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$128.10+0.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Duke Energy Corporation Financial Statements

Condensed Consolidated Statements of Operations

	Three Months Ended
	March 31,
(in millions, except per share amounts)	2025	2024
Operating Revenues
Regulated electric	$7,064	$6,732
Regulated natural gas	1,105	866
Nonregulated electric and other	80	73
Total operating revenues	8,249	7,671
Operating Expenses
Fuel used in electric generation and purchased power	2,099	2,335
Cost of natural gas	374	232
Operation, maintenance and other	1,499	1,380
Depreciation and amortization	1,512	1,387
Property and other taxes	428	386
Total operating expenses	5,912	5,720
Gains on Sales of Other Assets and Other, net	6	12
Operating Income	2,343	1,963
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	11	17
Other income and expenses, net	132	169
Total other income and expenses	143	186
Interest Expense	889	817
Income From Continuing Operations Before Income Taxes	1,597	1,332
Income Tax Expense From Continuing Operations	193	178
Income From Continuing Operations	1,404	1,154
Loss From Discontinued Operations, net of tax	—	(3)
Net Income	1,404	1,151
Less: Net Income Attributable to Noncontrolling Interests	25	13
Net Income Attributable to Duke Energy Corporation	1,379	1,138
Less: Preferred Dividends	14	39
Net Income Available to Duke Energy Corporation Common Stockholders	$1,365	$1,099
Earnings Per Share – Basic and Diluted
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted	$1.76	$1.44
Weighted Average Shares Outstanding
Basic and Diluted	777	771

FINANCIAL STATEMENTS

Condensed Consolidated Statements of Comprehensive Income

	Three Months Ended
	March 31,
(in millions)	2025	2024
Net Income	$1,404	$1,151
Other Comprehensive Income (Loss), net of tax(a)
Pension and OPEB adjustments	—	16
Net unrealized (losses) gains on cash flow hedges	(10)	91
Reclassification into earnings from cash flow hedges	14	2
Net unrealized (losses) gains on fair value hedges	(41)	8
Unrealized gains (losses) on available-for-sale securities	3	(2)
Other Comprehensive (Loss) Income, net of tax	(34)	115
Comprehensive Income	1,370	1,266
Less: Comprehensive Income Attributable to Noncontrolling Interests	25	13
Comprehensive Income Attributable to Duke Energy	1,345	1,253
Less: Preferred Dividends	14	39
Comprehensive Income Available to Duke Energy Corporation Common Stockholders	$1,331	$1,214

(a)Net of income tax benefit of $10 million and income tax expense of $34 million for the three months ended March 31, 2025, and 2024, respectively.

FINANCIAL STATEMENTS

(in millions)	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$475	$314
Receivables (net of allowance for doubtful accounts of $204 at 2025 and $124 at 2024)	3,996	2,232
Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024)	10	1,889
Receivable from sales of Commercial Renewables Disposal Groups	558	551
Inventory (includes $509 at 2025 and $494 at 2024 related to VIEs)	4,418	4,509
Regulatory assets (includes $120 at 2025 and 2024 related to VIEs)	2,538	2,756
Assets held for sale	—	4
Other (includes $57 at 2025 and $90 at 2024 related to VIEs)	780	695
Total current assets	12,775	12,950
Property, Plant and Equipment
Cost	183,546	180,806
Accumulated depreciation and amortization	(58,672)	(57,503)
Net property, plant and equipment	124,874	123,303
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets (includes $1,674 at 2025 and $1,705 at 2024 related to VIEs)	14,200	14,254
Nuclear decommissioning trust funds	11,246	11,434
Operating lease right-of-use assets, net	1,219	1,148
Investments in equity method unconsolidated affiliates	357	353
Assets held for sale	—	89
Other	3,502	3,509
Total other noncurrent assets	49,827	50,090
Total Assets	$187,476	$186,343
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $207 at 2025 and $214 at 2024 related to VIEs)	$4,442	$5,479
Notes payable and commercial paper	2,568	3,584
Taxes accrued	794	851
Interest accrued	821	855
Current maturities of long-term debt (includes $110 at 2025 and $1,012 at 2024 related to VIEs)	4,180	4,349
Asset retirement obligations	643	650
Regulatory liabilities	1,298	1,425
Liabilities associated with assets held for sale	18	80
Other	1,861	2,084
Total current liabilities	16,625	19,357
Long-Term Debt (includes $1,783 at 2025 and $1,842 at 2024 related to VIEs)	79,700	76,340
Other Noncurrent Liabilities
Deferred income taxes	11,609	11,424
Asset retirement obligations	9,350	9,342
Regulatory liabilities	14,466	14,694
Operating lease liabilities	1,033	957
Accrued pension and other post-retirement benefit costs	426	434
Investment tax credits	888	894
Liabilities associated with assets held for sale	—	89
Other (includes $27 at 2024 related to VIEs)	1,585	1,556
Total other noncurrent liabilities	39,357	39,390
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2025 and 2024	973	973
Common stock, $0.001 par value, 2 billion shares authorized; 777 million and 776 million shares outstanding at 2025 and 2024	1	1
Additional paid-in capital	45,516	45,494
Retained earnings	3,986	3,431
Accumulated other comprehensive income	194	228
Total Duke Energy Corporation stockholders' equity	50,670	50,127
Noncontrolling interests	1,124	1,129
Total equity	51,794	51,256
Total Liabilities and Equity	$187,476	$186,343

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$1,404	$1,151
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	1,691	1,534
Equity component of AFUDC	(70)	(55)
Losses (Gains) on sales of Commercial Renewables Disposal Groups	4	(10)
Gains on sales of other assets	(6)	(12)
Deferred income taxes	192	149
Equity in earnings of unconsolidated affiliates	(11)	(17)
Payments for asset retirement obligations	(102)	(115)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	85	(33)
Receivables	150	226
Inventory	99	11
Other current assets	107	329
Increase (decrease) in
Accounts payable	(866)	(553)
Taxes accrued	(52)	(110)
Other current liabilities	(468)	(211)
Other assets	(64)	42
Other liabilities	84	148
Net cash provided by operating activities	2,177	2,474
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(3,148)	(3,208)
Contributions to equity method investments	—	(7)
Purchases of debt and equity securities	(1,966)	(946)
Proceeds from sales and maturities of debt and equity securities	2,051	985
Other	(237)	(166)
Net cash used in investing activities	(3,300)	(3,342)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt	4,096	3,481
Issuance of common stock	7	4
Payments for the redemption of long-term debt	(996)	(1,392)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days	—	294
Payments for the redemption of short-term debt with original maturities greater than 90 days	(5)	(535)
Notes payable and commercial paper	(1,050)	50
Dividends paid	(803)	(806)
Other	(11)	(67)
Net cash provided by financing activities	1,238	1,029
Net increase in cash, cash equivalents and restricted cash	115	161
Cash, cash equivalents and restricted cash at beginning of period	421	357
Cash, cash equivalents and restricted cash at end of period	$536	$518
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$1,900	$1,615

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2024 and 2025
	Accumulated Other Comprehensive
	Income (Loss)
Net · Net Unrealized · Total
Gains · Gains (Losses) · Duke Energy
Common · Additional · (Losses) · on Available- · Pension and · Corporation · Non-
	Preferred	Stock	Common	Paid-in	Retained	on	for-Sale-	OPEB	Stockholders'	controlling	Total
(in millions)	Stock	Shares	Stock	Capital	Earnings	Hedges(a)	Securities	Adjustments	Equity	Interests	Equity
Balance at December 31, 2023	$1,962	771	$1	$44,920	$2,235	$98	$(15)	$(89)	$49,112	$1,075	$50,187
Net income(c)	—	—	—	—	1,099	—	—	—	1,099	13	1,112
Other comprehensive income (loss)	—	—	—	—	—	101	(2)	16	115	—	115
Common stock issuances, including dividend reinvestment and employee benefits	—	1	—	16	—	—	—	—	16	—	16
Common stock dividends	—	—	—	—	(792)	—	—	—	(792)	—	(792)
Other	—	—	—	1	—	—	—	—	1	(1)	—
Balance at March 31, 2024	$1,962	772	$1	$44,937	$2,542	$199	$(17)	$(73)	$49,551	$1,087	$50,638
Balance at December 31, 2024	$973	776	$1	$45,494	$3,431	$326	$(17)	$(81)	$50,127	$1,129	$51,256
Net income(c)	—	—	—	—	1,365	—	—	—	1,365	25	1,390
Other comprehensive (loss) income	—	—	—	—	—	(37)	3	—	(34)	—	(34)
Common stock issuances, including dividend reinvestment and employee benefits	—	1	—	22	—	—	—	—	22	—	22
Common stock dividends	—	—	—	—	(814)	—	—	—	(814)	—	(814)
Sale of Commercial Renewables Disposal Groups(b)	—	—	—	—	—	—	—	—	—	(18)	(18)
Distributions to noncontrolling interest in subsidiaries	—	—	—	—	—	—	—	—	—	(6)	(6)
Other	—	—	—	—	4	—	—	—	4	(6)	(2)
Balance at March 31, 2025	$973	777	$1	$45,516	$3,986	$289	$(14)	$(81)	$50,670	$1,124	$51,794

(a)See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.

(b)See Note 2 for additional information.

(c)Net income available to Duke Energy Corporation Common Stockholders reflects preferred dividends.

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.