Form 8-K

8-K — Duke Energy CORP

Accession: 0001326160-26-000022

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001326160

SIC: 4931 (ELECTRIC & OTHER SERVICES COMBINED)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — duk-20260505.htm (Primary)

EX-99.1 (er-20260331xearningsreleas.htm)

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8-K

8-K (Primary)

Filename: duk-20260505.htm · Sequence: 1

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2026

Commission File Number Exact Name of Registrant as Specified in its Charter, State or other Jurisdiction of Incorporation,

Address of Principal Executive Offices, Zip Code, and Registrant's Telephone Number, Including Area Code IRS Employer Identification No.

1-32853

DUKE ENERGY CORPORATION

20-2777218

(a Delaware corporation)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered

Duke Energy Common Stock, $0.001 par value DUK New York Stock Exchange LLC

Duke Energy 5.625% Junior Subordinated Debentures DUKB New York Stock Exchange LLC

due September 15, 2078

Duke Energy Depositary Shares DUK PR A New York Stock Exchange LLC

each representing a 1/1,000th interest in a share of 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share

Duke Energy 3.10% Senior Notes due 2028 DUK 28A New York Stock Exchange LLC

Duke Energy 3.85% Senior Notes due 2034 DUK 34 New York Stock Exchange LLC

Duke Energy 3.75% Senior Notes due 2031 DUK 31A New York Stock Exchange LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Conditions.

On May 5, 2026, Duke Energy Corporation (the "Corporation") will issue and post a news release to its website (duke-energy.com/investors) announcing its financial results for the first quarter ended March 31, 2026. A copy of this news release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 2.02. In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 News Release to be issued by Duke Energy Corporation on May 5, 2026 (furnished pursuant to Item 2.02).

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

DUKE ENERGY CORPORATION

/s/ ABIGAIL L. MOTSINGER

Abigail L. Motsinger

Senior Vice President, Chief Accounting Officer and Controller

Dated: May 5, 2026

EX-99.1

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Document

News Release

Media Contact: Gillian Moore

24-Hour: 800.559.3853

Analyst Contact: Mike Switzer

Office: 704.382.6473

May 5, 2026

Duke Energy reports first-quarter 2026 financial results

▪First-quarter 2026 reported EPS of $1.97 and adjusted EPS of $1.93

▪Seizing growth opportunities with a total of 7.6 GW of economic development projects secured under Electric Service Agreements

▪Successfully closed $5.3 billion strategic transactions to strengthen balance sheet and support growth

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced first-quarter 2026 reported EPS of $1.97, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.93. This is compared to reported and adjusted EPS of $1.76 for the first quarter of 2025.

Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between first-quarter 2026 reported and adjusted EPS includes gains on asset sales, charges related to legal and regulatory settlements, and results of discontinued operations.

Higher first-quarter 2026 adjusted results were driven by recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, along with favorable weather. These items were partially offset by higher O&M expenses, including storm costs, as well as higher depreciation on a growing asset base.

The company is reaffirming its 2026 adjusted EPS guidance of $6.55 to $6.80 and long-term adjusted EPS growth rate of 5% to 7% through 2030 off the 2025 midpoint of $6.30, with confidence to earn in the top half of the range beginning in 2028. Management does not forecast reported GAAP EPS and related long-term growth rates.

“We’re advancing the economies of the states we serve by making the right investments at the right time in a way that delivers value for our customers and communities,” said Harry Sideris, Duke Energy president and chief executive officer. “From maximizing our existing fleet, to constructing new generation and strengthening the grid, we’re executing today and building for the future – all while pursuing solutions to keep rates as low as possible.”

Duke Energy News Release 2

Business segment results

In addition to the following summary of first-quarter 2026 business segment performance, comprehensive tables with detailed EPS drivers for the first quarter compared to prior year are provided at the end of this news release.

The discussion below of first-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 first-quarter 2026 segment income of $1,254 million, compared to segment income of $1,276 million in the first quarter of 2025. In addition to the drivers outlined below, first-quarter 2026 results include the impact of charges related to legal and regulatory settlements at Duke Energy Carolinas and Duke Energy Progress, which were treated as special items and excluded from adjusted earnings.

On an adjusted basis, Electric Utilities and Infrastructure recognized first-quarter 2026 segment income of $1,404 million, compared to segment income of $1,276 million in the first quarter of 2025. This represents an increase of $0.16 per share. Higher quarterly results were primarily driven by recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, along with favorable weather, partially offset by higher O&M expenses, including storm costs, along with higher depreciation on a growing asset base.

Gas Utilities and Infrastructure

On a reported basis, Gas Utilities and Infrastructure recognized first-quarter 2026 segment income of $532 million, compared to segment income of $349 million in the first quarter of 2025. In addition to the drivers outlined below, first-quarter 2026 results include the impact of gains on asset sales related to Piedmont's Tennessee business and SustainRNG projects, which were treated as special items and excluded from adjusted earnings.

On an adjusted basis, Gas Utilities and Infrastructure recognized first-quarter 2026 segment income of $361 million, compared to segment income of $349 million in the first quarter of 2025. This represents an increase of $0.01 per share. Higher quarterly results were primarily driven by recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, partially offset by higher O&M expenses and depreciation on a growing asset base.

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 and adjusted basis, Other recognized a first-quarter 2026 segment loss of $263 million, compared to segment loss of $260 million in the first quarter of 2025.

Duke Energy News Release 3

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the first quarter of 2026 was 17.6% compared to 12.1% in the first quarter of 2025. The increase in the reported effective tax rate was primarily due to non-deductible goodwill associated with the sale of Piedmont's Tennessee business.

Duke Energy's consolidated adjusted effective tax rate was 10.6% for the first quarter of 2026 compared to 12.2% in the first quarter of 2025. The decrease in the adjusted effective tax rate was primarily due to an increase in the amortization of nuclear production tax credits.

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 first-quarter 2026 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 585.542.9983 in the U.S. or 833.461.5787 outside the U.S. The confirmation code is 939851751. Please call in 10 to 15 minutes prior to the scheduled start time.

Special Items and Non-GAAP Reconciliation

The following table presents a reconciliation of GAAP reported EPS to adjusted EPS for first-quarter 2026 and 2025 financial results:

(In millions, except per share amounts) After-Tax Amount

1Q 2026 EPS

1Q 2025 EPS

EPS, as reported $ 1.97 $ 1.76

Adjustments to reported EPS:

First Quarter 2026

Legal and Regulatory Settlements

$ 150 $ 0.19

Asset Sales

(171) (0.22)

Discontinued Operations (13) (0.02)

Total adjustments(a)

$ (0.04) $ —

EPS, adjusted $ 1.93 $ 1.76

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

Duke Energy News Release 4

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.

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

•Legal and Regulatory Settlements represent the impact of charges related to legal settlements as well as regulatory matters related to the establishment of a regulatory liability associated with an energy efficiency program at Duke Energy Carolinas and Duke Energy Progress.

•Asset Sales represent the impact of gains on sale of assets related to Piedmont's Tennessee business and certain renewable natural gas investments.

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.

Duke Energy News Release 5

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 Condensed 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.

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 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky.

Duke Energy is executing an energy modernization strategy, keeping customer value at the forefront as it invests in electric grid upgrades and efficient generation resources to strengthen the system and serve growing energy needs.

More information is available at duke-energy.com. Follow Duke Energy on X, LinkedIn, Instagram, TikTok and Facebook for stories about the people and innovations powering its communities.

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:

Duke Energy News Release 6

◦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, particularly in periods of heightened customer affordability concerns, bill volatility, or public and political scrutiny, and to earn an adequate return on investment through rate case proceedings and the regulatory process;

◦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;

Duke Energy News Release 7

◦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;

◦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

Three Months Ended March 31, 2026

(Dollars in millions, except per share amounts)

Special Items

Reported Earnings

Legal and Regulatory Settlements

Asset Sales

Discontinued Operations Total Adjustments Adjusted Earnings

SEGMENT INCOME (LOSS)

Electric Utilities and Infrastructure $ 1,254 $ 150

$ — $ — $ 150 $ 1,404

Gas Utilities and Infrastructure 532 — (171)

— (171) 361

Total Reportable Segment Income 1,786 150 (171) — (21) 1,765

Other (263) — — — (263)

Discontinued Operations 13 — — (13)

(13) —

Net Income Available to Duke Energy Corporation Common Stockholders $ 1,536 $ 150 $ (171) $ (13) $ (34) $ 1,502

EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.97 $ 0.19 $ (0.22) $ (0.02) $ (0.04) $ 1.93

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

A – $197 million total pretax recorded at Duke Energy Carolinas and Duke Energy Progress within Operations, maintenance and other and Operating Revenues on the Condensed Consolidated Statements of Operations for legal settlements as well as regulatory matters related to the establishment of a regulatory liability associated with an energy efficiency program. The segment income amount for these items are net of a $47 million tax benefit.

B – Net of $196 million tax expense which includes the impact of nondeductible goodwill related to the sale of Piedmont's Tennessee business.

•$368 million recorded within Gains on Sales of Other Assets and Other, net, and $7 million recorded within Property and other taxes on the Condensed Consolidated Statements of Operations related to the sale of Piedmont's Tennessee business.

•$6 million recorded within Gains on Sales of Other Assets and Other, net on the Condensed Consolidated Statements of Operations related to the sale of certain renewable natural gas investments.

C – Recorded in Income from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations.

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

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2025

(Dollars in millions, except per share amounts)

Reported Earnings Discontinued Operations Total Adjustments Adjusted Earnings

SEGMENT INCOME (LOSS)

Electric Utilities and Infrastructure $ 1,276 $ — $ — $ 1,276

Gas Utilities and Infrastructure 349 — — 349

Total Reportable Segment Income 1,625 — — 1,625

Other (260) — — (260)

Net Income Available to Duke Energy Corporation Common Stockholders $ 1,365 $ — $ — $ 1,365

EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.76 $ — $ 1.76

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

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

March 2026

(Dollars in millions)

Three Months Ended

March 31, 2026

Balance Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes $ 1,897

Legal and Regulatory Settlements

197

Asset Sales

(367)

Noncontrolling Interests (32)

Preferred Dividends

(14)

Adjusted Pretax Income

$ 1,681

Reported Income Tax Expense From Continuing Operations $ 333 17.6 %

Legal and Regulatory Settlements

Asset Sales

(196)

Noncontrolling Interest Portion of Income Taxes(a)

(5)

Adjusted Tax Expense

$ 179 10.6 %

Three Months Ended

March 31, 2025

Balance Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes $ 1,597

Noncontrolling Interests (28)

Preferred Dividends (14)

Adjusted Pretax Income

$ 1,555

Reported Income Tax Expense From Continuing Operations $ 193 12.1 %

Noncontrolling Interest Portion of Income Taxes(a)

(3)

Adjusted Tax Expense

$ 190 12.2 %

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

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

March 2026 YTD vs. Prior Year

(Dollars per share) Electric Utilities and Infrastructure Gas

Utilities and Infrastructure Other Consolidated

2025 YTD Reported and Adjusted Earnings Per Share

$ 1.64 $ 0.45 $ (0.33) $ 1.76

Weather 0.04 — — 0.04

Volume(a)

0.03 — — 0.03

Riders and Other Retail Margin(b)

0.10 0.03 — 0.13

Rate case impacts, net(c)

0.13 0.01 — 0.14

Wholesale

0.01 — — 0.01

Operations and maintenance, net of recoverables(d)

(0.08) (0.01) — (0.09)

Interest Expense

(0.02) — (0.03) (0.05)

AFUDC Equity 0.02 — — 0.02

Depreciation and amortization(e)

(0.08) (0.01) — (0.09)

Other

0.01 (0.01) 0.03 0.03

Total variance $ 0.16 $ 0.01 $ — $ 0.17

2026 YTD Adjusted Earnings Per Share

$ 1.80 $ 0.46 $ (0.33) $ 1.93

Legal and Regulatory Settlements

(0.19) — — (0.19)

Asset Sales

— 0.22 — 0.22

Discontinued Operations — — 0.02 0.02

2026 YTD Reported Earnings Per Share

$ 1.61 $ 0.68 $ (0.31) $ 1.97

Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 777 million 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 transmission revenues and higher grid modernization riders. Gas Utilities and Infrastructure includes customer growth in North Carolina and South Carolina.

(c) Electric Utilities and Infrastructure includes impacts from DEI rates, effective February 2025 (+$0.04), DEC North Carolina Year 3 rates, effective January 2026, and DEC South Carolina rates, effective March 2026 (+$0.03), DEF Year 2 rates, effective January 2026 (+$0.03) DEP North Carolina Year 3 rates, effective October 2025, and DEP South Carolina rates, effective February 2026 (+$0.02) and DEK rates, effective July 2025 (+$0.01). Gas Utilities and Infrastructure includes impacts from DEK rates, effective January 2026.

(d) Electric Utilities and Infrastructure includes higher storm costs (-$0.04), increased environmental reserves, and higher grid maintenance and generation outage costs in the current year.

(e) Electric Utilities and Infrastructure excludes rate case impacts.

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In millions, except per share amounts)

Three Months Ended

March 31,

2026 2025

Operating Revenues

Regulated electric $ 7,803 $ 7,064

Regulated natural gas 1,297 1,105

Nonregulated electric and other 78 80

Total operating revenues 9,178 8,249

Operating Expenses

Fuel used in electric generation and purchased power 2,419 2,099

Cost of natural gas 525 374

Operation, maintenance and other 1,752 1,499

Depreciation and amortization 1,689 1,512

Property and other taxes 452 428

Total operating expenses 6,837 5,912

Gains on Sales of Other Assets and Other, net 384 6

Operating Income 2,725 2,343

Other Income and Expenses

Equity in earnings of unconsolidated affiliates 7 11

Other income and expenses, net 133 132

Total other income and expenses 140 143

Interest Expense 968 889

Income From Continuing Operations Before Income Taxes 1,897 1,597

Income Tax Expense From Continuing Operations 333 193

Income From Continuing Operations 1,564 1,404

Income From Discontinued Operations, net of tax

13 —

Net Income

1,577 1,404

Less: Net Income Attributable to Noncontrolling Interests

27 25

Net Income Attributable to Duke Energy Corporation

1,550 1,379

Less: Preferred Dividends 14 14

Net Income Available to Duke Energy Corporation Common Stockholders

$ 1,536 $ 1,365

Earnings Per Share – Basic and Diluted

Income from continuing operations available to Duke Energy Corporation common stockholders

Basic and Diluted $ 1.95 $ 1.76

Income from discontinued operations attributable to Duke Energy Corporation common stockholders

Basic and Diluted $ 0.02 $ —

Net income available to Duke Energy Corporation common stockholders

Basic and Diluted $ 1.97 $ 1.76

Weighted average shares outstanding

Basic

778 777

Diluted 779 777

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions) March 31, 2026 December 31, 2025

ASSETS

Current Assets

Cash and cash equivalents $ 2,140 $ 245

Receivables (net of allowance for doubtful accounts of $201 at 2026 and $194 at 2025) 3,947 4,230

Inventory (includes $1,062 at 2026 and $669 at 2025 related to VIEs) 4,572 4,569

Regulatory assets (includes $204 at 2026 and 2025 related to VIEs) 2,201 1,934

Assets held for sale — 109

Other (includes $82 at 2026 and $88 at 2025 related to VIEs) 586 526

Total current assets 13,446 11,613

Property, Plant and Equipment

Cost 193,525 190,409

Accumulated depreciation and amortization (61,252) (60,450)

Net property, plant and equipment 132,273 129,959

Other Noncurrent Assets

Goodwill 19,010 19,010

Regulatory assets (includes $3,062 at 2026 and $3,108 at 2025 related to VIEs) 15,059 14,379

Nuclear decommissioning trust funds 12,644 12,889

Operating lease right-of-use assets, net 1,169 1,241

Investments in equity method unconsolidated affiliates 328 330

Assets held for sale — $ 2,148

Other 4,119 4,167

Total other noncurrent assets 52,329 54,164

Total Assets $ 198,048 $ 195,736

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable (includes $376 at 2026 and $296 at 2025 related to VIEs) $ 4,732 $ 5,223

Notes payable and commercial paper 2,373 2,624

Taxes accrued 839 975

Interest accrued 816 922

Current maturities of long-term debt (includes $147 at 2026 and $118 at 2025 related to VIEs) 7,395 7,104

Asset retirement obligations 574 579

Regulatory liabilities 1,554 1,271

Liabilities associated with assets held for sale — 84

Other 2,051 2,265

Total current liabilities 20,334 21,047

Long-Term Debt (includes $3,222 at 2026 and $3,308 at 2025 related to VIEs) 80,477 80,108

Other Noncurrent Liabilities

Deferred income taxes 12,799 12,377

Asset retirement obligations 9,036 9,046

Regulatory liabilities 14,774 15,682

Operating lease liabilities 964 1,033

Accrued pension and other post-retirement benefit costs 384 396

Investment tax credits 985 969

Liabilities associated with assets held for sale — $ 170

Other 1,817 1,889

Total other noncurrent liabilities 40,759 41,562

Commitments and Contingencies

Equity

Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2026 and 2025

973 973

Common stock, $0.001 par value, 2 billion shares authorized; 778 million shares outstanding at 2026 and 2025

1 1

Additional paid-in capital 47,551 45,614

Retained earnings 5,761 5,056

Accumulated other comprehensive income

171 198

Total Duke Energy Corporation stockholders' equity 54,457 51,842

Noncontrolling interests 2,021 1,177

Total equity 56,478 53,019

Total Liabilities and Equity $ 198,048 $ 195,736

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In millions)

Three Months Ended March 31,

2026 2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net Income $ 1,577 $ 1,404

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

(65) 773

Net cash provided by operating activities 1,512 2,177

CASH FLOWS FROM INVESTING ACTIVITIES

Net cash used in investing activities (1,846) (3,300)

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash provided by financing activities 2,223 1,238

Net increase in cash, cash equivalents and restricted cash

1,889 115

Cash, cash equivalents and restricted cash at beginning of period 363 421

Cash, cash equivalents and restricted cash at end of period $ 2,252 $ 536

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended March 31, 2026

(In millions) Electric

Utilities and Infrastructure Gas

Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy

Operating Revenues

Regulated electric $ 7,817 $ — $ — $ (14) $ 7,803

Regulated natural gas — 1,321 — (24) 1,297

Nonregulated electric and other 61 12 42 (37) 78

Total operating revenues 7,878 1,333 42 (75) 9,178

Operating Expenses

Fuel used in electric generation and purchased power 2,440 — — (21) 2,419

Cost of natural gas — 525 — — 525

Operation, maintenance and other 1,709 135 (41) (51) 1,752

Depreciation and amortization 1,498 115 83 (7) 1,689

Property and other taxes 393 57 2 — 452

Total operating expenses 6,040 832 44 (79) 6,837

Gains on Sales of Other Assets and Other, net

5 374 5 — 384

Operating Income

1,843 875 3 4 2,725

Other Income and Expenses

Equity in earnings of unconsolidated affiliates — 6 1 — 7

Other income and expenses, net 136 12 8 (23) 133

Total Other Income and Expenses 136 18 9 (23) 140

Interest Expense 571 67 349 (19) 968

Income (Loss) from Continuing Operations before Income Taxes 1,408 826 (337) — 1,897

Income Tax Expense (Benefit) from Continuing Operations 127 294 (88) — 333

Income (Loss) from Continuing Operations 1,281 532 (249) — 1,564

Less: Net Income Attributable to Noncontrolling Interest 27 — — — 27

Net Income (Loss) Attributable to Duke Energy Corporation 1,254 532 (249) — 1,537

Less: Preferred Dividends — — 14 — 14

Segment Income/Other Net Loss $ 1,254 $ 532 $ (263) $ — $ 1,523

Discontinued Operations 13

Net Income Available to Duke Energy Corporation Common Stockholders $ 1,536

Segment Income/Other Net Loss

$ 1,254 $ 532 $ (263) $ — $ 1,523

Special Items 150 (171) — — (21)

Adjusted Earnings(a)

$ 1,404 $ 361 $ (263) $ — $ 1,502

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended March 31, 2025

(In millions) Electric

Utilities and Infrastructure Gas

Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy

Operating Revenues

Regulated electric $ 7,079 $ — $ — $ (15) $ 7,064

Regulated natural gas — 1,129 — (24) 1,105

Nonregulated electric and other 61 11 42 (34) 80

Total operating revenues 7,140 1,140 42 (73) 8,249

Operating Expenses

Fuel used in electric generation and purchased power 2,119 — — (20) 2,099

Cost of natural gas — 374 — — 374

Operation, maintenance and other 1,424 125 2 (52) 1,499

Depreciation and amortization 1,334 107 77 (6) 1,512

Property and other taxes 378 47 3 — 428

Total operating expenses 5,255 653 82 (78) 5,912

Gains on Sales of Other Assets and Other, net

1 — 5 — 6

Operating Income (Loss)

1,886 487 (35) 5 2,343

Other Income and Expenses

Equity in earnings of unconsolidated affiliates — 5 6 — 11

Other income and expenses, net 134 13 14 (29) 132

Total Other Income and Expenses 134 18 20 (29) 143

Interest Expense 530 65 318 (24) 889

Income (Loss) From Continuing Operations Before Income Taxes 1,490 440 (333) — 1,597

Income Tax Expense (Benefit) from Continuing Operations 189 91 (87) — 193

Income (Loss) from Continuing Operations 1,301 349 (246) — 1,404

Less: Net Income Attributable to Noncontrolling Interest 25 — — — 25

Net Income (Loss) Attributable to Duke Energy Corporation 1,276 349 (246) — 1,379

Less: Preferred Dividends — — 14 — 14

Segment Income/Other Net Loss $ 1,276 $ 349 $ (260) $ — $ 1,365

Discontinued Operations —

Net Income Available to Duke Energy Corporation Common Stockholders $ 1,365

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

March 31, 2026

(In millions) Electric Utilities and Infrastructure Gas

Utilities and Infrastructure

Other

Eliminations/

Adjustments Duke Energy

Current Assets

Cash and cash equivalents $ 158 $ 16 $ 1,966 $ — $ 2,140

Receivables, net 3,559 385 2 1 3,947

Receivables from affiliated companies 181 79 1,334 (1,594) —

Notes receivable from affiliated companies 87 279 1,083 (1,449) —

Inventory 4,479 59 35 (1) 4,572

Regulatory assets 1,937 180 85 (1) 2,201

Other 640 19 28 (101) 586

Total current assets 11,041 1,017 4,533 (3,145) 13,446

Property, Plant and Equipment

Cost 174,578 16,758 2,261 (72) 193,525

Accumulated depreciation and amortization (56,825) (3,503) (924) — (61,252)

Net property, plant and equipment 117,753 13,255 1,337 (72) 132,273

Other Noncurrent Assets

Goodwill 17,380 1,630 — — 19,010

Regulatory assets 13,904 688 467 — 15,059

Nuclear decommissioning trust funds 12,644 — — — 12,644

Operating lease right-of-use assets, net 702 2 465 — 1,169

Investments in equity method unconsolidated affiliates 1 183 145 (1) 328

Investment in consolidated subsidiaries 563 5 80,005 (80,573) —

Other 2,586 332 1,825 (624) 4,119

Total other noncurrent assets 47,780 2,840 82,907 (81,198) 52,329

Total Assets 176,574 17,112 88,777 (84,415) 198,048

Segment reclassifications, intercompany balances and other (1,001) (367) (83,047) 84,415 —

Segment Assets $ 175,573 $ 16,745 $ 5,730 $ — $ 198,048

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

March 31, 2026

(In millions) Electric Utilities and Infrastructure Gas

Utilities and Infrastructure

Other

Eliminations/

Adjustments Duke Energy

Current Liabilities

Accounts payable $ 3,695 $ 315 $ 722 $ — $ 4,732

Accounts payable to affiliated companies 829 68 565 (1,462) —

Notes payable to affiliated companies 1,254 23 172 (1,449) —

Notes payable and commercial paper — — 2,373 — 2,373

Taxes accrued 655 583 (399) — 839

Interest accrued 522 58 237 (1) 816

Current maturities of long-term debt 3,508 57 3,837 (7) 7,395

Asset retirement obligations 574 — — — 574

Regulatory liabilities 1,470 84 — — 1,554

Other 1,597 72 615 (233) 2,051

Total current liabilities 14,104 1,260 8,122 (3,152) 20,334

Long-Term Debt 50,547 4,717 25,278 (65) 80,477

Long-Term Debt Payable to Affiliated Companies 618 7 — (625) —

Other Noncurrent Liabilities

Deferred income taxes 12,715 1,391 (1,311) 4 12,799

Asset retirement obligations 8,944 93 — (1) 9,036

Regulatory liabilities 13,727 1,019 28 — 14,774

Operating lease liabilities 629 1 334 — 964

Accrued pension and other post-retirement benefit costs (28) 31 381 — 384

Investment tax credits 985 1 — (1) 985

Other 1,307 116 581 (187) 1,817

Total other noncurrent liabilities 38,279 2,652 13 (185) 40,759

Equity

Total Duke Energy Corporation stockholders' equity 71,007 8,473 55,364 (80,387) 54,457

Noncontrolling interests 2,019 3 — (1) 2,021

Total equity 73,026 8,476 55,364 (80,388) 56,478

Total Liabilities and Equity 176,574 17,112 88,777 (84,415) 198,048

Segment reclassifications, intercompany balances and other (1,001) (367) (83,047) 84,415 —

Segment Liabilities and Equity $ 175,573 $ 16,745 $ 5,730 $ — $ 198,048

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

Three Months Ended March 31, 2026

(In millions) Duke

Energy

Carolinas Duke

Energy

Progress Duke

Energy

Florida

Duke

Energy

Ohio(a)

Duke

Energy

Indiana Eliminations/

Other Electric Utilities and Infrastructure

Operating Revenues $ 2,766 $ 2,301 $ 1,621 $ 562 $ 966 $ (338) $ 7,878

Operating Expenses

Fuel used in electric generation and purchased power 931 863 448 173 370 (345) 2,440

Operation, maintenance and other 601 501 319 97 187 4 1,709

Depreciation and amortization 526 386 296 82 205 3 1,498

Property and other taxes 106 59 123 87 19 (1) 393

Total operating expenses 2,164 1,809 1,186 439 781 (339) 6,040

Gains on Sales of Other Assets and Other, net 2 1 2 — — — 5

Operating Income 604 493 437 123 185 1 1,843

Other Income and Expenses, net(b)

63 43 15 4 11 — 136

Interest Expense 217 135 127 34 64 (6) 571

Income Before Income Taxes 450 401 325 93 132 7 1,408

Income Tax Expense 14 42 65 16 19 (29) 127

Less: Net Income Attributable to Noncontrolling Interest(c)

— — — — — 27 27

Segment Income

$ 436 $ 359 $ 260 $ 77 $ 113 $ 9 $ 1,254

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.

(b) Includes an equity component of allowance for funds used during construction of $41 million for Duke Energy Carolinas, $27 million for Duke Energy Progress, $3 million for Duke Energy Florida, $3 million for Duke Energy Ohio and $9 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

March 31, 2026

(In millions) Duke

Energy

Carolinas Duke

Energy

Progress Duke

Energy

Florida

Duke

Energy

Ohio(a)

Duke

Energy

Indiana

Eliminations/

Adjustments(b)

Electric Utilities and Infrastructure

Current Assets

Cash and cash equivalents $ 44 $ 63 $ 17 $ 15 $ 18 $ 1 $ 158

Receivables, net 1,198 967 524 394 469 7 3,559

Receivables from affiliated companies 251 35 47 27 24 (203) 181

Notes receivable from affiliated companies — — — 29 239 (181) 87

Inventory 1,544 1,350 850 185 550 — 4,479

Regulatory assets 752 675 286 28 198 (2) 1,937

Other 256 188 116 1 86 (7) 640

Total current assets 4,045 3,278 1,840 679 1,584 (385) 11,041

Property, Plant and Equipment

Cost 63,715 45,974 33,739 9,568 21,514 68 174,578

Accumulated depreciation and amortization (20,863) (17,179) (8,643) (2,586) (7,604) 50 (56,825)

Net property, plant and equipment 42,852 28,795 25,096 6,982 13,910 118 117,753

Other Noncurrent Assets

Goodwill — — — 596 — 16,784 17,380

Regulatory assets 5,177 4,629 2,130 358 1,009 601 13,904

Nuclear decommissioning trust funds 7,213 5,156 275 — — — 12,644

Operating lease right-of-use assets, net 92 368 206 5 32 (1) 702

Investments in equity method unconsolidated affiliates — — 1 — — — 1

Investment in consolidated subsidiaries 56 10 4 493 1 (1) 563

Other 1,336 788 585 70 240 (433) 2,586

Total other noncurrent assets 13,874 10,951 3,201 1,522 1,282 16,950 47,780

Total Assets 60,771 43,024 30,137 9,183 16,776 16,683 176,574

Segment reclassifications, intercompany balances and other (339) (140) (82) (552) (272) 384 (1,001)

Reportable Segment Assets $ 60,432 $ 42,884 $ 30,055 $ 8,631 $ 16,504 $ 17,067 $ 175,573

(a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances, purchase accounting adjustments, and Duke Energy Indiana Holdco, LLC balances.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

March 31, 2026

(In millions) Duke

Energy

Carolinas Duke

Energy

Progress Duke

Energy

Florida

Duke

Energy

Ohio(a)

Duke

Energy

Indiana

Eliminations/

Adjustments(b)

Electric Utilities and Infrastructure

Current Liabilities

Accounts payable $ 1,539 $ 962 $ 639 $ 201 $ 348 $ 6 $ 3,695

Accounts payable to affiliated companies 353 370 139 18 90 (141) 829

Notes payable to affiliated companies 638 644 107 46 — (181) 1,254

Taxes accrued 124 66 99 289 108 (31) 655

Interest accrued 163 91 142 44 81 1 522

Current maturities of long-term debt 1,649 793 1,087 (17) 4 (8) 3,508

Asset retirement obligations 242 186 2 6 138 — 574

Regulatory liabilities 660 356 152 43 259 — 1,470

Other 634 342 337 70 218 (4) 1,597

Total current liabilities 6,002 3,810 2,704 700 1,246 (358) 14,104

Long-Term Debt 17,839 12,917 10,465 3,492 5,436 398 50,547

Long-Term Debt Payable to Affiliated Companies 300 150 — 18 150 — 618

Other Noncurrent Liabilities

Deferred income taxes 4,327 2,786 3,121 888 1,537 56 12,715

Asset retirement obligations 3,598 4,113 180 62 979 12 8,944

Regulatory liabilities 7,333 4,245 775 237 1,164 (27) 13,727

Operating lease liabilities 79 366 154 4 26 — 629

Accrued pension and other post-retirement benefit costs 23 138 86 65 76 (416) (28)

Investment tax credits 353 197 248 5 182 — 985

Other 750 338 162 56 13 (12) 1,307

Total other noncurrent liabilities 16,463 12,183 4,726 1,317 3,977 (387) 38,279

Equity

Total Duke Energy Corporation stockholders equity 20,167 13,964 12,242 3,656 5,967 15,011 71,007

Noncontrolling interests(c)

— — — — — 2,019 2,019

Total equity 20,167 13,964 12,242 3,656 5,967 17,030 73,026

Total Liabilities and Equity 60,771 43,024 30,137 9,183 16,776 16,683 176,574

Segment reclassifications, intercompany balances and other (339) (140) (82) (552) (272) 384 (1,001)

Reportable Segment Liabilities and Equity $ 60,432 $ 42,884 $ 30,055 $ 8,631 $ 16,504 $ 17,067 $ 175,573

(a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances, purchase accounting adjustments and Duke Energy Indiana Holdco, LLC balances.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

Three Months Ended March 31, 2026

(In millions)

Duke

Energy

Ohio(a)

Piedmont Natural Gas LDC

Midstream Pipelines and Storage(b)

Eliminations/

Adjustments Gas

Utilities and Infrastructure

Operating Revenues $ 317 $ 1,011 $ 5 $ — $ 1,333

Operating Expenses

Cost of natural gas 121 404 — — 525

Operation, maintenance and other 40 93 — 2 135

Depreciation and amortization 39 74 3 (1) 115

Property and other taxes 30 26 2 (1) 57

Total operating expenses 230 597 5 — 832

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

— 652 6 (284) 374

Operating Income

87 1,066 6 (284) 875

Other Income and Expenses, net

Equity in earnings of unconsolidated affiliates — — 6 — 6

Other income and expenses, net 1 10 — 1 12

Other Income and Expenses, net 1 10 6 1 18

Interest Expense 18 48 1 — 67

Income Before Income Taxes

70 1,028 11 (283) 826

Income Tax Expense

15 258 20 1 294

Segment Income

$ 55 $ 770 $ (9) $ (284) $ 532

(a) Includes results of the wholly owned subsidiary Duke Energy Kentucky.

(b) Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

(c) The gain on sale is $284 million lower at the Gas Utilities and Infrastructure segment level due to higher allocated goodwill related to the Piedmont Tennessee Disposal Group than at Piedmont Natural Gas LDC.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

March 31, 2026

(In millions)

Duke

Energy

Ohio(a)

Piedmont Natural Gas LDC Midstream Pipelines and Storage

Eliminations/

Adjustments(b)

Gas

Utilities and Infrastructure

Current Assets

Cash and cash equivalents $ 6 $ 5 $ 4 $ 1 $ 16

Receivables, net 75 310 — — 385

Receivables from affiliated companies — 84 90 (95) 79

Notes receivable from affiliated companies 16 266 — (3) 279

Inventory 14 45 — — 59

Regulatory assets 94 85 — 1 180

Other 8 10 4 (3) 19

Total current assets 213 805 98 (99) 1,017

Property, Plant and Equipment

Cost 5,202 11,481 75 — 16,758

Accumulated depreciation and amortization (1,271) (2,217) (15) — (3,503)

Net property, plant and equipment 3,931 9,264 60 — 13,255

Other Noncurrent Assets

Goodwill 324 39 — 1,267 1,630

Regulatory assets 328 306 — 54 688

Operating lease right-of-use assets, net — 2 — — 2

Investments in equity method unconsolidated affiliates — — 178 5 183

Investment in consolidated subsidiaries — — — 5 5

Other 31 284 16 1 332

Total other noncurrent assets 683 631 194 1,332 2,840

Total Assets 4,827 10,700 352 1,233 17,112

Segment reclassifications, intercompany balances and other (18) (354) (119) 124 (367)

Reportable Segment Assets $ 4,809 $ 10,346 $ 233 $ 1,357 $ 16,745

(a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances and purchase accounting adjustments.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

March 31, 2026

(In millions)

Duke

Energy

Ohio(a)

Piedmont Natural Gas LDC Midstream Pipelines and Storage

Eliminations/

Adjustments(b)

Gas

Utilities and Infrastructure

Current Liabilities

Accounts payable $ 71 $ 234 $ 9 $ 1 $ 315

Accounts payable to affiliated companies 3 146 14 (95) 68

Notes payable to affiliated companies 27 — — (4) 23

Taxes accrued 39 526 18 — 583

Interest accrued 10 48 — — 58

Current maturities of long-term debt 17 40 — — 57

Regulatory liabilities 36 48 — — 84

Other 4 67 — 1 72

Total current liabilities 207 1,109 41 (97) 1,260

Long-Term Debt 859 3,761 55 42 4,717

Long-Term Debt Payable to Affiliated Companies 7 — — — 7

Other Noncurrent Liabilities

Deferred income taxes 475 864 51 1 1,391

Asset retirement obligations 67 26 — — 93

Regulatory liabilities 228 780 — 11 1,019

Operating lease liabilities — 1 — — 1

Accrued pension and other post-retirement benefit costs 24 6 — 1 31

Investment tax credits — 1 — — 1

Other 31 85 — — 116

Total other noncurrent liabilities 825 1,763 51 13 2,652

Equity

Total Duke Energy Corporation stockholders' equity 2,929 4,067 202 1,275 8,473

Noncontrolling interests — — 3 — 3

Total equity 2,929 4,067 205 1,275 8,476

Total Liabilities and Equity 4,827 10,700 352 1,233 17,112

Segment reclassifications, intercompany balances and other (18) (354) (119) 124 (367)

Reportable Segment Liabilities and Equity $ 4,809 $ 10,346 $ 233 $ 1,357 $ 16,745

(a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b) Includes the elimination of intercompany balances and purchase accounting adjustments.

Electric Utilities and Infrastructure

Quarterly Highlights

March 2026

Three Months Ended March 31,

2026 2025 %

Inc. (Dec.)

% Inc. (Dec.)

Weather

Normal(b)

Gigawatt-hour (GWh) Sales(a)

Residential 25,405 25,225 0.7 % (0.9 %)

Commercial

19,071 18,902 0.9 % 1.2 %

Industrial 10,738 10,964 (2.1 %) (2.4 %)

Other Energy Sales 130 116 12.1 % n/a

Unbilled Sales (1,675) (1,816) 7.8 % n/a

Total Retail Sales

53,669 53,391 0.5 % (0.5 %)

Wholesale and Other 11,785 11,851 (0.6 %)

Total Consolidated Electric Sales – Electric Utilities and Infrastructure

65,454 65,242 0.3 %

Average Number of Customers (Electric)

Residential 7,616,258 7,498,119 1.6 %

Commercial

1,050,836 1,045,224 0.5 %

Industrial 14,795 15,305 (3.3 %)

Other Energy Sales 22,757 23,202 (1.9 %)

Total Retail Customers

8,704,646 8,581,850 1.4 %

Wholesale and Other 54 52 3.8 %

Total Average Number of Customers – Electric Utilities and Infrastructure

8,704,700 8,581,902 1.4 %

Sources of Electric Energy (GWh)

Generated – Net Output(c)

Coal 11,781 11,347 3.8 %

Nuclear 18,506 18,926 (2.2 %)

Hydro 290 446 (35.0 %)

Natural Gas and Oil 21,765 21,553 1.0 %

Renewable Energy 985 841 17.1 %

Total Generation(d)

53,327 53,113 0.4 %

Purchased Power and Net Interchange(e)

15,239 14,952 1.9 %

Total Sources of Energy 68,566 68,065 0.7 %

Less: Line Loss and Other 3,112 2,823 10.2 %

Total GWh Sources 65,454 65,242 0.3 %

Owned Megawatt (MW) Capacity(c)(f)

Summer 51,989 50,562

Winter 55,757 55,139

Nuclear Capacity Factor (%)(g)

97 99

(a) Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(d) Generation by source is reported net of auxiliary power.

(e) Purchased power includes renewable energy purchases.

(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

(g) Statistics reflect 100% of jointly owned stations.

Duke Energy Carolinas

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

March 2026

Three Months Ended March 31,

2026 2025 %

Inc. (Dec.)

% Inc. (Dec.)

Weather

Normal(b)

GWh Sales(a)

Residential 9,082 9,138 (0.6 %)

Commercial

7,334 7,390 (0.8 %)

Industrial 4,506 4,554 (1.1 %)

Other Energy Sales 69 56 23.2 %

Unbilled Sales (615) (730) 15.8 %

Total Retail Sales

20,376 20,408 (0.2 %) (0.6 %)

Wholesale and Other 3,204 3,150 1.7 %

Total Consolidated Electric Sales – Duke Energy Carolinas

23,580 23,558 0.1 %

Average Number of Customers

Residential 2,575,950 2,524,566 2.0 %

Commercial

403,006 401,939 0.3 %

Industrial 5,750 5,895 (2.5 %)

Other Energy Sales 10,700 10,836 (1.3 %)

Total Retail Customers

2,995,406 2,943,236 1.8 %

Wholesale and Other 26 26 — %

Total Average Number of Customers – Duke Energy Carolinas

2,995,432 2,943,262 1.8 %

Sources of Electric Energy (GWh)

Generated – Net Output(c)

Coal 2,931 3,285 (10.8 %)

Nuclear 11,407 11,789 (3.2 %)

Hydro 126 251 (49.8 %)

Natural Gas and Oil 6,451 5,880 9.7 %

Renewable Energy 59 57 3.5 %

Total Generation(d)

20,974 21,262 (1.4 %)

Purchased Power and Net Interchange(e)

3,754 3,238 15.9 %

Total Sources of Energy 24,728 24,500 0.9 %

Less: Line Loss and Other 1,148 942 21.9 %

Total GWh Sources 23,580 23,558 0.1 %

Owned MW Capacity(c)(f)

Summer 19,858 19,698

Winter 20,946 20,773

Nuclear Capacity Factor (%)(g)

99 102

Heating and Cooling Degree Days

Actual

Heating Degree Days 1,597 1,643 (2.8 %)

Cooling Degree Days 46 8 475.0 %

Variance from Normal

Heating Degree Days (5.1 %) (3.2 %)

Cooling Degree Days 468.5 % (2.4 %)

(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(d) Generation by source is reported net of auxiliary power.

(e) Purchased power includes renewable energy purchases.

(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

(g) Statistics reflect 100% of jointly owned stations.

Duke Energy Progress

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

March 2026

Three Months Ended March 31,

2026 2025 %

Inc. (Dec.)

% Inc. (Dec.)

Weather

Normal(b)

GWh Sales(a)

Residential 5,926 5,880 0.8 %

Commercial

3,799 3,740 1.6 %

Industrial 2,192 2,457 (10.8 %)

Other Energy Sales 21 21 — %

Unbilled Sales (495) (747) 33.7 %

Total Retail Sales

11,443 11,351 0.8 % (1.0 %)

Wholesale and Other 6,844 6,834 0.1 %

Total Consolidated Electric Sales – Duke Energy Progress

18,287 18,185 0.6 %

Average Number of Customers

Residential 1,545,119 1,518,693 1.7 %

Commercial

249,489 248,333 0.5 %

Industrial 2,973 3,072 (3.2 %)

Other Energy Sales 2,368 2,406 (1.6 %)

Total Retail Customers

1,799,949 1,772,504 1.5 %

Wholesale and Other 8 8 — %

Total Average Number of Customers – Duke Energy Progress

1,799,957 1,772,512 1.5 %

Sources of Electric Energy (GWh)

Generated – Net Output(c)

Coal 2,015 2,276 (11.5 %)

Nuclear 7,099 7,137 (0.5 %)

Hydro 119 138 (13.8 %)

Natural Gas and Oil 6,941 6,519 6.5 %

Renewable Energy 60 50 20.0 %

Total Generation(d)

16,234 16,120 0.7 %

Purchased Power and Net Interchange(e)

2,295 2,492 (7.9 %)

Total Sources of Energy 18,529 18,612 (0.4 %)

Less: Line Loss and Other 242 427 (43.3 %)

Total GWh Sources 18,287 18,185 0.6 %

Owned MW Capacity(c)(f)

Summer 12,865 12,585

Winter 14,067 13,845

Nuclear Capacity Factor (%)(g)

92 92

Heating and Cooling Degree Days

Actual

Heating Degree Days 1,545 1,523 1.4 %

Cooling Degree Days 53 15 253.3 %

Variance from Normal

Heating Degree Days (0.4 %) (2.6 %)

Cooling Degree Days 302.5 % 14.9 %

(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(d) Generation by source is reported net of auxiliary power.

(e) Purchased power includes renewable energy purchases.

(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

(g) Statistics reflect 100% of jointly owned stations.

Duke Energy Florida

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

March 2026

Three Months Ended March 31,

2026 2025 %

Inc. (Dec.)

% Inc. (Dec.)

Weather

Normal(b)

GWh Sales(a)

Residential 4,789 4,618 3.7 %

Commercial

3,433 3,402 0.9 %

Industrial 774 783 (1.1 %)

Other Energy Sales 7 7 — %

Unbilled Sales (40) (125) 68.0 %

Total Retail Sales

8,963 8,685 3.2 % 0.1 %

Wholesale and Other 353 383 (7.8 %)

Total Electric Sales – Duke Energy Florida

9,316 9,068 2.7 %

Average Number of Customers

Residential 1,837,440 1,811,645 1.4 %

Commercial

214,245 211,835 1.1 %

Industrial 1,519 1,616 (6.0 %)

Other Energy Sales 3,497 3,562 (1.8 %)

Total Retail Customers

2,056,701 2,028,658 1.4 %

Wholesale and Other 15 13 15.4 %

Total Average Number of Customers – Duke Energy Florida

2,056,716 2,028,671 1.4 %

Sources of Electric Energy (GWh)

Generated – Net Output(c)

Coal 1,488 454 227.8 %

Natural Gas and Oil 7,029 8,004 (12.2 %)

Renewable Energy 860 729 18.0 %

Total Generation(d)

9,377 9,187 2.1 %

Purchased Power and Net Interchange(e)

245 108 126.9 %

Total Sources of Energy 9,622 9,295 3.5 %

Less: Line Loss and Other 306 227 34.8 %

Total GWh Sources 9,316 9,068 2.7 %

Owned MW Capacity(c)(f)

Summer 11,854 10,895

Winter 12,765 12,542

Heating and Cooling Degree Days

Actual

Heating Degree Days 416 359 15.9 %

Cooling Degree Days 267 215 24.2 %

Variance from Normal

Heating Degree Days 12.0 % (1.8 %)

Cooling Degree Days 31.3 % 1.6 %

(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(d) Generation by source is reported net of auxiliary power.

(e) Purchased power includes renewable energy purchases.

(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

Duke Energy Ohio

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

March 2026

Three Months Ended March 31,

2026 2025 %

Inc. (Dec.)

% Inc. (Dec.)

Weather

Normal(b)

GWh Sales(a)

Residential 2,713 2,672 1.5 %

Commercial

2,400 2,329 3.0 %

Industrial 1,111 1,096 1.4 %

Other Energy Sales 21 19 10.5 %

Unbilled Sales (200) (121) (65.3 %)

Total Retail Sales

6,045 5,995 0.8 % 0.7 %

Wholesale and Other 266 112 137.5 %

Total Electric Sales – Duke Energy Ohio

6,311 6,107 3.3 %

Average Number of Customers

Residential 842,841 837,876 0.6 %

Commercial

76,626 76,514 0.1 %

Industrial 1,970 2,101 (6.2 %)

Other Energy Sales 2,564 2,652 (3.3 %)

Total Retail Customers

924,001 919,143 0.5 %

Wholesale and Other 1 1 — %

Total Average Number of Customers – Duke Energy Ohio

924,002 919,144 0.5 %

Sources of Electric Energy (GWh)

Generated – Net Output(c)

Coal 900 779 15.5 %

Natural Gas and Oil 103 37 178.4 %

Total Generation(d)

1,004 816 23.0 %

Purchased Power and Net Interchange(e)

5,907 6,046 (2.3 %)

Total Sources of Energy 6,911 6,862 0.7 %

Less: Line Loss and Other 600 755 (20.5 %)

Total GWh Sources 6,311 6,107 3.3 %

Owned MW Capacity(c)(f)

Summer 1,085 1,080

Winter 1,173 1,173

Heating and Cooling Degree Days

Actual

Heating Degree Days 2,462 2,563 (3.9 %)

Cooling Degree Days 20 7 185.7 %

Variance from Normal

Heating Degree Days (3.4 %) 0.6 %

Cooling Degree Days 590.1 % 142.5 %

(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(d) Generation by source is reported net of auxiliary power.

(e) Purchased power includes renewable energy purchases.

(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

Duke Energy Indiana

Quarterly Highlights

Supplemental Electric Utilities and Infrastructure Information

March 2026

Three Months Ended March 31,

2026 2025 %

Inc. (Dec.)

% Inc. (Dec.)

Weather

Normal(b)

GWh Sales(a)

Residential 2,895 2,917 (0.8 %)

Commercial

2,105 2,041 3.1 %

Industrial 2,155 2,074 3.9 %

Other Energy Sales 12 13 (7.7 %)

Unbilled Sales (325) (93) (249.5 %)

Total Retail Sales

6,842 6,952 (1.6 %) (1.0 %)

Wholesale and Other 1,118 1,372 (18.5 %)

Total Electric Sales – Duke Energy Indiana

7,960 8,324 (4.4 %)

Average Number of Customers

Residential 814,908 805,339 1.2 %

Commercial

107,470 106,603 0.8 %

Industrial 2,583 2,621 (1.4 %)

Other Energy Sales 3,628 3,746 (3.2 %)

Total Retail Customers

928,589 918,309 1.1 %

Wholesale and Other 4 4 — %

Total Average Number of Customers – Duke Energy Indiana

928,593 918,313 1.1 %

Sources of Electric Energy (GWh)

Generated – Net Output(c)

Coal 4,447 4,553 (2.3 %)

Hydro 45 57 (21.1 %)

Natural Gas and Oil 1,241 1,113 11.5 %

Renewable Energy 5 5 — %

Total Generation(d)

5,738 5,728 0.2 %

Purchased Power and Net Interchange(e)

3,038 3,068 (1.0 %)

Total Sources of Energy 8,776 8,796 (0.2 %)

Less: Line Loss and Other 816 472 72.9 %

Total GWh Sources 7,960 8,324 (4.4 %)

Owned MW Capacity(c)(f)

Summer 6,327 6,304

Winter 6,806 6,806

Heating and Cooling Degree Days

Actual

Heating Degree Days 2,579 2,731 (5.6 %)

Cooling Degree Days 16 2 700.0 %

Variance from Normal

Heating Degree Days (6.8 %) (0.5 %)

Cooling Degree Days 532.7 % (10.9 %)

(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(d) Generation by source is reported net of auxiliary power.

(e) Purchased power includes renewable energy purchases.

(f) Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations.

Gas Utilities and Infrastructure

Quarterly Highlights

March 2026

Three Months Ended March 31,

2026 2025 %

Inc. (Dec.)

Total Sales

Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)

184,175,397 181,459,847 1.5 %

Duke Energy Midwest LDC throughput (Mcf)(a)

36,902,590 40,455,684 (8.8 %)

Average Number of Customers – Piedmont Natural Gas

Residential 1,035,404 1,092,898 (5.3 %)

Commercial 105,098 109,848 (4.3 %)

Industrial 872 945 (7.7 %)

Power Generation 19 19 — %

Total Average Number of Gas Customers – Piedmont Natural Gas

1,141,393 1,203,710 (5.2 %)

Average Number of Customers – Duke Energy Midwest

Residential 528,525 526,598 0.4 %

Commercial

35,770 35,285 1.4 %

Industrial 2,007 2,334 (14.0 %)

Other 114 117 (2.6 %)

Total Average Number of Gas Customers – Duke Energy Midwest

566,416 564,334 0.4 %

(a) Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact. On March 31, 2026, Piedmont closed on the sale of its Tennessee business.

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