Duke Energy Progress Drives Q3 Revenue & Net Income Surge

TL;DR

**Duke Energy's Q3 numbers are strong, signaling a solid utility play with consistent growth in regulated segments.**

AI Summary

DUKE ENERGY PROGRESS, LLC, a subsidiary of Duke Energy Corporation, reported strong financial performance for the three and nine months ended September 30, 2025. Duke Energy Corporation's total operating revenues increased to $8,542 million for the three months ended September 30, 2025, up from $8,154 million in the prior year, representing a 4.76% increase. For the nine-month period, total operating revenues rose to $24,299 million from $22,997 million, an increase of 5.66%. Net income attributable to Duke Energy Corporation common stockholders significantly improved, reaching $1,407 million for the three-month period, a 14.76% increase from $1,226 million in 2024. The nine-month net income also saw a substantial rise to $3,743 million, up 16.56% from $3,211 million in the previous year. This growth was primarily driven by increased regulated electric and natural gas revenues, which saw regulated electric revenues climb to $8,106 million for the quarter and $22,138 million for the nine months. Operating expenses also increased, with operation, maintenance, and other expenses rising to $1,762 million for the quarter and $4,916 million for the nine months, reflecting ongoing investments and operational costs. The company also noted a decrease in fuel used in electric generation and purchased power, falling to $2,289 million for the quarter from $2,644 million in 2024. Earnings per share (basic and diluted) from continuing operations for Duke Energy Corporation common stockholders increased to $1.81 for the three months and $4.81 for the nine months ended September 30, 2025. The filing also highlights the complex corporate structure with multiple subsidiary registrants, including DUKE ENERGY PROGRESS, LLC, all operating under the Duke Energy umbrella.

Why It Matters

This filing reveals robust financial health for Duke Energy and its subsidiaries, including DUKE ENERGY PROGRESS, LLC, which is crucial for investors seeking stable, regulated utility returns. The significant increases in revenue and net income demonstrate effective rate recovery and demand growth, potentially signaling continued dividend stability and capital appreciation for shareholders. For customers, these results reflect the ongoing investment in infrastructure and services, though they also imply the impact of rate adjustments. In a competitive energy landscape, Duke Energy's ability to consistently grow its regulated segments reinforces its market position against other large utilities and emerging renewable energy providers, ensuring long-term operational viability and job security for employees.

Risk Assessment

Risk Level: medium — While financial performance is strong, the filing's extensive 'Cautionary Statement Regarding Forward-Looking Information' details numerous risks. These include the uncertainty of costs and liabilities related to coal ash remediation, the ability to timely recover eligible costs through regulatory processes, and the impact of extraordinary external events like supply chain disruptions. For example, the 2024 CCR Rule significantly expands the scope of coal combustion residuals management, posing potential unquantified financial burdens.

Analyst Insight

Investors should consider Duke Energy (DUK) as a stable, income-generating investment given its strong Q3 performance and consistent growth in regulated revenues. Monitor regulatory developments, particularly regarding environmental compliance costs and rate case outcomes, as these will be key drivers for future profitability and dividend sustainability.

Financial Highlights

debt To Equity

1.54

revenue

$8,542 million

operating Margin

27.35%

total Assets

$192,293 million

total Debt

$81,186 million

net Income

$1,407 million

eps

$1.81

gross Margin

26.55%

cash Position

$688 million

revenue Growth

+4.76%

Revenue Breakdown

Key Numbers

• $8.54B — Total Operating Revenues (Q3 2025) (Increased by 4.76% from $8.15B in Q3 2024.)
• $24.30B — Total Operating Revenues (YTD 2025) (Increased by 5.66% from $23.00B in YTD 2024.)
• $1.41B — Net Income Attributable to Duke Energy Corporation Common Stockholders (Q3 2025) (Increased by 14.76% from $1.23B in Q3 2024.)
• $3.74B — Net Income Attributable to Duke Energy Corporation Common Stockholders (YTD 2025) (Increased by 16.56% from $3.21B in YTD 2024.)
• $1.81 — Basic and Diluted EPS (Q3 2025) (Increased from $1.57 in Q3 2024.)
• $4.81 — Basic and Diluted EPS (YTD 2025) (Increased from $4.16 in YTD 2024.)
• $8.11B — Regulated Electric Revenues (Q3 2025) (Increased from $7.78B in Q3 2024.)
• $361M — Regulated Natural Gas Revenues (Q3 2025) (Increased from $298M in Q3 2024.)
• $2.29B — Fuel Used in Electric Generation and Purchased Power (Q3 2025) (Decreased from $2.64B in Q3 2024.)
• $1.76B — Operation, Maintenance and Other Expenses (Q3 2025) (Increased from $1.41B in Q3 2024.)

Key Players & Entities

• DUKE ENERGY PROGRESS, LLC (company) — registrant for 10-Q filing
• Duke Energy Corporation (company) — parent company and primary registrant
• $8,542 million (dollar_amount) — total operating revenues for three months ended September 30, 2025
• $8,154 million (dollar_amount) — total operating revenues for three months ended September 30, 2024
• $1,407 million (dollar_amount) — net income attributable to Duke Energy Corporation common stockholders for three months ended September 30, 2025
• $1,226 million (dollar_amount) — net income attributable to Duke Energy Corporation common stockholders for three months ended September 30, 2024
• $1.81 (dollar_amount) — basic and diluted EPS for three months ended September 30, 2025
• $4.81 (dollar_amount) — basic and diluted EPS for nine months ended September 30, 2025
• SEC (regulator) — Securities and Exchange Commission
• EPA (regulator) — United States Environmental Protection Agency

FAQ

Risk Factors

• Changes in Laws and Regulations [high — regulatory]: The company is subject to extensive federal, state, and local laws and regulations. Changes in environmental regulations, climate change policies, or energy market structures could significantly impact operations and profitability. For instance, stricter emissions standards may require substantial capital investments.
• Infrastructure Reliability and Security [high — operational]: The company's operations rely on the integrity of its extensive infrastructure. Physical damage from severe weather events, cyberattacks, or equipment failures could lead to service disruptions, significant repair costs, and reputational damage. The company's property, plant, and equipment are valued at $126,695 million.
• Interest Rate and Commodity Price Fluctuations [medium — financial]: Significant interest expense of $902 million for Q3 2025 indicates sensitivity to interest rate changes. Fluctuations in fuel and natural gas prices, as seen in the decrease of fuel costs to $2,289 million from $2,644 million in Q3 2024, can impact operating expenses and profitability.
• Competition and Market Conditions [medium — market]: While primarily regulated, the company faces competition in certain non-regulated segments and from evolving energy technologies. Changes in energy demand, economic conditions, and the competitive landscape can affect revenue and market share.
• Litigation and Legal Proceedings [medium — legal]: The company is involved in various legal proceedings, as indicated by 'Commitments and Contingencies' and 'Regulatory Matters' notes. Adverse outcomes could result in significant financial liabilities and operational restrictions.
• Asset Retirement Obligations [medium — operational]: The company has substantial asset retirement obligations totaling $9,644 million ($592 million current, $9,052 million noncurrent). Failure to adequately fund or manage these obligations could lead to future financial strain and regulatory scrutiny.

Industry Context

Duke Energy Progress, LLC operates within the highly regulated utility sector, primarily focused on electricity and natural gas distribution. The industry is characterized by significant capital intensity, long-term infrastructure investments, and a strong reliance on regulatory approvals for rate setting and cost recovery. Key trends include the ongoing transition to cleaner energy sources, increasing focus on grid modernization and resilience, and evolving customer expectations for service reliability and sustainability.

Regulatory Implications

The company's operations are heavily influenced by state and federal regulatory bodies, such as the Public Utility Commission. Changes in approved rate structures, environmental regulations, and energy policies can directly impact profitability and require substantial compliance investments. The significant 'regulatory assets' and 'regulatory liabilities' on the balance sheet underscore the pervasive nature of regulatory oversight.

What Investors Should Do

1. Monitor regulatory filings and decisions
2. Assess capital expenditure plans
3. Analyze operating expense trends

Glossary

VIEs

Variable Interest Entities. These are entities where equity investors do not have sufficient equity at risk for the entity to finance its activities without additional support from other parties. Duke Energy consolidates VIEs if it has a controlling financial interest. (VIEs significantly impact the company's reported assets and liabilities, as seen in the balance sheet figures for receivables, inventory, regulatory assets, and debt.)

Regulatory Assets

Costs that have been incurred but have not yet been recovered from customers through rates. These are recognized when it is probable that future revenues will be allowed in an amount sufficient to recover the asset. (A substantial portion of the company's assets, both current ($1,977 million) and noncurrent ($14,077 million), are classified as regulatory assets, highlighting the significant impact of regulatory decisions on financial reporting.)

Asset Retirement Obligations

Legal obligations associated with the retirement of tangible long-lived assets, such as nuclear power plants or natural gas facilities. These are recognized when incurred and are typically settled in the future. (The company has significant AROs totaling $9,644 million, which represent future costs that need to be managed and funded, impacting cash flows and financial liabilities.)

Noncontrolling Interests

The portion of equity in a subsidiary that is not attributable to the parent company. This represents the ownership interest of outside shareholders in the consolidated entities. (Net income and comprehensive income are adjusted for noncontrolling interests, as seen in the statements of operations and comprehensive income, to arrive at amounts attributable to Duke Energy Corporation common stockholders.)

Fuel Used in Electric Generation and Purchased Power

Costs associated with acquiring fuel (like coal, natural gas, nuclear fuel) for electricity generation and purchasing electricity from other providers to meet demand. (This is a major operating expense category. The decrease to $2,289 million in Q3 2025 from $2,644 million in Q3 2024 suggests improved fuel efficiency, lower commodity prices, or changes in generation mix.)

Year-Over-Year Comparison

Duke Energy Corporation demonstrated robust year-over-year performance for the nine months ended September 30, 2025. Total operating revenues increased by 5.66% to $24.30 billion, and net income available to common stockholders grew by 16.56% to $3.74 billion. This growth was supported by a 3.62% increase in regulated electric revenues and a significant 21.14% rise in regulated natural gas revenues. Earnings per share also saw a healthy increase, with basic and diluted EPS rising to $4.81 from $4.16 in the prior year. The company's balance sheet shows an increase in total assets to $192.3 billion and a rise in total debt to $81.2 billion, while cash and cash equivalents more than doubled to $688 million.

Key Financial Figures

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

Filing Documents

• duk-20250930.htm (10-Q) — 9479KB
• duk-202509x10qxexx21.htm (EX-2.1) — 906KB
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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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