v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS' EQUITY
Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders.
The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.
Three Months Ended March 31,
(in millions, except per share amounts)20262025
Net Income available to Duke Energy common stockholders
$1,536 $1,365 
Less: Income from discontinued operations attributable to Duke Energy common stockholders
13 — 
Less: Impact of participating securities2 1 
Income from continuing operations available to Duke Energy common stockholders$1,521 $1,364 
Weighted average common shares outstanding – basic
778 777 
Convertible notes / equity forwards
1 — 
Weighted average common shares outstanding – diluted
779 777 
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted(a)
$1.95 $1.76 
Potentially dilutive items excluded from the calculation(b)
2 2 
Dividends declared per common share$1.065 $1.045 
Dividends declared on Series A preferred stock per depositary share(c)
$0.359 $0.359 
(a)Convertible notes were included in the calculation of diluted EPS for the three months ended March 30, 2026, but the impact was immaterial. For the three months ended March 31, 2025, convertible notes were excluded from the calculation of diluted EPS because the effect was antidilutive.
(b)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.
(c)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.
Common Stock
In March 2026, Duke Energy filed a prospectus supplement and executed an Equity Distribution Agreement (EDA) under which it may sell up to $6 billion of its common stock through an at-the-market (ATM) offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy is entitled to issue and sell shares of common stock through September 2028.
The following table shows ATM equity issuances pursuant to forward contracts executed in March 2026.
Tranche
Shares Priced
Initial Forward Price
1
1,129,654$131.82 
2
1,164,943$127.84 
Total
2,294,597
The following table shows ATM equity issuances pursuant to forward contracts executed during the three months ended March 31, 2025.
Tranche
Shares Priced
Initial Forward Price
1
1,710,979$116.02 
2
1,262,618$117.94 
3
1,264,410$117.79 
Total
4,238,007
The equity forwards require Duke Energy to either physically settle the transactions by issuing shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or net settle in whole or in part through the delivery or receipt of cash or shares. The settlement alternatives are at Duke Energy's election. No amounts have or will be recorded in Duke Energy's Condensed Consolidated Financial Statements with respect to the ATM offering until settlement of the equity forwards occurs, which is expected by December 31, 2027. The initial forward sale prices will be subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the relevant forward sale agreements. Until settlement of the equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method.