Duke Energy CORP

For the period ended Jun 30, 2024. Filed Aug 6, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 6, 2024

DUK$128.10+0.3%Stored close · as of Nov 9, 2026

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Contents

Duke Energy Corporation Financial Statements

Condensed Consolidated Statements of Operations

Three Months Ended · Six Months Ended
	June 30,		June 30,
(in millions, except per share amounts)	2024	2023	2024	2023
Operating Revenues
Regulated electric	$6,746	$6,176	$13,478	$12,500
Regulated natural gas	347	331	1,213	1,213
Nonregulated electric and other	79	71	152	141
Total operating revenues	7,172	6,578	14,843	13,854
Operating Expenses
Fuel used in electric generation and purchased power	2,228	2,039	4,563	4,416
Cost of natural gas	78	79	310	377
Operation, maintenance and other	1,320	1,375	2,699	2,685
Depreciation and amortization	1,409	1,333	2,796	2,560
Property and other taxes	393	353	779	742
Impairment of assets and other charges	43	—	44	8
Total operating expenses	5,471	5,179	11,191	10,788
Gains on Sales of Other Assets and Other, net	6	31	18	38
Operating Income	1,707	1,430	3,670	3,104
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	21	20	38	40
Other income and expenses, net	167	147	336	298
Total other income and expenses	188	167	374	338
Interest Expense	824	727	1,641	1,447
Income From Continuing Operations Before Income Taxes	1,071	870	2,403	1,995
Income Tax Expense From Continuing Operations	140	119	318	274
Income From Continuing Operations	931	751	2,085	1,721
Loss From Discontinued Operations, net of tax	(10)	(955)	(13)	(1,164)
Net Income (Loss)	921	(204)	2,072	557
Less: Net Income (Loss) Attributable to Noncontrolling Interests	21	16	34	(27)
Net Income (Loss) Attributable to Duke Energy Corporation	900	(220)	2,038	584
Less: Preferred Dividends	14	14	53	53
Net Income (Loss) Available to Duke Energy Corporation Common Stockholders	$886	$(234)	$1,985	$531
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$1.14	$0.91	$2.59	$2.10
Loss from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted	$(0.01)	$(1.23)	$(0.02)	$(1.41)
Net income (loss) available to Duke Energy Corporation common stockholders
Basic and Diluted	$1.13	$(0.32)	$2.57	$0.69
Weighted Average Shares Outstanding
Basic and Diluted	772	771	771	770

FINANCIAL STATEMENTS

Condensed Consolidated Statements of Comprehensive Income

Three Months Ended · Six Months Ended
	June 30,		June 30,
(in millions)	2024	2023	2024	2023
Net Income (Loss)	$921	$(204)	$2,072	$557
Other Comprehensive Income, net of tax(a)
Pension and OPEB adjustments	—	1	16	—
Net unrealized gains on cash flow hedges	26	26	117	6
Reclassification into earnings from cash flow hedges	(3)	4	(1)	4
Net unrealized (losses) gains on fair value hedges	(29)	26	(21)	15
Unrealized (losses) gains on available-for-sale securities	(1)	(2)	(3)	4
Other Comprehensive (Loss) Income, net of tax	(7)	55	108	29
Comprehensive Income (Loss)	914	(149)	2,180	586
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests	21	16	34	(27)
Comprehensive Income (Loss) Attributable to Duke Energy	893	(165)	2,146	613
Less: Preferred Dividends	14	14	53	53
Comprehensive Income (Loss) Available to Duke Energy Corporation Common Stockholders	$879	$(179)	$2,093	$560

(a)Net of income tax benefit of approximately $2 million and income tax expense of $16 million for the three months ended June 30, 2024, and 2023, respectively and approximately $32 million and $9 million of income tax expense for the six months ended June 30, 2024, and 2023, respectively.

FINANCIAL STATEMENTS

(in millions)	June 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$390	$253
Receivables (net of allowance for doubtful accounts of $119 at 2024 and $55 at 2023)	2,127	1,112
Receivables of VIEs (net of allowance for doubtful accounts of $88 at 2024 and $150 at 2023)	2,009	3,019
Receivable from sales of Commercial Renewables Disposal Groups	538	—
Inventory (includes $494 at 2024 and $462 at 2023 related to VIEs)	4,390	4,292
Regulatory assets (includes $119 at 2024 and $110 at 2023 related to VIEs)	2,663	3,648
Assets held for sale	4	14
Other (includes $81 at 2024 and $90 at 2023 related to VIEs)	436	431
Total current assets	12,557	12,769
Property, Plant and Equipment
Cost	177,974	171,353
Accumulated depreciation and amortization	(57,874)	(56,038)
Net property, plant and equipment	120,100	115,315
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets (includes $1,754 at 2024 and $1,642 at 2023 related to VIEs)	13,446	13,618
Nuclear decommissioning trust funds	10,944	10,143
Operating lease right-of-use assets, net	1,108	1,092
Investments in equity method unconsolidated affiliates	483	492
Assets held for sale	78	197
Other	3,556	3,964
Total other noncurrent assets	48,918	48,809
Total Assets	$181,575	$176,893
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $224 at 2024 and $188 at 2023 related to VIEs)	$3,777	$4,228
Notes payable and commercial paper	3,670	4,288
Taxes accrued	748	816
Interest accrued	790	745
Current maturities of long-term debt (includes $1,008 at 2024 and $428 at 2023 related to VIEs)	2,340	2,800
Asset retirement obligations	636	596
Regulatory liabilities	1,228	1,369
Liabilities associated with assets held for sale	81	122
Other	2,212	2,319
Total current liabilities	15,482	17,283
Long-Term Debt (includes $1,897 at 2024 and $3,000 at 2023 related to VIEs)	76,439	72,452
Other Noncurrent Liabilities
Deferred income taxes	10,773	10,556
Asset retirement obligations	9,718	8,560
Regulatory liabilities	14,557	14,039
Operating lease liabilities	925	917
Accrued pension and other post-retirement benefit costs	437	485
Investment tax credits	860	864
Liabilities associated with assets held for sale	112	157
Other (includes $30 at 2024 and $35 at 2023 related to VIEs)	1,466	1,393
Total other noncurrent liabilities	38,848	36,971
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2024 and 2023	973	973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2024 and 2023	989	989
Common stock, $0.001 par value, 2 billion shares authorized; 772 million and 771 million shares outstanding at 2024 and 2023	1	1
Additional paid-in capital	45,007	44,920
Retained earnings	2,635	2,235
Accumulated other comprehensive income (loss)	102	(6)
Total Duke Energy Corporation stockholders' equity	49,707	49,112
Noncontrolling interests	1,099	1,075
Total equity	50,806	50,187
Total Liabilities and Equity	$181,575	$176,893

FINANCIAL STATEMENTS

	Six Months Ended
	June 30,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$2,072	$557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,100	2,916
Equity component of AFUDC	(116)	(97)
Losses on sales of Commercial Renewables Disposal Groups	5	1,434
Gains on sales of other assets	(18)	(38)
Impairment of assets and other charges	44	8
Deferred income taxes	264	(52)
Equity in earnings of unconsolidated affiliates	(38)	(29)
Payments for asset retirement obligations	(262)	(261)
Provision for rate refunds	(7)	(57)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	(37)	93
Receivables	(19)	586
Inventory	(86)	(517)
Other current assets	502	(41)
Increase (decrease) in
Accounts payable	(215)	(1,245)
Taxes accrued	(68)	(8)
Other current liabilities	(252)	(154)
Other assets	331	608
Other liabilities	227	82
Net cash provided by operating activities	5,427	3,785
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,204)	(6,265)
Contributions to equity method investments	(8)	(22)
Purchases of debt and equity securities	(2,275)	(1,594)
Proceeds from sales and maturities of debt and equity securities	2,319	1,628
Net proceeds from the sales of other assets	1	111
Other	(408)	(366)
Net cash used in investing activities	(6,575)	(6,508)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt	6,372	7,094
Issuance of common stock	20	—
Payments for the redemption of long-term debt	(2,731)	(2,372)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days	502	60
Payments for the redemption of short-term debt with original maturities greater than 90 days	(824)	(52)
Notes payable and commercial paper	(414)	(590)
Contributions from noncontrolling interests	47	248
Dividends paid	(1,590)	(1,606)
Other	(108)	(95)
Net cash provided by financing activities	1,274	2,687
Net increase (decrease) in cash, cash equivalents and restricted cash	126	(36)
Cash, cash equivalents and restricted cash at beginning of period	357	603
Cash, cash equivalents and restricted cash at end of period	$483	$567
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$1,721	$1,398

FINANCIAL STATEMENTS

	Three Months Ended June 30, 2023 and 2024
	Accumulated Other Comprehensive
	(Loss) Income
Net · Net Unrealized · Total
Gains · (Losses) Gains · Duke Energy
Common · Additional · (Losses) · on Available- · Pension and · Corporation · Non-
Preferred · Stock · Common · Paid-in · Retained · on · for-Sale- · OPEB · Stockholders' · controlling · Total
(in millions) · Stock · Shares · Stock · Capital · Earnings · Hedges(b) · Securities · Adjustments · Equity · Interests · Equity
Balance at March 31, 2023	$1,962	771	$1	$44,837		$2,626		$(60)		$(17)		$(89)		$49,260		$2,691		$51,951
Net income (loss)	—	—	—	—		(234)		—		—		—		(234)		16		(218)
Other comprehensive income (loss)	—	—	—	—		—		56		(2)		1		55		—		55
Common stock issuances, including dividend reinvestment and employee benefits	—	—	—	31		—		—		—		—		31		—		31
Common stock dividends	—	—	—	—		(777)		—		—		—		(777)		—		(777)
Contribution from noncontrolling interests, net of transaction costs	—	—	—	—		—		—		—		—		—		42		42
Distributions to noncontrolling interest in subsidiaries	—	—	—	—		—		—		—		—		—		(12)		(12)
Other	—	—	—	(2)		—		—		—		—		(2)		1		(1)
Balance at June 30, 2023	$1,962	771	$1	$44,866		$1,615		$(4)		$(19)		$(88)		$48,333		$2,738		$51,071
Balance at March 31, 2024	$1,962	772	$1	$44,937		$2,542		$199		$(17)		$(73)		$49,551		$1,087		$50,638
Net income	—	—	—	—		886		—		—		—		886		21		907
Other comprehensive income (loss)	—	—	—	—		—		(6)		(1)		—		(7)		—		(7)
Common stock issuances, including dividend reinvestment and employee benefits	—	—	—	70		—		—		—		—		70		—		70
Common stock dividends	—	—	—	—		(794)		—		—		—		(794)		—		(794)
Sale of Commercial Renewables Disposal Groups(c)	—	—	—	—		—		—		—		—		—		(51)		(51)
Contribution from noncontrolling interests, net of transaction costs	—	—	—	—		—		—		—		—		—		47		47
Distributions to noncontrolling interest in subsidiaries	—	—	—	—		—		—		—		—		—		(5)		(5)
Other	—	—	—		1		—		—		—		1		—		1
Balance at June 30, 2024	$1,962	772	$1	$45,007		$2,635		$193		$(18)		$(73)		$49,707		$1,099		$50,806

FINANCIAL STATEMENTS

	Six Months Ended June 30, 2023 and 2024
	Accumulated Other Comprehensive
	(Loss) Income
Net · Net Unrealized · Total
Gains · Gains (Losses) · Duke Energy
Common · Additional · (Losses) · on Available- · Pension and · Corporation · Non-
Preferred · Stock · Common · Paid-in · Retained · on · for-Sale- · OPEB · Stockholders' · controlling · Total
(in millions) · Stock · Shares · Stock · Capital · Earnings · Hedges(b) · Securities · Adjustments · Equity · Interests · Equity
Balance at December 31, 2022	$1,962	770	$1	$44,862		$2,637		$(29)		$(23)		$(88)		$49,322		$2,531		$51,853
Net income (loss)	—	—	—	—		531		—		—		—		531		(27)		504
Other comprehensive income (loss)	—	—	—	—		—		25		4		—		29		—		29
Common stock issuances, including dividend reinvestment and employee benefits	—	1	—	21		—		—		—		—		21		—		21
Common stock dividends	—	—	—	—		(1,553)		—		—		—		(1,553)		—		(1,553)
Sale of noncontrolling interest	—	—	—	(13)		—		—		—		—		(13)		10		(3)
Contributions from noncontrolling interests, net of transaction costs(a)	—	—	—	—		—		—		—		—		—		248		248
Distributions to noncontrolling interest in subsidiaries	—	—	—	—		—		—		—		—		—		(25)		(25)
Other	—	—	—	(4)		—		—		—		—		(4)		1		(3)
Balance at June 30, 2023	$1,962	771	$1	$44,866		$1,615		$(4)		$(19)		$(88)		$48,333		$2,738		$51,071
Balance at December 31, 2023	$1,962	771	$1	$44,920		$2,235		$98		$(15)		$(89)		$49,112		$1,075		$50,187
Net income	—	—	—	—		1,985		—		—		—		1,985		34		2,019
Other comprehensive income (loss)	—	—	—	—		—		95		(3)		16		108		—		108
Common stock issuances, including dividend reinvestment and employee benefits	—	1	—	86		—		—		—		—		86		—		86
Common stock dividends	—	—	—	—		(1,586)		—		—		—		(1,586)		—		(1,586)
Sale of Commercial Renewables Disposal Groups(c)	—	—	—		—		—		—		—		—		(51)		(51)
Contributions from noncontrolling interests, net of transaction costs	—	—	—	—		—		—		—		—		—		47		47
Distributions to noncontrolling interest in subsidiaries	—	—	—	—		—		—		—		—		—		(5)		(5)
Other	—	—	—	1		1		—		—		—		2		(1)		1
Balance at June 30, 2024	$1,962	772	$1	$45,007		$2,635		$193		$(18)		$(73)		$49,707		$1,099		$50,806

(a)Relates primarily to tax equity financing activity in the Commercial Renewables Disposal Groups.

(b)See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.

(c)See Note 2 for additional information.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.