Duke Energy's Q3 Earnings Surge on Strong Regulated Revenue Growth

TL;DR

**Duke Energy is powering up, with regulated revenue driving a solid 14.76% net income jump, making it a stable bet in a volatile market.**

AI Summary

Duke Energy Corporation reported a robust financial performance for the three and nine months ended September 30, 2025. 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 saw a significant jump, reaching $1,407 million for the three months, a 14.76% increase from $1,226 million in 2024, and $3,743 million for the nine months, up 16.56% from $3,211 million. This growth was primarily driven by higher regulated electric revenues, which increased by $331 million to $8,106 million for the quarter, and regulated natural gas revenues, which grew by $63 million to $361 million. Operating expenses also increased, with operation, maintenance and other costs rising by $353 million to $1,762 million for the quarter, and depreciation and amortization increasing by $110 million to $1,626 million. The company's strategic outlook emphasizes continued investment in its Electric Utilities and Infrastructure (EU&I) and Gas Utilities and Infrastructure (GU&I) segments, aiming to meet forecasted load growth and carbon emission reduction goals, while navigating regulatory challenges and rising operational costs.

Why It Matters

Duke Energy's strong financial performance, particularly in regulated electric and natural gas revenues, signals stability and growth potential for investors in the utility sector. The company's ability to increase net income by 14.76% quarter-over-quarter demonstrates effective management of its core regulated businesses, which are typically less volatile than non-regulated segments. This positive trend could lead to sustained dividend payouts and capital appreciation for shareholders. For customers, continued investment in infrastructure, as implied by rising depreciation and amortization, suggests improved reliability and service, though it also points to potential future rate adjustments to recover these costs. In a competitive landscape, Duke Energy's robust regulated growth positions it favorably against peers facing similar pressures from environmental regulations and infrastructure demands.

Risk Assessment

Risk Level: medium — The company faces medium risk due to increasing operating expenses, with 'Operation, maintenance and other' costs rising by $353 million to $1,762 million for the three months ended September 30, 2025, and 'Depreciation and amortization' increasing by $110 million to $1,626 million. Additionally, 'Interest Expense' grew by $30 million to $902 million for the quarter, indicating higher financing costs. These rising costs, if not adequately recovered through regulatory processes, could pressure future profitability despite revenue growth.

Analyst Insight

Investors should consider Duke Energy a stable long-term holding, given its consistent growth in regulated revenues and net income. Monitor future regulatory filings for rate case outcomes to ensure cost recovery, and pay attention to the company's capital expenditure plans for continued infrastructure modernization and carbon reduction initiatives.

Financial Highlights

revenue

$8.542B

operating Margin

27.33%

total Assets

$192.293B

total Debt

$85.753B

net Income

$1.407B

eps

$1.81

cash Position

$688M

revenue Growth

+4.76%

Revenue Breakdown

Key Numbers

• $8.542B — Total operating revenues (Increased by 4.76% for the three months ended September 30, 2025, compared to 2024.)
• $1.407B — Net Income Available to Duke Energy Corporation Common Stockholders (Increased by 14.76% for the three months ended September 30, 2025, compared to 2024.)
• $1.81 — Basic and Diluted Earnings Per Share (Increased from $1.57 in 2024 for the three months ended September 30, 2025.)
• $8.106B — Regulated electric revenues (Increased by $331 million for the three months ended September 30, 2025.)
• $361M — Regulated natural gas revenues (Increased by $63 million for the three months ended September 30, 2025.)
• $1.762B — Operation, maintenance and other expenses (Increased by $353 million for the three months ended September 30, 2025.)
• $1.626B — Depreciation and amortization (Increased by $110 million for the three months ended September 30, 2025.)
• $902M — Interest Expense (Increased by $30 million for the three months ended September 30, 2025.)
• 777,661,224 — Common stock outstanding (As of October 31, 2025.)

Key Players & Entities

• Duke Energy Corporation (company) — Parent company and primary registrant
• Duke Energy Carolinas, LLC (company) — Subsidiary registrant
• Progress Energy, Inc. (company) — Subsidiary registrant
• Duke Energy Progress, LLC (company) — Subsidiary registrant
• Duke Energy Florida, LLC (company) — Subsidiary registrant
• Duke Energy Ohio, Inc. (company) — Subsidiary registrant
• Duke Energy Indiana, LLC (company) — Subsidiary registrant
• Piedmont Natural Gas Company, Inc. (company) — Subsidiary registrant
• 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 these regulations, particularly those related to environmental standards, climate change, and energy policy, could significantly impact operations, increase compliance costs, and affect the company's ability to recover costs through rates. For example, evolving environmental regulations may require substantial capital investments in new technologies or pollution control equipment.
• Infrastructure Reliability and Security [high — operational]: The company's operations rely on extensive and complex infrastructure, including power generation facilities, transmission lines, and distribution networks. Disruptions due to extreme weather events, cyberattacks, physical security threats, or equipment failures could lead to service interruptions, significant financial losses, and reputational damage. The company invests in grid modernization and cybersecurity measures to mitigate these risks.
• Interest Rate and Market Fluctuations [medium — financial]: As a capital-intensive business, Duke Energy Carolinas, LLC is exposed to interest rate risk on its significant debt obligations. Rising interest rates can increase borrowing costs, impacting profitability and the ability to finance new projects. Fluctuations in energy commodity prices (natural gas, coal) also affect operating expenses and potentially revenue, although regulated rates provide some insulation.
• Rate Case Outcomes and Regulatory Lag [high — regulatory]: The company's ability to recover operating costs and earn a fair rate of return is dependent on favorable outcomes in regulatory rate cases. Delays in rate case approvals or unfavorable decisions can lead to a mismatch between incurred costs and authorized revenues, impacting financial performance. The company's regulated electric revenues increased by $331 million to $8,106 million for the quarter, indicating ongoing rate adjustments.
• Climate Change and Environmental Risks [high — operational]: Increasingly stringent environmental regulations and the physical impacts of climate change pose significant risks. The company must invest in cleaner energy sources and adapt its infrastructure to withstand more frequent and severe weather events. Failure to meet carbon emission reduction goals or manage climate-related risks could result in penalties and increased operational costs.
• Access to Capital and Debt Management [medium — financial]: Duke Energy Carolinas, LLC requires substantial capital for ongoing operations and significant infrastructure investments. Maintaining access to capital markets at reasonable costs is crucial. Changes in credit ratings, market conditions, or investor sentiment could affect the company's ability to secure necessary financing, impacting its growth and operational capabilities. Total debt is substantial, requiring careful management.

Industry Context

The utility sector is characterized by significant capital investment in infrastructure, a highly regulated operating environment, and a growing focus on decarbonization and grid modernization. Companies like Duke Energy Carolinas, LLC are navigating the transition to cleaner energy sources while ensuring reliable service delivery. Competitive pressures exist from new energy technologies and evolving customer demands, but the regulated nature of the business provides a degree of stability.

Regulatory Implications

Duke Energy Carolinas, LLC operates under strict regulatory oversight, which significantly influences its financial performance and strategic decisions. Favorable rate case outcomes are crucial for cost recovery and profitability. The company must also comply with evolving environmental regulations, which may necessitate substantial capital expenditures and operational adjustments.

What Investors Should Do

1. Monitor regulatory filings and rate case outcomes.
2. Assess capital expenditure plans and their impact on debt.
3. Analyze operational efficiency and cost management.
4. Evaluate progress on environmental, social, and governance (ESG) initiatives.

Glossary

Regulated electric revenues

Revenue generated from the sale of electricity to customers under tariffs approved by regulatory bodies. These revenues are generally more stable and predictable. (This is the largest revenue stream for Duke Energy Carolinas, LLC, showing a significant increase of $331 million to $8,106 million for the quarter, indicating strong performance in its core business.)

Regulated natural gas revenues

Revenue generated from the sale of natural gas to customers under approved tariffs. Similar to regulated electric revenues, these are subject to regulatory oversight. (This segment also showed robust growth, increasing by $63 million to $361 million for the quarter, contributing positively to overall revenue.)

Operation, maintenance and other expenses

Costs incurred in the day-to-day running of the business, including labor, materials, repairs, and general administrative costs. (These expenses increased by $353 million to $1,762 million for the quarter, a key factor impacting profitability despite revenue growth.)

Depreciation and amortization

The systematic allocation of the cost of tangible (depreciation) and intangible (amortization) assets over their useful lives. (This expense increased by $110 million to $1,626 million for the quarter, reflecting ongoing investments in property, plant, and equipment.)

Interest Expense

The cost incurred by the company for borrowing money, including interest on long-term debt and short-term borrowings. (Increased by $30 million to $902 million for the quarter, highlighting the impact of higher debt levels or interest rates on financial costs.)

Net Income Available to Duke Energy Corporation Common Stockholders

The portion of net income remaining after deducting preferred dividends and other preferred claims, attributable to the holders of common stock. (This key profitability metric saw a substantial increase of 14.76% to $1,407 million for the quarter, indicating improved earnings for common shareholders.)

Common stock outstanding

The total number of shares of common stock issued and held by investors. (As of October 31, 2025, there were 777,661,224 shares outstanding, a figure relevant for calculating earnings per share and understanding shareholder dilution.)

Regulatory assets

Costs that have been incurred but are not yet recognized as expenses in the income statement, and are expected to be recovered from customers in the future through rates. (Significant balances exist for regulatory assets ($1,977M current, $14,077M noncurrent), indicating substantial future revenue recovery potential, but also a reliance on regulatory approvals.)

Year-Over-Year Comparison

Duke Energy Corporation demonstrated strong year-over-year performance for the three months ended September 30, 2025. Total operating revenues increased by 4.76% to $8.542 billion, driven by growth in regulated electric and natural gas segments. Net income available to common stockholders surged by 14.76% to $1.407 billion, with EPS rising to $1.81 from $1.57. While revenues and net income grew, operating expenses also saw an increase, with operation, maintenance and other costs rising by $353 million and depreciation and amortization by $110 million, indicating pressure on margins despite top-line growth.

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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