Duke Energy CORP

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

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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.

Sep 30, 2024 · Filed Nov 7, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Duke Energy Corporation Financial Statements

Condensed Consolidated Statements of Operations

Three Months Ended · Nine Months Ended
	September 30,		September 30,
(in millions, except per share amounts)	2024	2023	2024	2023
Operating Revenues
Regulated electric	$7,775	$7,640	$21,253	$20,140
Regulated natural gas	298	284	1,511	1,497
Nonregulated electric and other	81	70	233	211
Total operating revenues	8,154	7,994	22,997	21,848
Operating Expenses
Fuel used in electric generation and purchased power	2,644	2,571	7,207	6,987
Cost of natural gas	70	57	380	434
Operation, maintenance and other	1,409	1,428	4,108	4,113
Depreciation and amortization	1,516	1,353	4,312	3,913
Property and other taxes	383	394	1,162	1,136
Impairment of assets and other charges	(5)	88	39	96
Total operating expenses	6,017	5,891	17,208	16,679
Gains on Sales of Other Assets and Other, net	7	8	25	46
Operating Income	2,144	2,111	5,814	5,215
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	15	45	53	85
Other income and expenses, net	166	133	502	431
Total other income and expenses	181	178	555	516
Interest Expense	872	774	2,513	2,221
Income From Continuing Operations Before Income Taxes	1,453	1,515	3,856	3,510
Income Tax Expense From Continuing Operations	163	42	481	316
Income From Continuing Operations	1,290	1,473	3,375	3,194
Income (Loss) From Discontinued Operations, net of tax	25	(152)	12	(1,316)
Net Income	1,315	1,321	3,387	1,878
Less: Net Income Attributable to Noncontrolling Interests	34	69	68	42
Net Income Attributable to Duke Energy Corporation	1,281	1,252	3,319	1,836
Less: Preferred Dividends	39	39	92	92
Less: Preferred Redemption Costs	16	$—	$16	$—
Net Income Available to Duke Energy Corporation Common Stockholders	$1,226	$1,213	$3,211	$1,744
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$1.57	$1.83	$4.16	$3.94
Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted	$0.03	$(0.24)	$0.01	$(1.67)
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted	$1.60	$1.59	$4.17	$2.27
Weighted Average Shares Outstanding
Basic	772	771	772	771
Diluted	773	771	772	771

FINANCIAL STATEMENTS

Condensed Consolidated Statements of Comprehensive Income

Three Months Ended · Nine Months Ended
	September 30,		September 30,
(in millions)	2024	2023	2024	2023
Net Income	$1,315	$1,321	$3,387	$1,878
Other Comprehensive Income (Loss), net of tax(a)
Pension and OPEB adjustments	1	(1)	17	(1)
Net unrealized (losses) gains on cash flow hedges	(57)	200	60	206
Reclassification into earnings from cash flow hedges	(2)	24	(3)	28
Net unrealized (losses) gains on fair value hedges	(3)	15	(24)	30
Unrealized gains (losses) on available-for-sale securities	7	(6)	4	(2)
Other Comprehensive (Loss) Income, net of tax	(54)	232	54	261
Comprehensive Income	1,261	1,553	3,441	2,139
Less: Comprehensive Income Attributable to Noncontrolling Interests	34	69	68	42
Comprehensive Income Attributable to Duke Energy	1,227	1,484	3,373	2,097
Less: Preferred Dividends	39	39	92	92
Less: Preferred Redemption Costs	16	—	16	—
Comprehensive Income Available to Duke Energy Corporation Common Stockholders	$1,172	$1,445	$3,265	$2,005

(a)Net of income tax benefit of approximately $16 million and income tax expense of $69 million for the three months ended September 30, 2024, and 2023, respectively and approximately $16 million and $78 million of income tax expense for the nine months ended September 30, 2024, and 2023, respectively.

FINANCIAL STATEMENTS

(in millions)	September 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$376	$253
Receivables (net of allowance for doubtful accounts of $127 at 2024 and $55 at 2023)	2,161	1,112
Receivables of VIEs (net of allowance for doubtful accounts of $91 at 2024 and $150 at 2023)	1,971	3,019
Receivable from sales of Commercial Renewables Disposal Groups	545	—
Inventory (includes $477 at 2024 and $462 at 2023 related to VIEs)	4,338	4,292
Regulatory assets (includes $119 at 2024 and $110 at 2023 related to VIEs)	2,300	3,648
Assets held for sale	4	14
Other (includes $76 at 2024 and $90 at 2023 related to VIEs)	447	431
Total current assets	12,142	12,769
Property, Plant and Equipment
Cost	179,542	171,353
Accumulated depreciation and amortization	(58,146)	(56,038)
Net property, plant and equipment	121,396	115,315
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets (includes $1,716 at 2024 and $1,642 at 2023 related to VIEs)	13,778	13,618
Nuclear decommissioning trust funds	11,511	10,143
Operating lease right-of-use assets, net	1,146	1,092
Investments in equity method unconsolidated affiliates	477	492
Assets held for sale	81	197
Other	3,732	3,964
Total other noncurrent assets	50,028	48,809
Total Assets	$183,566	$176,893
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $212 at 2024 and $188 at 2023 related to VIEs)	$3,953	$4,228
Notes payable and commercial paper	3,947	4,288
Taxes accrued	1,016	816
Interest accrued	809	745
Current maturities of long-term debt (includes $1,012 at 2024 and $428 at 2023 related to VIEs)	3,597	2,800
Asset retirement obligations	639	596
Regulatory liabilities	1,267	1,369
Liabilities associated with assets held for sale	77	122
Other	2,122	2,319
Total current liabilities	17,427	17,283
Long-Term Debt (includes $1,842 at 2024 and $3,000 at 2023 related to VIEs)	76,524	72,452
Other Noncurrent Liabilities
Deferred income taxes	10,859	10,556
Asset retirement obligations	9,511	8,560
Regulatory liabilities	14,926	14,039
Operating lease liabilities	956	917
Accrued pension and other post-retirement benefit costs	432	485
Investment tax credits	866	864
Liabilities associated with assets held for sale	85	157
Other (includes $33 at 2024 and $35 at 2023 related to VIEs)	1,731	1,393
Total other noncurrent liabilities	39,366	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; 0 and 1 million shares outstanding at 2024 and 2023	—	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	45,060	44,920
Retained earnings	3,052	2,235
Accumulated other comprehensive income (loss)	47	(6)
Total Duke Energy Corporation stockholders' equity	49,133	49,112
Noncontrolling interests	1,116	1,075
Total equity	50,249	50,187
Total Liabilities and Equity	$183,566	$176,893

FINANCIAL STATEMENTS

	Nine Months Ended
	September 30,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$3,387	$1,878
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	4,792	4,538
Equity component of AFUDC	(173)	(146)
Losses on sales of Commercial Renewables Disposal Groups	22	1,603
Gains on sales of other assets	(25)	(46)
Impairment of assets and other charges	39	96
Deferred income taxes	369	(29)
Equity in earnings of unconsolidated affiliates	(53)	(70)
Contributions to qualified pension plans	(100)	(100)
Payments for asset retirement obligations	(417)	(423)
Provision for rate refunds	(28)	(59)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	35	29
Receivables	(22)	481
Inventory	(36)	(531)
Other current assets	742	40
Increase (decrease) in
Accounts payable	90	(972)
Taxes accrued	202	277
Other current liabilities	(248)	(116)
Other assets	154	491
Other liabilities	221	368
Net cash provided by operating activities	8,951	7,309
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(9,191)	(9,310)
Contributions to equity method investments	(8)	(30)
Purchases of debt and equity securities	(3,380)	(2,811)
Proceeds from sales and maturities of debt and equity securities	3,450	2,848
Net proceeds from the sales of other assets	1	130
Other	(723)	(578)
Net cash used in investing activities	(9,851)	(9,751)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt	7,760	8,704
Issuance of common stock	26	—
Redemption of preferred stock	(1,000)	—
Payments for the redemption of long-term debt	(2,833)	(3,097)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days	552	575
Payments for the redemption of short-term debt with original maturities greater than 90 days	(1,025)	(110)
Notes payable and commercial paper	(42)	(1,404)
Contributions from noncontrolling interests	47	278
Dividends paid	(2,411)	(2,438)
Other	(84)	(95)
Net cash provided by financing activities	990	2,413
Net increase (decrease) in cash, cash equivalents and restricted cash	90	(29)
Cash, cash equivalents and restricted cash at beginning of period	357	603
Cash, cash equivalents and restricted cash at end of period	$447	$574
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$1,604	$1,528

FINANCIAL STATEMENTS

	Three Months Ended September 30, 2023 and 2024
	Accumulated Other Comprehensive
	Income (Loss)
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 June 30, 2023	$1,962	771	$1	$44,866		$1,615		$(4)		$(19)		$(88)		$48,333		$2,738		$51,071
Net income(d)	—	—	—	—		1,213		—		—		—		1,213		69		1,282
Other comprehensive income (loss)	—	—	—	—		—		239		(6)		(1)		232		—		232
Common stock issuances, including dividend reinvestment and employee benefits	—	—	—	22		—		—		—		—		22		—		22
Common stock dividends	—	—	—	—		(793)		—		—		—		(793)		—		(793)
Contribution from noncontrolling interests, net of transaction costs	—	—	—	—		—		—		—		—		—		30		30
Distributions to noncontrolling interest in subsidiaries	—	—	—	—		—		—		—		—		—		(20)		(20)
Other	—	—	—	(2)		1		—		—		—		(1)		3		2
Balance at September 30, 2023	$1,962	771	$1	$44,886		$2,036		$235		$(25)		$(89)		$49,006		$2,820		$51,826
Balance at June 30, 2024	$1,962	772	$1	$45,007		$2,635		$193		$(18)		$(73)		$49,707		$1,099		$50,806
Net income(d)	—	—	—	—		1,226		—		—		—		1,226		34		1,260
Other comprehensive income (loss)	—	—	—	—		—		(62)		7		1		(54)		—		(54)
Common stock issuances, including dividend reinvestment and employee benefits	—	—	—	53		—		—		—		—		53		—		53
Preferred stock, Series B, redemption	(989)	—	—	—		—		—		—		—		(989)		—		(989)
Common stock dividends	—	—	—	—		(806)		—		—		—		(806)		—		(806)
Distributions to noncontrolling interest in subsidiaries	—	—	—	—		—		—		—		—		—		(18)		(18)
Other	—	—	—		(3)		—		—		(1)		(4)		1		(3)
Balance at September 30, 2024	$973	772	$1	$45,060		$3,052		$131		$(11)		$(73)		$49,133		$1,116		$50,249

FINANCIAL STATEMENTS

	Nine Months Ended September 30, 2023 and 2024
	Accumulated Other Comprehensive
	Income (Loss)
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(d)	—	—	—	—		1,744		—		—		—		1,744		42		1,786
Other comprehensive income (loss)	—	—	—	—		—		264		(2)		(1)		261		—		261
Common stock issuances, including dividend reinvestment and employee benefits	—	1	—	43		—		—		—		—		43		—		43
Common stock dividends	—	—	—	—		(2,346)		—		—		—		(2,346)		—		(2,346)
Sale of noncontrolling interest	—	—	—	(13)		—		—		—		—		(13)		10		(3)
Contributions from noncontrolling interests, net of transaction costs(a)	—	—	—	—		—		—		—		—		—		278		278
Distributions to noncontrolling interest in subsidiaries	—	—	—	—		—		—		—		—		—		(45)		(45)
Other	—	—	—	(6)		1		—		—		—		(5)		4		(1)
Balance at September 30, 2023	$1,962	771	$1	$44,886		$2,036		$235		$(25)		$(89)		$49,006		$2,820		$51,826
Balance at December 31, 2023	$1,962	771	$1	$44,920		$2,235		$98		$(15)		$(89)		$49,112		$1,075		$50,187
Net income(d)	—	—	—	—		3,211		—		—		—		3,211		68		3,279
Other comprehensive income	—	—	—	—		—		33		4		17		54		—		54
Common stock issuances, including dividend reinvestment and employee benefits	—	1	—	139		—		—		—		—		139		—		139
Preferred stock, Series B, redemption	(989)	—	—	—		—		—		—		—		(989)		—		(989)
Common stock dividends	—	—	—	—		(2,392)		—		—		—		(2,392)		—		(2,392)
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	—	—	—	—		—		—		—		—		—		(23)		(23)
Other	—	—	—	1		(2)		—		—		(1)		(2)			(2)
Balance at September 30, 2024	$973	772	$1	$45,060		$3,052		$131		$(11)		$(73)		$49,133		$1,116		$50,249

(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.

(d)Net income available to Duke Energy Corporation Common Stockholders reflects preferred dividends and, for 2024, the $16 million preferred stock redemption costs.

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