v3.26.1
Investments in Debt and Equity Securities
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments In Debt and Equity Securities INVESTMENTS IN DEBT AND EQUITY SECURITIES
Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the nuclear decommissioning trust funds (NDTF) at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as Available for Sale (AFS) and investments in equity securities as fair value through net income (FV-NI).
For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.
Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.
Investment Trusts
The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the objectives and guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.
Other AFS Securities
Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of March 31, 2026, and December 31, 2025.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
DUKE ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $200 $— $— $175 
Equity securities5,135 37 7,269 6,041 14 8,519 
Corporate debt securities6 31 1,329 17 18 1,056 
Municipal bonds2 16 370 4 13 366 
U.S. government bonds15 57 3,176 31 39 2,487 
Other debt securities2 5 296 3 5 284 
Total NDTF Investments$5,160 $146 $12,640 $6,096 $89 $12,887 
Other Investments
Cash and cash equivalents$— $— $229 $— $— $53 
Equity securities54 — 135 57 — 139 
Corporate debt securities— 3 79 — 2 75 
Municipal bonds— 1 67 — 1 67 
U.S. government bonds— 5 54 — 4 59 
Other debt securities— 2 47 — 2 45 
Total Other Investments$54 $11 $611 $57 $9 $438 
Total Investments$5,214 $157 $13,251 $6,153 $98 $13,325 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2026, and 2025, were as follows.
Three Months Ended
(in millions)March 31, 2026March 31, 2025
FV-NI:
 Realized gains $802 $126 
 Realized losses124 41 
AFS:
 Realized gains17 10 
 Realized losses16 20 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $98 $— $— $92 
Equity securities3,032 19 4,175 3,533 10 4,896 
Corporate debt securities3 24 846 9 15 662 
Municipal bonds— 6 46 — 5 42 
U.S. government bonds7 38 1,808 16 26 1,403 
Other debt securities2 5 239 3 5 242 
Total NDTF Investments$3,044 $92 $7,212 $3,561 $61 $7,337 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2026, and 2025, were as follows.
Three Months Ended
(in millions)March 31, 2026March 31, 2025
FV-NI:
 Realized gains$448 $82 
 Realized losses 74 22 
AFS:
 Realized gains11 7 
 Realized losses9 14 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $102 $— $— $83 
Equity securities2,103 18 3,094 2,508 4 3,623 
Corporate debt securities3 7 483 8 3 394 
Municipal bonds2 10 324 4 8 324 
U.S. government bonds8 19 1,368 15 13 1,084 
Other debt securities— — 57 — — 42 
Total NDTF Investments$2,116 $54 $5,428 $2,535 $28 $5,550 
Other Investments
Cash and cash equivalents$— $— $30 $— $— $34 
Municipal bonds— — 25 — — 24 
Total Other Investments$— $— $55 $— $— $58 
Total Investments$2,116 $54 $5,483 $2,535 $28 $5,608 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2026, and 2025, were as follows.
Three Months Ended
(in millions)March 31, 2026March 31, 2025
FV-NI:
 Realized gains$354 $44 
 Realized losses50 19 
AFS:
 Realized gains6 3 
 Realized losses7 6 
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $86 $— $— $71 
Equity securities1,981 18 2,962 2,380 4 3,485 
Corporate debt securities3 7 464 8 3 375 
Municipal bonds2 10 324 4 8 324 
U.S. government bonds8 16 1,262 14 10 958 
Other debt securities— — 55 — — 41 
Total NDTF Investments$1,994 $51 $5,153 $2,406 $25 $5,254 
Other Investments
Cash and cash equivalents$— $— $22 $— $— $24 
Total Other Investments$— $— $22 $— $— $24 
Total Investments$1,994 $51 $5,175 $2,406 $25 $5,278 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2026, and 2025, were as follows.
Three Months Ended
(in millions)March 31, 2026March 31, 2025
FV-NI:
 Realized gains$354 $44 
 Realized losses50 19 
AFS:
 Realized gains6 3 
 Realized losses7 6 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $16 $— $— $12 
Equity securities122 — 132 128 — 138 
Corporate debt securities— — 19 — — 19 
U.S. government bonds— 3 106 1 3 126 
Other debt securities— — 2 — — 1 
Total NDTF Investments(a)
$122 $3 $275 $129 $3 $296 
Other Investments
Cash and cash equivalents$— $— $4 $— $— $5 
Municipal bonds— — 25 — — 24 
Total Other Investments$— $— $29 $— $— $29 
Total Investments$122 $3 $304 $129 $3 $325 
(a)During the three months ended March 31, 2026, and the year ended December 31, 2025, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2026, and 2025, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
March 31, 2026December 31, 2025
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
Investments
Cash and cash equivalents$— $— $1 $— $— $— 
Equity securities5 — 51 6 — 53 
Corporate debt securities— — 1 — — 1 
Municipal bonds— 1 25 — 1 25 
U.S. government bonds— — 3 — — 3 
Total Investments$5 $1 $81 $6 $1 $82 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2026, and 2025, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
March 31, 2026
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$122 $24 $97 $40 $57 $1 
Due after one through five years1,506 814 630 602 28 6 
Due after five through 10 years1,162 633 482 465 17 8 
Due after 10 years2,628 1,468 1,048 998 50 14 
Total$5,418 $2,939 $2,257 $2,105 $152 $29