v3.26.1
Debt and Credit Facilities
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt and Credit Facilities DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).
Three Months Ended March 31, 2026
Duke DukeDuke
MaturityInterestDukeEnergyEnergy Energy
Issuance DateDateRateEnergy(Parent)FloridaIndiana
Unsecured Debt
March 2026(a)
March 2029
3.000 %1,500 1,500 — — 
First Mortgage Bonds
March 2026(b)
March 2036
4.950 %500 — — 500 
March 2026(c)
April 2076
3.300 %275 — 275 — 
Total issuances$2,275 $1,500 $275 $500 
(a)See "Duke Energy (Parent) Convertible Senior Notes" below for additional information.
(b)Proceeds were used to pay down short-term debt and for general company purposes.
(c)Floating interest rate debt. Proceeds were used to pay down short-term debt and for general company purposes.
Duke Energy (Parent) Convertible Senior Notes
On April 15, 2026, Duke Energy (Parent) settled all of its outstanding 4.125% Convertible Senior Notes due April 2026 (the “Notes due 2026”) upon conversion. In accordance with the terms of the indenture and at the Company's election, Duke Energy paid approximately $1.7 billion in cash equal to the aggregate principal amount of the Notes due 2026 and issued 1.4 million shares of its common stock to settle the conversion premium, as the conversion value exceeded the principal amount of the Notes due 2026.
In March 2026, Duke Energy (Parent) completed the sale of $1.5 billion 3.000% Convertible Senior Notes due March 2029 (convertible notes). The convertible notes are senior unsecured obligations of Duke Energy, and will mature on March 15, 2029, unless earlier converted or repurchased in accordance with their terms. The convertible notes bear interest at a fixed rate of 3.000% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2026. Proceeds were used to repay a portion of $1.7 billion of outstanding convertible senior notes due April 2026 and for general corporate purposes.
Prior to the close of business on the business day immediately preceding December 15, 2028, the convertible notes will be convertible at the option of the holders when the following conditions are met:
•during any calendar quarter commencing after the calendar quarter ending on June 30, 2026 (and only during such calendar quarter), if the last reported sale price of Duke Energy common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•during the five consecutive business day period after any ten consecutive trading day period (the measurement period) in which the trading price, as defined, per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Duke Energy common stock and the conversion rate on each such trading day; or
•upon the occurrence of specified corporate events described in the indenture agreement.
On or after December 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the convertible notes may convert all or any portion of their convertible notes at their option at any time at the conversion rate then in effect, irrespective of these conditions. Duke Energy will settle conversions of the convertible notes by paying cash up to the aggregate principal amount of the convertible notes to be converted and paying or delivering, as the case may be, cash, shares of Duke Energy's common stock, $0.001 par value per share, or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the convertible notes being converted.
The conversion rate for the convertible notes is initially 6.2277 shares of Duke Energy's common stock per $1,000 principal amount of convertible notes. The initial conversion price of the convertible notes represents a premium of approximately 22.5% over the last reported sale price of Duke Energy’s common stock on the NYSE on March 9, 2026. The conversion rate and the corresponding conversion price will not be adjusted for any accrued and unpaid interest but will be subject to adjustment in some instances, such as stock splits or share combinations, certain distributions to common stockholders, or tender offers at off-market rates. The changes in the conversion rates are intended to make convertible note holders whole for changes in the fair value of Duke Energy common stock resulting from such events. Duke Energy may not redeem the convertible notes prior to the maturity date.
Duke Energy issued the convertible notes pursuant to an indenture, dated as of March 12, 2026, by and between Duke Energy and The Bank of New York Mellon Trust Company, N.A., as trustee. The terms of the convertible notes include customary fundamental change provisions that require repayment of the notes with interest upon certain events, such as a stockholder approved plan of liquidation or if Duke Energy's common stock ceases to be listed on the NYSE.
CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions)Maturity DateInterest RateMarch 31, 2026
Unsecured Debt
Duke Energy (Parent) Convertible Senior Notes
April 20264.125 %1,725 
Duke Energy (Parent)
September 20262.650 %1,500 
Duke Energy (Parent)
January 20274.850 %600 
Duke Energy Carolinas Term Loan Facility(a)
March 20274.522 %1,000 
First Mortgage Bonds
Duke Energy Carolinas
December 2026
2.950 %600 
Duke Energy Florida
January 2027
3.200 %650 
Duke Energy Progress
March 2027
4.350 %500 
Duke Energy Florida(a)(b)
October 2073
3.608 %200 
Duke Energy Florida(a)(b)
April 20743.608 %173 
Duke Energy Progress(c)
October 20463.300 %200 
Other(d)
247 
Current maturities of long-term debt$7,395 
(a)Floating interest rate debt.
(b)These first mortgage bonds are classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders.
(c)These tax-exempt bonds are secured by first mortgage bonds and are classified as Current maturities of long-term debt on the Consolidated Balance Sheets as of March 31, 2026, due to a mandatory put option expiring October 1, 2026. Duke Energy Progress anticipates remarketing the bonds and the securities are expected to be reclassified to Long-Term Debt at that time.
(d)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.
AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2026, Duke Energy extended the termination date of its existing $10 billion Master Credit Facility to March 2031. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder.
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
March 31, 2026
DukeDukeDukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergyEnergyEnergy
(in millions)Energy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Facility size(a)
$10,000 $3,150 $1,950 $1,575 $700 $1,075 $750 $800 
Reduction to backstop issuances
Commercial paper(b)
(1,914)(207)(772)(627)(79)(79)(150)— 
Outstanding letters of credit(7)(2)(4)(1)— — — — 
Tax-exempt bonds(81)— — — — — (81)— 
Available capacity under the Master Credit Facility$7,998 $2,941 $1,174 $947 $621 $996 $519 $800 
(a)Represents the sublimit of each borrower.
(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.
Term Loan Facilities
Duke Energy (Parent)
In September 2025, Duke Energy (Parent) entered into a 364-day term loan facility with commitments totaling $2 billion. As of December 31, 2025, $2.0 billion was drawn under the term loan facility, which was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. Borrowings were used to pay down short-term debt and for general corporate purposes. In March 2026, Duke Energy (Parent) repaid the term loan facility.
Duke Energy Carolinas and Duke Energy Progress
In March 2026, Duke Energy Carolinas and Duke Energy Progress entered into 364-day term loan facilities with commitments totaling $1.5 billion and $300 million, respectively. As of March 31, 2026, $1 billion in borrowings under the term loan facility for Duke Energy Carolinas was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. Borrowings were used primarily to fund incurred fuel and storm costs, to pay down short-term debt and for general company purposes.
Piedmont
In August 2025, Piedmont entered into a 364-day term loan facility with commitments totaling $450 million. In September 2025, $450 million was drawn under the term loan facility, which was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets as of December 31, 2025. Proceeds were used to repay $150 million of maturities due September 2025, to pay down short-term debt and for general corporate purposes. In March 2026, Piedmont repaid the term loan facility.