Charlotte, North Carolina 28202
800-488-3853
1-15929
PROGRESS ENERGY, INC.
56-2155481
(a North Carolina corporation)
411 Fayetteville Street
Raleigh, North Carolina 27601
800-488-3853
1-3382
DUKE ENERGY PROGRESS, LLC
56-0165465
(a North Carolina limited liability company)
411 Fayetteville Street
Raleigh, North Carolina 27601
800-488-3853
1-3274
DUKE ENERGY FLORIDA, LLC
59-0247770
(a Florida limited liability company)
299 First Avenue North
St. Petersburg, Florida 33701
800-488-3853
1-1232
DUKE ENERGY OHIO, INC.
31-0240030
(an Ohio corporation)
139 East Fourth Street
Cincinnati, Ohio 45202
800-488-3853
1-3543
DUKE ENERGY INDIANA, LLC
35-0594457
(an Indiana limited liability company)
1000 East Main Street
Plainfield, Indiana 46168
800-488-3853
1-6196
PIEDMONT NATURAL GAS COMPANY, INC.
56-0556998
(a North Carolina corporation)
525 South Tryon Street
Charlotte, North Carolina 28202
800-488-3853




SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Name of each exchange on
Registrant    Title of each class    Trading symbols        which registered
Duke Energy    Common Stock, $0.001 par value    DUK    New York Stock Exchange LLC

Duke Energy    5.625% Junior Subordinated Debentures due    DUKB    New York Stock Exchange LLC
September 15, 2078
Duke Energy    Depositary Shares, each representing a 1/1,000th    DUK PR A    New York Stock Exchange LLC
interest in a share of 5.75% Series A Cumulative
Redeemable Perpetual Preferred Stock, par value
$0.001 per share
Duke Energy    3.10% Senior Notes due 2028    DUK 28A    New York Stock Exchange LLC        
Duke Energy    3.85% Senior Notes due 2034    DUK 34    New York Stock Exchange LLC
Duke Energy    3.75% Senior Notes due 2031    DUK 31A    New York Stock Exchange LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Duke Energy Corporation (Duke Energy)Yes☒No☐Duke Energy Florida, LLC (Duke Energy Florida)Yes☒No☐
Duke Energy Carolinas, LLC (Duke Energy Carolinas)Yes☒No☐Duke Energy Ohio, Inc. (Duke Energy Ohio)Yes☒No☐
Progress Energy, Inc. (Progress Energy)Yes☒No☐Duke Energy Indiana, LLC (Duke Energy Indiana)Yes☒No☐
Duke Energy Progress, LLC (Duke Energy Progress)Yes☒No☐Piedmont Natural Gas Company, Inc. (Piedmont)Yes☒No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Duke EnergyYes☒No☐Duke Energy FloridaYes☒No☐
Duke Energy CarolinasYes☒No☐Duke Energy OhioYes☒No☐
Progress EnergyYes☒No☐Duke Energy IndianaYes☒No☐
Duke Energy ProgressYes☒No☐PiedmontYes☒No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Duke EnergyLarge Accelerated Filer☒Accelerated filer☐Non-accelerated Filer☐Smaller reporting company☐Emerging growth company☐
Duke Energy CarolinasLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Progress EnergyLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy ProgressLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy FloridaLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy OhioLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy IndianaLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
PiedmontLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Duke EnergyYes
☐
No☒Duke Energy FloridaYes
☐
No☒
Duke Energy CarolinasYes
☐
No☒Duke Energy OhioYes
☐
No☒
Progress EnergyYes
☐
No☒Duke Energy IndianaYes
☐
No☒
Duke Energy ProgressYes
☐
No☒PiedmontYes
☐
No☒


Number of shares of common stock outstanding at July 31, 2026:
RegistrantDescriptionShares
Duke EnergyCommon stock, $0.001 par value779,702,193
Duke Energy CarolinasAll of the registrant's limited liability company member interests are directly owned by Duke Energy.N/A
Progress EnergyAll of the registrant's common stock is directly owned by Duke Energy.100
Duke Energy ProgressAll of the registrant's limited liability company member interests are indirectly owned by Duke Energy.N/A
Duke Energy FloridaAll of the registrant's limited liability company member interests are owned by a Progress Energy subsidiary that is 90.81% indirectly owned by Duke Energy.N/A
Duke Energy OhioAll of the registrant's common stock is indirectly owned by Duke Energy.89,663,086
Duke Energy IndianaAll of the registrant's limited liability company member interests are owned by a Duke Energy subsidiary that is 80.1% indirectly owned by Duke Energy.N/A
PiedmontAll of the registrant's common stock is directly owned by Duke Energy.100
This combined Form 10-Q is filed separately by eight registrants: Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont (collectively the Duke Energy Registrants). Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.
Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and are therefore filing this form with the reduced disclosure format specified in General Instructions H(2) of Form 10-Q.


TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
9
15
19
23
27
31
35
39
Note 1 – Organization and Basis of Presentation
43
Note 2 – Dispositions
45
Note 3 – Business Segments
47
Note 4 – Regulatory Matters
59
Note 5 – Commitments and Contingencies
66
Note 6 – Debt and Credit Facilities
69
Note 7 – Goodwill
71
Note 8 – Related Party Transactions
72
Note 9 – Derivatives and Hedging
73
Note 10 – Investments in Debt and Equity Securities
79
Note 11 – Fair Value Measurements
83
Note 12 – Variable Interest Entities
88
Note 13 – Revenue
90
Note 14 – Stockholders' Equity
95
Note 15 – Employee Benefit Plans
96
Note 16 – Income Taxes
98
99
117
117
PART II. OTHER INFORMATION
118
118
118
118
119
122

GLOSSARY OF TERMS
Glossary of Terms 
The following terms or acronyms used in this Form 10-Q are defined below:
Term or AcronymDefinition
2015 CCR Rule
A 2015 EPA rule establishing national regulations to provide a comprehensive set of requirements for the
management and disposal of CCR from coal-fired power plants
2024 CCR Rule
The EPA's Legacy CCR Surface Impoundments rule issued in April 2024 under the Resource Conservation and Recovery Act, which significantly expands the scope of the 2015 CCR Rule
AFUDCAllowance for funds used during construction
BisonBison Insurance Company Limited
CC
Combined Cycle
CCR
Coal Combustion Residuals
CECPCN
Certificate of Environmental Compatibility and Public Convenience and Necessity
CEP
Capital Expenditure Program
CPCN
Certificate of Public Convenience and Necessity
the CompanyDuke Energy Corporation and its subsidiaries
Commercial Renewables Disposal GroupsCommercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, separated into the utility-scale solar and wind group, the distributed generation group and the remaining assets
COVID
Coronavirus Disease 2019
Crystal River Unit 3Crystal River Unit 3 Nuclear Plant
CT
Combustion Turbine
Duke EnergyDuke Energy Corporation (collectively with its subsidiaries)
Duke Energy OhioDuke Energy Ohio, Inc.
Duke Energy ProgressDuke Energy Progress, LLC
Duke Energy CarolinasDuke Energy Carolinas, LLC
Duke Energy FloridaDuke Energy Florida, LLC
Duke Energy IndianaDuke Energy Indiana, LLC
Duke Energy Kentucky
Duke Energy Kentucky, Inc.
Duke Energy RegistrantsDuke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
EDITExcess deferred income tax
EPAUnited States Environmental Protection Agency
EPSEarnings (Loss) Per Share
ETREffective tax rate
EU&IElectric Utilities and Infrastructure
Exchange ActSecurities Exchange Act of 1934
FERCFederal Energy Regulatory Commission
Florida Progress
Florida Progress, LLC
FPSCFlorida Public Service Commission
FTRsFinancial transmission rights
GAAPGenerally accepted accounting principles in the U.S.
GAAP Reported EarningsNet Income Available to Duke Energy Corporation Common Stockholders
GAAP Reported EPSBasic Earnings Per Share Available to Duke Energy Corporation common stockholders
GHG
Greenhouse Gas
GU&IGas Utilities and Infrastructure
GWhGigawatt-hours

GLOSSARY OF TERMS
HB951
The Energy Solutions for North Carolina, or House Bill 951, passed in October 2021
IRAInflation Reduction Act
IRSInternal Revenue Service
IURCIndiana Utility Regulatory Commission
JDA
Joint Dispatch Agreement
KPSCKentucky Public Service Commission
LLCLimited Liability Company
MTBE
Methyl tertiary butyl ether
MWMegawatt
MWhMegawatt-hour
MYRP
Multiyear rate plan
NCINoncontrolling interests
NCUCNorth Carolina Utilities Commission
NMC
National Methanol Company
NPNSNormal purchase/normal sale
NRC
U.S. Nuclear Regulatory Commission
OPEBOther Post-Retirement Benefit Obligations
the ParentDuke Energy Corporation holding company
PiedmontPiedmont Natural Gas Company, Inc.
Piedmont Tennessee Disposal Group
Piedmont's Tennessee business, a natural gas local distribution company included in a purchase agreement with Spire Inc.
Progress EnergyProgress Energy, Inc.
PSCSCPublic Service Commission of South Carolina
PTC
Production Tax Credit
PUCOPublic Utilities Commission of Ohio
Robinson
Robinson Nuclear Plant
RTORegional Transmission Organization
SPP
Storm Protection Plan
Subsidiary RegistrantsDuke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
TPUCTennessee Public Utility Commission
U.S.United States
U.S. Supreme Court
Supreme Court of the United States
VIEVariable Interest Entity

FORWARD-LOOKING STATEMENTS
CAUTIONARY STATEMENT REGARDING 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, particularly in periods of heightened customer affordability concerns, bill volatility or public and political scrutiny, and to earn an adequate return on investment through rate case proceedings and the regulatory process;
◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;
◦The impact of extraordinary external events, such as a global pandemic, trade wars or military conflict, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;
◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
◦Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;
◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;
◦Advancements in technology, including artificial intelligence;
◦Additional competition in electric and natural gas markets, municipalization and continued industry consolidation;
◦The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
◦Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto;
◦The ability to successfully operate electric generating facilities and deliver electricity to customers, including direct or indirect effects to the Company resulting from an incident that affects the United States electric grid or generating resources;
◦Operational interruptions to our natural gas distribution and transmission activities;
◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;
◦The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences;
◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
◦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;

FORWARD-LOOKING STATEMENTS
◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules, obtaining sufficient skilled labor and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
◦The ability to control operation and maintenance costs;
◦The level of creditworthiness of counterparties to transactions;
◦The ability to obtain adequate insurance at acceptable costs and recover on claims made;
◦Employee workforce factors, including the potential inability to attract and retain key personnel;
◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);
◦The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities;
◦The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC;
◦The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings;
◦The impacts from potential impairments of goodwill or investment carrying values;
◦Asset or business acquisitions and dispositions may not be consummated or yield the anticipated benefits, which could adversely affect our financial condition, credit metrics or ability to execute strategic and capital plans;
◦The (i) failure to realize the anticipated benefits, synergies and value creation expected from the utility combination by which Duke Energy Progress will merge into Duke Energy Carolinas (the Combination), including as a result of difficulties or delays in integrating the contributed assets and operations and/or the incurring of significant costs in connection with the Combination; and (ii) the risk that the combined entity may not perform as expected following the consummation of the Combination due to unforeseen liabilities, its level of indebtedness, integration challenges, market conditions, ratings downgrades or other factors beyond the control of the parties; 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.

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions, except per share amounts)2026202520262025
Operating Revenues
Regulated electric$7,103 $6,968 $14,906 $14,032 
Regulated natural gas418 462 1,715 1,567 
Nonregulated electric and other71 78 149 158 
Total operating revenues7,592 7,508 16,770 15,757 
Operating Expenses
Fuel used in electric generation and purchased power1,915 1,878 4,334 3,977 
Cost of natural gas130 158 655 532 
Operation, maintenance and other1,385 1,655 3,137 3,154 
Depreciation and amortization1,700 1,583 3,389 3,095 
Property and other taxes374 415 826 843 
Impairment of assets and other charges49 3 49 3 
Total operating expenses5,553 5,692 12,390 11,604 
Gains (Losses) on Sales of Other Assets and Other, net10 14 394 20 
Operating Income2,049 1,830 4,774 4,173 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates10 11 17 22 
Other income and expenses, net203 183 336 315 
Total other income and expenses213 194 353 337 
Interest Expense957 897 1,925 1,786 
Income From Continuing Operations Before Income Taxes1,305 1,127 3,202 2,724 
Income Tax Expense From Continuing Operations160 119 493 312 
Income From Continuing Operations1,145 1,008 2,709 2,412 
Income (Loss) From Discontinued Operations, net of tax— (1)13 (1)
Net Income1,145 1,007 2,722 2,411 
Less: Net Income Attributable to NCI53 23 80 48 
Net Income Attributable to Duke Energy Corporation1,092 984 2,642 2,363 
Less: Preferred Dividends15 13 29 27 
Net Income Available to Duke Energy Corporation Common Stockholders$1,077 $971 $2,613 $2,336 
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted$1.38 $1.25 $3.33 $3.00 
Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted$— $— $0.02 $— 
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted$1.38 $1.25 $3.35 $3.00 
Weighted Average Shares Outstanding
Basic and Diluted779 777 779 777 
See Notes to Condensed Consolidated Financial Statements
9
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Net Income
$1,145 $1,007 $2,722 $2,411 
Other Comprehensive Income (Loss), net of tax(a)
Pension and OPEB adjustments5 — (12)— 
Net unrealized gains (losses) on cash flow hedges9 6 8 (4)
Reclassification into earnings from cash flow hedges(2)(2)(4)12 
Net unrealized gains (losses) on fair value hedges26 6 20 (35)
Unrealized gains (losses) on available-for-sale securities— (1)(1)2 
Other Comprehensive Income (Loss), net of tax38 9 11 (25)
Comprehensive Income
1,183 1,016 2,733 2,386 
Less: Comprehensive Income Attributable to NCI53 23 80 48 
Comprehensive Income Attributable to Duke Energy
1,130 993 2,653 2,338 
Less: Preferred Dividends15 13 29 27 
Comprehensive Income Available to Duke Energy Corporation Common Stockholders
$1,115 $980 $2,624 $2,311 
(a)Net of income tax expense of $11 million and $3 million for the three months ended June 30, 2026, and 2025 and income tax expense of $3 million and income tax benefit of $7 million for the six months ended June 30, 2026, and 2025, respectively.
See Notes to Condensed Consolidated Financial Statements
10
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2026December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents$673 $245 
Receivables (net of allowance for doubtful accounts of $214 at 2026 and $194 at 2025)
4,482 4,230 
Inventory (includes $1,013 at 2026 and $669 at 2025 related to VIEs)
4,665 4,569 
Regulatory assets (includes $205 at 2026 and $204 at 2025 related to VIEs)
2,645 1,934 
Assets held for sale— 109 
Other (includes $145 at 2026 and $88 at 2025 related to VIEs)
684 526 
Total current assets13,149 11,613 
Property, Plant and Equipment
Cost (includes $3,610 at 2026 and $2,913 at 2025 related to VIEs)
197,562 190,409 
Accumulated depreciation and amortization (includes ($138) at 2026 and ($89) at 2025 related to VIEs)
(62,326)(60,450)
Net property, plant and equipment135,236 129,959 
Other Noncurrent Assets
Goodwill19,010 19,010 
Regulatory assets (includes $3,027 at 2026 and $3,108 at 2025 related to VIEs)
14,411 14,379 
Nuclear decommissioning trust funds13,590 12,889 
Operating lease right-of-use assets, net1,166 1,241 
Investments in equity method unconsolidated affiliates332 330 
Assets held for sale— 2,148 
Other
4,197 4,167 
Total other noncurrent assets52,706 54,164 
Total Assets$201,091 $195,736 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $452 at 2026 and $296 at 2025 related to VIEs)
$4,940 $5,223 
Notes payable and commercial paper2,330 2,624 
Taxes accrued1,035 975 
Interest accrued899 922 
Current maturities of long-term debt (includes $147 at 2026 and $118 at 2025 related to VIEs)
6,666 7,104 
Asset retirement obligations570 579 
Regulatory liabilities1,422 1,271 
Liabilities associated with assets held for sale— 84 
Other 2,026 2,265 
Total current liabilities19,888 21,047 
Long-Term Debt (includes $3,221 at 2026 and $3,308 at 2025 related to VIEs)
82,242 80,108 
Other Noncurrent Liabilities
Deferred income taxes13,344 12,377 
Asset retirement obligations9,202 9,046 
Regulatory liabilities15,359 15,682 
Operating lease liabilities968 1,033 
Accrued pension and other post-retirement benefit costs348 396 
Investment tax credits976 969 
Liabilities associated with assets held for sale— 170 
Other
1,901 1,889 
Total other noncurrent liabilities42,098 41,562 
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2026 and 2025
973 973 
Common stock, $0.001 par value, 2 billion shares authorized; 780 million and 778 million shares outstanding at 2026 and 2025
1 1 
Additional paid-in capital47,563 45,614 
Retained earnings6,005 5,056 
Accumulated other comprehensive income (loss)209 198 
Total Duke Energy Corporation stockholders' equity54,751 51,842 
Noncontrolling Interests2,112 1,177 
Total equity56,863 53,019 
Total Liabilities and Equity$201,091 $195,736 
See Notes to Condensed Consolidated Financial Statements
11
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$2,722 $2,411 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)3,702 3,659 
Equity component of AFUDC(182)(147)
Gain on sale of Piedmont's Tennessee business
(368)— 
(Gains) losses on sales of other assets(26)(20)
Impairment of assets and other charges49 3 
Deferred income taxes949 611 
Equity in (earnings) losses of unconsolidated affiliates(17)(22)
Payments for asset retirement obligations(249)(241)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions— 266 
Receivables(208)53 
Inventory(92)85 
Other current assets(233)(243)
Increase (decrease) in
Accounts payable(383)(987)
Taxes accrued53 (7)
Other current liabilities(457)(374)
Other assets(1,046)(78)
Other liabilities58 71 
Net cash provided by operating activities4,272 5,040 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(8,240)(6,428)
Purchases of debt and equity securities(10,187)(3,446)
Proceeds from sales and maturities of debt and equity securities10,206 3,535 
Proceeds from the sale of Piedmont's Tennessee business
2,501 — 
Proceeds from the sale of Commercial Renewables Disposal Groups, net of cash divested— 559 
Other(489)(484)
Net cash used in investing activities(6,209)(6,264)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt6,464 4,848 
Issuance of common stock— 14 
Payments for the redemption of long-term debt(4,831)(1,815)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days262 — 
Payments for the redemption of short-term debt with original maturities greater than 90 days(390)(5)
Notes payable and commercial paper(237)(185)
Contributions from NCI2,827 — 
Dividends paid(1,693)(1,610)
Other22 (2)
Net cash provided by financing activities2,424 1,245 
Net increase (decrease) in cash, cash equivalents and restricted cash487 21 
Cash, cash equivalents and restricted cash at beginning of period363 421 
Cash, cash equivalents and restricted cash at end of period$850 $442 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$2,574 $1,929 
See Notes to Condensed Consolidated Financial Statements
12
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2025 and 2026
Accumulated Other Comprehensive
 Income (Loss)
NetNet UnrealizedTotal
GainsGains (Losses)Duke Energy
CommonAdditional(Losses)on Available-Pension and Corporation
PreferredStockCommonPaid-inRetainedonfor-Sale-OPEB Stockholders'NoncontrollingTotal
(in millions)StockSharesStockCapitalEarnings
Hedges(a)
SecuritiesAdjustmentsEquityInterestsEquity
Balance at March 31, 2025$973 777 $1 $45,516 $3,986 $289 $(14)$(81)$50,670 $1,124 $51,794 
Net income(b)
— — — — 971 — — — 971 23 994 
Other comprehensive income (loss)— — — — — 10 (1)— 9 — 9 
Common stock issuances, including dividend reinvestment and employee benefits— 1 — 56 — — — — 56 — 56 
Common stock dividends— — — — (815)— — — (815)— (815)
Distributions to NCI in subsidiaries— — — — — — — — — (8)(8)
Other— — — 1 (1)— — — — — — 
Balance at June 30, 2025$973 778 $1 $45,573 $4,141 $299 $(15)$(81)$50,891 $1,139 $52,030 
Balance at March 31, 2026$973 778 $1 $47,551 $5,761 $269 $(13)$(85)$54,457 $2,021 $56,478 
Net income(b)
— — — — 1,077 — — — 1,077 53 1,130 
Other comprehensive income (loss)— — — — — 33 — 5 38 — 38 
Common stock issuances, including employee benefits— 2 — 25 — — — — 25 — 25 
Common stock dividends— — — — (832)— — — (832)— (832)
Contributions from NCI in subsidiaries— — — — — — — — — 62 62 
Distributions to NCI in subsidiaries— — — — — — — — — (23)(23)
Other— — — (13)(1)— — — (14)(1)(15)
Balance at June 30, 2026$973 780 $1 $47,563 $6,005 $302 $(13)$(80)$54,751 $2,112 $56,863 
See Notes to Condensed Consolidated Financial Statements
13

DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Six Months Ended June 30, 2025 and 2026
Accumulated Other Comprehensive
Income (Loss)
NetNet UnrealizedTotal
GainsGains (Losses)Duke Energy
CommonAdditional(Losses)on Available-Pension and Corporation
PreferredStockCommonPaid-inRetainedonfor-Sale-OPEB Stockholders'NoncontrollingTotal
(in millions)StockSharesStockCapitalEarnings
Hedges(a)
SecuritiesAdjustmentsEquityInterestsEquity
Balance at December 31, 2024$973 776 $1 $45,494 $3,431 $326 $(17)$(81)$50,127 $1,129 $51,256 
Net income(b)
— — — — 2,336 — — — 2,336 48 2,384 
Other comprehensive income (loss)— — — — — (27)2 — (25)— (25)
Common stock issuances, including dividend reinvestment and employee benefits— 2 — 78 — — — — 78 — 78 
Common stock dividends— — — — (1,629)— — — (1,629)— (1,629)
Sale of Commercial Renewables Disposal Groups(c)
— — — — — — — — — (18)(18)
Distributions to NCI in subsidiaries— — — — — — — — — (14)(14)
Other— — — 1 3 — — — 4 (6)(2)
Balance at June 30, 2025$973 778 $1 $45,573 $4,141 $299 $(15)$(81)$50,891 $1,139 $52,030 
Balance at December 31, 2025$973 778 $1 $45,614 $5,056 $278 $(12)$(68)$51,842 $1,177 $53,019 
Net income(b)
— — — — 2,613 — — — 2,613 80 2,693 
Other comprehensive income (loss)— — — — — 24 (1)(12)11 — 11 
Common stock issuances, including employee benefits
— 2 — 8 — — — — 8 — 8 
Common stock dividends— — — — (1,664)— — — (1,664)— (1,664)
Sale of NCI, net of transaction costs(c)
— — — 1,941 — — — — 1,941 824 2,765 
Contributions from NCI in subsidiaries— — — — — — — — — 62 62 
Distributions to NCI in subsidiaries— — — — — — — — — (30)(30)
Other— — — — — — — — — (1)(1)
Balance at June 30, 2026$973 780 $1 $47,563 $6,005 $302 $(13)$(80)$54,751 $2,112 $56,863 
(a)    See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.
(b)    Net income available to Duke Energy Corporation Common Stockholders reflects preferred dividends.
(c)    See Note 2 for additional information.
See Notes to Condensed Consolidated Financial Statements
14
FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Operating Revenues$2,416 $2,231 $5,182 $4,755 
Operating Expenses
Fuel used in electric generation and purchased power632 571 1,563 1,374 
Operation, maintenance and other465 500 1,078 984 
Depreciation and amortization531 482 1,057 914 
Property and other taxes91 85 197 187 
Impairment of assets and other charges27 (1)27 (1)
Total operating expenses1,746 1,637 3,922 3,458 
Gains (Losses) on Sales of Other Assets and Other, net— 6 2 6 
Operating Income670 600 1,262 1,303 
Other Income and Expenses, net70 61 133 122 
Interest Expense231 200 449 400 
Income Before Income Taxes509 461 946 1,025 
Income Tax Expense33 36 44 87 
Net Income
$476 $425 $902 $938 
Other Comprehensive Income (Loss), net of tax
Net gains (losses) on cash flow hedges(1)— — — 
Comprehensive Income$475 $425 $902 $938 
See Notes to Condensed Consolidated Financial Statements
15
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2026December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents$38 $3 
Receivables (net of allowance for doubtful accounts of $63 at 2026 and $55 at 2025)
1,616 1,347 
Receivables from affiliated companies246 331 
Notes receivable from affiliated companies1,122 69 
Inventory1,528 1,530 
Regulatory assets (includes $72 at 2026 and 2025 related to VIEs)
1,141 730 
Other (includes $54 at 2026 and $12 at 2025 related to VIEs)
115 75 
Total current assets5,806 4,085 
Property, Plant and Equipment
Cost64,963 62,513 
Accumulated depreciation and amortization(21,125)(20,658)
Net property, plant and equipment43,838 41,855 
Other Noncurrent Assets
Regulatory assets (includes $1,235 at 2026 and $1,257 at 2025 related to VIEs)
4,765 4,502 
Nuclear decommissioning trust funds7,765 7,338 
Operating lease right-of-use assets, net87 91 
Other1,383 1,304 
Total other noncurrent assets14,000 13,235 
Total Assets$63,644 $59,175 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$1,382 $1,670 
Accounts payable to affiliated companies292 386 
Taxes accrued244 306 
Interest accrued227 214 
Current maturities of long-term debt (includes $36 at 2026 and $16 at 2025 related to VIEs)
1,650 629 
Asset retirement obligations239 245 
Regulatory liabilities611 569 
Other (includes $40 at 2026 and $12 at 2025 related to VIEs)
615 621 
Total current liabilities5,260 4,640 
Long-Term Debt (includes $1,291 at 2026 and $1,316 at 2025 related to VIEs)
20,235 17,848 
Long-Term Debt Payable to Affiliated Companies300 300 
Other Noncurrent Liabilities
Deferred income taxes4,549 4,191 
Asset retirement obligations3,585 3,597 
Regulatory liabilities7,914 7,609 
Operating lease liabilities75 79 
Accrued pension and other post-retirement benefit costs10 24 
Investment tax credits347 345 
Other
727 802 
Total other noncurrent liabilities17,207 16,647 
Commitments and Contingencies
Equity
Member's equity20,647 19,745 
Accumulated other comprehensive income (loss)(5)(5)
Total equity20,642 19,740 
Total Liabilities and Equity$63,644 $59,175 
See Notes to Condensed Consolidated Financial Statements
16
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$902 $938 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)1,185 1,048 
Equity component of AFUDC(85)(66)
(Gains) losses on sales of other assets(2)(6)
Impairment of assets and other charges27 (1)
Deferred income taxes443 209 
Payments for asset retirement obligations(100)(95)
(Increase) decrease in
Receivables(288)96 
Receivables from affiliated companies85 (53)
Inventory(4)12 
Other current assets(39)(319)
Increase (decrease) in
Accounts payable(234)(281)
Accounts payable to affiliated companies(94)251 
Taxes accrued(62)(352)
Other current liabilities(161)(16)
Other assets(757)(70)
Other liabilities13 33 
Net cash provided by operating activities829 1,328 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(2,904)(2,145)
Purchases of debt and equity securities(6,033)(1,725)
Proceeds from sales and maturities of debt and equity securities6,033 1,725 
Notes receivable from affiliated companies(1,053)38 
Other(234)(152)
Net cash used in investing activities(4,191)(2,259)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt3,910 1,343 
Payments for the redemption of long-term debt(512)(503)
Other41 92 
Net cash provided by financing activities3,439 932 
Net increase (decrease) in cash, cash equivalents and restricted cash77 1 
Cash, cash equivalents and restricted cash at beginning of period22 16 
Cash, cash equivalents and restricted cash at end of period$99 $17 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$883 $698 
See Notes to Condensed Consolidated Financial Statements
17
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2025 and 2026
Accumulated Other
Comprehensive
Income (Loss)
Member's
Net Gains (Losses) on
Total
(in millions)EquityCash Flow HedgesEquity
Balance at March 31, 2025$18,359 $(6)$18,353 
Net income425 — 425 
Other(8)— (8)
Balance at June 30, 2025$18,776 $(6)$18,770 
Balance at March 31, 2026$20,171 $(4)$20,167 
Net income476 — 476 
Other comprehensive income (loss)— (1)(1)
Balance at June 30, 2026$20,647 $(5)$20,642 
Six Months Ended June 30, 2025 and 2026
Accumulated Other
Comprehensive
Income (Loss)
Member's
Net Gains (Losses) on
Total
(in millions)EquityCash Flow HedgesEquity
Balance at December 31, 2024$17,846 $(6)$17,840 
Net income938 — 938 
Other(8)— (8)
Balance at June 30, 2025$18,776 $(6)$18,770 
Balance at December 31, 2025$19,745 $(5)$19,740 
Net income902 — 902 
Balance at June 30, 2026$20,647 $(5)$20,642 

See Notes to Condensed Consolidated Financial Statements
18
FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Operating Revenues$3,470 $3,569 $7,395 $7,036 
Operating Expenses
Fuel used in electric generation and purchased power994 1,025 2,305 2,131 
Operation, maintenance and other602 843 1,438 1,531 
Depreciation and amortization703 609 1,385 1,240 
Property and other taxes150 175 331 347 
Impairment of assets and other charges22 — 22 — 
Total operating expenses2,471 2,652 5,481 5,249 
Gains (Losses) on Sales of Other Assets and Other, net7 6 15 12 
Operating Income1,006 923 1,929 1,799 
Other Income and Expenses, net69 75 133 130 
Interest Expense299 283 590 558 
Income Before Income Taxes776 715 1,472 1,371 
Income Tax Expense133 108 231 218 
Net Income643 607 1,241 1,153 
Less: Net Income Attributable to NCI29 — 34 — 
Net Income Attributable to Progress Energy, Inc.
$614 $607 $1,207 $1,153 
Net Income$643 $607 $1,241 $1,153 
Other Comprehensive Income (Loss), net of tax
Unrealized gains (losses) on available-for-sale securities
— (1)— (1)
Other Comprehensive Income (Loss), net of tax— (1)— (1)
Comprehensive Income643 606 1,241 1,152 
Less: Comprehensive Income Attributable to NCI29 — 33 — 
Comprehensive Income Attributable to Progress Energy, Inc.
$614 $606 $1,208 $1,152 
See Notes to Condensed Consolidated Financial Statements
19
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2026December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents$288 $54 
Receivables (net of allowance for doubtful accounts of $73 at 2026 and $65 at 2025)
1,830 1,550 
Receivables from affiliated companies187 81 
Notes receivable from affiliated companies— 251 
Inventory (includes $631 at 2026 and $669 at 2025 related to VIEs)
2,247 2,210 
Regulatory assets (includes $133 at 2026 and $132 at 2025 related to VIEs)
1,017 753 
Other (includes $87 at 2026 and $72 at 2025 related to VIEs)
194 150 
Total current assets5,763 5,049 
Property, Plant and Equipment
Cost (includes $3,473 at 2026 and $2,839 at 2025 related to VIEs)
81,384 78,347 
Accumulated depreciation and amortization (includes ($121) at 2026 and ($75) at 2025 related to VIEs)
(26,389)(25,425)
Net property, plant and equipment54,995 52,922 
Other Noncurrent Assets
Goodwill3,655 3,655 
Regulatory assets (includes $1,792 at 2026 and $1,851 at 2025 related to VIEs)
6,378 6,650 
Nuclear decommissioning trust funds5,825 5,550 
Operating lease right-of-use assets, net549 607 
Other1,376 1,405 
Total other noncurrent assets17,783 17,867 
Total Assets$78,541 $75,838 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $251 at 2026 and $289 at 2025 related to VIEs)
$1,592 $1,679 
Accounts payable to affiliated companies481 571 
Notes payable to affiliated companies1,019 — 
Taxes accrued350 222 
Interest accrued258 256 
Current maturities of long-term debt (includes $111 at 2026 and $102 at 2025 related to VIEs)
2,452 722 
Asset retirement obligations180 196 
Regulatory liabilities438 350 
Other730 758 
Total current liabilities7,500 4,754 
Long-Term Debt (includes $1,876 at 2026 and $1,936 at 2025 related to VIEs)
24,750 25,976 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes6,028 5,576 
Asset retirement obligations4,291 4,290 
Regulatory liabilities5,065 5,601 
Operating lease liabilities504 552 
Accrued pension and other post-retirement benefit costs233 247 
Investment tax credits443 434 
Other
601 491 
Total other noncurrent liabilities17,165 17,191 
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2026 and 2025
— — 
Additional paid-in capital14,219 12,278 
Retained earnings13,909 15,499 
Accumulated other comprehensive income (loss)(9)(10)
Total Progress Energy, Inc. stockholders' equity28,119 27,767 
Noncontrolling Interests857 — 
Total equity28,976 27,767 
Total Liabilities and Equity$78,541 $75,838 
See Notes to Condensed Consolidated Financial Statements
20
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,241 $1,153 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)1,576 1,675 
Equity component of AFUDC(64)(51)
(Gains) losses on sales of other assets(15)(12)
Impairment of assets and other charges22 — 
Deferred income taxes428 122 
Payments for asset retirement obligations(113)(101)
(Increase) decrease in
Receivables(247)(176)
Receivables from affiliated companies(106)(76)
Inventory(31)7 
Other current assets(84)51 
Increase (decrease) in
Accounts payable7 (624)
Accounts payable to affiliated companies(90)198 
Taxes accrued126 109 
Other current liabilities(110)(128)
Other assets(398)(60)
Other liabilities(80)78 
Net cash provided by operating activities2,062 2,165 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(3,468)(2,742)
Purchases of debt and equity securities(4,029)(1,638)
Proceeds from sales and maturities of debt and equity securities4,050 1,660 
Notes receivable from affiliated companies251 (897)
Other(153)(211)
Net cash used in investing activities(3,349)(3,828)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt573 2,860 
Payments for the redemption of long-term debt(99)(459)
Notes payable to affiliated companies1,019 (1,062)
Contributions from NCI2,782 — 
Contributions from parent
— 300 
Dividends to parent(2,797)— 
Other59 (1)
Net cash provided by financing activities1,537 1,638 
Net increase (decrease) in cash, cash equivalents and restricted cash
250 (25)
Cash, cash equivalents and restricted cash at beginning of period139 160 
Cash, cash equivalents and restricted cash at end of period$389 $135 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$1,009 $827 
See Notes to Condensed Consolidated Financial Statements
21
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2025 and 2026
Accumulated Other Comprehensive Income (Loss)
Net Gains
Net UnrealizedTotal Progress
Additional
(Losses) on
Gains (Losses) on
Pension andEnergy, Inc.
Paid-inRetainedCash FlowAvailable-for-OPEBStockholders'NoncontrollingTotal
(in millions)CapitalEarningsHedgesSale SecuritiesAdjustmentsEquityInterestsEquity
Balance at March 31, 2025$12,130 $13,630 $(1)$(5)$(4)$25,750 $— $25,750 
Net income— 607 — — — 607 — 607 
Other comprehensive income (loss)— — — (1)— (1)— (1)
Equitization of certain intercompany balances with affiliates
57 — — — — 57 — 57 
Balance at June 30, 2025$12,187 $14,237 $(1)$(6)$(4)$26,413 $— $26,413 
Balance at March 31, 2026$14,232 $13,295 $(1)$(4)$(4)$27,518 $828 $28,346 
Net income— 614 — — — 614 29 643 
Contributions from NCI in subsidiaries— — — — — — 17 17 
Distributions to NCI in subsidiaries— — — — — — (17)(17)
Other
(13)— — — — (13)— (13)
Balance at June 30, 2026$14,219 $13,909 $(1)$(4)$(4)$28,119 $857 $28,976 
Six Months Ended June 30, 2025 and 2026
Accumulated Other Comprehensive Income (Loss)
Net Gains
Net UnrealizedTotal Progress
Additional
(Losses) on
Gains (Losses) onPension andEnergy, Inc.
Paid-inRetainedCash FlowAvailable-for-OPEBStockholders'NoncontrollingTotal
(in millions)
CapitalEarningsHedgesSale SecuritiesAdjustmentsEquity
Interest
Equity
Balance at December 31, 2024$11,830 $13,086 $(1)$(5)$(4)$24,906 $— $24,906 
Net income— 1,153 — — — 1,153 — 1,153 
Other comprehensive income (loss)— — — (1)— (1)— (1)
Contributions from parent
300 — — — — 300 — 300 
Equitization of certain intercompany balances with affiliates
57 (2)— — — 55 — 55 
Balance at June 30, 2025$12,187 $14,237 $(1)$(6)$(4)$26,413 $— $26,413 
Balance at December 31, 2025$12,278 $15,499 $(1)$(5)$(4)$27,767 $— $27,767 
Net income— 1,207 — — — 1,207 34 1,241 
Other comprehensive income (loss)
— — — 1 — 1 (1)— 
Dividends to parent— (2,797)— — — (2,797)— (2,797)
Sale of noncontrolling interest(a)
1,941 — — — — 1,941 824 2,765 
Contributions from NCI in subsidiaries— — — — — — 17 17 
Distributions to NCI in subsidiaries— — — — — — (17)(17)
Balance at June 30, 2026$14,219 $13,909 $(1)$(4)$(4)$28,119 $857 $28,976 
(a) Relates to the sale of a noncontrolling interest in Florida Progress, LLC, net of transaction costs. See Note 2 for additional discussion of the transaction.
See Notes to Condensed Consolidated Financial Statements
22
FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Operating Revenues$1,800 $1,681 $4,101 $3,699 
Operating Expenses
Fuel used in electric generation and purchased power547 574 1,410 1,299 
Operation, maintenance and other364 340 872 738 
Depreciation and amortization396 319 782 676 
Property and other taxes22 45 81 105 
Impairment of assets and other charges22 — 22 — 
Total operating expenses1,351 1,278 3,167 2,818 
Gains (Losses) on Sales of Other Assets and Other, net
— — 1 — 
Operating Income449 403 935 881 
Other Income and Expenses, net55 50 98 87 
Interest Expense144 139 279 267 
Income Before Income Taxes360 314 754 701 
Income Tax Expense53 39 93 95 
Net Income and Comprehensive Income$307 $275 $661 $606 

See Notes to Condensed Consolidated Financial Statements
23
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2026December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents$244 $16 
Receivables (net of allowance for doubtful accounts of $46 at 2026 and $38 at 2025)
1,106 952 
Receivables from affiliated companies106 104 
Notes receivable from affiliated companies— 186 
Inventory1,374 1,363 
Regulatory assets (includes $70 at 2026 and 2025 related to VIEs)
847 652 
Other (includes $59 at 2026 and $38 at 2025 related to VIEs)
136 95 
Total current assets3,813 3,368 
Property, Plant and Equipment
Cost46,816 45,175 
Accumulated depreciation and amortization(17,446)(16,980)
Net property, plant and equipment29,370 28,195 
Other Noncurrent Assets
Regulatory assets (includes $1,138 at 2026 and $1,169 at 2025 related to VIEs)
4,246 4,543 
Nuclear decommissioning trust funds5,541 5,254 
Operating lease right-of-use assets, net357 386 
Other776 781 
Total other noncurrent assets10,920 10,964 
Total Assets$44,103 $42,527 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$909 $886 
Accounts payable to affiliated companies316 398 
Notes payable to affiliated companies823 — 
Taxes accrued105 167 
Interest accrued146 145 
Current maturities of long-term debt (includes $49 at 2026 and $41 at 2025 related to VIEs)
1,094 285 
Asset retirement obligations179 194 
Regulatory liabilities374 274 
Other (includes $27 at 2026 and $16 at 2025 related to VIEs)
372 370 
Total current liabilities4,318 2,719 
Long-Term Debt (includes $1,197 at 2026 and $1,224 at 2025 related to VIEs)
12,909 13,461 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes2,916 2,642 
Asset retirement obligations4,121 4,095 
Regulatory liabilities4,293 4,807 
Operating lease liabilities360 384 
Accrued pension and other post-retirement benefit costs131 139 
Investment tax credits195 194 
Other
439 326 
Total other noncurrent liabilities12,455 12,587 
Commitments and Contingencies
Equity
Member's Equity14,271 13,610 
Total Liabilities and Equity$44,103 $42,527 

See Notes to Condensed Consolidated Financial Statements
24
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$661 $606 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)880 773 
Equity component of AFUDC(58)(41)
Impairment of assets and other charges22 — 
Deferred income taxes245 132 
Payments for asset retirement obligations(86)(81)
(Increase) decrease in
Receivables(141)43 
Receivables from affiliated companies(2)(21)
Inventory(11)18 
Other current assets(11)(89)
Increase (decrease) in
Accounts payable10 (60)
Accounts payable to affiliated companies(82)142 
Taxes accrued(62)(287)
Other current liabilities19 (41)
Other assets(366)(49)
Other liabilities(50)90 
Net cash provided by operating activities968 1,135 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(1,984)(1,524)
Purchases of debt and equity securities(3,901)(1,527)
Proceeds from sales and maturities of debt and equity securities3,901 1,526 
Notes receivable from affiliated companies186 (949)
Other(71)(85)
Net cash used in investing activities(1,869)(2,559)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt300 2,156 
Payments for the redemption of long-term debt(48)(423)
Notes payable to affiliated companies823 (611)
Contributions from parent
— 300 
Other76 (1)
Net cash provided by financing activities1,151 1,421 
Net increase (decrease) in cash, cash equivalents and restricted cash250 (3)
Cash, cash equivalents and restricted cash at beginning of period61 69 
Cash, cash equivalents and restricted cash at end of period$311 $66 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$571 $306 
See Notes to Condensed Consolidated Financial Statements
25
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended
June 30, 2025 and 2026
(in millions)Member's Equity
Balance at March 31, 2025$12,601 
Net income275 
Equitization of certain intercompany balances with affiliates
57 
Other1 
Balance at June 30, 2025$12,934 
Balance at March 31, 2026$13,964 
Net income307 
Balance at June 30, 2026$14,271 
Six Months Ended
June 30, 2025 and 2026
(in millions)Member's Equity
Balance at December 31, 2024$11,971 
Net income606 
Contribution from parent
300 
Equitization of certain intercompany balances with affiliates
57 
Balance at June 30, 2025$12,934 
Balance at December 31, 2025$13,610 
Net income661 
Balance at June 30, 2026$14,271 

See Notes to Condensed Consolidated Financial Statements
26
FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Operating Revenues$1,666 $1,885 $3,287 $3,329 
Operating Expenses
Fuel used in electric generation and purchased power447 451 895 832 
Operation, maintenance and other236 500 560 786 
Depreciation and amortization306 290 602 564 
Property and other taxes127 130 250 242 
Total operating expenses1,116 1,371 2,307 2,424 
Gains (Losses) on Sales of Other Assets and Other, net1 — 3 1 
Operating Income551 514 983 906 
Other Income and Expenses, net16 27 32 45 
Interest Expense126 116 254 234 
Income Before Income Taxes441 425 761 717 
Income Tax Expense90 81 153 139 
Net Income and Comprehensive Income
$351 $344 $608 $578 
Other Comprehensive Income (Loss), net of tax
Unrealized gains (losses) on available-for-sale securities— (1)— (1)
Other Comprehensive Income (Loss), net of tax$— $(1)$— $(1)
Comprehensive Income$351 $343 $608 $577 
See Notes to Condensed Consolidated Financial Statements
27
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2026December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents$22 $21 
Receivables (net of allowance for doubtful accounts of $27 at 2026 and 2025)
723 594 
Receivables from affiliated companies136 68 
Notes receivable from affiliated companies— 65 
Inventory (includes $631 at 2026 and $669 at 2025 related to VIEs)
873 847 
Regulatory assets (includes $63 at 2026 and $62 at 2025 related to VIEs)
170 102 
Other (includes $28 at 2026 and $34 at 2025 related to VIEs)
70 52 
Total current assets1,994 1,749 
Property, Plant and Equipment
Cost (includes $3,473 at 2026 and $2,839 at 2025 related to VIEs)
34,555 33,160 
Accumulated depreciation and amortization (includes ($121) at 2026 and ($75) at 2025 related to VIEs)
(8,936)(8,437)
Net property, plant and equipment25,619 24,723 
Other Noncurrent Assets
Regulatory assets (includes $654 at 2026 and $682 at 2025 related to VIEs)
2,132 2,106 
Nuclear decommissioning trust funds283 296 
Operating lease right-of-use assets, net192 221 
Other547 561 
Total other noncurrent assets3,154 3,184 
Total Assets$30,767 $29,656 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $251 at 2026 and $289 at 2025 related to VIEs)
$683 $792 
Accounts payable to affiliated companies239 171 
Notes payable to affiliated companies196 — 
Taxes accrued251 69 
Interest accrued87 87 
Current maturities of long-term debt (includes $62 at 2026 and $61 at 2025 related to VIEs)
1,357 437 
Asset retirement obligations1 2 
Regulatory liabilities64 76 
Other346 375 
Total current liabilities3,224 2,009 
Long-Term Debt (includes $679 at 2026 and $712 at 2025 related to VIEs)
10,195 10,870 
Other Noncurrent Liabilities
Deferred income taxes3,179 3,005 
Asset retirement obligations170 195 
Regulatory liabilities772 794 
Operating lease liabilities144 168 
Accrued pension and other post-retirement benefit costs82 88 
Investment tax credits248 240 
Other
160 165 
Total other noncurrent liabilities4,755 4,655 
Commitments and Contingencies
Equity
Member's equity12,598 12,127 
Accumulated other comprehensive income (loss)(5)(5)
Total equity12,593 12,122 
Total Liabilities and Equity$30,767 $29,656 
See Notes to Condensed Consolidated Financial Statements
28
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$608 $578 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion695 902 
Equity component of AFUDC(6)(11)
(Gains) losses on sales of other assets(3)(1)
Deferred income taxes178 (26)
Payments for asset retirement obligations(27)(19)
(Increase) decrease in
Receivables(108)(220)
Receivables from affiliated companies(68)(51)
Inventory(20)(12)
Other current assets(91)277 
Increase (decrease) in
Accounts payable(3)(563)
Accounts payable to affiliated companies68 (4)
Taxes accrued180 288 
Other current liabilities(128)(86)
Other assets(50)(21)
Other liabilities(29)(3)
Net cash provided by operating activities1,196 1,028 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(1,484)(1,218)
Purchases of debt and equity securities(128)(111)
Proceeds from sales and maturities of debt and equity securities149 134 
Notes receivable from affiliated companies65 — 
Other(83)(126)
Net cash used in investing activities(1,481)(1,321)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt272 704 
Payments for the redemption of long-term debt(51)(35)
Notes payable to affiliated companies196 (399)
Contributions from parent
229 — 
Distributions to parent(366)— 
Other(1)(1)
Net cash provided by financing activities279 269 
Net increase (decrease) in cash, cash equivalents and restricted cash(6)(24)
Cash, cash equivalents and restricted cash at beginning of period62 75 
Cash, cash equivalents and restricted cash at end of period$56 $51 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$439 $521 
See Notes to Condensed Consolidated Financial Statements
29
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2025 and 2026
Accumulated
Other
Comprehensive
Income (Loss)
Net Unrealized
Gains (Losses) on
Member'sAvailable-for-SaleTotal
(in millions)EquitySecuritiesEquity
Balance at March 31, 2025$11,218 $(5)$11,213 
Net income344 — 344 
Other comprehensive income (loss)— (1)(1)
Balance at June 30, 2025$11,562 $(6)$11,556 
Balance at March 31, 2026$12,247 $(5)$12,242 
Net income351 — 351 
Distributions to parent(183)— (183)
Contributions from parent
183 — 183 
Balance at June 30, 2026$12,598 $(5)$12,593 
Six Months Ended June 30, 2025 and 2026
Accumulated
Other
Comprehensive
Income (Loss)
Net Unrealized
Gains (Losses) on
Member'sAvailable-for-SaleTotal
(in millions)EquitySecuritiesEquity
Balance at December 31, 2024$10,986 $(5)$10,981 
Net income578 — 578 
Other comprehensive income (loss)— (1)(1)
Other(2)— (2)
Balance at June 30, 2025$11,562 $(6)$11,556 
Balance at December 31, 2025$12,127 $(5)$12,122 
Net income608 — 608 
Distributions to parent(366)— (366)
Contributions from parent229 — 229 
Balance at June 30, 2026$12,598 $(5)$12,593 
See Notes to Condensed Consolidated Financial Statements
30
FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Operating Revenues
Regulated electric$508 $498 $1,070 $985 
Regulated natural gas157 156 474 435 
Total operating revenues665 654 1,544 1,420 
Operating Expenses
Fuel used in electric generation and purchased power145 161 318 310 
Cost of natural gas33 35 154 136 
Operation, maintenance and other135 115 274 239 
Depreciation and amortization114 121 235 233 
Property and other taxes108 101 225 217 
Total operating expenses535 533 1,206 1,135 
Operating Income130 121 338 285 
Other Income and Expenses, net5 6 10 11 
Interest Expense53 51 105 98 
Income Before Income Taxes82 76 243 198 
Income Tax Expense15 12 46 34 
Net Income and Comprehensive Income$67 $64 $197 $164 
See Notes to Condensed Consolidated Financial Statements
31
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2026December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents$15 $18 
Receivables (net of allowance for doubtful accounts of $47 at 2026 and $51 at 2025)
421 473 
Receivables from affiliated companies92 12 
Notes receivable from affiliated companies86 111 
Inventory229 187 
Regulatory assets122 86 
Other22 37 
Total current assets987 924 
Property, Plant and Equipment
Cost14,981 14,627 
Accumulated depreciation and amortization(3,945)(3,812)
Net property, plant and equipment11,036 10,815 
Other Noncurrent Assets
Goodwill920 920 
Regulatory assets689 686 
Operating lease right-of-use assets, net5 5 
Other102 96 
Total other noncurrent assets1,716 1,707 
Total Assets$13,739 $13,446 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$297 $333 
Accounts payable to affiliated companies144 91 
Notes payable to affiliated companies68 13 
Taxes accrued396 377 
Interest accrued50 51 
Current maturities of long-term debt— 45 
Asset retirement obligations6 6 
Regulatory liabilities95 57 
Other81 77 
Total current liabilities1,137 1,050 
Long-Term Debt4,352 4,350 
Long-Term Debt Payable to Affiliated Companies25 25 
Other Noncurrent Liabilities
Deferred income taxes1,370 1,341 
Asset retirement obligations130 129 
Regulatory liabilities444 470 
Operating lease liabilities4 5 
Accrued pension and other post-retirement benefit costs88 88 
Other94 90 
Total other noncurrent liabilities2,130 2,123 
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2026 and 2025
762 762 
Additional paid-in capital3,219 3,219 
Retained earnings2,114 1,917 
Total equity6,095 5,898 
Total Liabilities and Equity$13,739 $13,446 

See Notes to Condensed Consolidated Financial Statements
32
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$197 $164 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization237 235 
Equity component of AFUDC(8)(7)
Deferred income taxes15 (10)
Payments for asset retirement obligations(2)(3)
(Increase) decrease in
Receivables53 5 
Receivables from affiliated companies(80)1 
Inventory(42)2 
Other current assets(24)44 
Increase (decrease) in
Accounts payable(36)(24)
Accounts payable to affiliated companies53 18 
Taxes accrued19 (113)
Other current liabilities39 22 
Other assets(9)(28)
Other liabilities(8)15 
Net cash provided by operating activities404 321 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(404)(471)
Notes receivable from affiliated companies25 17 
Other(37)(45)
Net cash used in investing activities(416)(499)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt— 347 
Payments for the redemption of long-term debt(45)(150)
Notes payable to affiliated companies55 (32)
Other(1)(1)
Net cash provided by financing activities9 164 
Net increase (decrease) in cash and cash equivalents
(3)(14)
Cash and cash equivalents at beginning of period18 24 
Cash and cash equivalents at end of period$15 $10 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$94 $92 

See Notes to Condensed Consolidated Financial Statements
33
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2025 and 2026
Additional
CommonPaid-inRetainedTotal
(in millions)StockCapitalEarningsEquity
Balance at March 31, 2025$762 $3,119 $1,679 $5,560 
Net income— — 64 64 
Balance at June 30, 2025$762 $3,119 $1,743 $5,624 
Balance at March 31, 2026$762 $3,219 $2,047 $6,028 
Net income— — 67 67 
Balance at June 30, 2026$762 $3,219 $2,114 $6,095 
Six Months Ended June 30, 2025 and 2026
Additional
CommonPaid-inRetainedTotal
(in millions)StockCapitalEarningsEquity
Balance at December 31, 2024$762 $3,118 $1,579 $5,459 
Net income— — 164 164 
Other— 1 — 1 
Balance at June 30, 2025$762 $3,119 $1,743 $5,624 
Balance at December 31, 2025$762 $3,219 $1,917 $5,898 
Net income— — 197 197 
Balance at June 30, 2026$762 $3,219 $2,114 $6,095 
See Notes to Condensed Consolidated Financial Statements
34
FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Operating Revenues$861 $821 $1,827 $1,679 
Operating Expenses
Fuel used in electric generation and purchased power250 219 620 479 
Operation, maintenance and other189 192 379 387 
Depreciation and amortization202 222 407 414 
Property and other taxes19 17 38 35 
Total operating expenses660 650 1,444 1,315 
Operating Income201 171 383 364 
Other Income and Expenses, net12 21 23 31 
Interest Expense75 57 139 116 
Income Before Income Taxes138 135 267 279 
Income Tax Expense
19 18 37 36 
Net Income and Comprehensive Income
$119 $117 $230 $243 

See Notes to Condensed Consolidated Financial Statements
35
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2026December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents$16 $12 
Receivables (net of allowance for doubtful accounts of $16 at 2026 and $15 at 2025)
445 458 
Receivables from affiliated companies30 25 
Notes receivable from affiliated companies184 — 
Inventory (includes $382 at 2026 related to VIEs)
590 531 
Regulatory assets215 193 
Other117 36 
Total current assets1,597 1,255 
Property, Plant and Equipment
Cost (includes $61 at 2026 related to VIEs)
22,039 21,241 
Accumulated depreciation and amortization(7,739)(7,492)
Net property, plant and equipment14,300 13,749 
Other Noncurrent Assets
Regulatory assets975 1,032 
Operating lease right-of-use assets, net30 32 
Other245 278 
Total other noncurrent assets1,250 1,342 
Total Assets$17,147 $16,346 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $191 at 2026 related to VIEs)
$458 $360 
Accounts payable to affiliated companies75 38 
Notes payable to affiliated companies— 175 
Taxes accrued98 101 
Interest accrued71 62 
Current maturities of long-term debt27 4 
Asset retirement obligations144 133 
Regulatory liabilities226 275 
Other125 216 
Total current liabilities1,224 1,364 
Long-Term Debt5,523 4,939 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes1,546 1,525 
Asset retirement obligations973 992 
Regulatory liabilities1,141 1,185 
Operating lease liabilities25 28 
Accrued pension and other post-retirement benefit costs78 75 
Investment tax credits180 183 
Other28 14 
Total other noncurrent liabilities3,971 4,002 
Commitments and Contingencies
Equity
Member's equity6,279 5,891 
           Total equity6,279 5,891 
Total Liabilities and Equity$17,147 $16,346 

See Notes to Condensed Consolidated Financial Statements
36
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$230 $243 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion408 416 
Equity component of AFUDC(16)(15)
Deferred income taxes(28)(31)
Payments for asset retirement obligations(34)(42)
(Increase) decrease in
Receivables19 (45)
Receivables from affiliated companies(5)1 
Inventory(59)36 
Other current assets(83)(81)
Increase (decrease) in
Accounts payable(4)65 
Accounts payable to affiliated companies37 10 
Taxes accrued(8)(86)
Other current liabilities15 53 
Other assets75 78 
Other liabilities(13)(17)
Net cash provided by operating activities534 585 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(767)(526)
Purchases of debt and equity securities(15)(49)
Proceeds from sales and maturities of debt and equity securities15 121 
Notes receivable from affiliated companies(184)(235)
Other(57)(116)
Net cash used in investing activities(1,008)(805)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt496 297 
Notes payable to affiliated companies(175)(10)
Contributions from parent
225 — 
Distributions to parent(67)(70)
Other(1)(1)
Net cash provided by financing activities478 216 
Net increase (decrease) in cash and cash equivalents
4 (4)
Cash and cash equivalents at beginning of period12 13 
Cash and cash equivalents at end of period$16 $9 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$340 $170 
See Notes to Condensed Consolidated Financial Statements
37
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended
June 30, 2025 and 2026
(in millions)Member's Equity
Balance at March 31, 2025$5,619 
Net income117 
Distributions to parent(37)
Balance at June 30, 2025$5,699 
Balance at March 31, 2026$5,969 
Net income119 
Contributions from parent
225 
Distributions to parent(34)
Balance at June 30, 2026$6,279 
Six Months Ended
June 30, 2025 and 2026
(in millions)Member's Equity
Balance at December 31, 2024$5,526 
Net income
243 
Distributions to parent(70)
Balance at June 30, 2025$5,699 
Balance at December 31, 2025$5,891 
Net income230 
Contributions from parent
225 
Distributions to parent(67)
Balance at June 30, 2026$6,279 

See Notes to Condensed Consolidated Financial Statements
38
FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2026202520262025
Operating Revenues
Regulated natural gas$281 $328 $1,285 $1,178 
Nonregulated natural gas and other7 7 14 14 
Operating Revenues$288 $335 $1,299 $1,192 
Operating Expenses
Cost of natural gas97 124 501 396 
Operation, maintenance and other88 103 183 199 
Depreciation and amortization69 71 143 141 
Property and other taxes4 19 30 37 
Total operating expenses258 317 857 773 
Gains (Losses) on Sales of Other Assets and Other, net— — 652 — 
Operating Income
30 18 1,094 419 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates— 1 2 3 
Other income and expenses, net14 11 24 22 
Total other income and expenses14 12 26 25 
Interest Expense41 48 89 95 
Income (Loss) Before Income Taxes3 (18)1,031 349 
Income Tax Expense (Benefit)— (8)258 68 
Net Income (Loss)$3 $(10)$773 $281 
Other Comprehensive Income (Loss), net of tax
Pension and OPEB adjustments4 — (14)— 
Comprehensive Income (Loss)$7 $(10)$759 $281 
See Notes to Condensed Consolidated Financial Statements
39
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2026December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents
$— $1 
Receivables (net of allowance for doubtful accounts of $12 at 2026 and $6 at 2025)
149 390 
Receivables from affiliated companies20 8 
Inventory35 77 
Assets held for sale— 109 
Regulatory assets84 106 
Other26 8 
Total current assets314 699 
Property, Plant and Equipment
Cost11,694 11,325 
Accumulated depreciation and amortization(2,216)(2,168)
Net property, plant and equipment9,478 9,157 
Other Noncurrent Assets
Goodwill39 39 
Regulatory assets296 350 
Operating lease right-of-use assets, net1 2 
Investments in equity method unconsolidated affiliates74 76 
Assets held for sale
— 1,864 
Other287 283 
Total other noncurrent assets697 2,614 
Total Assets$10,489 $12,470 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$223 $286 
Accounts payable to affiliated companies59 90 
Notes payable to affiliated companies281 609 
Taxes accrued67 106 
Interest accrued40 41 
Current maturities of long-term debt40 490 
Liabilities associated with assets held for sale— 66 
Regulatory liabilities53 20 
Other65 81 
Total current liabilities828 1,789 
Long-Term Debt3,762 3,761 
Other Noncurrent Liabilities
Deferred income taxes888 1,071 
Asset retirement obligations26 25 
Regulatory liabilities783 802 
Operating lease liabilities1 2 
Accrued pension and other post-retirement benefit costs6 7 
Liabilities associated with assets held for sale
— 170 
Other82 89 
Total other noncurrent liabilities1,786 2,166 
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2026 and 2025
1,635 1,635 
Retained earnings2,491 3,118 
Accumulated other comprehensive income (loss)(14)— 
Total Piedmont Natural Gas Company, Inc. stockholder's equity4,112 4,753 
Noncontrolling Interests1 1 
Total equity4,113 4,754 
Total Liabilities and Equity$10,489 $12,470 
See Notes to Condensed Consolidated Financial Statements
40
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$773 $281 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization145 143 
Equity component of AFUDC(9)(8)
Gain on sale of Piedmont's Tennessee business
(652)— 
Deferred income taxes(208)18 
Equity in (earnings) losses of unconsolidated affiliates(2)(3)
(Increase) decrease in
Receivables259 169 
Receivables from affiliated companies(12)5 
Inventory46 27 
Other current assets(20)(33)
Increase (decrease) in
Accounts payable(137)(55)
Accounts payable to affiliated companies(31)22 
Taxes accrued(39)(42)
Other current liabilities20 (61)
Other assets35 (7)
Other liabilities(14)(3)
Net cash provided by operating activities154 453 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(460)(380)
Proceeds from the sale of Piedmont's Tennessee business
2,501 — 
Other(17)(15)
Net cash provided by (used in) investing activities2,024 (395)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for the redemption of long-term debt(450)— 
Notes payable to affiliated companies(328)(57)
Dividends to parent(1,400)— 
Other(1)(1)
Net cash used in financing activities(2,179)(58)
Net increase (decrease) in cash and cash equivalents(1)— 
Cash and cash equivalents at beginning of period1 2 
Cash and cash equivalents at end of period$— $2 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$164 $127 

See Notes to Condensed Consolidated Financial Statements
41
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2025 and 2026
Accumulated
Other
ComprehensiveTotal
Income (Loss)Piedmont
Pension andNatural Gas
CommonRetainedOPEBCompany, Inc.NoncontrollingTotal
(in millions)StockEarningsAdjustmentsEquityInterestsEquity
Balance at March 31, 2025$1,635 $3,009 $— $4,644 $1 $4,645 
Net income (loss)— (10)— (10)— (10)
Other— 1 — 1 — 1 
Balance at June 30, 2025$1,635 $3,000 $— $4,635 $1 $4,636 
Balance at March 31, 2026$1,635 $2,488 $(18)$4,105 $1 $4,106 
Net income (loss)— 3 — 3 — 3 
Other comprehensive income (loss)— — 4 4 — 4 
Balance at June 30, 2026$1,635 $2,491 $(14)$4,112 $1 $4,113 
Six Months Ended June 30, 2025 and 2026
Accumulated
Other
ComprehensiveTotal
Income (Loss)Piedmont
Pension andNatural Gas
CommonRetained OPEBCompany, Inc.NoncontrollingTotal
(in millions)StockEarningsAdjustmentsEquityInterestsEquity
Balance at December 31, 2024$1,635 $2,718 $— $4,353 $1 $4,354 
Net income (loss)— 281 — 281 — 281 
Other— 1 — 1 — 1 
Balance at June 30, 2025$1,635 $3,000 $— $4,635 $1 $4,636 
Balance at December 31, 2025$1,635 $3,118 $— $4,753 $1 $4,754 
Net income (loss)— 773 — 773 — 773 
Other comprehensive income (loss)— — (14)(14)— (14)
Dividends to parent
— (1,400)— (1,400)— (1,400)
Balance at June 30, 2026$1,635 $2,491 $(14)$4,112 $1 $4,113 

See Notes to Condensed Consolidated Financial Statements
42
FINANCIAL STATEMENTSORGANIZATION AND BASIS OF PRESENTATION
Index to Combined Notes to Condensed Consolidated Financial Statements
The unaudited notes to the Condensed Consolidated Financial Statements that follow are a combined presentation. The following list indicates the registrants to which the footnotes apply.
Applicable Notes
Registrant1
2
345678910111213141516
Duke Energy•••••••••••••••
Duke Energy Carolinas•••••••••••••
Progress Energy•••••••••••••••
Duke Energy Progress•••••••••••••
Duke Energy Florida••••••••••••••
Duke Energy Ohio•••••••••••••
Duke Energy Indiana•••••••••••••
Piedmont•••••••••••••
Tables within the notes may not sum across due to (i) Progress Energy's consolidation of Duke Energy Progress, Duke Energy Florida and other subsidiaries that are not registrants and (ii) subsidiaries that are not registrants but included in the consolidated Duke Energy balances.
1. ORGANIZATION AND BASIS OF PRESENTATION
BASIS OF PRESENTATION
These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2025.
The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.
These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors.
In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
BASIS OF CONSOLIDATION
These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 12 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.
Discontinued Operations
Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. For all periods presented, unless otherwise noted, disclosures related to balance sheet activity exclude amounts presented as held for sale and disclosures related to income statement activity exclude amounts related to discontinued operations. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.
43
FINANCIAL STATEMENTSORGANIZATION AND BASIS OF PRESENTATION
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 10 and 12 for additional information. Restricted cash amounts are included in Other within Current Assets and Other within Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included on the Condensed Consolidated Balance Sheets.
June 30, 2026December 31, 2025
DukeDukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyDukeEnergyProgressEnergyEnergy
EnergyCarolinasEnergyProgressFlorida
Energy
CarolinasEnergyProgressFlorida
Current Assets
Cash and cash equivalents$673 $38 $288 $244 $22 $245 $3 $54 $16 $21 
Other142 54 88 60 28 84 12 71 38 34 
Other Noncurrent Assets
Other35 7 13 7 6 34 7 14 7 7 
Total cash, cash equivalents and restricted cash$850 $99 $389 $311 $56 $363 $22 $139 $61 $62 
INVENTORY
Provisions for inventory write-offs were not material at June 30, 2026, and December 31, 2025. The components of inventory are presented in the tables below.
June 30, 2026
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Materials and supplies $3,604 $1,174 $1,822 $1,101 $721 $169 $393 $9 
Coal754 311 231 166 65 18 194 — 
Natural gas, oil and other fuel307 43 194 107 87 42 3 26 
Total inventory $4,665 $1,528 $2,247 $1,374 $873 $229 $590 $35 
December 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Materials and supplies $3,542 $1,157 $1,789 $1,109 $680 $155 $398 $10 
Coal715 328 235 155 80 21 131 — 
Natural gas, oil and other fuel312 45 186 99 87 11 2 67 
Total inventory $4,569 $1,530 $2,210 $1,363 $847 $187 $531 $77 
OTHER NONCURRENT ASSETS
Duke Energy, through a nonregulated subsidiary, was the winning bidder in the Carolina Long Bay offshore wind auction in May 2022. The rights acquired through the auction are recorded in Other within Other noncurrent assets on Duke Energy's Condensed Consolidated Balance Sheets and had a carrying value of approximately $150 million as of June 30, 2026, and December 31, 2025. The auction consideration consisted of approximately $129 million of cash payments, as well as bid credits associated with commitments made by Duke Energy to support development of the U.S. offshore wind industry. The carrying value of the offshore wind rights includes $21 million attributable to these bid credits, with corresponding obligations recorded in Other within Other noncurrent liabilities on Duke Energy's Condensed Consolidated Balance Sheets.
In June 2026, Duke Energy entered into a settlement agreement with the United States Department of the Interior to accept cancellation of its rights to develop offshore wind projects in Carolina Long Bay and related commitments associated with those rights. Under the settlement agreement, Duke Energy will receive $129 million upon satisfaction of specified conditions, including reinvestment in certain dispatchable generating resources and grid infrastructure projects that would enhance the reliability and resiliency of the electric grid, as well as completion of an independent third-party audit of related project costs. The investment in qualifying infrastructure projects is expected to be completed by the end of 2026.
As of June 30, 2026, the conditions required to receive the settlement proceeds had not been satisfied. Accordingly, the offshore wind rights and related bid credits have not been derecognized and no receivable has been recognized. Management evaluated the carrying value of the offshore wind rights and concluded that no impairment charge was required as of June 30, 2026. In performing this assessment, management considered the expected settlement proceeds together with the anticipated extinguishment of the related obligations associated with the bid-credit commitments. Upon satisfaction of the conditions and receipt of the settlement proceeds, Duke Energy expects to derecognize the offshore wind rights and the related bid-credit obligations.
44
FINANCIAL STATEMENTSORGANIZATION AND BASIS OF PRESENTATION
ACCOUNTS PAYABLE
Duke Energy has a voluntary supply chain finance program (the “program”) that allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to a global financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms, which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.
Outstanding obligations that have been confirmed to the financial institution are as follows:
(in millions)June 30, 2026December 31, 2025
Duke Energy Corporation923
Piedmont823
NEW ACCOUNTING STANDARDS
The following new accounting standards have been issued but not yet adopted by the Duke Energy Registrants as of June 30, 2026.
Disaggregation of Income Statement Expenses. In November 2024, the Financial Accounting Standards Board (FASB) issued accounting guidance that requires additional disclosures regarding certain income statement expense captions. The guidance does not change the expense captions presented on the Condensed Consolidated Statements of Operations but requires disclosure in the notes to the financial statements of specified expense categories included within certain expense captions. For the Duke Energy Registrants, the amendments are effective for fiscal years beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Duke Energy is currently evaluating the impact of this guidance on its financial statement disclosures and does not expect adoption of the guidance to have an impact on results of operations, cash flows or financial condition.
Environmental Credits and Environmental Credit Obligations. In May 2026, the FASB issued accounting guidance that establishes recognition, measurement, presentation and disclosure requirements for environmental credits and environmental credit obligations. For the Duke Energy Registrants, the amendments are effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. Duke Energy is currently evaluating the impact of the new guidance, including the transition provisions, and has not yet determined the effect adoption will have on its consolidated financial statements and related disclosures.
2. DISPOSITIONS
Minority Interest in Florida Progress
On August 4, 2025, Duke Energy, Progress Energy and Florida Progress LLC (Florida Progress), the holding company of Duke Energy Florida, entered into an investment agreement with an affiliate of Brookfield Super-Core Infrastructure Partners (Investor), pursuant to which Florida Progress agreed to issue membership interests to Investor for up to a 19.7% membership interest in Florida Progress following a series of closings, for an aggregate investment of $6 billion, subject to certain adjustments.
On March 3, 2026, Duke Energy, Progress Energy and Florida Progress consummated the first closing (First Closing) of a minority investment in Florida Progress by Investor. The First Closing resulted in Florida Progress issuing 9.19% of its membership interests in exchange for approximately $2.8 billion in cash proceeds. Duke Energy and Progress Energy retained indirect control of these assets, and, therefore, no gain or loss was recognized on their respective Condensed Consolidated Statements of Operations. The difference between the cash consideration received, net of transaction costs of approximately $30 million, and the carrying value of the noncontrolling interest was $1,941 million and was recorded as an increase to equity.
The first closing will be followed by additional closings with investments occurring no later than on the following timeline: (i) Investor will invest an additional $200 million in Florida Progress no later than December 31, 2026; (ii) Investor will invest an additional $500 million in Florida Progress no later than June 30, 2027; (iii) Investor will invest an additional $1.5 billion in Florida Progress no later than December 31, 2027; and (iv) Investor will invest an additional $1 billion in Florida Progress no later than June 30, 2028. The ownership interest of Florida Progress will transfer proportionally with each closing. The Investor has the option to fund its total $6 billion investment sooner.
Proceeds from the minority interest investment are expected to be used to efficiently fund Duke Energy’s growing capital and investment expenditures plan, primarily by displacing certain previously planned issuances of long-term debt and common equity through 2029.
In connection with the First Closing, Investor, Florida Progress, and Progress Energy entered in to an Amended and Restated Limited Liability Company Operating Agreement of Florida Progress (LLC Agreement). The LLC Agreement, among other things, establishes the general framework governing the relationship between Investor and Florida Progress and their respective successors and transferees, as members of Florida Progress. The LLC Agreement also provides Investor with limited governance rights commensurate with its ownership interest in Florida Progress. Under the LLC Agreement, following the First Closing, the board of managers of Florida Progress will consist of 11 managers, two nominated by Investor and nine nominated by Progress Energy. The LLC Agreement contains certain investor protections, including (1) requiring investor approval or the affirmative vote of a manager nominated by the Investor for Florida Progress to make certain major decisions, and (2) providing Investor with the rights to require Progress Energy to acquire Investor's membership interest in Florida Progress under certain specified circumstances (in each case, subject to certain minimum ownership thresholds). Certain transfer restrictions and other transfer rights apply to Investor and Progress Energy under the LLC Agreement.
45
FINANCIAL STATEMENTSDISPOSITIONS
Sale of Piedmont's Tennessee Business
In July 2025, Piedmont entered into a purchase agreement with Spire Inc., a Missouri corporation, for the sale of Piedmont's Tennessee business. Piedmont’s Tennessee business was included within the GU&I segment of Duke Energy and Piedmont prior to its sale. In the third quarter of 2025, Duke Energy and Piedmont reclassified the Piedmont Tennessee Disposal Group to assets held for sale. Piedmont ceased recording depreciation and amortization on long-lived assets of the Piedmont Tennessee Disposal Group upon meeting the held for sale criteria in August 2025.
On March 16, 2026, the TPUC approved the transaction and Piedmont closed on the sale on March 31, 2026. Piedmont received proceeds of approximately $2.5 billion from the sale, subject to post-closing adjustments, which were partially used for debt reduction at Piedmont, as well as to efficiently fund Duke Energy's capital plan, primarily by displacing the issuance of common equity in the near term. For the six months ended June 30, 2026, Duke Energy and Piedmont recorded pretax gains on the sale of $368 million and $652 million, respectively, in Gains on Sales of Other Assets and Other, net, in the Condensed Consolidated Statements of Operations. See Note 6 for further information on the repayment of Piedmont's term loan facility in March 2026.
Sale of Commercial Renewables Disposal Groups
The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022.
In 2023, Duke Energy completed the sale of substantially all the assets in the Commercial Renewables business segment. Duke Energy closed on the transaction with an affiliate of Brookfield Renewable Partners L.P. on October 25, 2023, for proceeds of $1.1 billion, with approximately half of the proceeds received at closing and the remainder due 18 months after closing. On April 28, 2025, Duke Energy received the remaining sale proceeds from Brookfield Renewable Partners L.P. In January 2025, a sale of the remaining Commercial Renewables business assets was completed and proceeds from that disposition were not material.
During the six months ended June 30, 2025, Income From Discontinued Operations, net of tax in Duke Energy's Condensed Consolidated Statements of Operations related to the Commercial Renewables Disposal Groups was not material.
During the three months ended March 31, 2026, Duke Energy resolved an outstanding liability related to the Commercial Renewables Disposal Groups. As a result of this resolution, Duke Energy recognized $18 million of pretax earnings included in Income From Discontinued Operations, net of tax on Duke Energy's Condensed Consolidated Statements of Operations.
Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Condensed Consolidated Statements of Cash Flows. The cash flows from discontinued operations related to the Commercial Renewables Disposal Groups were not material for the six months ended June 30, 2026, and 2025.
46
FINANCIAL STATEMENTSDISPOSITIONS
Assets Held For Sale
The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's and Piedmont's Condensed Consolidated Balance Sheets.
December 31, 2025
Piedmont
Duke Energy
(in millions)
Piedmont Tennessee Disposal Group
Piedmont Tennessee Disposal Group
Commercial Renewables Disposal Groups
Total
Current Assets Held for Sale
Receivables, net$82 $82 $— $82 
Inventory12 12 — 12 
Other15 15 — 15 
Total current assets held for sale109 109 — 109 
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost2,219 2,219 — 2,219 
Accumulated depreciation and amortization(406)(406)— (406)
Net property, plant and equipment1,813 1,813 — 1,813 
Goodwill
10 294 — 294 
Regulatory assets
41 41 — 41 
Total noncurrent assets held for sale
1,864 2,148 — 2,148 
Total Assets Held for Sale$1,973 $2,257 $— $2,257 
Current Liabilities Associated with Assets Held for Sale
Accounts payable$58 $58 $18 $76 
Other8 8 — 8 
Total current liabilities associated with assets held for sale66 66 18 84 
Noncurrent Liabilities Associated with Assets Held for Sale
Asset retirement obligations4 4 — 4 
Regulatory liabilities
161 161 — 161 
Other5 5 — 5 
Total noncurrent liabilities associated with assets held for sale
170 170 — 170 
Total Liabilities Associated with Assets Held for Sale$236 $236 $18 $254 
3. BUSINESS SEGMENTS
Duke Energy
Duke Energy's segment structure includes the following two segments: EU&I and GU&I.
The EU&I segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest.
The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage and midstream pipeline investments.
The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in NMC.
47
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.
Three Months Ended June 30, 2026
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$7,159 $428 $7,587 $5 $— $7,592 
Intersegment revenues16 21 37 35 (72)— 
Total operating revenues
$7,175 $449 $7,624 $40 $(72)$7,592 
Less:
Fuel used in electric generation and purchased power$1,933 $— $1,933 $— $(18)$1,915 
Cost of natural gas— 130 130 — — 130 
Operation, maintenance and other1,339 127 1,466 (29)(52)1,385 
Depreciation and amortization1,514 110 1,624 83 (7)1,700 
Property and other taxes343 28 371 3 — 374 
Impairment of assets and other charges49 — 49 — — 49 
Interest expense602 61 663 313 (19)957 
Income tax expense (benefit)229 3 232 (72)— 160 
Other Segment Items
NCI53 — 53 — — 53 
Preferred dividends— — — 15 — 15 
Add: Equity in earnings (losses) of unconsolidated affiliates— 4 4 6 — 10 
Add: Other(a)
158 16 174 63 (24)213 
Segment income (loss)(b)
$1,271 $10 $1,281 $(204)$— $1,077 
Add back: Net income attributable to NCI53 
Add back: Preferred dividends
15 
Net Income
$1,145 
(a)    Other for EU&I and GU&I includes Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
(b)    EU&I includes an after tax amount of $39 million, net of $12 million tax benefit, recorded at Duke Energy Carolinas and Duke Energy Progress within Impairment of assets and other charges on the Condensed Consolidated Statements of Operations as a result of Duke Energy Carolinas' North Carolina rate case settlements. Refer to Note 4 for further information.
48
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Three Months Ended June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$7,030 $471 $7,501 $7 $— $7,508 
Intersegment revenues15 22 37 33 (70)— 
Total operating revenues
$7,045 $493 $7,538 $40 $(70)$7,508 
Less:
Fuel used in electric generation and purchased power$1,898 $— $1,898 $— $(20)$1,878 
Cost of natural gas— 158 158 — — 158 
Operation, maintenance and other1,594 129 1,723 (23)(45)1,655 
Depreciation and amortization1,402 112 1,514 77 (8)1,583 
Property and other taxes371 41 412 3 — 415 
Impairment of assets and other charges(1)— (1)5 (1)3 
Interest expense535 65 600 318 (21)897 
Income tax expense (benefit)200 (4)196 (77)— 119 
Other Segment Items
NCI23 — 23 — — 23 
Preferred dividends— — — 13 — 13 
Add: Equity in earnings (losses) of unconsolidated affiliates— 1 1 9 1 11 
Add: Other(a)
171 13 184 39 (26)197 
Segment income (loss)
$1,194 $6 $1,200 $(228)$— $972 
Discontinued Operations
(1)
Net income available to Duke Energy Corporation Common Stockholders
$971 
Add back: Net Income available to NCI23 
Add back: Preferred dividends
13 
Net Income
$1,007 
(a)    Other for EU&I and GU&I includes Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
49
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Six Months Ended June 30, 2026
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$15,023 $1,737 $16,760 $10 $— $16,770 
Intersegment revenues30 45 75 72 (147)— 
Total operating revenues
$15,053 $1,782 $16,835 $82 $(147)$16,770 
Less:
Fuel used in electric generation and purchased power$4,373 $— $4,373 $— $(39)$4,334 
Cost of natural gas— 655 655 — — 655 
Operation, maintenance and other3,048 262 3,310 (70)(103)3,137 
Depreciation and amortization3,012 225 3,237 166 (14)3,389 
Property and other taxes736 85 821 5 — 826 
Impairment of assets and other charges49 — 49 — — 49 
Interest expense1,173 128 1,301 662 (38)1,925 
Income tax expense (benefit)356 297 653 (160)— 493 
Other Segment Items
NCI80 — 80 — — 80 
Preferred dividends— — — 29 — 29 
Add: Equity in earnings (losses) of unconsolidated affiliates— 10 10 7 — 17 
Add: Other(a)
299 402 701 76 (47)730 
Segment income (loss)(b)(c)
$2,525 $542 $3,067 $(467)$— $2,600 
Discontinued Operations
13 
Net income available to Duke Energy Corporation Common Stockholders
$2,613 
Add back: Net income attributable to NCI80 
Add back: Preferred dividends
29 
Net Income
$2,722 
Capital expenditures$7,463 $561 $8,024 $216 $— $8,240 
Segment assets as of June 30, 2026179,671 16,793 196,464 4,627 — 201,091 
(a)    Other for EU&I and GU&I includes Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
(b)    EU&I segment income includes an after-tax total amount of $189 million, net of $59 million tax benefit, recorded at Duke Energy Carolinas and Duke Energy Progress within Operations, maintenance and other, Impairment of assets of other charges, and Operating Revenues on the Condensed Consolidated Statements of Operations due to legal settlements, as well as regulatory matters related to Duke Energy Carolinas' North Carolina rate case and the establishment of a regulatory liability associated with an energy efficiency program. Refer to Note 4 for further information.
(c)    GU&I includes $368 million pretax recorded within Gains on Sales of Other Assets and Other, net, and $7 million pretax recorded within Property and other taxes on the Condensed Consolidated Statements of Operations related to the sale of Piedmont's Tennessee business. GU&I also includes $6 million pretax recorded within Gains on Sales of Other Assets and Other, net, on the Condensed Consolidated Statements of Operations related to the sale of certain renewable natural gas investments. GU&I segment income includes $196 million of tax expense related to these asset sales, which includes the impact of nondeductible goodwill related to the sale of Piedmont's Tennessee business. Refer to Note 2 for further information.
50
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Six Months Ended June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$14,155 $1,587 $15,742 $15 $— $15,757 
Intersegment revenues30 46 76 67 (143)— 
Total operating revenues
$14,185 $1,633 $15,818 $82 $(143)$15,757 
Less:
Fuel used in electric generation and purchased power$4,017 $— $4,017 $— $(40)$3,977 
Cost of natural gas— 532 532 — — 532 
Operation, maintenance and other3,018 254 3,272 (21)(97)3,154 
Depreciation and amortization2,736 219 2,955 154 (14)3,095 
Property and other taxes749 88 837 6 — 843 
Impairment of assets and other charges(1)— (1)5 (1)3 
Interest expense1,065 130 1,195 636 (45)1,786 
Income tax expense (benefit)389 87 476 (164)— 312 
Other Segment Items
NCI48 — 48 — — 48 
Preferred dividends— — — 27 — 27 
Add: Equity in earnings (losses) of unconsolidated affiliates— 6 6 15 1 22 
Add: Other(a)
306 26 332 58 (55)335 
Segment income (loss)$2,470 $355 $2,825 $(488)$— $2,337 
Discontinued Operations
(1)
Net income available to Duke Energy Corporation Common Stockholders
$2,336 
Add back: Net Income available to NCI48 
Add back: Preferred dividends
27 
Net Income
$2,411 
Capital expenditures$5,724 $548 $6,272 $156 $— $6,428 
Segment assets as of December 31, 2025(b)
172,427 18,989 191,416 4,320 — 195,736 
(a)    Other for EU&I and GU&I includes Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
(b)    GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group. Refer to Note 2 for further information.
51
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Carolinas
Duke Energy Carolinas has one reportable segment, EU&I. The remainder of Duke Energy Carolinas' operations is presented as Other.
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$2,416 $— $2,416 $5,182 $— $5,182 
Less:
Fuel used in electric generation and purchased power$632 $— $632 $1,563 $— $1,563 
Operation, maintenance and other451 14 465 1,052 26 1,078 
Depreciation and amortization531 — 531 1,057 — 1,057 
Property and other taxes91 — 91 197 — 197 
Impairment of assets and other charges27 — 27 27 — 27 
Interest expense233 (2)231 450 (1)449 
Income tax expense (benefit)36 (3)33 50 (6)44 
Add: Other segment items(a)
72 (2)70 137 (2)135 
Segment income (loss) / Net income$487 $(11)$476 $923 $(21)$902 
Capital expenditures$2,904 $— $2,904 
Segment assets as of June 30, 202662,252 1,392 63,644 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$2,231 $— $2,231 $4,755 $— $4,755 
Less:
Fuel used in electric generation and purchased power$571 $— $571 $1,374 $— $1,374 
Operation, maintenance and other488 12 500 962 22 984 
Depreciation and amortization482 — 482 914 — 914 
Property and other taxes85 — 85 187 — 187 
Impairment of assets and other charges(1)— (1)(1)— (1)
Interest expense200 — 200 400 — 400 
Income tax expense (benefit)39 (3)36 92 (5)87 
Add: Other segment items(a)
68 (1)67 129 (1)128 
Segment income (loss) / Net income$435 $(10)$425 $956 $(18)$938 
Capital expenditures$2,145 $— $2,145 
Segment assets as of December 31, 202558,775 400 59,175 
(a)    Other segment items include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
52
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Progress Energy
Progress Energy has one reportable segment, EU&I. The remainder of Progress Energy's operations is presented as Other.
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$3,466 $4 $3,470 $7,388 $7 $7,395 
Less:
Fuel used in electric generation and purchased power$994 $— $994 $2,305 $— $2,305 
Operation, maintenance and other587 15 602 1,407 31 1,438 
Depreciation and amortization702 1 703 1,384 1 1,385 
Property and other taxes149 1 150 331 — 331 
Impairment of assets and other charges22 — 22 22 — 22 
Interest expense271 28 299 533 57 590 
Income tax expense (benefit)145 (12)133 252 (21)231 
Other Segment Items
NCI29 — 29 34 — 34 
Add: Other segment items(a)
73 3 76 134 14 148 
Segment income (loss) / Net income Attributable to Progress Energy, Inc.$640 $(26)$614 $1,254 $(47)$1,207 
Add back: Net Income available to NCI29 34 
Net Income$643 $1,241 
Capital expenditures$3,468 $— $3,468 
Segment assets as of June 30, 2026
74,520 4,021 78,541 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$3,566 $3 $3,569 $7,028 $8 $7,036 
Less:
Fuel used in electric generation and purchased power$1,025 $— $1,025 $2,131 $— $2,131 
Operation, maintenance and other828 15 843 1,501 30 1,531 
Depreciation and amortization609 — 609 1,240 — 1,240 
Property and other taxes175 — 175 347 — 347 
Interest expense255 28 283 501 57 558 
Income tax expense (benefit)121 (13)108 239 (21)218 
Add: Other segment items(a)
76 5 81 137 5 142 
Segment income (loss) / Net income$629 $(22)$607 $1,206 $(53)$1,153 
Capital expenditures$2,742 $— $2,742 
Segment assets as of December 31, 202571,685 4,153 75,838 
(a)    Other segment items include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
53
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Progress
Duke Energy Progress has one reportable segment, EU&I. The remainder of Duke Energy Progress' operations is presented as Other.
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,800 $— $1,800 $4,101 $— $4,101 
Less:
Fuel used in electric generation and purchased power$547 $— $547 $1,410 $— $1,410 
Operation, maintenance and other356 8 364 857 15 872 
Depreciation and amortization396 — 396 782 — 782 
Property and other taxes22 — 22 81 — 81 
Impairment of assets and other charges22 — 22 22 — 22 
Interest expense144 — 144 279 — 279 
Income tax expense (benefit)54 (1)53 96 (3)93 
Add: Other segment items(a)
54 1 55 98 1 99 
Segment income (loss) / Net income$313 $(6)$307 $672 $(11)$661 
Capital expenditures$1,984 $— $1,984 
Segment assets as of June 30, 2026
43,909 194 44,103 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,681 $— $1,681 $3,699 $— $3,699 
Less:
Fuel used in electric generation and purchased power$574 $— $574 $1,299 $— $1,299 
Operation, maintenance and other333 7 340 724 14 738 
Depreciation and amortization319 — 319 676 — 676 
Property and other taxes45 — 45 105 — 105 
Interest expense139 — 139 267 — 267 
Income tax expense (benefit)40 (1)39 98 (3)95 
Add: Other segment items(a)
50 — 50 89 (2)87 
Segment income (loss) / Net income$281 $(6)$275 $619 $(13)$606 
Capital expenditures$1,524 $— $1,524 
Segment assets as of December 31, 202542,163 364 42,527 
(a)    Other segment items include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
54
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Florida
Duke Energy Florida has one reportable segment, EU&I. The remainder of Duke Energy Florida's operations is presented as Other.
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,666 $— $1,666 $3,287 $— $3,287 
Less:
Fuel used in electric generation and purchased power$447 $— $447 $895 $— $895 
Operation, maintenance and other231 5 236 550 10 560 
Depreciation and amortization306 — 306 602 — 602 
Property and other taxes127 — 127 250 — 250 
Interest expense127 (1)126 254 — 254 
Income tax expense (benefit)91 (1)90 156 (3)153 
Add: Other segment items(a)
19 (2)17 36 (1)35 
Segment income (loss) / Net income$356 $(5)$351 $616 $(8)$608 
Capital expenditures$1,484 $— $1,484 
Segment assets as of June 30, 2026
30,611 156 30,767 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,885 $— $1,885 $3,329 $— $3,329 
Less:
Fuel used in electric generation and purchased power$451 $— $451 $832 $— $832 
Operation, maintenance and other495 5 500 777 9 786 
Depreciation and amortization290 — 290 564 — 564 
Property and other taxes130 — 130 242 — 242 
Interest expense116 — 116 234 — 234 
Income tax expense (benefit)81 — 81 141 (2)139 
Add: Other segment items(a)
26 1 27 48 (2)46 
Segment income (loss) / Net income$348 $(4)$344 $587 $(9)$578 
Capital expenditures$1,218 $— $1,218 
Segment assets as of December 31, 202529,522 134 29,656 
(a)    Other segment items include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
55
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Ohio
Duke Energy Ohio has two reportable segments, EU&I and GU&I. The remainder of Duke Energy Ohio's operations is presented as Other.
Three Months Ended June 30, 2026
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$508 $157 $665 $— $665 
Less:
Fuel used in electric generation and purchased power$145 $— $145 $— $145 
Cost of natural gas— 33 33 — 33 
Operation, maintenance and other96 36 132 3 135 
Depreciation and amortization74 40 114 — 114 
Property and other taxes83 25 108 — 108 
Interest expense33 19 52 1 53 
Income tax expense (benefit)15 2 17 (2)15 
Add: Other segment items(a)
4 2 6 (1)5 
Segment income (loss) / Net income$66 $4 $70 $(3)$67 
Three Months Ended June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$498 $156 $654 $— $654 
Less:
Fuel used in electric generation and purchased power$161 $— $161 $— $161 
Cost of natural gas— 35 35 — 35 
Operation, maintenance and other87 27 114 1 115 
Depreciation and amortization83 39 122 (1)121 
Property and other taxes80 21 101 — 101 
Interest expense32 18 50 1 51 
Income tax expense (benefit)9 3 12 — 12 
Add: Other segment items(a)
4 2 6 — 6 
Segment income (loss) / Net income$50 $15 $65 $(1)$64 
(a)    Other segment items for EU&I and GU&I include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
Six Months Ended June 30, 2026
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$1,070 $474 $1,544 $— $1,544 
Less:
Fuel used in electric generation and purchased power$318 $— $318 $— $318 
Cost of natural gas— 154 154 — 154 
Operation, maintenance and other193 76 269 5 274 
Depreciation and amortization156 79 235 — 235 
Property and other taxes170 55 225 — 225 
Interest expense67 37 104 1 105 
Income tax expense (benefit)31 17 48 (2)46 
Add: Other segment items(a)
8 3 11 (1)10 
Segment income (loss) / Net income
$143 $59 $202 $(5)$197 
Capital expenditures$303 $101 $404 $— $404 
Segment assets as of June 30, 2026
8,726 4,819 13,545 194 13,739 
56
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Six Months Ended June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$985 $435 $1,420 $— $1,420 
Less:
Fuel used in electric generation and purchased power$310 $— $310 — $310 
Cost of natural gas— 136 136 — 136 
Operation, maintenance and other179 56 235 4 239 
Depreciation and amortization159 75 234 (1)233 
Property and other taxes166 51 217 — 217 
Interest expense63 34 97 1 98 
Income tax expense (benefit)18 17 35 (1)34 
Add: Other segment items(a)
8 4 12 (1)11 
Segment income (loss) / Net income
$98 $70 $168 $(4)$164 
Capital expenditures$303 $168 $471 $— $471 
Segment assets as of December 31, 20258,575 4,736 13,311 135 13,446 
(a)    Other segment items for EU&I and GU&I include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
Duke Energy Indiana
Duke Energy Indiana has one reportable segment, EU&I. The remainder of Duke Energy Indiana's operations is presented as Other.
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$861 $— $861 $1,827 $— $1,827 
Less:
Fuel used in electric generation and purchased power$250 $— $250 $620 $— $620 
Operation, maintenance and other187 2 189 374 5 379 
Depreciation and amortization202 — 202 407 — 407 
Property and other taxes19 — 19 38 — 38 
Interest expense75 — 75 139 — 139 
Income tax expense (benefit)20 (1)19 39 (2)37 
Add: Other segment items(a)
13 (1)12 24 (1)23 
Segment income (loss) / Net income$121 $(2)$119 $234 $(4)$230 
Capital expenditures$767 $— $767 
Segment assets as of June 30, 2026
16,926 221 17,147 
57
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$821 $— $821 $1,679 $— $1,679 
Less:
Fuel used in electric generation and purchased power$219 $— $219 $479 $— $479 
Operation, maintenance and other189 3 192 382 5 387 
Depreciation and amortization222 — 222 414 — 414 
Property and other taxes17 — 17 35 — 35 
Interest expense56 1 57 116 — 116 
Income tax expense (benefit)20 (2)18 38 (2)36 
Add: Other segment items(a)
22 (1)21 32 (1)31 
Segment income (loss) / Net income$120 $(3)$117 $247 $(4)$243 
Capital expenditures$526 $— $526 
Segment assets as of December 31, 202516,321 25 16,346 
(a)    Other segment items include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
Piedmont
Piedmont has one reportable segment, GU&I. The remainder of Piedmont's operations is presented as Other.
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Gas
Gas
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$288 $— $288 $1,299 $— $1,299 
Less:
Cost of natural gas$97 $— $97 $501 $— $501 
Operation, maintenance and other87 1 88 180 3 183 
Depreciation and amortization69 — 69 143 — 143 
Property and other taxes4 — 4 30 — 30 
Interest expense41 — 41 89 — 89 
Income tax expense (benefit)
1 (1)— 259 (1)258 
Other Segment Items
Add: Equity in earnings (losses) of unconsolidated affiliates— — — — 2 2 
Add: Other(a)
15 (1)14 677 (1)676 
Segment income (loss) / Net income (loss)
$4 $(1)$3 $774 $(1)$773 
Capital expenditures$460 $— $460 
Segment assets as of June 30, 2026
10,392 97 10,489 
58
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Gas
Gas
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$335 $— $335 $1,192 $— $1,192 
Less:
Cost of natural gas$124 $— $124 $396 $— $396 
Operation, maintenance and other101 2 103 195 4 199 
Depreciation and amortization71 — 71 141 — 141 
Property and other taxes19 — 19 37 — 37 
Interest expense47 1 48 94 1 95 
Income tax expense (benefit)
(7)(1)(8)69 (1)68 
Other Segment Items
Add: Equity in earnings (losses) of unconsolidated affiliates— 1 1 — 3 3 
Add: Other(a)
11 — 11 22 — 22 
Segment income (loss) / Net income (loss)
$(9)$(1)$(10)$282 $(1)$281 
Capital expenditures$380 $— $380 
Segment assets as of December 31, 2025(b)
12,384 86 12,470 
(a)    Other includes Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.
(b)    GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group. Refer to Note 2 for further information.
4. REGULATORY MATTERS
RATE-RELATED INFORMATION
The NCUC, PSCSC, FPSC, IURC, PUCO and KPSC approve rates for retail electric and natural gas services within their states. The FERC regulates and approves rates for wholesale electric sales and interstate transmission rates. The FERC also regulates certification and siting of new interstate natural gas pipeline projects. For open regulatory matters, unless otherwise noted, the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.
Winter Storm Fern
In late January 2026, severe weather associated with Winter Storm Fern moved across the eastern U.S. and impacted all of Duke Energy's service territories, with damage primarily occurring in the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina. Approximately 200,000 customers were impacted across Duke Energy's system. Total storm restoration costs, including capital expenditures, for Duke Energy are estimated to be $268 million, which includes $177 million for Duke Energy Carolinas and $91 million for Duke Energy Progress. Incremental storm restoration costs related to operation and maintenance activities in excess of amounts in base rates were charged to storm reserves or deferred as regulatory assets, where applicable, and will be reviewed for recovery in future regulatory proceedings. As of June 30, 2026, the operations and maintenance expense amounts deferred in Regulatory assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets were $146 million and $63 million for Duke Energy Carolinas and Duke Energy Progress, respectively. On July 6, 2026, Duke Energy Carolinas and the North Carolina Public Staff entered into a stipulation in the ongoing 2025 Duke Energy Carolinas' North Carolina rate case resolving certain issues regarding storm restoration cost recovery. Under the stipulation, the parties agreed that eligible Winter Storm Fern operation and maintenance restoration costs, without carrying costs, shall be included in the revenue requirement and netted against the Hurricane Helene over-securitization amount, subject to audit by the North Carolina Public Staff and a final true up in the next general rate case. The stipulation is subject to approval by the NCUC as part of ongoing proceedings in the 2025 Duke Energy Carolinas' North Carolina rate case. See below for additional information regarding the 2025 North Carolina rate cases.

On April 14, 2026, Duke Energy Carolinas and Duke Energy Progress filed interim requests with the NCUC related to fuel and purchased power costs incurred during severe winter weather and record customer energy demand experienced in the first quarter of 2026. The interim filings requested recovery of underrecovered fuel and purchased power costs of $500 million for Duke Energy Carolinas and $309 million for Duke Energy Progress, over a period of 19 months. These pass-through costs represent actual expenses, without markup, necessary to supply power, as allowed under the North Carolina Power Bill Reduction Act (SB266). SB266 implemented actions designed to reduce electricity costs for customers including enhanced cost recovery mechanisms and more timely recovery of fuel costs, among other actions. The NCUC approved the proposed 19 month recovery period in May 2026, and new fuel rider rates went into effect June 1, 2026.
Duke Energy Carolinas and Duke Energy Progress
Applications to Combine Utilities
On August 14, 2025, Duke Energy Carolinas and Duke Energy Progress (together, the Companies) filed a joint application with the NCUC and PSCSC for approval to combine utilities by which Duke Energy Progress will merge into Duke Energy Carolinas, resulting in a single electric utility serving the Companies' North Carolina and South Carolina service territories. Duke Energy Corporation, together with the Companies, also filed an application with the FERC on the same day. The single utility’s ability to plan, execute and operate resources more efficiently is expected to result in substantial cost savings, benefiting customers by reducing the overall costs to serve. The targeted effective date is January 1, 2027. On January 30, 2026, FERC issued an order authorizing the combination as consistent with the public interest.
59
FINANCIAL STATEMENTSREGULATORY MATTERS
The North Carolina Public Staff and intervenors in the NCUC proceeding filed testimony advocating, in part, that the NCUC impose certain conditions for the combination to go forward, including conditions related to treatment of costs to achieve and future rate consolidation. In the South Carolina proceeding, the South Carolina Office of Regulatory Staff and intervenors filed testimony recommending that the PSCSC condition approval of the combination on additional requirements, including addressing the identification, allocation and recovery of cost impacts and costs to achieve, as well as the treatment of benefits.
On February 24, 2026, the Companies reached a comprehensive settlement with the North Carolina Public Staff and certain other intervenors (stipulating parties) in the case, which was filed with NCUC. Subject to approval by the NCUC, the agreement resolved all issues among the North Carolina stipulating parties regarding the combination of Duke Energy Carolinas and Duke Energy Progress. Among other terms, the agreement requires the Companies to guarantee that savings from the combination over a 14-year period will be sufficient to offset the identified impacts to North Carolina retail customers to achieve the combination. The guaranteed savings are calculated based on a combination of capital-related savings associated with Duke Energy Carolinas and Duke Energy Progress' most recent resource planning assumptions, as well as operational savings enabled by the combination expected to accrue following the effective date of the combination. The agreement also permits deferral of costs to achieve, with recovery subject to prudency review, and provides that North Carolina retail customers will make annual Share the Benefits contributions to South Carolina retail customers for a six-year period beginning in 2030. On May 1, 2026, the NCUC issued an order approving the combination consistent with the comprehensive settlement.
On March 6, 2026, the Companies reached a comprehensive settlement with the South Carolina Office of Regulatory Staff and certain other intervenors in the case, which was filed with PSCSC. Subject to approval by the PSCSC, the agreement, which has the same core components as the comprehensive settlement reached in North Carolina, resolved all issues among the South Carolina stipulating parties, regarding the combination of Duke Energy Carolinas and Duke Energy Progress. Among other terms, the agreement requires the Companies to guarantee that savings from the combination over a 14-year period will be sufficient to offset the identified impacts to South Carolina retail customers, including through the receipt of Share the Benefits contributions from North Carolina retail and wholesale customers. On June 3, 2026, the PSCSC issued its final written order approving the combination consistent with the terms of the comprehensive settlement.
Duke Energy Carolinas
2023 North Carolina Rate Case
In January 2023, Duke Energy Carolinas filed a performance-based regulation (PBR) application with the NCUC to request an increase in base rate retail revenues. The PBR application included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms (PIMs) as required by HB951.
In August 2023, Duke Energy Carolinas filed with the NCUC a partial settlement with the North Carolina Public Staff in connection with its PBR application. The partial settlement included, among other things, agreement on a substantial portion of the North Carolina retail rate base for the historic base case of approximately $19.5 billion and all of the capital projects and related costs to be included in the three-year MYRP, including $4.6 billion (North Carolina retail allocation) projected to go in service over the MYRP period. Additionally, the partial settlement included agreement, with certain adjustments, on depreciation rates, the recovery of grid improvement plan costs and PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application. On August 28, 2023, Duke Energy Carolinas filed with the NCUC a second partial settlement with the North Carolina Public Staff resolving additional issues, including the future treatment of nuclear PTCs related to the IRA, through a stand-alone rider that would provide the benefits to customers. This stand-alone rider was effective in rates beginning January 1, 2025.
On December 15, 2023, the NCUC issued an order approving Duke Energy Carolinas' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $436 million in Year 1, $174 million in Year 2 and $158 million in Year 3, for a combined total of $768 million. The order established an ROE of 10.1% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Carolinas implemented interim rates on September 1, 2023. New revised Year 1 rates and the residential decoupling were implemented on January 15, 2024.
In February 2024, a number of parties filed Notices of Appeal of the December 15, 2023, NCUC order. Notices of Appeal were filed by the Carolina Industrial Group for Fair Utility Rates (CIGFUR) III, a collection of electric membership cooperatives (collectively, the EMCs), and the North Carolina Attorney General’s Office (the AGO). CIGFUR III and the EMCs appealed the interclass subsidy reduction percentage and the Transmission Cost Allocation stipulation. In addition, CIGFUR III appealed the NCUC’s elimination of the equal percentage fuel cost allocation methodology. The AGO appealed several issues, including the authorized ROE and certain rate design and accounting matters. On March 1, 2024, Carolina Utility Customers Association, Inc. appealed several issues, including the authorized ROE and certain rate design and accounting matters. In July 2024, the Supreme Court of North Carolina consolidated these appeals with the parallel appeals of the NCUC's order regarding the Duke Energy Progress PBR application. On May 22, 2026, the Supreme Court of North Carolina affirmed the NCUC order in its entirety. This matter is now fully resolved.
2025 North Carolina Rate Case
On November 20, 2025, Duke Energy Carolinas filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR application included an MYRP to recover projected capital investments during a two-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMs. As filed, the overall net retail revenue increase was $727 million in Year 1 and $275 million in Year 2, for a combined total of $1.0 billion or 15.0%. The application also requested an ROE of 10.95% with an equity ratio of 53%. The rate increase is driven primarily by major transmission and distribution investments made since the last rate case and projected capital investments in the MYRP, as well as investments in energy storage and solar assets.
60
FINANCIAL STATEMENTSREGULATORY MATTERS
On June 19, 2026, Duke Energy Carolinas filed rebuttal testimony incorporating six adjustments to its application, including a reduction in the requested ROE, which reduced the requested increase to approximately $622 million over the two-year period. On July 2, 2026, Duke Energy Carolinas and the North Carolina Public Staff entered into a partial stipulation resolving certain issues in the proceeding while leaving key issues for litigation, including ROE, capital structure and performance-based regulation matters. On July 6, 2026, the parties entered into a separate storm cost stipulation resolving issues related to Hurricane Helene and Winter Storm Fern cost recovery. See the Winter Storm Fern discussion above for additional information regarding the storm cost stipulation.
On July 17, 2026, Duke Energy Carolinas, the North Carolina Public Staff and other intervening parties filed a comprehensive settlement with the NCUC resolving all remaining revenue requirement issues in the proceeding, including an ROE of 9.8% and an equity ratio of 53%. The settlement includes an overall net retail revenue increase of $286 million in Year 1 and $210 million in Year 2, representing a cumulative increase of $496 million, or 7.4%. The intervening parties also agreed to pursue good faith settlement discussions to reach a substantially similar settlement framework in the ongoing Duke Energy Progress rate case proceeding. Consistent with the settlement framework, Duke Energy Carolinas recorded a $29 million impairment charge within Impairment of assets and other charges in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2026. On July 24, 2026, Duke Energy Carolinas and the North Carolina Public Staff filed a separate settlement agreement with the NCUC regarding PIMs.
The stipulations are subject to the review and approval of the NCUC and an order is expected by November 2026. Duke Energy Carolinas has requested implementation of Year 1 rates no later than January 1, 2027.
2025 South Carolina Rate Case
On July 1, 2025, Duke Energy Carolinas filed a base rate case with the PSCSC requesting an increase in electric base rates. The request for the rate increase was driven by significant capital investments, including generation plant additions, as well as transmission, distribution and grid improvements. On November 11, 2025, Duke Energy Carolinas filed a comprehensive settlement with the South Carolina Office of Regulatory Staff and other intervenors in the case resolving all revenue requirement issues in the base rate proceeding. The settlement included an annual net increase in electric rates of approximately $19 million, including the flow back of PTC benefits to customers, an ROE of 9.99% and an equity ratio of 53%. On December 31, 2025, the PSCSC issued an order approving the settlement agreement without modification. Revised customer rates went into effect on March 1, 2026. This matter is now fully resolved.
Bad Creek License Extension
On July 14, 2025, Duke Energy Carolinas filed its final license application with the FERC for the Bad Creek Pumped Storage Hydroelectric Station. The application, if approved, would extend plant operations for an additional 50 years. The current license expires in July 2027 and the renewal would extend the operating license of the facility to 2077. A FERC ruling is expected in 2027.
Anderson County Combined Cycle CECPCN
On October 30, 2025, Duke Energy Carolinas filed with the PSCSC an application for a CECPCN to construct and operate a new 1,365-MW natural gas CC generating facility with hydrogen capability in Anderson County, South Carolina. The preliminary estimate of the total project cost was approximately $3.2 billion, inclusive of financing costs. Subject to negotiation of final contractual terms, which began in April 2026, the new CC will be co-owned with North Carolina Electric Membership Corporation (NCEMC) and Central Electric Power Cooperative (CEPC), with Duke Energy Carolinas owning approximately 1,170 MW, NCEMC owning 100 MW and CEPC owning the remaining 95 MW. On April 24, 2026, the PSCSC issued a final order approving the CECPCN and authorizing construction of the facility. Construction is anticipated to begin in 2027 and the facility is expected to be in service by the end of 2030. In addition, Duke Energy Carolinas submitted its application for an air permit on March 11, 2026, to the South Carolina Department of Environmental Services.
On March 18, 2026, Duke Energy Carolinas filed an out-of-state application for the Anderson facilities with the NCUC requesting the NCUC to determine the need for and approve an estimate of construction costs and construction schedule for the facilities intended to serve North Carolina retail customers. On July 24, 2026, Duke Energy Carolinas and the North Carolina Public Staff filed a settlement agreement recommending that the NCUC approve the requested determination of need and the estimated construction cost and schedule. A decision from the NCUC is anticipated in the fourth quarter of 2026.
Buck Combustion Turbines CPCN
On November 21, 2025, Duke Energy Carolinas filed with the NCUC an application to construct and operate two hydrogen-capable advanced-class simple-cycle CTs at the site of the existing Buck CC Station. The two new CTs, totaling approximately 850 MW, will provide incremental peaking generation to serve Duke Energy Carolinas' customers growing energy needs. Pending regulatory approvals, construction of the CTs is planned to start in 2027 with the units targeted to be placed in service by the end of 2029. As part of the application, Duke Energy Carolinas noted that the recovery of Construction Work in Progress (CWIP) during the construction period for the proposed facility will not be included in rate base and will instead accrue AFUDC. The 2030 North Carolina retail revenue requirement for the proposed facility is estimated to be $154 million, representing an approximate average North Carolina retail rate increase of 2.3% across all classes. On February 27, 2026, Duke Energy Carolinas filed an air permit application with the NCDEQ for the CTs. An evidentiary hearing related to the CPCN is scheduled to begin on September 9, 2026. A decision on the CPCN application is anticipated by the fourth quarter of 2026.
Marshall Combustion Turbines CPCN
In March 2024, Duke Energy Carolinas filed with the NCUC an application to construct and operate two hydrogen-capable advanced-class simple-cycle CTs at the site of the existing Marshall Steam Station. The two new CTs, totaling approximately 850 MW, will enable the retirement of Marshall coal units 1 and 2 and provide incremental capacity to support system capacity needs and expanded flexibility to support integration of renewables. Pending regulatory approvals, the CTs are targeted to be placed in service by the end of 2028. In December 2024, the NCUC issued its order granting the CPCN authorizing construction and the NCDEQ issued final air permits for the two CTs.
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FINANCIAL STATEMENTSREGULATORY MATTERS
On December 1, 2025, Duke Energy Carolinas filed an application requesting the NCUC's ongoing review of the construction of the two CTs that are planned to operate at the Marshall Steam Station, covering costs incurred from the initiation of development of the facility through September 30, 2025. The application requested that the NCUC find that Duke Energy Carolinas’ construction costs incurred for the CTs during the review period are prudent and reasonable. These activities included actions related to site preparation and the ordering of certain long-lead-time equipment. The application also requested that the NCUC modify the existing CPCN for the CTs to reflect a revision to the cost estimate for the units. On May 29, 2026, the NCUC issued an order, concluding that the costs incurred by Duke Energy Carolinas during the review period were reasonable and prudently incurred and modifying the CPCN to incorporate the updated construction cost estimate.
On January 30, 2026, Duke Energy Carolinas filed an application for an out-of-state certificate with the PSCSC requesting that it find that the North Carolina-sited facility comprised of two new advanced class CTs at the existing Marshall Steam Station is in the public convenience and necessity for South Carolina retail customers. On July 23, 2026, the PSCSC issued its order granting the CPCN.
Duke Energy Progress
2022 North Carolina Rate Case
In October 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMs as required by HB951.
In April 2023, Duke Energy Progress filed with the NCUC a partial settlement with North Carolina Public Staff, which included agreement on many aspects of Duke Energy Progress' three-year MYRP proposal. In May 2023, CIGFUR II joined this partial settlement and the North Carolina Public Staff and CIGFUR II filed a separate settlement reaching agreement on PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application.
On August 18, 2023, the NCUC issued an order approving Duke Energy Progress' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $233 million in Year 1, $126 million in Year 2 and $135 million in Year 3, for a combined total of $494 million. Key aspects of the order include the approval of North Carolina retail rate base for the historic base case of approximately $12.2 billion and capital projects and related costs to be included in the three-year MYRP, including $3.5 billion (North Carolina retail allocation) projected to go in service over the MYRP period. The order established an ROE of 9.8% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Progress implemented interim rates on June 1, 2023, and implemented revised Year 1 rates and the residential decoupling on October 1, 2023.
In October 2023, CIGFUR II and Haywood Electric Membership Corporation each filed a Notice of Appeal of the August 18, 2023 NCUC order. Both parties appealed certain matters that do not impact the overall revenue requirement in the rate case. Specifically, they appealed the interclass subsidy reduction percentage, and CIGFUR II also appealed the Customer Assistance Program and the equal percentage fuel cost allocation methodology. In November 2023, the AGO filed a Notice of Cross Appeal of the NCUC's determination regarding the exclusion of electric vehicle revenue from the residential decoupling mechanism. In November 2023, Duke Energy Progress, the North Carolina Public Staff, CIGFUR II, and a number of other parties reached a settlement pursuant to which CIGFUR II agreed not to pursue its appeal of the Customer Assistance Program. In July 2024, the Supreme Court of North Carolina consolidated these appeals with the parallel appeals of the NCUC's order regarding the Duke Energy Carolinas PBR application. On May 22, 2026, the Supreme Court of North Carolina affirmed the NCUC order in its entirety. This matter is now fully resolved.
2025 North Carolina Rate Case
On November 20, 2025, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR application included an MYRP to recover projected capital investments during a two-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMs. The overall net retail revenue increase originally requested was $529 million in Year 1 and $200 million in Year 2, for a combined total of $729 million or 15.1%, including the flow back of PTC benefits to customers through a proposed PTC rider similar to Duke Energy Carolinas. The application also requested an ROE of 10.95% and an equity ratio of 53%. The requested rate increase is driven primarily by major transmission and distribution investments made since the last rate case, projected capital investments included in the MYRP and investments in energy storage and solar assets.
On July 17, 2026, Duke Energy Carolinas, the North Carolina Public Staff, and other intervening parties filed a comprehensive settlement agreement with the NCUC resolving all remaining revenue requirement issues in the Duke Energy Carolinas rate case proceeding and agreed to pursue good faith settlement discussions using a substantially similar framework in the ongoing Duke Energy Progress rate case proceeding. Consistent with the settlement framework, Duke Energy Progress recorded a $22 million charge within Impairment of assets and other charges in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2026. On July 24, 2026, Duke Energy Progress filed rebuttal testimony incorporating six adjustments to its application, including a reduction in the requested ROE, which reduced the requested increase to approximately $610 million over the two-year period, for a cumulative increase of 12.3%.
Duke Energy Progress has requested that Year 1 rates become effective no later than January 1, 2027. The evidentiary hearing is scheduled to commence on August 11, 2026 and an order is expected by November 2026.
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FINANCIAL STATEMENTSREGULATORY MATTERS
South Carolina Electric Rate Stabilization Adjustment Filing
On March 13, 2026, Duke Energy Progress filed a request with the PSCSC to adjust electric rates under the new electric Rate Stabilization Adjustment (eRSA) framework, aimed at supporting investments and improving reliability. This filing represents the first electric utility proceeding under the eRSA in South Carolina. Established by South Carolina’s 2025 Energy Security Act, the eRSA allows electric utilities to seek annual rate adjustments using standardized historical data, with continued oversight based on prior base rate case outcomes. Duke Energy Progress' request stems from investments made in 2025 for grid and reliability improvements not covered in its base rate case, with the law permitting adjustments when calendar-year earned returns deviate by more than 0.50% from authorized returns. The filing requested an annual revenue increase of $37 million, reflecting an overall rate increase of 5.5% across customer classes and resulting in a projected ROE of 9.99%, consistent with the ROE authorized in the 2025 South Carolina Rate Case.
On June 15, 2026, Duke Energy Progress and the South Carolina Office of Regulatory Staff (ORS) filed a stipulation resolving audit adjustments and agreeing to a revenue requirement increase of $24 million. On June 29, 2026, the PSCSC issued a directive indicating its intent to deny the stipulation and Duke Energy Progress' election under the eRSA framework, citing Duke Energy Progress' failure to file a quarterly monitoring report by June 15, 2026, for the 12-month period ending March 31, 2026. Duke Energy Progress filed a request for reconsideration of that directive on July 2, 2026. On July 13, 2026, the PSCSC issued a further directive concluding that electric utilities electing into the eRSA are not eligible to implement rate adjustments until the year following their election. On July 14, 2026, Duke Energy Progress filed an objection and request that the PSCSC rescind or amend this directive prior to issuing a final order, asserting that the directive is inconsistent with the eRSA statute and prior PSCSC precedent in natural gas rate stabilization proceedings, and was based on legal arguments not previously raised in the proceeding. On July 15, 2026, the PSCSC issued an order denying the stipulation and rejecting Duke Energy Progress' proposed rate adjustment in 2026.
On July 23, 2026, Duke Energy Progress filed a petition for reconsideration of the PSCSC's order and is pursuing additional legal and regulatory remedies, including filing an appeal with the South Carolina Supreme Court on July 24, 2026. The ultimate outcome of the proceeding, including the timing and amount of any authorized rate adjustment, remains uncertain.
Person County Combined Cycle CPCNs
On February 7, 2025, Duke Energy Progress filed with the NCUC its application to construct and operate a second 1,360-MW hydrogen-capable, advanced-class CC unit in Person County at the Roxboro Plant. NCEMC has the right to co-own the facilities under its existing supply agreement with Duke Energy Progress. Duke Energy Progress and NCEMC executed the contractual agreements for both units in April 2026, which allows NCEMC to own approximately 225 MW of each unit, for a total of approximately 450 MW. The joint ownership agreement was finalized and executed in June 2026.
Pending regulatory approvals, the unit is targeted to be placed in service by the end of 2029. As part of the application, Duke Energy Progress noted that the recovery of CWIP during the construction period for the proposed facility may be pursued in the future. The 2030 North Carolina retail revenue requirement for the second unit is estimated to be $113 million, representing an approximate average retail rate increase of 2.6% across all classes. The air permit was issued by the NCDEQ in December 2024. On October 16, 2025, the NCUC issued its order granting the CPCN. Construction activities are ongoing at both Person County CC units.
On January 30, 2026, Duke Energy Progress filed an application for out-of-state certificates with the PSCSC requesting that it find that the two new CC units, totaling approximately 2,720 MW, sited at the Person County facilities in North Carolina are in the public convenience and necessity for South Carolina retail customers. On July 23, 2026, the PSCSC issued its order granting the CPCN.
Robinson Subsequent License Renewal
In April 2025, Duke Energy Progress filed an SLR application with the NRC to renew the Robinson facility operating license for an additional 20 years. The current license would have expired in 2030. In March 2026, the NRC approved a final environmental impact statement. On April 23, 2026, the NRC issued the subsequent renewed license for Robinson to continue operations until 2050. This matter is fully resolved.
Duke Energy Florida
Hurricanes Debby, Helene and Milton
In 2024, Hurricane Debby (Category 1 storm), Hurricane Helene (Category 4 storm) and Hurricane Milton (Category 3 storm) made landfall in Florida and caused significant damage. Duke Energy Florida has certain existing storm reserve regulatory liability amounts, which are applied to the recovery of storm costs. The storm reserve amount was approximately $63 million as of July 31, 2024, prior to the damage resulting from hurricanes Debby, Helene and Milton. Duke Energy Florida is permitted to petition the FPSC for recovery of incremental operation and maintenance costs resulting from the storms and to replenish the retail customer storm reserve to approximately $132 million.
In December 2024, Duke Energy Florida filed its petition to recover the estimated costs incurred to respond to all three storms, including replenishment of the storm reserve, seeking recovery of approximately $1.1 billion over 12 months beginning with the first billing cycle in March 2025. On February 4, 2025, the FPSC voted to approve Duke Energy Florida's request for recovery of these estimated storm costs as filed, subject to true up after the actual costs are filed. New rates were effective March 1, 2025. Approximately $75 million of capital related to these storms will be sought for recovery in future base rate case filings.
On January 5, 2026, Duke Energy Florida filed a notice with the FPSC to stop recovery of the storm cost charge because the costs were fully recovered and the storm reserve was fully replenished earlier than anticipated, primarily due to lower actual incurred storm costs as compared to preliminary estimates. The notice was administratively approved and revised rates with the storm charge removed were effective with the first billing cycle in February 2026. Duke Energy Florida filed documentation evidencing its total Debby, Helene and Milton actual storm costs of $903 million on February 27, 2026. In March 2026, Duke Energy Florida filed a petition to refund approximately $91 million of storm costs that were over-collected. On May 21, 2026, the FPSC issued its order approving the petition. The FPSC is expected to vote at its September 10, 2026 Agenda Conference on Duke Energy Florida's February 27, 2026 filing.
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FINANCIAL STATEMENTSREGULATORY MATTERS
Duke Energy Ohio
Duke Energy Ohio 2022 Natural Gas Base Rate Case
In June 2022, Duke Energy Ohio filed a natural gas base rate case application with the PUCO seeking recovery of capital investments made since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio also sought to adjust the caps on its CEP rider. In April 2023, Duke Energy Ohio filed a stipulation with all parties to the case except the Ohio Consumers' Counsel (OCC). In the stipulation, the parties agreed to an annual revenue increase of approximately $32 million with an equity ratio of 52.32% and an ROE of 9.6%, and adjustments to the CEP rider caps. The stipulation was opposed by the OCC at an evidentiary hearing that concluded in May 2023. On November 1, 2023, PUCO issued an order approving the stipulation as filed and new rates went into effect November 1, 2023. In October 2024, the OCC filed a Notice of Appeal with the Supreme Court of Ohio. On June 5, 2026, the Supreme Court of Ohio affirmed the PUCO order. This matter is now fully resolved.
Duke Energy Ohio 2026 Electric Rate Case
On March 30, 2026, Duke Energy Ohio filed an electric distribution base rate case with the PUCO, requesting an annualized increase in electric distribution base rates of approximately $90 million. Duke Energy Ohio requested an ROE of 10.5% with an equity ratio of 52.66%. The rate increase is driven by significant infrastructure upgrade investments since the last general rate case. An evidentiary hearing is scheduled to commence on January 20, 2027. New rates are anticipated to go into effect in May 2027.
Duke Energy Ohio 2026 Natural Gas Rate Case
On June 29, 2026, Duke Energy Ohio filed a natural gas base rate case application with the PUCO requesting an annualized increase in natural gas base rates of approximately $102 million, based on a proposed ROE of 10.5% and an equity ratio of 53.14%. The filing would result in an overall average customer rate increase of approximately 9.9%, primarily driven by capital investments to strengthen the natural gas delivery system. An evidentiary hearing is expected in the second quarter of 2027, with new rates anticipated to go into effect in September 2027.
Duke Energy Ohio RTO Adder
On February 24, 2022, the OCC filed a complaint asserting that FERC should reduce the ROE utilized in transmission formula rates for Duke Energy Ohio and certain other transmission providers by eliminating the 50-basis-point adder associated with RTO membership. The OCC contended that the adder was inappropriate because Ohio law requires transmission-owning utilities to participate in the RTO and the adder is only available when RTO membership is voluntary. On December 15, 2022, FERC denied the complaint as it related to Duke Energy Ohio but granted relief with respect to certain other transmission providers.
Following appeals by certain transmission providers, the U.S. Court of Appeals for the Sixth Circuit (Sixth Circuit) reversed FERC's decision on January 17, 2025. The Sixth Circuit held that the 50-basis-point-adder is available only when RTO membership is voluntary. The court further concluded that because Ohio law requires transmission-owning utilities to participate in an RTO, FERC could not lawfully remove the adder from certain Ohio transmission providers while continuing to permit Duke Energy Ohio to recover the adder. The matter was remanded to FERC for further proceedings consistent with the court's decision. As a result of the ruling, Duke Energy Ohio recognized a pretax charge during 2025 that was not material.
On March 26, 2025, the Sixth Circuit denied requests for rehearing. On April 16, 2025, the Sixth Circuit stayed its mandate pending further appeal to the U.S. Supreme Court. On July 17, 2025, Duke Energy Ohio filed a respondent brief with the U.S. Supreme Court seeking review of the Sixth Circuit's decision. On November 10, 2025, the U.S. Supreme Court denied review, and on November 13, 2025, the Sixth Circuit remanded the matter to FERC.
On June 25, 2026, FERC issued an order on remand directing the removal of the ROE adder from Duke Energy Ohio's transmission formula rate and requiring Duke Energy Ohio to provide refunds for the period beginning February 24, 2022. As a result of this order, Duke Energy Ohio recorded a $15 million reduction in Operating Revenues during the three months ended June 30, 2026. As of June 30, 2026, Duke Energy Ohio had recorded a regulatory liability of $20 million related to this matter. Refunds are expected to be issued by the first quarter of 2027. On July 24, 2026, Duke Energy Ohio filed a request for rehearing of FERC's June 25, 2026 order, including whether the order complies with the Federal Power Act's requirements governing changes to existing rates. FERC must act upon the request for rehearing by August 24, 2026, but could issue a further substantive order after that date.
Transmission Cost Allocation Proceedings
Duke Energy Ohio is a member of PJM Interconnection, LLC, the Independent System Operator (ISO) and FERC-approved RTO for the region in which Duke Energy Ohio operates. Duke Energy Ohio and other transmission owners in PJM have turned over control of their transmission facilities and their transmission systems are currently under the RTO dispatch control of PJM. Transmission service is provided on a regionwide, open-access basis using the transmission facilities of the PJM members at rates based on the costs of transmission service.
RTOs like PJM engage in long-term regional planning to ensure the transparent evaluation of transmission facilities and to assist in determining how such projects should be designed and built to meet broader regional needs. Costs are typically recovered from customers who benefit from the upgrades or, for certain larger projects, costs may be shared across the PJM region. Shared costs are determined according to a formula approved by FERC, and the formula relies on a Solution-Based Distribution Factor (DFAX) methodology. PJM has historically used a de minimis threshold in its DFAX methodology that exempts zones from paying a portion of transmission costs if the zone's calculated use of the transmission facility is below 1%. Duke Energy Ohio has historically been below the de minimis threshold for certain transmission projects and, as such, was not allocated respective costs for those projects.
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FINANCIAL STATEMENTSREGULATORY MATTERS
From time to time, various parties have challenged cost allocations for specific RTO-area transmission projects, including PJM, at the FERC and other appellate courts. On March 6, 2026, FERC issued a ruling related to these cost challenges that is expected to impact the historical transmission cost allocations of PJM. Specifically, the FERC found that the de minimis threshold used in the DFAX cost allocation methodology is unjust, unreasonable and inconsistent with cost causation. Among other considerations, FERC noted that larger RTO zones typically have higher peak loads and the same DFAX usage value could place a smaller zone above the 1% de minimis threshold – which is based on peak load –resulting in a cost allocation to the smaller zone, while a larger zone with comparable usage would not receive a cost allocation. In conjunction with this ruling, PJM was ordered to file tariff revisions within 90 days, which update the DFAX cost allocation percentages in the tariff based on the elimination of the 1% de minimis threshold. Based on those updated cost allocation percentages, PJM will then need to recalculate costs and issue refunds/surcharges (with interest) going back to June 18, 2015. On April 6, 2026, Duke Energy Ohio, jointly with several other PJM transmission owners, filed for rehearing of the March 6, 2026 order. On May 12, 2026, Duke Energy Ohio, jointly with several of the PJM transmission owners, filed a petition for review of the March 6, 2026 order in the U.S. Court of Appeals for the District of Columbia Circuit. On June 4, 2026, PJM submitted a compliance filing to remove the de minimis threshold from the tariff prospectively, effective June 1, 2026.
Duke Energy Ohio is evaluating the potential impacts of this ruling, including any potential amounts owed to PJM, and required financial statement adjustments and is unable to reasonably estimate the ultimate financial statement impact.
Duke Energy Kentucky 2022 Electric Base Rate Case
In December 2022, Duke Energy Kentucky filed a base rate case with the KPSC driven by capital investments to strengthen the electricity generation and delivery systems along with adjusted depreciation rates for the East Bend and Woodsdale Combustion Turbine generation stations. Duke Energy Kentucky also requested approval for new programs and tariff updates, including a voluntary community-based renewable subscription program and two electric vehicle charging programs. The KPSC issued an order on October 12, 2023, including a $48 million increase in base revenues, an ROE of 9.75% for electric base rates and 9.65% for electric riders and an equity ratio of 52.145%. New rates went into effect October 13, 2023. Duke Energy Kentucky's request to adjust the depreciation rates of East Bend was denied and the KPSC ordered depreciation rates with a 2041 retirement date for the unit. The KPSC approved the request to align depreciation rates of Woodsdale CT with a 2040 retirement date and denied the voluntary community-based renewable subscription program and electric vehicle charging programs.
Revised rates were implemented in August 2024 after a rehearing request. On December 14, 2023, Duke Energy Kentucky filed an appeal with the Franklin County Circuit Court on certain matters for which the KPSC denied rehearing, specifically as it relates to the inclusion of decommissioning costs in depreciation rates for East Bend and Woodsdale. The case is fully briefed and Duke Energy Kentucky is awaiting the scheduling of oral arguments and the outcome of the appeal.
Duke Energy Indiana
Indiana Coal Ash Recovery
In Duke Energy Indiana’s 2019 rate case, the IURC opened a subdocket for post-2018 coal ash related expenditures. In April 2020, Duke Energy Indiana filed testimony in the coal ash subdocket requesting recovery for post-2018 coal ash basin closure costs associated with closure plans that were approved by the Indiana Department of Environmental Management (IDEM) at that time as well as continued deferral approval and carrying costs on the balance of such coal ash basin closure costs. On November 3, 2021, the IURC issued an order allowing recovery of the post-2018 coal ash basin closure costs, as well as continuing deferral, with carrying costs on the balance. The OUCC and the Duke Industrial Group appealed. The Indiana Court of Appeals issued its opinion on February 21, 2023, reversing the IURC's order to the extent that it allowed Duke Energy Indiana to recover federally mandated costs incurred prior to the IURC's November 3, 2021 order. In addition, the court found that any costs incurred pre-petition to determine federally mandated compliance options were not specifically authorized by the statute and should also be disallowed.
In 2023, Duke Energy Indiana filed its proposal to remove from rates certain costs incurred prior to the IURC's November 3, 2021 order date. On September 20, 2023, the IURC approved Duke Energy Indiana's proposal to remove the costs from its rates and assessed simple interest on the refunds at a rate of 4.71%, beginning from when the costs were initially recovered from customers. In the 2024 Indiana Rate Case, Duke Energy Indiana included a request to recover the pre-order costs denied by the Indiana Court of Appeals and certain future coal ash closure costs as part of depreciation costs. The IURC's January 29, 2025 order in the 2024 Indiana Rate Case denied recovery of the pre-order costs previously denied by the Indiana Court of Appeals but approved the recovery of certain future coal ash closure costs as part of depreciation costs.
In 2023, Duke Energy Indiana filed a petition under the amended version of the federal mandate statute for additional post-2018 coal ash closure costs for the remaining basins not included in the Indiana coal ash recovery case from 2020. On May 8, 2024, the IURC issued a CPCN and approved these coal ash related compliance projects as federally mandated compliance projects. In June 2024, the Citizens Action Coalition of Indiana (CAC) filed a notice of appeal of the IURC's order. On August 26, 2025, the Indiana Court of Appeals reversed the decision by the IURC concluding that the IURC incorrectly allowed Duke Energy Indiana to collect certain of those coal ash costs from customers. In October 2025, Duke Energy Indiana and the Indiana Office of Attorney General filed separate petitions requesting the Indiana Supreme Court to review the case. On January 26, 2026, the Indiana Supreme Court denied Duke Energy Indiana's and the Indiana Office of Attorney General's petitions. There were no material impacts on the results of operations, cash flows or financial position as a result of this ruling. On March 30, 2026, Duke Energy Indiana filed its Petition and Case-in-Chief for Environmental Cost Rider (ECR) 45, implementing changes directed by the Indiana Court of Appeals decision. Duke Energy Indiana anticipates the IURC will issue an ECR 45 order in the coming months.
2024 Indiana Rate Case
In April 2024, Duke Energy Indiana filed an application with the IURC for a rate increase for retail customers. The request for the rate increase was driven by $1.6 billion in investments made since the last general rate case filed in 2019 in order to reliably serve customers, improve resiliency of the system and advance energy solutions.
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FINANCIAL STATEMENTSREGULATORY MATTERS
In connection with this rate case, a $29 million increase in a regulatory liability associated with certain employee post-retirement benefits was recorded in December 2024. An order for the rate case was issued by the IURC on January 29, 2025, and revised February 3, 2025, which authorized an ROE of 9.75%, an equity ratio of 53% and an annual revenue increase of $296 million. Based on review of these orders, Duke Energy Indiana identified an inconsistency in the calculation of operating revenues before the effect of trackers. On February 7, 2025, Duke Energy Indiana made a compliance filing in accordance with the IURC's findings in its order and addressed the identified inconsistencies. The compliance filing also clarified the annual revenue increase was approximately $385 million. On February 18, 2025, one industrial customer submitted a filing requesting the IURC to clarify its revenue allocation in these proceedings, which was denied by the commission on April 16, 2025. On February 25, 2025, the IURC approved Duke Energy Indiana’s compliance filing and new rates were implemented February 27, 2025. The industrial customer filed a notice of appeal on February 28, 2025, regarding cost of service allocation. On April 9, 2025, the IURC issued an order clarifying the intent of its January 29, 2025 order regarding the rate migration adjustment, resulting in revised rates that were effective on May 19, 2025. On May 14, 2025, the industrial customer filed a motion to dismiss its appeal, and on May 20, 2025, the Indiana Court of Appeals granted the industrial customer's motion to dismiss.
On February 18, 2026, Duke Energy Indiana submitted a second compliance filing in accordance with the IURC’s findings in its order, and the IURC approved the compliance filing on February 25, 2026. On March 20, 2026, the Industrial Group and Indiana Office of Consumer Counselor (OUCC) filed an objection to the Company’s Step 2 compliance filing. On May 27, 2026, the presiding officers denied the objection. On June 4, 2026, the OUCC, the Industrial Group and other intervenors appealed this decision to all of the IURC commissioners.
Cayuga Combined Cycle CPCN
On February 13, 2025, Duke Energy Indiana filed for a CPCN seeking approval to construct two 1x1 CC natural gas-fired units with a combined winter rating of 1,476 MW. The Cayuga CC Project is being constructed on the same site as the retiring Cayuga coal-fired steam units with a winter rating of 1,005 MW. The Cayuga CC Project will result in an incremental 471 MW for the Duke Energy Indiana system and will allow Duke Energy Indiana to avoid expected maintenance and environmental compliance costs needed for the coal units to continue operating. The estimated cost of the Cayuga CC Project is approximately $3.3 billion, plus actual AFUDC. Duke Energy Indiana proposed recovery of certain facility costs during construction, including AFUDC, through CWIP ratemaking via a proposed Generation Cost Tracker (GCT). Duke Energy Indiana expects CC 1 to be placed in service in 2029 and CC 2 to be placed in service in 2030. A final air permit was issued by IDEM on March 5, 2025.
On June 17, 2025, Duke Energy Indiana entered into a settlement agreement with one of the parties in this proceeding to conduct a study evaluating the feasibility of third-party operation of the Cayuga coal units. On July 11, 2025, Duke Energy Indiana entered into a settlement agreement with an additional party in this proceeding agreeing to the need of the units and addressing accounting and ratemaking components. Neither agreement altered the underlying plans in the pending CPCN application. On October 29, 2025, the IURC issued its order approving the settlement agreements, granting the CPCN and approving cost recovery through the proposed GCT. On November 26, 2025, CAC filed a notice of appeal of the IURC's order. Duke Energy Indiana filed a petition to transfer the case to the Indiana Supreme Court. The petition was granted in April 2026, with oral arguments scheduled for September 2026.
In April 2026, Duke Energy Indiana's first GCT tariff factors to recover Cayuga CC CPCN-related costs were effective. These factors will remain in place for approximately six months or until superseded by IURC-approved factors in a subsequent filing. On May 15, 2026, Duke Energy Indiana filed its second GCT tariff for approval to recover Cayuga CC CPCN-related costs. These factors are expected to be effective in the first October 2026 billing cycle and will remain in place for approximately six months or until superseded by IURC-approved factors in a subsequent filing. The estimated average cumulative retail rate impact during construction and initial in-service periods from April 2026 through May 2031 is approximately 5.6%.
Piedmont
2026 South Carolina Rate Case
On April 1, 2026, Piedmont filed an application with the PSCSC for a rate increase for retail customers of approximately $16 million, which represents a 6.3% increase in retail revenues. Piedmont requested an ROE of 10.8% with an equity ratio of 55.09%. The rate increase is driven by significant infrastructure upgrade investments and higher cost of capital since the last general rate case. In its application, Piedmont expressed its intent to resume operating under the South Carolina Rate Stabilization Act prospectively after completion of the rate case. The evidentiary hearing is scheduled to commence on August 20, 2026, with a final decision on or before October 1, 2026. New rates are expected to become effective October 1, 2026.
5. COMMITMENTS AND CONTINGENCIES
ENVIRONMENTAL
The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all Duke Energy Registrants.
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FINANCIAL STATEMENTSCOMMITMENTS AND CONTINGENCIES
Remediation Activities
In addition to Asset Retirement Obligations recorded as a result of various environmental regulations, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based on site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.
The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Accounts Payable within Other Current Liabilities and Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.
(in millions)June 30, 2026December 31, 2025
Reserves for Environmental Remediation
Duke Energy$95 $72 
Duke Energy Carolinas32 36 
Progress Energy29 20 
Duke Energy Progress10 10 
Duke Energy Florida19 10 
Duke Energy Ohio29 12 
Duke Energy Indiana2 2 
Piedmont3 2 
Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material.
LITIGATION
For open litigation, unless otherwise noted, Duke Energy and the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.
Duke Energy
NTE Carolinas II, LLC Litigation
In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. In September 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court. In addition to Duke Energy Carolinas, NTE subsequently amended the complaint to include Duke Energy Progress and Duke Energy Corporation as defendants in the antitrust claims (collectively, the Defendants).
On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate an LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. In April 2023, Duke Energy Carolinas received notice from the FERC Office of Enforcement that they have closed their non-public investigation with no further action recommended.
Following completion of discovery, the Defendants filed a motion for summary judgment seeking a ruling in their favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting the Defendants' motion by dismissing NTE's counterclaims that Duke Energy Carolinas and Duke Energy Progress engaged in anti-competitive behavior in violation of state and federal statutes. In October 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court.
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FINANCIAL STATEMENTSCOMMITMENTS AND CONTINGENCIES
In November 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the district court's summary judgment ruling on NTE's antitrust and unfair competition claims. On August 5, 2024, the U.S. Court of Appeals for the Fourth Circuit reversed the district court's grant of summary judgment and remanded the case back to the district court for further proceedings. In August 2024, the Defendants filed a petition for rehearing, which was denied on November 26, 2024. On February 21, 2025, the Defendants filed a petition seeking review by the U.S. Supreme Court. On January 12, 2026, the U.S. Supreme Court denied the petition seeking review. In March 2026, the parties executed a settlement agreement resolving the entire case and a Stipulation of Dismissal was filed with the court. The amount of the settlement was not material in 2026. This matter is now fully resolved.
Mooresville Coal Ash Class Action Litigation
On December 20, 2024, 15 plaintiffs filed a lawsuit in Iredell County, North Carolina, against Duke Energy (Parent), Duke Energy Carolinas and Duke Energy Progress (collectively “Duke Energy”) on behalf of a putative class related to alleged past and ongoing environmental contamination in the Mooresville, North Carolina, area. The lawsuit alleges that Duke Energy disposed of and sold coal ash for use as structural fill, resulting in contamination of soil, groundwater and Lake Norman. The plaintiffs further allege that Duke Energy failed to adequately remediate the contamination, continues to pollute and has negatively impacted property values. The plaintiffs seek unspecified compensatory and punitive damages, injunctive relief to prevent further contamination, remediation of contaminated areas and recovery of attorneys' fees and costs.
On July 28, 2025, the plaintiffs filed an amended complaint, which asserts claims for negligence, negligence per se, gross negligence, private nuisance, strict liability for ultra-hazardous activities and trespass. On September 11, 2025, Duke Energy filed its answer to the plaintiffs' amended complaint and a motion for judgment on the pleadings. Following a hearing on December 29, 2025, the court entered an interim order dismissing the plaintiffs' strict liability claim. On February 4, 2026, the court denied the remainder of Duke Energy's motion for judgment on the pleadings. A scheduling order has been entered in this matter, and the parties are evaluating the possibility of an early mediation.
Nuclear Compensation Class Action Litigation
On July 11, 2025, plaintiffs Leo Dorrell and John Dunn filed a putative class action lawsuit in the U.S. District Court for the District of Maryland against all U.S. commercial nuclear power operators, including Duke Energy Corporation (Parent) and Progress Energy. The plaintiffs allege that the nuclear power industry engaged in a conspiracy to suppress compensation by exchanging salary information since 2003, in violation of Section 1 of the Sherman Act. The lawsuit seeks unspecified monetary damages, including treble damages, on behalf of current and former employees in the nuclear power industry, as well as injunctive relief.
On October 15, 2025, all defendants jointly filed an omnibus motion to dismiss all claims in the complaint and Duke Energy also joined a motion filed by several defendants to dismiss for lack of personal jurisdiction. On November 5, 2025, the plaintiffs filed an amended complaint adding Duke Energy Carolinas and Duke Energy Business Services as defendants and including more factual allegations to support their complaint. Although not named as a defendant, Duke Energy Progress is accused of having participated in the alleged conspiracy. In response to the amended complaint, defendants filed an omnibus motion to dismiss on December 19, 2025. The court held oral argument on May 13, 2026, and no ruling has been issued to date.
Duke Energy Carolinas
Asbestos-related Injuries and Damages Claims
Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985.
Duke Energy Carolinas has recognized asbestos-related reserves of $377 million at June 30, 2026, and $395 million at December 31, 2025. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based on Duke Energy Carolinas' best estimate for current and future asbestos claims through 2045 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2045 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.
Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $556 million at June 30, 2026, and $555 million at December 31, 2025. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.
The reserve for credit losses for insurance receivables for the asbestos-related injuries and damages is $9 million as of June 30, 2026, and December 31, 2025, for both Duke Energy and Duke Energy Carolinas. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.
Other Litigation and Legal Proceedings
The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities.
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FINANCIAL STATEMENTSCOMMITMENTS AND CONTINGENCIES
OTHER COMMITMENTS AND CONTINGENCIES
General
As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position.
In addition, the Duke Energy Registrants enter into various fixed-price, non-cancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.
6. DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).
Six Months Ended June 30, 2026
Duke DukeDukeDuke
MaturityInterestDukeEnergyEnergyEnergy Energy
Issuance DateDateRateEnergy(Parent)CarolinasFloridaIndiana
Unsecured Debt
March 2026(a)
March 2029
3.000 %1,500 1,500 — — — 
First Mortgage Bonds
March 2026(b)
March 2036
4.950 %500 — — — 500 
March 2026(c)
April 2076
3.300 %275 — — 275 — 
June 2026(d)
June 20314.650 %400 — 400 — — 
June 2026(d)
June 20365.150 %1,000 — 1,000 — — 
June 2026(d)
June 20565.750 %1,000 — 1,000 — — 
Total issuances$4,675 $1,500 $2,400 $275 $500 
(a)See "Duke Energy (Parent) Convertible Senior Notes" below for additional information.
(b)Proceeds were used to pay down short-term debt and for general company purposes.
(c)Floating interest rate debt. Proceeds were used to pay down short-term debt and for general company purposes.
(d)Proceeds were used to repay $500 million of Duke Energy Carolinas' 364-day term loan facility, pay down short-term debt and for general company purposes and are expected to be used to repay $600 million of maturities due December 2026.
In June 2026, Duke Energy Kentucky priced an aggregate principal amount of $100 million senior unsecured debentures through a private placement offering. The debentures are expected to be issued on September 9, 2026, and will consist of two tranches, $50 million with a coupon of 5.79% maturing September 2033 and $50 million with a coupon of 6.13% maturing September 2038. Proceeds are expected to be used to pay down short-term debt and for general corporate purposes.
Duke Energy (Parent) Convertible Senior Notes
On April 15, 2026, Duke Energy (Parent) settled all of its outstanding 4.125% Convertible Senior Notes due April 2026 (the “Notes due 2026”) upon conversion. In accordance with the terms of the indenture and at the Company's election, Duke Energy paid approximately $1.7 billion in cash equal to the aggregate principal amount of the Notes due 2026 and issued 1.4 million shares of its common stock to settle the conversion premium, as the conversion value exceeded the principal amount of the Notes due 2026.
In March 2026, Duke Energy (Parent) completed the sale of $1.5 billion 3.000% Convertible Senior Notes due March 2029 (convertible notes). The convertible notes are senior unsecured obligations of Duke Energy, and will mature on March 15, 2029, unless earlier converted or repurchased in accordance with their terms. The convertible notes bear interest at a fixed rate of 3.000% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2026. Proceeds were used to repay a portion of $1.7 billion of outstanding convertible senior notes due April 2026 and for general corporate purposes.
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FINANCIAL STATEMENTSDEBT AND CREDIT FACILITIES
Prior to the close of business on the business day immediately preceding December 15, 2028, the convertible notes will be convertible at the option of the holders when the following conditions are met:
•during any calendar quarter commencing after the calendar quarter ending on June 30, 2026 (and only during such calendar quarter), if the last reported sale price of Duke Energy common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•during the five consecutive business day period after any 10 consecutive trading day period (the measurement period) in which the trading price, as defined, per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Duke Energy common stock and the conversion rate on each such trading day; or
•upon the occurrence of specified corporate events described in the indenture agreement.
On or after December 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the convertible notes may convert all or any portion of their convertible notes at their option at any time at the conversion rate then in effect, irrespective of these conditions. Duke Energy will settle conversions of the convertible notes by paying cash up to the aggregate principal amount of the convertible notes to be converted and paying or delivering, as the case may be, cash, shares of Duke Energy's common stock, $0.001 par value per share, or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the convertible notes being converted.
The conversion rate for the convertible notes is initially 6.2277 shares of Duke Energy's common stock per $1,000 principal amount of convertible notes. The initial conversion price of the convertible notes represents a premium of approximately 22.5% over the last reported sale price of Duke Energy’s common stock on the NYSE on March 9, 2026. The conversion rate and the corresponding conversion price will not be adjusted for any accrued and unpaid interest but will be subject to adjustment in some instances, such as stock splits or share combinations, certain distributions to common stockholders, or tender offers at off-market rates. The changes in the conversion rates are intended to make convertible note holders whole for changes in the fair value of Duke Energy common stock resulting from such events. Duke Energy may not redeem the convertible notes prior to the maturity date.
Duke Energy issued the convertible notes pursuant to an indenture, dated as of March 12, 2026, by and between Duke Energy and The Bank of New York Mellon Trust Company, N.A., as trustee. The terms of the convertible notes include customary fundamental change provisions that require repayment of the notes with interest upon certain events, such as a stockholder-approved plan of liquidation or if Duke Energy's common stock ceases to be listed on the NYSE.
CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions)Maturity DateInterest RateJune 30, 2026
Unsecured Debt
Duke Energy (Parent)
September 20262.650 %1,500 
Duke Energy (Parent)
January 20274.850 %600 
Duke Energy (Parent)(c)
September 20304.000 %168 
Duke Energy (Parent)(c)
November 20394.250 %234 
Duke Energy Carolinas Term Loan Facility(a)
March 20274.475 %1,000 
Duke Energy Progress Term Loan Facility(a)
March 20274.475 %300 
First Mortgage Bonds
Duke Energy Carolinas
December 2026
2.950 %600 
Duke Energy Florida
January 2027
3.200 %650 
Duke Energy Progress
March 2027
4.350 %500 
Duke Energy Florida(a)(b)
October 2073
3.318 %200 
Duke Energy Florida(a)(b)
April 20743.318 %173 
Duke Energy Florida(a)(b)
April 20763.300 %275 
Duke Energy Progress(c)
October 20463.300 %200 
Other(d)
266 
Current maturities of long-term debt$6,666 
(a)Floating interest rate debt.
(b)These first mortgage bonds are classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders.
(c)These tax-exempt bonds are classified as Current maturities of long-term debt on the Consolidated Balance Sheets as of June 30, 2026, due to mandatory put options expiring within 12 months. Duke Energy (Parent) and Duke Energy Progress anticipate remarketing the bonds and the securities are expected to be reclassified to Long-Term Debt once successfully remarketed.
(d)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.
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FINANCIAL STATEMENTSDEBT AND CREDIT FACILITIES
AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2026, Duke Energy extended the termination date of its existing $10 billion Master Credit Facility to March 2031. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder.
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
June 30, 2026
DukeDukeDukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergyEnergyEnergy
(in millions)Energy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Facility size(a)
$10,000 $3,150 $1,650 $1,775 $800 $1,075 $750 $800 
Reduction to backstop issuances
Commercial paper(b)
(1,900)(1,060)(300)(279)(31)(36)(150)(44)
Outstanding letters of credit(7)(2)(4)(1)— — — — 
Tax-exempt bonds(81)— — — — — (81)— 
Available capacity under the Master Credit Facility$8,012 $2,088 $1,346 $1,495 $769 $1,039 $519 $756 
(a)Represents the sublimit of each borrower.
(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.
Term Loan Facilities
Duke Energy (Parent)
In September 2025, Duke Energy (Parent) entered into a 364-day term loan facility with commitments totaling $2 billion. As of December 31, 2025, $2.0 billion was drawn under the term loan facility, which was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. Borrowings were used to pay down short-term debt and for general corporate purposes. In March 2026, Duke Energy (Parent) repaid the term loan facility.
Duke Energy Carolinas and Duke Energy Progress
In March 2026, Duke Energy Carolinas and Duke Energy Progress entered into 364-day term loan facilities with commitments totaling $1.5 billion and $300 million, respectively. During the second quarter of 2026, Duke Energy Carolinas repaid $500 million of borrowings under its facility. As of June 30, 2026, outstanding borrowings of $1 billion and $300 million under the Duke Energy Carolinas and Duke Energy Progress term loan facilities, respectively, were classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The borrowings were used primarily to fund incurred fuel and storm costs, to pay down short-term debt and for general company purposes.
Piedmont
In August 2025, Piedmont entered into a 364-day term loan facility with commitments totaling $450 million. In September 2025, $450 million was drawn under the term loan facility, which was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets as of December 31, 2025. Proceeds were used to repay $150 million of maturities due September 2025, to pay down short-term debt and for general corporate purposes. In March 2026, Piedmont repaid the term loan facility.
7. GOODWILL
Duke Energy
Duke Energy's Goodwill balance of $19.0 billion is allocated $17.4 billion to EU&I and $1.6 billion to GU&I on Duke Energy's Condensed Consolidated Balance Sheets at June 30, 2026, and December 31, 2025. There are no accumulated impairment charges.
On July 27, 2025, Piedmont entered into a purchase agreement for the sale of Piedmont's Tennessee business. In the third quarter of 2025, $294 million of Duke Energy’s Goodwill balance that was allocated to the Piedmont Tennessee Disposal Group was reclassified to noncurrent assets held for sale on Duke Energy's Condensed Consolidated Balance Sheets. Piedmont closed on the sale on March 31, 2026. See Note 2 for additional information.
Duke Energy Ohio
Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to EU&I and $324 million to GU&I, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at June 30, 2026, and December 31, 2025.
Progress Energy
Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges.
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FINANCIAL STATEMENTSGOODWILL

Piedmont
Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges.
On July 27, 2025, Piedmont entered into a purchase agreement for the sale of Piedmont's Tennessee business. In the third quarter of 2025, $10 million of Piedmont’s Goodwill balance that was allocated to the Piedmont Tennessee Disposal Group was reclassified to noncurrent assets held for sale on Piedmont's Condensed Consolidated Balance Sheets. Piedmont closed on the sale on March 31, 2026. See Note 2 for additional information.
8. RELATED PARTY TRANSACTIONS
The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Duke Energy Carolinas
Corporate governance and shared service expenses(a)
$152 $157 $327 $335 
Indemnification coverages(b)
13 14 25 27 
JDA revenue(c)
16 8 195 90 
JDA expense(c)
72 71 238 187 
Intercompany natural gas purchases(d)
2 2 4 4 
Progress Energy
Corporate governance and shared service expenses(a)
$166 $141 $325 $291 
Indemnification coverages(b)
19 16 38 32 
JDA revenue(c)
72 71 238 187 
JDA expense(c)
16 8 195 90 
Intercompany natural gas purchases(d)
17 19 36 38 
Duke Energy Progress
Corporate governance and shared service expenses(a)
$102 $81 $194 $167 
Indemnification coverages(b)
8 6 16 13 
JDA revenue(c)
72 71 238 187 
JDA expense(c)
16 8 195 90 
Intercompany natural gas purchases(d)
17 19 36 38 
Duke Energy Florida
Corporate governance and shared service expenses(a)
$64 $60 $131 $124 
Indemnification coverages(b)
11 10 22 19 
Duke Energy Ohio
Corporate governance and shared service expenses(a)
$70 $70 $141 $134 
Indemnification coverages(b)
2 2 3 3 
Duke Energy Indiana
Corporate governance and shared service expenses(a)
$83 $73 $174 $144 
Indemnification coverages(b)
3 3 6 5 
Piedmont
Corporate governance and shared service expenses(a)
$31 $36 $63 $67 
Indemnification coverages(b)
2 2 3 3 
Intercompany natural gas sales(d)
19 21 40 42 
Natural gas storage and transportation costs(e)
6 5 11 11 
(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.
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FINANCIAL STATEMENTSRELATED PARTY TRANSACTIONS
(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.
(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.
In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.
Intercompany Income Taxes
Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.
DukeDukeDukeDukeDuke
EnergyProgressEnergyEnergyEnergyEnergy
(in millions)CarolinasEnergyProgressFloridaOhioIndianaPiedmont
June 30, 2026
Intercompany income tax receivable$— $— $15 $— $— $— $— 
Intercompany income tax payable24 76 — 81 21 38 21 
December 31, 2025
Intercompany income tax payable$81 $72 $77 $12 $10 $39 $59 
9. DERIVATIVES AND HEDGING
The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt.
All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities on the Condensed Consolidated Statements of Cash Flows.
INTEREST RATE RISK
The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.
Cash Flow Hedges
For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2026, and 2025, were not material. Duke Energy's interest rate derivatives designated as hedges include forward-starting interest rate swaps not accounted for under regulatory accounting.
Undesignated Contracts
Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.
Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.
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FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
The following tables show notional amounts of outstanding derivatives related to interest rate risk.
June 30, 2026
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndianaOhio
Cash flow hedges$2,025 $— $— $— $— $— $— 
Undesignated contracts5,327 2,850 2,075 650 1,425 375 27 
Total notional amount$7,352 $2,850 $2,075 $650 $1,425 $375 $27 
December 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndianaOhio
Cash flow hedges$1,725 $— $— $— $— $— $— 
Undesignated contracts3,852 2,175 1,325 650 675 325 27 
Total notional amount$5,577 $2,175 $1,325 $650 $675 $325 $27 
COMMODITY PRICE RISK
The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors, including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.
Cash Flow Hedges
For derivatives designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2026, and 2025, were not material. Duke Energy’s commodity derivatives designated as hedges include fixed-price energy futures at Duke Energy Ohio.
Undesignated Contracts
For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers.
Volumes
The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.
June 30, 2026
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
EnergyCarolinasEnergyProgressOhioIndianaPiedmont
Electricity (GWh)28,842 — — — 3,768 25,074 — 
Natural gas (millions of dekatherms)792 304 285 285 — 33 170 
December 31, 2025
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
EnergyCarolinasEnergyProgressOhioIndianaPiedmont
Electricity (GWh)10,615 — — — 1,349 9,266 — 
Natural gas (millions of dekatherms)814 307 286 286 — 33 188 
FOREIGN CURRENCY RISK
Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars.
74
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Fair Value Hedges
Derivatives related to existing fixed-rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss.
The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at June 30, 2026.
Fair Value Gain (Loss)(a)
(in millions)
Pay NotionalReceive NotionalReceiveHedgeThree Months Ended June 30,Six Months Ended June 30,
(in millions)Pay Rate(in millions)RateMaturity Date2026202520262025
Fair value hedges
$645 4.75 %600 euros3.10 %June 2028$(7)$58 $(19)$86 
537 5.31 %500 euros3.85 %June 2034(6)49 (16)72 
815 5.65 %750 
euros
3.75 %April 2031(10)73 (24)108 
Total notional amount$1,997 1,850 euros$(23)$180 $(59)$266 
(a)    Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded.
LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives have not been netted against the fair values shown.
Derivative AssetsJune 30, 2026
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$49 $2 $4 $4 $— $5 $38 $1 
Noncurrent12 4 7 7 — — — — 
Total Derivative Assets – Commodity Contracts$61 $6 $11 $11 $— $5 $38 $1 
Interest Rate Contracts
Designated as Hedging Instruments
Current$36 $— $— $— $— $— $— $— 
Noncurrent24 — — — — — — — 
Not Designated as Hedging Instruments
Current38 — 38 33 5 — — — 
Noncurrent88 62 23 — 23 — 3 — 
Total Derivative Assets – Interest Rate Contracts$186 $62 $61 $33 $28 $— $3 $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent136 — — — — — — — 
Total Derivative Assets – Foreign Currency Contracts$136 $— $— $— $— $— $— $— 
Total Derivative Assets$383 $68 $72 $44 $28 $5 $41 $1 
75
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Derivative LiabilitiesJune 30, 2026
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Designated as Hedging Instruments
Current$1 $— $— $— $— $1 $— — 
Not Designated as Hedging Instruments
Current$148 $72 $49 $49 $— $— $13 $13 
Noncurrent104 31 28 28 — — — 45 
Total Derivative Liabilities – Commodity Contracts$253 $103 $77 $77 $— $1 $13 $58 
Interest Rate Contracts
Not Designated as Hedging Instruments
Current1 — 1 — 1 — — — 
Noncurrent1 1 — — — — — — 
Total Derivative Liabilities – Interest Rate Contracts$2 $1 $1 $— $1 $— $— $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Current28 — — — — — — — 
Total Derivative Liabilities – Foreign Currency Contracts$28 $— $— $— $— $— $— $— 
Total Derivative Liabilities$283 $104 $78 $77 $1 $1 $13 $58 
Derivative AssetsDecember 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$28 $9 $7 $7 $— $— $11 $— 
Noncurrent28 12 16 16 — — — — 
Total Derivative Assets – Commodity Contracts$56 $21 $23 $23 $— $— $11 $— 
Interest Rate Contracts
Designated as Hedging Instruments
Current$25 $— $— $— $— $— $— $— 
Noncurrent20 — — — — — — — 
Not Designated as Hedging Instruments
Current63 34 29 29 1 — — — 
Noncurrent62 46 15 — 14 — 1 — 
Total Derivative Assets – Interest Rate Contracts$170 $80 $44 $29 $15 $— $1 $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent$156 $— $— $— $— $— $— $— 
Total Derivative Assets – Foreign Currency Contracts
$156 $— $— $— $— $— $— $— 
Total Derivative Assets$382 $101 $67 $52 $15 $— $12 $— 
76
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Derivative LiabilitiesDecember 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$104 $53 $25 $25 $— $— $7 $19 
Noncurrent106 32 21 21 — — — 53 
Total Derivative Liabilities – Commodity Contracts$210 $85 $46 $46 $— $— $7 $72 
Interest Rate Contracts
Not Designated as Hedging Instruments
Current$— $3 $(4)$(5)$1 $— $2 $— 
Noncurrent7 — 6 6 — 1 — — 
Total Derivative Liabilities – Interest Rate Contracts$7 $3 $2 $1 $1 $1 $2 $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Current$27 $— $— $— $— $— $— $— 
Total Derivative Liabilities – Foreign Currency Contracts
$27 $— $— $— $— $— $— $— 
Total Derivative Liabilities$244 $88 $48 $47 $1 $1 $9 $72 
OFFSETTING ASSETS AND LIABILITIES
The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.
Derivative AssetsJune 30, 2026
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$123 $2 $42 $37 $5 $5 $38 $1 
Offset
(6)(2)(4)(4)— — — — 
Net amounts presented in Current Assets: Other$117 $— $38 $33 $5 $5 $38 $1 
Noncurrent
Gross amounts recognized$260 $66 $30 $7 $23 $— $3 $— 
Offset
(9)(4)(5)(5)— — — — 
Net amounts presented in Other Noncurrent Assets: Other$251 $62 $25 $2 $23 $— $3 $— 
77
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Derivative LiabilitiesJune 30, 2026
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$178 $72 $50 $49 $1 $1 $13 $13 
Offset
(6)(2)(4)(4)— — — — 
Cash collateral posted
(11)(1)— — — (1)(9)— 
Net amounts presented in Current Liabilities: Other$161 $69 $46 $45 $1 $— $4 $13 
Noncurrent
Gross amounts recognized$105 $32 $28 $28 $— $— $— $45 
Offset
(9)(4)(5)(5)— — — — 
Cash collateral posted
(1)(1)— — — — — — 
Net amounts presented in Other Noncurrent Liabilities: Other$95 $27 $23 $23 $— $— $— $45 
Derivative AssetsDecember 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$116 $43 $36 $36 $1 $— $11 $— 
Offset
(16)(9)(7)(7)— — — — 
Net amounts presented in Current Assets: Other$100 $34 $29 $29 $1 $— $11 $— 
Noncurrent
Gross amounts recognized$266 $58 $31 $16 $14 $— $1 $— 
Offset
(22)(11)(11)(11)— — — — 
Net amounts presented in Other Noncurrent Assets: Other$244 $47 $20 $5 $14 $— $1 $— 
Derivative LiabilitiesDecember 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$131 $56 $21 $20 $1 $— $9 $19 
Offset(16)(9)(7)(7)— — — — 
Cash collateral posted(8)(1)— — — — (7)— 
Net amounts presented in Current Liabilities: Other$107 $46 $14 $13 $1 $— $2 $19 
Noncurrent
Gross amounts recognized$113 $32 $27 $27 $— $1 $— $53 
Offset(22)(11)(11)(11)— — — — 
Cash collateral posted(1)(1)— — — — — — 
Net amounts presented in Other Noncurrent Liabilities: Other$90 $20 $16 $16 $— $1 $— $53 
78
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
OBJECTIVE CREDIT CONTINGENT FEATURES
Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.
June 30, 2026
DukeDuke
DukeEnergyProgressEnergy
(in millions)EnergyCarolinasEnergyProgress
Aggregate fair value of derivatives in a net liability position$164 $88 $76 $76 
Fair value of collateral already posted1 1 — — 
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered$163 $87 $76 $76 
December 31, 2025
DukeDuke
DukeEnergyProgressEnergy
(in millions)EnergyCarolinasEnergyProgress
Aggregate fair value of derivatives in a net liability position$102 $59 $43 $43 
Fair value of collateral already posted2 2 — — 
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered100 57 43 43 
The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.
10. INVESTMENTS IN DEBT AND EQUITY SECURITIES
Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the nuclear decommissioning trust funds (NDTF) at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as Available for Sale (AFS) and investments in equity securities as fair value through net income (FV-NI).
For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.
Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.
Investment Trusts
The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the objectives and guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.
Other AFS Securities
Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of June 30, 2026, and December 31, 2025.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
79
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
DUKE ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $223 $— $— $175 
Equity securities5,403 22 7,180 6,041 14 8,519 
Corporate debt securities8 20 1,531 17 18 1,056 
Municipal bonds3 8 333 4 13 366 
U.S. government bonds19 37 3,885 31 39 2,487 
Other debt securities2 7 443 3 5 284 
Total NDTF Investments$5,435 $94 $13,595 $6,096 $89 $12,887 
Other Investments
Cash and cash equivalents$— $— $205 $— $— $53 
Equity securities73 — 155 57 — 139 
Corporate debt securities— 3 78 — 2 75 
Municipal bonds— 1 68 — 1 67 
U.S. government bonds— 5 52 — 4 59 
Other debt securities— 2 49 — 2 45 
Total Other Investments$73 $11 $607 $57 $9 $438 
Total Investments$5,508 $105 $14,202 $6,153 $98 $13,325 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2026, and 2025, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
FV-NI:
 Realized gains $755 $41 $1,557 $167 
 Realized losses40 40 164 81 
AFS:
 Realized gains18 10 35 20 
 Realized losses65 17 81 37 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $96 $— $— $92 
Equity securities3,185 13 4,107 3,533 10 4,896 
Corporate debt securities4 16 953 9 15 662 
Municipal bonds— 1 5 — 5 42 
U.S. government bonds10 21 2,301 16 26 1,403 
Other debt securities2 6 309 3 5 242 
Total NDTF Investments$3,201 $57 $7,771 $3,561 $61 $7,337 
80
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2026, and 2025, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
FV-NI:
 Realized gains$438 $22 $886 $104 
 Realized losses 20 19 94 41 
AFS:
 Realized gains9 8 20 15 
 Realized losses47 9 56 23 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $127 $— $— $83 
Equity securities2,218 9 3,073 2,508 4 3,623 
Corporate debt securities4 4 578 8 3 394 
Municipal bonds3 7 328 4 8 324 
U.S. government bonds9 16 1,584 15 13 1,084 
Other debt securities— 1 134 — — 42 
Total NDTF Investments$2,234 $37 $5,824 $2,535 $28 $5,550 
Other Investments
Cash and cash equivalents$— $— $28 $— $— $34 
Municipal bonds— — 25 — — 24 
Total Other Investments$— $— $53 $— $— $58 
Total Investments$2,234 $37 $5,877 $2,535 $28 $5,608 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2026, and 2025, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
FV-NI:
 Realized gains$317 $19 $671 $63 
 Realized losses20 21 70 40 
AFS:
 Realized gains9 2 15 5 
 Realized losses18 8 25 14 
81
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $106 $— $— $71 
Equity securities2,075 9 2,920 2,380 4 3,485 
Corporate debt securities4 4 558 8 3 375 
Municipal bonds3 7 328 4 8 324 
U.S. government bonds9 14 1,499 14 10 958 
Other debt securities— 1 130 — — 41 
Total NDTF Investments$2,091 $35 $5,541 $2,406 $25 $5,254 
Other Investments
Cash and cash equivalents$— $— $20 $— $— $24 
Total Other Investments$— $— $20 $— $— $24 
Total Investments$2,091 $35 $5,561 $2,406 $25 $5,278 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2026, and 2025, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
FV-NI:
 Realized gains$317 $17 $671 $61 
 Realized losses20 21 70 40 
AFS:
 Realized gains8 2 14 5 
 Realized losses17 7 24 13 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $21 $— $— $12 
Equity securities143 — 153 128 — 138 
Corporate debt securities— — 20 — — 19 
U.S. government bonds— 2 85 1 3 126 
Other debt securities— — 4 — — 1 
Total NDTF Investments(a)
$143 $2 $283 $129 $3 $296 
Other Investments
Cash and cash equivalents$— $— $4 $— $— $5 
Municipal bonds— — 25 — — 24 
Total Other Investments$— $— $29 $— $— $29 
Total Investments$143 $2 $312 $129 $3 $325 
(a)During the six months ended June 30, 2026, and the year ended December 31, 2025, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
82
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2026, and 2025, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
June 30, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
Investments
Equity securities$12 $— $59 $6 $— $53 
Corporate debt securities— — 1 — — 1 
Municipal bonds— 1 26 — 1 25 
U.S. government bonds— — 2 — — 3 
Total Investments$12 $1 $88 $6 $1 $82 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2026, and 2025, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
June 30, 2026
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$125 $29 $93 $56 $37 $3 
Due after one through five years1,762 938 770 743 27 5 
Due after five through 10 years1,444 893 503 485 18 7 
Due after 10 years3,108 1,708 1,283 1,231 52 14 
Total$6,439 $3,568 $2,649 $2,515 $134 $29 
11. FAIR VALUE MEASUREMENTS
Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient.
Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value per share practical expedient. The net asset value is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.
Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the Company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value.
Valuation methods of the primary fair value measurements disclosed below are as follows.
Investments in equity securities
The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the New York Stock Exchange and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements.
83
FINANCIAL STATEMENTSFAIR VALUE MEASUREMENTS
Investments in debt securities
Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3.
Commodity derivatives
Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of certain commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves.
Interest rate derivatives
Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties.
Foreign currency derivatives
Most over-the-counter foreign currency derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward foreign currency rate curves, notional amounts, foreign currency rates and credit quality of the counterparties.
Other fair value considerations
See Note 12 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of the valuation of goodwill and intangible assets.
DUKE ENERGY
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type for the Duke Energy Registrants.
June 30, 2026
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$223 $223 $— $— $— 
NDTF equity securities7,180 7,150 2 — 28 
NDTF debt securities6,192 2,502 3,690 — — 
Other equity securities155 155 — — — 
Other debt securities247 49 198 — — 
Other cash and cash equivalents205 205 — — — 
Derivative assets383 2 340 41 — 
Total assets14,585 10,286 4,230 41 28 
Derivative liabilities(283)(13)(270)— — 
Net assets$14,302 $10,273 $3,960 $41 $28 
December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$175 $175 $— $— $— 
NDTF equity securities8,519 8,494 3 — 22 
NDTF debt securities4,193 1,480 2,713 — — 
Other equity securities139 139 — — — 
Other debt securities246 55 191 — — 
Other cash and cash equivalents53 53 — — — 
Derivative assets382 2 371 9 — 
Total assets13,707 10,398 3,278 9 22 
Derivative liabilities(244)(7)(237)— — 
Net assets$13,463 $10,391 $3,041 $9 $22 
84
FINANCIAL STATEMENTSFAIR VALUE MEASUREMENTS
The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended June 30,Six Months Ended June 30,
(in millions) 2026202520262025
Balance at beginning of period$4 $3 $9 $9 
Purchases, sales, issuances and settlements:
Purchases33 14 33 14 
Settlements3 8 (1)2 
Total gains (losses) included on the Condensed Consolidated Balance Sheets1 (11)— (11)
Balance at end of period$41 $14 $41 $14 
DUKE ENERGY CAROLINAS
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2026
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$96 $96 $— $— 
NDTF equity securities4,107 4,077 2 28 
NDTF debt securities3,568 1,444 2,124 — 
Derivative assets68 — 68 — 
Total assets7,839 5,617 2,194 28 
Derivative liabilities(104)— (104)— 
Net assets$7,735 $5,617 $2,090 $28 
December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$92 $92 $— $— 
NDTF equity securities4,896 4,871 3 22 
NDTF debt securities2,349 776 1,573 — 
Derivative assets101 — 101 — 
Total assets7,438 5,739 1,677 22 
Derivative liabilities(88)— (88)— 
Net assets$7,350 $5,739 $1,589 $22 
PROGRESS ENERGY
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2026December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$127 $127 $— $83 $83 $— 
NDTF equity securities3,073 3,073 — 3,623 3,623 — 
NDTF debt securities2,624 1,058 1,566 1,844 704 1,140 
Other debt securities25 — 25 24 — 24 
Other cash and cash equivalents28 28 — 34 34 — 
Derivative assets72 — 72 67 — 67 
Total assets5,949 4,286 1,663 5,675 4,444 1,231 
Derivative liabilities(78)— (78)(48)— (48)
Net assets$5,871 $4,286 $1,585 $5,627 $4,444 $1,183 
85
FINANCIAL STATEMENTSFAIR VALUE MEASUREMENTS
DUKE ENERGY PROGRESS
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2026December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$106 $106 $— $71 $71 $— 
NDTF equity securities2,920 2,920 — 3,485 3,485 — 
NDTF debt securities2,515 990 1,525 1,698 597 1,101 
Other cash and cash equivalents20 20 — 24 24 — 
Derivative assets44 — 44 52 — 52 
Total assets5,605 4,036 1,569 5,330 4,177 1,153 
Derivative liabilities(77)— (77)(47)— (47)
Net assets$5,528 $4,036 $1,492 $5,283 $4,177 $1,106 
DUKE ENERGY FLORIDA
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2026December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$21 $21 $— $12 $12 $— 
NDTF equity securities153 153 — 138 138 — 
NDTF debt securities109 68 41 146 107 39 
Other debt securities25 — 25 24 — 24 
Other cash and cash equivalents4 4 — 5 5 — 
Derivative assets28 — 28 15 — 15 
Total assets340 246 94 340 262 78 
Derivative liabilities(1)— (1)(1)— (1)
Net assets$339 $246 $93 $339 $262 $77 
DUKE ENERGY OHIO
The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at June 30, 2026, and December 31, 2025.
DUKE ENERGY INDIANA
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2026December 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$59 $59 $— $— $53 $53 $— $— 
Other debt securities29 — 29 — 29 — 29 — 
Other cash and cash equivalents— — — — — — — — 
Derivative assets41 2 3 36 12 2 1 9 
Total assets129 61 32 36 94 55 30 9 
Derivative liabilities(13)(13)— — (9)(7)(2)— 
Net assets$116 $48 $32 $36 $85 $48 $28 $9 
86
FINANCIAL STATEMENTSFAIR VALUE MEASUREMENTS
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Balance at beginning of period$4 $2 $9 $8 
Purchases, sales, issuances and settlements:
Purchases31 12 31 12 
Settlements3 9 — 3 
Total gains (losses) included on the Condensed Consolidated Balance Sheets(2)(10)(4)(10)
Balance at end of period$36 $13 $36 $13 
PIEDMONT
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2026December 31, 2025
(in millions)Total Fair ValueLevel 2Total Fair ValueLevel 2
Derivative liabilities$(58)$(58)$(72)$(72)
QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
June 30, 2026
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio
FTRs$5 RTO auction pricingFTR price – per MWh$(4.50)-$2.17 $0.26 
Duke Energy Indiana
FTRs36 RTO auction pricingFTR price – per MWh(2.47)-19.53 1.37 
Duke Energy
Total Level 3 derivatives$41 
December 31, 2025
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Indiana
FTRs$9 RTO auction pricingFTR price – per MWh$(1.00)–$14.63 $1.13 
Duke Energy
Total Level 3 derivatives$9 
87
FINANCIAL STATEMENTSFAIR VALUE MEASUREMENTS
OTHER FAIR VALUE DISCLOSURES
The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.
June 30, 2026December 31, 2025
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$88,908 $82,861 $87,212 $79,863 
Duke Energy Carolinas22,185 20,921 18,777 16,764 
Progress Energy27,352 25,779 26,848 24,957 
Duke Energy Progress14,153 12,854 13,896 12,445 
Duke Energy Florida11,552 11,135 11,307 10,720 
Duke Energy Ohio4,377 4,144 4,420 4,151 
Duke Energy Indiana5,700 5,280 5,093 4,646 
Piedmont3,802 3,473 4,251 3,960 
(a)Book value of long-term debt includes $879 million and $921 million at June 30, 2026, and December 31, 2025, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.
At both June 30, 2026, and December 31, 2025, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.
12. VARIABLE INTEREST ENTITIES
CONSOLIDATED VIEs
The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.
No financial support was provided to any of the consolidated VIEs during the six months ended June 30, 2026, and the year ended December 31, 2025, or is expected to be provided in the future that was not previously contractually required.
Nuclear Asset-Recovery Bonds
Duke Energy Florida Project Finance, LLC (DEFPF) is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3.
DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida.
DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF.
The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.
(in millions)June 30, 2026December 31, 2025
Regulatory Assets: Current63 62 
Current Assets: Other28 34 
Other Noncurrent Assets: Regulatory assets654 682 
Current maturities of long-term debt62 61 
Long-Term Debt679 712 
Storm Recovery Bonds
Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF), Duke Energy Carolinas NC Storm Funding II, LLC (DECNCSFII), Duke Energy Carolinas SC Storm Funding, LLC (DECSCSF), Duke Energy Progress NC Storm Funding, LLC (DEPNCSF), Duke Energy Progress NC Storm Funding II, LLC (DEPNCSFII) and Duke Energy Progress SC Storm Funding, LLC (DEPSCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress. DECNCSF and DEPNCSF were formed in 2021, DEPSCSF was formed in 2024, and DECNCSFII, DECSCSF and DEPNCSFII were formed in 2025, all for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs incurred in North Carolina and South Carolina.
88
FINANCIAL STATEMENTSVARIABLE INTEREST ENTITIES
These subsidiaries issued senior secured bonds and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ North Carolina and South Carolina retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries. Duke Energy Carolinas consolidates DECNCSF, DECNCSFII and DECSCSF and Duke Energy Progress consolidates DEPNCSF, DEPNCSFII and DEPSCSF.
The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.
June 30, 2026
Duke Energy Carolinas
Duke Energy Progress
(in millions)DECNCSF
DECNCSFII
DECSCSFDEPNCSF
DEPNCSFII
DEPSCSF
Regulatory Assets: Current$12 $29 $31 $39 $23 $8 
Current Assets: Other9 27 18 31 22 6 
Other Noncurrent Assets: Regulatory assets173 541 521 564 426 148 
Current Maturities of Long-Term Debt
11 12 13 35 9 5 
Current Liabilities: Other
2 21 17 7 17 3 
Long-Term Debt182 566 543 594 448 155 
December 31, 2025
Duke Energy CarolinasDuke Energy Progress
(in millions)DECNCSF
DECNCSFII
DECSCSF
DEPNCSF
DEPNCSFII
DEPSCSF
Regulatory Assets: Current12 29 31 39 23 8 
Current Assets: Other9 3 — 30 3 5 
Other Noncurrent Assets: Regulatory assets179 550 528 583 435 151 
Current Maturities of Long-Term Debt
11 2 3 35 1 5 
Current Liabilities: Other2 7 3 7 6 3 
Long-Term Debt188 575 553 611 455 158 
Procurement Companies
Duke Energy Florida Purchasing Company, LLC (DEF ProCo) and Duke Energy Indiana Purchasing Company, LLC (DEI ProCo) are wholly owned special purpose subsidiaries and the primary procurement agents for equipment, materials and supplies of Duke Energy Florida (beginning in 2023) and Duke Energy Indiana (beginning in 2026). The ProCos interact with third-party suppliers on Duke Energy Florida’s and Duke Energy Indiana's behalf with credit and risk support provided by Duke Energy Florida and Duke Energy Indiana. Both ProCos are qualified resellers under their respective state's tax laws and convey acquired assets to the utilities through leases on each acquired asset.
These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Duke Energy Florida and Duke Energy Indiana have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Florida and Duke Energy Indiana are considered the primary beneficiaries and consolidate each respective procurement company.
The following table summarizes the impact of these VIEs on Duke Energy Florida's and Duke Energy Indiana's Consolidated Balance Sheets.
(in millions)June 30, 2026
December 31, 2025
DEF ProCoDEI ProCoDEF ProCo
Inventory
$631 $382 $669 
Property, Plant and Equipment: Cost3,473 61 2,839 
Property, Plant and Equipment: Accumulated depreciation and amortization(121)— (75)
Accounts Payable
251 191 289 
NON-CONSOLIDATED VIEs
Natural Gas Investments
Duke Energy has investments in various joint ventures, including transmission pipeline projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities.
Non-consolidated VIEs are immaterial on the Condensed Consolidated Balance Sheets and the Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values.
89
FINANCIAL STATEMENTSREVENUE
13. REVENUE
Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I.
Electric Utilities and Infrastructure
EU&I earns the majority of its revenues through retail and wholesale electric service through the generation, transmission, distribution and sale of electricity. Duke Energy generally provides retail and wholesale electric service customers with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity.
The majority of wholesale revenues are full requirements contracts where the customers purchase the substantial majority of their energy needs and do not have a fixed quantity of contractually required energy or capacity. As such, related forecasted revenues are considered optional purchases. Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations as of June 30, 2026:
Remaining Performance Obligations
(in millions)20262027202820292030ThereafterTotal
Duke Energy Carolinas$6 $12 $12 $— $— $— $30 
Progress Energy23 43 13 13 14 29 135 
Duke Energy Progress3 6 6 6 7 14 42 
Duke Energy Florida20 37 7 7 7 15 93 
Duke Energy Indiana2 2 — — — — 4 
Revenues for block sales are recognized monthly as energy is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates.
Gas Utilities and Infrastructure
GU&I earns its revenue through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery.
Fixed-capacity payments under long-term contracts for the GU&I segment include minimum margin contracts and supply arrangements with municipalities and power generation facilities. Revenues for related sales are recognized monthly as natural gas is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Estimated remaining performance obligations as of June 30, 2026, are as follows:
Remaining Performance Obligations
(in millions)20262027202820292030ThereafterTotal
Piedmont$27 $46 $45 $44 $42 $109 $313 
Other
The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers.
90
FINANCIAL STATEMENTSREVENUE
Disaggregated Revenues
Disaggregated revenues are presented as follows:
Three Months Ended June 30, 2026
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$3,216 $999 $1,642 $705 $937 $246 $328 $— 
Commercial
2,096 758 926 445 481 153 259 — 
   Industrial863 362 249 181 68 34 215 — 
   Wholesale583 150 358 326 32 39 37 — 
   Other revenues267 96 235 114 121 16 9 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$7,025 $2,365 $3,410 $1,771 $1,639 $488 $848 $— 
Gas Utilities and Infrastructure
   Residential$192 $— $— $— $— $103 $— $89 
   Commercial117 — — — — 37 — 80 
   Industrial33 — — — — 7 — 26 
   Power Generation— — — — — — — 5 
   Other revenues56 — — — — 8 — 56 
Total Gas Utilities and Infrastructure revenue from contracts with customers$398 $— $— $— $— $155 $— $256 
Other
Revenue from contracts with customers$5 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$7,428 $2,365 $3,410 $1,771 $1,639 $643 $848 $256 
Other revenue sources(a)
$164 $51 $60 $29 $27 $22 $13 $32 
Total revenues$7,592 $2,416 $3,470 $1,800 $1,666 $665 $861 $288 
91
FINANCIAL STATEMENTSREVENUE
Three Months Ended June 30, 2025
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$3,242 $919 $1,753 $663 $1,089 $253 $316 $— 
Commercial
2,053 693 966 426 538 147 245 — 
   Industrial850 355 264 179 82 36 196 — 
   Wholesale523 132 328 294 33 19 44 — 
   Other revenues262 96 221 111 117 18 9 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$6,930 $2,195 $3,532 $1,673 $1,859 $473 $810 $— 
Gas Utilities and Infrastructure
   Residential$189 $— $— $— $— $100 $— $89 
   Commercial136 — — — — 37 — 99 
   Industrial41 — — — — 9 — 32 
   Power Generation— — — — — — — 23 
   Other revenues70 — — — — 8 — 47 
Total Gas Utilities and Infrastructure revenue from contracts with customers$436 $— $— $— $— $154 $— $290 
Other
Revenue from contracts with customers$7 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$7,373 $2,195 $3,532 $1,673 $1,859 $627 $810 $290 
Other revenue sources(a)
$135 $36 $37 $8 $26 $27 $11 $45 
Total revenues$7,508 $2,231 $3,569 $1,681 $1,885 $654 $821 $335 
92
FINANCIAL STATEMENTSREVENUE
Six Months Ended June 30, 2026
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$6,835 $2,159 $3,380 $1,580 $1,800 $548 $748 $— 
Commercial
4,126 1,457 1,837 889 948 306 526 — 
   Industrial1,690 689 513 367 146 68 419 — 
   Wholesale1,453 316 958 851 107 99 80 — 
   Other revenues597 435 531 315 216 43 20 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$14,701 $5,056 $7,219 $4,002 $3,217 $1,064 $1,793 $— 
Gas Utilities and Infrastructure
   Residential$982 $— $— $— $— $316 $— $666 
   Commercial491 — — — — 120 — 371 
   Industrial95 — — — — 23 — 72 
   Power Generation— — — — — — — 14 
   Other revenues144 — — — — 12 — 144 
Total Gas Utilities and Infrastructure revenue from contracts with customers$1,712 $— $— $— $— $471 $— $1,267 
Other
Revenue from contracts with customers$10 $— $— $— $— $— $— $— 
Total Revenue from contracts with customers$16,423 $5,056 $7,219 $4,002 $3,217 $1,535 $1,793 $1,267 
Other revenue sources(a)
$347 $126 $176 $99 $70 $9 $34 $32 
Total operating revenues
$16,770 $5,182 $7,395 $4,101 $3,287 $1,544 $1,827 $1,299 
93
FINANCIAL STATEMENTSREVENUE
Six Months Ended June 30, 2025
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$6,645 $2,046 $3,366 $1,483 $1,883 $535 $695 $— 
Commercial
3,974 1,394 1,809 841 968 289 478 — 
   Industrial1,673 689 528 372 156 69 383 — 
   Wholesale1,193 281 770 698 72 41 101 — 
   Other revenues498 276 467 274 193 36 8 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$13,983 $4,686 $6,940 $3,668 $3,272 $970 $1,665 $— 
Gas Utilities and Infrastructure
   Residential$895 $— $— $— $— $286 $— $609 
   Commercial458 — — — — 107 — 351 
   Industrial96 — — — — 25 — 71 
   Power Generation— — — — — — — 47 
   Other revenues144 — — — — 14 — 100 
Total Gas Utilities and Infrastructure revenue from contracts with customers$1,593 $— $— $— $— $432 $— $1,178 
Other
Revenue from contracts with customers$15 $— $— $— $— $— $— $— 
Total Revenue from contracts with customers$15,591 $4,686 $6,940 $3,668 $3,272 $1,402 $1,665 $1,178 
Other revenue sources(a)
$166 $69 $96 $31 $57 $18 $14 $14 
Total operating revenues
$15,757 $4,755 $7,036 $3,699 $3,329 $1,420 $1,679 $1,192 
(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.
94
FINANCIAL STATEMENTSREVENUE
The following table presents the reserve for credit losses for trade and other receivables.
Three Months Ended June 30, 2025 and 2026
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at March 31, 2025$201 $64 $67 $42 $25 $46 $17 $7 
Write-Offs(46)(12)(14)(10)(4)(8)(4)(8)
Credit Loss Expense31 5 10 3 7 — 6 10 
Other Adjustments9 — 7 7 — 3 (2)1 
Balance at June 30, 2025$195 $57 $70 $42 $28 $41 $17 $10 
Balance at March 31, 2026$201 $57 $65 $39 $26 $52 $16 $9 
Write-Offs(44)(13)(12)(8)(4)(14)— (5)
Credit Loss Expense43 13 14 9 5 9 — 7 
Other Adjustments14 6 6 6 — — — 1 
Balance at June 30, 2026$214 $63 $73 $46 $27 $47 $16 $12 
Six Months Ended June 30, 2025 and 2026
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at December 31, 2024$207 $69 $73 $44 $29 $43 $15 $7 
Write-Offs(75)(26)(29)(18)(11)(8)(4)(8)
Credit Loss Expense45 10 18 8 10 1 6 10 
Other Adjustments18 4 8 8 — 5 — 1 
Balance at June 30, 2025$195 $57 $70 $42 $28 $41 $17 $10 
Balance at December 31, 2025$194 $55 $65 $38 $27 $51 $15 $6 
Write-Offs(71)(20)(22)(14)(8)(21)(2)(6)
Credit Loss Expense78 23 24 16 8 17 3 11 
Other Adjustments13 5 6 6 — — — 1 
Balance at June 30, 2026$214 $63 $73 $46 $27 $47 $16 $12 
Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables.
14. STOCKHOLDERS' EQUITY
Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders.
95
FINANCIAL STATEMENTSSTOCKHOLDERS' EQUITY
The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share amounts)2026202520262025
Net Income available to Duke Energy common stockholders
$1,077 $971 $2,613 $2,336 
Less: Income (Loss) from discontinued operations attributable to Duke Energy common stockholders— (1)13 (1)
Less: Impact of participating securities1 1 3 3 
Income from continuing operations available to Duke Energy common stockholders$1,076 $971 $2,597 $2,334 
Weighted average common shares outstanding – basic and diluted779 777 779 777 
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted(a)
$1.38 $1.25 $3.33 $3.00 
Potentially dilutive items excluded from the calculation(b)
2 2 2 2 
Dividends declared per common share$1.065 $1.045 $2.130 $2.090 
Dividends declared on Series A preferred stock per depositary share(c)
$0.359 $0.359 $0.719 $0.719 
(a)For the three and six months ended June 30, 2026, and 2025, convertible notes were excluded from the calculation of diluted EPS because the effect was antidilutive.
(b)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.
(c)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.
Common Stock
In March 2026, Duke Energy filed a prospectus supplement and executed an Equity Distribution Agreement (EDA) under which it may sell up to $6 billion of its common stock through an at-the-market (ATM) offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy is entitled to issue and sell shares of common stock through September 2028.
The following table shows ATM equity issuances pursuant to forward contracts executed during the six months ended June 30, 2026.
Tranche
Shares Priced
Initial Forward Price
1
1,129,654$131.82 
2
1,164,943$127.84 
31,196,311$124.30 
41,200,000$124.72 
Total
4,690,908
The following table shows ATM equity issuances pursuant to forward contracts executed during the six months ended June 30, 2025.
Tranche
Shares Priced
Initial Forward Price
1
1,710,979$116.02 
2
1,262,618$117.94 
3
1,264,410$117.79 
Total
4,238,007
The equity forwards require Duke Energy to either physically settle the transactions by issuing shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or net settle in whole or in part through the delivery or receipt of cash or shares. The settlement alternatives are at Duke Energy's election. No amounts have or will be recorded in Duke Energy's Condensed Consolidated Financial Statements with respect to the ATM offering until settlement of the equity forwards occurs, which is expected by December 31, 2027. The initial forward sale prices will be subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the relevant forward sale agreements. Until settlement of the equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method.
15. EMPLOYEE BENEFIT PLANS
DEFINED BENEFIT RETIREMENT PLANS
Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants.
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FINANCIAL STATEMENTSEMPLOYEE BENEFIT PLANS
QUALIFIED PENSION PLANS
The following tables include the components of net periodic pension costs for qualified pension plans.
Three Months Ended June 30, 2026
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$26 $9 $8 $4 $3 $— $1 $1 
Interest cost on projected benefit obligation78 19 25 10 14 4 6 3 
Expected return on plan assets(143)(37)(53)(23)(29)(5)(9)(5)
Amortization of actuarial loss27 7 9 4 4 1 2 1 
Amortization of prior service credit(1)— — — — — — — 
Amortization of settlement charges7 3 1 2 — — 1 1 
Net periodic pension costs$(6)$1 $(10)$(3)$(8)$— $1 $1 
Three Months Ended June 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$27 $9 $8 $4 $3 $1 $2 $1 
Interest cost on projected benefit obligation82 20 26 12 15 4 6 2 
Expected return on plan assets(149)(38)(55)(25)(30)(6)(10)(5)
Amortization of actuarial loss15 3 4 2 2 — 1 1 
Amortization of prior service credit(3)— — — — — (1)(1)
Amortization of settlement charges7 3 2 2 — — 1 1 
Net periodic pension costs$(21)$(3)$(15)$(5)$(10)$(1)$(1)$(1)
Six Months Ended June 30, 2026
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$52 $18 $15 $8 $6 $1 $3 $2 
Interest cost on projected benefit obligation156 38 50 21 28 8 12 5 
Expected return on plan assets(285)(73)(106)(46)(59)(11)(19)(10)
Amortization of actuarial loss54 13 18 9 9 2 4 3 
Amortization of prior service credit(2)— — — — — — (1)
Amortization of settlement charges13 6 3 3 1 — 1 2 
Net periodic pension costs$(12)$2 $(20)$(5)$(15)$— $1 $1 
Six Months Ended June 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$54 $18 $15 $9 $6 $1 $3 $2 
Interest cost on projected benefit obligation164 39 52 23 29 8 13 5 
Expected return on plan assets(298)(76)(110)(49)(60)(11)(20)(10)
Amortization of actuarial loss30 7 9 4 4 1 2 2 
Amortization of prior service credit(6)— — — — — (1)(3)
Amortization of settlement charges13 6 4 3 1 — 1 2 
Net periodic pension costs$(43)$(6)$(30)$(10)$(20)$(1)$(2)$(2)
NON-QUALIFIED PENSION PLANS
Net periodic pension costs for non-qualified pension plans were not material for the three and six months ended June 30, 2026, and 2025.
OTHER POST-RETIREMENT BENEFIT PLANS
Net periodic costs for OPEB plans were not material for the three and six months ended June 30, 2026, and 2025.
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FINANCIAL STATEMENTSINCOME TAXES
16. INCOME TAXES
The IRA established transferability markets that enable monetization of tax credits. In April 2026, Duke Energy executed a multi-year agreement with a counterparty for the sale of up to $3.1 billion in net tax credits, including nuclear PTCs, solar PTCs and ITCs to be earned from 2025 through 2028. Proceeds are expected to be received from 2026 through 2029, including approximately $2 billion for Duke Energy Carolinas, $700 million for Duke Energy Progress and $350 million for Duke Energy Florida. The net realizable value from the sale of these tax credits is expected to ultimately flow back to customers through rates over time, subject to regulatory approval.
Corporate Alternative Minimum Tax
On February 18, 2026, the U.S. Treasury Department published Notice 2026-7 providing additional interim guidance on the application of the Corporate Alternative Minimum Tax (CAMT) under the Internal Revenue Code. The notice includes adjustments to the adjusted financial statement income that permit taxpayers to deduct certain tax-deductible repairs with respect to Section 168 property for CAMT purposes, as well as other adjustments related to capitalization differences.
As a result, Duke Energy intends to file amended federal tax returns with additional refund claims of approximately $70 million for tax years 2023 and 2024. Duke Energy also reduced accrued taxes by $80 million related to tax year 2025. These amounts have been recorded to the Duke Energy Condensed Consolidated Balance Sheets as of June 30, 2026, as well as a corresponding $150 million reduction to deferred income tax assets due to lower CAMT credit carryforwards.
EFFECTIVE TAX RATES
The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Duke Energy12.3 %10.6 %15.4 %11.5 %
Duke Energy Carolinas6.5 %7.8 %4.7 %8.5 %
Progress Energy17.1 %15.1 %15.7 %15.9 %
Duke Energy Progress14.7 %12.4 %12.3 %13.6 %
Duke Energy Florida20.4 %19.1 %20.1 %19.4 %
Duke Energy Ohio18.3 %15.8 %18.9 %17.2 %
Duke Energy Indiana13.8 %13.3 %13.9 %12.9 %
Piedmont— %44.4 %25.0 %19.5 %
The increase in the ETR for Duke Energy for the three months ended June 30, 2026, was primarily due to a decrease in the amortization of EDIT and lower state tax expense in the prior year, partially offset by an increase in the amortization of nuclear PTCs.
The increase in the ETR for Duke Energy for the six months ended June 30, 2026, was primarily due to non-deductible goodwill associated with the sale of Piedmont's Tennessee business and a decrease in the amortization of EDIT, partially offset by an increase in the amortization of nuclear PTCs.
The decrease in the ETR for Duke Energy Carolinas for the three and six months ended June 30, 2026, was primarily due to an increase in the amortization of nuclear PTCs, partially offset by a decrease in the amortization of EDIT.
The increase in the ETR for Progress Energy for the three months ended June 30, 2026, was primarily due to a decrease in the amortization of EDIT and lower state tax expense in the prior year, partially offset by an increase in the amortization of nuclear PTCs.
The increase in the ETR for Duke Energy Progress for the three months ended June 30, 2026, was primarily due to a decrease in the amortization of EDIT and lower state tax expense in the prior year, partially offset by an increase in the amortization of nuclear PTCs.
The decrease in the ETR for Duke Energy Progress for the six months ended June 30, 2026, was primarily due to an increase in the amortization of nuclear PTCs, partially offset by a decrease in the amortization of EDIT.
The increase in the ETR for Duke Energy Florida for the three months ended June 30, 2026, was primarily due to a decrease in the amortization of EDIT.
The increase in the ETR for Duke Energy Ohio for the three and six months ended June 30, 2026, was primarily due to a decrease in the amortization of EDIT.
The decrease in the ETR for Piedmont for the three months ended June 30, 2026, was primarily due to a state tax benefit in the prior year in relation to pretax losses.
The increase in the ETR for Piedmont for the six months ended June 30, 2026, was primarily due to higher state tax expense associated with the sale of Piedmont's Tennessee business.
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MD&ADUKE ENERGY
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Duke Energy and Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. However, none of the registrants make any representation as to information related solely to Duke Energy or the Subsidiary Registrants of Duke Energy other than itself.
DUKE ENERGY
Duke Energy, an energy company headquartered in Charlotte, North Carolina, operates in the U.S. primarily through its subsidiaries, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. Duke Energy’s consolidated financial information includes the results of the Subsidiary Registrants, which along with Duke Energy, are collectively referred to as the Duke Energy Registrants.
Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the six months ended June 30, 2026, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2025.
Executive Overview
During the six months ended June 30, 2026, we continued to execute our strategy of investing in infrastructure necessary to support customer growth while maintaining reliability and financial discipline. We completed two strategic transactions that generated approximately $5.3 billion of proceeds to support future infrastructure investments, advanced key regulatory initiatives, including the planned combination of our Carolinas' electric utilities, and maintained reliability as we met continued growth across our service territories. These developments support our long-term capital investment plan and position us to meet the increasing energy needs of our customers while creating long-term value for shareholders.
Executing on Strategic Transactions. Our service territories continue to experience significant growth driven by economic development activity, population growth and increasing customer demand, which are expected to support substantial capital investment opportunities in the coming years. We completed two previously announced strategic transactions that enhance our financial flexibility and support the funding of our long-term capital plan.
On March 3, 2026, we completed the first closing of a minority investment in Florida Progress, the holding company of Duke Energy Florida, by an affiliate of Brookfield Super-Core Infrastructure Partners. The initial investment resulted in the transfer of a 9.19% ownership interest for approximately $2.8 billion in cash proceeds, with additional staged investments anticipated through 2028. On March 31, 2026, following approval by the TPUC, we closed on the sale of Piedmont's Tennessee business to Spire, Inc. and received approximately $2.5 billion in cash proceeds.
The successful execution of these transactions supports our ability to fund the investments required to meet anticipated customer growth while maintaining financial flexibility through disciplined capital allocation. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for further information.
Constructive Regulatory Outcomes. During the six months ended June 30, 2026, we continued to advance key regulatory initiatives and the investments necessary to support growth, maintain reliable service and position our business for long-term success. These efforts remain focused on delivering safe and reliable electric and natural gas service, supporting customer affordability and achieving timely recovery of prudent costs.
•Revised base rates became effective during the first quarter of 2026 for Duke Energy Carolinas' and Duke Energy Progress' South Carolina service territories and Duke Energy Kentucky's natural gas business. During 2026, Duke Energy Ohio's electric and natural gas businesses and Piedmont's South Carolina natural gas business filed new base rate applications. In July, we reached settlements in Duke Energy Carolinas' 2025 North Carolina Rate Case and proceedings related to Winter Storm Fern. Our regulatory efforts remain focused on securing the recovery of investments necessary to maintain and strengthen our electric and natural gas systems while continuing to provide reliable service to customers.
•We received CECPCN approval from the PSCSC for a new combined-cycle generating unit in Anderson County, South Carolina, as well as out-of-state certificates for new combustion turbine facilities at Marshall Steam Station and new combined-cycle units in Person County, North Carolina. These projects are expected to play an important role in supporting growing customer demand and maintaining system reliability as we modernize our generation fleet. In May 2026, the PSCSC also issued an order accepting our latest Carolinas systemwide resource plan.
•Our nuclear fleet continues to provide a significant source of reliable, carbon-free and cost-competitive generation. In February 2026, we announced that our nuclear fleet achieved a record systemwide capacity factor in 2025. In April 2026, the NRC issued a subsequent license renewal for Robinson, extending operations through 2050. Also during April, we executed a multi-year agreement to sell up to $3.1 billion of net tax credits through 2029, including nuclear PTCs, in continued support of providing low-cost electricity to our customers.
•The FERC issued an order authorizing the proposed combination of our two electric utilities operating in the Carolinas, finding the transaction consistent with the public interest. The companies also reached comprehensive settlements with intervenors in North Carolina and South Carolina and received approvals from both the NCUC and the PSCSC. The targeted effective date of the combination remains January 1, 2027.
Economic Development. Customer growth across our service territories continues to be driven by population growth, economic development activity and increasing electrification. Demand associated with data center development remains a significant contributor to projected load growth.
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MD&ADUKE ENERGY
We continue to expand our portfolio of data center electric service agreements, increasing contracted capacity while maintaining a disciplined approach to infrastructure investment. These arrangements include financial protections designed to support system reliability, facilitate continued investment and align the costs of serving new large-load customers with the customers driving those investments. As a result, these agreements help mitigate the potential for cost impacts to other customers while supporting continued growth opportunities across our jurisdictions.
These trends continue to support Duke Energy’s long‑term regulated capital plan while supporting reliable service and customer affordability.
Operational Excellence. The safe and reliable operation of our electric generation fleet, transmission and distribution systems and natural gas infrastructure remains fundamental to serving our customers and supporting our financial performance. Operational excellence is particularly important during significant weather events when system reliability and effective service restoration are critical.
In late January 2026, Winter Storm Fern impacted all of our service territories. Sustained subfreezing temperatures drove customer energy usage to record winter peak demand levels across the Carolinas. We implemented storm preparation and response measures, including pre‑positioning crews and equipment, coordinating mutual‑assistance resources and leveraging established restoration processes. These efforts supported continued system reliability and timely restoration activities where service interruptions occurred.
See Notes 4 and 16 to the Condensed Consolidated Financial Statements, "Regulatory Matters" and "Income Taxes," respectively, along with "Other Matters," for additional information.
Duke Energy Objectives and Beyond. For the remainder of 2026, we remain focused on executing our strategic priorities, including advancing key regulatory initiatives, supporting customer growth and investing in the infrastructure necessary to maintain safe and reliable service. The combination of constructive regulatory outcomes, continued economic development growth, disciplined capital allocation and strong operational execution positions us to support our customers and communities while creating long‑term shareholder value.
Matters Impacting Future Results
The matters discussed herein could materially impact the future operating results, financial condition and cash flows of the Duke Energy Registrants.
Regulatory Matters
Coal Ash Costs
In April 2024, the EPA issued the 2024 CCR Rule, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities and previously unregulated coal ash sources at regulated facilities. Duke Energy is participating in legal challenges to the 2024 CCR Rule. In April 2026, the EPA proposed to rescind or modify certain aspects of the 2015 CCR Rule, as amended by the 2024 CCR Rule. Duke Energy is evaluating the proposed rule and its potential impact on the Company, which could be material.
Cost recovery for future expenditures is anticipated and will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. For more information, see "Other Matters" and Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters."
EPA Regulations of GHG Emissions
In April 2024, the EPA issued final rules under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants. Compliance with EPA Rule 111, if implemented as issued, would have a material impact on the timing, nature and magnitude of future generation investments in our service territories. Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. Duke Energy is participating in legal challenges to the final rules. In June 2025, the EPA published a proposed rule to repeal EPA Rule 111 as well as an alternative proposal to repeal a narrower set of requirements. Duke Energy is evaluating these proposals and their potential impacts on the Company. For more information, see "Other Matters."
Supply Chain
The Company continues to monitor the ongoing stability of markets for key materials and supplies, including potential impacts on the prices or availability of goods resulting from global conflicts, geopolitical developments, restrictions on trade involving certain rare earth materials and technologies used in electric utility infrastructure or evolving trade and tariff policies. Public policy developments, including new or revised tariffs or other actions from federal executive orders, federal legislation or other rulemakings, could disrupt or impact Duke Energy's supply chain, future financial results, capital plan or execution on the Company's energy modernization strategy.
Goodwill
The Duke Energy Registrants performed their annual goodwill impairment tests as of August 31, 2025. As of that date, the estimated fair values of all reporting units materially exceeded the carrying values except for the GU&I reporting unit of Duke Energy Ohio. No goodwill impairment charges were recorded in the accompanying Condensed Consolidated Statements of Operations. However, adverse changes in economic conditions, projected future cash flows or peer company equity valuations could reduce the estimated fair value of the GU&I reporting unit below its carrying amount and result in goodwill impairment charges in future periods.
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MD&ADUKE ENERGY
Results of Operations
Non-GAAP Measures
Management’s Discussion and Analysis includes financial information prepared in accordance with GAAP in the U.S., as well as certain non-GAAP financial measures, adjusted earnings and adjusted EPS, discussed below. Non-GAAP financial measures are numerical measures of financial performance, financial position or cash flows that exclude (or include) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, financial measures presented in accordance with GAAP. Non-GAAP measures presented may not be comparable to similarly titled measures used by other companies because other companies may not calculate the measures in the same manner.
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings and adjusted EPS. Adjusted earnings and adjusted EPS represent income 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. Special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. The most directly comparable GAAP measures for adjusted earnings and adjusted EPS are GAAP Reported Earnings (Loss) and GAAP Reported Basic Earnings (Loss) Per Share, respectively.
Special items included in the periods presented below include the following, which management believes do not reflect ongoing costs:
•Legal and Regulatory Settlements represent the impact of charges related to legal settlements as well as regulatory settlements related to the Duke Energy Carolinas' North Carolina rate case and establishment of a regulatory liability associated with an energy efficiency program at Duke Energy Carolinas and Duke Energy Progress.
•Asset Sales represent the impact of gains on sale of assets related to Piedmont's Tennessee business and certain renewable natural gas investments.
Discontinued Operations represents the resolution of an outstanding liability related to the Commercial Renewables Disposal Groups.
Three Months Ended June 30, 2026, as compared to June 30, 2025
GAAP reported EPS was $1.38 for the three months ended June 30, 2026, compared to $1.25 for the three months ended June 30, 2025. In addition to the drivers below, GAAP reported EPS includes the impact of charges related to North Carolina rate case settlements for the three months ended June 30, 2026.
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $1.43 for the three months ended June 30, 2026, compared to $1.25 for the three months ended June 30, 2025. The increase in adjusted EPS was primarily due to the recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, partially offset by higher depreciation on a growing asset base and interest expense.
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
Three Months Ended June 30,
20262025
(in millions, except per share amounts)EarningsEPS EarningsEPS
GAAP Reported Earnings/GAAP Reported EPS
$1,077 $1.38 $971 $1.25 
Adjustments:
Regulatory Settlements(a)
39 0.05 — — 
Discontinued Operations(b)
— — 1 — 
Adjusted Earnings/Adjusted EPS$1,116 $1.43 $972 $1.25 
Note: Total EPS may not foot due to rounding.
(a)Net of $12 million tax benefit. $51 million recorded within Impairments of assets and other charges.
(b)Recorded in Income (Loss) from Discontinued Operations, net of tax.

Six Months Ended June 30, 2026, as compared to June 30, 2025
GAAP Reported EPS was $3.35 for the six months ended June 30, 2026, compared to $3.00 for the six months ended June 30, 2025. In addition to the drivers below, GAAP reported EPS increased primarily due to the gain on sale of Piedmont's Tennessee business, offset by charges related to legal and regulatory settlements.
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $3.36 for the six months ended June 30, 2026, compared to $3.00 for the six months ended June 30, 2025. The increase in adjusted EPS was primarily due to the recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, partially offset by higher depreciation on a growing asset base, interest expense and operation and maintenance expense, including storm costs.
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MD&ADUKE ENERGY
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
Six Months Ended June 30,
20262025
(in millions, except per share amounts)EarningsEPSEarningsEPS
GAAP Reported Earnings/GAAP Reported EPS$2,613 $3.35 $2,336 $3.00 
Adjustments:
Legal and Regulatory Settlements(a)
189 0.24 — — 
Asset Sales(b)
(171)(0.22)— — 
Discontinued Operations(c)
(13)(0.02)1 — 
Adjusted Earnings/Adjusted EPS$2,618 $3.36 $2,337 $3.00 
Note: Total EPS may not foot due to rounding.
(a)Net of $59 million tax benefit. $172 million recorded within Operations, maintenance and other, $51 million recorded within Impairments of assets and other charges and $25 million recorded within Operating Revenues.
(b)    Net of $196 million tax expense, which includes the impact of nondeductible goodwill related to the sale of Piedmont's Tennessee business. $374 million recorded within Gains on Sales of Other Assets and Other, net and $7 million recorded within Property and other taxes.
(c)    Recorded in Income (Loss) from Discontinued Operations, net of tax.
SEGMENT RESULTS
The remaining information presented in this discussion of results of operations is on a GAAP basis. Management evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to NCI and preferred stock dividends. Segment income includes intercompany revenues and expenses that are eliminated on the Condensed Consolidated Financial Statements.
Duke Energy's segment structure includes the following segments: EU&I and GU&I. The remainder of Duke Energy’s operations is presented as Other. See Note 3 to the Condensed Consolidated Financial Statements, “Business Segments,” for additional information on Duke Energy’s segment structure.
102
MD&ASEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE
Electric Utilities and Infrastructure
Three Months Ended June 30,Six Months Ended June 30,
(in millions)20262025Variance20262025Variance
Operating Revenues7,175 7,045 $130 $15,053 $14,185 $868 
Operating Expenses
Fuel used in electric generation and purchased power1,933 1,898 35 4,373 4,017 356 
Operation, maintenance and other1,339 1,594 (255)3,048 3,018 30 
Depreciation and amortization1,514 1,402 112 3,012 2,736 276 
Property and other taxes343 371 (28)736 749 (13)
Impairment of assets and other charges49 (1)50 49 (1)50 
Total operating expenses5,178 5,264 (86)11,218 10,519 699 
Gains (Losses) on Sales of Other Assets and Other, net2 8 (6)7 9 (2)
Operating Income1,999 1,789 210 3,842 3,675 167 
Other Income and Expenses, net156 163 (7)292 297 (5)
Interest Expense602 535 67 1,173 1,065 108 
Income Before Income Taxes1,553 1,417 136 2,961 2,907 54 
Income Tax Expense229 200 29 356 389 (33)
Less: Net Income Attributable to NCI53 23 30 80 48 32 
Segment Income$1,271 $1,194 $77 $2,525 $2,470 $55 
Duke Energy Carolinas GWh sales22,408 22,168 240 45,988 45,726 262 
Duke Energy Progress GWh sales17,440 17,058 382 35,727 35,243 484 
Duke Energy Florida GWh sales11,742 11,726 16 21,058 20,794 264 
Duke Energy Ohio GWh sales5,830 5,671 159 12,141 11,778 363 
Duke Energy Indiana GWh sales7,022 7,538 (516)14,982 15,862 (880)
Total Electric Utilities and Infrastructure GWh sales64,442 64,161 281 129,896 129,403 493 
Net proportional MW capacity in operation55,820 55,216 604 
Three Months Ended June 30, 2026, as compared to June 30, 2025
EU&I’s results were primarily driven by higher revenues from rate cases across multiple jurisdictions and higher weather-normal retail sales volumes and lower operation and maintenance expenses, partially offset by higher depreciation expense, impairments and interest expense. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $145 million increase in fuel revenues primarily due to net higher fuel rates and volumes in the current year;
•a $117 million increase due to higher pricing from rate cases across jurisdictions;
•an $84 million increase in weather-normal retail sales volumes;
•a $74 million increase in rider revenue primarily due to higher rates for the SPP at Duke Energy Florida and the Distribution Capital Investment Rider at Duke Energy Ohio; and
•a $52 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates at Duke Energy Progress.
Partially offset by:
•a $278 million decrease in storm recovery revenues at Duke Energy Florida; and
•a $20 million decrease in retail sales due to less favorable weather in the current year.
Operating Expenses. The variance was driven primarily by:
•a $255 million decrease in operation, maintenance and other primarily due to lower storm amortization at Duke Energy Florida; and
•a $28 million decrease in property and other taxes due to franchise tax refunds, partially offset by a higher base on which property taxes are levied across jurisdictions.
103
MD&ASEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE
Partially offset by:
•a $112 million increase in depreciation and amortization primarily due to higher depreciable base across all jurisdictions and the impact of new rates implemented by jurisdictional rate cases and the prior year retirement of renewable energy credits at Duke Energy Progress;
•a $50 million increase in impairment of assets and other charges primarily due to regulatory settlements related to the 2025 North Carolina rate case; and
•a $35 million increase in fuel used in electric generation and purchased power primarily due to higher purchased power costs, partially offset by lower fuel cost recovery and the prior year retirement of renewable energy credits at Duke Energy Progress.
Interest Expense. The increase was primarily due to higher outstanding debt balances across jurisdictions, lower returns on deferred storm cost balances and higher accrued financing costs associated with deferred nuclear PTC liabilities at Duke Energy Carolinas.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income. The ETRs for the three months ended June 30, 2026, and 2025, were 14.7% and 14.1%, respectively.
Net Income Attributable to NCI. The increase was due to the first closing of a minority interest investment in Florida Progress by Brookfield Super-Core Infrastructure Partners.
Six Months Ended June 30, 2026, as compared to June 30, 2025
EU&I’s results were primarily driven by higher revenues from rate cases across multiple jurisdictions and higher weather-normal retail sales volumes, partially offset by higher depreciation and operation and maintenance expenses. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $431 million increase in fuel revenues primarily due to net higher fuel rates and volumes in the current year;
•a $319 million increase due to higher pricing from rate cases across jurisdictions;
•a $117 million increase in weather-normal retail sales volumes;
•an $87 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates at Duke Energy Progress;
•a $79 million increase in rider revenues primarily due to higher rates for the SPP at Duke Energy Florida and Distribution Capital Investment Rider at Duke Energy Ohio; and
•a $50 million increase in other revenues primarily due to higher transmission revenues across jurisdictions.
Partially offset by:
•a $261 million decrease in storm recovery revenues at Duke Energy Florida.
Operating Expenses. The variance was driven primarily by:
•a $356 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas prices and higher purchased power costs, partially offset by lower fuel cost recovery and the prior year retirement of renewable energy credits at Duke Energy Carolinas and Duke Energy Progress;
•a $276 million increase in depreciation and amortization primarily due to higher depreciable base across jurisdictions, higher depreciation rates driven by rate cases and the prior year retirement of renewable energy credits at Duke Energy Carolinas and Duke Energy Progress;
•a $50 million increase in impairment of assets and other charges primarily due to regulatory settlements related to the 2025 North Carolina rate case; and
•a $30 million increase in operation, maintenance and other primarily due to increased costs related to a legal settlement, higher storm costs in the current year associated with Winter Storm Fern, higher nuclear outage costs and higher costs related to customer products and services programs at Duke Energy Progress and Duke Energy Carolinas, partially offset by lower storm amortization at Duke Energy Florida.
Interest Expense. The increase was primarily due to higher outstanding debt balances across jurisdictions, lower returns on deferred storm cost balances and higher accrued financing costs associated with deferred nuclear PTC liabilities at Duke Energy Carolinas.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of nuclear PTCs, partially offset by a decrease in the amortization of EDIT. The ETRs for the six months ended June 30, 2026, and 2025, were 12.0% and 13.4%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of nuclear PTCs, partially offset by a decrease in the amortization of EDIT.
Net Income Attributable to NCI. The increase was due to the first closing of a minority interest investment in Florida Progress by Brookfield Super-Core Infrastructure Partners.
104
MD&ASEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE
Gas Utilities and Infrastructure
Three Months Ended June 30,Six Months Ended June 30,
(in millions)20262025Variance20262025Variance
Operating Revenues$449 $493 $(44)$1,782 $1,633 $149 
Operating Expenses
Cost of natural gas130 158 (28)655 532 123 
Operation, maintenance and other127 129 (2)262 254 8 
Depreciation and amortization110 112 (2)225 219 6 
Property and other taxes28 41 (13)85 88 (3)
Total operating expenses395 440 (45)1,227 1,093 134 
Gains (Losses) on Sales of Other Assets and Other, net— — — 374 — 374 
Operating Income54 53 1 929 540 389 
Other Income and Expenses, net20 14 6 38 32 6 
Interest Expense61 65 (4)128 130 (2)
Income (Loss) Before Income Taxes13 2 11 839 442 397 
Income Tax Expense (Benefit)3 (4)7 297 87 210 
Segment Income (Loss)$10 $6 $4 $542 $355 $187 
Piedmont LDC throughput (dekatherms)132,770,392 125,745,045 7,025,347 316,945,789 307,204,892 9,740,897 
Duke Energy Midwest LDC throughput (Mcf)12,023,233 13,882,749 (1,859,516)48,925,823 54,338,433 (5,412,610)
Three Months Ended June 30, 2026, as compared to June 30, 2025
GU&I’s results were primarily driven by lower franchise taxes, offset by lower operating results due to the sale of Piedmont's Tennessee business. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $28 million decrease in cost of natural gas revenues primarily due to lower commodity prices; and
•a $24 million decrease due to lower revenues as a result of the sale of Piedmont's Tennessee business.
Partially offset by:
•an $8 million increase due to higher capital riders.
Operating Expenses. The variance was driven primarily by:
•a $28 million decrease in cost of natural gas revenues primarily due to lower commodity prices; and
•a $13 million decrease in property and other taxes primarily due to lower franchise taxes.
Income Tax Expense (Benefit). The increase in tax expense was primarily due to an increase in pretax income and lower state tax expense in the prior year. The ETRs for the three months ended June 30, 2026, and 2025, were 23.1% and (200)%, respectively. The increase in the ETR was primarily due to lower state tax expense in the prior year.
Six Months Ended June 30, 2026, as compared to June 30, 2025
GU&I’s results were primarily driven by the gain on sale of Piedmont's Tennessee business and growth in capital riders. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $123 million increase in cost of natural gas revenues primarily due to higher commodity prices;
•a $24 million increase due to customer growth in North Carolina and South Carolina and the North Carolina Integrity Management Rider (IMR);
•a $14 million increase in Midwest rider revenue; and
•an $11 million increase primarily due to higher pricing from the 2025 Duke Energy Kentucky natural gas rate case.
Partially offset by:
•a $24 million decrease due to lower revenues as a result of the sale of Piedmont's Tennessee business.
105
MD&ASEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE
Operating Expenses. The variance was driven primarily by:
•a $123 million increase in the cost of natural gas primarily due to higher commodity prices.
Gains (Losses) on Sales of Other Assets and Other, net. The increase was primarily due to the sale of Piedmont's Tennessee business, net of allocated goodwill.
Income Tax Expense (Benefit). The increase in tax expense was primarily due to an increase in pretax income and non-deductible goodwill associated with the sale of Piedmont's Tennessee business. The ETRs for the six months ended June 30, 2026, and 2025, were 35.4% and 19.7%, respectively. The increase in the ETR was primarily due to non-deductible goodwill associated with the sale of Piedmont's Tennessee business.
Other
Three Months Ended June 30,Six Months Ended June 30,
(in millions)20262025Variance20262025Variance
Operating Revenues$40 $40 $— $82 $82 $— 
Operating Expenses57 62 (5)101 144 (43)
Gains (Losses) on Sales of Other Assets and Other, net7 6 1 12 11 1 
Operating Gain (Loss)
(10)(16)6 (7)(51)44 
Other Income and Expenses, net62 42 20 71 62 9 
Interest Expense313 318 (5)662 636 26 
Loss Before Income Taxes(261)(292)31 (598)(625)27 
Income Tax Benefit(72)(77)5 (160)(164)4 
Less: Preferred Dividends15 13 2 29 27 2 
Net Loss$(204)$(228)$24 $(467)$(488)$21 
Three Months Ended June 30, 2026, as compared to June 30, 2025
Other's results were primarily driven by higher investment returns from favorable market performance.
Other Income and Expenses, net. The increase was primarily driven by higher market returns on investments that fund certain employee benefit obligations and higher yields on captive insurance investments.
Income Tax Benefit. The decrease in the tax benefit was primarily due to a decrease in pretax losses. The ETRs for the three months ended June 30, 2026, and 2025, were 27.6% and 26.4%, respectively. The increase in the ETR was primarily due to favorable tax impacts related to higher investment returns.
Six Months Ended June 30, 2026, as compared to June 30, 2025
Other's results were primarily driven by higher investment returns resulting from favorable market performance and lower Duke Energy Foundation contributions than the prior year, partially offset by higher interest expense.
Operating Expenses. The decrease was primarily due to lower Duke Energy Foundation contributions than the prior year.
Other Income and Expenses, net. The increase was primarily driven by favorable market returns on investments that fund certain employee benefit obligations, higher yields on captive insurance investments and higher money pool interest income, partially offset by lower equity earnings from the NMC investment.
Interest Expense. The increase was primarily due to higher outstanding debt balances.
Income Tax Benefit. The decrease in the tax benefit was primarily due to a decrease in pretax losses. The ETRs for the six months ended June 30, 2026, and 2025, were 26.8% and 26.2%, respectively.
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
Three Months Ended June 30,Six Months Ended June 30,
(in millions)20262025Variance20262025Variance
Income (Loss) From Discontinued Operations, net of tax$— $(1)$1 $13 $(1)$14 
Six Months Ended June 30, 2026, as compared to June 30, 2025
The variance was primarily due to the resolution of an outstanding liability related to the Commercial Renewables Disposal Groups.
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MD&ADUKE ENERGY CAROLINAS
DUKE ENERGY CAROLINAS
Results of Operations
Six Months Ended June 30,
(in millions)20262025Variance
Operating Revenues$5,182 $4,755 $427 
Operating Expenses
Fuel used in electric generation and purchased power1,563 1,374 189 
Operation, maintenance and other1,078 984 94 
Depreciation and amortization1,057 914 143 
Property and other taxes197 187 10 
Impairment of assets and other charges27 (1)28 
Total operating expenses3,922 3,458 464 
Gains (Losses) on Sales of Other Assets and Other, net2 6 (4)
Operating Income1,262 1,303 (41)
Other Income and Expenses, net133 122 11 
Interest Expense449 400 49 
Income Before Income Taxes946 1,025 (79)
Income Tax Expense44 87 (43)
Net Income$902 $938 $(36)
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior year2026
Residential sales1.2 %
Commercial sales
0.8 %
Industrial sales(1.4)%
Wholesale power sales0.6 %
Joint dispatch sales6.9 %
Total sales0.6 %
Average number of customers1.7 %
Six Months Ended June 30, 2026, as compared to June 30, 2025
Operating Revenues. The variance was driven primarily by:
•a $223 million increase in fuel revenues due to higher fuel rates and volumes;
•a $76 million increase in weather-normal retail sales volumes;
•a $59 million increase due to higher pricing, including the nuclear PTC decrement rider, from the impacts of new rates implemented for the North Carolina MYRP and the 2025 South Carolina rate case;
•a $37 million increase in rider revenue primarily due to North Carolina storm securitization; and
•a $27 million increase in retail sales due to improved weather compared to the prior year.
Operating Expenses. The variance was driven primarily by:
•a $189 million increase in fuel used in electric generation and purchased power primarily due to higher purchased power costs, including JDA, and natural gas prices, partially offset by lower fuel cost recovery and the prior year retirement of renewable energy credits;
•a $143 million increase in depreciation and amortization primarily due to higher depreciable base, the prior year retirement of renewable energy credits, and the impact of new rates implemented for the North Carolina MYRP;
•a $94 million increase in operation, maintenance and other primarily due to increased costs related to a legal settlement and higher storm costs in the current year associated with Winter Storm Fern; and
•a $28 million increase in impairment of assets and other charges primarily due to regulatory settlements related to the 2025 North Carolina rate case.
Other Income and expenses, net. The increase was primarily due to higher AFUDC equity base compared to the prior year, partially offset by higher non-service pension costs.
107
MD&ADUKE ENERGY CAROLINAS
Interest Expense. The increase was primarily due to higher outstanding debt balances, lower returns on deferred storm cost balances and higher accrued financing costs associated with deferred nuclear PTC liabilities.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of nuclear PTCs and a decrease in pretax income, partially offset by a decrease in the amortization of EDIT.
PROGRESS ENERGY
Results of Operations
Six Months Ended June 30,
(in millions)20262025Variance
Operating Revenues$7,395 $7,036 $359 
Operating Expenses
Fuel used in electric generation and purchased power2,305 2,131 174 
Operation, maintenance and other1,438 1,531 (93)
Depreciation and amortization1,385 1,240 145 
Property and other taxes331 347 (16)
Impairment of assets and other charges22 — 22 
Total operating expenses5,481 5,249 232 
Gains (Losses) on Sales of Other Assets and Other, net15 12 3 
Operating Income1,929 1,799 130 
Other Income and Expenses, net133 130 3 
Interest Expense590 558 32 
Income Before Income Taxes1,472 1,371 101 
Income Tax Expense231 218 13 
Net Income1,241 1,153 88 
Less: Net Income Attributable to NCI34 — 34 
Net Income Attributable to Progress Energy
$1,207 $1,153 $54 
Six Months Ended June 30, 2026, as compared to June 30, 2025
Operating Revenues. The variance was driven primarily by:
•a $252 million increase in fuel revenues primarily due to higher fuel rates and volumes;
•a $142 million increase due to higher pricing from the new rates implemented for the North Carolina MYRP and the 2025 South Carolina rate case at Duke Energy Progress and Year 2 of the 2024 Duke Energy Florida rate case;
•a $52 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates at Duke Energy Progress;
•a $39 million increase in rider revenues primarily due to higher rates for the SPP at Duke Energy Florida;
•a $37 million increase in other revenues due to higher transmission revenues;
•a $35 million increase in weather-normal retail sales volumes; and
•a $22 million increase in retail sales due to improved weather compared to the prior year.
Partially offset by:
•a $261 million decrease in storm recovery revenues at Duke Energy Florida.
Operating Expenses. The variance was driven primarily by:
•a $174 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas prices and purchased power costs at Duke Energy Progress and higher fuel costs driven by higher natural gas and coal prices and higher purchased power costs at Duke Energy Florida, partially offset by lower fuel cost recovery and the prior year retirement of renewable energy credits at Duke Energy Progress; and
•a $145 million increase in depreciation and amortization due to higher depreciable base at Duke Energy Progress and Duke Energy Florida and the impacts of new rates implemented for the North Carolina MYRP and the prior year retirement of renewable energy credits at Duke Energy Progress.
108
MD&APROGRESS ENERGY
Partially offset by:
•a $93 million decrease in operation, maintenance and other primarily due to lower storm amortization at Duke Energy Florida, partially offset by increased costs in the current year related to a legal settlement, higher storm costs associated with Winter Storm Fern, higher nuclear outage costs, and higher costs related to customer products and services programs at Duke Energy Progress; and
•a $16 million decrease in property and other taxes due to franchise tax refunds received in the current year at Duke Energy Progress.
Interest Expense. The increase was primarily due to higher outstanding debt balances.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of EDIT, partially offset by an increase in the amortization of nuclear PTCs.
Net Income Attributable to NCI. The increase was due to the first closing of a minority interest investment in Florida Progress by Brookfield Super-Core Infrastructure Partners.
DUKE ENERGY PROGRESS
Results of Operations
Six Months Ended June 30,
(in millions)20262025Variance
Operating Revenues$4,101 $3,699 $402 
Operating Expenses
Fuel used in electric generation and purchased power1,410 1,299 111 
Operation, maintenance and other872 738 134 
Depreciation and amortization782 676 106 
Property and other taxes81 105 (24)
Impairment of assets and other charges22 — 22 
Total operating expenses3,167 2,818 349 
Gains (Losses) on Sales of Other Assets and Other, net1 — 1 
Operating Income935 881 54 
Other Income and Expenses, net98 87 11 
Interest Expense279 267 12 
Income Before Income Taxes754 701 53 
Income Tax Expense93 95 (2)
Net Income
$661 $606 $55 
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior period2026
Residential sales1.5 %
Commercial sales
1.1 %
Industrial sales(6.7)%
Wholesale power sales1.8 %
Joint dispatch sales5.4 %
Total sales1.4 %
Average number of customers1.6 %
Six Months Ended June 30, 2026, as compared to June 30, 2025
Operating Revenues. The variance was driven primarily by:
•a $194 million increase in fuel revenues due to higher fuel rates and volumes;
•a $93 million increase due to higher pricing from the impacts of new rates implemented for the North Carolina MYRP and the 2025 South Carolina rate case;
•a $48 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates;
•an $18 million increase in weather-normal retail sales volumes; and
•an $11 million increase in retail sales due to improved weather compared to the prior year.
109
MD&ADUKE ENERGY PROGRESS
Operating Expenses. The variance was driven primarily by:
•a $134 million increase in operation, maintenance and other primarily due to increased costs related to a legal settlement and higher storm costs in the current year associated with Winter Storm Fern, higher nuclear outage costs, and higher costs related to customer products and services programs;
•a $111 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas prices and purchased power costs, including JDA purchases, partially offset by lower fuel cost recovery and the prior year retirement of renewable energy credits;
•a $106 million increase in depreciation and amortization primarily due to higher depreciable base, the impacts of new rates implemented for the North Carolina MYRP and the prior year retirement of renewable energy credits; and
•a $22 million increase in impairment of assets and other charges primarily due to regulatory settlements related to the 2025 North Carolina rate case. See Note 4, "Regulatory Matters," to the Condensed Consolidated Financial Statements, for further information regarding the Duke Energy Progress 2025 North Carolina Rate Case.
Partially offset by:
•a $24 million decrease in property and other taxes due to franchise tax refunds received in the current year.
Other Income and expenses, net. The increase was primarily due to higher AFUDC equity rate and base compared to the prior year, partially offset by lower intercompany interest income.
Interest Expense. The increase was driven primarily by higher outstanding debt balances.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of nuclear PTCs, partially offset by a decrease in the amortization of EDIT and an increase in pretax income.
DUKE ENERGY FLORIDA
Results of Operations
Six Months Ended June 30,
(in millions)20262025Variance
Operating Revenues$3,287 $3,329 $(42)
Operating Expenses
Fuel used in electric generation and purchased power895 832 63 
Operation, maintenance and other560 786 (226)
Depreciation and amortization602 564 38 
Property and other taxes250 242 8 
Total operating expenses2,307 2,424 (117)
Gains (Losses) on Sales of Other Assets and Other, net3 1 2 
Operating Income983 906 77 
Other Income and Expenses, net32 45 (13)
Interest Expense254 234 20 
Income Before Income Taxes761 717 44 
Income Tax Expense153 139 14 
Net Income$608 $578 $30 
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Wholesale power sales include both billed and unbilled sales. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior period2026
Residential sales1.1 %
Commercial sales
1.4 %
Industrial sales(7.1)%
Wholesale power sales(4.8)%
Total sales1.3 %
Average number of customers1.4 %
Six Months Ended June 30, 2026, as compared to June 30, 2025
Operating Revenues. The variance was driven primarily by:
•a $261 million decrease in storm recovery revenues.
110
MD&ADUKE ENERGY FLORIDA
Partially offset by:
•a $58 million increase in fuel revenues primarily due to higher rates;
•a $49 million increase due to higher pricing from Year 2 of the 2024 Florida rate case;
•a $39 million increase in rider revenues primarily due to higher rates for the SPP;
•a $34 million increase in other revenues primarily due to higher transmission revenues from higher rates;
•a $16 million increase in weather-normal retail sales volumes; and
•an $11 million increase in retail sales due to improved weather compared to the prior year.
Operating Expenses. The variance was driven primarily by:
•a $226 million decrease in operation, maintenance and other primarily due to lower storm amortization.
Partially offset by:
•a $63 million increase in fuel used in electric generation and purchased power primarily due to higher fuel and purchased power costs driven by weather, partially offset by lower fuel cost recovery; and
•a $38 million increase in depreciation and amortization primarily due to higher depreciable base.
Other Income and Expenses, net. The decrease was primarily due to higher non-service pension costs.
Interest Expense. The increase was primarily due to higher outstanding debt balances.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of EDIT.
DUKE ENERGY OHIO
Results of Operations
Six Months Ended June 30,
(in millions)20262025Variance
Operating Revenues
Regulated electric$1,070 $985 $85 
Regulated natural gas474 435 39 
Nonregulated electric and other— — — 
Total operating revenues1,544 1,420 124 
Operating Expenses
Fuel used in electric generation and purchased power318 310 8 
Cost of natural gas154 136 18 
Operation, maintenance and other274 239 35 
Depreciation and amortization235 233 2 
Property and other taxes225 217 8 
Total operating expenses 1,206 1,135 71 
Operating Income338 285 53 
Other Income and Expenses, net10 11 (1)
Interest Expense105 98 7 
Income Before Income Taxes243 198 45 
Income Tax Expense
46 34 12 
Net Income$197 $164 $33 
111
MD&ADUKE ENERGY OHIO
The following table shows the percent changes in GWh sales of electricity, dekatherms of natural gas delivered and average number of electric and natural gas customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
ElectricNatural Gas
Increase (Decrease) over prior year20262026
Residential sales1.4 %(12.5)%
Commercial sales
2.3 %(6.8)%
Industrial sales(2.3)%(9.5)%
Wholesale electric power sales154.3 %n/a
Other natural gas salesn/a(8.1)%
Total sales3.1 %(10.0)%
Average number of customers0.5 %0.3 %
Six Months Ended June 30, 2026, as compared to June 30, 2025
Operating Revenues. The variance was driven primarily by:
•a $44 million increase in fuel-related revenues primarily due to higher natural gas costs passed through to customers, partially offset by lower natural gas retail sales volumes;
•a $35 million increase in retail revenue riders primarily due to the Distribution Capital Investment Rider, Base Transmission Rider, Ohio CEP Rider and Pipeline Modernization Mechanism Rider;
•a $33 million increase primarily due to higher pricing from the 2024 Duke Energy Kentucky electric rate case and the 2025 Duke Energy Kentucky natural gas rate case; and
•a $17 million increase in Bulk Power Marketing sales.
Partially offset by:
•a $12 million decrease in Ohio Valley Electric Corporation (OVEC) rider recoveries.
Operating Expenses. The variance was driven primarily by:
•a $35 million increase in operation, maintenance and other primarily due to higher costs associated with environmental remediation and compliance activities and higher bad debt expense; and
•a $26 million increase in fuel expense primarily due to higher retail prices for natural gas and purchased power.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income.
DUKE ENERGY INDIANA
Results of Operations
Six Months Ended June 30,
(in millions)20262025Variance
Operating Revenues$1,827 $1,679 $148 
Operating Expenses
Fuel used in electric generation and purchased power620 479 141 
Operation, maintenance and other379 387 (8)
Depreciation and amortization407 414 (7)
Property and other taxes38 35 3 
Total operating expenses1,444 1,315 129 
Operating Income383 364 19 
Other Income and Expenses, net23 31 (8)
Interest Expense139 116 23 
Income Before Income Taxes267 279 (12)
Income Tax Expense
37 36 1 
Net Income$230 $243 $(13)
112
MD&ADUKE ENERGY INDIANA
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior year2026
Residential sales(0.2)%
Commercial sales
0.5 %
Industrial sales1.8 %
Wholesale power sales(31.0)%
Total sales(5.5)%
Average number of customers1.1 %
Six Months Ended June 30, 2026, as compared to June 30, 2025
Operating Revenues. The variance was driven primarily by:
•a $98 million increase primarily due to higher pricing from the 2024 Indiana rate case, net of certain rider revenues moving to base; and
•an $87 million increase in fuel revenues primarily due to higher retail fuel rates.
Partially offset by:
•a $28 million decrease in retail sales due to unfavorable weather compared to prior year; and
•a $24 million decrease in rider revenues.
Operating Expenses. The variance was driven primarily by:
•a $141 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas and coal costs, as well as higher amortization of deferred fuel and Midcontinent Independent System Operator, Inc. costs.
Interest Expense. The increase was primarily due to higher outstanding debt balances.
PIEDMONT
Results of Operations
Six Months Ended June 30,
(in millions)20262025Variance
Operating Revenues$1,299 $1,192 $107 
Operating Expenses
Cost of natural gas501 396 105 
Operation, maintenance and other183 199 (16)
Depreciation and amortization143 141 2 
Property and other taxes30 37 (7)
Total operating expenses857 773 84 
Gains (Losses) on Sales of Other Assets and Other, net652 — 652 
Operating Income1,094 419 675 
Other Income and Expenses, net26 25 1 
Interest Expense89 95 (6)
Income Before Income Taxes1,031 349 682 
Income Tax Expense258 68 190 
Net Income$773 $281 $492 
113
MD&APIEDMONT
The following table shows the percent changes in dekatherms delivered and average number of customers. The percentages for all throughput deliveries represent billed and unbilled sales. Amounts are not weather-normalized.
Increase (Decrease) over prior year2026
Residential deliveries(6.7)%
Commercial deliveries(6.6)%
Industrial deliveries(6.8)%
Power generation deliveries9.6 %
For resale(9.9)%
Total throughput deliveries3.2 %
Secondary market volumes(24.7)%
Average number of customers(10.9)%
Six Months Ended June 30, 2026, as compared to June 30, 2025
Operating Revenues. The variance was driven primarily by:
•a $105 million increase in cost of natural gas revenues primarily due to higher commodity prices;
•an $8 million increase due to the North Carolina IMR; and
•an $8 million increase due to the South Carolina Rate Stabilization Act.
Partially offset by:
•a $24 million decrease due to lower revenues as a result of the sale of Piedmont's Tennessee business.
Operating Expenses. The variance was driven primarily by:
•a $105 million increase in cost of natural gas due to higher commodity prices.
Partially offset by:
•a $16 million decrease in operations, maintenance and other primarily due to lower expenses as a result of the sale of Piedmont's Tennessee business and lower shared services costs.
Gains (Losses) on Sales of Other Assets and Other, net. The increase was due to the gain on sale of Piedmont's Tennessee business.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and higher state tax expense associated with the sale of Piedmont's Tennessee business.
LIQUIDITY AND CAPITAL RESOURCES
Sources and Uses of Cash
Duke Energy relies primarily upon cash flows from operations, debt and equity issuances and its existing cash and cash equivalents to fund its liquidity and capital requirements. Duke Energy’s capital requirements arise primarily from capital and investment expenditures, repaying long-term debt and paying dividends to shareholders. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are also monetizing tax credits in the transferability markets established by the IRA and are working with utility commissions on the appropriate regulatory process to pass the net realizable value back to customers over time. In April 2026, we executed a multi-year agreement to sell up to $3.1 billion of net tax credits with expected proceeds to be received through 2029. See Note 16 to the Condensed Consolidated Financial Statements, “Income Taxes,” for further information. Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2025, included a summary and detailed discussion of projected primary sources and uses of cash for 2026 to 2028.
Duke Energy has executed several equity forward sales agreements as part of the ATM program. Settlement of the forward sales agreements is expected to occur by December 31, 2027. See Note 14 to the Condensed Consolidated Financial Statements, “Stockholders’ Equity” for further details.
In March 2026, Duke Energy extended the termination date of its existing $10 billion Master Credit Facility to March 2031. As of June 30, 2026, Duke Energy had $673 million of cash on hand and $8.0 billion available under its Master Credit Facility. Duke Energy expects to have sufficient liquidity in the form of cash on hand, cash from operations and available credit capacity to support its funding needs.
In July 2025, Piedmont entered into a purchase agreement with Spire Inc., to sell Piedmont’s Tennessee business. On March 31, 2026, Piedmont closed on the sale and received proceeds of approximately $2.5 billion. In August 2025, Duke Energy, Progress Energy and Florida Progress entered into an investment agreement for Florida Progress to receive $6 billion in exchange for an eventual anticipated 19.7% indirect investment in Duke Energy Florida following a series of closings through June 30, 2028. On March 3, 2026, Duke Energy, Progress Energy and Florida Progress consummated the first closing that resulted in Florida Progress issuing 9.19% of its membership interests in exchange for approximately $2.8 billion in cash proceeds. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for further details.
114
MD&ALIQUIDITY AND CAPITAL RESOURCES
Cash Flow Information
The following table summarizes Duke Energy’s cash flows.
Six Months Ended
June 30,
(in millions)20262025
Cash flows provided by (used in):
Operating activities$4,272 $5,040 
Investing activities(6,209)(6,264)
Financing activities2,424 1,245 
Net increase (decrease) in cash, cash equivalents and restricted cash487 21 
Cash, cash equivalents and restricted cash at beginning of period363 421 
Cash, cash equivalents and restricted cash at end of period$850 $442 
OPERATING CASH FLOWS
The following table summarizes key components of Duke Energy’s operating cash flows.
Six Months Ended
June 30,
(in millions)20262025Variance
Net income$2,722 $2,411 $311 
Non-cash adjustments to net income4,107 4,084 23 
Payments for asset retirement obligations(249)(241)(8)
Working capital(1,320)(1,207)(113)
Other assets and Other liabilities(988)(7)(981)
Net cash provided by operating activities$4,272 $5,040 $(768)
The variance is primarily driven by:
•a $981 million decrease in cash inflow due to changes in other assets and liabilities, primarily due to higher deferred fuel and purchased power costs as well as storm restoration costs due to severe winter weather.
Partially offset by:
•a $334 million increase in net income, after adjustment for non-cash items, primarily due to the recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, partially offset by interest expense and operation and maintenance expense, including storm costs.
INVESTING CASH FLOWS
The following table summarizes key components of Duke Energy’s investing cash flows.
Six Months Ended
June 30,
(in millions)20262025Variance
Capital, investment and acquisition expenditures$(8,240)$(6,428)$(1,812)
Proceeds from the sale of Piedmont's Tennessee business
2,501 — 2,501 
Proceeds from the sale of Commercial Renewables Disposal Groups— 559 (559)
Other investing items(470)(395)(75)
Net cash used in investing activities$(6,209)$(6,264)$55 
The variance is primarily driven by proceeds received from the sale of Piedmont's Tennessee business, partially offset by higher capital expenditures within the EU&I segment. The variance also reflects the absence of proceeds received in the prior year from the sale of the Commercial Renewables Disposal Groups.
115
MD&ALIQUIDITY AND CAPITAL RESOURCES
FINANCING CASH FLOWS
The following table summarizes key components of Duke Energy’s financing cash flows.
Six Months Ended
June 30,
(in millions)20262025Variance
Issuance of long-term debt, net$1,633 $3,033 $(1,400)
Issuance of common stock— 14 (14)
Notes payable, commercial paper and other short-term borrowings(365)(190)(175)
Dividends paid(1,693)(1,610)(83)
Contributions from NCI2,827 — 2,827 
Other financing items22 (2)24 
Net cash provided by financing activities$2,424 $1,245 $1,179 
The variance is primarily due to:
•a $2.8 billion increase in proceeds received from the initial closing of Brookfield Super-Core Infrastructure Partners' minority interest investment in Florida Progress.
Partially offset by:
•a $1.4 billion decrease in proceeds from net issuances of long-term debt, primarily due to the timing of issuances and redemptions; and
•a $175 million decrease in net borrowings from notes payable and commercial paper.
OTHER MATTERS
Environmental Regulations
The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time and result in new obligations of the Duke Energy Registrants. Refer to Note 4, "Regulatory Matters," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2025, for more information regarding potential plant retirements and Note 4, "Regulatory Matters," to the Condensed Consolidated Financial Statements, for further information regarding regulatory filings related to the Duke Energy Registrants.
GHG Standards and Guidelines
In April 2024, the EPA issued final rules under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants, referred to as electric generating units. Compliance with EPA Rule 111 as issued would have a material impact on the timing, nature and magnitude of future generation investments in our service territories. Duke Energy is participating in legal challenges to EPA Rule 111 as a member of Electric Generators for a Sensible Transition, a coalition of similarly affected utilities, and as a member of a utility trade group. The litigation is currently pending in the U.S. Court of Appeals for the District of Columbia Circuit (the Court).
On February 5, 2025, the EPA requested the Court to withhold issuing an opinion and place the case in a 60-day abeyance to allow time for new EPA leadership to review the issues and EPA Rule 111 to determine how they wish to proceed. On February 19, 2025, the Court granted EPA’s request. On April 21, 2025, the EPA filed a motion with the Court requesting a continuing abeyance while it conducts a new notice-and-comment rulemaking to reconsider the challenged EPA Rule 111. On April 25, 2025, the Court granted the EPA’s motion and ordered that the litigation continue to remain in abeyance pending further order of the Court.
On June 17, 2025, the EPA published a proposed rule to repeal EPA Rule 111 based on a finding that fossil fuel-fired power plants “do not contribute significantly to dangerous air pollution” under the meaning of section 111 of the Clean Air Act. The EPA also published an alternative proposal to repeal a narrower set of requirements leaving in place only GHG emission standards for new and reconstructed stationary combustion turbine electric generating units. Comments on the proposed rule were due by August 7, 2025. The Duke Energy Registrants will continue to monitor rule-making developments and actions of the court and will evaluate the impacts of any final rule and other EPA actions, once available.
Coal Combustion Residuals
In April 2024, the EPA issued the 2024 CCR Rule, which significantly expanded the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities (Legacy CCR Surface Impoundments). The 2024 CCR Rule also imposed a subset of the 2015 CCR Rule's requirements, including groundwater monitoring, corrective action (where necessary), and in certain cases, closure, and post-closure care requirements, on previously unregulated coal ash surfaces at regulated facilities (CCR Management Units). Duke Energy, as part of a group of similarly affected electric utilities, filed a petition to challenge the 2024 CCR Rule in the U.S. Court of Appeals for the District of Columbia Circuit (the Court) on August 6, 2024.
On February 13, 2025, the EPA requested the Court to withhold issuing an opinion and place the case in abeyance to allow time for new EPA leadership to review the issues and the 2024 CCR Rule to determine how they wish to proceed. On that same day, the Court granted EPA’s motion. On December 15, 2025, the EPA filed a motion with the Court requesting a continuing abeyance while it reconsiders certain aspects of the 2024 CCR Rule for both Legacy CCR Surface Impoundments and CCR Management Units. On December 16, 2025, the Court granted the EPA’s motion and ordered that the litigation continue to remain in abeyance pending further order of the Court.
116
MD&AOTHER MATTERS
On April 13, 2026, the EPA published in the Federal Register a proposed rule titled “Hazardous and Solid Waste Management System: Disposal of Coal Combustion Residuals from Electric Utilities; Legacy/CCRMU Amendments” under which the EPA proposes numerous amendments to the 2015 CCR Rule, as amended by the 2024 CCR Rule. Among other changes, the EPA is proposing to rescind all CCR Management Unit requirements finalized in the 2024 CCR Rule. In the event the EPA determines not to rescind all such requirements, the EPA is also seeking comments on several potential alternatives that would revise the existing CCR Management Unit regulations, including (i) deferring all CCR Management Unit requirements (other than the requirement to complete facility evaluations) to determinations made by a regulatory authority under a state or federal CCR permit program and (ii) expanding the CCR permit program deferral criteria for certain CCR Management Unit closures to a state or federal permit authority. With respect to Legacy CCR Surface Impoundments, the EPA is proposing (i) to establish an additional pathway for owners and operators of such units to certify closure by removal of the unit under the oversight of a regulatory authority prior to November 8, 2024, and (ii) to expand the CCR permit program deferral criteria for Legacy CCR Surface Impoundments that completed closure under state or federal regulatory authority prior to November 8, 2024, until the CCR permit authority can consider, on a site-specific basis, the need for additional closure measures, if any, to be taken. The Duke Energy Registrants will continue to monitor rule-making developments and actions of the court and will evaluate the impacts of any final rule and other EPA actions, once available. A final rule is anticipated in the fourth quarter of 2026.
In addition to the requirements of the federal CCR rules, CCR landfills and surface impoundments will continue to be regulated by the states. Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions and via wholesale contracts, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations.
State Legislation
Indiana House Enrolled Act 1002
Indiana House Enrolled Act 1002 was signed into law on February 26, 2026. It reflects legislative priorities focused on electric utility affordability, low-income customer protections and assistance, and longer-term ratemaking concepts, including three-year rate plans and performance-based affordability and reliability metrics. Under the law, Duke Energy Indiana is required to file its first MYRP between November 15 and December 15, 2026.
Ohio Natural Gas Senate Bill 103
Ohio Senate Bill 103 (SB103) was signed into law and became effective on March 20, 2026. SB103 allows natural gas utilities to file MYRPs with forward-looking test periods.
Carolinas Resource Plan
On October 1, 2025, Duke Energy Carolinas and Duke Energy Progress filed their systemwide 2025 Carolinas Resource Plan (the 2025 Plan) with the NCUC that builds upon the approved dual-state 2023 Carolinas Resource Plan. The 2025 Plan seeks to maximize the value of existing resources, enhance grid flexibility and add new supply-side resources to reliably meet growing energy demands in the most reasonable and cost-effective manner in a period of unprecedented load growth. The evidentiary hearing took place in June 2026 and an order from the NCUC is expected to be issued by December 31, 2026. Information related to the updated systemwide plan was filed with the PSCSC on November 25, 2025, and the PSCSC issued an order accepting the resource plan on May 15, 2026.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For an in-depth discussion of the Duke Energy Registrants' market risks, see “Quantitative and Qualitative Disclosures about Market Risk” in Item 7 of Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified by the SEC rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated the effectiveness of their disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2026, and based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective in providing reasonable assurance of compliance.
Changes in Internal Control over Financial Reporting
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated changes in internal control over financial reporting (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) that occurred during the fiscal quarter ended June 30, 2026, and have concluded no change has materially affected, or is reasonably likely to materially affect, internal controls over financial reporting.
117
OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
The litigation matter of NTE Carolinas II, LLC Litigation included in Part 1, Item 1 of this Quarterly Report on Form 10-Q, within Note 5, "Commitments and Contingencies" of the Condensed Consolidated Financial Statements, is incorporated herein by reference.
For open litigation, unless otherwise noted, Duke Energy cannot predict the outcome or ultimate resolution of these matters.
MTBE Litigation
In December 2017, the State of Maryland (the State) filed suit in Baltimore City Circuit Court against Duke Energy Merchants and other defendants alleging contamination of state waters by MTBE leaking from gasoline storage tanks. The State seeks an unspecified amount of monetary damages. MTBE is a gasoline additive intended to increase the oxygen content in gasoline and promote cleaner combustion. The case was removed from Baltimore City Circuit Court to federal district court. In December 2020, the State and the defendants selected 50 focus sites, none of which have any ties to Duke Energy Merchants. In November 2025, Duke Energy Merchants entered into a settlement agreement with the State that provided for the payment of an immaterial amount to settle the claims against Duke Energy Merchants. Certain non-settling defendants opposed the settlement, and the court subsequently withdrew its prior dismissal orders. Following a hearing and competing proposed orders, the court referred the matter to a magistrate judge for mediation which occurred on July 29, 2026. The parties continue to engage in discussions regarding potential resolution and the matter remains pending.
Other Proceedings
In addition, the Duke Energy Registrants are, from time to time, parties to various lawsuits and regulatory proceedings in the ordinary course of their business. For information regarding legal proceedings, including regulatory and environmental matters, see Note 4, "Regulatory Matters," and Note 5, "Commitments and Contingencies," to the Condensed Consolidated Financial Statements. For additional information, see Item 3, "Legal Proceedings," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, careful consideration should be given to the factors discussed in Part I, “Item 1A. Risk Factors” in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2025, and the supplemental risk factors included in Exhibit 99.4 to the Current Report on Form 8-K filed by Duke Energy Carolinas with the Securities Exchange Commission on May 29, 2026, which is herein incorporated by reference, and which could materially affect the Duke Energy Registrants’ financial condition or future results.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 5. OTHER INFORMATION
Director and Officer Trading Arrangements
Except as described below, during the three months ended June 30, 2026, no director or officer of the Company adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
On May 12, 2026, Bonnie Titone, Executive Vice President and Chief Administrative Officer, adopted a 10b5-1 trading arrangement for the sale of up to 2,900 shares of the Company's common stock between August 12, 2026, and July 30, 2027, or such earlier date such plan is terminated sooner pursuant to the terms specified therein, including but not limited to the execution of all trades specified therein.
118
EXHIBITS
ITEM 6. EXHIBITS
Exhibits filed herein are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated. Items constituting management contracts or compensatory plans or arrangements are designated by a double asterisk (**). The Company agrees to furnish upon request to the commission a copy of any omitted schedules or exhibits upon request on all items designated by a triple asterisk (***).
DukeDukeDukeDukeDuke
ExhibitDukeEnergyProgressEnergyEnergyEnergyEnergy
NumberEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
4.1X
*10.1**X
*31.1.1X
*31.1.2X
*31.1.3X
*31.1.4X
*31.1.5X
*31.1.6X
*31.1.7X
*31.1.8X
*31.2.1X
*31.2.2X
*31.2.3X
*31.2.4X
*31.2.5X
*31.2.6X
*31.2.7X
*31.2.8X
119
EXHIBITS
*32.1.1X
*32.1.2X
*32.1.3X
*32.1.4X
*32.1.5X
*32.1.6X
*32.1.7X
*32.1.8X
*32.2.1X
*32.2.2X
*32.2.3X
*32.2.4X
*32.2.5X
*32.2.6X
*32.2.7X
*32.2.8X
*101.INSXBRL Instance Document (this does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).XXXXXXXX
*101.SCHXBRL Taxonomy Extension Schema Document.XXXXXXXX
*101.CALXBRL Taxonomy Calculation Linkbase Document.XXXXXXXX
*101.LABXBRL Taxonomy Label Linkbase Document.XXXXXXXX
120
EXHIBITS
*101.PREXBRL Taxonomy Presentation Linkbase Document.XXXXXXXX
*101.DEFXBRL Taxonomy Definition Linkbase Document.XXXXXXXX
*104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).XXXXXXXX
The total amount of securities of the registrant or its subsidiaries authorized under any instrument with respect to long-term debt not filed as an exhibit does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis. The registrant agrees, upon request of the SEC, to furnish copies of any or all of such instruments to it.
121
SIGNATURES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

DUKE ENERGY CORPORATION
DUKE ENERGY CAROLINAS, LLC
PROGRESS ENERGY, INC.
DUKE ENERGY PROGRESS, LLC
DUKE ENERGY FLORIDA, LLC
DUKE ENERGY OHIO, INC.
DUKE ENERGY INDIANA, LLC
PIEDMONT NATURAL GAS COMPANY, INC.

Date:August 4, 2026/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:August 4, 2026/s/ ABIGAIL L. MOTSINGER
Abigail L. Motsinger
Senior Vice President, Chief Accounting Officer
and Controller
(Principal Accounting Officer)
122

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