Duke Energy CORP

For the period ended Mar 31, 2025. Filed May 6, 2025.

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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.

Mar 31, 2025 · Filed May 6, 2025

DUK$128.94+0.7%Stored close · as of Nov 10, 2026

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Contents

Duke Energy Carolinas, LLC Financial Statements

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
Operating Revenues	$2,524	$2,407
Operating Expenses
Fuel used in electric generation and purchased power	803	860
Operation, maintenance and other	484	452
Depreciation and amortization	432	397
Property and other taxes	102	94
Total operating expenses	1,821	1,803
Gains on Sales of Other Assets and Other, net	—	1
Operating Income	703	605
Other Income and Expenses, net	61	61
Interest Expense	200	180
Income Before Income Taxes	564	486
Income Tax Expense	51	56
Net Income and Comprehensive Income	$513	$430

FINANCIAL STATEMENTS

(in millions)	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$46	$6
Receivables (net of allowance for doubtful accounts of $64 at 2025 and $18 at 2024)	1,168	266
Receivables of VIEs (net of allowance for doubtful accounts of $51 at 2024)	1	1,054
Receivables from affiliated companies	197	157
Notes receivable from affiliated companies	140	65
Inventory	1,488	1,536
Regulatory assets (includes $12 at 2025 and 2024 related to VIEs)	613	685
Other (includes $14 at 2025 and $9 at 2024 related to VIEs)	169	52
Total current assets	3,822	3,821
Property, Plant and Equipment
Cost	59,212	58,382
Accumulated depreciation and amortization	(19,382)	(19,090)
Net property, plant and equipment	39,830	39,292
Other Noncurrent Assets
Regulatory assets (includes $186 at 2025 and $189 at 2024 related to VIEs)	4,149	4,199
Nuclear decommissioning trust funds	6,377	6,468
Operating lease right-of-use assets, net	93	98
Other	1,141	1,127
Total other noncurrent assets	11,760	11,892
Total Assets	$55,412	$55,005
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$1,378	$1,809
Accounts payable to affiliated companies	484	241
Taxes accrued	165	627
Interest accrued	173	201
Current maturities of long-term debt (includes $10 at 2025 and $510 at 2024 related to VIEs)	23	521
Asset retirement obligations	253	247
Regulatory liabilities	600	618
Other	485	541
Total current liabilities	3,561	4,805
Long-Term Debt (includes $193 at 2025 and $198 at 2024 related to VIEs)	17,911	16,669
Long-Term Debt Payable to Affiliated Companies	300	300
Other Noncurrent Liabilities
Deferred income taxes	4,013	4,052
Asset retirement obligations	3,736	3,743
Regulatory liabilities	6,489	6,592
Operating lease liabilities	83	87
Accrued pension and other post-retirement benefit costs	23	24
Investment tax credits	313	317
Other (includes $15 at 2024 related to VIEs)	630	576
Total other noncurrent liabilities	15,287	15,391
Commitments and Contingencies
Equity
Member's equity	18,359	17,846
Accumulated other comprehensive loss	(6)	(6)
Total equity	18,353	17,840
Total Liabilities and Equity	$55,412	$55,005

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$513	$430
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	500	463
Equity component of AFUDC	(32)	(28)
Deferred income taxes	13	14
Payments for asset retirement obligations	(43)	(36)
(Increase) decrease in
Receivables	158	14
Receivables from affiliated companies	(40)	30
Inventory	48	7
Other current assets	(63)	(23)
Increase (decrease) in
Accounts payable	(344)	(203)
Accounts payable to affiliated companies	243	35
Taxes accrued	(461)	(133)
Other current liabilities	(111)	(137)
Other assets	(16)	192
Other liabilities	24	(20)
Net cash provided by operating activities	389	605
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,019)	(952)
Purchases of debt and equity securities	(1,065)	(535)
Proceeds from sales and maturities of debt and equity securities	1,065	535
Notes receivable from affiliated companies	(75)	—
Other	(49)	(51)
Net cash used in investing activities	(1,143)	(1,003)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	1,239	1,011
Payments for the redemption of long-term debt	(508)	(7)
Notes payable to affiliated companies	—	(612)
Other	60	(1)
Net cash provided by financing activities	791	391
Net increase (decrease) in cash, cash equivalents and restricted cash	37	(7)
Cash, cash equivalents and restricted cash at beginning of period	16	19
Cash, cash equivalents and restricted cash at end of period	$53	$12
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$782	$550

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2024 and 2025
Accumulated Other
Comprehensive
Loss
	Member's	Net Losses on	Total
(in millions)	Equity	Cash Flow Hedges	Equity
Balance at December 31, 2023	$16,913	$(6)	$16,907
Net income	430	—	430
Balance at March 31, 2024	$17,343	$(6)	$17,337
Balance at December 31, 2024	$17,846	$(6)	$17,840
Net income	513	—	513
Balance at March 31, 2025	$18,359	$(6)	$18,353

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