DUKE ENERGY FLORIDA, LLC

For the period ended Jun 30, 2025. Filed Aug 5, 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.

Jun 30, 2025 · Filed Aug 5, 2025

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

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Contents

Duke Energy Corporation Financial Statements

Condensed Consolidated Statements of Operations

Three Months Ended · Six Months Ended
	June 30,		June 30,
(in millions, except per share amounts)	2025	2024	2025	2024
Operating Revenues
Regulated electric	$6,968	$6,746	$14,032	$13,478
Regulated natural gas	462	347	1,567	1,213
Nonregulated electric and other	78	79	158	152
Total operating revenues	7,508	7,172	15,757	14,843
Operating Expenses
Fuel used in electric generation and purchased power	1,878	2,228	3,977	4,563
Cost of natural gas	158	78	532	310
Operation, maintenance and other	1,655	1,320	3,154	2,699
Depreciation and amortization	1,583	1,409	3,095	2,796
Property and other taxes	415	393	843	779
Impairment of assets and other charges	3	43	3	44
Total operating expenses	5,692	5,471	11,604	11,191
Gains on Sales of Other Assets and Other, net	14	6	20	18
Operating Income	1,830	1,707	4,173	3,670
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	11	21	22	38
Other income and expenses, net	183	167	315	336
Total other income and expenses	194	188	337	374
Interest Expense	897	824	1,786	1,641
Income From Continuing Operations Before Income Taxes	1,127	1,071	2,724	2,403
Income Tax Expense From Continuing Operations	119	140	312	318
Income From Continuing Operations	1,008	931	2,412	2,085
Loss From Discontinued Operations, net of tax	(1)	(10)	(1)	(13)
Net Income	1,007	921	2,411	2,072
Less: Net Income Attributable to Noncontrolling Interests	23	21	48	34
Net Income Attributable to Duke Energy Corporation	984	900	2,363	2,038
Less: Preferred Dividends	13	14	27	53
Net Income Available to Duke Energy Corporation Common Stockholders	$971	$886	$2,336	$1,985
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$1.25	$1.14	$3.00	$2.59
Loss from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted	$—	$(0.01)	$—	$(0.02)
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted	$1.25	$1.13	$3.00	$2.57
Weighted Average Shares Outstanding
Basic and Diluted	777	772	777	771

FINANCIAL STATEMENTS

Condensed Consolidated Statements of Comprehensive Income

Three Months Ended · Six Months Ended
	June 30,		June 30,
(in millions)	2025	2024	2025	2024
Net Income	$1,007	$921	$2,411	$2,072
Other Comprehensive Income (Loss), net of tax(a)
Pension and OPEB adjustments	—	—	—	16
Net unrealized gains (losses) on cash flow hedges	6	26	(4)	117
Reclassification into earnings from cash flow hedges	(2)	(3)	12	(1)
Net unrealized gains (losses) on fair value hedges	6	(29)	(35)	(21)
Unrealized (losses) gains on available-for-sale securities	(1)	(1)	2	(3)
Other Comprehensive Income (Loss), net of tax	9	(7)	(25)	108
Comprehensive Income	1,016	914	2,386	2,180
Less: Comprehensive Income Attributable to Noncontrolling Interests	23	21	48	34
Comprehensive Income Attributable to Duke Energy	993	893	2,338	2,146
Less: Preferred Dividends	13	14	27	53
Comprehensive Income Available to Duke Energy Corporation Common Stockholders	$980	$879	$2,311	$2,093

(a)Net of income tax expense of $3 million and income tax benefit of $2 million for the three months ended June 30, 2025, and 2024, respectively and an income tax benefit of $7 million and income tax expense of $32 million for the six months ended June 30, 2025, and 2024, respectively.

FINANCIAL STATEMENTS

(in millions)	June 30, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$344	$314
Receivables (net of allowance for doubtful accounts of $199 at 2025 and $124 at 2024)	4,089	2,232
Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024)	11	1,889
Receivable from sales of Commercial Renewables Disposal Groups	—	551
Inventory (includes $548 at 2025 and $494 at 2024 related to VIEs)	4,434	4,509
Regulatory assets (includes $120 at 2025 and 2024 related to VIEs)	2,269	2,756
Assets held for sale	—	4
Other (includes $81 at 2025 and $90 at 2024 related to VIEs)	1,001	695
Total current assets	12,148	12,950
Property, Plant and Equipment
Cost	186,261	180,806
Accumulated depreciation and amortization	(59,613)	(57,503)
Net property, plant and equipment	126,648	123,303
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets (includes $1,651 at 2025 and $1,705 at 2024 related to VIEs)	14,172	14,254
Nuclear decommissioning trust funds	12,109	11,434
Operating lease right-of-use assets, net	1,209	1,148
Investments in equity method unconsolidated affiliates	332	353
Assets held for sale	—	89
Other	3,792	3,509
Total other noncurrent assets	50,917	50,090
Total Assets	$189,713	$186,343
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $247 at 2025 and $214 at 2024 related to VIEs)	$4,373	$5,479
Notes payable and commercial paper	3,473	3,584
Taxes accrued	837	851
Interest accrued	881	855
Current maturities of long-term debt (includes $110 at 2025 and $1,012 at 2024 related to VIEs)	5,046	4,349
Asset retirement obligations	636	650
Regulatory liabilities	1,257	1,425
Liabilities associated with assets held for sale	18	80
Other	1,887	2,084
Total current liabilities	18,408	19,357
Long-Term Debt (includes $1,782 at 2025 and $1,842 at 2024 related to VIEs)	78,914	76,340
Other Noncurrent Liabilities
Deferred income taxes	11,990	11,424
Asset retirement obligations	9,316	9,342
Regulatory liabilities	15,047	14,694
Operating lease liabilities	1,020	957
Accrued pension and other post-retirement benefit costs	410	434
Investment tax credits	882	894
Liabilities associated with assets held for sale	—	89
Other (includes $27 at 2024 related to VIEs)	1,696	1,556
Total other noncurrent liabilities	40,361	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; 778 million and 776 million shares outstanding at 2025 and 2024	1	1
Additional paid-in capital	45,573	45,494
Retained earnings	4,141	3,431
Accumulated other comprehensive income	203	228
Total Duke Energy Corporation stockholders' equity	50,891	50,127
Noncontrolling interests	1,139	1,129
Total equity	52,030	51,256
Total Liabilities and Equity	$189,713	$186,343

FINANCIAL STATEMENTS

	Six Months Ended
	June 30,
(in millions)	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$2,411	$2,072
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,659	3,100
Equity component of AFUDC	(147)	(116)
Losses on sales of Commercial Renewables Disposal Groups	4	5
Gains on sales of other assets	(20)	(18)
Impairment of assets and other charges	3	44
Deferred income taxes	611	264
Equity in earnings of unconsolidated affiliates	(22)	(38)
Payments for asset retirement obligations	(241)	(262)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	266	(37)
Receivables	53	(19)
Inventory	85	(86)
Other current assets	(243)	502
Increase (decrease) in
Accounts payable	(987)	(215)
Taxes accrued	(7)	(68)
Other current liabilities	(374)	(257)
Other assets	(82)	331
Other liabilities	71	225
Net cash provided by operating activities	5,040	5,427
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,428)	(6,204)
Contributions to equity method investments	—	(8)
Purchases of debt and equity securities	(3,446)	(2,275)
Proceeds from sales and maturities of debt and equity securities	3,535	2,319
Net proceeds from the sales of Commercial Renewables Disposal Groups	559	—
Other	(484)	(407)
Net cash used in investing activities	(6,264)	(6,575)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt	4,848	6,372
Issuance of common stock	14	20
Payments for the redemption of long-term debt	(1,815)	(2,731)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days	—	502
Payments for the redemption of short-term debt with original maturities greater than 90 days	(5)	(824)
Notes payable and commercial paper	(185)	(414)
Contributions from noncontrolling interests	—	47
Dividends paid	(1,610)	(1,590)
Other	(2)	(108)
Net cash provided by financing activities	1,245	1,274
Net increase in cash, cash equivalents and restricted cash	21	126
Cash, cash equivalents and restricted cash at beginning of period	421	357
Cash, cash equivalents and restricted cash at end of period	$442	$483
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$1,929	$1,721

FINANCIAL STATEMENTS

	Three Months Ended June 30, 2024 and 2025
	Accumulated Other Comprehensive
	Income (Loss)
Net · Net Unrealized · Total
Gains · (Losses) Gains · 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 March 31, 2024	$1,962	772	$1	$44,937	$2,542	$199	$(17)	$(73)		$49,551		$1,087		$50,638
Net income(c)	—	—	—	—	886	—	—	—		886		21		907
Other comprehensive income (loss)	—	—	—	—	—	(6)	(1)	—		(7)		—		(7)
Common stock issuances, including dividend reinvestment and employee benefits	—	—	—	70	—	—	—	—		70		—		70
Common stock dividends	—	—	—	—	(794)	—	—	—		(794)		—		(794)
Sale of Commercial Renewables Disposal Groups(b)	—	—	—	—	—	—	—	—		—		(51)		(51)
Contribution from noncontrolling interests, net of transaction costs	—	—	—	—	—	—	—	—		—		47		47
Distributions to noncontrolling interest in subsidiaries	—	—	—	—	—	—	—	—		—		(5)		(5)
Other	—	—	—	—	1	—	—	—		1		—		1
Balance at June 30, 2024	$1,962	772	$1	$45,007	$2,635	$193	$(18)	$(73)		$49,707		$1,099		$50,806
Balance at March 31, 2025	$973	777	$1	$45,516	$3,986	$289	$(14)	$(81)		$50,670		$1,124		$51,794
Net income(c)	—	—	—	—	971	—	—	—		971		23		994
Other comprehensive income (loss)	—	—	—	—	—	10	(1)	—		9		—		9
Common stock issuances, including dividend reinvestment and employee benefits	—	1	—	56	—	—	—	—		56		—		56
Common stock dividends	—	—	—	—	(815)	—	—	—		(815)		—		(815)
Distributions to noncontrolling interest in subsidiaries	—	—	—	—	—	—	—	—		—		(8)		(8)
Other	—	—	—	1	(1)	—	—		—		—		—
Balance at June 30, 2025	$973	778	$1	$45,573	$4,141	$299	$(15)	$(81)		$50,891		$1,139		$52,030

FINANCIAL STATEMENTS

	Six Months Ended June 30, 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)	—	—	—	—	1,985	—	—	—	1,985	34	2,019
Other comprehensive income (loss)	—	—	—	—	—	95	(3)	16	108	—	108
Common stock issuances, including dividend reinvestment and employee benefits	—	1	—	86	—	—	—	—	86	—	86
Common stock dividends	—	—	—	—	(1,586)	—	—	—	(1,586)	—	(1,586)
Sale of Commercial Renewables Disposal Groups(b)	—	—	—	—	—	—	—	—	—	(51)	(51)
Contributions from noncontrolling interests, net of transaction costs	—	—	—	—	—	—	—	—	—	47	47
Distributions to noncontrolling interest in subsidiaries	—	—	—	—	—	—	—	—	—	(5)	(5)
Other	—	—	—	1	1	—	—	—	2	(1)	1
Balance at June 30, 2024	$1,962	772	$1	$45,007	$2,635	$193	$(18)	$(73)	$49,707	$1,099	$50,806
Balance at December 31, 2024	$973	776	$1	$45,494	$3,431	$326	$(17)	$(81)	$50,127	$1,129	$51,256
Net income(c)	—	—	—	—	2,336	—	—	—	2,336	48	2,384
Other comprehensive (loss) income	—	—	—	—	—	(27)	2	—	(25)	—	(25)
Common stock issuances, including dividend reinvestment and employee benefits	—	2	—	78	—	—	—	—	78	—	78
Common stock dividends	—	—	—	—	(1,629)	—	—	—	(1,629)	—	(1,629)
Sale of Commercial Renewables Disposal Groups(b)	—	—	—	—	—	—	—	—	—	(18)	(18)
Distributions to noncontrolling interest in subsidiaries	—	—	—	—	—	—	—	—	—	(14)	(14)
Other	—	—	—	1	3	—	—	—	4	(6)	(2)
Balance at June 30, 2025	$973	778	$1	$45,573	$4,141	$299	$(15)	$(81)	$50,891	$1,139	$52,030

(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.

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