Duke Energy's Q3 Net Income Jumps 14.76%, Piedmont Included

TL;DR

Duke Energy's Q3 earnings are solid, signaling stability for Piedmont Natural Gas despite rising regulatory and operational costs.

AI Summary

Piedmont Natural Gas Company, Inc., a subsidiary of Duke Energy Corporation, is included in Duke Energy's Q3 2025 10-Q filing. While specific financial details for Piedmont are not broken out in the consolidated statements provided, Duke Energy Corporation reported a significant increase in Net Income Available to Common Stockholders, rising to $1,407 million for the three months ended September 30, 2025, from $1,226 million in the prior year, a 14.76% increase. For the nine months ended September 30, 2025, this figure increased to $3,743 million from $3,211 million, a 16.56% rise. Total operating revenues for Duke Energy increased to $8,542 million for the quarter, up from $8,154 million, driven by regulated electric revenues of $8,106 million and regulated natural gas revenues of $361 million. Operating expenses also rose, with operation, maintenance, and other costs increasing to $1,762 million from $1,409 million. The filing highlights Piedmont's status as a North Carolina corporation with its common stock directly owned by Duke Energy, and its inclusion as a Subsidiary Registrant filing with reduced disclosure. Key risks for Duke Energy and its subsidiaries, including Piedmont, involve regulatory initiatives, compliance costs for environmental requirements like the 2024 CCR Rule, and the ability to recover eligible costs through rate cases.

Why It Matters

This filing provides a consolidated view of Duke Energy's performance, which directly impacts Piedmont Natural Gas as a wholly-owned subsidiary. The strong financial results for Duke Energy, with a 14.76% increase in net income for the quarter, suggest a stable environment for its regulated utilities, including Piedmont. For investors, this indicates robust operational health and potential for continued dividends from the parent company. Employees of Piedmont can infer job security and stability from the parent company's strong performance. Customers might see continued investment in infrastructure, but also potential for rate adjustments to recover rising operating costs and environmental compliance expenses, especially given the new 2024 CCR Rule. In the competitive landscape, Duke Energy's scale and regulatory stability provide a significant advantage, allowing it to absorb compliance costs and invest in modernization more effectively than smaller, less diversified utilities.

Risk Assessment

Risk Level: medium — The risk level is medium due to significant regulatory and environmental compliance costs, specifically the 2024 CCR Rule, which 'significantly expands the scope of the 2015 CCR Rule' and introduces 'uncertain and difficult to estimate' liabilities for coal ash remediation. Additionally, rising 'Operation, maintenance and other' expenses, which increased to $1,762 million from $1,409 million for the three months ended September 30, 2025, pose a financial challenge that may not always be fully recoverable through regulatory processes.

Analyst Insight

Investors should monitor Duke Energy's upcoming rate case proceedings and regulatory approvals, particularly concerning cost recovery for environmental compliance and infrastructure investments. Evaluate the long-term impact of the 2024 CCR Rule on Duke Energy's capital expenditure plans and profitability, as these costs will directly affect the parent company's financial health and, by extension, Piedmont Natural Gas.

Financial Highlights

debt To Equity

1.54

revenue

$8,542M

operating Margin

27.33%

total Assets

$192,293M

total Debt

$79,301M

net Income

$1,407M

eps

$1.81

gross Margin

33.75%

cash Position

$688M

revenue Growth

+4.76%

Revenue Breakdown

Key Numbers

• $1.407B — Net Income Available to Duke Energy Corporation Common Stockholders (Increased by $181 million (14.76%) for the three months ended September 30, 2025, compared to $1.226 billion in 2024.)
• $3.743B — Net Income Available to Duke Energy Corporation Common Stockholders (Increased by $532 million (16.56%) for the nine months ended September 30, 2025, compared to $3.211 billion in 2024.)
• $8.542B — Total Operating Revenues (Increased for Duke Energy for the three months ended September 30, 2025, from $8.154 billion in 2024.)
• $361M — Regulated Natural Gas Operating Revenues (Reported by Duke Energy for the three months ended September 30, 2025, up from $298 million in 2024.)
• $1.762B — Operation, Maintenance and Other Expenses (Increased for Duke Energy for the three months ended September 30, 2025, from $1.409 billion in 2024.)
• 777,661,224 — Shares of Common Stock Outstanding (For Duke Energy at October 31, 2025.)

Key Players & Entities

• PIEDMONT NATURAL GAS COMPANY, INC. (company) — Subsidiary Registrant of Duke Energy Corporation
• Duke Energy Corporation (company) — Parent company and primary registrant
• U.S. Securities and Exchange Commission (regulator) — Filing oversight body
• United States Environmental Protection Agency (regulator) — Issuer of the 2024 CCR Rule
• North Carolina Utilities Commission (regulator) — Regulates Piedmont Natural Gas
• Spire Inc. (company) — Purchaser in Piedmont's Tennessee business disposal group
• New York Stock Exchange LLC (regulator) — Where Duke Energy's common stock is registered

FAQ

Risk Factors

• Regulatory Initiatives and Rate Cases [high — regulatory]: Piedmont Natural Gas, as a regulated utility, is subject to extensive regulation by state public utility commissions. Changes in regulatory policies, adverse outcomes in rate cases, or the disallowance of costs could negatively impact earnings and cash flows. For example, the ability to recover eligible costs through rate cases is a key risk.
• Environmental Compliance Costs [medium — regulatory]: Increasingly stringent environmental regulations, such as the 2024 CCR Rule, require significant capital investment and ongoing compliance costs. The ability to recover these costs through approved rates is crucial for maintaining profitability.
• Infrastructure Modernization and Maintenance [medium — operational]: Maintaining and upgrading aging natural gas infrastructure is essential for safety and reliability. Significant capital expenditures are required for these efforts, and the timely recovery of these investments through rates is critical.
• Interest Rate Fluctuations [medium — financial]: As of September 30, 2025, Duke Energy Corporation's total debt was $79,301 million. Fluctuations in interest rates can significantly impact the cost of debt financing and overall interest expense, affecting net income.
• Natural Gas Supply and Price Volatility [low — operational]: Piedmont Natural Gas relies on the supply of natural gas, and its cost can be subject to market volatility. While hedging strategies are employed, significant price swings can impact operating expenses and margins if not fully recoverable through rates.

Industry Context

Piedmont Natural Gas operates within the regulated natural gas distribution sector, a critical component of the broader energy utility industry. This sector is characterized by stable, albeit slow, customer growth and significant capital investment in infrastructure. The industry is heavily influenced by regulatory frameworks that determine rates and profitability, as well as evolving environmental standards and the transition towards cleaner energy sources.

Regulatory Implications

Piedmont Natural Gas is subject to the oversight of state utility commissions, which approve rates and operational standards. Key implications include the need to secure regulatory approval for cost recovery related to infrastructure upgrades and environmental compliance, as well as potential impacts from evolving energy policies.

What Investors Should Do

1. Monitor regulatory filings and rate case outcomes for Piedmont Natural Gas and other Duke Energy subsidiaries.
2. Assess Duke Energy's capital expenditure plans, particularly those related to infrastructure modernization and environmental compliance.
3. Evaluate the impact of interest rate changes on Duke Energy's substantial debt load.

Key Dates

• 2025-09-30: End of Q3 2025 — Reporting period for the condensed consolidated financial statements, showing increased revenues and net income for Duke Energy Corporation.
• 2025-10-31: Shares of Common Stock Outstanding — Indicates the total number of shares outstanding for Duke Energy Corporation, relevant for EPS calculations.

Glossary

VIEs

Variable Interest Entities. These are entities that are not consolidated in the normal sense but are controlled through contractual arrangements, requiring specific accounting treatment. (The filing notes significant amounts related to VIEs in receivables, inventory, regulatory assets, and debt, indicating their material impact on Duke Energy's financial position.)

Regulatory assets

Costs that have been incurred but are not yet recognized as expenses in the income statement, as they are expected to be recovered from customers in future periods through rates. (A substantial portion of Duke Energy's assets are classified as regulatory assets, highlighting the significant impact of regulatory decisions on its financial reporting.)

Net Income Available to Duke Energy Corporation Common Stockholders

The portion of net income remaining after deducting preferred dividends and other preferred claims, which is available to common shareholders. (This is a key profitability metric for common shareholders, showing a strong increase in the reported period.)

CCR Rule

Coal Combustion Residuals Rule. Environmental regulations governing the disposal and management of waste from coal-fired power plants. (Mentioned as a key risk factor, indicating compliance costs and potential capital expenditures for Duke Energy and its subsidiaries.)

Year-Over-Year Comparison

Duke Energy Corporation reported a robust increase in financial performance compared to the prior year. Total operating revenues for the three months ended September 30, 2025, rose to $8,542 million from $8,154 million in 2024, a 4.76% increase. Net Income Available to Common Stockholders saw a significant jump, reaching $1,407 million for the quarter, up from $1,226 million in the prior year, a 14.76% improvement. Operating expenses also increased, with operation, maintenance, and other costs rising to $1,762 million from $1,409 million, indicating higher operational spending alongside revenue growth. New risks related to environmental regulations like the 2024 CCR Rule were highlighted, alongside ongoing concerns about regulatory initiatives and cost recovery.

Key Financial Figures

• $0.001 — h registered Duke Energy Common Stock, $0.001 par value DUK New York Stock Exchange L

Filing Documents

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FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Duke Energy Corporation Financial Statements 9 Duke Energy Carolinas, LLC Financial Statements 15 Progress Energy, Inc. Financial Statements 19 Duke Energy Progress, LLC Financial Statements 23 Duke Energy Florida, LLC Financial Statements 27 Duke Energy Ohio, Inc. Financial Statements 31 Duke Energy Indiana, LLC Financial Statements 35 Piedmont Natural Gas Company, Inc. Financial Statements 39 Combined Notes to Condensed Consolidated Financial Statements Note 1 – Organization and Basis of Presentation 43 Note 2 – Dispositions 46 Note 3 – Business Segments 49 Note 4 – Regulatory Matters 61 Note 5 – Commitments and Contingencies 67 Note 6 – Debt and Credit Facilities 70 Note 7 – Asset Retirement Obligations 72 Note 8 – Goodwill 73 Note 9 – Related Party Transactions 74 Note 10 – Derivatives and Hedging 75 Note 11 – Investments in Debt and Equity Securities 81 Note 12 – Fair Value Measurements 85 Note 13 – Variable Interest Entities 90 Note 14 – Revenue 93 Note 15 – Stockholders' Equity 98 Note 16 – Employee Benefit Plans 100 Note 17 – Income Taxes 101 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 103 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 121 Item 4.

Controls and Procedures

Controls and Procedures 121

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 122 Item 1A.

Risk Factors

Risk Factors 122 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 122 Item 5. Other Information 122 Item 6. Exhibits 124

Signatures

Signatures 127 GLOSSARY OF TERMS Glossary of Terms The following terms or acronyms used in this Form 10-Q are defined below: Term or Acronym Definition 2015 CCR Rule A 2015 EPA rule establishing national regulations to provide a comprehensive set of requirements for the management and disposal of CCR from coal-fired power plants 2024 CCR Rule The EPA's Legacy CCR Surface Impoundments rule issued in April 2024 under the Resource Conservation and Recovery Act, which significantly expands the scope of the 2015 CCR Rule AFUDC Allowance for funds used during construction Bison Bison Insurance Company Limited Brookfield Brookfield Renewable Partners L.P. CC Combined Cycle CCR Coal Combustion Residuals CECPCN Certificate of Environmental Compatibility and Public Convenience and Necessity CFIUS The Committee on Foreign Investments in the United States CPCN Certificate of Public Convenience and Necessity the Company Duke Energy Corporation and its subsidiaries Commercial Renewables Disposal Groups Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, separated into the utility-scale solar and wind group, the distributed generation group and the remaining assets COVID Coronavirus Disease 2019 CRC Cinergy Receivables Company, LLC Crystal River Unit 3 Crystal River Unit 3 Nuclear Plant CT Combustion Turbine CWIP Construction Work in Progress DEFR Duke Energy Florida Receivables, LLC DEPR Duke Energy Progress Receivables, LLC DERF Duke Energy Receivables Finance Company, LLC Duke Energy Duke Energy Corporation (collectively with its subsidiaries) Duke Energy Ohio Duke Energy Ohio, Inc. Duke Energy Progress Duke Energy Progress, LLC Duke Energy Carolinas Duke Energy Carolinas, LLC Duke Energy Florida Duke Energy Florida, LLC Duke Energy Indiana Duke Energy Indiana, LLC Duke Energy Kentucky Duke Energy Kentucky, Inc. Duke Energy Registrants Duke Energy, Duke En

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions and can often be identified by terms and phrases that include "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook" or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to: The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and our carbon emission reduction goals, while balancing customer reliability and affordability; 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 sig

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 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 be consummated or yield the anticipated benefits, which could adversely affect our financial condition, credit metrics or ability to execute strategic and capital plans; and The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading pri

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS DUKE ENERGY CORPORATION Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (in millions, except per share amounts) 2025 2024 2025 2024 Operating Revenues Regulated electric $ 8,106 $ 7,775 $ 22,138 $ 21,253 Regulated natural gas 361 298 1,928 1,511 Nonregulated electric and other 75 81 233 233 Total operating revenues 8,542 8,154 24,299 22,997 Operating Expenses Fuel used in electric generation and purchased power 2,289 2,644 6,266 7,207 Cost of natural gas 110 70 642 380 Operation, maintenance and other 1,762 1,409 4,916 4,108 Depreciation and amortization 1,626 1,516 4,721 4,312 Property and other taxes 438 383 1,281 1,162 Impairment of assets and other charges — ( 5 ) 3 39 Total operating expenses 6,225 6,017 17,829 17,208 Gains on Sales of Other Assets and Other, net 17 7 37 25 Operating Income 2,334 2,144 6,507 5,814 Other Income and Expenses Equity in earnings of unconsolidated affiliates 16 15 38 53 Other income and expenses, net 182 166 497 502 Total other income and expenses 198 181 535 555 Interest Expense 902 872 2,688 2,513 Income From Continuing Operations Before Income Taxes 1,630 1,453 4,354 3,856 Income Tax Expense From Continuing Operations 176 163 488 481 Income From Continuing Operations 1,454 1,290 3,866 3,375 Income (Loss) From Discontinued Operations, net of tax — 25 ( 1 ) 12 Net Income 1,454 1,315 3,865 3,387 Less: Net Income Attributable to Noncontrolling Interests 33 34 81 68 Net Income Attributable to Duke Energy Corporation 1,421 1,281 3,784 3,319 Less: Preferred Dividends 14 39 41 92 Less: Preferred Redemption Costs — $ 16 $ — $ 16 Net Income Available to Duke Energy Corporation Common Stockholders $ 1,407 $ 1,226 $ 3,743 $ 3,211 Earnings Per Share – Basic and Diluted Income from continuing operations available to Duke Energy Corporation common stockholders Basic and Diluted $ 1.81 $ 1.57 $

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS DUKE ENERGY CORPORATION Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2025 2024 2025 2024 Net Income $ 1,454 $ 1,315 $ 3,865 $ 3,387 Other Comprehensive Income (Loss), net of tax (a) Pension and OPEB adjustments 1 1 1 17 Net unrealized (losses) gains on cash flow hedges ( 20 ) ( 57 ) ( 24 ) 60 Reclassification into earnings from cash flow hedges ( 2 ) ( 2 ) 10 ( 3 ) Net unrealized losses on fair value hedges ( 6 ) ( 3 ) ( 41 ) ( 24 ) Unrealized gains on available-for-sale securities 2 7 4 4 Other Comprehensive (Loss) Income, net of tax ( 25 ) ( 54 ) ( 50 ) 54 Comprehensive Income 1,429 1,261 3,815 3,441 Less: Comprehensive Income Attributable to Noncontrolling Interests 33 34 81 68 Comprehensive Income Attributable to Duke Energy 1,396 1,227 3,734 3,373 Less: Preferred Dividends 14 39 41 92 Less: Preferred Redemption Costs — 16 — 16 Comprehensive Income Available to Duke Energy Corporation Common Stockholders $ 1,382 $ 1,172 $ 3,693 $ 3,265 (a) Net of income tax benefit of $ 7 million and $ 16 million for the three months ended September 30, 2025, and 2024, respectively and income tax benefit of $ 15 million and income tax expense of $ 16 million for the nine months ended September 30, 2025, and 2024, respectively. See Notes to Condensed Consolidated Financial Statements 10

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS DUKE ENERGY CORPORATION Condensed Consolidated Balance Sheets (Unaudited) (in millions) September 30, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents $ 688 $ 314 Receivables (net of allowance for doubtful accounts of $ 199 at 2025 and $ 122 at 2024) 4,006 2,170 Receivables of VIEs (net of allowance for doubtful accounts of $ 85 at 2024) 12 1,889 Receivable from sales of Commercial Renewables Disposal Groups — 551 Inventory (includes $ 550 at 2025 and $ 494 at 2024 related to VIEs) 4,494 4,496 Regulatory assets (includes $ 173 at 2025 and $ 120 at 2024 related to VIEs) 1,977 2,739 Assets held for sale 47 96 Other (includes $ 47 at 2025 and $ 90 at 2024 related to VIEs) 984 695 Total current assets 12,208 12,950 Property, Plant and Equipment Cost 185,941 178,737 Accumulated depreciation and amortization ( 59,246 ) ( 57,111 ) Net property, plant and equipment 126,695 121,626 Other Noncurrent Assets Goodwill 19,010 19,010 Regulatory assets (includes $ 2,601 at 2025 and $ 1,705 at 2024 related to VIEs) 14,077 14,220 Nuclear decommissioning trust funds 12,778 11,434 Operating lease right-of-use assets, net 1,211 1,148 Investments in equity method unconsolidated affiliates 323 353 Assets held for sale 2,106 2,095 Other 3,885 3,507 Total other noncurrent assets 53,390 51,767 Total Assets $ 192,293 $ 186,343 LIABILITIES AND EQUITY Current Liabilities Accounts payable (includes $ 273 at 2025 and $ 214 at 2024 related to VIEs) $ 4,191 $ 5,436 Notes payable and commercial paper 2,885 3,584 Taxes accrued 1,141 851 Interest accrued 814 854 Current maturities of long-term debt (includes $ 115 at 2025 and $ 1,012 at 2024 related to VIEs) 6,452 4,349 Asset retirement obligations 592 650 Regulatory liabilities 1,229 1,421 Liabilities associated with assets held for sale 57 132 Other 2,044 2,080 Total current liabilities 19,405 19,357 Long-Term Debt (includes $ 2,760 at 2025 and $ 1,842

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS DUKE ENERGY CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudi

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