DUKE ENERGY FLORIDA, LLC
For the period ended Sep 30, 2026. Filed Nov 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.
Sep 30, 2026 · Filed Nov 5, 2026
DUK$127.78-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001326160-26-000040
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001326160-26-000051
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 230 previous paragraphs and 237 current paragraphs.
76 unchanged; 87 reworded; 62 added; 55 removed; 12 previous and 12 current paragraphs rearranged.
Tables are not compared: 42 previous and 40 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (62)
Current report
Additionally, a summer heat wave brought extreme temperatures in August 2026, resulting in a new summertime record for electricity demand in the Carolinas, surpassing the previous record set in June 2025. Effective planning and operational execution by our generation and transmission teams supported system reliability during periods of elevated demand.
Current report
•a $107 million increase in weather-normal retail sales volumes; and
Current report
•a $78 million increase in retail sales due to improved weather compared to the prior year.
Current report
•a $341 million decrease in storm recovery revenues at Duke Energy Florida.
Current report
•a $447 million increase in fuel used in electric generation and purchased power primarily due to higher purchased power costs and the current year retirement of renewable energy credits at Duke Energy Progress and Duke Energy Carolinas, partially offset by lower fuel cost recovery; and
Current report
Net Income Attributable to NCI. The increase was primarily due to the first closing of a minority interest investment in Florida Progress by Brookfield Super-Core Infrastructure Partners.
Current report
•a $229 million increase in rider revenues primarily due to the North Carolina storm securitization rider and the EDIT rider at Duke Energy Carolinas and Duke Energy Progress and higher rates for the SPP at Duke Energy Florida;
Current report
•a $224 million increase in weather-normal retail sales volumes;
Current report
•a $95 million increase in retail sales due to improved weather compared to the prior year;
Current report
•a $78 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates at Duke Energy Progress; and
Current report
•a $68 million increase in other revenues primarily due to higher transmission revenues at Duke Energy Florida, Duke Energy Progress and Duke Energy Ohio and favorable Ohio Valley Electric Corporation (OVEC) results due to PJM prices.
Current report
•a $602 million decrease in storm recovery revenues at Duke Energy Florida.
Current report
Interest Expense. The increase was primarily due to higher outstanding debt balances across jurisdictionsand higher accrued financing costs associated with deferred nuclear PTC liabilities, partially offset by higher AFUDC debt base compared to the prior yearat Duke Energy Carolinas.
Current report
Net Income Attributable to NCI. The increase was primarily due to the first closing of a minority interest investment in Florida Progress by Brookfield Super-Core Infrastructure Partners.
Current report
GU&I’s results were primarily driven by growth in capital riders and lower operating expenses. The following is a detailed discussion of the variance drivers by line item.
Current report
•a $17 million decrease due to lower revenues as a result of the sale of Piedmont's Tennessee business.
Current report
•a $7 million increase in cost of natural gas revenues primarily due to higher commodity prices; and
Current report
•a $130 million increase in cost of natural gas revenues primarily due to higher commodity prices;
Current report
•a $43 million decrease due to lower revenues as a result of the sale of Piedmont's Tennessee business.
Current report
Other's results were primarily driven by higher insurance claims at Bison and lower returns on investments that fund certain employee benefit obligations.
Current report
Operating Expenses. The increase was primarily driven by higher captive insurance losses, partially offset by lower contributions to the Duke Energy Foundation.
Current report
Other Income and Expenses, net. The decrease was primarily driven by lower returns on investments that fund certain employee benefit obligations.
Current report
Other's results were primarily driven by lower returns on investments that fund certain employee benefit obligations and higher interest expense, partially offset by lower contributions to the Duke Energy Foundation.
Current report
Operating Expenses. The decrease was primarily due to lower contributions to the Duke Energy Foundation.
Current report
Other Income and Expenses, net. The decrease was primarily driven by lower returns on investments that fund certain employee benefit obligations.
Current report
•a $442 million increase in fuel revenues due to higher fuel rates and volumes;
Current report
•a $129 million increase in weather-normal retail sales volumes;
Current report
•a $104 million increase in rider revenues primarily due to the North Carolina storm securitization rider and the EDIT rider, which ended June 1, 2026, in North Carolina and had higher rates in South Carolina; and
Current report
•a $60 million increase in retail sales due to improved weather compared to the prior year.
Current report
Interest Expense. The increase was primarily due to higher outstanding debt balances and higher accrued financing costs associated with deferred nuclear PTC liabilities, partially offset by higher AFUDC debt base compared to the prior year.
Current report
Income Tax Expense. The increase in tax expense was primarily due to a decrease in the amortization of EDIT and higher pretax income, partially offset by an increase in the amortization of nuclear PTCs.
Current report
•a $401 million increase in fuel revenues primarily due to higher fuel rates and volumes;
Current report
•a $109 million increase in rider revenues primarily due to higher rates for the SPP at Duke Energy Florida, the North Carolina storm securitization rider and the EDIT rider which ended June 1, 2026, in North Carolina and had higher rates in South Carolina, partially offset by the NCEMPA rider at Duke Energy Progress;
Current report
•a $73 million increase in weather-normal retail sales volumes;
Current report
•a $57 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates at Duke Energy Progress;
Current report
•a $602 million decrease in storm recovery revenues at Duke Energy Florida.
Current report
Net Income Attributable to NCI. The increase was due to the first closing of a minority interest investment in Florida Progress by Brookfield Super-Core Infrastructure Partners.
Current report
•a $372 million increase in fuel revenues due to higher fuel rates and volumes;
Current report
•a $129 million increase due to higher pricing from the impacts of new rates implemented for the North Carolina MYRP and the 2025 South Carolina rate case;
Current report
•a $53 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates;
Showing the first 40 of 62 passages. Open the source sections for the rest.
Removed paragraphs (55)
Previous report
EPA Regulations of GHG Emissions
Previous report
In April 2024, the EPA issued final rules under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants. Compliance with EPA Rule 111, if implemented as issued, would have a material impact on the timing, nature and magnitude of future generation investments in our service territories. Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. Duke Energy is participating in legal challenges to the final rules. In June 2025, the EPA published a proposed rule to repeal EPA Rule 111 as well as an alternative proposal to repeal a narrower set of requirements. Duke Energy is evaluating these proposals and their potential impacts on the Company. For more information, see "Other Matters."
Previous report
Goodwill
Previous report
The Duke Energy Registrants performed their annual goodwill impairment tests as of August 31, 2025. As of that date, the estimated fair values of all reporting units materially exceeded the carrying values except for the GU&I reporting unit of Duke Energy Ohio. No goodwill impairment charges were recorded in the accompanying Condensed Consolidated Statements of Operations. However, adverse changes in economic conditions, projected future cash flows or peer company equity valuations could reduce the estimated fair value of the GU&I reporting unit below its carrying amount and result in goodwill impairment charges in future periods.
Previous report
GAAP reported EPS was $1.38 for the three months ended June 30, 2026, compared to $1.25 for the three months ended June 30, 2025. In addition to the drivers below, GAAP reported EPS includes the impact of charges related to North Carolina rate case settlements for the three months ended June 30, 2026.
Previous report
•an $84 million increase in weather-normal retail sales volumes;
Previous report
•a $52 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates at Duke Energy Progress.
Previous report
•a $278 million decrease in storm recovery revenues at Duke Energy Florida; and
Previous report
•a $50 million increase in impairment of assets and other charges primarily due to regulatory settlements related to the 2025 North Carolina rate case; and
Previous report
•a $117 million increase in weather-normal retail sales volumes;
Previous report
•an $87 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates at Duke Energy Progress;
Previous report
•a $79 million increase in rider revenues primarily due to higher rates for the SPP at Duke Energy Florida and Distribution Capital Investment Rider at Duke Energy Ohio; and
Previous report
•a $50 million increase in other revenues primarily due to higher transmission revenues across jurisdictions.
Previous report
•a $261 million decrease in storm recovery revenues at Duke Energy Florida.
Previous report
•a $50 million increase in impairment of assets and other charges primarily due to regulatory settlements related to the 2025 North Carolina rate case; and
Previous report
Interest Expense. The increase was primarily due to higher outstanding debt balances across jurisdictions, lower returns on deferred storm cost balances and higher accrued financing costs associated with deferred nuclear PTC liabilitiesat Duke Energy Carolinas.
Previous report
GU&I’s results were primarily driven by lower franchise taxes, offset by lower operating results due to the sale of Piedmont's Tennessee business. The following is a detailed discussion of the variance drivers by line item.
Previous report
•a $28 million decrease in cost of natural gas revenues primarily due to lower commodity prices; and
Previous report
•an $8 million increase due to higher capital riders.
Previous report
•a $28 million decrease in cost of natural gas revenues primarily due to lower commodity prices; and
Previous report
Income Tax Expense (Benefit). The increase in tax expense was primarily due to an increase in pretax income and lower state tax expense in the prior year. The ETRs for the three months ended June 30, 2026, and 2025, were 23.1% and (200)%, respectively. The increase in the ETR was primarily due to lower state tax expense in the prior year.
Previous report
•a $123 million increase in cost of natural gas revenues primarily due to higher commodity prices;
Previous report
Other's results were primarily driven by higher investment returns from favorable market performance.
Previous report
Other Income and Expenses, net. The increase was primarily driven by higher market returns on investments that fund certain employee benefit obligations and higher yields on captive insurance investments.
Previous report
Income Tax Benefit. The decrease in the tax benefit was primarily due to a decrease in pretax losses. The ETRs for the three months ended June 30, 2026, and 2025, were 27.6% and 26.4%, respectively. The increase in the ETR was primarily due to favorable tax impacts related to higher investment returns.
Previous report
Other's results were primarily driven by higher investment returns resulting from favorable market performance and lower Duke Energy Foundation contributions than the prior year, partially offset by higher interest expense.
Previous report
Operating Expenses. The decrease was primarily due to lower Duke Energy Foundation contributions than the prior year.
Previous report
Other Income and Expenses, net. The increase was primarily driven by favorable market returns on investments that fund certain employee benefit obligations, higher yields on captive insurance investments and higher money pool interest income, partially offset by lower equity earnings from the NMC investment.
Previous report
•a $223 million increase in fuel revenues due to higher fuel rates and volumes;
Previous report
•a $76 million increase in weather-normal retail sales volumes;
Previous report
•a $37 million increase in rider revenue primarily due to North Carolina storm securitization; and
Previous report
•a $28 million increase in impairment of assets and other charges primarily due to regulatory settlements related to the 2025 North Carolina rate case.
Previous report
Interest Expense. The increase was primarily due to higher outstanding debt balances, lower returns on deferred storm cost balances and higher accrued financing costs associated with deferred nuclear PTC liabilities.
Previous report
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of nuclear PTCs and a decrease in pretax income, partially offset by a decrease in the amortization of EDIT.
Previous report
•a $252 million increase in fuel revenues primarily due to higher fuel rates and volumes;
Previous report
•a $52 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates at Duke Energy Progress;
Previous report
•a $39 million increase in rider revenues primarily due to higher rates for the SPP at Duke Energy Florida;
Previous report
•a $37 million increase in other revenues due to higher transmission revenues;
Previous report
•a $261 million decrease in storm recovery revenues at Duke Energy Florida.
Previous report
•a $194 million increase in fuel revenues due to higher fuel rates and volumes;
Showing the first 40 of 55 passages. Open the source sections for the rest.
Reworded paragraphs (87)
Previous wording
Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the six months ended June 30, 2026, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the nine months ended September 30, 2026, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
During the six months ended June 30, 2026, we continued to execute our strategy of investing in infrastructure necessary to support customer growth while maintaining reliability and financial discipline. We completed two strategic transactions that generated approximately $5.3 billion of proceeds to support future infrastructure investments, advanced key regulatory initiatives, including the planned combination of our Carolinas' electric utilities, and maintained reliability as we met continued growth across our service territories. These developments support our long-term capital investment plan and position us to meet the increasing energy needs of our customers while creating long-term value for shareholders.
Current wording
During the nine months ended September 30, 2026, we continued to execute our strategy of investing in infrastructure necessary to support customer growth while maintaining reliability and financial discipline. We completed two strategic transactions that generated approximately $5.3 billion of proceeds to support future infrastructure investments, advanced key regulatory initiatives, including the planned combination of our Carolinas electric utilities, and maintained reliability amid continued growth across our service territories. These developments support our long-term capital investment plan and position us to meet increasing customer energy needs while creating long-term shareholder value.
Previous wording
Executing on Strategic Transactions. Our service territories continue to experience significant growth driven by economic development activity, population growth and increasing customer demand, which are expected to support substantial capital investment opportunities in the coming years. We completed two previously announced strategic transactions that enhance our financial flexibility and support the funding of our long-term capital plan.
Current wording
Executing on Strategic Transactions. Our service territories continue to experience significant growth driven by economic development activity, population growth and increasing customer demand, which are expected to support substantial capital investment opportunities in the coming years. We completed two previously announced strategic transactions that enhance our financial flexibility and support funding of our long-term capital plan.
Previous wording
On March 3, 2026, we completed the first closing of a minority investment in Florida Progress, the holding company of Duke Energy Florida, by an affiliate of Brookfield Super-Core Infrastructure Partners. The initial investment resulted in the transfer of a 9.19% ownership interest for approximately $2.8 billion in cash proceeds, with additional staged investments anticipated through 2028. On March 31, 2026, following approval by the TPUC, we closed on the sale of Piedmont's Tennessee business to Spire, Inc. and received approximately $2.5 billion in cash proceeds.
Current wording
On March 3, 2026, we completed the first closing of a minority investment in Florida Progress, the holding company of Duke Energy Florida, by an affiliate of Brookfield Super-Core Infrastructure Partners. The initial investment resulted in the transfer of a 9.19% ownership interest for approximately $2.8 billion in cash proceeds. On March 31, 2026, following approval by the TPUC, we closed on the sale of Piedmont's Tennessee business to Spire Inc. and received approximately $2.5 billion in cash proceeds.
Previous wording
The successful execution of these transactions supports our ability to fund the investments required to meet anticipated customer growth while maintaining financial flexibility through disciplined capital allocation. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for further information.
Current wording
The successful execution of these transactions enhances our financial flexibility and supports funding the investments necessary to meet anticipated customer growth while maintaining disciplined capital allocation. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for further information.
Previous wording
Constructive Regulatory Outcomes. During the six months ended June 30, 2026, we continued to advance key regulatory initiatives and the investments necessary to support growth, maintain reliable service and position our business for long-term success. These efforts remain focused on delivering safe and reliable electric and natural gas service, supporting customer affordability and achieving timely recovery of prudent costs.
Current wording
Constructive Regulatory Outcomes. During the nine months ended September 30, 2026, we advanced key regulatory initiatives and investments to support customer growth, maintain reliable service and position our business for long-term success. These efforts remain focused on delivering safe and reliable electric and natural gas service, maintaining customer affordability and achieving timely recovery of prudent costs.
Previous wording
•Revised base rates became effective during the first quarter of 2026 for Duke Energy Carolinas' and Duke Energy Progress' South Carolina service territories and Duke Energy Kentucky's natural gas business. During 2026, Duke Energy Ohio's electric and natural gas businesses and Piedmont's South Carolina natural gas business filed new base rate applications. In July, we reached settlements in Duke Energy Carolinas' 2025 North Carolina Rate Case and proceedings related to Winter Storm Fern. Our regulatory efforts remain focused on securing the recovery of investments necessary to maintain and strengthen our electric and natural gas systems while continuing to provide reliable service to customers.
Current wording
•Revised base rates became effective during the first quarter of 2026 for Duke Energy Carolinas' and Duke Energy Progress' South Carolina service territories, as well as Duke Energy Kentucky's natural gas business. Duke Energy Ohio's electric and natural gas businesses filed new base rate applications. In the third quarter, we reached settlements in Duke Energy Carolinas' and Duke Energy Progress' 2025 North Carolina rate cases and in proceedings related to Winter Storm Fern. We also received an order in Piedmont's South Carolina rate case, with new rates effective in October.
Previous wording
•We received CECPCN approval from the PSCSC for a new combined-cycle generating unit in Anderson County, South Carolina, as well as out-of-state certificates for new combustion turbine facilities at Marshall Steam Station and new combined-cycle units in Person County, North Carolina. These projects are expected to play an important role in supporting growing customer demand and maintaining system reliability as we modernize our generation fleet. In May 2026, the PSCSC also issued an order accepting our latest Carolinas systemwide resource plan.
Current wording
•We continued to advance our generation modernization strategy through regulatory approvals for new generation projects in South Carolina and North Carolina, including the Anderson County, Marshall and Person County facilities. These projects are expected to support growing customer demand and maintain system reliability as we modernize our generation fleet. In May, the PSCSC issued an order accepting our 2025 Carolinas systemwide resource plan, and in August, we filed our latest systemwide plan with the PSCSC.
Previous wording
•Our nuclear fleet continues to provide a significant source of reliable, carbon-free and cost-competitive generation. In February 2026, we announced that our nuclear fleet achieved a record systemwide capacity factor in 2025. In April 2026, the NRC issued a subsequent license renewal for Robinson, extending operations through 2050. Also during April, we executed a multi-year agreement to sell up to $3.1 billion of net tax credits through 2029, including nuclear PTCs, in continued support of providing low-cost electricity to our customers.
Current wording
•Our nuclear fleet continues to provide a significant source of reliable, carbon-free and cost-competitive generation. In February 2026, we announced that our nuclear fleet achieved a record systemwide capacity factor in 2025. In April 2026, the NRC issued a subsequent license renewal for Robinson, extending operations through 2050. Also during April, we executed a multiyear agreement to sell up to $3.1 billion of net tax credits through 2029, including nuclear PTCs, supporting customer affordability.
Previous wording
These trends continue to support Duke Energy’s long‑term regulated capital plan while supporting reliable service and customer affordability.
Current wording
These trends continue to support Duke Energy’s long‑term regulated capital plan while helping maintain reliable service and customer affordability.
Previous wording
In late January 2026, Winter Storm Fern impacted all of our service territories. Sustained subfreezing temperatures drove customer energy usage to record winter peak demand levels across the Carolinas. We implemented storm preparation and response measures, including pre‑positioning crews and equipment, coordinating mutual‑assistance resources and leveraging established restoration processes. These efforts supported continued system reliability and timely restoration activities where service interruptions occurred.
Current wording
In late January 2026, Winter Storm Fern impacted all of our service territories. Sustained subfreezing temperatures drove customer energy usage to record winter peak demand levels across the Carolinas. We implemented storm preparation and response measures, including pre‑positioning crews and equipment, coordinating mutual‑assistance resources and leveraging established restoration processes. These efforts supported continued system reliability and restoration of service to affected customers within 48 hours.
Previous wording
Duke Energy Objectives and Beyond. For the remainder of 2026, we remain focused on executing our strategic priorities, including advancing key regulatory initiatives, supporting customer growth and investing in the infrastructure necessary to maintain safe and reliable service. The combination of constructive regulatory outcomes, continued economic development growth, disciplined capital allocation and strong operational execution positions us to support our customers and communities while creating long‑term shareholder value.
Current wording
Duke Energy Objectives and Beyond. For the remainder of 2026, we remain focused on executing our strategic priorities, including advancing key regulatory initiatives, preparing for the combination of our Carolinas' electric utilities, supporting customer growth and investing in the infrastructure necessary to maintain safe and reliable service. Constructive regulatory outcomes, continued economic development, disciplined capital allocation and strong operational execution position us to support our customers and communities while creating long‑term shareholder value.
Previous wording
See Notes 4 and 16 to the Condensed Consolidated Financial Statements, "Regulatory Matters" and "Income Taxes," respectively, along with "Other Matters," for additional information.
Current wording
See Notes 4 and 17 to the Condensed Consolidated Financial Statements, "Regulatory Matters" and "Income Taxes," respectively, along with "Other Matters," for additional information.
Previous wording
In April 2024, the EPA issued the 2024 CCR Rule, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities and previously unregulated coal ash sources at regulated facilities. Duke Energy is participating in legal challenges to the 2024 CCR Rule. In April 2026, the EPA proposed to rescind or modify certain aspects of the 2015 CCR Rule, as amended by the 2024 CCR Rule. Duke Energy is evaluating the proposed rule and its potential impact on the Company, which could be material.
Current wording
In April 2024, the EPA issued the 2024 CCR Rule, which significantly expanded the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities and previously unregulated coal ash sources at regulated facilities. Duke Energy is participating in legal challenges to the 2024 CCR Rule. In April 2026, the EPA proposed to rescind or modify certain aspects of the 2015 CCR Rule, as amended by the 2024 CCR Rule. Duke Energy is evaluating the proposed rule and its potential impact on the Company, which could be material.
Previous wording
Cost recovery for future expenditures is anticipated and will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. For more information, see "Other Matters" and Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters."
Current wording
Cost recovery for future expenditures is anticipated and will be pursued through the normal ratemaking process with federal and state utility commissions and through wholesale contracts which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. For more information, see "Other Matters" and Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters."
Previous wording
•Legal and Regulatory Settlements represent the impact of charges related to legal settlements as well as regulatory settlements related to the Duke Energy Carolinas' North Carolina rate case and establishment of a regulatory liability associated with an energy efficiency program at Duke Energy Carolinas and Duke Energy Progress.
Current wording
•Legal and Regulatory Settlements represent the impact of charges related to legal settlements as well as regulatory settlements related to the Duke Energy Carolinas' and Duke Energy Progress' North Carolina rate cases and establishment of a regulatory liability associated with an energy efficiency program at Duke Energy Carolinas and Duke Energy Progress.
Previous wording
•Asset Sales represent the impact of gains on sale of assets related to Piedmont's Tennessee business and certain renewable natural gas investments.
Current wording
•Asset Sales represent the impact of gains on sales of assets related to Piedmont's Tennessee business and certain renewable natural gas investments.
Previous wording
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $1.43 for the three months ended June 30, 2026, compared to $1.25 for the three months ended June 30, 2025. The increase in adjusted EPS was primarily due to the recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, partially offset by higher depreciation on a growing asset base and interest expense.
Current wording
GAAP reported and adjusted EPS was $1.99 for the three months ended September 30, 2026, compared to $1.81 for the three months ended September 30, 2025. The increase in reported and adjusted EPS was primarily due to the recovery of infrastructure investments to reliably serve customers in our growing jurisdictions and improved weather, partially offset by higher depreciation on a growing asset base, impacts from minority interest investments, higher interest expense and a higher effective tax rate.
Previous wording
GAAP Reported EPS was $3.35 for the six months ended June 30, 2026, compared to $3.00 for the six months ended June 30, 2025. In addition to the drivers below, GAAP reported EPS increased primarily due to the gain on sale of Piedmont's Tennessee business, offset by charges related to legal and regulatory settlements.
Current wording
GAAP reported EPS was $5.34 for the nine months ended September 30, 2026, compared to $4.81 for the nine months ended September 30, 2025. In addition to the drivers below, GAAP reported EPS increased primarily due to the gain on sale of Piedmont's Tennessee business, offset by charges related to legal and regulatory settlements.
Previous wording
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $3.36 for the six months ended June 30, 2026, compared to $3.00 for the six months ended June 30, 2025. The increase in adjusted EPS was primarily due to the recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, partially offset by higher depreciation on a growing asset base, interest expense and operation and maintenance expense, including storm costs.
Current wording
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $5.35 for the nine months ended September 30, 2026, compared to $4.81 for the nine months ended September 30, 2025. The increase in adjusted EPS was primarily due to the recovery of infrastructure investments to reliably serve customers in our growing jurisdictions and improved weather, partially offset by higher depreciation on a growing asset base, higher interest expense, impacts from minority interest investments, and higher operation and maintenance expense, including storm costs.
Previous wording
EU&I’s results were primarily driven by higher revenues from rate cases across multiple jurisdictions andhigher weather-normal retail sales volumes and lower operation and maintenance expenses, partially offset by higher depreciation expense, impairments and interest expense. The following is a detailed discussion of the variance drivers by line item.
Current wording
EU&I’s results were primarily driven by higher revenues from rate cases across multiple jurisdictions, higher weather-normal retail sales volumes and lower operation and maintenance expenses, partially offset by higher depreciation expense and interest expense. The following is a detailed discussion of the variance drivers by line item.
Previous wording
•a $145 million increase in fuel revenues primarily due to net higher fuel rates and volumes in the current year;
Current wording
•a $327 million increase in fuel revenues primarily due to net higher fuel rates and volumes in the current year;
Previous wording
•a $117 million increase due to higher pricing from rate cases across jurisdictions;
Current wording
•a $166 million increase due to higher pricing from rate cases across jurisdictions;
Previous wording
•a $74 million increase in rider revenue primarily due to higher rates for the SPP at Duke Energy Florida and the Distribution Capital Investment Rider at Duke Energy Ohio; and
Current wording
•a $150 million increase in rider revenue primarily due to the North Carolina storm securitization rider and the EDIT rider at Duke Energy Carolinas and Duke Energy Progress and higher rates for the SPP at Duke Energy Florida;
Previous wording
•a $112 million increase in depreciation and amortization primarily due to higher depreciable base across all jurisdictions and the impact of new rates implemented by jurisdictional rate cases and the prior year retirement of renewable energy credits at Duke Energy Progress;
Current wording
•a $72 million increase in depreciation and amortization primarily due to higher depreciable base across all jurisdictions, the impact of new rates implemented by jurisdictional rate cases and the current year retirement of renewable energy credits at Duke Energy Progress and Duke Energy Carolinas.
Previous wording
•a $255 million decrease in operation, maintenance and other primarilydue to lower storm amortization at Duke Energy Florida; and
Current wording
•a $379 million decrease in operation, maintenance and other primarilydue to lower storm amortization at Duke Energy Florida.
Previous wording
Interest Expense. The increase was primarily due to higher outstanding debt balances across jurisdictions, lower returns on deferred storm cost balances and higher accrued financing costs associated with deferred nuclear PTC liabilities at Duke Energy Carolinas.
Current wording
Interest Expense. The increase was primarily due to higher outstanding debt balances across jurisdictions, and higher accrued financing costs associated with deferred nuclear PTC liabilities, partially offset by higher AFUDC debt base compared to the prior year at Duke Energy Carolinas.
Previous wording
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of nuclear PTCs, partially offset by a decrease in the amortization of EDIT. The ETRs for the six months ended June 30, 2026, and 2025, were 12.0% and 13.4%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of nuclear PTCs, partially offset by a decrease in the amortization of EDIT.
Current wording
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of EDIT. The ETRs for the three months ended September 30, 2026, and 2025, were 17.2% and 13.5%, respectively. The increase in the ETR was primarily due to a decrease in the amortization of EDIT.
Previous wording
EU&I’s results were primarily driven by higher revenues from rate cases across multiple jurisdictions and higher weather-normal retail sales volumes, partially offset by higher depreciation and operation and maintenance expenses. The following is a detailed discussion of the variance drivers by line item.
Current wording
EU&I’s results were primarily driven by higher revenues from rate cases across multiple jurisdictions, higher rider revenues, higher weather-normal retail sales volumes and lower operation and maintenance expenses, partially offset by higher depreciation expenses. The following is a detailed discussion of the variance drivers by line item.
Previous wording
•a $431 million increase in fuel revenues primarily due to net higher fuel rates and volumes in the current year;
Current wording
•a $758 million increase in fuel revenues primarily due to net higher fuel rates and volumes in the current year;
Previous wording
•a $319 million increase due to higher pricing from rate cases across jurisdictions;
Current wording
•a $485 million increase due to higher pricing from rate cases across jurisdictions;
Previous wording
•a $356 million increase in fuel used in electric generation and purchased power primarily due tohigher natural gas prices and higher purchased power costs, partially offset bylower fuel cost recovery and the prior year retirement of renewable energy credits at Duke Energy Carolinas and Duke Energy Progress;
Current wording
•an $803 million increase in fuel used in electric generation and purchased power primarily due tohigher natural gas prices and higher purchased power costs, partially offset bylower fuel cost recovery;
Previous wording
•a $276 million increase in depreciation and amortization primarily due to higher depreciable base across jurisdictions, higher depreciation rates driven by rate cases and the prior year retirement of renewable energy credits at Duke Energy Carolinas and Duke Energy Progress;
Current wording
•a $348 million increase in depreciation and amortization primarily due to higher depreciable base across jurisdictions and higher depreciation rates driven by rate cases; and
Previous wording
•a $30 million increase in operation, maintenance and other primarily due to increased costs related to a legal settlement, higher storm costs in the current year associated with Winter Storm Fern, higher nuclear outage costs and higher costs related to customer products and services programs at Duke Energy Progress and Duke Energy Carolinas, partially offset by lower storm amortization at Duke Energy Florida.
Current wording
•a $349 million decrease in operation, maintenance and other primarily due tolower storm amortization at Duke Energy Florida, partially offset byincreased costs related to a legal settlement, higher storm costs in the current year associated with Winter Storm Fern, higher nuclear outage costsat Duke Energy Progress and Duke Energy Carolinas and higher costs related to customer products and services programs at Duke Energy Progress.
Previous wording
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of EDIT, partially offset by an increase in the amortization of nuclear PTCs.
Current wording
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of EDIT, partially offset by an increase in the amortization of nuclear PTCs. The ETRs for the nine months ended September 30, 2026, and 2025, were 14.3% and 13.4%, respectively.
Previous wording
•a $105 million increase in cost of natural gas due to higher commodity prices.
Current wording
•a $7 million increase in cost of natural gas due to higher commodity prices.
Previous wording
Income Tax Benefit. The decrease in the tax benefit was primarily due to a decrease in pretax losses. The ETRs for the six months ended June 30, 2026, and 2025, were 26.8% and 26.2%, respectively.
Current wording
Income Tax Expense (Benefit). The decrease in tax benefit was primarily due to a decrease in pretax losses. The ETRs for the three months ended September 30, 2026, and 2025, were 29.6% and 27.8%, respectively.
Previous wording
•a $24 million increase due to customer growth in North Carolina and South Carolina and the North Carolina Integrity Management Rider (IMR);
Current wording
•a $24 million increase due to the North Carolina Integrity Management Rider (IMR), South Carolina Rate Stabilization Act rate adjustments and secondary marketing sales;
Previous wording
•a $14 million increase in Midwest rider revenue; and
Current wording
•a $19 million increase in Midwest rider revenue; and
Previous wording
•a $123 million increase in the cost of natural gas primarily due to higher commodity prices.
Current wording
•a $130 million increase in the cost of natural gas primarily due to higher commodity prices.
Showing the first 40 of 87 pairs. Open the source sections for the rest.
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
•a $49 million increase in impairment of assets and other charges primarily due to regulatory settlements related to the 2025 North Carolina rate cases.
Current report — wording carried from elsewhere
•a $5 million increase in Midwest rider revenue.
Current report — wording carried from elsewhere
•an $11 million decrease in operations, maintenance and other primarily due to lower expenses as a result of the sale of Piedmont's Tennessee business and lower shared services costs.
Current report — wording carried from elsewhere
•a $9 million decrease in property and other taxes primarily due to lower franchise taxes.
Current report — wording carried from elsewhere
•a $54 million increase in other revenues due to higher transmission revenues from higher rates; and
Current report — wording carried from elsewhere
•a $44 million increase in retail sales due to improved weather compared to the prior year.
Current report — wording carried from elsewhere
Other Income and Expenses, net. The decrease was primarily due to higher non-service pension costs at Duke Energy Florida.
Current report — wording carried from elsewhere
•a $94 million increase in depreciation and amortization primarily due to higher depreciable base and the impacts of new rates implemented for the North Carolina MYRP; and
Current report — wording carried from elsewhere
•a $22 million increase in impairment of assets and other charges primarily dueto regulatory settlements related to the 2025 North Carolina rate case.
Current report — wording carried from elsewhere
•a $30 million increase in fuel revenues primarily due to higher rates;
Current report — wording carried from elsewhere
•a $109 million increase in cost of natural gas due to higher commodity prices.
Current report — wording carried from elsewhere
In July 2025, Piedmont entered into a purchase agreement with Spire Inc. to sell Piedmont’s Tennessee business. On March 31, 2026, Piedmont closed on the sale and received proceeds of approximately $2.5 billion.
Rearranged previous paragraphs (12)
Previous report — wording carried elsewhere
(a)Net of $12 million tax benefit. $51 million recorded within Impairments of assets and other charges.
Previous report — wording carried elsewhere
(b)Recorded in Income (Loss) from Discontinued Operations, net of tax.
Previous report — wording carried elsewhere
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
Previous report — wording carried elsewhere
Note: Total EPS may not foot due to rounding.
Previous report — wording carried elsewhere
•a $35 million increase in fuel used in electric generation and purchased power primarily due to higher purchased power costs, partially offset bylower fuel cost recovery and the prior year retirement of renewable energy credits at Duke Energy Progress.
Previous report — wording carried elsewhere
•a $22 million increase in retail sales due to improved weather compared to the prior year.
Previous report — wording carried elsewhere
•a $48 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates;
Previous report — wording carried elsewhere
•an $11 million increase in retail sales due to improved weather compared to the prior year.
Previous report — wording carried elsewhere
•an $11 million increase in retail sales due to improved weather compared to the prior year.
Previous report — wording carried elsewhere
•a $24 million decrease in rider revenues.
Previous report — wording carried elsewhere
On February 5, 2025, the EPA requested the Court to withhold issuing an opinion and place the case in a 60-day abeyance to allow time for new EPA leadership to review the issues and EPA Rule 111 to determine how they wish to proceed. On February 19, 2025, the Court granted EPA’s request. On April 21, 2025, the EPA filed a motion with the Court requesting a continuing abeyance while it conducts a new notice-and-comment rulemaking to reconsider the challenged EPA Rule 111. On April 25, 2025, the Court granted the EPA’s motion and ordered that the litigation continue to remain in abeyance pending further order of the Court.
Previous report — wording carried elsewhere
On February 13, 2025, the EPA requested the Court to withhold issuing an opinion and place the case in abeyance to allow time for new EPA leadership to review the issues and the 2024 CCR Rule to determine how they wish to proceed. On that same day, the Court granted EPA’s motion. On December 15, 2025, the EPA filed a motion with the Court requesting a continuing abeyance while it reconsiders certain aspects of the 2024 CCR Rule for both Legacy CCR Surface Impoundments and CCR Management Units. On December 16, 2025, the Court granted the EPA’s motion and ordered that the litigation continue to remain in abeyance pending further order of the Court.