# Duke Energy CORP (DUK)

Informational only - not investment advice.

CIK: 0001326160
SIC: 4931 Electric & Other Services Combined
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4931 Electric & Other Services Combined](/industry/4931/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1326160
Filing source: https://www.sec.gov/Archives/edgar/data/1326160/000132616026000014/duk-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001326160-26-000014 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001326160.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 32,237,000,000 USD | 2025 | verified |
| Net income | 4,968,000,000 USD | 2025 | verified |
| Assets | 195,736,000,000 USD | 2025 | verified |
| Free cash flow | -1,694,000,000 USD | 2025 | computed |
| Net margin | 15.41% | 2025 | computed |
| Operating margin | 26.76% | 2025 | computed |
| Revenue YoY | +6.19% | 2025 | computed |
| ROE | 9.58% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Regulated electric utilities](/compare/utilities/) · SIC 4931 Electric & Other Services Combined

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including DUK

- Regulated electric utilities: [peer review](/compare/utilities/) · [market-risk page](/compare/utilities/risk/)

### Peer percentile fingerprint

| Ratio | DUK | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 15.4% | 13.1% | 73 | 16 |
| Operating margin | 26.8% | 20.7% | 93 | 16 |
| Revenue growth | 6.2% | 9.4% | 27 | 16 |
| FCF margin | -5.3% | -8.1% | 67 | 13 |
| ROE | 9.6% | 9.6% | 53 | 16 |
| ROA | 2.5% | 2.6% | 47 | 16 |
| Liabilities / equity | 2.78 | 2.47 | 73 | 16 |
| Current ratio | 0.55 | 0.76 | 7 | 16 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4931 Electric & Other Services Combined, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 32237000000 | USD | 2025 | 2026-02-26 |
| Net income | 4968000000 | USD | 2025 | 2026-02-26 |
| Assets | 195736000000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001326160.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 22,743,000,000 | 23,565,000,000 | 24,521,000,000 | 25,079,000,000 | 23,366,000,000 | 24,621,000,000 | 28,768,000,000 | 29,060,000,000 | 30,357,000,000 | 32,237,000,000 |
| Net income | 2,152,000,000 | 3,059,000,000 | 2,666,000,000 | 3,748,000,000 | 1,377,000,000 | 3,908,000,000 | 2,550,000,000 | 2,841,000,000 | 4,524,000,000 | 4,968,000,000 |
| Operating income | 5,202,000,000 | 5,625,000,000 | 4,685,000,000 | 5,709,000,000 | 4,571,000,000 | 5,500,000,000 | 6,012,000,000 | 7,070,000,000 | 7,926,000,000 | 8,626,000,000 |
| Diluted EPS | 3.11 | 4.36 | 3.76 | 5.06 | 1.72 | 4.94 | 3.17 | 3.54 | 5.71 | 6.31 |
| Operating cash flow | 6,863,000,000 | 6,624,000,000 | 7,186,000,000 | 8,209,000,000 | 8,856,000,000 | 8,290,000,000 | 5,927,000,000 | 9,878,000,000 | 12,328,000,000 | 12,330,000,000 |
| Capital expenditures | 7,901,000,000 | 8,052,000,000 | 9,389,000,000 | 11,122,000,000 | 9,907,000,000 | 9,715,000,000 | 11,367,000,000 | 12,604,000,000 | 12,280,000,000 | 14,024,000,000 |
| Assets | 132,761,000,000 | 137,914,000,000 | 145,392,000,000 | 158,838,000,000 | 162,388,000,000 | 169,587,000,000 | 178,086,000,000 | 176,893,000,000 | 186,343,000,000 | 195,736,000,000 |
| Stockholders' equity | 41,033,000,000 | 41,739,000,000 | 43,817,000,000 | 46,822,000,000 | 47,964,000,000 | 49,296,000,000 | 49,322,000,000 | 49,112,000,000 | 50,127,000,000 | 51,842,000,000 |
| Cash and cash equivalents | 392,000,000 | 358,000,000 | 442,000,000 | 311,000,000 | 259,000,000 | 341,000,000 | 409,000,000 | 253,000,000 | 314,000,000 | 245,000,000 |
| Free cash flow | -1,038,000,000 | -1,428,000,000 | -2,203,000,000 | -2,913,000,000 | -1,051,000,000 | -1,425,000,000 | -5,440,000,000 | -2,726,000,000 | 48,000,000 | -1,694,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 9.46% | 12.98% | 10.87% | 14.94% | 5.89% | 15.87% | 8.86% | 9.78% | 14.90% | 15.41% |
| Operating margin | 22.87% | 23.87% | 19.11% | 22.76% | 19.56% | 22.34% | 20.90% | 24.33% | 26.11% | 26.76% |
| Return on equity | 5.24% | 7.33% | 6.08% | 8.00% | 2.87% | 7.93% | 5.17% | 5.78% | 9.03% | 9.58% |
| Return on assets | 1.62% | 2.22% | 1.83% | 2.36% | 0.85% | 2.30% | 1.43% | 1.61% | 2.43% | 2.54% |
| Liabilities / equity | 2.24 | 2.30 | 2.32 | 2.39 | 2.39 | 2.44 | 2.61 | 2.60 | 2.72 | 2.78 |
| Current ratio | 0.70 | 0.68 | 0.65 | 0.62 | 0.53 | 0.62 | 0.70 | 0.74 | 0.67 | 0.55 |

## As-reported value updates

5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/DUK/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001326160.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 1.14 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 1.81 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.01 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 6,578,000,000 | -220,000,000 | -0.32 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 7,994,000,000 | 1,252,000,000 | 1.59 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 7,212,000,000 | 1,005,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 7,671,000,000 | 1,138,000,000 | 1.44 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 7,172,000,000 | 900,000,000 | 1.13 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 8,154,000,000 | 1,281,000,000 | 1.60 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 7,360,000,000 | 1,205,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 8,249,000,000 | 1,379,000,000 | 1.76 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 7,508,000,000 | 984,000,000 | 1.25 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 8,542,000,000 | 1,421,000,000 | 1.81 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 7,938,000,000 | 1,184,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 9,178,000,000 | 1,550,000,000 | 1.97 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from DUK's latest 10-K: [/company/DUK/business/](/company/DUK/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from DUK's latest 10-K: [/company/DUK/risk-factors/](/company/DUK/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1326160/000132616026000040/duk-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

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.

99

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[[/GREPCENT_TABLE]]

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 O

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1326160/000132616026000014/duk-20251231.htm
Complete FY 2025 MD&A: /company/DUK/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 such as adjusted earnings and adjusted EPS discussed below. Generally, a non-GAAP financial measure is a numerical measure of financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. The 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 as presented herein may not be comparable to similarly titled measures used by other companies.

The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Duke Energy Corporation and its subsidiaries Duke Energy Carolinas, LLC, Progress Energy, Inc., Duke Energy Progress, LLC, Duke Energy Florida, LLC, Duke Energy Ohio, Inc., Duke Energy Indiana, LLC and Piedmont Natural Gas Company, Inc. 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.

Management’s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and Notes for the years ended December 31, 2025, 2024 and 2023.

See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025, for a discussion of variance drivers for the year ended December 31, 2024, as compared to December 31, 2023.

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. When discussing Duke Energy’s consolidated financial information, it necessarily includes the results of the Subsidiary Registrants, which along with Duke Energy, are collectively referred to as the Duke Energy Registrants.

Executive Overview

This is a transformative period for the utility industry propelled by energy modernization in support of load growth acceleration and the ongoing shift to more efficient and resilient energy infrastructure. Through our strategic investments and initiatives, we have maintained a key role in this transition, as we strengthen the energy system for our customers. In 2025, we advanced key policy and regulatory activities, executed strategic transactions to support growth and delivered safe and reliable utility services to our customers and communities. We also made progress advancing through the preliminary stages of the approval and construction for significant new generation investments. We continue to operate and maintain our infrastructure in a manner that extends the useful lives for critical assets, while executing a disciplined approach in the prioritization and deployment of capital for new investments. We are proud of the constructive regulatory outcomes that we advocated for our customers as we prepare for growth in energy demand driven by ongoing migration into our attractive service territories, continued electrification and onshoring from domestic industries, data center growth and other investments, including those related to support the broader utilization of AI.

The fundamentals of our business remain strong and allow us to deliver earnings growth and pay common stock dividends in a low-risk, predictable and transparent way. We achieved our 2025 financial commitments by delivering earnings growth above the midpoint of our adjusted earnings guidance range. Duke Energy also paid a cash dividend on its common stock for the 99th consecutive year. We are committed to manage a business portfolio that delivers a reliable and growing dividend and our company remains focused on maintaining reliability, providing value and keeping costs as low as possible to deliver on the commitments made to our customers, communities, employees, investors and other stakeholders.

39

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Financial Results

(a)See Results of Operations below for Duke Energy’s definition of adjusted earnings and adjusted EPS as well as a reconciliation of this non-GAAP financial measure to net income available to Duke Energy and net income available to Duke Energy per basic share.

Duke Energy's 2025 Net Income Available to Duke Energy Corporation (GAAP Reported Earnings) increased primarily due to recovery of growing infrastructure investments to serve customers and growth in our service territories, partially offset by higher operation and maintenance expense, interest expense, property taxes and depreciation on a growing asset base. See “Results of Operations” below for a detailed discussion of the consolidated results of operations and the financial results for each of Duke Energy’s reportable business segments, as well as Other.

2025 Areas of Focus and Accomplishments

Acting on Investment Opportunities. We operate in some of the most attractive jurisdictions in the country and our service territories continue to experience accelerating investment opportunities driven by a deepening economic development pipeline and significant customer growth. The reliable, low-cost power we provide plays a key role in continuing to bring business and job growth to our region. To efficiently fund this growth and the related capital required in the coming years, we entered into two strategic transactions in the third quarter of 2025. In July 2025, we announced the sale of Piedmont’s Tennessee business to Spire Inc. for $2.48 billion. Subject to regulatory approvals, we expect to complete the Piedmont transaction on March 31, 2026. In August 2025, we entered into an investment agreement to receive $6 billion in exchange for an eventual anticipated 19.7% indirect investment in Duke Energy Florida. The transaction is expected to be completed through a series of closings starting in March 2026 through mid-2028. Proceeds from both transactions will support Duke Energy’s expanded capital plan and replaces certain originally planned long-term debt and common equity issuances. Both of these transactions, along with our unwavering focus on operational excellence and value creation, demonstrate our continued ability to meet the unprecedented long-term growth anticipated across our service territories. See Note 2 to the Consolidated Financial Statements, "Dispositions," for further information.

Operational Excellence. The reliable and safe operation of our power generating facilities, electric transmission and distribution systems and natural gas infrastructure in our communities continues to be foundational to serving our customers, our financial results and our credibility with stakeholders. Operational excellence is especially critical to successfully navigate effective storm response and to efficiently provide the continuity of service our customers demand, regardless of weather or circumstance. Our workforce and contract partners work hard to prepare for storm season through drills, material planning, call center readiness, contingency planning and customer communications. In such extreme circumstances, our immediate priority is, and always will be, executing the extensive storm preparation and response work to ensure the safe, timely and efficient restoration of service to impacted customers as quickly as possible. We've seen the benefits of ongoing grid hardening investments, leveraging self-healing technologies and remote restoration capabilities to automate the rerouting of power, more effectively deploy resources and reduce the frequency or duration of outages for many of our customers during severe weather events. Our ability to effectively handle all facets of storm response efforts while making ongoing investments to enhance the reliability and physical security of the grid is a testament to our team’s extensive preparation and coordination, applying lessons learned from previous storms, and on-the-ground management throughout the restoration efforts. Duke Energy is proud to have received 22 Emergency Response Awards since EEI began recognizing storm response in 1998 (including 11 for assisting other utilities), including for the severe storm season of 2024.

The effective execution of our storm response was on full display beginning in late 2024 as a result of a historic storm season that included hurricanes Debby, Helene and Milton. Our preparation, sound execution and a comprehensive communication strategy helped us to respond quickly and build stakeholder support as we completed the important work of rebuilding power infrastructure in the hardest-hit areas of our service territories. This year included fewer large storms but we remained focused on minimizing customer bill impacts from the historic 2024 storm season by seeking insurance recovery and securitization of storm related costs in jurisdictions where permitted. To minimize the financing costs related to these storms, we worked with the state commissions to timely track and recover storm costs under our approved regulatory frameworks, including storm recovery charges in Florida and the securitization of storm costs in the Carolinas so that storm costs are fully recovered across all jurisdictions by early 2026. For more information, see "Liquidity and Capital Resources," and Notes 4 and 7 to the Consolidated Financial Statements, "Regulatory Matters" and "Debt and Credit Facilities."

40

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[[/GREPCENT_TABLE]]

Our generation fleet and electric transmission and distribution systems delivered strong performance throughout the year. In January 2025, Duke Energy Carolinas and Duke Energy Progress achieved a new record for combined peak usage due to 65 hours of freezing or below freezing temperatures and that combined peak was again surpassed in January 2026 as a result of Winter Storm Fern. Additionally, a summer heat wave brought triple-digit temperatures to parts of North Carolina and South Carolina in June 2025, and our customers set a new summertime record for electricity usage, surpassing the previous record set in July 2024. We effectively prepared for the arrival of extreme weather through the identification of potential risks, maintaining adequate short-term planning reserves, leveraging outage scheduling optimization and controlling planned and emergent equipment issues. Effective operations and flexibility by our generation and transmission teams managed tight margins in an efficient manner and ensured the integrity of the grid our customers rely upon. We will continue to practice our forecasting, grid assessment, oversight and governance processes as extreme weather challenges operations from time to time, evaluate lessons learned and enhance our strategy and communications to effectively serve our customers now and in the future.

The safety and health of our workforce is a core value and we remain an industry leader in personal safety as measured by the Occupational Safety and Health Administration's (OSHA) Total Incident Case Rate (TICR). We closely tracked 2024's safety results with our 2025 TICR again coming in better than target and finishing 2025 with 100 OSHA recordable injuries. We also anticipate ranking first among North American combined gas and electric companies in an annual industry safety survey for the 11th consecutive year. In addition, we continued to see excellent year-over-year environmental performance as measured by internal metrics and had no

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/DUK/mda/fy2025/
All MD&A years: /company/DUK/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/DUK/mda/fy2024/): filed 2025-02-27; accession 0001326160-25-000072 (https://www.sec.gov/Archives/edgar/data/1326160/000132616025000072/duk-20241231.htm)
- [FY 2023 MD&A](/company/DUK/mda/fy2023/): filed 2024-02-23; accession 0001326160-24-000037 (https://www.sec.gov/Archives/edgar/data/1326160/000132616024000037/duk-20231231.htm)
- [FY 2022 MD&A](/company/DUK/mda/fy2022/): filed 2023-02-27; accession 0001326160-23-000073 (https://www.sec.gov/Archives/edgar/data/1326160/000132616023000073/duk-20221231.htm)
- [FY 2021 MD&A](/company/DUK/mda/fy2021/): filed 2022-02-24; accession 0001326160-22-000072 (https://www.sec.gov/Archives/edgar/data/1326160/000132616022000072/duk-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4931 Electric & Other Services Combined) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/DUK.md · JSON record: /company/DUK.json · verified financials: /company/DUK/financials.json / /company/DUK/financials.csv · machine TOC for the whole site: /llms.txt