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News Release

Media Contact: Gillian Moore

24-Hour: 800.559.3853

Analyst Contact: Abby Motsinger

Office: 704.382.7624

August 5, 2025

Duke Energy reports second-quarter 2025 financial results

▪Second-quarter 2025 reported and adjusted EPS of $1.25

▪Strong first half performance puts the company on track to deliver full year results within guidance range

▪Transaction proceeds support material strengthening of company’s credit profile and higher capital deployment at Duke Energy Florida

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced second-quarter 2025 reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.25. This is compared to reported EPS of $1.13 and adjusted EPS of $1.18 for the second quarter of 2024. Adjusted EPS excludes the impact of certain items that are included in reported EPS.

Higher second-quarter 2025 adjusted results were driven by the implementation of new rates and riders, partially offset by higher O&M expenses and interest expense.

The company is reaffirming its 2025 adjusted EPS guidance range of $6.17 to $6.42 and long-term adjusted EPS growth rate of 5% to 7% through 2029 off the 2025 midpoint of $6.30. Management does not forecast reported GAAP EPS and related long-term growth rates.

“We’ve had a strong start to the year, executing on our strategic priorities of advancing large-scale economic development projects, securing industry-leading regulatory and legislative outcomes, and strengthening the balance sheet,” said Harry Sideris, Duke Energy president and chief executive officer. “To position the company for the significant growth ahead, we recently announced two strategic transactions – an equity investment in Duke Energy Florida and the sale of our Piedmont Tennessee business. These efficient funding sources at compelling valuations materially strengthen our credit profile and help fund the increasing investments needed to meet unprecedented growth over the next decade.”

Duke Energy News Release 2

Business segment results

In addition to the following summary of second-quarter 2025 business segment performance, comprehensive tables with detailed EPS drivers for the second quarter compared to prior year are provided at the end of this news release.

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

Electric Utilities and Infrastructure

On a reported basis, Electric Utilities and Infrastructure recognized second-quarter 2025 segment income of $1,194 million, compared to segment income of $1,090 million in the second quarter of 2024.

On an adjusted basis, Electric Utilities and Infrastructure recognized second-quarter 2025 segment income of $1,194 million, compared to segment income of $1,115 million in the second quarter of 2024. This represents an increase of $0.10 per share, excluding share dilution of $0.01 per share. Higher quarterly results were primarily due to the implementation of new rates, partially offset by higher O&M expense and interest expense.

Gas Utilities and Infrastructure

On a reported and adjusted basis, Gas Utilities and Infrastructure recognized second-quarter 2025 segment income of $6 million, compared to reported and adjusted segment income of $6 million in the second quarter of 2024. Flat quarterly results were primarily due to growth from rate increases and riders, offset by higher O&M expenses and depreciation on a growing asset base.

Other

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

On a reported and adjusted basis, Other recognized a second-quarter 2025 segment loss of $228 million, compared to reported and adjusted segment loss of $200 million in the second quarter of 2024. This represents a decrease of $0.02 per share. Lower quarterly results were primarily due to higher interest expense.

Duke Energy News Release 3

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the second quarter of 2025 was 10.6% compared to 13.1% in the second quarter of 2024. The decrease in the effective tax rate was primarily due to an increase in the amortization of income tax credits and lower state tax expense.

Duke Energy's consolidated adjusted effective tax rate was 10.6% for the second quarter of 2025 compared to 13.4% in the second quarter of 2024. The decrease in the adjusted effective tax rate was primarily due to an increase in the amortization of income tax credits and lower state tax expense.

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

Earnings conference call for analysts

An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss second-quarter 2025 financial results and other business and financial updates. The conference call will be hosted by Harry Sideris, president and chief executive officer, and Brian Savoy, executive vice president and chief financial officer.

The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 704713. Please call in 10 to 15 minutes prior to the scheduled start time.

Special Items and Non-GAAP Reconciliation

The following table presents a reconciliation of GAAP reported EPS to adjusted EPS for second-quarter 2025 and 2024 financial results:


(In millions, except per share amounts)	After-Tax Amount		2Q 2025 EPS		2Q 2024 EPS
Earnings Per Share, as reported			$	1.25	$	1.13
Adjustments to reported EPS:
Second Quarter 2025




Discontinued Operations	1		—
Second Quarter 2024

Regulatory Matters	$	25			$	0.03
Discontinued Operations(a)	10				0.01


Total adjustments(b)			$	—	$	0.05
EPS, adjusted			$	1.25	$	1.18

(a) Represents the operating results related to the sale of the Commercial Renewables business disposal group.

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

Duke Energy News Release 4

Non-GAAP financial measures

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

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

•Regulatory matters primarily represents impairment charges related to the 2024 Duke Energy Carolinas' South Carolina rate case order.

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

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

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

Duke Energy News Release 5

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

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

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Forward-Looking Information

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

◦The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and our carbon emission reduction goals, while balancing customer reliability and affordability;

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

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

◦The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;

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

Duke Energy News Release 6

◦The impact of extraordinary external events, such as a global pandemic 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 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 and interest rates, and the ability to timely recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;

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

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

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

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

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

◦The ability to control operation and maintenance costs;

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◦The level of creditworthiness of counterparties to transactions;

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

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

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

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

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

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

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

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

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

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended June 30, 2025

(Dollars in millions, except per share amounts)



	Reported Earnings		Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	1,194	$	—		$	—	$	1,194
Gas Utilities and Infrastructure	6		—			—		6

Total Reportable Segment Income	1,200		—			—		1,200
Other	(228)		—			—		(228)

Discontinued Operations	(1)		1		A	1		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	971	$	1		$	1	$	972
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.25	$	—		$	—	$	1.25

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

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Six Months Ended June 30, 2025

(Dollars in millions, except per share amounts)



	Reported Earnings		Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	2,470	$	—		$	—	$	2,470
Gas Utilities and Infrastructure	355		—			—		355

Total Reportable Segment Income	2,825		—			—		2,825
Other	(488)		—			—		(488)
Discontinued Operations	(1)		1		A	1		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	2,336	$	1		$	1	$	2,337
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	3.00	$	—		$	—	$	3.00

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

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended June 30, 2024

(Dollars in millions, except per share amounts)


			Special Item
	Reported Earnings		Regulatory Matters			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	1,090	$	25	A	$	—		$	25	$	1,115
Gas Utilities and Infrastructure	6		—			—			—		6

Total Reportable Segment Income	1,096		25			—			25		1,121

Other	(200)		—			—			—		(200)

Discontinued Operations	(10)		—			10		B	10		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	886	$	25		$	10		$	35	$	921
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.13	$	0.03		$	0.01		$	0.05	$	1.18

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02). Total EPS adjustments do not cross-foot due to rounding.

A – Net of $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress.

• $33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order.

• $9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order.

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

Weighted Average Shares, basic (reported and adjusted) – 772 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Six Months Ended June 30, 2024

(Dollars in millions, except per share amounts)


			Special Item
	Reported Earnings		Regulatory Matters			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	2,111	$	25	A	$	—		$	25	$	2,136
Gas Utilities and Infrastructure	290		—			—			—		290

Total Reportable Segment Income	2,401		25			—			25		2,426
Other	(403)		—			—			—		(403)

Discontinued Operations	(13)		—			13		B	13		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,985	$	25		$	13		$	38	$	2,023
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	2.57	$	0.03		$	0.02		$	0.05	$	2.62

A – Net of $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress.

• $33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest

Expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order.

• $9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order.

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

Weighted Average Shares, basic (reported and adjusted) – 771 million

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

June 2025

(Dollars in millions)


	Three Months Ended June 30, 2025				Six Months Ended June 30, 2025
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	1,127			$	2,724






Noncontrolling Interests	(27)				(55)
Preferred Dividends	(13)				(27)

Adjusted Pretax Income	$	1,087			$	2,642

Reported Income Tax Expense From Continuing Operations	$	119	10.6	%	$	312	11.5	%





Noncontrolling Interest Portion of Income Taxes(a)	(4)				(7)
Adjusted Tax Expense	$	115	10.6	%	$	305	11.5	%


	Three Months Ended June 30, 2024				Six Months Ended June 30, 2024
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	1,071			$	2,403


Regulatory Matters	33				33
Noncontrolling Interests	(26)				(42)
Preferred Dividends	(14)				(53)
Adjusted Pretax Income	$	1,064			$	2,341

Reported Income Tax Expense From Continuing Operations	$	140	13.1	%	$	318	13.2	%



Regulatory Matters	8				8
Noncontrolling Interest Portion of Income Taxes(a)	(5)				(8)
Adjusted Tax Expense	$	143	13.4	%	$	318	13.6	%

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

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

June 2025 QTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other			Discontinued Operations			Consolidated
2024 QTD Reported Earnings Per Share	$	1.42	$	0.01		$	(0.28)		$	(0.01)		$	1.13





Regulatory Matters	0.03		—			—			—			0.03
Discontinued Operations	—		—			—			0.01			0.01
2024 QTD Adjusted Earnings Per Share	$	1.45	$	0.01		$	(0.28)		$	—		$	1.18
Weather	0.01		—			—			—			0.01
Volume(a)	0.03		—			—			—			0.03
Riders and Other Retail Margin	0.01		0.01			—			—			0.02
Rate case impacts, net(b)	0.19		0.01			—			—			0.20
Wholesale	(0.01)		—			—			—			(0.01)
Operations and maintenance, net of recoverables(c)	(0.08)		(0.01)			—			—			(0.09)


Interest Expense(d)	(0.04)		—			(0.04)			—			(0.08)
AFUDC Equity	0.02		—			—			—			0.02
Depreciation and amortization(d)	(0.03)		(0.01)			—			—			(0.04)

Other	—		—			0.02			—			0.02
Total variance	$	0.10	$	—		$	(0.02)		$	—		$	0.08
Change in share count	(0.01)		—			—			—			(0.01)
2025 QTD Reported and Adjusted Earnings Per Share	$	1.54	$	0.01		$	(0.30)		$	—		$	1.25





Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 772 million to 777 million. Totals may not foot or cross-foot due to rounding.

(a) Includes block and seasonal pricing.

(b) Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.08), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.05), DEI rates, effective February 2025 (+0.04) and DEP North Carolina Year 2 rates, effective October 2024 (+$0.02). Gas Utilities and Infrastructure includes impacts from Piedmont rates, effective November 2024.

(c) Electric Utilities and Infrastructure includes higher grid maintenance and generation outage costs, as well as other corporate costs in the current year.

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

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

June 2025 YTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other			Discontinued Operations			Consolidated
2024 YTD Reported Earnings Per Share	$	2.74	$	0.37		$	(0.52)		$	(0.02)		$	2.57






Regulatory Matters	0.03		—			—			—			0.03
Discontinued Operations	—		—			—			0.02			0.02
2024 YTD Adjusted Earnings Per Share	$	2.77	$	0.37		$	(0.52)		$	—		$	2.62
Weather	0.08		—			—			—			0.08
Volume	0.15		—			—			—			0.15
Riders and Other Retail Margin(a)	0.10		0.04			—			—			0.14
Rate case impacts, net(b)	0.33		0.08			—			—			0.41
Wholesale	0.02		—			—			—			0.02
Operations and maintenance, net of recoverables(c)	(0.12)		(0.01)			—			—			(0.13)


Interest Expense(d)	(0.08)		(0.01)			(0.08)			—			(0.17)
AFUDC Equity	0.04		—			—			—			0.04
Depreciation and amortization(d)	(0.05)		(0.02)			—			—			(0.07)

Other	(0.04)		—			(0.03)			—			(0.07)
Total variance	$	0.43	$	0.08		$	(0.11)		$	—		$	0.40
Change in share count	(0.02)		—			—			—			(0.02)
2025 YTD Reported and Adjusted Earnings Per Share	$	3.18	$	0.45		$	(0.63)		$	—		$	3.00







Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 771 million to 777 million.

(a) Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues. Gas Utilities and Infrastructure includes higher construction and pipeline integrity riders in Ohio and Kentucky, as well as higher revenues from the Tennessee Annual Review Mechanism and the South Carolina Rate Stabilization Act mechanism.

(b) Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.15), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.09), DEP North Carolina Year 2 rates, effective October 2024 (+$0.04) and DEI rates, effective February 2025 (+0.04). Gas Utilities and Infrastructure includes impacts from Piedmont rates, effective November 2024.

(c) Electric Utilities and Infrastructure includes higher grid maintenance and generation outage costs, as well as other corporate costs in the current year.

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


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Operating Revenues
Regulated electric	$	6,968	$	6,746	$	14,032	$	13,478
Regulated natural gas	462		347		1,567		1,213
Nonregulated electric and other	78		79		158		152
Total operating revenues	7,508		7,172		15,757		14,843
Operating Expenses
Fuel used in electric generation and purchased power	1,878		2,228		3,977		4,563
Cost of natural gas	158		78		532		310
Operation, maintenance and other	1,655		1,320		3,154		2,699
Depreciation and amortization	1,583		1,409		3,095		2,796
Property and other taxes	415		393		843		779
Impairment of assets and other charges	3		43		3		44
Total operating expenses	5,692		5,471		11,604		11,191
Gains on Sales of Other Assets and Other, net	14		6		20		18
Operating Income	1,830		1,707		4,173		3,670
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	11		21		22		38
Other income and expenses, net	183		167		315		336
Total other income and expenses	194		188		337		374
Interest Expense	897		824		1,786		1,641
Income From Continuing Operations Before Income Taxes	1,127		1,071		2,724		2,403
Income Tax Expense From Continuing Operations	119		140		312		318
Income From Continuing Operations	1,008		931		2,412		2,085
Loss From Discontinued Operations, net of tax	(1)		(10)		(1)		(13)
Net Income	1,007		921		2,411		2,072
Less: Net Income Attributable to Noncontrolling Interests	23		21		48		34
Net Income Attributable to Duke Energy Corporation	984		900		2,363		2,038
Less: Preferred Dividends	13		14		27		53

Net Income Available to Duke Energy Corporation Common Stockholders	$	971	$	886	$	2,336	$	1,985

Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$	1.25	$	1.14	$	3.00	$	2.59

Loss from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted	$	—	$	(0.01)	$	—	$	(0.02)

Net income available to Duke Energy Corporation common stockholders
Basic and Diluted	$	1.25	$	1.13	$	3.00	$	2.57

Weighted average shares outstanding
Basic and Diluted	777		772		777		771

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions)	June 30, 2025		December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	344	$	314

Receivables (net of allowance for doubtful accounts of $199 at 2025 and $124 at 2024)	4,089		2,232
Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024)	11		1,889
Receivable from sales of Commercial Renewables Disposal Groups	—		551
Inventory (includes $548 at 2025 and $494 at 2024 related to VIEs)	4,434		4,509

Regulatory assets (includes $120 at 2025 and 2024 related to VIEs)	2,269		2,756
Assets held for sale	—		4
Other (includes $81 at 2025 and $90 at 2024 related to VIEs)	1,001		695
Total current assets	12,148		12,950
Property, Plant and Equipment
Cost	186,261		180,806
Accumulated depreciation and amortization	(59,613)		(57,503)

Net property, plant and equipment	126,648		123,303
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $1,651 at 2025 and $1,705 at 2024 related to VIEs)	14,172		14,254
Nuclear decommissioning trust funds	12,109		11,434
Operating lease right-of-use assets, net	1,209		1,148
Investments in equity method unconsolidated affiliates	332		353
Assets held for sale	—		$	89
Other	3,792		3,509
Total other noncurrent assets	50,917		50,090
Total Assets	$	189,713	$	186,343
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $247 at 2025 and $214 at 2024 related to VIEs)	$	4,373	$	5,479
Notes payable and commercial paper	3,473		3,584
Taxes accrued	837		851
Interest accrued	881		855
Current maturities of long-term debt (includes $110 at 2025 and $1,012 at 2024 related to VIEs)	5,046		4,349

Asset retirement obligations	636		650
Regulatory liabilities	1,257		1,425
Liabilities associated with assets held for sale	18		80
Other	1,887		2,084
Total current liabilities	18,408		19,357
Long-Term Debt (includes $1,782 at 2025 and $1,842 at 2024 related to VIEs)	78,914		76,340
Other Noncurrent Liabilities
Deferred income taxes	11,990		11,424
Asset retirement obligations	9,316		9,342
Regulatory liabilities	15,047		14,694
Operating lease liabilities	1,020		957
Accrued pension and other post-retirement benefit costs	410		434
Investment tax credits	882		894
Liabilities associated with assets held for sale	—		$	89
Other (includes $27 at 2024 related to VIEs)	1,696		1,556
Total other noncurrent liabilities	40,361		39,390
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2025 and 2024	973		973
Common stock, $0.001 par value, 2 billion shares authorized; 778 million and 776 million shares outstanding at 2025 and 2024	1		1
Additional paid-in capital	45,573		45,494
Retained earnings	4,141		3,431
Accumulated other comprehensive income	203		228
Total Duke Energy Corporation stockholders' equity	50,891		50,127
Noncontrolling interests	1,139		1,129
Total equity	52,030		51,256
Total Liabilities and Equity	$	189,713	$	186,343


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)

	Six Months Ended June 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	2,411	$	2,072
Adjustments to reconcile net income to net cash provided by operating activities	2,629		3,355
Net cash provided by operating activities	5,040		5,427

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	(6,264)		(6,575)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities	1,245		1,274



Net increase in cash, cash equivalents and restricted cash	21		126
Cash, cash equivalents and restricted cash at beginning of period	421		357
Cash, cash equivalents and restricted cash at end of period	$	442	$	483

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended June 30, 2025
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	6,982	$	—	$	—	$	(14)	$	6,968
Regulated natural gas	—		483		—		(21)		462
Nonregulated electric and other	63		10		40		(35)		78
Total operating revenues	7,045		493		40		(70)		7,508
Operating Expenses
Fuel used in electric generation and purchased power	1,898		—		—		(20)		1,878
Cost of natural gas	—		158		—		—		158
Operation, maintenance and other	1,594		129		(23)		(45)		1,655
Depreciation and amortization	1,402		112		77		(8)		1,583
Property and other taxes	371		41		3		—		415
Impairment of assets and other charges	(1)		—		5		(1)		3
Total operating expenses	5,264		440		62		(74)		5,692
Gains on Sales of Other Assets and Other, net	8		—		6		—		14
Operating Income	1,789		53		(16)		4		1,830
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	—		1		9		1		11
Other income and expenses, net	163		13		33		(26)		183
Total Other Income and Expenses	163		14		42		(25)		194
Interest Expense	535		65		318		(21)		897
Income (Loss) from Continuing Operations before Income Taxes	1,417		2		(292)		—		1,127
Income Tax Expense (Benefit) from Continuing Operations	200		(4)		(77)		—		119
Income (Loss) from Continuing Operations	1,217		6		(215)		—		1,008
Less: Net Income Attributable to Noncontrolling Interest	23		—		—		—		23
Net Income (Loss) Attributable to Duke Energy Corporation	1,194		6		(215)		—		985
Less: Preferred Dividends	—		—		13		—		13

Segment Income/Other Net Loss	$	1,194	$	6	$	(228)	$	—	$	972
Discontinued Operations									(1)
Net Income Available to Duke Energy Corporation Common Stockholders									$	971

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Six Months Ended June 30, 2025
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	14,061	$	—	$	—	$	(29)	$	14,032
Regulated natural gas	—		1,612		—		(45)		1,567
Nonregulated electric and other	124		21		82		(69)		158
Total operating revenues	14,185		1,633		82		(143)		15,757
Operating Expenses
Fuel used in electric generation and purchased power	4,017		—		—		(40)		3,977
Cost of natural gas	—		532		—		—		532
Operation, maintenance and other	3,018		254		(21)		(97)		3,154
Depreciation and amortization	2,736		219		154		(14)		3,095
Property and other taxes	749		88		6		—		843
Impairment of assets and other charges	(1)		—		5		(1)		3
Total operating expenses	10,519		1,093		144		(152)		11,604
Gains on Sales of Other Assets and Other, net	9		—		11		—		20
Operating Income (Loss)	3,675		540		(51)		9		4,173
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	—		6		15		1		22
Other income and expenses, net	297		26		47		(55)		315
Total Other Income and Expenses	297		32		62		(54)		337
Interest Expense	1,065		130		636		(45)		1,786
Income (Loss) from Continuing Operations before Income Taxes	2,907		442		(625)		—		2,724
Income Tax Expense (Benefit) from Continuing Operations	389		87		(164)		—		312
Income (Loss) from Continuing Operations	2,518		355		(461)		—		2,412
Less: Net Income Attributable to Noncontrolling Interest	48		—		—		—		48
Net Income (Loss) Attributable to Duke Energy Corporation	2,470		355		(461)		—		2,364
Less: Preferred Dividends	—		—		27		—		27

Segment Income/Other Net Loss	$	2,470	$	355	$	(488)	$	—	$	2,337
Discontinued Operations									(1)
Net Income Available to Duke Energy Corporation Common Stockholders									$	2,336

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended June 30, 2024
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	6,763	$	—	$	—	$	(17)	$	6,746
Regulated natural gas	—		369		—		(22)		347
Nonregulated electric and other	57		12		40		(30)		79
Total operating revenues	6,820		381		40		(69)		7,172
Operating Expenses
Fuel used in electric generation and purchased power	2,247		—		—		(19)		2,228
Cost of natural gas	—		78		—		—		78
Operation, maintenance and other	1,262		117		(8)		(51)		1,320
Depreciation and amortization	1,246		96		73		(6)		1,409
Property and other taxes	351		38		4		—		393
Impairment of assets and other charges	42		—		1		—		43
Total operating expenses	5,148		329		70		(76)		5,471
Gains on Sales of Other Assets and Other, net	1		—		6		(1)		6
Operating Income	1,673		52		(24)		6		1,707
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	1		—		19		1		21
Other income and expenses, net	140		17		48		(38)		167
Total Other Income and Expenses	141		17		67		(37)		188
Interest Expense	488		61		306		(31)		824
Income (Loss) from Continuing Operations before Income Taxes	1,326		8		(263)		—		1,071
Income Tax Expense (Benefit) from Continuing Operations	214		2		(77)		1		140
Income (Loss) from Continuing Operations	1,112		6		(186)		(1)		931
Less: Net Income Attributable to Noncontrolling Interest	22		—		—		(1)		21
Net Income (Loss) Attributable to Duke Energy Corporation	1,090		6		(186)		—		910
Less: Preferred Dividends	—		—		14		—		14
Segment Income/Other Net Loss	$	1,090	$	6	$	(200)	$	—	$	896
Discontinued Operations									(10)
Net Income Available to Duke Energy Corporation Common Stockholders									$	886

Segment Income/Other Net Loss	$	1,090	$	6	$	(200)	$	—	$	896
Special Item	25		—		—		—		25
Adjusted Earnings(a)	$	1,115	$	6	$	(200)	$	—	$	921

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Six Months Ended June 30, 2024
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	13,513	$	—	$	—	$	(35)	$	13,478
Regulated natural gas	—		1,258		—		(45)		1,213
Nonregulated electric and other	110		25		78		(61)		152
Total operating revenues	13,623		1,283		78		(141)		14,843
Operating Expenses
Fuel used in electric generation and purchased power	4,602		—		—		(39)		4,563
Cost of natural gas	—		310		—		—		310
Operation, maintenance and other	2,578		246		(26)		(99)		2,699
Depreciation and amortization	2,471		194		144		(13)		2,796
Property and other taxes	688		84		7		—		779
Impairment of assets and other charges	43		—		1		—		44
Total operating expenses	10,382		834		126		(151)		11,191
Gains on Sales of Other Assets and Other, net	7		—		11		—		18
Operating Income (Loss)	3,248		449		(37)		10		3,670
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	2		—		36		—		38
Other income and expenses, net	270		34		110		(78)		336
Total Other Income and Expenses	272		34		146		(78)		374
Interest Expense	987		122		600		(68)		1,641
Income (Loss) From Continuing Operations Before Income Taxes	2,533		361		(491)		—		2,403
Income Tax Expense (Benefit) from Continuing Operations	387		71		(141)		1		318
Income (Loss) from Continuing Operations	2,146		290		(350)		(1)		2,085
Less: Net Income Attributable to Noncontrolling Interest	35		—		—		(1)		34
Net Income (Loss) Attributable to Duke Energy Corporation	2,111		290		(350)		—		2,051
Less: Preferred Dividends	—		—		53		—		53
Segment Income/Other Net Loss	$	2,111	$	290	$	(403)	$	—	$	1,998
Discontinued Operations									(13)
Net Income Available to Duke Energy Corporation Common Stockholders									$	1,985

Segment Income/Other Net Loss	$	2,111	$	290	$	(403)	$	—	$	1,998
Special Item	25		—		—		—		25
Adjusted Earnings(a)	$	2,136	$	290	$	(403)	$	—	$	2,023

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	June 30, 2025
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other(a)		Eliminations/ Adjustments		Duke Energy
Current Assets
Cash and cash equivalents	$	63	$	10	$	270	$	1	$	344

Receivables, net	3,829		256		4		—		4,089
Receivables of variable interest entities, net	11		—		—		—		11
Receivables from affiliated companies	195		152		895		(1,242)		—

Notes receivable from affiliated companies	1,069		2		7		(1,078)		—
Inventory	4,331		66		37		—		4,434
Regulatory assets	2,044		136		89		—		2,269

Other	674		99		295		(67)		1,001
Total current assets	12,216		721		1,597		(2,386)		12,148
Property, Plant and Equipment
Cost	164,779		18,245		3,313		(76)		186,261
Accumulated depreciation and amortization	(53,818)		(3,756)		(2,038)		(1)		(59,613)

Net property, plant and equipment	110,961		14,489		1,275		(77)		126,648
Other Noncurrent Assets
Goodwill	17,379		1,924		—		—		19,303
Regulatory assets	12,828		831		513		—		14,172
Nuclear decommissioning trust funds	12,109		—		—		—		12,109
Operating lease right-of-use assets, net	782		3		424		—		1,209
Investments in equity method unconsolidated affiliates	1		179		152		—		332
Investment in consolidated subsidiaries	515		6		77,127		(77,648)		—

Other	2,548		315		1,554		(625)		3,792
Total other noncurrent assets	46,162		3,258		79,770		(78,273)		50,917
Total Assets	169,339		18,468		82,642		(80,736)		189,713
Segment reclassifications, intercompany balances and other	(1,919)		(163)		(78,654)		80,736		—
Segment Assets	$	167,420	$	18,305	$	3,988	$	—	$	189,713

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	June 30, 2025
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other(a)		Eliminations/ Adjustments		Duke Energy
Current Liabilities
Accounts payable	$	3,501	$	241	$	632	$	(1)	$	4,373
Accounts payable to affiliated companies	864		47		207		(1,118)		—
Notes payable to affiliated companies	2		727		349		(1,078)		—
Notes payable and commercial paper	—		—		3,473		—		3,473
Taxes accrued	1,057		49		(269)		—		837
Interest accrued	574		53		254		—		881
Current maturities of long-term debt	1,927		255		2,871		(7)		5,046
Asset retirement obligations	636		—		—		—		636
Regulatory liabilities	1,234		23		—		—		1,257
Liabilities associated with assets held for sale	—		—		18		—		18
Other	1,413		86		577		(189)		1,887
Total current liabilities	11,208		1,481		8,112		(2,393)		18,408
Long-Term Debt	49,997		4,765		24,222		(70)		78,914
Long-Term Debt Payable to Affiliated Companies	618		7		—		(625)		—
Other Noncurrent Liabilities
Deferred income taxes	12,149		1,555		(1,714)		—		11,990
Asset retirement obligations	9,224		93		—		(1)		9,316
Regulatory liabilities	13,817		1,201		30		(1)		15,047
Operating lease liabilities	714		2		303		1		1,020
Accrued pension and other post-retirement benefit costs	181		29		200		—		410
Investment tax credits	881		1		—		—		882

Other	1,169		165		549		(187)		1,696
Total other noncurrent liabilities	38,135		3,046		(632)		(188)		40,361
Equity
Total Duke Energy Corporation stockholders' equity	68,245		9,166		50,940		(77,460)		50,891
Noncontrolling interests	1,136		3		—		—		1,139
Total equity	69,381		9,169		50,940		(77,460)		52,030
Total Liabilities and Equity	169,339		18,468		82,642		(80,736)		189,713
Segment reclassifications, intercompany balances and other	(1,919)		(163)		(78,654)		80,736		—
Segment Liabilities and Equity	$	167,420	$	18,305	$	3,988	$	—	$	189,713

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

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended June 30, 2025
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Other		Electric Utilities and Infrastructure



Operating Revenues	$	2,231	$	1,681	$	1,885	$	498	$	821	$	(71)	$	7,045
Operating Expenses
Fuel used in electric generation and purchased power	571		574		451		161		219		(78)		1,898
Operation, maintenance and other	488		333		495		87		189		2		1,594
Depreciation and amortization	482		319		290		83		222		6		1,402
Property and other taxes	85		45		130		80		17		14		371
Impairment of assets and other charges	(1)		—		—		—		—		—		(1)
Total operating expenses	1,625		1,271		1,366		411		647		(56)		5,264
Gains on Sales of Other Assets and Other, net	6		—		—		—		—		2		8
Operating Income	612		410		519		87		174		(13)		1,789
Other Income and Expenses, net(b)	62		50		26		4		22		(1)		163
Interest Expense	200		139		116		32		56		(8)		535
Income Before Income Taxes	474		321		429		59		140		(6)		1,417
Income Tax Expense	39		40		81		9		20		11		200
Less: Net Income Attributable to Noncontrolling Interest(c)	—		—		—		—		—		23		23
Segment Income	$	435	$	281	$	348	$	50	$	120	$	(40)	$	1,194

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

(b) Includes an equity component of allowance for funds used during construction of $34 million for Duke Energy Carolinas, $22 million for Duke Energy Progress, $6 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $8 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Six Months Ended June 30, 2025
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Other		Electric Utilities and Infrastructure



Operating Revenues	$	4,755	$	3,699	$	3,329	$	985	$	1,679	$	(262)	$	14,185
Operating Expenses
Fuel used in electric generation and purchased power	1,374		1,299		832		310		479		(277)		4,017
Operation, maintenance and other	962		724		777		179		382		(6)		3,018
Depreciation and amortization	914		676		564		159		414		9		2,736
Property and other taxes	187		105		242		166		35		14		749
Impairment of assets and other charges	(1)		—		—		—		—		—		(1)
Total operating expenses	3,436		2,804		2,415		814		1,310		(260)		10,519
Gains on Sales of Other Assets and Other, net	6		—		1		—		—		2		9
Operating Income	1,325		895		915		171		369		—		3,675
Other Income and Expenses, net(b)	123		89		47		8		32		(2)		297
Interest Expense	400		267		234		63		116		(15)		1,065
Income Before Income Taxes	1,048		717		728		116		285		13		2,907
Income Tax Expense	92		98		141		18		38		2		389

Less: Net Income Attributable to Noncontrolling Interest(c)	—		—		—		—		—		48		48
Segment Income	$	956	$	619	$	587	$	98	$	247	$	(37)	$	2,470

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

(b) Includes an equity component of allowance for funds used during construction of $66 million for Duke Energy Carolinas, $41 million for Duke Energy Progress, $11 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $15 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	June 30, 2025
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	7	$	24	$	16	$	7	$	9	$	—	$	63

Receivables, net	1,241		934		801		380		463		10		3,829
Receivables of variable interest entities, net	1		5		4		—		—		1		11
Receivables from affiliated companies	210		31		72		23		—		(141)		195
Notes receivable from affiliated companies	27		949		—		7		235		(149)		1,069
Inventory	1,524		1,323		767		166		550		1		4,331

Regulatory assets	656		614		562		38		176		(2)		2,044
Other	354		157		85		2		84		(8)		674
Total current assets	4,020		4,037		2,307		623		1,517		(288)		12,216
Property, Plant and Equipment
Cost	60,065		43,320		31,665		9,183		20,492		54		164,779
Accumulated depreciation and amortization	(19,637)		(16,550)		(8,034)		(2,459)		(7,174)		36		(53,818)

Net property, plant and equipment	40,428		26,770		23,631		6,724		13,318		90		110,961
Other Noncurrent Assets
Goodwill	—		—		—		596		—		16,783		17,379
Regulatory assets	3,985		4,654		2,105		398		1,050		636		12,828
Nuclear decommissioning trust funds	6,880		4,922		308		—		—		(1)		12,109
Operating lease right-of-use assets, net	88		403		250		6		35		—		782
Investments in equity method unconsolidated affiliates	—		—		1		—		—		—		1
Investment in consolidated subsidiaries	56		10		4		444		1		—		515

Other	1,198		770		490		64		260		(234)		2,548
Total other noncurrent assets	12,207		10,759		3,158		1,508		1,346		17,184		46,162
Total Assets	56,655		41,566		29,096		8,855		16,181		16,986		169,339
Segment reclassifications, intercompany balances and other	(320)		(1,080)		(93)		(477)		(241)		292		(1,919)
Reportable Segment Assets	$	56,335	$	40,486	$	29,003	$	8,378	$	15,940	$	17,278	$	167,420

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

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

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	June 30, 2025
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Liabilities
Accounts payable	$	1,346	$	581	$	977	$	230	$	365	$	2	$	3,501
Accounts payable to affiliated companies	492		391		63		18		67		(167)		864
Notes payable to affiliated companies	—		—		67		83		—		(148)		2

Taxes accrued	278		107		340		229		83		20		1,057
Interest accrued	228		156		86		41		63		—		574
Current maturities of long-term debt	23		582		1,235		91		4		(8)		1,927

Asset retirement obligations	259		222		1		7		148		(1)		636
Regulatory liabilities	571		272		83		37		270		1		1,234
Other	477		310		352		66		209		(1)		1,413
Total current liabilities	3,674		2,621		3,204		802		1,209		(302)		11,208
Long-Term Debt	18,022		13,483		9,785		3,341		4,941		425		49,997
Long-Term Debt Payable to Affiliated Companies	300		150		—		18		150		—		618
Other Noncurrent Liabilities
Deferred income taxes	4,199		2,510		3,013		873		1,503		51		12,149
Asset retirement obligations	3,716		4,123		196		69		1,105		15		9,224
Regulatory liabilities	6,893		4,799		660		237		1,254		(26)		13,817
Operating lease liabilities	78		404		197		5		31		(1)		714
Accrued pension and other post-retirement benefit costs	21		137		88		69		82		(216)		181
Investment tax credits	309		142		241		5		185		(1)		881

Other	672		264		155		69		21		(12)		1,169
Total other noncurrent liabilities	15,888		12,379		4,550		1,327		4,181		(190)		38,135



Equity
Total Duke Energy Corporation stockholders equity	18,771		12,933		11,557		3,367		5,700		15,917		68,245
Noncontrolling interests(c)	—		—		—		—		—		1,136		1,136
Total equity	18,771		12,933		11,557		3,367		5,700		17,053		69,381
Total Liabilities and Equity	56,655		41,566		29,096		8,855		16,181		16,986		169,339
Segment reclassifications, intercompany balances and other	(320)		(1,080)		(93)		(477)		(241)		292		(1,919)
Reportable Segment Liabilities and Equity	$	56,335	$	40,486	$	29,003	$	8,378	$	15,940	$	17,278	$	167,420

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

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

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended June 30, 2025
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	156	$	335	$	3	$	(1)	$	493
Operating Expenses
Cost of natural gas	35		124		—		(1)		158
Operation, maintenance and other	27		101		—		1		129
Depreciation and amortization	39		71		2		—		112
Property and other taxes	21		19		2		(1)		41

Total operating expenses	122		315		4		(1)		440

Operating Income (Loss)	34		20		(1)		—		53
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	—		—		1		—		1
Other income and expenses, net	2		11		—		—		13
Total other income and expenses	2		11		1		—		14
Interest Expense	18		47		1		(1)		65
Income (Loss) Before Income Taxes	18		(16)		(1)		1		2
Income Tax Expense (Benefit)	3		(7)		—		—		(4)
Segment Income (Loss)	$	15	$	(9)	$	(1)	$	1	$	6

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

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

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Six Months Ended June 30, 2025
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	435	$	1,192	$	7	$	(1)	$	1,633
Operating Expenses
Cost of natural gas	136		396		—		—		532
Operation, maintenance and other	56		195		—		3		254
Depreciation and amortization	75		141		4		(1)		219
Property and other taxes	51		37		3		(3)		88

Total operating expenses	318		769		7		(1)		1,093

Operating Income	117		423		—		—		540
Other Income and Expenses, net
Equity in earnings of unconsolidated affiliates	—		—		6		—		6
Other income and expenses, net	4		22		—		—		26
Other Income and Expenses, net	4		22		6		—		32
Interest Expense	34		94		2		—		130
Income Before Income Taxes	87		351		4		—		442
Income Tax Expense	17		69		1		—		87
Segment Income	$	70	$	282	$	3	$	—	$	355

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

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

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	June 30, 2025
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage		Eliminations/ Adjustments(b)		Gas Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	3	$	2	$	5	$	—	$	10

Receivables, net	62		195		—		(1)		256

Receivables from affiliated companies	—		88		135		(71)		152
Notes receivable from affiliated companies	4		—		—		(2)		2
Inventory	15		51		—		—		66

Regulatory assets	5		131		—		—		136
Other	17		79		3		—		99
Total current assets	106		546		143		(74)		721
Property, Plant and Equipment
Cost	5,043		13,129		73		—		18,245
Accumulated depreciation and amortization	(1,233)		(2,512)		(11)		—		(3,756)

Net property, plant and equipment	3,810		10,617		62		—		14,489
Other Noncurrent Assets
Goodwill	324		49		—		1,551		1,924
Regulatory assets	324		446		—		61		831
Operating lease right-of-use assets, net	—		3		—		—		3
Investments in equity method unconsolidated affiliates	—		—		174		5		179
Investment in consolidated subsidiaries	—		—		—		6		6

Other	23		273		18		1		315
Total other noncurrent assets	671		771		192		1,624		3,258
Total Assets	4,587		11,934		397		1,550		18,468
Segment reclassifications, intercompany balances and other	(5)		(90)		(135)		67		(163)
Reportable Segment Assets	$	4,582	$	11,844	$	262	$	1,617	$	18,305

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

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

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	June 30, 2025
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage		Eliminations/ Adjustments(b)		Gas Utilities and Infrastructure
Current Liabilities
Accounts payable	$	40	$	195	$	6	$	—	$	241
Accounts payable to affiliated companies	4		96		18		(71)		47
Notes payable to affiliated companies	47		682		—		(2)		727

Taxes accrued	11		42		(3)		(1)		49
Interest accrued	8		45		—		—		53
Current maturities of long-term debt	49		205		—		1		255


Regulatory liabilities	16		7		—		—		23
Other	4		81		—		1		86
Total current liabilities	179		1,353		21		(72)		1,481
Long-Term Debt	858		3,799		59		49		4,765
Long-Term Debt Payable to Affiliated Companies	7		—		—		—		7
Other Noncurrent Liabilities
Deferred income taxes	448		1,037		68		2		1,555
Asset retirement obligations	63		29		—		1		93
Regulatory liabilities	230		959		—		12		1,201
Operating lease liabilities	—		2		—		—		2
Accrued pension and other post-retirement benefit costs	23		6		—		—		29
Investment tax credits	—		1		—		—		1

Other	21		146		—		(2)		165
Total other noncurrent liabilities	785		2,180		68		13		3,046
Equity
Total Duke Energy Corporation stockholders' equity	2,758		4,602		246		1,560		9,166
Noncontrolling interests	—		—		3		—		3
Total equity	2,758		4,602		249		1,560		9,169
Total Liabilities and Equity	4,587		11,934		397		1,550		18,468
Segment reclassifications, intercompany balances and other	(5)		(90)		(135)		67		(163)
Reportable Segment Liabilities and Equity	$	4,582	$	11,844	$	262	$	1,617	$	18,305

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

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


Electric Utilities and Infrastructure
Quarterly Highlights
June 2025

		Three Months Ended June 30,						Six Months Ended June 30,
		2025	2024	% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)		2025	2024	% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
	Residential	19,328	19,564	(1.2	%)	(0.5	%)	44,553	42,268	5.4	%	1.6	%
	Commercial	19,267	19,423	(0.8	%)	0.4	%	38,169	37,592	1.5	%	1.0	%
	Industrial	11,751	11,835	(0.7	%)	(2.2	%)	22,715	23,284	(2.4	%)	(1.6	%)
	Other Energy Sales	138	129	7.0	%	n/a		254	265	(4.2	%)	n/a
	Unbilled Sales	2,811	2,734	2.8	%	n/a		995	940	5.9	%	n/a
	Total Retail Sales	53,295	53,685	(0.7	%)	(0.6	%)	106,686	104,349	2.2	%	0.7	%
	Wholesale and Other	10,866	11,301	(3.8	%)			22,717	21,247	6.9	%
	Total Consolidated Electric Sales – Electric Utilities and Infrastructure	64,161	64,986	(1.3	%)			129,403	125,596	3.0	%

Average Number of Customers (Electric)
	Residential	7,520,099	7,391,580	1.7	%			7,509,110	7,373,551	1.8	%
	Commercial	1,047,601	1,043,945	0.4	%			1,046,413	1,042,841	0.3	%
	Industrial	15,125	15,708	(3.7	%)			15,215	15,756	(3.4	%)
	Other Energy Sales	23,054	23,723	(2.8	%)			23,129	23,781	(2.7	%)
	Total Retail Customers	8,605,879	8,474,956	1.5	%			8,593,867	8,455,929	1.6	%
	Wholesale and Other	52	51	2.0	%			52	51	2.0	%
	Total Average Number of Customers – Electric Utilities and Infrastructure	8,605,931	8,475,007	1.5	%			8,593,919	8,455,980	1.6	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	7,785	9,985	(22.0	%)			19,132	19,374	(1.2	%)
	Nuclear	19,250	17,950	7.2	%			38,176	37,032	3.1	%
	Hydro	452	447	1.1	%			898	1,428	(37.1	%)
	Natural Gas and Oil	22,372	22,921	(2.4	%)			43,925	42,802	2.6	%
	Renewable Energy	1,171	1,038	12.8	%			2,012	1,706	17.9	%
	Total Generation(d)	51,030	52,341	(2.5	%)			104,143	102,342	1.8	%
	Purchased Power and Net Interchange(e)	16,214	15,355	5.6	%			31,166	29,483	5.7	%
	Total Sources of Energy	67,244	67,696	(0.7	%)			135,309	131,825	2.6	%
	Less: Line Loss and Other	3,083	2,710	13.8	%			5,906	6,229	(5.2	%)
	Total GWh Sources	64,161	64,986	(1.3	%)			129,403	125,596	3.0	%

Owned Megawatt (MW) Capacity(c)
	Summer							50,569	50,430
	Winter							55,216	54,944
Nuclear Capacity Factor (%)(f)								99	95

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

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

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

(e) Purchased power includes renewable energy purchases.

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


Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2025

		Three Months Ended June 30,								Six Months Ended June 30,
		2025		2024		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)		2025		2024		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	6,165		6,256		(1.5	%)			15,303		14,497		5.6	%
	Commercial	7,265		7,432		(2.2	%)			14,655		14,664		(0.1	%)
	Industrial	4,977		4,985		(0.2	%)			9,531		9,671		(1.4	%)
	Other Energy Sales	77		68		13.2	%			133		136		(2.2	%)
	Unbilled Sales	1,080		1,151		(6.2	%)			350		475		(26.3	%)
	Total Retail Sales	19,564		19,892		(1.6	%)	(1.1	%)	39,972		39,443		1.3	%	0.1	%
	Wholesale and Other	2,604		2,592		0.5	%			5,754		5,429		6.0	%
	Total Consolidated Electric Sales – Duke Energy Carolinas	22,168		22,484		(1.4	%)			45,726		44,872		1.9	%

Average Number of Customers
	Residential	2,536,178		2,480,757		2.2	%			2,530,372		2,473,067		2.3	%
	Commercial	402,816		402,323		0.1	%			402,377		402,055		0.1	%
	Industrial	5,845		5,959		(1.9	%)			5,870		5,964		(1.6	%)
	Other Energy Sales	10,803		11,064		(2.4	%)			10,819		11,092		(2.5	%)
	Total Retail Customers	2,955,642		2,900,103		1.9	%			2,949,438		2,892,178		2.0	%
	Wholesale and Other	27		24		12.5	%			26		25		4.0	%
	Total Average Number of Customers – Duke Energy Carolinas	2,955,669		2,900,127		1.9	%			2,949,464		2,892,203		2.0	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,538		2,696		(43.0	%)			4,823		5,611		(14.0	%)
	Nuclear	11,363		10,894		4.3	%			23,152		22,729		1.9	%
	Hydro	216		209		3.3	%			467		861		(45.8	%)
	Natural Gas and Oil	6,590		6,158		7.0	%			12,470		12,060		3.4	%
	Renewable Energy	87		99		(12.1	%)			144		172		(16.3	%)
	Total Generation(d)	19,794		20,056		(1.3	%)			41,056		41,433		(0.9	%)
	Purchased Power and Net Interchange(e)	3,432		3,273		4.9	%			6,670		5,480		21.7	%
	Total Sources of Energy	23,226		23,329		(0.4	%)			47,726		46,913		1.7	%
	Less: Line Loss and Other	1,058		845		25.2	%			2,000		2,041		(2.0	%)
	Total GWh Sources	22,168		22,484		(1.4	%)			45,726		44,872		1.9	%

Owned MW Capacity(c)
	Summer									19,745		19,688
	Winter									20,842		20,735
Nuclear Capacity Factor (%)(f)										100		97

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	127		124		2.4	%			1,770		1,599		10.7	%
	Cooling Degree Days	596		624		(4.5	%)			604		627		(3.7	%)

	Variance from Normal
	Heating Degree Days	(38.7	%)	(40.8	%)					(7.1	%)	(17.6	%)
	Cooling Degree Days	18.5	%	22.6	%					18.2	%	21.5	%

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

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

(e) Purchased power includes renewable energy purchases.

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


Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2025

		Three Months Ended June 30,								Six Months Ended June 30,
		2025		2024		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)		2025		2024		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	3,886		3,912		(0.7	%)			9,766		9,044		8.0	%
	Commercial	3,695		3,619		2.1	%			7,435		7,251		2.5	%
	Industrial	2,375		2,328		2.0	%			4,832		4,551		6.2	%
	Other Energy Sales	21		21		—	%			42		43		(2.3	%)
	Unbilled Sales	669		704		(5.0	%)			(78)		183		(142.6	%)
	Total Retail Sales	10,646		10,584		0.6	%	0.4	%	21,997		21,072		4.4	%	1.3	%
	Wholesale and Other	6,412		6,630		(3.3	%)			13,246		12,270		8.0	%
	Total Consolidated Electric Sales – Duke Energy Progress	17,058		17,214		(0.9	%)			35,243		33,342		5.7	%

Average Number of Customers
	Residential	1,523,129		1,495,566		1.8	%			1,520,911		1,491,114		2.0	%
	Commercial	249,001		248,278		0.3	%			248,667		247,992		0.3	%
	Industrial	3,043		3,213		(5.3	%)			3,057		3,226		(5.2	%)
	Other Energy Sales	2,391		2,440		(2.0	%)			2,399		2,446		(1.9	%)
	Total Retail Customers	1,777,564		1,749,497		1.6	%			1,775,034		1,744,778		1.7	%
	Wholesale and Other	8		9		(11.1	%)			8		8		—	%
	Total Average Number of Customers – Duke Energy Progress	1,777,572		1,749,506		1.6	%			1,775,042		1,744,786		1.7	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,773		2,116		(16.2	%)			4,049		3,918		3.3	%
	Nuclear	7,887		7,056		11.8	%			15,024		14,303		5.0	%
	Hydro	179		168		6.5	%			317		429		(26.1	%)
	Natural Gas and Oil	4,996		5,656		(11.7	%)			11,515		10,773		6.9	%
	Renewable Energy	68		56		21.4	%			118		115		2.6	%
	Total Generation(d)	14,903		15,052		(1.0	%)			31,023		29,538		5.0	%
	Purchased Power and Net Interchange(e)	2,761		2,708		2.0	%			5,253		4,845		8.4	%
	Total Sources of Energy	17,664		17,760		(0.5	%)			36,276		34,383		5.5	%
	Less: Line Loss and Other	606		546		11.0	%			1,033		1,041		(0.8	%)
	Total GWh Sources	17,058		17,214		(0.9	%)			35,243		33,342		5.7	%

Owned MW Capacity(c)
	Summer									12,585		12,567
	Winter									13,880		13,770
Nuclear Capacity Factor (%)(f)										96		91

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	83		96		(13.5	%)			1,606		1,369		17.3	%
	Cooling Degree Days	754		729		3.4	%			769		738		4.2	%

	Variance from Normal
	Heating Degree Days	(51.7	%)	(45.0	%)					(7.5	%)	(22.7	%)
	Cooling Degree Days	34.2	%	29.6	%					33.7	%	28.4	%

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

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

(e) Purchased power includes renewable energy purchases.

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


Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2025

		Three Months Ended June 30,								Six Months Ended June 30,
		2025		2024		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)		2025		2024		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	5,622		5,539		1.5	%			10,240		9,910		3.3	%
	Commercial	3,964		4,019		(1.4	%)			7,366		7,344		0.3	%
	Industrial	851		848		0.4	%			1,634		1,680		(2.7	%)
	Other Energy Sales	7		7		—	%			14		15		(6.7	%)
	Unbilled Sales	640		620		—	%			515		547		(5.9	%)
	Total Retail Sales	11,084		11,033		0.5	%	(1.4	%)	19,769		19,496		1.4	%	(0.3	%)
	Wholesale and Other	642		829		(22.6	%)			1,025		1,205		(14.9	%)
	Total Electric Sales – Duke Energy Florida	11,726		11,862		(1.1	%)			20,794		20,701		0.4	%

Average Number of Customers
	Residential	1,815,652		1,789,071		1.5	%			1,813,649		1,785,483		1.6	%
	Commercial	212,623		211,119		0.7	%			212,229		210,708		0.7	%
	Industrial	1,580		1,682		(6.1	%)			1,598		1,699		(5.9	%)
	Other Energy Sales	3,538		3,616		(2.2	%)			3,550		3,624		(2.0	%)
	Total Retail Customers	2,033,393		2,005,488		1.4	%			2,031,026		2,001,514		1.5	%
	Wholesale and Other	12		13		(7.7	%)			13		13		—	%
	Total Average Number of Customers – Duke Energy Florida	2,033,405		2,005,501		1.4	%			2,031,039		2,001,527		1.5	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,239		1,029		20.4	%			1,693		1,622		4.4	%


	Natural Gas and Oil	9,621		9,657		(0.4	%)			17,625		17,392		1.3	%
	Renewable Energy	1,007		874		15.2	%			1,736		1,404		23.6	%
	Total Generation(d)	11,867		11,560		2.7	%			21,054		20,418		3.1	%
	Purchased Power and Net Interchange(e)	343		645		(46.8	%)			451		898		(49.8	%)
	Total Sources of Energy	12,210		12,205		—	%			21,505		21,316		0.9	%
	Less: Line Loss and Other	484		343		41.1	%			711		615		15.6	%
	Total GWh Sources	11,726		11,862		(1.1	%)			20,794		20,701		0.4	%

Owned MW Capacity(c)
	Summer									10,855		10,791
	Winter									12,515		12,483

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	—		—		—	%			359		294		22.1	%
	Cooling Degree Days	1,261		1,207		4.5	%			1,476		1,436		2.8	%

	Variance from Normal
	Heating Degree Days	(100.0	%)	(100.0	%)					(3.8	%)	(22.4	%)
	Cooling Degree Days	17.8	%	13.8	%					15.2	%	13.3	%

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

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

(e) Purchased power includes renewable energy purchases.


Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2025

		Three Months Ended June 30,								Six Months Ended June 30,
		2025		2024		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)		2025		2024		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	1,813		1,937		(6.4	%)			4,485		4,319		3.8	%
	Commercial	2,317		2,386		(2.9	%)			4,646		4,458		4.2	%
	Industrial	1,126		1,333		(15.5	%)			2,222		2,591		(14.2	%)
	Other Energy Sales	21		18		16.7	%			40		41		(2.4	%)
	Unbilled Sales	259		109		137.6	%			138		24		475.0	%
	Total Retail Sales	5,536		5,783		(4.3	%)	(2.2	%)	11,531		11,433		0.9	%	0.2	%
	Wholesale and Other	135		127		6.3	%			247		257		(3.9	%)
	Total Electric Sales – Duke Energy Ohio	5,671		5,910		(4.0	%)			11,778		11,690		0.8	%

Average Number of Customers
	Residential	837,594		831,819		0.7	%			837,735		830,951		0.8	%
	Commercial	76,391		75,968		0.6	%			76,453		75,871		0.8	%
	Industrial	2,051		2,220		(7.6	%)			2,076		2,234		(7.1	%)
	Other Energy Sales	2,605		2,792		(6.7	%)			2,629		2,796		(6.0	%)
	Total Retail Customers	918,641		912,799		0.6	%			918,893		911,852		0.8	%
	Wholesale and Other	1		1		—	%			1		1		—	%
	Total Average Number of Customers – Duke Energy Ohio	918,642		912,800		0.6	%			918,894		911,853		0.8	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	576		482		19.5	%			1,355		1,247		8.7	%


	Natural Gas and Oil	98		107		(8.4	%)			135		145		(6.9	%)

	Total Generation(d)	674		589		14.4	%			1,490		1,392		7.0	%
	Purchased Power and Net Interchange(e)	5,602		5,788		(3.2	%)			11,648		11,485		1.4	%
	Total Sources of Energy	6,276		6,377		(1.6	%)			13,138		12,877		2.0	%
	Less: Line Loss and Other	605		467		29.6	%			1,360		1,187		14.6	%
	Total GWh Sources	5,671		5,910		(4.0	%)			11,778		11,690		0.8	%

Owned MW Capacity(c)
	Summer									1,080		1,080
	Winter									1,173		1,173

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	408		285		43.2	%			2,971		2,513		18.2	%
	Cooling Degree Days	344		453		(24.1	%)			351		453		(22.5	%)

	Variance from Normal
	Heating Degree Days	(8.0	%)	(36.2	%)					(0.7	%)	(17.2	%)
	Cooling Degree Days	1.8	%	33.8	%					3.1	%	32.7	%

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

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

(e) Purchased power includes renewable energy purchases.


Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2025

		Three Months Ended June 30,								Six Months Ended June 30,
		2025		2024		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)		2025		2024		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	1,842		1,920		(4.1	%)			4,759		4,498		5.8	%
	Commercial	2,026		1,967		3.0	%			4,067		3,875		5.0	%
	Industrial	2,422		2,341		3.5	%			4,496		4,791		(6.2	%)
	Other Energy Sales	12		15		(20.0	%)			25		30		(16.7	%)
	Unbilled Sales	163		150		8.7	%			70		(289)		124.2	%
	Total Retail Sales	6,465		6,393		1.1	%	2.7	%	13,417		12,905		4.0	%	3.1	%
	Wholesale and Other	1,073		1,123		(4.5	%)			2,445		2,086		17.2	%
	Total Electric Sales – Duke Energy Indiana	7,538		7,516		0.3	%			15,862		14,991		5.8	%

Average Number of Customers
	Residential	807,546		794,366		1.7	%			806,443		792,936		1.7	%
	Commercial	106,770		106,256		0.5	%			106,687		106,215		0.4	%
	Industrial	2,606		2,633		(1.0	%)			2,614		2,633		(0.7	%)
	Other Energy Sales	3,717		3,811		(2.5	%)			3,732		3,823		(2.4	%)
	Total Retail Customers	920,639		907,066		1.5	%			919,476		905,607		1.5	%
	Wholesale and Other	4		4		—	%			4		4		—	%
	Total Average Number of Customers – Duke Energy Indiana	920,643		907,070		1.5	%			919,480		905,611		1.5	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	2,659		3,662		(27.4	%)			7,212		6,976		3.4	%

	Hydro	57		70		(18.6	%)			114		138		(17.4	%)
	Natural Gas and Oil	1,067		1,343		(20.6	%)			2,180		2,432		(10.4	%)
	Renewable Energy	9		9		—	%			14		15		(6.7	%)
	Total Generation(d)	3,792		5,084		(25.4	%)			9,520		9,561		(0.4	%)
	Purchased Power and Net Interchange(e)	4,076		2,941		38.6	%			7,144		6,775		5.4	%
	Total Sources of Energy	7,868		8,025		(2.0	%)			16,664		16,336		2.0	%
	Less: Line Loss and Other	330		509		(35.2	%)			802		1,345		(40.4	%)
	Total GWh Sources	7,538		7,516		0.3	%			15,862		14,991		5.8	%

Owned MW Capacity(c)
	Summer									6,304		6,304
	Winter									6,806		6,783

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	430		316		36.1	%			3,161		2,677		18.1	%
	Cooling Degree Days	352		437		(19.5	%)			354		437		(19.0	%)

	Variance from Normal
	Heating Degree Days	(12.3	%)	(36.5	%)					(2.2	%)	(18.3	%)
	Cooling Degree Days	2.4	%	30.5	%					2.3	%	29.5	%

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

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

(e) Purchased power includes renewable energy purchases.


Gas Utilities and Infrastructure
Quarterly Highlights
June 2025

		Three Months Ended June 30,				Six Months Ended June 30,
		2025	2024	% Inc. (Dec.)		2025	2024	% Inc. (Dec.)
Total Sales
	Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)	125,745,045	128,266,775	(2.0	%)	307,204,892	291,531,790	5.4	%
	Duke Energy Midwest LDC throughput (Mcf)(a)	13,882,749	12,969,694	7.0	%	54,338,433	46,167,345	17.7	%

Average Number of Customers – Piedmont Natural Gas
	Residential	1,090,225	1,072,502	1.7	%	1,091,561	1,072,450	1.8	%
	Commercial	109,004	108,106	0.8	%	109,426	108,330	1.0	%
	Industrial	940	942	(0.2	%)	943	943	—	%
	Power Generation	19	19	—	%	19	19	—	%
	Total Average Number of Gas Customers – Piedmont Natural Gas	1,200,188	1,181,569	1.6	%	1,201,949	1,181,742	1.7	%

Average Number of Customers – Duke Energy Midwest
	Residential	523,704	521,839	0.4	%	525,151	523,086	0.4	%
	Commercial	34,119	34,112	—	%	34,702	34,741	(0.1	%)
	Industrial	2,200	2,193	0.3	%	2,267	2,221	2.1	%
	Other	117	116	0.9	%	117	117	—	%
	Total Average Number of Gas Customers – Duke Energy Midwest	560,140	558,260	0.3	%	562,237	560,165	0.4	%

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