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 Progress, LLC Financial Statements

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
Operating Revenues	$2,018	$1,788
Operating Expenses
Fuel used in electric generation and purchased power	725	620
Operation, maintenance and other	398	375
Depreciation and amortization	357	339
Property and other taxes	60	51
Total operating expenses	1,540	1,385
Gains on Sales of Other Assets and Other, net	—	1
Operating Income	478	404
Other Income and Expenses, net	37	36
Interest Expense	128	120
Income Before Income Taxes	387	320
Income Tax Expense	56	48
Net Income and Comprehensive Income	$331	$272

FINANCIAL STATEMENTS

(in millions)	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$53	$24
Receivables (net of allowance for doubtful accounts of $42 at 2025 and $10 at 2024)	906	160
Receivables of VIEs (net of allowance for doubtful accounts of $34 at 2024)	6	835
Receivables from affiliated companies	24	10
Notes receivable from affiliated companies	968	—
Inventory	1,333	1,341
Regulatory assets (includes $47 at 2025 and 2024 related to VIEs)	616	626
Other (includes $26 at 2025 and $40 at 2024 related to VIEs)	151	104
Total current assets	4,057	3,100
Property, Plant and Equipment
Cost	42,769	42,060
Accumulated depreciation and amortization	(16,252)	(15,930)
Net property, plant and equipment	26,517	26,130
Other Noncurrent Assets
Regulatory assets (includes $759 at 2025 and $775 at 2024 related to VIEs)	4,573	4,555
Nuclear decommissioning trust funds	4,564	4,636
Operating lease right-of-use assets, net	414	348
Other	752	724
Total other noncurrent assets	10,303	10,263
Total Assets	$40,877	$39,493
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$603	$749
Accounts payable to affiliated companies	436	306
Notes payable to affiliated companies	—	611
Taxes accrued	82	394
Interest accrued	96	122
Current maturities of long-term debt (includes $40 at 2025 and $443 at 2024 related to VIEs)	581	983
Asset retirement obligations	226	230
Regulatory liabilities	313	348
Other	359	427
Total current liabilities	2,696	4,170
Long-Term Debt (includes $789 at 2025 and $809 at 2024 related to VIEs)	13,489	11,371
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	2,410	2,344
Asset retirement obligations	4,122	4,104
Regulatory liabilities	4,535	4,570
Operating lease liabilities	409	332
Accrued pension and other post-retirement benefit costs	140	141
Investment tax credits	143	144
Other (includes $11 at 2024 related to VIEs)	182	196
Total other noncurrent liabilities	11,941	11,831
Commitments and Contingencies
Equity
Member's Equity	12,601	11,971
Total Liabilities and Equity	$40,877	$39,493

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$331	$272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	402	385
Equity component of AFUDC	(19)	(13)
Deferred income taxes	49	(21)
Payments for asset retirement obligations	(32)	(46)
(Increase) decrease in
Receivables	101	50
Receivables from affiliated companies	(14)	13
Inventory	8	(67)
Other current assets	(36)	97
Increase (decrease) in
Accounts payable	(56)	(31)
Accounts payable to affiliated companies	130	(38)
Taxes accrued	(311)	(47)
Other current liabilities	(73)	(49)
Other assets	(42)	(105)
Other liabilities	23	(11)
Net cash provided by operating activities	461	389
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(849)	(704)
Purchases of debt and equity securities	(767)	(351)
Proceeds from sales and maturities of debt and equity securities	767	351
Notes receivable from affiliated companies	(968)	—
Other	(34)	(12)
Net cash used in investing activities	(1,851)	(716)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	2,155	495
Payments for the redemption of long-term debt	(441)	(33)
Notes payable to affiliated companies	(611)	(137)
Capital contribution from parent	300	—
Other	(1)	—
Net cash provided by financing activities	1,402	325
Net increase (decrease) in cash, cash equivalents and restricted cash	12	(2)
Cash, cash equivalents and restricted cash at beginning of period	69	51
Cash, cash equivalents and restricted cash at end of period	$81	$49
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$324	$259

FINANCIAL STATEMENTS

	Three Months Ended
	March 31, 2024 and 2025
(in millions)	Member's Equity
Balance at December 31, 2023	$10,807
Net income	272
Balance at March 31, 2024	$11,079
Balance at December 31, 2024	$11,971
Net income	331
Capital contribution from parent	300
Other	(1)
Balance at March 31, 2025	$12,601

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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.