Duke Energy Posts Strong Q3 Earnings, Revenue Up 4.76%

TL;DR

**Duke Energy is crushing it, with net income up 14.76% this quarter, making it a solid buy for dividend growth.**

AI Summary

Duke Energy Ohio, Inc. is a subsidiary registrant within the larger Duke Energy Corporation, which reported a 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, a 5.66% increase. 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. Year-to-date, this figure was $3,743 million, up 16.56% from $3,211 million. Earnings per share (basic and diluted) from continuing operations increased to $1.81 for the quarter, compared to $1.57 in the prior year, and to $4.81 year-to-date, up from $4.16. Key business changes include a decrease in fuel used in electric generation and purchased power by $355 million for the quarter, while operation, maintenance, and other expenses increased by $353 million. The company continues to focus on its regulated electric and natural gas segments, which saw revenue growth of 4.26% and 21.14% respectively for the quarter. Risks include regulatory changes, coal ash remediation costs, and the ability to recover investment through rate cases.

Why It Matters

This filing indicates robust financial health for Duke Energy Corporation, which is positive for investors seeking stable returns from a utility giant. The increased net income and EPS suggest effective cost management and strong demand in its regulated segments, potentially leading to continued dividend growth. For customers, the ability to recover costs through regulatory processes is a double-edged sword, ensuring grid reliability but potentially leading to higher rates. In the broader market, Duke Energy's performance reflects the resilience of the utility sector amidst economic fluctuations, providing a benchmark for competitors like Southern Company and NextEra Energy.

Risk Assessment

Risk Level: medium — The risk level is medium due to significant regulatory uncertainties and environmental liabilities. The filing explicitly mentions '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.' Additionally, the ability to 'timely recover eligible costs... and to earn an adequate return on investment through rate case proceedings and the regulatory process' remains a key risk, as regulatory decisions can directly impact profitability.

Analyst Insight

Investors should consider Duke Energy as a stable long-term investment, given its consistent revenue growth in regulated segments and strong earnings performance. Monitor upcoming regulatory decisions regarding cost recovery and coal ash remediation, as these will be critical for future profitability and dividend sustainability.

Financial Highlights

debt To Equity

N/A

revenue

$8,542M

operating Margin

27.33%

total Assets

$192,293M

total Debt

$88,186M

net Income

$1,407M

eps

$1.81

gross Margin

N/A

cash Position

$688M

revenue Growth

+4.76%

Revenue Breakdown

Key Numbers

• $8.54B — Total Operating Revenues (Increased by 4.76% for the three months ended September 30, 2025, compared to the prior year.)
• $1.41B — Net Income Attributable to Common Stockholders (Increased by 14.76% for the three months ended September 30, 2025, compared to the prior year.)
• $1.81 — Basic and Diluted EPS (Increased from $1.57 in Q3 2024 to $1.81 in Q3 2025.)
• $24.30B — Total Operating Revenues (YTD) (Increased by 5.66% for the nine months ended September 30, 2025, compared to the prior year.)
• $3.74B — Net Income Attributable to Common Stockholders (YTD) (Increased by 16.56% for the nine months ended September 30, 2025, compared to the prior year.)
• $4.81 — Basic and Diluted EPS (YTD) (Increased from $4.16 in YTD 2024 to $4.81 in YTD 2025.)
• 4.26% — Regulated Electric Revenue Growth (Percentage increase in regulated electric revenue for Q3 2025.)
• 21.14% — Regulated Natural Gas Revenue Growth (Percentage increase in regulated natural gas revenue for Q3 2025.)
• $355M — Decrease in Fuel Costs (Reduction in fuel used in electric generation and purchased power for Q3 2025.)
• $353M — Increase in O&M Costs (Increase in operation, maintenance and other expenses for Q3 2025.)

Key Players & Entities

• Duke Energy Ohio, Inc. (company) — subsidiary registrant
• Duke Energy Corporation (company) — parent company and primary registrant
• SEC (regulator) — filing oversight
• $8,542 million (dollar_amount) — total operating revenues for Q3 2025
• $8,154 million (dollar_amount) — total operating revenues for Q3 2024
• $1,407 million (dollar_amount) — net income attributable to common stockholders for Q3 2025
• $1,226 million (dollar_amount) — net income attributable to common stockholders for Q3 2024
• $1.81 (dollar_amount) — basic and diluted EPS for Q3 2025
• $1.57 (dollar_amount) — basic and diluted EPS for Q3 2024
• EPA (regulator) — environmental regulations on coal ash

FAQ

Risk Factors

• Regulatory Changes [high — regulatory]: Changes in laws, regulations, or regulatory policies could adversely affect the company's financial condition and results of operations. This includes potential impacts on rate structures, environmental compliance, and recovery of costs.
• Coal Ash Remediation [medium — operational]: The company faces significant costs and liabilities associated with the remediation of coal combustion residuals (coal ash). These costs can be substantial and are subject to evolving environmental regulations and legal challenges.
• Rate Case Outcomes [high — regulatory]: The ability to recover investments and operating costs through rate cases is critical. Unfavorable outcomes in rate proceedings could negatively impact profitability and the company's ability to fund future capital expenditures.
• Fuel and Purchased Power Costs [medium — market]: Fluctuations in the cost of fuel used in electric generation and purchased power can impact operating expenses. While there was a decrease of $355 million in Q3 2025, volatility remains a risk.
• Operation and Maintenance Expenses [medium — operational]: An increase in operation, maintenance, and other expenses by $353 million in Q3 2025 highlights the ongoing costs of maintaining infrastructure and operations, which could pressure margins if not managed effectively.

Industry Context

Duke Energy Ohio operates within the highly regulated utility sector, characterized by significant capital investments in infrastructure and a focus on reliable service delivery. The industry is undergoing a transition towards cleaner energy sources, necessitating substantial investments in grid modernization and renewable energy, while managing the retirement of older fossil fuel assets. Competition is generally limited due to the nature of regulated monopolies, but regulatory bodies play a crucial role in approving rates and operational plans.

Regulatory Implications

The company's financial performance is heavily influenced by regulatory decisions. Favorable outcomes in rate cases are essential for cost recovery and investment returns. Changes in environmental regulations, particularly concerning emissions and waste disposal (like coal ash), pose ongoing compliance challenges and potential liabilities that require significant financial provisions and strategic planning.

What Investors Should Do

1. Monitor regulatory filings and rate case outcomes
2. Assess the impact of operational cost changes
3. Evaluate capital expenditure plans and their recovery mechanisms

Key Dates

• 2025-09-30: End of Third Quarter and Nine-Month Period — Reporting period for the financial results showing increased revenues and net income for Duke Energy Corporation.

Glossary

Operating Revenues

The total income generated from the company's primary business activities before deducting expenses. (Key indicator of business scale and market demand, showing a 4.76% increase for the quarter.)

Net Income Attributable to Duke Energy Corporation Common Stockholders

The portion of the company's net income that belongs to its common shareholders after all expenses, taxes, and preferred dividends are paid. (Measures the profitability available to common equity holders, which increased by 14.76% for the quarter.)

Earnings Per Share (EPS)

The portion of a company's profit allocated to each outstanding share of common stock. (A key metric for investors to assess profitability on a per-share basis, showing an increase to $1.81 for the quarter.)

Fuel used in electric generation and purchased power

Costs associated with the energy sources (like coal, natural gas, nuclear fuel) used to generate electricity and power purchased from external sources. (A significant operating expense; a decrease of $355 million in Q3 2025 positively impacted net income.)

Operation, maintenance and other

Expenses incurred for the day-to-day running of the business, including labor, materials, and services for maintaining utility infrastructure. (A substantial operating expense category; an increase of $353 million in Q3 2025 offset some of the benefits from lower fuel costs.)

Regulatory assets

Costs that have been incurred but are expected to be recovered from customers in the future through approved rates. (Represents future revenue potential, with significant balances noted on the balance sheet ($1,977M current, $14,077M noncurrent as of Sep 30, 2025).)

Regulatory liabilities

Amounts that are expected to be refunded to customers in the future or represent costs that will be offset by future rate adjustments. (Represents potential future outflows or reductions in revenue, with balances of $1,229M current and $15,377M noncurrent as of Sep 30, 2025.)

Year-Over-Year Comparison

Duke Energy Corporation demonstrated robust year-over-year performance for the three and nine months ended September 30, 2025. Total operating revenues saw a healthy increase of 4.76% for the quarter ($8,542M vs $8,154M) and 5.66% year-to-date ($24,299M vs $22,997M). Net income attributable to common stockholders also showed significant improvement, rising 14.76% quarterly ($1,407M vs $1,226M) and 16.56% year-to-date ($3,743M vs $3,211M), leading to higher EPS. While fuel costs decreased, a notable increase in operation, maintenance, and other expenses partially offset these gains, highlighting ongoing operational cost management challenges.

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
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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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