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 Indiana, LLC Financial Statements

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
Operating Revenues	$858	$759
Operating Expenses
Fuel used in electric generation and purchased power	260	271
Operation, maintenance and other	195	180
Depreciation and amortization	192	169
Property and other taxes	18	14
Total operating expenses	665	634
Operating Income	193	125
Other Income and Expenses, net	10	13
Interest Expense	59	57
Income Before Income Taxes	144	81
Income Tax Expense	18	14
Net Income	$126	$67
Other Comprehensive Loss, net of tax
Pension and OPEB adjustments	—	(1)
Comprehensive Income	$126	$66

FINANCIAL STATEMENTS

(in millions)	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$9	$13
Receivables (net of allowance for doubtful accounts of $17 at 2025 and $15 at 2024)	466	423
Receivables from affiliated companies	1	1
Inventory	541	586
Regulatory assets	142	113
Other	109	69
Total current assets	1,268	1,205
Property, Plant and Equipment
Cost	20,210	19,970
Accumulated depreciation and amortization	(7,008)	(6,848)
Net property, plant and equipment	13,202	13,122
Other Noncurrent Assets
Regulatory assets	1,031	1,040
Operating lease right-of-use assets, net	35	37
Other	254	323
Total other noncurrent assets	1,320	1,400
Total Assets	$15,790	$15,727
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$286	$257
Accounts payable to affiliated companies	85	57
Notes payable to affiliated companies	20	10
Taxes accrued	105	168
Interest accrued	73	59
Current maturities of long-term debt	4	4
Asset retirement obligations	156	164
Regulatory liabilities	205	183
Other	167	183
Total current liabilities	1,101	1,085
Long-Term Debt	4,644	4,644
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	1,496	1,494
Asset retirement obligations	1,108	1,104
Regulatory liabilities	1,351	1,404
Operating lease liabilities	31	33
Accrued pension and other post-retirement benefit costs	83	82
Investment tax credits	186	186
Other	21	19
Total other noncurrent liabilities	4,276	4,322
Commitments and Contingencies
Equity
Member's equity	5,619	5,526
Total equity	5,619	5,526
Total Liabilities and Equity	$15,790	$15,727

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$126	$67
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	192	170
Equity component of AFUDC	(7)	(2)
Deferred income taxes	(16)	24
Payments for asset retirement obligations	(18)	(12)
(Increase) decrease in
Receivables	(45)	35
Receivables from affiliated companies	—	(6)
Inventory	46	48
Other current assets	(37)	30
Increase (decrease) in
Accounts payable	9	(39)
Accounts payable to affiliated companies	28	(57)
Taxes accrued	(63)	9
Other current liabilities	8	32
Other assets	79	(13)
Other liabilities	(27)	(7)
Net cash provided by operating activities	275	279
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(234)	(275)
Purchases of debt and equity securities	(39)	(5)
Proceeds from sales and maturities of debt and equity securities	112	4
Notes receivable from affiliated companies	—	(117)
Other	(94)	(24)
Net cash used in investing activities	(255)	(417)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	—	298
Notes payable to affiliated companies	10	(120)
Distributions to parent	(33)	(42)
Other	(1)	(1)
Net cash (used in) provided by financing activities	(24)	135
Net decrease in cash and cash equivalents	(4)	(3)
Cash and cash equivalents at beginning of period	13	8
Cash and cash equivalents at end of period	$9	$5
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$146	$88

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2024 and 2025
Accumulated Other
Comprehensive Income (Loss)
	Member's	Pension and	Total
(in millions)	Equity	OPEB Adjustments	Equity
Balance at December 31, 2023	$5,012	$1	$5,013
Net income	67	—	67
Other	(1)	(1)	(2)
Balance at March 31, 2024	$5,078	$—	$5,078
Balance at December 31, 2024	$5,526	$—	$5,526
Net income	126	—	126
Distributions to parent	(33)	—	(33)
Balance at March 31, 2025	$5,619	$—	$5,619

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
Operating Revenues
Regulated natural gas	$850	$669
Nonregulated natural gas and other	7	7
Operating Revenues	$857	$676
Operating Expenses
Cost of natural gas	272	170
Operation, maintenance and other	96	95
Depreciation and amortization	70	62
Property and other taxes	18	15
Total operating expenses	456	342
Operating Income	401	334
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	2	2
Other income and expenses, net	11	15
Total other income and expenses	13	17
Interest Expense	47	45
Income Before Income Taxes	367	306
Income Tax Expense	76	60
Net Income and Comprehensive Income	$291	$246

FINANCIAL STATEMENTS

(in millions)	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$10	$2
Receivables (net of allowance for doubtful accounts of $10 at 2025 and 2024)	404	368
Receivables from affiliated companies	12	16
Inventory	61	78
Regulatory assets	109	158
Other	10	11
Total current assets	606	633
Property, Plant and Equipment
Cost	12,956	12,780
Accumulated depreciation and amortization	(2,487)	(2,432)
Net property, plant and equipment	10,469	10,348
Other Noncurrent Assets
Goodwill	49	49
Regulatory assets	435	421
Operating lease right-of-use assets, net	3	4
Investments in equity method unconsolidated affiliates	76	76
Other	271	268
Total other noncurrent assets	834	818
Total Assets	$11,909	$11,799
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$209	$237
Accounts payable to affiliated companies	49	26
Notes payable to affiliated companies	580	739
Taxes accrued	123	84
Interest accrued	50	45
Current maturities of long-term debt	205	205
Regulatory liabilities	9	68
Other	79	76
Total current liabilities	1,304	1,480
Long-Term Debt	3,799	3,798
Other Noncurrent Liabilities
Deferred income taxes	1,013	1,018
Asset retirement obligations	29	29
Regulatory liabilities	960	956
Operating lease liabilities	2	7
Accrued pension and other post-retirement benefit costs	6	7
Other	151	150
Total other noncurrent liabilities	2,161	2,167
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2025 and 2024	1,635	1,635
Retained earnings	3,009	2,718
Total Piedmont Natural Gas Company, Inc. stockholder's equity	4,644	4,353
Noncontrolling interests	1	1
Total equity	4,645	4,354
Total Liabilities and Equity	$11,909	$11,799

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$291	$246
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	71	63
Equity component of AFUDC	(4)	(6)
Deferred income taxes	(13)	(15)
Equity in earnings from unconsolidated affiliates	(2)	(2)
(Increase) decrease in
Receivables	(38)	13
Receivables from affiliated companies	4	(2)
Inventory	17	48
Other current assets	55	20
Increase (decrease) in
Accounts payable	(27)	(43)
Accounts payable to affiliated companies	23	2
Taxes accrued	39	12
Other current liabilities	(54)	(1)
Other assets	(7)	(2)
Other liabilities	(2)	9
Net cash provided by operating activities	353	342
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(182)	(294)
Other	(3)	(18)
Net cash used in investing activities	(185)	(312)
CASH FLOWS FROM FINANCING ACTIVITIES
Notes payable to affiliated companies	(159)	(30)
Other	(1)	—
Net cash used in financing activities	(160)	(30)
Net increase in cash and cash equivalents	8	—
Cash and cash equivalents at beginning of period	2	—
Cash and cash equivalents at end of period	$10	$—
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$114	$195

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2024 and 2025
Total
Piedmont
Natural Gas
	Common	Retained	Company, Inc.	Noncontrolling	Total
(in millions)	Stock	Earnings	Equity	Interests	Equity
Balance at December 31, 2023	$1,635	$2,416	$4,051	$1	$4,052
Net income	—	246	246	—	246
Balance at March 31, 2024	$1,635	$2,662	$4,297	$1	$4,298
Balance at December 31, 2024	$1,635	$2,718	$4,353	$1	$4,354
Net income	—	291	291	—	291
Balance at March 31, 2025	$1,635	$3,009	$4,644	$1	$4,645

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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.