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Duke Energy — May 5, 2026 release

Fiscal 2026 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001326160-26-000022
Open on SEC.gov ↗
Showing in the filing
Long-term adjusted EPS growth rate
“5% to 7% through 2030 off the 2025 midpoint of $6.30”
Period
The long term
Measure
Company-defined measure
Source
Prose
All guidance in this release · 5
Adjusted EPS for FY2026
“$6.55 to $6.80”
Adjusted EPS for FY2026
“$6.55”
Long-term adjusted EPS growth rate for the long term
“5% to 7% through 2030 off the 2025 midpoint of $6.30”
Adjusted EPS midpoint for FY2025
“$6.30”
Confidence to earn in the top half of the ra… for FY2028
“top half of the range”
Exhibit 99.1 · full document
News Release                 Media Contact: Gillian Moore 24-Hour: 800.559.3853 Analyst Contact: Mike Switzer Office: 704.382.6473 May 5, 2026 Duke Energy reports first-quarter 2026 financial results ▪ First-quarter 2026 reported EPS of $1.97 and adjusted EPS of $1.93 ▪ Seizing growth opportunities with a total of 7.6 GW of economic development projects secured under Electric Service Agreements ▪ Successfully closed $5.3 billion strategic transactions to strengthen balance sheet and support growth CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced first-quarter 2026 reported EPS of $1.97, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.93. This is compared to reported and adjusted EPS of $1.76 for the first quarter of 2025. Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between first-quarter 2026 reported and adjusted EPS includes gains on asset sales, charges related to legal and regulatory settlements, and results of discontinued operations. Higher first-quarter 2026 adjusted results were driven by recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, along with favorable weather. These items were partially offset by higher O&M expenses, including storm costs, as well as higher depreciation on a growing asset base. The company is reaffirming its 2026 adjusted EPS guidance of $6.55 to $6.80 and long-term adjusted EPS growth rate of 5% to 7% through 2030 off the 2025 midpoint of $6.30, with confidence to earn in the top half of the range beginning in 2028. Management does not forecast reported GAAP EPS and related long-term growth rates. “We’re advancing the economies of the states we serve by making the right investments at the right time in a way that delivers value for our customers and communities,” said Harry Sideris, Duke Energy president and chief executive officer. “From maximizing our existing fleet, to constructing new generation and strengthening the grid, we’re executing today and building for the future – all while pursuing solutions to keep rates as low as possible.” 1 Duke Energy News Release    2 Business segment results In addition to the following summary of first-quarter 2026 business segment performance, comprehensive tables with detailed EPS drivers for the first quarter compared to prior year are provided at the end of this news release. The discussion below of first-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results. Electric Utilities and Infrastructure On a reported basis, Electric Utilities and Infrastructure recognized first-quarter 2026 segment income of $1,254 million, compared to segment income of $1,276 million in the first quarter of 2025. In addition to the drivers outlined below, first-quarter 2026 results include the impact of charges related to legal and regulatory settlements at Duke Energy Carolinas and Duke Energy Progress, which were treated as special items and excluded from adjusted earnings. On an adjusted basis, Electric Utilities and Infrastructure recognized first-quarter 2026 segment income of $1,404 million, compared to segment income of $1,276 million in the first quarter of 2025. This represents an increase of $0.16 per share. Higher quarterly results were primarily driven by recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, along with favorable weather, partially offset by higher O&M expenses, including storm costs, along with higher depreciation on a growing asset base. Gas Utilities and Infrastructure On a reported basis, Gas Utilities and Infrastructure recognized first-quarter 2026 segment income of $532 million, compared to segment income of $349 million in the first quarter of 2025. In addition to the drivers outlined below, first-quarter 2026 results include the impact of gains on asset sales related to Piedmont's Tennessee business and SustainRNG projects, which were treated as special items and excluded from adjusted earnings. On an adjusted basis, Gas Utilities and Infrastructure recognized first-quarter 2026 segment income of $361 million, compared to segment income of $349 million in the first quarter of 2025. This represents an increase of $0.01 per share. Higher quarterly results were primarily driven by recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, partially offset by higher O&M expenses and depreciation on a growing asset base. Other Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company. On a reported and adjusted basis, Other recognized a first-quarter 2026 segment loss of $263 million, compared to segment loss of $260 million in the first quarter of 2025. 2 Duke Energy News Release    3 Effective tax rate Duke Energy's consolidated reported effective tax rate for the first quarter of 2026 was 17.6% compared to 12.1% in the first quarter of 2025. The increase in the reported effective tax rate was primarily due to non-deductible goodwill associated with the sale of Piedmont's Tennessee business. Duke Energy's consolidated adjusted effective tax rate was 10.6% for the first quarter of 2026 compared to 12.2% in the first quarter of 2025. The decrease in the adjusted effective tax rate was primarily due to an increase in the amortization of nuclear production tax credits. The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate. Earnings conference call for analysts An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss first-quarter 2026 financial results and other business and financial updates. The conference call will be hosted by Harry Sideris, president and chief executive officer, and Brian Savoy, executive vice president and chief financial officer. The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s websit e or by dialing 585.542.9983 in the U.S. or 833.461.5787 outside the U.S. The confirmation code is 939851751. Please c all in 10 to 15 minutes prior to the scheduled start time. Special Items and Non-GAAP Reconciliation The following table presents a reconciliation of GAAP reported EPS to adjusted EPS for first-quarter 2026 and 2025 financial results: (In millions, except per share amounts) After-Tax Amount 1Q 2026 EPS 1Q 2025 EPS EPS, as reported $ 1.97   $ 1.76  Adjustments to reported EPS: First Quarter 2026 Legal and Regulatory Settlements $ 150   $ 0.19   Asset Sales (171) (0.22) Discontinued Operations (13) (0.02) Total adjustments (a) $ (0.04) $ —  EPS, adjusted $ 1.93   $ 1.76  (a)    Total EPS adjustments may not foot due to rounding. 3 Duke Energy News Release    4 Non-GAAP financial measures Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and adjusted effective tax rate. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and basic per share amounts, adjusted for the dollar and per share impact of special items. The adjusted effective tax rate is calculated using pretax earnings and income tax expense, both adjusted to include the impact of noncontrolling interests and preferred dividends and to exclude the impact of special items. Special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. Special items included within the financial statement periods presented, which management does not believe are reflective of ongoing costs, are described below: • Legal and Regulatory Settlements represent the impact of charges related to legal settlements as well as regulatory matters related to the establishment of a regulatory liability associated with an energy efficiency program at Duke Energy Carolinas and Duke Energy Progress. • Asset Sales represent the impact of gains on sale of assets related to Piedmont's Tennessee business and certain renewable natural gas investments. Management uses these non-GAAP financial measures for planning, forecasting, and to report financial results to the Board of Directors, employees, and stockholders, as well as analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and the adjusted effective tax rate are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively. Due to the forward-looking nature of forecasted adjusted EPS and related growth rates, the information to reconcile those amounts to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, such as legal settlements, impacts of regulatory orders or asset impairments, for future periods. 4 Duke Energy News Release    5 Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss are defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss include intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as measures of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss are non-GAAP financial measures, as they represent segment income and other net loss adjusted for special items, as discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provide useful information to investors, as they provide additional relevant comparison of a segment’s or Other's performance across periods. The most directly comparable GAAP measures for adjusted segment income and adjusted other net loss are segment income and other net loss. Due to the forward-looking nature of forecasted adjusted segment income and forecasted adjusted other net loss and related growth rates, the information to reconcile these amounts to the most directly comparable GAAP financial measures are not available, as management is unable to project special items, as discussed above. Duke Energy’s adjusted earnings, adjusted EPS, adjusted effective tax rate, adjusted segment income, and adjusted other net loss may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner. Duke Energy Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky. Duke Energy is executing an energy modernization strategy, keeping customer value at the forefront as it invests in electric grid upgrades and efficient generation resources to strengthen the system and serve growing energy needs. More information is available at duke-energy.com. Follow Duke Energy on X, LinkedIn, Instagram, TikTok and Facebook for stories about the people and innovations powering its communities. 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: 5 Duke Energy News Release    6 ◦ The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and reducing carbon emissions, while balancing customer reliability and keeping costs as low as possible for our customers; ◦ State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements and/or uncertainty of applicability or changes to such legislative and regulatory initiatives, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; ◦ The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate; ◦ The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, particularly in periods of heightened customer affordability concerns, bill volatility, or public and political scrutiny, and to earn an adequate return on investment through rate case proceedings and the regulatory process; ◦ The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; ◦ The impact of extraordinary external events, such as a global pandemic, trade wars or military conflict, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories; ◦ Costs and effects of legal and administrative proceedings, settlements, investigations and claims; ◦ Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies; ◦ Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs; ◦ Advancements in technology, including artificial intelligence; ◦ Additional competition in electric and natural gas markets, municipalization and continued industry consolidation; ◦ The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change; ◦ Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto; ◦ The ability to successfully operate electric generating facilities and deliver electricity to customers, including direct or indirect effects to the company resulting from an incident that affects the United States electric grid or generating resources; ◦ Operational interruptions to our natural gas distribution and transmission activities; ◦ The availability of adequate interstate pipeline transportation capacity and natural gas supply; ◦ The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences; ◦ The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers; 6 Duke Energy News Release    7 ◦ The timing and extent of changes in commodity prices, including any impact from increased tariffs, export controls and interest rates, and the ability to timely recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets; ◦ The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation portfolio, and general market and economic conditions; ◦ Credit ratings of the Duke Energy Registrants may be different from what is expected; ◦ Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds; ◦ Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules, obtaining sufficient skilled labor 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 price of our common stock. Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 7 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended March 31, 2026 (Dollars in millions, except per share amounts) Special Items Reported Earnings Legal and Regulatory Settlements Asset Sales Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,254   $ 150  A $ —  $ —  $ 150  $ 1,404  Gas Utilities and Infrastructure 532   —  (171) B —  (171) 361  Total Reportable Segment Income 1,786   150   (171) —   (21) 1,765   Other (263) —  —  —  (263) Discontinued Operations 13   —  —  (13) C (13) —  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,536   $ 150   $ (171) $ (13) $ (34) $ 1,502   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.97   $ 0.19   $ (0.22) $ (0.02) $ (0.04) $ 1.93   Note: Total EPS adjustments do not cross-foot due to rounding. A – $197 million total pretax recorded at Duke Energy Carolinas and Duke Energy Progress within Operations, maintenance and other and Operating Revenues on the Condensed Consolidated Statements of Operations for legal settlements as well as regulatory matters related to the establishment of a regulatory liability associated with an energy efficiency program. The segment income amount for these items are net of a $47 million tax benefit. B – Net of $196 million tax expense which includes the impact of nondeductible goodwill related to the sale of Piedmont's Tennessee business. • $368 million recorded within Gains on Sales of Other Assets and Other, net, and $7 million recorded within Property and other taxes on the Condensed Consolidated Statements of Operations related to the sale of Piedmont's Tennessee business. • $6 million recorded within Gains on Sales of Other Assets and Other, net on the Condensed Consolidated Statements of Operations related to the sale of certain renewable natural gas investments. C – Recorded in Income from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 778 million 8 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended March 31, 2025 (Dollars in millions, except per share amounts) ​ Reported Earnings Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,276   $ —  $ —  $ 1,276  Gas Utilities and Infrastructure 349   —  —  349  Total Reportable Segment Income 1,625   —   —   1,625   Other (260) —  —  (260) Net Income Available to Duke Energy Corporation Common Stockholders $ 1,365   $ —   $ —   $ 1,365   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.76   $ —   $ 1.76   Weighted Average Shares, basic (reported and adjusted) – 777 million 9 DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION March 2026 (Dollars in millions) Three Months Ended    March 31, 2026 Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,897  Legal and Regulatory Settlements 197  Asset Sales (367) Noncontrolling Interests (32) Preferred Dividends (14) Adjusted Pretax Income $ 1,681  Reported Income Tax Expense From Continuing Operations $ 333  17.6  % Legal and Regulatory Settlements 47  Asset Sales (196) Noncontrolling Interest Portion of Income Taxes (a) (5) Adjusted Tax Expense $ 179  10.6  %   Three Months Ended    March 31, 2025 Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,597  Noncontrolling Interests (28) Preferred Dividends (14) Adjusted Pretax Income $ 1,555  Reported Income Tax Expense From Continuing Operations $ 193  12.1  % Noncontrolling Interest Portion of Income Taxes (a) (3) Adjusted Tax Expense $ 190  12.2  % (a)    Income tax related to non-pass-through entities for tax purposes. 10 DUKE ENERGY CORPORATION EARNINGS VARIANCES March 2026 YTD vs. Prior Year (Dollars per share) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Consolidated 2025 YTD Reported and Adjusted Earnings Per Share $ 1.64   $ 0.45   $ (0.33) $ 1.76   Weather 0.04  —  —  0.04  Volume (a) 0.03  —  —  0.03  Riders and Other Retail Margin (b) 0.10  0.03  —  0.13  Rate case impacts, net (c) 0.13  0.01  —  0.14  Wholesale 0.01  —  —  0.01  Operations and maintenance, net of recoverables (d) (0.08) (0.01) —  (0.09) Interest Expense (0.02) —  (0.03) (0.05) AFUDC Equity 0.02  —  —  0.02  Depreciation and amortization (e) (0.08) (0.01) —  (0.09) Other 0.01  (0.01) 0.03  0.03  Total variance $ 0.16   $ 0.01   $ —   $ 0.17   2026 YTD Adjusted Earnings Per Share $ 1.80   $ 0.46   $ (0.33) $ 1.93   Legal and Regulatory Settlements (0.19) —  —  (0.19) Asset Sales —  0.22  —  0.22  Discontinued Operations —  —  0.02  0.02  2026 YTD Reported Earnings Per Share $ 1.61   $ 0.68   $ (0.31) $ 1.97   Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 777 million to 778 million. Totals may not foot or cross-foot due to rounding. (a)    Includes block and seasonal pricing. (b)    Electric Utilities and Infrastructure includes transmission revenues and higher grid modernization riders. Gas Utilities and Infrastructure includes customer growth in North Carolina and South Carolina. (c)    Electric Utilities and Infrastructure includes impacts from DEI rates, effective February 2025 (+$0.04), DEC North Carolina Year 3 rates, effective January 2026, and DEC South Carolina rates, effective March 2026 (+$0.03), DEF Year 2 rates, effective January 2026 (+$0.03) DEP North Carolina Year 3 rates, effective October 2025, and DEP South Carolina rates, effective February 2026 (+$0.02) and DEK rates, effective July 2025 (+$0.01). Gas Utilities and Infrastructure includes impacts from DEK rates, effective January 2026. (d)    Electric Utilities and Infrastructure includes higher storm costs (-$0.04), increased environmental reserves, and higher grid maintenance and generation outage costs in the current year. (e)    Electric Utilities and Infrastructure excludes rate case impacts. 11 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except per share amounts) Three Months Ended March 31, 2026 2025 Operating Revenues Regulated electric $ 7,803   $ 7,064  Regulated natural gas 1,297   1,105  Nonregulated electric and other 78   80  Total operating revenues 9,178   8,249  Operating Expenses Fuel used in electric generation and purchased power 2,419   2,099  Cost of natural gas 525   374  Operation, maintenance and other 1,752   1,499  Depreciation and amortization 1,689   1,512  Property and other taxes 452   428  Total operating expenses 6,837   5,912  Gains on Sales of Other Assets and Other, net 384   6  Operating Income 2,725   2,343  Other Income and Expenses Equity in earnings of unconsolidated affiliates 7   11  Other income and expenses, net 133   132  Total other income and expenses 140   143  Interest Expense 968   889  Income From Continuing Operations Before Income Taxes 1,897   1,597  Income Tax Expense From Continuing Operations 333   193  Income From Continuing Operations 1,564   1,404  Income From Discontinued Operations, net of tax 13   —  Net Income 1,577   1,404  Less: Net Income Attributable to Noncontrolling Interests 27   25  Net Income Attributable to Duke Energy Corporation 1,550   1,379  Less: Preferred Dividends 14   14  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,536   $ 1,365  Earnings Per Share – Basic and Diluted Income from continuing operations available to Duke Energy Corporation common stockholders Basic and Diluted $ 1.95   $ 1.76  Income from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and Diluted $ 0.02   $ —  Net income available to Duke Energy Corporation common stockholders Basic and Diluted $ 1.97   $ 1.76  Weighted average shares outstanding Basic 778   777  Diluted 779   777  12 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) March 31, 2026 December 31, 2025 ASSETS Current Assets Cash and cash equivalents $ 2,140   $ 245  Receivables (net of allowance for doubtful accounts of $201 at 2026 and $194 at 2025) 3,947   4,230  Inventory (includes $1,062 at 2026 and $669 at 2025 related to VIEs) 4,572   4,569  Regulatory assets (includes $204 at 2026 and 2025 related to VIEs) 2,201   1,934  Assets held for sale —   109  Other (includes $82 at 2026 and $88 at 2025 related to VIEs) 586   526  Total current assets 13,446   11,613  Property, Plant and Equipment Cost 193,525   190,409  Accumulated depreciation and amortization (61,252) (60,450) Net property, plant and equipment 132,273   129,959  Other Noncurrent Assets Goodwill 19,010   19,010  Regulatory assets (includes $3,062 at 2026 and $3,108 at 2025 related to VIEs) 15,059   14,379  Nuclear decommissioning trust funds 12,644   12,889  Operating lease right-of-use assets, net 1,169   1,241  Investments in equity method unconsolidated affiliates 328   330  Assets held for sale —   $ 2,148  Other 4,119   4,167  Total other noncurrent assets 52,329   54,164  Total Assets $ 198,048   $ 195,736  LIABILITIES AND EQUITY Current Liabilities Accounts payable (includes $376 at 2026 and $296 at 2025 related to VIEs) $ 4,732   $ 5,223  Notes payable and commercial paper 2,373   2,624  Taxes accrued 839   975  Interest accrued 816   922  Current maturities of long-term debt (includes $147 at 2026 and $118 at 2025 related to VIEs) 7,395   7,104  Asset retirement obligations 574   579  Regulatory liabilities 1,554   1,271  Liabilities associated with assets held for sale —   84  Other 2,051   2,265  Total current liabilities 20,334   21,047  Long-Term Debt (includes $3,222 at 2026 and $3,308 at 2025 related to VIEs) 80,477   80,108  Other Noncurrent Liabilities Deferred income taxes 12,799   12,377  Asset retirement obligations 9,036   9,046  Regulatory liabilities 14,774   15,682  Operating lease liabilities 964   1,033  Accrued pension and other post-retirement benefit costs 384   396  Investment tax credits 985   969  Liabilities associated with assets held for sale —   $ 170  Other 1,817   1,889  Total other noncurrent liabilities 40,759   41,562  Commitments and Contingencies Equity Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2026 and 2025 973   973  Common stock, $0.001 par value, 2 billion shares authorized; 778 million shares outstanding at 2026 and 2025 1   1  Additional paid-in capital 47,551   45,614  Retained earnings 5,761   5,056  Accumulated other comprehensive income 171   198  Total Duke Energy Corporation stockholders' equity 54,457   51,842  Noncontrolling interests 2,021   1,177  Total equity 56,478   53,019  Total Liabilities and Equity $ 198,048   $ 195,736  13 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Three Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 1,577   $ 1,404  Adjustments to reconcile net income to net cash provided by operating activities (65) 773  Net cash provided by operating activities 1,512   2,177  CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities (1,846) (3,300) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by financing activities 2,223   1,238  Net increase in cash, cash equivalents and restricted cash 1,889   115  Cash, cash equivalents and restricted cash at beginning of period 363   421  Cash, cash equivalents and restricted cash at end of period $ 2,252   $ 536  14 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2026 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 7,817  $ —  $ —  $ (14) $ 7,803   Regulated natural gas —  1,321  —  (24) 1,297   Nonregulated electric and other 61  12  42  (37) 78   Total operating revenues 7,878  1,333  42  (75) 9,178   Operating Expenses Fuel used in electric generation and purchased power 2,440  —  —  (21) 2,419   Cost of natural gas —  525  —  —  525   Operation, maintenance and other 1,709  135  (41) (51) 1,752   Depreciation and amortization 1,498  115  83  (7) 1,689   Property and other taxes 393  57  2  —  452   Total operating expenses 6,040  832  44  (79) 6,837   Gains on Sales of Other Assets and Other, net 5  374  5  —  384   Operating Income 1,843  875  3  4  2,725   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  6  1  —  7   Other income and expenses, net 136  12  8  (23) 133   Total Other Income and Expenses 136  18  9  (23) 140   Interest Expense 571  67  349  (19) 968   Income (Loss) from Continuing Operations before Income Taxes 1,408  826  (337) —  1,897   Income Tax Expense (Benefit) from Continuing Operations 127  294  (88) —  333   Income (Loss) from Continuing Operations 1,281  532  (249) —  1,564   Less: Net Income Attributable to Noncontrolling Interest 27  —  —  —  27   Net Income (Loss) Attributable to Duke Energy Corporation 1,254  532  (249) —  1,537   Less: Preferred Dividends —  —  14  —   14   Segment Income/Other Net Loss $ 1,254  $ 532  $ (263) $ —  $ 1,523   Discontinued Operations 13   Net Income Available to Duke Energy Corporation Common Stockholders $ 1,536   Segment Income/Other Net Loss $ 1,254  $ 532  $ (263) $ —  $ 1,523   Special Items 150  (171) —  —  (21) Adjusted Earnings (a) $ 1,404  $ 361  $ (263) $ —  $ 1,502   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 15 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 7,079  $ —  $ —  $ (15) $ 7,064   Regulated natural gas —  1,129  —  (24) 1,105   Nonregulated electric and other 61  11  42  (34) 80   Total operating revenues 7,140  1,140  42  (73) 8,249   Operating Expenses Fuel used in electric generation and purchased power 2,119  —  —  (20) 2,099   Cost of natural gas —  374  —  —  374   Operation, maintenance and other 1,424  125  2  (52) 1,499   Depreciation and amortization 1,334  107  77  (6) 1,512   Property and other taxes 378  47  3  —  428   Total operating expenses 5,255  653  82  (78) 5,912   Gains on Sales of Other Assets and Other, net 1  —  5  —  6   Operating Income (Loss) 1,886  487  (35) 5  2,343   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  5  6  —  11   Other income and expenses, net 134  13  14  (29) 132   Total Other Income and Expenses 134  18  20  (29) 143   Interest Expense 530  65  318  (24) 889   Income (Loss) From Continuing Operations Before Income Taxes 1,490  440  (333) —  1,597   Income Tax Expense (Benefit) from Continuing Operations 189  91  (87) —  193   Income (Loss) from Continuing Operations 1,301  349  (246) —  1,404   Less: Net Income Attributable to Noncontrolling Interest 25  —  —  —  25   Net Income (Loss) Attributable to Duke Energy Corporation 1,276  349  (246) —  1,379   Less: Preferred Dividends —  —  14  —   14   Segment Income/Other Net Loss $ 1,276  $ 349  $ (260) $ —  $ 1,365   Discontinued Operations —   Net Income Available to Duke Energy Corporation Common Stockholders $ 1,365   16 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) March 31, 2026 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/ Adjustments Duke Energy Current Assets Cash and cash equivalents $ 158  $ 16  $ 1,966  $ —  $ 2,140   Receivables, net 3,559  385  2  1  3,947   Receivables from affiliated companies 181  79  1,334  (1,594) —   Notes receivable from affiliated companies 87  279  1,083  (1,449) —   Inventory 4,479  59  35  (1) 4,572   Regulatory assets 1,937  180  85  (1) 2,201   Other 640  19  28  (101) 586   Total current assets 11,041  1,017  4,533  (3,145) 13,446   Property, Plant and Equipment Cost 174,578  16,758  2,261  (72) 193,525   Accumulated depreciation and amortization (56,825) (3,503) (924) —  (61,252) Net property, plant and equipment 117,753  13,255  1,337  (72) 132,273   Other Noncurrent Assets Goodwill 17,380  1,630  —  —  19,010   Regulatory assets 13,904  688  467  —  15,059   Nuclear decommissioning trust funds 12,644  —  —  —  12,644   Operating lease right-of-use assets, net 702  2  465  —  1,169   Investments in equity method unconsolidated affiliates 1  183  145  (1) 328   Investment in consolidated subsidiaries 563  5  80,005  (80,573) —   Other 2,586  332  1,825  (624) 4,119   Total other noncurrent assets 47,780  2,840  82,907  (81,198) 52,329   Total Assets 176,574  17,112  88,777  (84,415) 198,048   Segment reclassifications, intercompany balances and other (1,001) (367) (83,047) 84,415  —   Segment Assets $ 175,573  $ 16,745  $ 5,730  $ —  $ 198,048   17 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) March 31, 2026 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/ Adjustments Duke Energy Current Liabilities Accounts payable $ 3,695  $ 315  $ 722  $ —  $ 4,732   Accounts payable to affiliated companies 829  68  565  (1,462) —   Notes payable to affiliated companies 1,254  23  172  (1,449) —   Notes payable and commercial paper —  —  2,373  —  2,373   Taxes accrued 655  583  (399) —  839   Interest accrued 522  58  237  (1) 816   Current maturities of long-term debt 3,508  57  3,837  (7) 7,395   Asset retirement obligations 574  —  —  —  574   Regulatory liabilities 1,470  84  —  —  1,554   Other 1,597  72  615  (233) 2,051   Total current liabilities 14,104  1,260  8,122  (3,152) 20,334   Long-Term Debt 50,547  4,717  25,278  (65) 80,477   Long-Term Debt Payable to Affiliated Companies 618  7  —  (625) —   Other Noncurrent Liabilities Deferred income taxes 12,715  1,391  (1,311) 4  12,799   Asset retirement obligations 8,944  93  —  (1) 9,036   Regulatory liabilities 13,727  1,019  28  —  14,774   Operating lease liabilities 629  1  334  —  964   Accrued pension and other post-retirement benefit costs (28) 31  381  —  384   Investment tax credits 985  1  —  (1) 985   Other 1,307  116  581  (187) 1,817   Total other noncurrent liabilities 38,279  2,652  13  (185) 40,759   Equity Total Duke Energy Corporation stockholders' equity 71,007  8,473  55,364  (80,387) 54,457   Noncontrolling interests 2,019  3  —  (1) 2,021   Total equity 73,026  8,476  55,364  (80,388) 56,478   Total Liabilities and Equity 176,574  17,112  88,777  (84,415) 198,048   Segment reclassifications, intercompany balances and other (1,001) (367) (83,047) 84,415  —   Segment Liabilities and Equity $ 175,573  $ 16,745  $ 5,730  $ —  $ 198,048   18 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended March 31, 2026 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Other Electric Utilities and Infrastructure Operating Revenues $ 2,766  $ 2,301  $ 1,621  $ 562  $ 966  $ (338) $ 7,878   Operating Expenses Fuel used in electric generation and purchased power 931  863  448  173  370  (345) 2,440   Operation, maintenance and other 601  501  319  97  187  4  1,709   Depreciation and amortization 526  386  296  82  205  3  1,498   Property and other taxes 106  59  123  87  19  (1) 393   Total operating expenses 2,164  1,809  1,186  439  781  (339) 6,040   Gains on Sales of Other Assets and Other, net 2  1  2  —  —  —  5   Operating Income 604  493  437  123  185  1  1,843   Other Income and Expenses, net (b) 63  43  15  4  11  —  136   Interest Expense 217  135  127  34  64  (6) 571   Income Before Income Taxes 450  401  325  93  132  7  1,408   Income Tax Expense 14  42  65  16  19  (29) 127   Less: Net Income Attributable to Noncontrolling Interest (c) —  —  —  —  —  27  27   Segment Income $ 436  $ 359  $ 260  $ 77  $ 113  $ 9  $ 1,254   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes an equity component of allowance for funds used during construction of $41 million for Duke Energy Carolinas, $27 million for Duke Energy Progress, $3 million for Duke Energy Florida, $3 million for Duke Energy Ohio and $9 million for Duke Energy Indiana. (c)    Includes a noncontrolling interest in Duke Energy Indiana and Florida Progress. 19 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) March 31, 2026 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Adjustments (b) Electric Utilities and Infrastructure Current Assets Cash and cash equivalents $ 44  $ 63  $ 17  $ 15  $ 18  $ 1  $ 158   Receivables, net 1,198  967  524  394  469  7  3,559   Receivables from affiliated companies 251  35  47  27  24  (203) 181   Notes receivable from affiliated companies —  —  —  29  239  (181) 87   Inventory 1,544  1,350  850  185  550  —  4,479   Regulatory assets 752  675  286  28  198  (2) 1,937   Other 256  188  116  1  86  (7) 640   Total current assets 4,045  3,278  1,840  679  1,584  (385) 11,041   Property, Plant and Equipment Cost 63,715  45,974  33,739  9,568  21,514  68  174,578   Accumulated depreciation and amortization (20,863) (17,179) (8,643) (2,586) (7,604) 50  (56,825) Net property, plant and equipment 42,852  28,795  25,096  6,982  13,910  118  117,753   Other Noncurrent Assets Goodwill —  —  —  596  —  16,784  17,380   Regulatory assets 5,177  4,629  2,130  358  1,009  601  13,904   Nuclear decommissioning trust funds 7,213  5,156  275  —  —  —  12,644   Operating lease right-of-use assets, net 92  368  206  5  32  (1) 702   Investments in equity method unconsolidated affiliates —  —  1  —  —  —  1   Investment in consolidated subsidiaries 56  10  4  493  1  (1) 563   Other 1,336  788  585  70  240  (433) 2,586   Total other noncurrent assets 13,874  10,951  3,201  1,522  1,282  16,950  47,780   Total Assets 60,771  43,024  30,137  9,183  16,776  16,683  176,574   Segment reclassifications, intercompany balances and other (339) (140) (82) (552) (272) 384  (1,001) Reportable Segment Assets $ 60,432  $ 42,884  $ 30,055  $ 8,631  $ 16,504  $ 17,067  $ 175,573   (a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances, purchase accounting adjustments, and Duke Energy Indiana Holdco, LLC balances. 20 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) March 31, 2026 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Adjustments (b) Electric Utilities and Infrastructure Current Liabilities Accounts payable $ 1,539  $ 962  $ 639  $ 201  $ 348  $ 6  $ 3,695   Accounts payable to affiliated companies 353  370  139  18  90  (141) 829   Notes payable to affiliated companies 638  644  107  46  —  (181) 1,254   Taxes accrued 124  66  99  289  108  (31) 655   Interest accrued 163  91  142  44  81  1  522   Current maturities of long-term debt 1,649  793  1,087  (17) 4  (8) 3,508   Asset retirement obligations 242  186  2  6  138  —  574   Regulatory liabilities 660  356  152  43  259  —  1,470   Other 634  342  337  70  218  (4) 1,597   Total current liabilities 6,002  3,810  2,704  700  1,246  (358) 14,104   Long-Term Debt 17,839  12,917  10,465  3,492  5,436  398  50,547   Long-Term Debt Payable to Affiliated Companies 300  150  —  18  150  —  618   Other Noncurrent Liabilities Deferred income taxes 4,327  2,786  3,121  888  1,537  56  12,715   Asset retirement obligations 3,598  4,113  180  62  979  12  8,944   Regulatory liabilities 7,333  4,245  775  237  1,164  (27) 13,727   Operating lease liabilities 79  366  154  4  26  —  629   Accrued pension and other post-retirement benefit costs 23  138  86  65  76  (416) (28) Investment tax credits 353  197  248  5  182  —  985   Other 750  338  162  56  13  (12) 1,307   Total other noncurrent liabilities 16,463  12,183  4,726  1,317  3,977  (387) 38,279   Equity Total Duke Energy Corporation stockholders equity 20,167  13,964  12,242  3,656  5,967  15,011  71,007   Noncontrolling interests (c) —  —  —  —  —  2,019  2,019   Total equity 20,167  13,964  12,242  3,656  5,967  17,030  73,026   Total Liabilities and Equity 60,771  43,024  30,137  9,183  16,776  16,683  176,574   Segment reclassifications, intercompany balances and other (339) (140) (82) (552) (272) 384  (1,001) Reportable Segment Liabilities and Equity $ 60,432  $ 42,884  $ 30,055  $ 8,631  $ 16,504  $ 17,067  $ 175,573   (a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Duke Energy Indiana Holdco, LLC balances. (c)    Includes a noncontrolling interest in Duke Energy Indiana and Florida Progress. 21 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended March 31, 2026 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 317  $ 1,011  $ 5  $ —  $ 1,333   Operating Expenses Cost of natural gas 121  404  —  —  525   Operation, maintenance and other 40  93  —  2  135   Depreciation and amortization 39  74  3  (1) 115   Property and other taxes 30  26  2  (1) 57   Total operating expenses 230  597  5  —  832   Gains on Sales of Other Assets and Other, net (c) —  652  6  (284) 374   Operating Income 87  1,066  6  (284) 875   Other Income and Expenses, net Equity in earnings of unconsolidated affiliates —  —  6  —  6   Other income and expenses, net 1  10  —  1  12   Other Income and Expenses, net 1  10  6  1  18   Interest Expense 18  48  1  —  67   Income Before Income Taxes 70  1,028  11  (283) 826   Income Tax Expense 15  258  20  1  294   Segment Income $ 55  $ 770  $ (9) $ (284) $ 532   (a)    Includes results of the wholly owned subsidiary Duke Energy Kentucky. (b)     Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. (c)    The gain on sale is $284 million lower at the Gas Utilities and Infrastructure segment level due to higher allocated goodwill related to the Piedmont Tennessee Disposal Group than at Piedmont Natural Gas LDC. 22 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) March 31, 2026 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage Eliminations/ Adjustments (b) Gas Utilities and Infrastructure Current Assets Cash and cash equivalents $ 6  $ 5  $ 4  $ 1  $ 16   Receivables, net 75  310  —  —  385   Receivables from affiliated companies —  84  90  (95) 79   Notes receivable from affiliated companies 16  266  —  (3) 279   Inventory 14  45  —  —  59   Regulatory assets 94  85  —  1  180   Other 8  10  4  (3) 19   Total current assets 213  805  98  (99) 1,017   Property, Plant and Equipment Cost 5,202  11,481  75  —  16,758   Accumulated depreciation and amortization (1,271) (2,217) (15) —  (3,503) Net property, plant and equipment 3,931  9,264  60  —  13,255   Other Noncurrent Assets Goodwill 324  39  —  1,267  1,630   Regulatory assets 328  306  —  54  688   Operating lease right-of-use assets, net —  2  —  —  2   Investments in equity method unconsolidated affiliates —  —  178  5  183   Investment in consolidated subsidiaries —  —  —  5  5   Other 31  284  16  1  332   Total other noncurrent assets 683  631  194  1,332  2,840   Total Assets 4,827  10,700  352  1,233  17,112   Segment reclassifications, intercompany balances and other (18) (354) (119) 124  (367) Reportable Segment Assets $ 4,809  $ 10,346  $ 233  $ 1,357  $ 16,745   (a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances and purchase accounting adjustments. 23 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) March 31, 2026 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage Eliminations/ Adjustments (b) Gas Utilities and Infrastructure Current Liabilities Accounts payable $ 71  $ 234  $ 9  $ 1  $ 315   Accounts payable to affiliated companies 3  146  14  (95) 68   Notes payable to affiliated companies 27  —  —  (4) 23   Taxes accrued 39  526  18  —  583   Interest accrued 10  48  —  —  58   Current maturities of long-term debt 17  40  —  —  57   Regulatory liabilities 36  48  —  —  84   Other 4  67  —  1  72   Total current liabilities 207  1,109  41  (97) 1,260   Long-Term Debt 859  3,761  55  42  4,717   Long-Term Debt Payable to Affiliated Companies 7  —  —  —  7   Other Noncurrent Liabilities Deferred income taxes 475  864  51  1  1,391   Asset retirement obligations 67  26  —  —  93   Regulatory liabilities 228  780  —  11  1,019   Operating lease liabilities —  1  —  —  1   Accrued pension and other post-retirement benefit costs 24  6  —  1  31   Investment tax credits —  1  —  —  1   Other 31  85  —  —  116   Total other noncurrent liabilities 825  1,763  51  13  2,652   Equity Total Duke Energy Corporation stockholders' equity 2,929  4,067  202  1,275  8,473   Noncontrolling interests —  —  3  —  3   Total equity 2,929  4,067  205  1,275  8,476   Total Liabilities and Equity 4,827  10,700  352  1,233  17,112   Segment reclassifications, intercompany balances and other (18) (354) (119) 124  (367) Reportable Segment Liabilities and Equity $ 4,809  $ 10,346  $ 233  $ 1,357  $ 16,745   (a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances and purchase accounting adjustments. 24 Electric Utilities and Infrastructure Quarterly Highlights March 2026 Three Months Ended March 31, 2026 2025 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) Gigawatt-hour (GWh) Sales (a) Residential 25,405  25,225  0.7 % (0.9 %) Commercial 19,071  18,902  0.9 % 1.2 % Industrial 10,738  10,964  (2.1 %) (2.4 %) Other Energy Sales 130  116  12.1 % n/a Unbilled Sales (1,675) (1,816) 7.8 % n/a Total Retail Sales 53,669  53,391  0.5 % (0.5 %) Wholesale and Other 11,785  11,851  (0.6 %) Total Consolidated Electric Sales – Electric Utilities and Infrastructure 65,454  65,242  0.3 % Average Number of Customers (Electric) Residential 7,616,258  7,498,119  1.6 % Commercial 1,050,836  1,045,224  0.5 % Industrial 14,795  15,305  (3.3 %) Other Energy Sales 22,757  23,202  (1.9 %) Total Retail Customers 8,704,646  8,581,850  1.4 % Wholesale and Other 54  52  3.8 % Total Average Number of Customers – Electric Utilities and Infrastructure 8,704,700  8,581,902  1.4 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 11,781  11,347  3.8 % Nuclear 18,506  18,926  (2.2 %) Hydro 290  446  (35.0 %) Natural Gas and Oil 21,765  21,553  1.0 % Renewable Energy 985  841  17.1 % Total Generation (d) 53,327  53,113  0.4 % Purchased Power and Net Interchange (e) 15,239  14,952  1.9 % Total Sources of Energy 68,566  68,065  0.7 % Less: Line Loss and Other 3,112  2,823  10.2 % Total GWh Sources 65,454  65,242  0.3 % Owned Megawatt (MW) Capacity (c)(f) Summer 51,989  50,562  Winter 55,757  55,139  Nuclear Capacity Factor (%) (g) 97  99  (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. (g)    Statistics reflect 100% of jointly owned stations. 25 Duke Energy Carolinas Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information March 2026 Three Months Ended March 31, 2026 2025 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 9,082 9,138 (0.6 %) Commercial 7,334 7,390 (0.8 %) Industrial 4,506 4,554 (1.1 %) Other Energy Sales 69 56 23.2 % Unbilled Sales (615) (730) 15.8 % Total Retail Sales 20,376 20,408 (0.2 %) (0.6 %) Wholesale and Other 3,204 3,150 1.7 % Total Consolidated Electric Sales – Duke Energy Carolinas 23,580 23,558 0.1 % Average Number of Customers Residential 2,575,950 2,524,566 2.0 % Commercial 403,006 401,939 0.3 % Industrial 5,750 5,895 (2.5 %) Other Energy Sales 10,700 10,836 (1.3 %) Total Retail Customers 2,995,406 2,943,236 1.8 % Wholesale and Other 26 26 — % Total Average Number of Customers – Duke Energy Carolinas 2,995,432 2,943,262 1.8 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 2,931 3,285 (10.8 %) Nuclear 11,407 11,789 (3.2 %) Hydro 126 251 (49.8 %) Natural Gas and Oil 6,451 5,880 9.7 % Renewable Energy 59 57 3.5 % Total Generation (d) 20,974 21,262 (1.4 %) Purchased Power and Net Interchange (e) 3,754 3,238 15.9 % Total Sources of Energy 24,728 24,500 0.9 % Less: Line Loss and Other 1,148 942 21.9 % Total GWh Sources 23,580 23,558 0.1 % Owned MW Capacity (c)(f) Summer 19,858 19,698 Winter 20,946 20,773 Nuclear Capacity Factor (%) (g) 99 102 Heating and Cooling Degree Days Actual Heating Degree Days 1,597 1,643 (2.8 %) Cooling Degree Days 46 8 475.0 % Variance from Normal Heating Degree Days (5.1 %) (3.2 %) Cooling Degree Days 468.5 % (2.4 %) (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. (g)    Statistics reflect 100% of jointly owned stations. 26 Duke Energy Progress Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information March 2026 Three Months Ended March 31, 2026 2025 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 5,926 5,880 0.8 % Commercial 3,799 3,740 1.6 % Industrial 2,192 2,457 (10.8 %) Other Energy Sales 21 21 — % Unbilled Sales (495) (747) 33.7 % Total Retail Sales 11,443 11,351 0.8 % (1.0 %) Wholesale and Other 6,844 6,834 0.1 % Total Consolidated Electric Sales – Duke Energy Progress 18,287 18,185 0.6 % Average Number of Customers Residential 1,545,119 1,518,693 1.7 % Commercial 249,489 248,333 0.5 % Industrial 2,973 3,072 (3.2 %) Other Energy Sales 2,368 2,406 (1.6 %) Total Retail Customers 1,799,949 1,772,504 1.5 % Wholesale and Other 8 8 — % Total Average Number of Customers – Duke Energy Progress 1,799,957 1,772,512 1.5 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 2,015 2,276 (11.5 %) Nuclear 7,099 7,137 (0.5 %) Hydro 119 138 (13.8 %) Natural Gas and Oil 6,941 6,519 6.5 % Renewable Energy 60 50 20.0 % Total Generation (d) 16,234 16,120 0.7 % Purchased Power and Net Interchange (e) 2,295 2,492 (7.9 %) Total Sources of Energy 18,529 18,612 (0.4 %) Less: Line Loss and Other 242 427 (43.3 %) Total GWh Sources 18,287 18,185 0.6 % Owned MW Capacity (c)(f) Summer 12,865 12,585 Winter 14,067 13,845 Nuclear Capacity Factor (%) (g) 92 92 Heating and Cooling Degree Days Actual Heating Degree Days 1,545 1,523 1.4 % Cooling Degree Days 53 15 253.3 % Variance from Normal Heating Degree Days (0.4 %) (2.6 %) Cooling Degree Days 302.5 % 14.9 % (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. (g)    Statistics reflect 100% of jointly owned stations. 27 Duke Energy Florida Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information March 2026 Three Months Ended March 31, 2026 2025 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 4,789 4,618 3.7 % Commercial 3,433 3,402 0.9 % Industrial 774 783 (1.1 %) Other Energy Sales 7 7 — % Unbilled Sales (40) (125) 68.0 % Total Retail Sales 8,963 8,685 3.2 % 0.1 % Wholesale and Other 353 383 (7.8 %) Total Electric Sales – Duke Energy Florida 9,316 9,068 2.7 % Average Number of Customers Residential 1,837,440 1,811,645 1.4 % Commercial 214,245 211,835 1.1 % Industrial 1,519 1,616 (6.0 %) Other Energy Sales 3,497 3,562 (1.8 %) Total Retail Customers 2,056,701 2,028,658 1.4 % Wholesale and Other 15 13 15.4 % Total Average Number of Customers – Duke Energy Florida 2,056,716 2,028,671 1.4 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 1,488 454 227.8 % Natural Gas and Oil 7,029 8,004 (12.2 %) Renewable Energy 860 729 18.0 % Total Generation (d) 9,377 9,187 2.1 % Purchased Power and Net Interchange (e) 245 108 126.9 % Total Sources of Energy 9,622 9,295 3.5 % Less: Line Loss and Other 306 227 34.8 % Total GWh Sources 9,316 9,068 2.7 % Owned MW Capacity (c)(f) Summer 11,854 10,895 Winter 12,765 12,542 Heating and Cooling Degree Days Actual Heating Degree Days 416 359 15.9 % Cooling Degree Days 267 215 24.2 % Variance from Normal Heating Degree Days 12.0 % (1.8 %) Cooling Degree Days 31.3 % 1.6 % (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. 28 Duke Energy Ohio Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information March 2026 Three Months Ended March 31, 2026 2025 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 2,713 2,672 1.5 % Commercial 2,400 2,329 3.0 % Industrial 1,111 1,096 1.4 % Other Energy Sales 21 19 10.5 % Unbilled Sales (200) (121) (65.3 %) Total Retail Sales 6,045 5,995 0.8 % 0.7 % Wholesale and Other 266 112 137.5 % Total Electric Sales – Duke Energy Ohio 6,311 6,107 3.3 % Average Number of Customers Residential 842,841 837,876 0.6 % Commercial 76,626 76,514 0.1 % Industrial 1,970 2,101 (6.2 %) Other Energy Sales 2,564 2,652 (3.3 %) Total Retail Customers 924,001 919,143 0.5 % Wholesale and Other 1 1 — % Total Average Number of Customers – Duke Energy Ohio 924,002 919,144 0.5 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 900 779 15.5 % Natural Gas and Oil 103 37 178.4 % Total Generation (d) 1,004 816 23.0 % Purchased Power and Net Interchange (e) 5,907 6,046 (2.3 %) Total Sources of Energy 6,911 6,862 0.7 % Less: Line Loss and Other 600 755 (20.5 %) Total GWh Sources 6,311 6,107 3.3 % Owned MW Capacity (c)(f) Summer 1,085 1,080 Winter 1,173 1,173 Heating and Cooling Degree Days Actual Heating Degree Days 2,462 2,563 (3.9 %) Cooling Degree Days 20  7  185.7 % Variance from Normal Heating Degree Days (3.4 %) 0.6 % Cooling Degree Days 590.1 % 142.5 % (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. 29 Duke Energy Indiana Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information March 2026 Three Months Ended March 31, 2026 2025 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 2,895 2,917 (0.8 %) Commercial 2,105 2,041 3.1 % Industrial 2,155 2,074 3.9 % Other Energy Sales 12 13 (7.7 %) Unbilled Sales (325) (93) (249.5 %) Total Retail Sales 6,842 6,952 (1.6 %) (1.0 %) Wholesale and Other 1,118 1,372 (18.5 %) Total Electric Sales – Duke Energy Indiana 7,960 8,324 (4.4 %) Average Number of Customers Residential 814,908 805,339 1.2 % Commercial 107,470 106,603 0.8 % Industrial 2,583 2,621 (1.4 %) Other Energy Sales 3,628 3,746 (3.2 %) Total Retail Customers 928,589 918,309 1.1 % Wholesale and Other 4 4 — % Total Average Number of Customers – Duke Energy Indiana 928,593 918,313 1.1 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 4,447 4,553 (2.3 %) Hydro 45 57 (21.1 %) Natural Gas and Oil 1,241 1,113 11.5 % Renewable Energy 5 5 — % Total Generation (d) 5,738 5,728 0.2 % Purchased Power and Net Interchange (e) 3,038 3,068 (1.0 %) Total Sources of Energy 8,776 8,796 (0.2 %) Less: Line Loss and Other 816 472 72.9 % Total GWh Sources 7,960 8,324 (4.4 %) Owned MW Capacity (c)(f) Summer 6,327 6,304 Winter 6,806 6,806 Heating and Cooling Degree Days Actual Heating Degree Days 2,579 2,731 (5.6 %) Cooling Degree Days 16 2 700.0 % Variance from Normal Heating Degree Days (6.8 %) (0.5 %) Cooling Degree Days 532.7 % (10.9 %) (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. 30 Gas Utilities and Infrastructure Quarterly Highlights March 2026 Three Months Ended March 31, 2026 2025 % Inc. (Dec.) Total Sales Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (a) 184,175,397  181,459,847  1.5 % Duke Energy Midwest LDC throughput (Mcf) (a) 36,902,590  40,455,684  (8.8 %) Average Number of Customers – Piedmont Natural Gas Residential 1,035,404  1,092,898  (5.3 %) Commercial 105,098  109,848  (4.3 %) Industrial 872  945  (7.7 %) Power Generation 19  19  — % Total Average Number of Gas Customers – Piedmont Natural Gas 1,141,393  1,203,710  (5.2 %) Average Number of Customers – Duke Energy Midwest Residential 528,525  526,598  0.4 % Commercial 35,770  35,285  1.4 % Industrial 2,007  2,334  (14.0 %) Other 114  117  (2.6 %) Total Average Number of Gas Customers – Duke Energy Midwest 566,416  564,334  0.4 % (a)    Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact. On March 31, 2026, Piedmont closed on the sale of its Tennessee business. 31
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.