DUKE ENERGY FLORIDA, LLC
For the period ended Mar 31, 2026. Filed May 5, 2026.
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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, 2026 · Filed May 5, 2026
DUK$128.94+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Progress Energy, Inc. Financial Statements
FINANCIAL STATEMENTS
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| (in millions) | 2026 | 2025 |
| Operating Revenues | $3,925 | $3,467 |
| Operating Expenses | ||
| Fuel used in electric generation and purchased power | 1,311 | 1,106 |
| Operation, maintenance and other | 836 | 688 |
| Depreciation and amortization | 682 | 631 |
| Property and other taxes | 181 | 172 |
| Total operating expenses | 3,010 | 2,597 |
| Gains on Sales of Other Assets and Other, net | 8 | 6 |
| Operating Income | 923 | 876 |
| Other Income and Expenses, net | 64 | 55 |
| Interest Expense | 291 | 275 |
| Income Before Income Taxes | 696 | 656 |
| Income Tax Expense | 98 | 110 |
| Net Income and Comprehensive Income | 598 | 546 |
| Less: Net Income Attributable to Noncontrolling Interest | 5 | — |
| Net Income Attributable to Progress Energy, Inc. | $593 | $546 |
| Net Income and Comprehensive Income | $598 | $546 |
| Less: Comprehensive Income Attributable to Noncontrolling Interest | 4 | — |
| Comprehensive Income Attributable to Progress Energy, Inc. | $594 | $546 |
FINANCIAL STATEMENTS
| (in millions) | March 31, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | $102 | $54 |
| Receivables (net of allowance for doubtful accounts of $65 at 2026 and 2025) | 1,494 | 1,550 |
| Receivables from affiliated companies | 94 | 81 |
| Notes receivable from affiliated companies | — | 251 |
| Inventory (includes $675 at 2026 and $669 at 2025 related to VIEs) | 2,200 | 2,210 |
| Regulatory assets (includes $132 at 2026 and 2025 related to VIEs) | 961 | 753 |
| Other (includes $47 at 2026 and $72 at 2025 related to VIEs) | 310 | 150 |
| Total current assets | 5,161 | 5,049 |
| Property, Plant and Equipment | ||
| Cost | 79,725 | 78,347 |
| Accumulated depreciation and amortization | (25,828) | (25,425) |
| Net property, plant and equipment | 53,897 | 52,922 |
| Other Noncurrent Assets | ||
| Goodwill | 3,655 | 3,655 |
| Regulatory assets (includes $1,818 at 2026 and $1,851 at 2025 related to VIEs) | 6,759 | 6,650 |
| Nuclear decommissioning trust funds | 5,432 | 5,550 |
| Operating lease right-of-use assets, net | 574 | 607 |
| Other | 1,428 | 1,405 |
| Total other noncurrent assets | 17,848 | 17,867 |
| Total Assets | $76,906 | $75,838 |
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Accounts payable (includes $258 at 2026 and $289 at 2025 related to VIEs) | $1,604 | $1,679 |
| Accounts payable to affiliated companies | 488 | 571 |
| Notes payable to affiliated companies | 751 | — |
| Taxes accrued | 164 | 222 |
| Interest accrued | 260 | 256 |
| Current maturities of long-term debt (includes $111 at 2026 and $102 at 2025 related to VIEs) | 1,880 | 722 |
| Asset retirement obligations | 188 | 196 |
| Regulatory liabilities | 508 | 350 |
| Other | 688 | 758 |
| Total current liabilities | 6,531 | 4,754 |
| Long-Term Debt (includes $1,876 at 2026 and $1,936 at 2025 related to VIEs) | 25,027 | 25,976 |
| Long-Term Debt Payable to Affiliated Companies | 150 | 150 |
| Other Noncurrent Liabilities | ||
| Deferred income taxes | 5,843 | 5,576 |
| Asset retirement obligations | 4,292 | 4,290 |
| Regulatory liabilities | 5,020 | 5,601 |
| Operating lease liabilities | 519 | 552 |
| Accrued pension and other post-retirement benefit costs | 245 | 247 |
| Investment tax credits | 445 | 434 |
| Other | 488 | 491 |
| Total other noncurrent liabilities | 16,852 | 17,191 |
| Commitments and Contingencies | ||
| Equity | ||
| Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2026 and 2025 | — | — |
| Additional paid-in capital | 14,232 | 12,278 |
| Retained earnings | 13,295 | 15,499 |
| Accumulated other comprehensive loss | (9) | (10) |
| Total Progress Energy, Inc. stockholders' equity | 27,518 | 27,767 |
| Noncontrolling interest | 828 | — |
| Total equity | 28,346 | 27,767 |
| Total Liabilities and Equity | $76,906 | $75,838 |
FINANCIAL STATEMENTS
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| (in millions) | 2026 | 2025 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $598 | $546 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, amortization and accretion (including amortization of nuclear fuel) | 816 | 744 |
| Equity component of AFUDC | (30) | (24) |
| Gains on sales of other assets | (8) | (6) |
| Deferred income taxes | 262 | 68 |
| Payments for asset retirement obligations | (54) | (40) |
| (Increase) decrease in | ||
| Receivables | 67 | 120 |
| Receivables from affiliated companies | (13) | (72) |
| Inventory | 15 | (12) |
| Other current assets | (366) | 70 |
| Increase (decrease) in | ||
| Accounts payable | 40 | (411) |
| Accounts payable to affiliated companies | (83) | 183 |
| Taxes accrued | (59) | (76) |
| Other current liabilities | (95) | (90) |
| Other assets | (384) | (112) |
| Other liabilities | (46) | 11 |
| Net cash provided by operating activities | 660 | 899 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Capital expenditures | (1,725) | (1,409) |
| Purchases of debt and equity securities | (2,323) | (820) |
| Proceeds from sales and maturities of debt and equity securities | 2,337 | 836 |
| Notes receivable from affiliated companies | 251 | (1,053) |
| Other | (108) | (85) |
| Net cash used in investing activities | (1,568) | (2,531) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from the issuance of long-term debt | 271 | 2,857 |
| Payments for the redemption of long-term debt | (73) | (474) |
| Notes payable to affiliated companies | 751 | (1,077) |
| Contributions from noncontrolling interests | 2,778 | — |
| Contributions from parent | — | 300 |
| Distributions to parent | (2,797) | — |
| Other | 1 | (2) |
| Net cash provided by financing activities | 931 | 1,604 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 23 | (28) |
| Cash, cash equivalents and restricted cash at beginning of period | 139 | 160 |
| Cash, cash equivalents and restricted cash at end of period | $162 | $132 |
| Supplemental Disclosures: | ||
| Significant non-cash transactions: | ||
| Accrued capital expenditures | $982 | $748 |
FINANCIAL STATEMENTS
| Three Months Ended March 31, 2025 and 2026 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Accumulated Other Comprehensive Income (Loss) | ||||||||
| Net Gains · Net Unrealized · Total Progress | ||||||||
| Additional · (Losses) on · Gains (Losses) on · Pension and · Energy, Inc. | ||||||||
| Paid-in | Retained | Cash Flow | Available-for- | OPEB | Stockholders' | Noncontrolling | Total | |
| (in millions) | Capital | Earnings | Hedges | Sale Securities | Adjustments | Equity | Interest | Equity |
| Balance at December 31, 2024 | $11,830 | $13,086 | $(1) | $(5) | $(4) | $24,906 | $— | $24,906 |
| Net income | — | 546 | — | — | — | 546 | — | 546 |
| Contributions from parent | 300 | — | — | — | — | 300 | — | 300 |
| Other | — | (2) | — | — | — | (2) | — | (2) |
| Balance at March 31, 2025 | $12,130 | $13,630 | $(1) | $(5) | $(4) | $25,750 | $— | $25,750 |
| Balance at December 31, 2025 | $12,278 | $15,499 | $(1) | $(5) | $(4) | $27,767 | $— | $27,767 |
| Net income | — | 593 | — | — | — | 593 | 5 | 598 |
| Other comprehensive income (loss) | — | — | — | 1 | — | 1 | (1) | — |
| Distributions to parent | — | (2,797) | — | — | — | (2,797) | — | (2,797) |
| Sale of noncontrolling interest(a) | 1,954 | — | — | — | — | 1,954 | 824 | 2,778 |
| Balance at March 31, 2026 | $14,232 | $13,295 | $(1) | $(4) | $(4) | $27,518 | $828 | $28,346 |
(a) Relates to the sale of a noncontrolling interest in Florida Progress, LLC, net of transaction costs. See Note 2 for additional discussion of the transaction.
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