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 Florida, LLC Financial Statements

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
Operating Revenues	$1,444	$1,436
Operating Expenses
Fuel used in electric generation and purchased power	381	523
Operation, maintenance and other	286	251
Depreciation and amortization	274	248
Property and other taxes	112	106
Total operating expenses	1,053	1,128
Gains on Sales of Other Assets and Other, net	1	1
Operating Income	392	309
Other Income and Expenses, net	18	24
Interest Expense	118	111
Income Before Income Taxes	292	222
Income Tax Expense	58	43
Net Income and Comprehensive Income	$234	$179

FINANCIAL STATEMENTS

(in millions)	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$16	$33
Receivables (net of allowance for doubtful accounts of $25 at 2025 and $29 at 2024)	545	544
Receivables of VIEs	2	—
Receivables from affiliated companies	75	21
Notes receivable from affiliated companies	86	—
Inventory (includes $509 at 2025 and $494 at 2024 related to VIEs)	773	745
Regulatory assets (includes $61 at 2025 and 2024 related to VIEs)	921	1,022
Other (includes $10 at 2025 and $35 at 2024 related to VIEs)	56	227
Total current assets	2,474	2,592
Property, Plant and Equipment
Cost	30,997	30,490
Accumulated depreciation and amortization	(7,846)	(7,650)
Net property, plant and equipment	23,151	22,840
Other Noncurrent Assets
Regulatory assets (includes $729 at 2025 and $741 at 2024 related to VIEs)	2,068	2,064
Nuclear decommissioning trust funds	305	331
Operating lease right-of-use assets, net	263	277
Other	479	465
Total other noncurrent assets	3,115	3,137
Total Assets	$28,740	$28,569
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $201 at 2025 and $208 at 2024 related to VIEs)	$1,087	$1,418
Accounts payable to affiliated companies	88	67
Notes payable to affiliated companies	—	466
Taxes accrued	147	60
Interest accrued	130	86
Current maturities of long-term debt (includes $60 at 2025 and $59 at 2024 related to VIEs)	1,235	534
Asset retirement obligations	1	1
Regulatory liabilities	120	174
Other	336	342
Total current liabilities	3,144	3,148
Long-Term Debt (includes $741 at 2025 and $773 at 2024 related to VIEs)	9,783	9,814
Other Noncurrent Liabilities
Deferred income taxes	3,046	3,024
Asset retirement obligations	206	213
Regulatory liabilities	653	688
Operating lease liabilities	212	225
Accrued pension and other post-retirement benefit costs	91	92
Investment tax credits	241	241
Other	151	143
Total other noncurrent liabilities	4,600	4,626
Commitments and Contingencies
Equity
Member's equity	11,218	10,986
Accumulated other comprehensive loss	(5)	(5)
Total equity	11,213	10,981
Total Liabilities and Equity	$28,740	$28,569

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$234	$179
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	342	284
Equity component of AFUDC	(5)	(5)
Deferred income taxes	18	10
Payments for asset retirement obligations	(8)	(22)
(Increase) decrease in
Receivables	21	53
Receivables from affiliated companies	(54)	236
Inventory	(20)	(19)
Other current assets	254	132
Increase (decrease) in
Accounts payable	(356)	(48)
Accounts payable to affiliated companies	21	(14)
Taxes accrued	94	(51)
Other current liabilities	(21)	11
Other assets	(77)	(16)
Other liabilities	(6)	34
Net cash provided by operating activities	437	764
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(559)	(669)
Purchases of debt and equity securities	(53)	(30)
Proceeds from sales and maturities of debt and equity securities	69	73
Notes receivable from affiliated companies	(86)	—
Other	(51)	(62)
Net cash used in investing activities	(680)	(688)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	702	3
Payments for the redemption of long-term debt	(34)	(39)
Notes payable to affiliated companies	(466)	(86)
Other	(1)	(1)
Net cash provided by (used in) financing activities	201	(123)
Net decrease in cash, cash equivalents and restricted cash	(42)	(47)
Cash, cash equivalents and restricted cash at beginning of period	75	67
Cash, cash equivalents and restricted cash at end of period	$33	$20
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$424	$421

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2024 and 2025
Accumulated
Other
Comprehensive
Loss
Net Unrealized
Gains (Losses) on
	Member's	Available-for-Sale	Total
(in millions)	Equity	Securities	Equity
Balance at December 31, 2023	$10,048	$(5)	$10,043
Net income	179	—	179
Balance at March 31, 2024	$10,227	$(5)	$10,222
Balance at December 31, 2024	$10,986	$(5)	$10,981
Net income	234	—	234
Other	(2)	—	(2)
Balance at March 31, 2025	$11,218	$(5)	$11,213

ContentsView on SEC.gov

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