Duke Energy CORP

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

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.

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 Ohio, Inc. Financial Statements

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
Operating Revenues
Regulated electric	$487	$458
Regulated natural gas	279	220
Total operating revenues	766	678
Operating Expenses
Fuel used in electric generation and purchased power	149	138
Cost of natural gas	101	61
Operation, maintenance and other	124	126
Depreciation and amortization	112	99
Property and other taxes	116	102
Total operating expenses	602	526
Operating Income	164	152
Other Income and Expenses, net	5	6
Interest Expense	47	45
Income Before Income Taxes	122	113
Income Tax Expense	22	19
Net Income and Comprehensive Income	$100	$94

FINANCIAL STATEMENTS

(in millions)	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$12	$24
Receivables (net of allowance for doubtful accounts of $46 at 2025 and $43 at 2024)	482	447
Receivables from affiliated companies	12	11
Notes receivable from affiliated companies	25	28
Inventory	184	183
Regulatory assets	73	88
Other	19	30
Total current assets	807	811
Property, Plant and Equipment
Cost	14,122	13,918
Accumulated depreciation and amortization	(3,751)	(3,674)
Net property, plant and equipment	10,371	10,244
Other Noncurrent Assets
Goodwill	920	920
Regulatory assets	692	705
Operating lease right-of-use assets, net	6	6
Other	84	82
Total other noncurrent assets	1,702	1,713
Total Assets	$12,880	$12,768
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$282	$313
Accounts payable to affiliated companies	69	52
Notes payable to affiliated companies	227	162
Taxes accrued	308	363
Interest accrued	54	49
Current maturities of long-term debt	290	245
Asset retirement obligations	7	8
Regulatory liabilities	51	34
Other	73	67
Total current liabilities	1,361	1,293
Long-Term Debt	3,851	3,895
Long-Term Debt Payable to Affiliated Companies	25	25
Other Noncurrent Liabilities
Deferred income taxes	1,311	1,314
Asset retirement obligations	131	131
Regulatory liabilities	460	465
Operating lease liabilities	6	6
Accrued pension and other post-retirement benefit costs	90	89
Other	85	91
Total other noncurrent liabilities	2,083	2,096
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2025 and 2024	762	762
Additional paid-in capital	3,119	3,118
Retained earnings	1,679	1,579
Total equity	5,560	5,459
Total Liabilities and Equity	$12,880	$12,768

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$100	$94
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	113	100
Equity component of AFUDC	(3)	—
Deferred income taxes	(11)	2
Payments for asset retirement obligations	(1)	(1)
(Increase) decrease in
Receivables	(36)	12
Receivables from affiliated companies	(1)	65
Inventory	(1)	(5)
Other current assets	35	100
Increase (decrease) in
Accounts payable	(15)	(20)
Accounts payable to affiliated companies	17	(2)
Taxes accrued	(54)	(67)
Other current liabilities	26	(7)
Other assets	2	7
Other liabilities	—	(17)
Net cash provided by operating activities	171	261
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(224)	(217)
Notes receivable from affiliated companies	3	(166)
Other	(26)	(10)
Net cash used in investing activities	(247)	(393)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	—	424
Notes payable to affiliated companies	65	(307)
Other	(1)	(4)
Net cash provided by financing activities	64	113
Net decrease in cash and cash equivalents	(12)	(19)
Cash and cash equivalents at beginning of period	24	24
Cash and cash equivalents at end of period	$12	$5
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$95	$84

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2024 and 2025
Additional
	Common	Paid-in	Retained	Total
(in millions)	Stock	Capital	Earnings	Equity
Balance at December 31, 2023	$762	$3,100	$1,238	$5,100
Net income	—	—	94	94
Balance at March 31, 2024	$762	$3,100	$1,332	$5,194
Balance at December 31, 2024	$762	$3,118	$1,579	$5,459
Net income	—	—	100	100
Other	—	1	—	1
Balance at March 31, 2025	$762	$3,119	$1,679	$5,560

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