Document

EX-99.1 2 er-20241231xearningsreleas.htm EX-99.1 Document


News Release

Media Contact: Gillian Moore

24-Hour: 800.559.3853

Analyst Contact: Abby Motsinger

Office: 704.382.7624

February 13, 2025

Duke Energy reports fourth-quarter and full-year 2024 financial results

▪2024 reported EPS of $5.71 and adjusted EPS of $5.90, closing the year within guidance range

▪Constructive regulatory outcomes in 2024 support execution of strategic priorities

▪Five-year capital plan increasing to $83 billion to fund new generation and serve growing energy demand

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2024 full-year reported EPS of $5.71, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $5.90. This is compared to reported and adjusted EPS of $3.54 and $5.56, respectively, for the full-year 2023.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. In 2024, these included amounts related to noncore asset sales and net impairments, regulatory matters, captive storm deductible and other matters as described on pages 4 and 5.

Higher full-year 2024 adjusted results were primarily driven by growth from rate increases and riders, improved weather and higher sales volumes. These items were partially offset by higher interest expense, depreciation on a growing asset base and storm costs, along with a higher effective tax rate.

The company is introducing 2025 adjusted EPS guidance of $6.17 to $6.42 and extending its 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.

“Today we announced strong fourth-quarter results, closing out a year of great accomplishment,” said Lynn Good, Duke Energy chair and chief executive officer. “Duke Energy enters 2025 in a position of strength, and I’m excited about the future with Harry Sideris as its next CEO. Under his leadership, Duke Energy is well positioned to execute the next phase of our business strategy.”

“I assume this new position at a pivotal point for our company and industry,” said Duke Energy President and incoming CEO Harry Sideris. “At Duke Energy, we are committed to investing in the critical infrastructure needed to support our country’s aspirations for technology leadership and economic growth. We will deliver on these goals while maintaining energy reliability, affordability and security for our customers and growing EPS 5% to 7% through 2029.”

Duke Energy News Release 2

Quarterly results

Duke Energy's fourth-quarter 2024 reported EPS was $1.54, compared to $1.27 for the fourth quarter of 2023. Duke Energy's fourth-quarter 2024 adjusted EPS was $1.66, compared to $1.51 for the fourth quarter of 2023. Higher adjusted results for the quarter compared to last year were primarily driven by growth from rate increases and riders. These items were partially offset by higher interest expense and depreciation on a growing asset base.

In addition to the following summary of fourth-quarter 2024 business segment performance, comprehensive tables with detailed EPS drivers for the fourth-quarter and full-year 2024 compared to prior year are provided at the end of this news release.

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

Electric Utilities and Infrastructure

On a reported basis, Electric Utilities and Infrastructure recognized fourth-quarter 2024 segment income of $1,208 million, compared to segment income of $1,135 million in the fourth quarter of 2023. In addition to the drivers outlined below, fourth-quarter 2024 results include charges related to regulatory matters, noncore asset sales and net impairments to certain joint venture electric transmission projects, which were treated as special items and excluded from adjusted earnings.

On an adjusted basis, Electric Utilities and Infrastructure recognized fourth-quarter 2024 segment income of $1,238 million, compared to segment income of $1,115 million, in the fourth quarter of 2023. This represents an increase of $0.16 per share. Higher quarterly results were primarily driven by growth from rate increases and riders, partially offset by higher depreciation on a growing asset base.

Gas Utilities and Infrastructure

On a reported basis, Gas Utilities and Infrastructure recognized fourth-quarter 2024 segment income of $189 million, compared to segment income of $192 million in the fourth quarter of 2023. In addition to the drivers outlined below, fourth-quarter 2024 results include charges related to impairments for certain renewable natural gas investments, which were treated as a special item and excluded from adjusted earnings.

On an adjusted basis, Gas Utilities and Infrastructure recognized fourth-quarter 2024 segment income of $231 million, compared to segment income of $192 million, in the fourth quarter of 2023. This represents an increase of $0.05 per share. Higher quarterly results were primarily driven by growth from rate increases and riders, partially offset by higher interest expense and depreciation on a growing asset base.

Duke Energy News Release 3

Other

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

On a reported basis, Other recognized a fourth-quarter 2024 segment loss of $204 million, compared to a segment loss of $228 million in the fourth quarter of 2023. In addition to the drivers outlined below, fourth-quarter 2024 results include charges related to an insurance deductible for Hurricane Helene property losses, which was treated as a special item and excluded from adjusted earnings.

On an adjusted basis, Other recognized a fourth-quarter 2024 segment loss of $186 million, compared to a segment loss of $133 million in the fourth quarter of 2023. This represents a decrease of $0.06 per share. Lower quarterly results were primarily driven by higher interest expense.

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2024 was 8.1% compared to 9.7% in the fourth quarter of 2023. The decrease was primarily due to an increase in the amortization of excess deferred taxes and PTCs.

Duke Energy's consolidated adjusted effective tax rate for the fourth quarter of 2024 was 9.3% compared to 10.5% in the fourth quarter of 2023. The decrease was primarily due to an increase in the amortization of excess deferred taxes and PTCs.

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 from 10 to 11 a.m. ET today to discuss fourth-quarter and year-end 2024 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair and chief executive officer, Harry Sideris, president, and Brian Savoy, executive vice president and chief financial officer.

The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the United States or 929.526.1599 outside the United States. The confirmation code is 089851. Please call in 10 to 15 minutes prior to the scheduled start time.

A replay of the conference call will be available on the investors' section of the company's website on February 14.

Duke Energy News Release 4

Special Items and Non-GAAP Reconciliation

The following tables present a reconciliation of GAAP reported to adjusted earnings per share for fourth-quarter and full-year 2024 and 2023 financial results:


(In millions, except per share amounts)	After-Tax Amount		4Q 2024 EPS		4Q 2023 EPS
EPS, as reported			$	1.54	$	1.27
Adjustments to reported EPS:
Fourth Quarter 2024


Regulatory matters	$	18	$	0.02
Noncore asset sales and net impairments	54		0.07
Captive storm deductible	18		0.02
Discontinued operations(a)	2		—
Fourth Quarter 2023
Regulatory matters	$	(20)			$	(0.03)
Organizational optimization	95				0.13
Discontinued operations(a)	108				0.14


Total adjustments(b)			$	0.12	$	0.24
EPS, adjusted			$	1.66	$	1.51

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

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


(In millions, except per share amounts)	After-Tax Amount		Full-Year 2024 EPS		Full-Year 2023 EPS
EPS, as reported			$	5.71	$	3.54
Adjustments to reported EPS:
Full-Year 2024
Regulatory matters	$	43	$	0.06
System post-implementation costs	16		0.02
Preferred Redemption Costs	16		0.02
Noncore asset sales and net impairments	54		0.07
Captive storm deductible	18		0.02
Discontinued operations(a)	(7)		(0.01)



Full-Year 2023
Regulatory matters	$	64			$	0.08
Organizational optimization	95				0.13




Discontinued operations(a)	1,391				1.81
Total adjustments(b)			$	0.19	$	2.02
EPS, adjusted			$	5.90	$	5.56

(a) Represents the operating results and net impairment reversal recognized 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 5

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 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, preferred dividends and to exclude the impact of special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.

Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, 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.

Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs:

•Regulatory matters primarily represents net impairment charges related to Duke Energy Carolinas' and Duke Energy Progress' North Carolina and South Carolina rate case orders, Duke Energy Carolinas' North Carolina rate case settlement and charges related to Duke Energy Indiana post-retirement benefits.

•System post-implementation costs represents the net impact of charges related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.

•Preferred redemption costs represents charges related to the redemption of Series B Preferred Stock.

•Noncore asset sales and net impairments primarily represents charges related to certain joint venture electric transmission projects and certain renewable natural gas investments.

•Captive Storm Deductible represents charges related to an insurance deductible for Hurricane Helene property losses.

•Organizational optimization represents costs associated with strategic repositioning to a fully regulated utility.

Duke Energy News Release 6

Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).

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

Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above.

Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income 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 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 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.

Duke Energy News Release 7

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;

◦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;

Duke Energy News Release 8

◦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 mix, 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;

◦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 yield the anticipated benefits; and

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

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended December 31, 2024

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Regulatory Matters			Noncore Asset Sales and Net Impairments			Captive Storm Deductible			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	1,208	$	18	A	$	12	B	$	—		$	—		$	30	$	1,238
Gas Utilities and Infrastructure	189		—			42		C	—			—			42		231

Total Reportable Segment Income	1,397		18			54			—			—			72		1,469
Other	(204)		—			—			18		D	—			18		(186)

Discontinued Operations	$	(2)	—			—			—			2		E	2		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,191	$	18		$	54		$	18		$	2		$	92	$	1,283
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.54	$	0.02		$	0.07		$	0.02		$	—		$	0.12	$	1.66

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

A – Net of $7 million tax benefit. $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Consolidated Statements of Operations related to a Duke Energy Indiana regulatory liability associated with certain employee post-retirement benefits.

B – Net of $1 million tax expense. $15 million recorded within Equity in (losses) earnings of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects.

C – Net of $12 million tax benefit. $54 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments.

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

E – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income (Loss) Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.

Weighted Average Shares, basic (reported and adjusted) – 773 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2024

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Regulatory Matters			System Post-Implementation Costs			Preferred Redemption Costs			Noncore Asset Sales and Net Impairments			Captive Storm Deductible			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	4,770	$	43	A	$	13	B	$	—		$	12	E	$	—		$	—		$	68	$	4,838
Gas Utilities and Infrastructure	454		—			3		C	—			42		F	—			—			45		499

Total Reportable Segment Income	5,224		43			16			—			54			—			—			113		5,337
Other	(829)		—			—			16		D	—			18		G	—			34		(795)

Discontinued Operations	7		—			—			—			—			—			(7)		H	(7)		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	4,402	$	43		$	16		$	16		$	54		$	18		$	(7)		$	140	$	4,542
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	5.71	$	0.06		$	0.02		$	0.02		$	0.07		$	0.02		$	(0.01)		$	0.19	$	5.90

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

A – Net of $15 million tax benefits.

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

•$9 million recorded within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to a South Carolina rate case order for Duke Energy Progress.

•$29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Consolidated Statements of Operations related to a Duke Energy Indiana regulatory liability associated with certain employee post-retirement benefits.

B – Net of $4 million tax benefit. $17 million recorded as a reduction of Operating Revenues on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.

C – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million as a charge within Other Income and expenses on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.

D – $16 million recorded within Preferred Redemption Costs on the Consolidated Statements of Operations related to the redemption of Series B Preferred Stock.

E – Net of $1 million tax expense. $15 million recorded within Equity in (losses) earnings of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects.

F – Net of $12 million tax benefit. $54 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments.

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

H – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income (Loss) Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended December 31, 2023

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Regulatory Matters			Organizational Optimization			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	1,135	$	(20)	A	$	—		$	—		$	(20)	$	1,115
Gas Utilities and Infrastructure	192		—			—			—			—		192

Total Reportable Segment Income	1,327		(20)			—			—			(20)		1,307

Other	(228)		—			95		B	—			95		(133)

Discontinued Operations	(108)		—			—			108		C	108		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	991	$	(20)		$	95		$	108		$	183	$	1,174
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.27	$	(0.03)		$	0.13		$	0.14		$	0.24	$	1.51

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02).

A – Net of $7 million tax expense.

•$27 million reversal recorded within Impairment of assets and other charges on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the North Carolina rate case order.

B – Net of $29 million tax benefit. $110 million recorded within Operations, maintenance and other and $14 million within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to strategic repositioning to a fully regulated utility.

C – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income (Loss) Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Year Ended December 31, 2023

(Dollars in millions, except per share amounts)


			Special Items
	Reported Earnings		Regulatory Matters			Organizational Optimization			Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure	$	4,223	$	64	A	$	—		$	—		$	64	$	4,287
Gas Utilities and Infrastructure	519		—			—			—			—		519

Total Reportable Segment Income	4,742		64			—			—			64		4,806
Other	(616)		—			95		B	—			95		(521)

Discontinued Operations	(1,391)		—			—			1,391		C	1,391		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	2,735	$	64		$	95		$	1,391		$	1,550	$	4,285
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	3.54	$	0.08		$	0.13		$	1.81		$	2.02	$	5.56

A – Net of $10 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress.

•$35 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the North Carolina rate case order.

•$33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Consolidated Statements of Operations primarily related to the North Carolina rate case order.

C – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income (Loss) Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.

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

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

December 2024

(Dollars in millions)


	Three Months Ended December 31, 2024				Year Ended December 31, 2024
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	1,338			$	5,194
Regulatory Matters	29				62
System Post-Implementation Costs	—				21
Preferred Redemption Costs	—				16
Noncore Asset Sales and Net Impairments	65				65
Captive Storm Deductible	23				23
Noncontrolling Interests	(27)				(106)
Preferred Dividends and Redemption Premium	(14)				(122)
Adjusted Pretax Income	$	1,414			$	5,153

Reported Income Tax Expense From Continuing Operations	$	109	8.1	%	$	590	11.4	%
Regulatory Matters	7				15
System Post-Implementation Costs	—				5
Noncore Asset Sales and Net Impairments	11				11
Captive Storm Deductible	5				5
Noncontrolling interest portion of income taxes(a)	(1)				(15)
Adjusted Tax Expense	$	131	9.3	%	$	611	11.9	%


	Three Months Ended December 31, 2023				Year Ended December 31, 2023
	Balance		Effective Tax Rate		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes	$	1,257			$	4,767
Regulatory Matters	(27)				84

Organizational Optimization	124				124
Noncontrolling Interests	(29)				(121)
Preferred Dividends	(14)				(106)
Adjusted Pretax Income	$	1,311			$	4,748

Reported Income Tax Expense From Continuing Operations	$	122	9.7	%	$	438	9.2	%
Regulatory Matters	(7)				20

Organizational Optimization	29				29
Noncontrolling interest portion of income taxes(a)	(7)				(24)
Adjusted Tax Expense	$	137	10.5	%	$	463	9.8	%

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

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2024 QTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other			Discontinued Operations			Consolidated
2023 QTD Reported Earnings Per Share	$	1.48	$	0.25		$	(0.32)		$	(0.14)		$	1.27
Organizational Optimization	—		—			0.13			—			0.13
Regulatory Matters	(0.03)		—			—			—			(0.03)


Discontinued Operations	—		—			—			0.14			0.14

2023 QTD Adjusted Earnings Per Share	$	1.45	$	0.25		$	(0.19)		$	—		$	1.51
Weather	0.03		—			—			—			0.03
Volume	—		—			—			—			—
Riders and Other Retail Margin(a)	0.10		0.02			—			—			0.12
Rate case impacts, net(b)	0.09		0.04			—			—			0.13
Wholesale	(0.02)		—			—			—			(0.02)
Operations and maintenance, net of recoverables	0.02		0.01			—			—			0.03


Interest Expense(c)	(0.01)		(0.01)			(0.04)			—			(0.06)
AFUDC Equity	0.02		—			—			—			0.02
Depreciation and amortization(c)	(0.04)		(0.01)			—			—			(0.05)

Other	(0.03)		—			(0.02)			—			(0.05)
Total variance	$	0.16	$	0.05		$	(0.06)		$	—		$	0.15

2024 QTD Adjusted Earnings Per Share	$	1.61	$	0.30		$	(0.25)		$	—		$	1.66
Noncore Asset Sales and Net Impairments	(0.02)		(0.05)			—			—			(0.07)
Captive Insurance Deductible	—		—			(0.02)			—			(0.02)
Regulatory Matters	(0.02)		—			—			—			(0.02)

2024 QTD Reported Earnings Per Share	$	1.57	$	0.25		$	(0.27)		$	—		$	1.54

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 771 million shares to 773 million. Totals may not foot or cross-foot due to rounding.

(a) Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.05).

(b) Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, and DEC South Carolina rates, effective August 2024, (+$0.09), DEP North Carolina Year 2 rates, effective October 2024, (+$0.02), partially offset by the impact of lower DOE nuclear fuel storage funding, net of DEF multiyear rate plan revenue increases (-$0.02). Gas Utilities and Infrastructure includes impacts from the Piedmont North Carolina rate case, effective November 2024.

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2024 YTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other			Discontinued Operations			Consolidated
2023 YTD Reported Earnings Per Share	$	5.48	$	0.68		$	(0.81)		$	(1.81)		$	3.54
Regulatory Matters	0.08		—			—			—			0.08
Workplace and Workforce Realignment	—		—			0.13			—			0.13





Discontinued Operations	—		—			—			1.81			1.81
2023 YTD Adjusted Earnings Per Share	$	5.56	$	0.68		$	(0.68)		$	—		$	5.56
Weather	0.29		—			—			—			0.29
Volume	0.20		—			—			—			0.20
Riders and Other Retail Margin(a)	0.24		0.06			—			—			0.30
Rate case impacts, net(b)	0.34		0.06			—			—			0.40

Operations and maintenance, net of recoverables(c)	(0.05)		(0.02)			—			—			(0.07)


Interest Expense(d)	(0.13)		(0.04)			(0.15)			—			(0.32)
AFUDC Equity	0.05		—			—			—			0.05
Depreciation and amortization(d)	(0.21)		(0.04)			—			—			(0.25)

Other(e)	(0.02)		(0.05)			(0.19)			—			(0.26)
Total variance	$	0.71	$	(0.03)		$	(0.34)		$	—		$	0.34

2024 YTD Adjusted Earnings Per Share	$	6.27	$	0.65		$	(1.02)		$	—		$	5.90
Regulatory Matters	(0.06)		—			—			—			(0.06)
System Post-Implementation Costs	(0.02)		—						—			(0.02)
Preferred Redemption Costs	—		—			(0.02)			—			(0.02)
Noncore Asset Sales and Net Impairments	(0.02)		(0.05)			—			—			(0.07)
Captive Storm Deductible	—		—			(0.02)			—			(0.02)
Discontinued Operations	—		—			—			(0.01)			(0.01)
2024 YTD Reported Earnings Per Share	$	6.17	$	0.60		$	(1.06)		$	(0.01)		$	5.71

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 771 million shares to 772 million. Totals may not foot or cross-foot due to rounding.

(a) Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.17). Gas Utilities and Infrastructure includes higher revenues from the Tennessee Annual Revenue Mechanism and the rate stabilization adjustment in South Carolina (+$0.04), riders and customer growth.

(b) Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, and DEC South Carolina rates, effective August 2024 (+$0.28), DEP South

Carolina rates, effective April 2023, and DEP North Carolina Year 1 rates, effective October 2023 and Year 2 rates, effective October 2024, (+$0.07) and DEK rates, effective October 2023 (+$0.02), partially offset by the impact of lower DOE nuclear fuel storage funding, net of DEF multiyear rate plan revenue increases (-$0.03). Gas Utilities and Infrastructure includes impacts from the Piedmont North Carolina rate case, effective November 2024 (+$0.04) and DEO rates, effective November 2023 (+$0.02).

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

(e) Other includes a favorable adjustment related to certain allowable tax deductions in the prior year (-$0.16).


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


	Years Ended December 31,
		2024		2023		2022
Operating Revenues
Regulated electric		$	27,787	$	26,617	$	25,759
Regulated natural gas		2,252		2,152		2,724
Nonregulated electric and other		318		291		285
Total operating revenues		30,357		29,060		28,768
Operating Expenses
Fuel used in electric generation and purchased power		9,206		9,086		8,782
Cost of natural gas		565		593		1,276
Operation, maintenance and other		5,389		5,625		5,734
Depreciation and amortization		5,793		5,253		5,086
Property and other taxes		1,466		1,400		1,466
Impairment of assets and other charges		38		85		434
Total operating expenses		22,457		22,042		22,778
Gains on Sales of Other Assets and Other, net		26		52		22
Operating Income		7,926		7,070		6,012
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates		(9)		113		113
Other income and expenses, net		661		598		392
Total other income and expenses		652		711		505
Interest Expense		3,384		3,014		2,439
Income From Continuing Operations Before Income Taxes		5,194		4,767		4,078
Income Tax Expense From Continuing Operations		590		438		300
Income From Continuing Operations		4,604		4,329		3,778
Income (Loss) From Discontinued Operations, net of tax		10		(1,455)		(1,323)
Net Income		4,614		2,874		2,455
Less: Net Income (Loss) Attributable to Noncontrolling Interests		90		33		(95)
Net Income Attributable to Duke Energy Corporation		4,524		2,841		$	2,550
Less: Preferred Dividends		106		106		106
Less: Preferred Redemption Costs		16		—		—
Net Income Available to Duke Energy Corporation Common Stockholders		$	4,402	$	2,735	$	2,444

Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted		$	5.70	$	5.35	$	4.74

Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted		$	0.01	$	(1.81)	$	(1.57)

Net income available to Duke Energy Corporation common stockholders
Basic and Diluted		$	5.71	$	3.54	$	3.17

Weighted average shares outstanding
Basic and Diluted		772		771		770

DUKE ENERGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions)	December 31, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	314	$	253

Receivables (net of allowance for doubtful accounts of $124 at 2024 and $55 at 2023)	2,232		1,112
Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024 and $150 at 2023)	1,889		3,019
Receivable from sales of Commercial Renewables Disposal Groups	551		—
Inventory (includes $494 at 2024 and $462 at 2023 related to VIEs)	4,509		4,292
Regulatory assets (includes $120 at 2024 and $110 at 2023 related to VIEs)	2,756		3,648
Assets held for sale	4		14
Other (includes $90 at 2024 and 2023 related to VIEs)	695		431
Total current assets	12,950		12,769
Property, Plant and Equipment
Cost	180,806		171,353
Accumulated depreciation and amortization	(57,503)		(56,038)

Net property, plant and equipment	123,303		115,315
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $1,705 at 2024 and $1,642 at 2023 related to VIEs)	14,254		13,618
Nuclear decommissioning trust funds	11,434		10,143
Operating lease right-of-use assets, net	1,148		1,092
Investments in equity method unconsolidated affiliates	353		492
Assets held for sale	89		197
Other	3,509		3,964
Total other noncurrent assets	50,090		48,809
Total Assets	$	186,343	$	176,893
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $214 at 2024 and $188 at 2023 related to VIEs)	$	5,479	$	4,228
Notes payable and commercial paper	3,584		4,288
Taxes accrued	851		816
Interest accrued	855		745
Current maturities of long-term debt (includes $1,012 at 2024 and $428 at 2023 related to VIEs)	4,349		2,800
Asset retirement obligations	650		596
Regulatory liabilities	1,425		1,369
Liabilities associated with assets held for sale	80		122
Other	2,084		2,319
Total current liabilities	19,357		17,283
Long-Term Debt (includes $1,842 at 2024 and $3,000 at 2023 related to VIEs)	76,340		72,452
Other Noncurrent Liabilities
Deferred income taxes	11,424		10,556
Asset retirement obligations	9,342		8,560
Regulatory liabilities	14,694		14,039
Operating lease liabilities	957		917
Accrued pension and other post-retirement benefit costs	434		485
Investment tax credits	894		864
Liabilities associated with assets held for sale	89		157
Other (includes $27 at 2024 and $35 at 2023 related to VIEs)	1,556		1,393
Total other noncurrent liabilities	39,390		36,971
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2024 and 2023	973		973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized; 0 and 1 million shares outstanding at 2024 and 2023	—		989
Common Stock, $0.001 par value, 2 billion shares authorized; 776 million and 771 million shares outstanding at 2024 and 2023	1		1
Additional paid-in capital	45,494		44,920
Retained earnings	3,431		2,235
Accumulated other comprehensive income (loss)	228		(6)
Total Duke Energy Corporation stockholders' equity	50,127		49,112
Noncontrolling interests	1,129		1,075
Total equity	51,256		50,187
Total Liabilities and Equity	$	186,343	$	176,893


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

	Years Ended December 31,
	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	4,614	$	2,874	$	2,455
Adjustments to reconcile net income to net cash provided by operating activities	7,670		7,004		3,472
Net cash provided by operating activities	12,284		9,878		5,927

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	(13,079)		(12,475)		(11,973)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities	859		2,351		6,129



Net increase (decrease) in cash, cash equivalents and restricted cash	64		(246)		83
Cash, cash equivalents and restricted cash at beginning of period	357		603		520
Cash, cash equivalents and restricted cash at end of period	$	421	$	357	$	603

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended December 31, 2024
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	6,551	$	—	$	—	$	(17)	$	6,534
Regulated natural gas	—		763		—		(22)		741
Nonregulated electric and other	67		12		37		(31)		85
Total operating revenues	6,618		775		37		(70)		7,360
Operating Expenses
Fuel used in electric generation and purchased power	2,019		—		—		(20)		1,999
Cost of natural gas	—		185		—		—		185
Operation, maintenance and other	1,220		119		(9)		(49)		1,281
Depreciation and amortization	1,305		106		77		(7)		1,481
Property and other taxes	272		29		2		1		304
Impairment of assets and other charges	(1)		—		—		—		(1)
Total operating expenses	4,815		439		70		(75)		5,249
(Losses) Gains on Sales of Other Assets and Other, net	(6)		—		6		1		1
Operating Income (Loss)	1,797		336		(27)		6		2,112
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates	(15)		(51)		4		—		(62)
Other income and expenses, net	142		12		35		(30)		159
Total Other Income and Expenses	127		(39)		39		(30)		97
Interest Expense	505		67		324		(25)		871
Income (Loss) from Continuing Operations Before Income Taxes	1,419		230		(312)		1		1,338
Income Tax Expense (Benefit) from Continuing Operations	189		42		(122)		—		109
Income (Loss) from Continuing Operations	1,230		188		(190)		1		1,229
Less: Net Income (Loss) Attributable to Noncontrolling Interest	22		(1)		—		1		22
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	1,208		189		(190)		—		1,207
Less: Preferred Dividends	—		—		14		—		14

Segment Income/Other Net Loss	$	1,208	$	189	$	(204)	$	—	$	1,193
Discontinued Operations									(2)
Net Income Available to Duke Energy Corporation Common Stockholders									$	1,191

Segment Income/Other Net Loss	$	1,208	$	189	$	(204)	$	—	$	1,193
Special Items	30		42		18		—		90
Adjusted Earnings(a)	$	1,238	$	231	$	(186)	$	—	$	1,283

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

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Year Ended December 31, 2024
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	27,856	$	—	$	—	$	(69)	$	27,787
Regulated natural gas	—		2,342		—		(90)		2,252
Nonregulated electric and other	237		48		157		(124)		318
Total operating revenues	28,093		2,390		157		(283)		30,357
Operating Expenses
Fuel used in electric generation and purchased power	9,285		—		—		(79)		9,206
Cost of natural gas	—		565		—		—		565
Operation, maintenance and other	5,185		478		(79)		(195)		5,389
Depreciation and amortization	5,128		400		293		(28)		5,793
Property and other taxes	1,305		149		12		—		1,466
Impairment of assets and other charges	37		—		1		—		38
Total operating expenses	20,940		1,592		227		(302)		22,457
Gains on Sales of Other Assets and Other, net	3		—		22		1		26
Operating Income (Loss)	7,156		798		(48)		20		7,926
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates	(11)		(48)		50		—		(9)
Other income and expenses, net	539		58		207		(143)		661
Total Other Income and Expenses	528		10		257		(143)		652
Interest Expense	2,006		256		1,245		(123)		3,384
Income (Loss) from Continuing Operations Before Income Taxes	5,678		552		(1,036)		—		5,194
Income Tax Expense (Benefit) from Continuing Operations	820		99		(329)		—		590
Income (Loss) from Continuing Operations	4,858		453		(707)		—		4,604
Less: Net Income (Loss) Attributable to Noncontrolling Interest	88		(1)		—		—		87
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	4,770		454		(707)		—		4,517
Less: Preferred Dividends	—		—		106		—		106
Less: Preferred Redemption Costs	—		—		16		—		16
Segment Income/Other Net Loss	$	4,770	$	454	$	(829)	$	—	$	4,395
Discontinued Operations									7
Net Income Available to Duke Energy Corporation Common Stockholders									$	4,402

Segment Income/Other Net Loss	$	4,770	$	454	$	(829)	$	—	$	4,395
Special Items	68		45		34		—		147
Adjusted Earnings(a)	$	4,838	$	499	$	(795)	$	—	$	4,542

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

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended December 31, 2023
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	6,495	$	—	$	—	$	(18)	$	6,477
Regulated natural gas	—		677		—		(22)		655
Nonregulated electric and other	63		6		36		(25)		80
Total operating revenues	6,558		683		36		(65)		7,212
Operating Expenses
Fuel used in electric generation and purchased power	2,119		—		—		(20)		2,099
Cost of natural gas	—		159		—		—		159
Operation, maintenance and other	1,301		123		133		(45)		1,512
Depreciation and amortization	1,191		92		64		(7)		1,340
Property and other taxes	243		36		(15)		—		264
Impairment of assets and other charges	(25)		—		14		—		(11)
Total operating expenses	4,829		410		196		(72)		5,363
(Losses) Gains on Sales of Other Assets and Other, net	(2)		1		8		(1)		6
Operating Income (Loss)	1,727		274		(152)		6		1,855
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	2		7		19		—		28
Other income and expenses, net	127		13		71		(44)		167
Total Other Income and Expenses	129		20		90		(44)		195
Interest Expense	486		59		287		(39)		793
Income (Loss) from Continuing Operations Before Income Taxes	1,370		235		(349)		1		1,257
Income Tax Expense (Benefit) from Continuing Operations	211		45		(135)		1		122
Income (Loss) from Continuing Operations	1,159		190		(214)		—		1,135
Less: Net Income (Loss) Attributable to Noncontrolling Interest	24		(2)		—		—		22
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	1,135		192		(214)		—		1,113
Less: Preferred Dividends	—		—		14		—		14
Segment Income/Other Net Loss	$	1,135	$	192	$	(228)	$	—	$	1,099
Discontinued Operations									(108)
Net Income Available to Duke Energy Corporation Common Stockholders									$	991

Segment Income/Other Net Loss	$	1,135	$	192	$	(228)	$	—	$	1,099
Special Items	(20)		—		95		—		75
Adjusted Earnings(a)	$	1,115	$	192	$	(133)	$	—	$	1,174

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

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Year Ended December 31, 2023
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	26,685	$	—	$	—	$	(68)	$	26,617
Regulated natural gas	—		2,242		—		(90)		2,152
Nonregulated electric and other	236		24		134		(103)		291
Total operating revenues	26,921		2,266		134		(261)		29,060
Operating Expenses
Fuel used in electric generation and purchased power	9,164		—		—		(78)		9,086
Cost of natural gas	—		593		—		—		593
Operation, maintenance and other	5,309		455		36		(175)		5,625
Depreciation and amortization	4,684		349		248		(28)		5,253
Property and other taxes	1,320		129		(49)		—		1,400
Impairment of assets and other charges	75		(4)		14		—		85
Total operating expenses	20,552		1,522		249		(281)		22,042
Gains on Sales of Other Assets and Other, net	28		—		24		—		52
Operating Income (Loss)	6,397		744		(91)		20		7,070
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	7		40		66		—		113
Other income and expenses, net	510		66		192		(170)		598
Total Other Income and Expenses	517		106		258		(170)		711
Interest Expense	1,850		217		1,097		(150)		3,014
Income (Loss) from Continuing Operations Before Income Taxes	5,064		633		(930)		—		4,767
Income Tax Expense (Benefit) from Continuing Operations	742		116		(420)		—		438
Income (Loss) from Continuing Operations	4,322		517		(510)		—		4,329
Less: Net Income (Loss) Attributable to Noncontrolling Interest	99		(2)		—		—		97
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation	4,223		519		(510)		—		4,232
Less: Preferred Dividends	—		—		106		—		106
Segment Income/Other Net Loss	$	4,223	$	519	$	(616)	$	—	$	4,126
Discontinued Operations									(1,391)
Net Income Available to Duke Energy Corporation Common Stockholders									$	2,735

Segment Income/Other Net Loss	$	4,223	$	519	$	(616)	$	—	$	4,126
Special Items	64		—		95		—		159
Adjusted Earnings(a)	$	4,287	$	519	$	(521)	$	—	$	4,285

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

DUKE ENERGY CORPORATION

CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	December 31, 2024
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other(a)		Eliminations/ Adjustments		Duke Energy
Current Assets
Cash and cash equivalents	$	92	$	34	$	188	$	—	$	314

Receivables, net	1,759		457		16		—		2,232
Receivables of variable interest entities, net	1,889		—		—		—		1,889
Receivables from affiliated companies	83		143		675		(901)		—
Receivable from sales of Commercial Renewables Disposal Groups	—		—		551		—		551
Notes receivable from affiliated companies	41		7		1,910		(1,958)		—
Inventory	4,375		95		39		—		4,509
Regulatory assets	2,497		171		88		—		2,756
Assets held for sale	—		—		4		—		4
Other	462		35		197		1		695
Total current assets	11,198		942		3,668		(2,858)		12,950
Property, Plant and Equipment
Cost	159,990		17,730		3,165		(79)		180,806
Accumulated depreciation and amortization	(51,977)		(3,626)		(1,898)		(2)		(57,503)
Facilities to be retired, net	—		—		—		—		—
Net property, plant and equipment	108,013		14,104		1,267		(81)		123,303
Other Noncurrent Assets
Goodwill	17,379		1,924		—		—		19,303
Regulatory assets	12,923		812		519		—		14,254
Nuclear decommissioning trust funds	11,434		—		—		—		11,434
Operating lease right-of-use assets, net	766		4		377		1		1,148
Investments in equity method unconsolidated affiliates	28		186		139		—		353
Investment in consolidated subsidiaries	471		6		74,117		(74,594)		—
Assets held for sale	—		—		89		—		89
Other	2,473		308		1,354		(626)		3,509
Total other noncurrent assets	45,474		3,240		76,595		(75,219)		50,090
Total Assets	164,685		18,286		81,530		(78,158)		186,343
Segment reclassifications, intercompany balances and other	(675)		(155)		(77,328)		78,158		—
Segment Assets	$	164,010	$	18,131	$	4,202	$	—	$	186,343

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

DUKE ENERGY CORPORATION

CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	December 31, 2024
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other(a)		Eliminations/ Adjustments		Duke Energy
Current Liabilities
Accounts payable	$	4,465	$	323	$	691	$	—	$	5,479
Accounts payable to affiliated companies	528		25		310		(863)		—
Notes payable to affiliated companies	1,149		795		14		(1,958)		—
Notes payable and commercial paper	—		—		3,584		—		3,584
Taxes accrued	1,574		148		(870)		(1)		851
Interest accrued	509		53		293		—		855
Current maturities of long-term debt	2,189		298		1,869		(7)		4,349
Asset retirement obligations	650		—		—		—		650
Regulatory liabilities	1,351		74		—		—		1,425
Liabilities associated with assets held for sale	—		—		80		—		80
Other	1,585		81		454		(36)		2,084
Total current liabilities	14,000		1,797		6,425		(2,865)		19,357
Long-Term Debt	46,077		4,670		25,667		(74)		76,340
Long-Term Debt Payable to Affiliated Companies	618		7		—		(625)		—
Other Noncurrent Liabilities
Deferred income taxes	11,889		1,513		(1,978)		—		11,424
Asset retirement obligations	9,251		91		—		—		9,342
Regulatory liabilities	13,460		1,202		31		1		14,694
Operating lease liabilities	683		7		267		—		957
Accrued pension and other post-retirement benefit costs	198		30		206		—		434
Investment tax credits	893		1		—		—		894
Liabilities associated with assets held for sale	—		—		89		—		89
Other	982		179		583		(188)		1,556
Total other noncurrent liabilities	37,356		3,023		(802)		(187)		39,390
Equity
Total Duke Energy Corporation stockholders' equity	65,532		8,781		50,221		(74,407)		50,127
Noncontrolling interests	1,102		8		19		—		1,129
Total equity	66,634		8,789		50,240		(74,407)		51,256
Total Liabilities and Equity	164,685		18,286		81,530		(78,158)		186,343
Segment reclassifications, intercompany balances and other	(675)		(155)		(77,328)		78,158		—
Segment Liabilities and Equity	$	164,010	$	18,131	$	4,202	$	—	$	186,343

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

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended December 31, 2024
(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	$	2,307	$	1,679	$	1,503	$	474	$	698	$	(43)	$	6,618
Operating Expenses
Fuel used in electric generation and purchased power	720		513		513		122		203		(52)		2,019
Operation, maintenance and other	375		307		273		79		158		28		1,220
Depreciation and amortization	462		337		261		72		169		4		1,305
Property and other taxes	75		33		90		76		13		(15)		272
Impairment of assets and other charges	(1)		—		—		—		—		—		(1)
Total operating expenses	1,631		1,190		1,137		349		543		(35)		4,815
Gains (Losses) on Sales of Other Assets and Other, net	1		—		1		—		—		(8)		(6)
Operating Income	677		489		367		125		155		(16)		1,797
Other Income and Expenses, net(b)	67		34		19		5		18		(16)		127
Interest Expense	185		122		118		33		55		(8)		505
Income Before Income Taxes	559		401		268		97		118		(24)		1,419
Income Tax Expense	74		57		57		14		7		(20)		189
Less: Net Income Attributable to Noncontrolling Interest(c)	—		—		—		—		—		22		22
Segment Income	$	485	$	344	$	211	$	83	$	111	$	(26)	$	1,208

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

(b) Includes an equity component of allowance for funds used during construction of $28 million for Duke Energy Carolinas, $17 million for Duke Energy Progress, $3 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $6 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Year Ended December 31, 2024
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Other		Electric Utilities and Infrastructure



Operating Revenues	$	9,718	$	7,017	$	6,595	$	1,905	$	3,040	$	(182)	$	28,093
Operating Expenses
Fuel used in electric generation and purchased power	3,251		2,409		2,346		538		964		(223)		9,285
Operation, maintenance and other	1,710		1,370		1,043		366		666		30		5,185
Depreciation and amortization	1,768		1,336		1,057		273		676		18		5,128
Property and other taxes	346		177		440		306		50		(14)		1,305
Impairment of assets and other charges	31		6		—		—		—		—		37
Total operating expenses	7,106		5,298		4,886		1,483		2,356		(189)		20,940
Gains on Sales of Other Assets and Other, net	2		2		3		—		—		(4)		3
Operating Income	2,614		1,721		1,712		422		684		3		7,156
Other Income and Expenses, net(b)	250		136		83		15		62		(18)		528
Interest Expense	722		492		457		126		228		(19)		2,006
Income Before Income Taxes	2,142		1,365		1,338		311		518		4		5,678
Income Tax Expense	233		194		271		47		72		3		820
Less: Net Income Attributable to Noncontrolling Interest(c)	—		—		—		—		—		88		$	88
Segment Income	$	1,909	$	1,171	$	1,067	$	264	$	446	$	(87)	$	4,770

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

(b) Includes an equity component of allowance for funds used during construction of $113 million for Duke Energy Carolinas, $61 million for Duke Energy Progress, $13 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $19 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	December 31, 2024
(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	$	6	$	24	$	33	$	16	$	13	$	—	$	92

Receivables, net	266		160		544		358		423		8		1,759
Receivables of variable interest entities, net	1,054		835		—		—		—		—		1,889
Receivables from affiliated companies	157		10		21		28		1		(134)		83
Notes receivable from affiliated companies	65		—		—		19		—		(43)		41
Inventory	1,536		1,341		745		167		586		—		4,375

Regulatory assets	685		626		1,022		53		113		(2)		2,497
Other	52		104		227		(1)		69		11		462
Total current assets	3,821		3,100		2,592		640		1,205		(160)		11,198
Property, Plant and Equipment
Cost	58,382		42,060		30,490		9,041		19,970		47		159,990
Accumulated depreciation and amortization	(19,090)		(15,930)		(7,650)		(2,489)		(6,848)		30		(51,977)

Net property, plant and equipment	39,292		26,130		22,840		6,552		13,122		77		108,013
Other Noncurrent Assets
Goodwill	—		—		—		596		—		16,783		17,379
Regulatory assets	4,199		4,555		2,064		405		1,040		660		12,923
Nuclear decommissioning trust funds	6,468		4,636		331		—		—		(1)		11,434
Operating lease right-of-use assets, net	98		348		277		6		37		—		766
Investments in equity method unconsolidated affiliates	—		—		1		—		—		27		28
Investment in consolidated subsidiaries	55		10		3		402		1		—		471

Other	1,126		724		465		59		323		(224)		2,473
Total other noncurrent assets	11,946		10,273		3,141		1,468		1,401		17,245		45,474
Total Assets	55,059		39,503		28,573		8,660		15,728		17,162		164,685
Segment reclassifications, intercompany balances and other	(277)		(101)		(24)		(449)		(2)		178		(675)
Reportable Segment Assets	$	54,782	$	39,402	$	28,549	$	8,211	$	15,726	$	17,340	$	164,010

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

(b) Includes the elimination of intercompany balances, purchase accounting adjustments, restricted receivables related to Cinergy Receivables Company and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	December 31, 2024
(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	$	1,809	$	749	$	1,418	$	229	$	257	$	3	$	4,465
Accounts payable to affiliated companies	241		306		67		17		57		(160)		528
Notes payable to affiliated companies	—		611		466		104		10		(42)		1,149

Taxes accrued	628		395		62		279		169		41		1,574
Interest accrued	201		122		86		41		59		—		509
Current maturities of long-term debt	521		983		534		155		4		(8)		2,189

Asset retirement obligations	247		230		1		8		164		—		650
Regulatory liabilities	618		348		174		29		183		(1)		1,351
Other	542		427		341		63		183		29		1,585
Total current liabilities	4,807		4,171		3,149		925		1,086		(138)		14,000
Long-Term Debt	16,669		11,371		9,814		3,138		4,644		441		46,077
Long-Term Debt Payable to Affiliated Companies	300		150		—		18		150		—		618
Other Noncurrent Liabilities
Deferred income taxes	4,105		2,352		3,026		869		1,494		43		11,889
Asset retirement obligations	3,743		4,104		213		69		1,104		18		9,251
Regulatory liabilities	6,592		4,570		688		231		1,404		(25)		13,460
Operating lease liabilities	87		332		225		6		33		—		683
Accrued pension and other post-retirement benefit costs	24		141		92		66		82		(207)		198
Investment tax credits	317		144		241		5		186		—		893

Other	575		198		144		60		19		(14)		982
Total other noncurrent liabilities	15,443		11,841		4,629		1,306		4,322		(185)		37,356
Equity
Total Duke Energy Corporation stockholders' equity	17,840		11,970		10,981		3,273		5,526		15,942		65,532
Noncontrolling interests(c)	—		—		—		—		—		1,102		1,102
Equity	17,840		11,970		10,981		3,273		5,526		17,044		66,634
Total Liabilities and Equity	55,059		39,503		28,573		8,660		15,728		17,162		164,685
Segment reclassifications, intercompany balances and other	(277)		(101)		(24)		(449)		(2)		178		(675)
Reportable Segment Liabilities and Equity	$	54,782	$	39,402	$	28,549	$	8,211	$	15,726	$	17,340	$	164,010

(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

CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended December 31, 2024
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	180	$	590	$	6	$	(1)	$	775
Operating Expenses
Cost of natural gas	42		143		—		—		185
Operation, maintenance and other	22		91		5		1		119
Depreciation and amortization	35		70		2		(1)		106
Property and other taxes	21		8		—		—		29

Total operating expenses	120		312		7		—		439

Operating Income (Loss)	60		278		(1)		(1)		336
Other Income and Expenses
Equity in losses of unconsolidated affiliates	—		—		(51)		—		(51)
Other income and expenses, net	2		12		—		(2)		12
Total other income and expenses	2		12		(51)		(2)		(39)
Interest Expense	18		50		1		(2)		67
Income (Loss) Before Income Taxes	44		240		(53)		(1)		230
Income Tax Expense (Benefit)	7		46		(11)		—		42
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—		—		(1)		—		(1)
Segment Income (Loss)	$	37	$	194	$	(41)	$	(1)	$	189

(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

CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Year Ended December 31, 2024
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	640	$	1,729	$	21	$	—	$	2,390
Operating Expenses
Cost of natural gas	142		423		—		—		565
Operation, maintenance and other	109		355		13		1		478
Depreciation and amortization	131		261		8		—		400
Property and other taxes	94		55		—		—		149

Total operating expenses	476		1,094		21		1		1,592

Operating Income	164		635		—		(1)		798
Other Income and Expenses
Equity in losses of unconsolidated affiliates	—		—		(48)		—		(48)
Other income and expenses, net	5		54		—		(1)		58
Total other income and expenses	5		54		(48)		(1)		10
Interest Expense	68		185		4		(1)		256
Income (Loss) Before Income Taxes	101		504		(52)		(1)		552
Income Tax Expense (Benefit)	18		94		(13)		—		99
Less: Net Income (Loss) Attributable to Noncontrolling Interest	—		—		(1)		—		(1)
Segment Income (Loss)	$	83	$	410	$	(38)	$	(1)	$	454

(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 and losses from the cancellation of the ACP pipeline.

GAS UTILITIES AND INFRASTRUCTURE

CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	December 31, 2024
(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	$	7	$	2	$	26	$	(1)	$	34

Receivables, net	89		368		—		—		457

Receivables from affiliated companies	—		92		121		(70)		143
Notes receivable from affiliated companies	10		—		—		(3)		7
Inventory	16		78		—		1		95

Regulatory assets	13		158		—		—		171
Other	20		12		4		(1)		35
Total current assets	155		710		151		(74)		942
Property, Plant and Equipment
Cost	4,877		12,780		73		—		17,730
Accumulated depreciation and amortization	(1,185)		(2,432)		(9)		—		(3,626)

Net property, plant and equipment	3,692		10,348		64		—		14,104
Other Noncurrent Assets
Goodwill	324		49		—		1,551		1,924
Regulatory assets	323		421		—		68		812
Operating lease right-of-use assets, net	1		4		—		(1)		4
Investments in equity method unconsolidated affiliates	—		—		181		5		186
Investment in consolidated subsidiaries	—		—		—		6		6

Other	21		268		17		2		308
Total other noncurrent assets	669		742		198		1,631		3,240
Total Assets	4,516		11,800		413		1,557		18,286
Segment reclassifications, intercompany balances and other	(10)		(93)		(120)		68		(155)
Reportable Segment Assets	$	4,506	$	11,707	$	293	$	1,625	$	18,131

(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

CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	December 31, 2024
(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	$	79	$	237	$	6	$	1	$	323
Accounts payable to affiliated companies	4		70		22		(71)		25
Notes payable to affiliated companies	59		739		—		(3)		795

Taxes accrued	73		84		(10)		1		148
Interest accrued	9		45		—		(1)		53
Current maturities of long-term debt	90		205		—		3		298


Regulatory liabilities	5		68		—		1		74
Other	4		76		2		(1)		81
Total current liabilities	323		1,524		20		(70)		1,797
Long-Term Debt	757		3,798		61		54		4,670
Long-Term Debt Payable to Affiliated Companies	7		—		—		—		7
Other Noncurrent Liabilities
Deferred income taxes	446		1,007		58		2		1,513
Asset retirement obligations	62		29		—		—		91
Regulatory liabilities	234		956		—		12		1,202
Operating lease liabilities	—		7		—		—		7
Accrued pension and other post-retirement benefit costs	23		7		—		—		30
Investment tax credits	—		1		—		—		1

Other	31		148		1		(1)		179
Total other noncurrent liabilities	796		2,155		59		13		3,023
Equity
Total Duke Energy Corporation stockholders' equity	2,633		4,323		265		1,560		8,781
Noncontrolling interests	—		—		8		—		8
Equity	2,633		4,323		273		1,560		8,789
Total Liabilities and Equity	4,516		11,800		413		1,557		18,286
Segment reclassifications, intercompany balances and other	(10)		(93)		(120)		68		(155)
Reportable Segment Liabilities and Equity	$	4,506	$	11,707	$	293	$	1,625	$	18,131

(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
Year Ended December 2024

		Three Months Ended December 31,						Years Ended December 31,
		2024	2023	% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2024	2023	% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
	Residential	19,142	18,602	2.9	%	0.1	%	88,166	85,107	3.6	%	1.2	%
	Commercial	18,409	18,254	0.8	%	(1.0	%)	78,953	76,961	2.6	%	2.0	%
	Industrial	11,264	11,238	0.2	%	4.2	%	47,111	47,673	(1.2	%)	(0.2	%)
	Other Energy Sales	128	139	(7.9	%)	n/a		523	570	(8.2	%)	n/a
	Unbilled Sales	852	1,258	(32.3	%)	n/a		(168)	(1,261)	86.7	%	n/a
	Total Retail Sales	49,795	49,491	0.6	%	0.6	%	214,585	209,050	2.6	%	1.2	%
	Wholesale and Other	10,513	10,348	1.6	%			44,041	42,212	4.3	%
	Total Consolidated Electric Sales – Electric Utilities and Infrastructure	60,308	59,839	0.8	%			258,626	251,262	2.9	%

Average Number of Customers (Electric)
	Residential	7,462,570	7,312,926	2.0	%			7,409,924	7,252,831	2.2	%
	Commercial	1,043,964	1,040,029	0.4	%			1,043,764	1,037,303	0.6	%
	Industrial	15,500	15,895	(2.5	%)			15,653	16,098	(2.8	%)
	Other Energy Sales	23,427	23,968	(2.3	%)			23,650	24,111	(1.9	%)
	Total Retail Customers	8,545,461	8,392,818	1.8	%			8,492,991	8,330,343	2.0	%
	Wholesale and Other	52	50	4.0	%			52	49	6.1	%
	Total Average Number of Customers – Electric Utilities and Infrastructure	8,545,513	8,392,868	1.8	%			8,493,043	8,330,392	2.0	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	7,457	8,560	(12.9	%)			38,241	33,935	12.7	%
	Nuclear	18,605	18,796	(1.0	%)			74,787	74,966	(0.2	%)
	Hydro	304	260	16.9	%			2,008	1,916	4.8	%
	Natural Gas and Oil	22,856	19,657	16.3	%			94,362	88,100	7.1	%
	Renewable Energy	713	591	20.6	%			3,361	2,795	20.3	%
	Total Generation(d)	49,935	47,864	4.3	%			212,759	201,712	5.5	%
	Purchased Power and Net Interchange(e)	13,296	14,724	(9.7	%)			59,259	62,504	(5.2	%)
	Total Sources of Energy	63,231	62,588	1.0	%			272,018	264,216	3.0	%
	Less: Line Loss and Other	2,923	2,749	6.3	%			13,392	12,954	3.4	%
	Total GWh Sources	60,308	59,839	0.8	%			258,626	251,262	2.9	%

Owned Megawatt (MW) Capacity(c)
	Summer							50,562	50,321
	Winter							55,139	54,762
Nuclear Capacity Factor (%)(f)								95	96

(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
Year Ended December 2024

		Three Months Ended December 31,								Years Ended December 31,
		2024		2023		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2024		2023		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	6,319		6,290		0.5	%			29,659		28,348		4.6	%
	Commercial	7,057		7,327		(3.7	%)			30,446		29,816		2.1	%
	Industrial	4,792		4,675		2.5	%			19,827		19,736		0.5	%
	Other Energy Sales	67		70		(4.3	%)			268		279		(3.9	%)
	Unbilled Sales	582		546		6.6	%			11		(331)		103.3	%
	Total Retail Sales	18,817		18,908		(0.5	%)	(0.5	%)	80,211		77,848		3.0	%	1.3	%
	Wholesale and Other	2,559		2,360		8.4	%			10,885		9,787		11.2	%
	Total Consolidated Electric Sales – Duke Energy Carolinas	21,376		21,268		0.5	%			91,096		87,635		3.9	%

Average Number of Customers
	Residential	2,509,415		2,450,456		2.4	%			2,487,959		2,428,460		2.5	%
	Commercial	401,623		401,216		0.1	%			402,136		400,097		0.5	%
	Industrial	5,917		5,976		(1.0	%)			5,946		6,047		(1.7	%)
	Other Energy Sales	10,910		11,164		(2.3	%)			11,026		11,204		(1.6	%)
	Total Retail Customers	2,927,865		2,868,812		2.1	%			2,907,067		2,845,808		2.2	%
	Wholesale and Other	26		25		4.0	%			26		26		—	%
	Total Average Number of Customers – Duke Energy Carolinas	2,927,891		2,868,837		2.1	%			2,907,093		2,845,834		2.2	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,652		2,557		(35.4	%)			10,203		9,079		12.4	%
	Nuclear	11,400		10,712		6.4	%			45,286		44,004		2.9	%
	Hydro	167		76		119.7	%			1,140		918		24.2	%
	Natural Gas and Oil	6,523		5,284		23.4	%			27,302		25,323		7.8	%
	Renewable Energy	48		75		(36.0	%)			314		341		(7.9	%)
	Total Generation(d)	19,790		18,704		5.8	%			84,245		79,665		5.7	%
	Purchased Power and Net Interchange(e)	2,603		3,478		(25.2	%)			11,618		12,119		(4.1	%)
	Total Sources of Energy	22,393		22,182		1.0	%			95,863		91,784		4.4	%
	Less: Line Loss and Other	1,017		914		11.3	%			4,767		4,149		14.9	%
	Total GWh Sources	21,376		21,268		0.5	%			91,096		87,635		3.9	%

Owned MW Capacity(c)
	Summer									19,698		19,691
	Winter									20,773		20,735
Nuclear Capacity Factor (%)(f)										95		95

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,092		1,117		(2.2	%)			2,691		2,576		4.5	%
	Cooling Degree Days	68		45		51.1	%			1,724		1,440		19.7	%

	Variance from Normal
	Heating Degree Days	(11.0	%)	(9.3	%)					(15.4	%)	(19.0	%)
	Cooling Degree Days	53.6	%	3.3	%					9.6	%	(7.6	%)

(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
Year Ended December 2024

		Three Months Ended December 31,								Years Ended December 31,
		2024		2023		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2024		2023		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	3,972		3,890		2.1	%			18,431		17,742		3.9	%
	Commercial	3,470		3,363		3.2	%			15,232		14,717		3.5	%
	Industrial	2,226		2,285		(2.6	%)			9,372		9,692		(3.3	%)
	Other Energy Sales	21		22		(4.5	%)			85		86		(1.2	%)
	Unbilled Sales	582		438		32.9	%			152		(346)		144	%
	Total Retail Sales	10,271		9,998		2.7	%	3.1	%	43,272		41,891		3.3	%	1.6	%
	Wholesale and Other	6,307		6,216		1.5	%			25,745		24,826		3.7	%
	Total Consolidated Electric Sales – Duke Energy Progress	16,578		16,214		2.2	%			69,017		66,717		3.4	%

Average Number of Customers
	Residential	1,512,356		1,478,243		2.3	%			1,499,792		1,464,921		2.4	%
	Commercial	248,094		247,632		0.2	%			248,149		247,425		0.3	%
	Industrial	3,151		3,264		(3.5	%)			3,197		3,290		(2.8	%)
	Other Energy Sales	2,418		2,469		(2.1	%)			2,437		2,492		(2.2	%)
	Total Retail Customers	1,766,019		1,731,608		2.0	%			1,753,575		1,718,128		2.1	%
	Wholesale and Other	8		8		—	%			8		8		—	%
	Total Average Number of Customers – Duke Energy Progress	1,766,027		1,731,616		2.0	%			1,753,583		1,718,136		2.1	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	1,631		836		95.1	%			7,644		5,226		46.3	%
	Nuclear	7,205		8,084		(10.9	%)			29,501		30,962		(4.7	%)
	Hydro	57		80		(28.8	%)			580		603		(3.8	%)
	Natural Gas and Oil	6,232		5,818		7.1	%			23,924		22,886		4.5	%
	Renewable Energy	54		57		(5.3	%)			229		260		(11.9	%)
	Total Generation(d)	15,179		14,875		2.0	%			61,878		59,937		3.2	%
	Purchased Power and Net Interchange(e)	1,732		1,910		(9.3	%)			9,346		9,291		0.6	%
	Total Sources of Energy	16,911		16,785		0.8	%			71,224		69,228		2.9	%
	Less: Line Loss and Other	333		571		(41.7	%)			2,207		2,511		(12.1	%)
	Total GWh Sources	16,578		16,214		2.2	%			69,017		66,717		3.4	%

Owned MW Capacity(c)
	Summer									12,585		12,538
	Winter									13,845		13,770
Nuclear Capacity Factor (%)(f)										93		98

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	919		962		(4.5	%)			2,288		2,159		6.0	%
	Cooling Degree Days	89		55		61.8	%			1,978		1,755		12.7	%

	Variance from Normal
	Heating Degree Days	(16.4	%)	(12.8	%)					(20.5	%)	(25.1	%)
	Cooling Degree Days	36.8	%	(13.3	%)					14.5	%	2.8	%

(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
Year Ended December 2024

		Three Months Ended December 31,								Years Ended December 31,
		2024		2023		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2024		2023		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	4,949		4,654		6.3	%			22,043		21,750		1.3	%
	Commercial	3,752		3,713		1.1	%			15,773		15,655		0.8	%
	Industrial	754		836		(9.8	%)			3,287		3,396		(3.2	%)
	Other Energy Sales	7		8		(12.5	%)			29		31		(6.5	%)
	Unbilled Sales	(398)		(306)		(30.1	%)			11		(49)		122.4	%
	Total Retail Sales	9,064		8,905		1.8	%	(0.8	%)	41,143		40,783		0.9	%	0.7	%
	Wholesale and Other	658		424		55.2	%			2,703		2,601		3.9	%
	Total Electric Sales – Duke Energy Florida	9,722		9,329		4.2	%			43,846		43,384		1.1	%

Average Number of Customers
	Residential	1,803,424		1,769,252		1.9	%			1,793,067		1,753,585		2.3	%
	Commercial	211,510		209,682		0.9	%			211,118		209,179		0.9	%
	Industrial	1,635		1,742		(6.1	%)			1,671		1,773		(5.8	%)
	Other Energy Sales	3,583		3,648		(1.8	%)			3,607		3,676		(1.9	%)
	Total Retail Customers	2,020,152		1,984,324		1.8	%			2,009,463		1,968,213		2.1	%
	Wholesale and Other	13		12		8.3	%			13		10		30.0	%
	Total Average Number of Customers – Duke Energy Florida	2,020,165		1,984,336		1.8	%			2,009,476		1,968,223		2.1	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	279		845		(67.0	%)			3,262		3,829		(14.8	%)


	Natural Gas and Oil	8,784		7,729		13.6	%			37,524		35,554		5.5	%
	Renewable Energy	605		453		33.6	%			2,789		2,165		28.8	%
	Total Generation(d)	9,668		9,027		7.1	%			43,575		41,548		4.9	%
	Purchased Power and Net Interchange(e)	369		610		(39.5	%)			1,721		3,504		(50.9	%)
	Total Sources of Energy	10,037		9,637		4.2	%			45,296		45,052		0.5	%
	Less: Line Loss and Other	315		308		2.3	%			1,450		1,668		(13.1	%)
	Total GWh Sources	9,722		9,329		4.2	%			43,846		43,384		1.1	%

Owned MW Capacity(c)
	Summer									10,895		10,697
	Winter									12,542		12,303

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	158		138		14.5	%			452		316		43.0	%
	Cooling Degree Days	613		476		28.8	%			3,705		3,680		0.7	%

	Variance from Normal
	Heating Degree Days	(15.1	%)	(27.7	%)					(20.0	%)	(44.8	%)
	Cooling Degree Days	23.2	%	(2.3	%)					13.8	%	14.1	%

(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
Year Ended December 2024

		Three Months Ended December 31,								Years Ended December 31,
		2024		2023		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2024		2023		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	1,921		1,860		3.3	%			8,985		8,598		4.5	%
	Commercial	2,181		2,134		2.2	%			9,309		8,943		4.1	%
	Industrial	1,292		1,251		3.3	%			5,218		5,425		(3.8	%)
	Other Energy Sales	20		23		(13.0	%)			85		109		(22.0	%)
	Unbilled Sales	2		207		(99.0	%)			(79)		(166)		52.4	%
	Total Retail Sales	5,416		5,475		(1.1	%)	(0.7	%)	23,518		22,909		2.7	%	0.2	%
	Wholesale and Other	72		138		(47.8	%)			464		398		16.6	%
	Total Electric Sales – Duke Energy Ohio	5,488		5,613		(2.2	%)			23,982		23,307		2.9	%

Average Number of Customers
	Residential	835,840		827,321		1.0	%			832,841		823,904		1.1	%
	Commercial	76,260		75,459		1.1	%			76,038		74,957		1.4	%
	Industrial	2,171		2,270		(4.4	%)			2,209		2,340		(5.6	%)
	Other Energy Sales	2,769		2,823		(1.9	%)			2,787		2,834		(1.7	%)
	Total Retail Customers	917,040		907,873		1.0	%			913,875		904,035		1.1	%
	Wholesale and Other	1		1		—	%			1		1		—	%
	Total Average Number of Customers – Duke Energy Ohio	917,041		907,874		1.0	%			913,876		904,036		1.1	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	368		468		(21.4	%)			2,264		2,211		2.4	%


	Natural Gas and Oil	106		61		73.8	%			371		192		93.2	%

	Total Generation(d)	474		529		(10.4	%)			2,635		2,403		9.7	%
	Purchased Power and Net Interchange(e)	5,606		5,539		1.2	%			23,681		23,010		2.9	%
	Total Sources of Energy	6,080		6,068		0.2	%			26,316		25,413		3.6	%
	Less: Line Loss and Other	592		455		30.1	%			2,334		2,106		10.8	%
	Total GWh Sources	5,488		5,613		(2.2	%)			23,982		23,307		2.9	%

Owned MW Capacity(c)
	Summer									1,080		1,076
	Winter									1,173		1,164

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,494		1,569		(4.8	%)			4,020		4,103		(2.0	%)
	Cooling Degree Days	31		31		—	%			1,378		1,021		35.0	%

	Variance from Normal
	Heating Degree Days	(17.2	%)	(13.2	%)					(17.8	%)	(15.9	%)
	Cooling Degree Days	28.6	%	34.3	%					20.1	%	(9.4	%)

(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.


Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2024

		Three Months Ended December 31,								Years Ended December 31,
		2024		2023		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)		2024		2023		% Inc.(Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential	1,981		1,909		3.8	%			9,048		8,669		4.4	%
	Commercial	1,949		1,716		13.6	%			8,193		7,829		4.6	%
	Industrial	2,200		2,192		0.4	%			9,407		9,425		(0.2	%)
	Other Energy Sales	13		16		(18.8	%)			56		65		(13.8	%)
	Unbilled Sales	84		373		(77.5	%)			(263)		(369)		(28.7	%)
	Total Retail Sales	6,227		6,206		0.3	%	0.2	%	26,441		25,619		3.2	%	1.8	%
	Wholesale and Other	917		1,209		(24.2	%)			4,244		4,600		(7.7	%)
	Total Electric Sales – Duke Energy Indiana	7,144		7,415		(3.7	%)			30,685		30,219		1.5	%

Average Number of Customers
	Residential	801,535		787,654		1.8	%			796,265		781,961		1.8	%
	Commercial	106,477		106,040		0.4	%			106,323		105,645		0.6	%
	Industrial	2,626		2,643		(0.6	%)			2,630		2,648		(0.7	%)
	Other Energy Sales	3,747		3,863		(3.0	%)			3,793		3,905		(2.9	%)
	Total Retail Customers	914,385		900,200		1.6	%			909,011		894,159		1.7	%
	Wholesale and Other	4		4		—	%			4		4		—	%
	Total Average Number of Customers – Duke Energy Indiana	914,389		900,204		1.6	%			909,015		894,163		1.7	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal	3,527		3,854		(8.5	%)			14,868		13,590		9.4	%

	Hydro	80		104		(23.1	%)			288		395		(27.1	%)
	Natural Gas and Oil	1,211		765		58.3	%			5,241		4,145		26.4	%
	Renewable Energy	6		6		—	%			29		29		—	%
	Total Generation(d)	4,824		4,729		2.0	%			20,426		18,159		12.5	%
	Purchased Power and Net Interchange(e)	2,986		3,187		(6.3	%)			12,893		14,580		(11.6	%)
	Total Sources of Energy	7,810		7,916		(1.3	%)			33,319		32,739		1.8	%
	Less: Line Loss and Other	666		501		32.9	%			2,634		2,520		4.5	%
	Total GWh Sources	7,144		7,415		(3.7	%)			30,685		30,219		1.5	%

Owned MW Capacity(c)
	Summer									6,304		6,319
	Winter									6,806		6,790

Heating and Cooling Degree Days
	Actual
	Heating Degree Days	1,595		1,650		(3.3	%)			4,290		4,429		(3.1	%)
	Cooling Degree Days	29		39		(25.6	%)			1,267		1,078		17.5	%

	Variance from Normal
	Heating Degree Days	(17.8	%)	(15.4	%)					(18.6	%)	(15.7	%)
	Cooling Degree Days	35.4	%	84.4	%					20.1	%	(4.2	%)

(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
Year Ended December 2024

		Three Months Ended December 31,				Years Ended December 31,
		2024	2023	% Inc. (Dec.)		2024	2023	% Inc. (Dec.)
Total Sales
	Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)	163,029,361	142,826,255	14.1	%	616,724,667	569,752,712	8.2	%
	Duke Energy Midwest LDC throughput (Mcf)	22,148,273	24,249,780	(8.7	%)	77,923,033	79,548,620	(2.0	%)

Average Number of Customers – Piedmont Natural Gas
	Residential	1,076,163	1,058,794	1.6	%	1,072,819	1,055,478	1.6	%
	Commercial	107,668	107,116	0.5	%	107,952	107,112	0.8	%
	Industrial	942	947	(0.5	%)	942	953	(1.2	%)
	Power Generation	19	19	—	%	19	19	—	%
	Total Average Number of Gas Customers – Piedmont Natural Gas	1,184,792	1,166,876	1.5	%	1,181,732	1,163,562	1.6	%

Average Number of Customers – Duke Energy Midwest
	Residential	524,834	521,862	0.6	%	522,774	518,707	0.8	%
	Commercial	34,764	34,856	(0.3	%)	34,367	34,381	—	%
	Industrial	2,397	2,094	14.5	%	2,257	1,832	23.2	%
	Other	117	116	0.9	%	117	116	0.9	%
	Total Average Number of Gas Customers – Duke Energy Midwest	562,112	558,928	0.6	%	559,515	555,036	0.8	%

(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.