v3.25.2
Business Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
Duke Energy
Duke Energy's segment structure includes the following two segments: EU&I and GU&I.
The EU&I segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. EU&I also includes Duke Energy's electric transmission infrastructure investments and the offshore wind contract for Carolina Long Bay.
The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage, midstream pipeline and renewable natural gas investments.
The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in NMC.
Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.
Three Months Ended June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$7,030 $471 $7,501 $7 $— $7,508 
Intersegment revenues15 22 37 33 (70)— 
Total operating revenues
$7,045 $493 $7,538 $40 $(70)$7,508 
Less:
Fuel used in electric generation and purchased power$1,898 $— $1,898 $— $(20)$1,878 
Cost of natural gas— 158 158 — — 158 
Operation, maintenance and other1,594 129 1,723 (23)(45)1,655 
Depreciation and amortization1,402 112 1,514 77 (8)1,583 
Property and other taxes371 41 412 3 — 415 
Impairment of assets and other charges(1)— (1)5 (1)3 
Interest expense535 65 600 318 (21)897 
Income tax expense (benefit)200 (4)196 (77)— 119 
Other Segment Items
Noncontrolling interests(a)
23 — 23 — — 23 
Preferred dividends— — — 13 — 13 
Add: Equity in earnings of unconsolidated affiliates
— 1 1 9 1 11 
Add: Other(b)
171 13 184 39 (26)197 
Segment income (loss)
$1,194 $6 $1,200 $(228)$— $972 
Discontinued Operations
(1)
Net income available to Duke Energy Corporation Common Stockholders
$971 
Add back: Net income attributable to noncontrolling interest
23 
Add back: Preferred dividends
13 
Net Income
$1,007 
Three Months Ended June 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$6,802 $359 $7,161 $11 $— $7,172 
Intersegment revenues18 22 40 29 (69)— 
Total operating revenues
$6,820 $381 $7,201 $40 $(69)$7,172 
Less:
Fuel used in electric generation and purchased power$2,247 $— $2,247 $— $(19)$2,228 
Cost of natural gas— 78 78 — — 78 
Operation, maintenance and other1,262 117 1,379 (8)(51)1,320 
Depreciation and amortization1,246 96 1,342 73 (6)1,409 
Property and other taxes351 38 389 4 — 393 
Impairment of assets and other charges42 — 42 1 — 43 
Interest expense488 61 549 306 (31)824 
Income tax expense (benefit)214 2 216 (77)1 140 
Other Segment Items
Noncontrolling interests(a)
22 — 22 — (1)21 
Preferred dividends— — — 14 — 14 
Add: Equity in earnings of unconsolidated affiliates
1 — 1 19 1 21 
Add: Other(b)
141 17 158 54 (39)173 
Segment income (loss)(c)
$1,090 $6 $1,096 $(200)$— $896 
Discontinued Operations
(10)
Net income available to Duke Energy Corporation Common Stockholders
$886 
Add back: Net Income available to noncontrolling interest
21 
Add back: Preferred dividends
14 
Net Income
$921 
(a)Net income attributable to NCI related to continuing operations.
(b)    Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.
(c)    EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the 2024 South Carolina rate case order.
Six Months Ended June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$14,155 $1,587 $15,742 $15 $— $15,757 
Intersegment revenues30 46 76 67 (143)— 
Total operating revenues
$14,185 $1,633 $15,818 $82 $(143)$15,757 
Less:
Fuel used in electric generation and purchased power$4,017 $— $4,017 $— $(40)$3,977 
Cost of natural gas— 532 532 — — 532 
Operation, maintenance and other3,018 254 3,272 (21)(97)3,154 
Depreciation and amortization2,736 219 2,955 154 (14)3,095 
Property and other taxes749 88 837 6 — 843 
Impairment of assets and other charges(1)— (1)5 (1)3 
Interest expense1,065 130 1,195 636 (45)1,786 
Income tax expense (benefit)389 87 476 (164)— 312 
Other Segment Items
Noncontrolling interests(a)
48 — 48 — — 48 
Preferred dividends— — — 27 — 27 
Add: Equity in earnings of unconsolidated affiliates
— 6 6 15 1 22 
Add: Other(b)
306 26 332 58 (55)335 
Segment income (loss)
$2,470 $355 $2,825 $(488)$— $2,337 
Discontinued Operations
(1)
Net income available to Duke Energy Corporation Common Stockholders
$2,336 
Add back: Net income attributable to noncontrolling interest
48 
Add back: Preferred dividends
27 
Net Income
$2,411 
Capital investments expenditures and acquisitions$5,724 $548 $6,272 $156 $— $6,428 
Segment assets
167,420 18,305 185,725 3,988 — 189,713 
Six Months Ended June 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$13,587 $1,238 $14,825 $18 $— $14,843 
Intersegment revenues36 45 81 60 (141)— 
Total operating revenues
$13,623 $1,283 $14,906 $78 $(141)$14,843 
Less:
Fuel used in electric generation and purchased power$4,602 $— $4,602 $— $(39)$4,563 
Cost of natural gas— 310 310 — — 310 
Operation, maintenance and other2,578 246 2,824 (26)(99)2,699 
Depreciation and amortization2,471 194 2,665 144 (13)2,796 
Property and other taxes688 84 772 7 — 779 
Impairment of assets and other charges43 — 43 1 — 44 
Interest expense987 122 1,109 600 (68)1,641 
Income tax expense (benefit)387 71 458 (141)1 318 
Other Segment Items
Noncontrolling interests(a)
35 — 35 — (1)34 
Preferred dividends— — — 53 — 53 
Add: Equity in earnings of unconsolidated affiliates
2 — 2 36 — 38 
Add: Other(b)
277 34 311 121 (78)354 
Segment income (loss)(c)
$2,111 $290 $2,401 $(403)$— $1,998 
Discontinued Operations
(13)
Net income available to Duke Energy Corporation Common Stockholders
$1,985 
Add back: Net Income available to noncontrolling interest
34 
Add back: Preferred dividends
53 
Net Income
$2,072 
Capital investments expenditures and acquisitions$5,349 $723 $6,072 $140 $— $6,212 
Segment assets
159,770 17,600 177,370 4,205 — 181,575 
(a)Net income attributable to NCI related to continuing operations.
(b)    Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.
(c)    EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the 2024 South Carolina rate case order.
Duke Energy Carolinas
Duke Energy Carolinas has one reportable segment, EU&I. The remainder of Duke Energy Carolinas' operations is presented as Other.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$2,231 $— $2,231 $4,755 $— $4,755 
Less:
Fuel used in electric generation and purchased power$571 $— $571 $1,374 $— $1,374 
Operation, maintenance and other488 12 500 962 22 984 
Depreciation and amortization482 — 482 914 — 914 
Property and other taxes85 — 85 187 — 187 
Impairment of assets and other charges(1)— (1)(1)— (1)
Interest expense200 — 200 400 — 400 
Income tax expense (benefit)39 (3)36 92 (5)87 
Add: Other segment items(a)
68 (1)67 129 (1)128 
Segment income (loss) / Net income$435 $(10)$425 $956 $(18)$938 
Capital expenditures$2,145 $— $2,145 
Segment assets56,335 264 56,599 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$2,297 $— $2,297 $4,704 $— $4,704 
Less:
Fuel used in electric generation and purchased power$749 $— $749 $1,609 $— $1,609 
Operation, maintenance and other434 10 444 874 21 895 
Depreciation and amortization437 — 437 834 — 834 
Property and other taxes89 — 89 183 — 183 
Impairment of assets and other charges33 — 33 34 — 34 
Interest expense168 — 168 348 — 348 
Income tax expense (benefit)51 (3)48 109 (5)104 
Add: Other segment items(a)
63 (1)62 125 (1)124 
Segment income (loss) / Net income$399 $(8)$391 $838 $(17)$821 
Capital expenditures$1,949 $— $1,949 
Segment assets53,160 214 53,374 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
Progress Energy
Progress Energy has one reportable segment, EU&I. The remainder of Progress Energy's operations is presented as Other.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$3,566 $3 $3,569 $7,028 $8 $7,036 
Less:
Fuel used in electric generation and purchased power$1,025 $— $1,025 $2,131 $— $2,131 
Operation, maintenance and other828 15 843 1,501 30 1,531 
Depreciation and amortization609 — 609 1,240 — 1,240 
Property and other taxes175 — 175 347 — 347 
Interest expense255 28 283 501 57 558 
Income tax expense (benefit)121 (13)108 239 (21)218 
Add: Other segment items(a)
76 5 81 137 5 142 
Segment income (loss) / Net income$629 $(22)$607 $1,206 $(53)$1,153 
Capital expenditures$2,742 $— $2,742 
Segment assets69,489 4,822 74,311 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$3,352 $5 $3,357 $6,576 $9 $6,585 
Less:
Fuel used in electric generation and purchased power$1,202 $— $1,202 $2,345 $— $2,345 
Operation, maintenance and other571 17 588 1,187 29 1,216 
Depreciation and amortization568 — 568 1,155 — 1,155 
Property and other taxes167 (1)166 324 — 324 
Impairment of assets and other charges9 — 9 9 — 9 
Interest expense237 28 265 468 57 525 
Income tax expense (benefit)114 (10)104 209 (19)190 
Add: Other segment items(a)
56 10 66 117 18 135 
Segment income (loss) / Net income$540 $(19)$521 $996 $(40)$956 
Capital expenditures$2,623 $— $2,623 
Segment assets65,620 3,844 69,464 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
Duke Energy Progress
Duke Energy Progress has one reportable segment, EU&I. The remainder of Duke Energy Progress' operations is presented as Other.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,681 $— $1,681 $3,699 $— $3,699 
Less:
Fuel used in electric generation and purchased power$574 $— $574 $1,299 $— $1,299 
Operation, maintenance and other333 7 340 724 14 738 
Depreciation and amortization319 — 319 676 — 676 
Property and other taxes45 — 45 105 — 105 
Interest expense139 — 139 267 — 267 
Income tax expense (benefit)40 (1)39 98 (3)95 
Add: Other segment items(a)
50 — 50 89 (2)87 
Segment income (loss) / Net income$281 $(6)$275 $619 $(13)$606 
Capital expenditures$1,524 $— $1,524 
Segment assets40,486 1,072 41,558 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,636 $— $1,636 $3,424 $— $3,424 
Less:
Fuel used in electric generation and purchased power$597 $— $597 $1,217 $— $1,217 
Operation, maintenance and other320 6 326 689 12 701 
Depreciation and amortization306 — 306 645 — 645 
Property and other taxes50 — 50 101 — 101 
Impairment of assets and other charges9 — 9 9 — 9 
Interest expense123 — 123 243 — 243 
Income tax expense (benefit)39 — 39 89 (2)87 
Add: Other segment items(a)
36 1 37 72 2 74 
Segment income (loss) / Net income$228 $(5)$223 $503 $(8)$495 
Capital expenditures$1,373 $— $1,373 
Segment assets38,562 99 38,661 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
Duke Energy Florida
Duke Energy Florida has one reportable segment, EU&I. The remainder of Duke Energy Florida's operations is presented as Other.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,885 $— $1,885 $3,329 $— $3,329 
Less:
Fuel used in electric generation and purchased power$451 $— $451 $832 $— $832 
Operation, maintenance and other495 5 500 777 9 786 
Depreciation and amortization290 — 290 564 — 564 
Property and other taxes130 — 130 242 — 242 
Interest expense116 — 116 234 — 234 
Income tax expense (benefit)81 — 81 141 (2)139 
Add: Other segment items(a)
26 1 27 48 (2)46 
Segment income (loss) / Net income$348 $(4)$344 $587 $(9)$578 
Capital expenditures$1,218 $— $1,218 
Segment assets29,003 89 29,092 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,716 $— $1,716 $3,152 $— $3,152 
Less:
Fuel used in electric generation and purchased power$605 $— $605 $1,128 $— $1,128 
Operation, maintenance and other251 5 256 498 9 507 
Depreciation and amortization262 — 262 510 — 510 
Property and other taxes117 — 117 223 — 223 
Interest expense114 — 114 225 — 225 
Income tax expense (benefit)75 — 75 120 (2)118 
Add: Other segment items(a)
20 2 22 45 2 47 
Segment income (loss) / Net income$312 $(3)$309 $493 $(5)$488 
Capital expenditures$1,251 $— $1,251 
Segment assets27,058 20 27,078 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
Duke Energy Ohio
Duke Energy Ohio has two reportable segments, EU&I and GU&I. The remainder of Duke Energy Ohio's operations is presented as Other.
Three Months Ended June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$498 $156 $654 $— $654 
Less:
Fuel used in electric generation and purchased power$161 $— $161 $— $161 
Cost of natural gas— 35 35 — 35 
Operation, maintenance and other87 27 114 1 115 
Depreciation and amortization83 39 122 (1)121 
Property and other taxes80 21 101 — 101 
Interest expense32 18 50 1 51 
Income tax expense (benefit)9 3 12 — 12 
Add: Other segment items(a)
4 2 6 — 6 
Segment income (loss) / Net income
$50 $15 $65 $(1)$64 
Three Months Ended June 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$476 $132 $608 $— $608 
Less:
Fuel used in electric generation and purchased power$132 $— $132 — $132 
Cost of natural gas— 21 21 — 21 
Operation, maintenance and other88 30 118 3 121 
Depreciation and amortization65 31 96 — 96 
Property and other taxes80 22 102 — 102 
Interest expense32 17 49 (2)47 
Income tax expense (benefit)13 4 17 (1)16 
Add: Other segment items(a)
3 2 5 (1)4 
Segment income (loss) / Net income$69 $9 $78 $(1)$77 
(a)    Other segment items for EU&I and GU&I include Gains on sales of other assets and other, net, and Other income and expenses, net.
Six Months Ended June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$985 $435 $1,420 $— $1,420 
Less:
Fuel used in electric generation and purchased power$310 $— $310 $— $310 
Cost of natural gas— 136 136 — 136 
Operation, maintenance and other179 56 235 4 239 
Depreciation and amortization159 75 234 (1)233 
Property and other taxes166 51 217 — 217 
Interest expense63 34 97 1 98 
Income tax expense (benefit)18 17 35 (1)34 
Add: Other segment items(a)
8 4 12 (1)11 
Segment income (loss) / Net income
$98 $70 $168 $(4)$164 
Capital expenditures$303 $168 $471 $— $471 
Segment assets8,378 4,582 12,960 36 12,996 
Six Months Ended June 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$934 $352 $1,286 $— $1,286 
Less:
Fuel used in electric generation and purchased power$270 $— $270 — $270 
Cost of natural gas— 82 82 — 82 
Operation, maintenance and other181 62 243 4 247 
Depreciation and amortization131 64 195 — 195 
Property and other taxes151 53 204 — 204 
Interest expense61 32 93 (1)92 
Income tax expense (benefit)23 13 36 (1)35 
Add: Other segment items(a)
7 4 11 (1)10 
Segment income (loss) / Net income
$124 $50 $174 $(3)$171 
Capital expenditures$273 $144 $417 $— $417 
Segment assets8,034 4,389 12,423 178 12,601 
(a)    Other segment items for EU&I and GU&I include Gains on sales of other assets and other, net, and Other income and expenses, net.
Duke Energy Indiana
Duke Energy Indiana has one reportable segment, EU&I. The remainder of Duke Energy Indiana's operations is presented as Other.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$821 $— $821 $1,679 $— $1,679 
Less:
Fuel used in electric generation and purchased power$219 $— $219 $479 $— $479 
Operation, maintenance and other189 3 192 382 5 387 
Depreciation and amortization222 — 222 414 — 414 
Property and other taxes17 — 17 35 — 35 
Interest expense56 1 57 116 — 116 
Income tax expense (benefit)20 (2)18 38 (2)36 
Add: Other segment items(a)
22 (1)21 32 (1)31 
Segment income (loss) / Net income$120 $(3)$117 $247 $(4)$243 
Capital expenditures$526 $— $526 
Segment assets15,940 240 16,180 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$747 $— $747 $1,506 $— $1,506 
Less:
Fuel used in electric generation and purchased power$223 $— $223 $494 $— $494 
Operation, maintenance and other161 — 161 339 2 341 
Depreciation and amortization172 — 172 341 — 341 
Property and other taxes16 — 16 30 — 30 
Interest expense58 — 58 115 — 115 
Income tax expense (benefit)22 — 22 36 — 36 
Add: Other segment items(a)
16 (1)15 29 (1)28 
Segment income (loss) / Net income$111 $(1)$110 $180 $(3)$177 
Capital expenditures$489 $— $489 
Segment assets15,590 59 15,649 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
Piedmont
Piedmont has one reportable segment, GU&I. The remainder of Piedmont's operations is presented as Other.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Gas
Gas
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$335 $— $335 $1,192 $— $1,192 
Less:
Cost of natural gas$124 $— $124 $396 $— $396 
Operation, maintenance and other101 2 103 195 4 199 
Depreciation and amortization71 — 71 141 — 141 
Property and other taxes19 — 19 37 — 37 
Interest expense47 1 48 94 1 95 
Income tax (benefit) expense
(7)(1)(8)69 (1)68 
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates— 1 1 — 3 3 
Add: Other(a)
11 — 11 22 — 22 
Segment (loss) income / Net (loss) income
$(9)$(1)$(10)$282 $(1)$281 
Capital expenditures$380 $— $380 
Segment assets11,844 87 11,931 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Gas
Gas
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$244 $— $244 $920 $— $920 
Less:
Cost of natural gas$58 $— $58 $228 $— $228 
Operation, maintenance and other83 2 85 178 2 180 
Depreciation and amortization64 — 64 126 — 126 
Property and other taxes16 — 16 31 — 31 
Interest expense43 — 43 88 — 88 
Income tax (benefit) expense
(1)— (1)58 1 59 
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates— 2 2 — 4 4 
Add: Other(a)
15 — 15 30 — 30 
Segment (loss) income / Net (loss) income
$(4)$— $(4)$241 $1 $242 
Capital expenditures$571 $— $571 
Segment assets11,208 93 11,301 
(a)    Other includes Gains on sales of other assets and other, net, and Other income and expenses, net.