Duke Energy · Earnings release

News Release

Media Contact: Gillian Moore

Analyst Contact: Abby Motsinger

Duke Energy reports fourth-quarter and full-year 2025 financial results

▪2025 reported and adjusted EPS of $6.31, closing the year above the guidance midpoint

▪$103 billion five-year capital plan drives 9.6% earnings base growth through 2030

▪Company extends long-term adjusted EPS growth rate of 5% to 7% though 2030, with confidence to earn in the top half of the range beginning in 2028

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2025 full-year reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $6.31. This is compared to reported and adjusted EPS of $5.71 and $5.90, respectively, for the full-year 2024.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. There is no difference between 2025 GAAP reported and adjusted EPS.

Higher full-year 2025 adjusted results were primarily driven by recovery of growing infrastructure investments to serve customers and growth in our service territories. These items were partially offset by higher O&M, interest expense, property taxes and depreciation on a growing asset base.

G1The company is introducing 2026 adjusted EPS guidance of $6.55 to $6.80 and G2extending its long-term adjusted EPS growth rate of 5% to 7% through 2030 off the 2025 guidance range midpoint of $6.30. Management does not forecast reported GAAP EPS and related long-term growth rates.

“The fourth quarter marked a strong finish to a productive year, where we met every financial goal, progressed our economic development pipeline, broke ground on 5 gigawatts of new dispatchable generation resources, and continued to deliver value for customers,” said Harry Sideris, Duke Energy president and chief executive officer. “The cost of energy has always been and will remain a key focus for our company. We continue to find new ways to deliver affordable energy for our customers, keeping our rates below the national average and rate changes below inflation.”

“We enter 2026 with incredible momentum. The fundamentals of our business have never been stronger, and we operate in some of the most attractive jurisdictions in the nation. With the largest regulated capital plan in the industry, a balance sheet prepared for growth, and contracted demand from AI and advanced manufacturing, we are well-positioned to deliver 5% to 7% EPS growth through 2030.”

Duke Energy News Release 2

Quarterly results

Duke Energy's fourth-quarter 2025 reported EPS was $1.50, compared to $1.54 for the fourth quarter of 2024. Duke Energy's fourth-quarter 2025 adjusted EPS was $1.50, compared to $1.66 for the fourth quarter of 2024. Lower adjusted results for the quarter compared to last year were primarily driven by higher O&M, interest expense, depreciation on a growing asset base, contributions to the Duke Energy Foundation, along with a higher effective tax rate. These items were partially offset by recovery of infrastructure investments.

In addition to the following summary of fourth-quarter 2025 business segment performance, comprehensive tables with detailed EPS drivers for the fourth-quarter and full-year 2025 compared to prior year are provided at the end of this news release.

The discussion below of fourth-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.

Electric Utilities and Infrastructure

On a reported basis, Electric Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $1,209 million, compared to segment income of $1,208 million in the fourth quarter of 2024.

On an adjusted basis, Electric Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $1,209 million, compared to segment income of $1,238 million, in the fourth quarter of 2024. This represents a decrease of $0.04 per share, excluding share dilution of $0.01 per share. Lower quarterly results were primarily driven by higher O&M, depreciation on a growing asset base and interest expense, partially offset by recovery of infrastructure investments.

Gas Utilities and Infrastructure

On a reported basis, Gas Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $230 million, compared to segment income of $189 million in the fourth quarter of 2024.

On an adjusted basis, Gas Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $230 million, compared to segment income of $231 million, in the fourth quarter of 2024. Flat quarterly results were primarily driven by recovery of infrastructure investments, offset by higher O&M and taxes.

Other

Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.

On a reported basis, Other recognized a fourth-quarter 2025 segment loss of $272 million, compared to a segment loss of $204 million in the fourth quarter of 2024.

Duke Energy News Release 3

On an adjusted basis, Other recognized a fourth-quarter 2025 segment loss of $272 million, compared to a segment loss of $186 million in the fourth quarter of 2024. This represents a decrease of $0.11 per share. Lower quarterly results were primarily driven by higher contributions to the Duke Energy Foundation, interest expense and the absence of tax optimization in the prior year.

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2025 was 11.3% compared to 8.1% in the fourth quarter of 2024. The increase was primarily due to tax benefits recognized in the prior year related to the utilization of previously valued carryforward attributes.

Duke Energy's consolidated adjusted effective tax rate for the fourth quarter of 2025 was 11.3% compared to 9.3% in the fourth quarter of 2024. The increase was primarily due to tax benefits recognized in the prior year related to the utilization of previously valued carryforward attributes.

The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate.

Earnings conference call for analysts

An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss fourth-quarter and year-end 2025 financial results and other business and financial updates. The conference call will be hosted by Harry Sideris, president and chief executive officer, and Brian Savoy, executive vice president and chief financial officer.

The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the United States or 929.526.1599 outside the United States. The confirmation code is 807396. Please call in 10 to 15 minutes prior to the scheduled start time.

Duke Energy News Release 4

Special Items and Non-GAAP Reconciliation

The following tables present a reconciliation of GAAP reported to adjusted earnings per share for fourth-quarter and full-year 2025 and 2024 financial results:

(In millions, except per share amounts)

After-Tax Amount

EPS, as reported

$

$

Adjustments to reported EPS:

Discontinued operations

$

(2)

—

Regulatory matters

$

$

Noncore asset sales and net impairments

Captive storm deductible

Discontinued operations

2

—

Total adjustments(a)

$

—

$

EPS, adjusted

$

$

(a) Total EPS adjustments may not foot due to rounding.

(In millions, except per share amounts)

After-Tax Amount

EPS, as reported

$

$

Adjustments to reported EPS:

Discontinued operations

$

(1)

—

Regulatory matters

$

$

System post-implementation costs

Preferred redemption costs

Noncore asset sales and net impairments

Captive storm deductible

Discontinued operations

(7)

Total adjustments(a)

$

—

$

EPS, adjusted

$

$

(a) Total EPS adjustments may not foot due to rounding.

Non-GAAP financial measures

Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and adjusted effective tax rate. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and basic per share amounts, adjusted for the dollar and per share impact of special items. The adjusted effective tax rate is calculated using pretax earnings and income tax expense, both adjusted to include the impact of noncontrolling interests and preferred dividends and to exclude the impact of special items. Special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.

Duke Energy News Release 5

Special items included within the financial statement periods presented, which management does not believe are reflective of ongoing costs, are described below:

•Regulatory matters primarily represents net impairment charges related to Duke Energy Carolinas' and Duke Energy Progress' South Carolina 2024 rate case orders and charges related to Duke Energy Indiana post-retirement benefits.

•System post-implementation costs represents the net impact of charges related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.

•Preferred redemption costs represents charges related to the redemption of Series B Preferred Stock.

•Noncore asset sales and net impairments primarily represents charges related to certain joint venture electric transmission projects and certain renewable natural gas investments.

•Captive Storm Deductible represents charges related to an insurance deductible for Hurricane Helene property losses.

Management uses these non-GAAP financial measures for planning, forecasting, and to report financial results to the Board of Directors, employees, and stockholders, as well as analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and the adjusted effective tax rate are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.

Due to the forward-looking nature of forecasted adjusted EPS and related growth rates, the information to reconcile those amounts to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, such as legal settlements, impacts of regulatory orders or asset impairments, for future periods.

Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss are defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss include intercompany revenues and expenses that are eliminated in the Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as measures of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss are non-GAAP financial measures, as they represent segment income and other net loss adjusted for special items, as discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provide useful information to investors, as they provide additional relevant comparison of a segment’s or Other's performance across periods. The most directly comparable GAAP measures for adjusted segment income and adjusted other net loss are segment income and other net loss.

Duke Energy News Release 6

Due to the forward-looking nature of forecasted adjusted segment income and forecasted adjusted other net loss and related growth rates, the information to reconcile these amounts to the most directly comparable GAAP financial measures are not available, as management is unable to project special items, as discussed above.

Duke Energy’s adjusted earnings, adjusted EPS, adjusted effective tax rate, adjusted segment income, and adjusted other net loss may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.8 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Forward-Looking Information

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:

◦The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and reducing carbon emissions, while balancing customer reliability and keeping costs as low as possible for our customers;

◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements and/or uncertainty of applicability or changes to such legislative and regulatory initiatives, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;

◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;

◦The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;

Duke Energy News Release 7

◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;

◦The impact of extraordinary external events, such as a global pandemic, trade wars or military conflict, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;

◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;

◦Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;

◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;

◦Advancements in technology, including artificial intelligence;

◦Additional competition in electric and natural gas markets, municipalization and continued industry consolidation;

◦The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;

◦Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto;

◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the Company resulting from an incident that affects the United States electric grid or generating resources;

◦Operational interruptions to our natural gas distribution and transmission activities;

◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;

◦The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences;

◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;

◦The timing and extent of changes in commodity prices, including any impact from increased tariffs, export controls and interest rates, and the ability to timely recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;

◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation portfolio, and general market and economic conditions;

◦Credit ratings of the Duke Energy Registrants may be different from what is expected;

◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;

◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules, obtaining sufficient skilled labor and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;

Duke Energy News Release 8

◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;

◦The ability to control operation and maintenance costs;

◦The level of creditworthiness of counterparties to transactions;

◦The ability to obtain adequate insurance at acceptable costs and recover on claims made;

◦Employee workforce factors, including the potential inability to attract and retain key personnel;

◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);

◦The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities;

◦The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC;

◦The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings;

◦The impacts from potential impairments of goodwill or investment carrying values;

◦Asset or business acquisitions and dispositions may not be consummated or yield the anticipated benefits, which could adversely affect our financial condition, credit metrics or ability to execute strategic and capital plans; and

◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock.

Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

(Dollars in millions, except per share amounts)

Reported Earnings

Discontinued Operations

Total Adjustments

Adjusted Earnings

SEGMENT INCOME (LOSS)

Electric Utilities and Infrastructure

$

$

—

$

—

$

Gas Utilities and Infrastructure

—

—

Total Reportable Segment Income

—

—

Other

—

—

Discontinued Operations

$

2

(2)

A

(2)

—

Net Income Available to Duke Energy Corporation Common Stockholders

$

$

(2)

$

(2)

$

EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS

$

$

—

$

—

$

A – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.

Weighted Average Shares, basic (reported and adjusted) – 778 million

9

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

(Dollars in millions, except per share amounts)

Reported Earnings

Discontinued Operations

Total Adjustments

Adjusted Earnings

SEGMENT INCOME (LOSS)

Electric Utilities and Infrastructure

$

$

—

$

—

$

Gas Utilities and Infrastructure

—

—

Total Reportable Segment Income

—

—

Other

—

—

Discontinued Operations

1

(1)

A

(1)

—

Net Income Available to Duke Energy Corporation Common Stockholders

$

$

(1)

$

(1)

$

EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS

$

$

—

$

—

$

A – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.

Weighted Average Shares, basic (reported and adjusted) – 777 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

(Dollars in millions, except per share amounts)

Special Items

Reported Earnings

Regulatory Matters

Noncore Asset Sales and Net Impairments

Captive Storm Deductible

Discontinued Operations

Total Adjustments

Adjusted Earnings

SEGMENT INCOME (LOSS)

Electric Utilities and Infrastructure

$

$

A

$

B

$

—

$

$

Gas Utilities and Infrastructure

—

C

—

—

Total Reportable Segment Income

—

—

Other

—

—

D

—

Discontinued Operations

(2)

—

—

—

2

E

2

—

Net Income Available to Duke Energy Corporation Common Stockholders

$

$

$

$

$

2

$

$

EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS

$

$

$

$

$

—

$

$

Note: Total EPS adjustments do not cross-foot due to rounding.

A – Net of $7 million tax benefit. $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Duke Energy Indiana's Consolidated Statements of Operations related to a regulatory liability associated with certain employee post-retirement benefits.

B – Net of $1 million tax expense. $15 million recorded within Equity in earnings (losses) of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects.

C – Net of $12 million tax benefit. $54 million recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments.

D – Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses.

E – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.

Weighted Average Shares, basic (reported and adjusted) – 773 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

(Dollars in millions, except per share amounts)

Special Items

Reported Earnings

Regulatory Matters

System Post-Implementation Costs

Preferred Redemption Costs

Noncore Asset Sales and Net Impairments

Captive Storm Deductible

Discontinued Operations

Total Adjustments

Adjusted Earnings

SEGMENT INCOME (LOSS)

Electric Utilities and Infrastructure

$

$

A

$

B

$

—

$

E

$

—

$

—

$

$

Gas Utilities and Infrastructure

—

3

C

—

F

—

—

Total Reportable Segment Income

—

—

—

Other

—

—

D

—

G

—

Discontinued Operations

7

—

—

—

—

—

(7)

H

(7)

—

Net Income Available to Duke Energy Corporation Common Stockholders

$

$

$

$

$

$

$

(7)

$

$

EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS

$

$

$

$

$

$

$

$

$

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding.

A – Net of $15 million tax benefits.

•$33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the 2024 South Carolina rate case order.

•$9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Consolidated Statements of Operations primarily related to the 2024 South Carolina rate case order.

•$29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Duke Energy Indiana's Consolidated Statements of Operations related to a regulatory liability associated with certain employee post-retirement benefits.

B – Net of $4 million tax benefit. $17 million recorded as a reduction of Operating Revenues on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.

C – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million as a charge within Other Income and expenses on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.

D – $16 million recorded within Preferred Redemption Costs on the Consolidated Statements of Operations related to the redemption of Series B Preferred Stock.

E – Net of $1 million tax expense. $15 million recorded within Equity in earnings (losses) of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects.

F – Net of $12 million tax benefit. $54 million recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments.

G – Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses.

H – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Consolidated Statements of Operations.

Weighted Average Shares, basic (reported and adjusted) – 772 million

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

(Dollars in millions)

Three Months Ended

Year Ended

Balance

Effective Tax Rate

Balance

Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes

$

$

Noncontrolling Interests

Preferred Dividends

Adjusted Pretax Income

$

$

Reported Income Tax Expense From Continuing Operations

$

%

$

%

Noncontrolling interest portion of income taxes(a)

(5)

Adjusted Tax Expense

$

%

$

%

Three Months Ended

Year Ended

Balance

Effective Tax Rate

Balance

Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes

$

$

Regulatory Matters

System Post-Implementation Costs

—

Preferred Redemption Costs

—

Noncore Asset Sales and Net Impairments

Captive Storm Deductible

Noncontrolling Interests

Preferred Dividends and Redemption Premium

Adjusted Pretax Income

$

$

Reported Income Tax Expense From Continuing Operations

$

%

$

%

Regulatory Matters

7

System Post-Implementation Costs

—

5

Noncore Asset Sales and Net Impairments

Captive Storm Deductible

5

5

Noncontrolling interest portion of income taxes(a)

(1)

Adjusted Tax Expense

$

%

$

%

(a) Income tax related to non-pass-through entities for tax purposes.

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2025 QTD vs. Prior Year

(Dollars per share)

Electric Utilities and Infrastructure

Gas

Utilities and Infrastructure

Other

Consolidated

2024 QTD Reported Earnings Per Share

$

$

$

$

Noncore Asset Sales and Net Impairments

—

Captive Insurance Deductible

—

—

Regulatory Matters

—

—

2024 QTD Adjusted Earnings Per Share

$

$

$

$

Weather

—

—

Volume(a)

—

—

Riders and Other Retail Margin(b)

—

Rate case impacts, net(c)

—

Operations and maintenance, net of recoverables(d)

—

Interest Expense(e)

—

AFUDC Equity

—

—

Depreciation and amortization(e)

—

—

Other(f)

Total variance

$

$

—

$

$

Change in share count

—

—

2025 QTD Reported and Adjusted Earnings Per Share

$

$

$

$

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 773 million shares to 778 million. Totals may not foot or cross-foot due to rounding.

(a) Includes block and seasonal pricing.

(b) Electric Utilities and Infrastructure includes favorable fuel and purchased power.

(c) Electric Utilities and Infrastructure includes impacts from DEF multiyear rate plan revenue increases (+$0.05) DEC North Carolina Year 2 rates, effective January 2025, (+$0.04), DEP North Carolina Year 3 rates, effective October 2025, (+$0.02) DEI rates, effective February 2025 (+$0.01) and DEK rates, effective July 2025 (+$0.01). Gas Utilities and Infrastructure includes impacts from the Piedmont North Carolina rate case, effective November 2024.

(d) Electric Utilities and Infrastructure includes higher employee-related expense, grid and other maintenance expense and generation outage costs, partially offset by lower storm costs.

(e) Electric Utilities and Infrastructure excludes depreciation and amortization related to rate case impacts.

(f) Other includes higher contributions to the Duke Energy Foundation and the absence of tax optimization in the prior year.

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

December 2025 YTD vs. Prior Year

(Dollars per share)

Electric Utilities and Infrastructure

Gas

Utilities and Infrastructure

Other

Discontinued Operations

Consolidated

2024 YTD Reported Earnings Per Share

$

$

$

$

$

Regulatory Matters

—

—

—

System Post-Implementation Costs

—

—

—

Preferred Redemption Costs

—

—

—

Noncore Asset Sales and Net Impairments

—

—

Captive Storm Deductible

—

—

—

Discontinued Operations

—

—

—

2024 YTD Adjusted Earnings Per Share

$

$

$

$

—

$

Weather

—

—

—

Volume(a)

—

—

—

Riders and Other Retail Margin(b)

—

—

Rate case impacts, net(c)

—

—

Wholesale

—

—

Operations and maintenance, net of recoverables(d)

—

—

Interest Expense(e)

—

AFUDC Equity

—

—

—

Depreciation and amortization(e)

—

—

Other(f)

—

Total variance

$

$

$

$

—

$

Change in share count

—

—

—

2025 YTD Reported and Adjusted Earnings Per Share

$

$

$

$

—

$

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 772 million shares to 777 million. Totals may not foot or cross-foot due to rounding.

(a) Includes block and seasonal pricing.

(b) Electric Utilities and Infrastructure includes transmission revenues and higher energy efficiency and grid modernization riders (+$0.21). Gas Utilities and Infrastructure includes higher construction and pipeline integrity riders in Ohio and Kentucky and customer growth.

(c) Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.22), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.20), DEI rates, effective February 2025 (+$0.09), DEP North Carolina Year 3 rates, effective October 2025 (+$0.08) and DEK rates, effective July 2025 (+$0.02). Gas Utilities and Infrastructure includes impacts from Piedmont North Carolina rates, effective November 2024.

(d) Electric Utilities and Infrastructure includes higher employee-related expenses, grid and other maintenance and generation outage costs, partially offset by lower storm costs.

(e) Electric Utilities and Infrastructure excludes depreciation and amortization related to rate case impacts.

(f) Electric Utilities and Infrastructure includes higher property taxes. Other includes higher contributions to the Duke Energy Foundation and the absence of tax optimization in the prior year.

DUKE ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In millions, except per share amounts)

Years Ended December 31,

Operating Revenues

Regulated electric

$

$

$

Regulated natural gas

Nonregulated electric and other

Total operating revenues

Operating Expenses

Fuel used in electric generation and purchased power

Cost of natural gas

Operation, maintenance and other

Depreciation and amortization

Property and other taxes

Impairment of assets and other charges

(4)

Total operating expenses

Gains on Sales of Other Assets and Other, net

Operating Income

Other Income and Expenses

Equity in earnings (losses) of unconsolidated affiliates

(9)

Other income and expenses, net

Total other income and expenses

Interest Expense

Income From Continuing Operations Before Income Taxes

Income Tax Expense From Continuing Operations

Income From Continuing Operations

Income (Loss) From Discontinued Operations, net of tax

1

Net Income

Less: Net Income Attributable to Noncontrolling Interests

Net Income Attributable to Duke Energy Corporation

$

Less: Preferred Dividends

Less: Preferred Redemption Costs

—

—

Net Income Available to Duke Energy Corporation Common Stockholders

$

$

$

Earnings Per Share – Basic and Diluted

Income from continuing operations available to Duke Energy Corporation common stockholders

Basic and Diluted

$

$

$

Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders

Basic and Diluted

$

—

$

$

Net income available to Duke Energy Corporation common stockholders

Basic and Diluted

$

$

$

Weighted average shares outstanding

Basic and Diluted

DUKE ENERGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)

ASSETS

Current Assets

Cash and cash equivalents

$

$

Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024)

Receivable from sales of Commercial Renewables Disposal Groups

—

Assets held for sale

Total current assets

Property, Plant and Equipment

Cost

Accumulated depreciation and amortization

Net property, plant and equipment

Other Noncurrent Assets

Goodwill

Nuclear decommissioning trust funds

Operating lease right-of-use assets, net

Investments in equity method unconsolidated affiliates

Assets held for sale

Other

Total other noncurrent assets

Total Assets

$

$

LIABILITIES AND EQUITY

Current Liabilities

$

$

Notes payable and commercial paper

Taxes accrued

Interest accrued

Current maturities of long-term debt (includes $118 at 2025 and $1,012 at 2024 related to VIEs)

Asset retirement obligations

Regulatory liabilities

Liabilities associated with assets held for sale

Other

Total current liabilities

Other Noncurrent Liabilities

Deferred income taxes

Asset retirement obligations

Regulatory liabilities

Operating lease liabilities

Accrued pension and other post-retirement benefit costs

Investment tax credits

Liabilities associated with assets held for sale

Other (includes $27 at 2024 related to VIEs)

Total other noncurrent liabilities

Commitments and Contingencies

Equity

Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2025 and 2024

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

Retained earnings

Accumulated other comprehensive income

Total Duke Energy Corporation stockholders' equity

Noncontrolling interests

Total equity

Total Liabilities and Equity

$

$

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In millions)

Years Ended December 31,

CASH FLOWS FROM OPERATING ACTIVITIES

Net Income

$

$

$

Adjustments to reconcile net income to net cash provided by operating activities

Net cash provided by operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash provided by financing activities

Net (decrease) increase in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash at beginning of period

Cash, cash equivalents and restricted cash at end of period

$

$

$

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

(In millions)

Electric

Utilities and Infrastructure

Gas

Utilities and Infrastructure

Other

Eliminations/Adjustments

Duke Energy

Operating Revenues

Regulated electric

$

$

—

$

—

$

$

Regulated natural gas

—

—

Nonregulated electric and other

Total operating revenues

Operating Expenses

Fuel used in electric generation and purchased power

—

—

Cost of natural gas

—

—

—

Operation, maintenance and other

Depreciation and amortization

(7)

Property and other taxes

6

—

Impairment of assets and other charges

(7)

—

—

—

(7)

Total operating expenses

Gains on Sales of Other Assets and Other, net

1

—

6

1

8

Operating Income (Loss)

4

Other Income and Expenses

Equity in earnings of unconsolidated affiliates

—

4

9

—

Other income and expenses, net

Total Other Income and Expenses

Interest Expense

Income (Loss) from Continuing Operations Before Income Taxes

—

Income Tax Expense (Benefit) from Continuing Operations

(1)

Income (Loss) from Continuing Operations

1

Less: Net Income (Loss) Attributable to Noncontrolling Interest

(1)

—

1

Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation

—

Less: Preferred Dividends

—

—

—

Segment Income/Other Net Loss

$

$

$

$

—

$

Discontinued Operations

2

Net Income Available to Duke Energy Corporation Common Stockholders

$

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

(In millions)

Electric

Utilities and Infrastructure

Gas

Utilities and Infrastructure

Other

Eliminations/Adjustments

Duke Energy

Operating Revenues

Regulated electric

$

$

—

$

—

$

$

Regulated natural gas

—

—

Nonregulated electric and other

Total operating revenues

Operating Expenses

Fuel used in electric generation and purchased power

—

—

Cost of natural gas

—

—

—

Operation, maintenance and other

Depreciation and amortization

Property and other taxes

1

Impairment of assets and other charges

(9)

—

5

—

(4)

Total operating expenses

Gains on Sales of Other Assets and Other, net

—

1

Operating Income (Loss)

Other Income and Expenses

Equity in earnings of unconsolidated affiliates

—

—

Other income and expenses, net

Total Other Income and Expenses

Interest Expense

Income (Loss) from Continuing Operations Before Income Taxes

—

Income Tax Expense (Benefit) from Continuing Operations

—

Income (Loss) from Continuing Operations

—

Less: Net Income (Loss) Attributable to Noncontrolling Interest

(1)

—

—

Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation

—

Less: Preferred Dividends

—

—

—

Segment Income/Other Net Loss

$

$

$

$

—

$

Discontinued Operations

1

Net Income Available to Duke Energy Corporation Common Stockholders

$

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

(In millions)

Electric

Utilities and Infrastructure

Gas

Utilities and Infrastructure

Other

Eliminations/Adjustments

Duke Energy

Operating Revenues

Regulated electric

$

$

—

$

—

$

$

Regulated natural gas

—

—

Nonregulated electric and other

Total operating revenues

Operating Expenses

Fuel used in electric generation and purchased power

—

—

Cost of natural gas

—

—

—

Operation, maintenance and other

(9)

Depreciation and amortization

(7)

Property and other taxes

2

1

Impairment of assets and other charges

(1)

—

—

—

(1)

Total operating expenses

(Losses) Gains on Sales of Other Assets and Other, net

(6)

—

6

1

1

Operating Income (Loss)

6

Other Income and Expenses

Equity in (losses) earnings of unconsolidated affiliates

4

—

Other income and expenses, net

Total Other Income and Expenses

Interest Expense

Income (Loss) from Continuing Operations Before Income Taxes

1

Income Tax Expense (Benefit) from Continuing Operations

—

Income (Loss) from Continuing Operations

1

Less: Net Income (Loss) Attributable to Noncontrolling Interest

(1)

—

1

Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation

—

Less: Preferred Dividends

—

—

—

Segment Income/Other Net Loss

$

$

$

$

—

$

Discontinued Operations

(2)

Net Income Available to Duke Energy Corporation Common Stockholders

$

Segment Income/Other Net Loss

$

$

$

$

—

$

Special Items

—

Adjusted Earnings(a)

$

$

$

$

—

$

(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.

DUKE ENERGY CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

(In millions)

Electric

Utilities and Infrastructure

Gas

Utilities and Infrastructure

Other

Eliminations/Adjustments

Duke Energy

Operating Revenues

Regulated electric

$

$

—

$

—

$

$

Regulated natural gas

—

—

Nonregulated electric and other

Total operating revenues

Operating Expenses

Fuel used in electric generation and purchased power

—

—

Cost of natural gas

—

—

—

Operation, maintenance and other

Depreciation and amortization

Property and other taxes

—

Impairment of assets and other charges

—

1

—

Total operating expenses

Gains on Sales of Other Assets and Other, net

3

—

1

Operating Income (Loss)

Other Income and Expenses

Equity in (losses) earnings of unconsolidated affiliates

—

(9)

Other income and expenses, net