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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K


ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the Year Ended December 31, 2025
of
DUKE ENERGY
RETIREMENT SAVINGS PLAN


Commission File Number 1-32853


Issuer of Securities held pursuant to the Plan is
DUKE ENERGY CORPORATION
525 South Tryon Street
Charlotte, North Carolina 28202



















DUKE ENERGY
RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
Page
Report of Independent Registered Public Accounting Firm
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025
Notes to Financial Statements
Supplementary Information:
Form 5500, Schedule H, Part IV, Line 4i—Schedule of Assets (Held at End of Year) as of December 31, 2025
Exhibits
Signature


NOTE: All other schedules described by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable.


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Plan Administrator and Plan Participants of
Duke Energy Retirement Savings Plan

Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Duke Energy Retirement Savings Plan (the Plan) as of December 31, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion
These financial statements are the responsibility of Plan’s management (Management). Our responsibility is to express an opinion on the financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by Management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Schedule
The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of Management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements taken as a whole.


/s/ McCONNELL & JONES LLP
Houston, Texas
June 25, 2026
We have served as the Plan’s auditors since 2008.



DUKE ENERGY
RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Benefits
December 31, 2025 and 2024
(in thousands)
20252024
Assets
Investments
Investments at fair value$12,007,330 $10,652,600 
Fully benefit-responsive investment contracts at contract value418,633 466,733 
Total investments12,425,963 11,119,333 
Receivables
Notes receivable from participants147,667 141,558 
Employer's contributions9,858 8,853 
Total receivables157,525 150,411 
Total Assets12,583,488 11,269,744 
Net assets available for benefits$12,583,488 $11,269,744 

See Notes to Financial Statements
4

DUKE ENERGY
RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2025
(in thousands)
Additions to net assets:
Net investment income
Net appreciation in fair value of investments$1,788,199 
Interest and dividends73,052 
Total net investment income1,861,251 
Interest income on notes receivable from participants11,658 
Contributions
Participants348,183 
Employer263,270 
Participants’ rollover29,529 
Total contributions640,982 
Total additions to net assets2,513,891 
Deductions from net assets:
Benefits paid to participants1,194,435 
Administrative fees5,712 
Total deductions from net assets1,200,147 
Net increase during the year1,313,744 
Net assets available for benefits, beginning of year11,269,744 
Net assets available for benefits, end of year$12,583,488 

See Notes to Financial Statements
5
DUKE ENERGY RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2025 and 2024

1. Description of the Plan
The following description of the Duke Energy Retirement Savings Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
Participation and Purpose
The Plan is a defined contribution plan sponsored by Duke Energy Corporation (Duke Energy). Duke Energy and each of its affiliated companies that is at least 80% owned and that participate in the Plan are collectively referred to as the Participating Company. The Plan is administered by the Duke Energy Benefits Committee (Benefits Committee or Plan Administrator) and trusteed by the Fidelity Management Trust Company (Fidelity).
The purpose of the Plan is to provide an opportunity for eligible employees to enhance their long-range financial security through employee contributions, matching contributions and non-elective employer retirement contributions, as applicable, from the Participating Company, and investment among certain investment funds, one of which provides indirect ownership in Duke Energy common stock. The Plan is, in part, an employee stock ownership plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
Generally, employees of the Participating Company are eligible to enter and participate in the Plan if they are paid on the Participating Company’s U. S. payroll system and are non-union (unless agreed to in a collective bargaining agreement).
Contributions
Duke Energy automatically enrolls new full or part-time employees eligible for the Plan. The contributions made to the Plan on the employee’s behalf will be invested in one or more funds selected in accordance with procedures established by the Plan Administrator. The Company match is invested in the same manner as the employee contributions. If an employee chooses not to participate, the employee can contact Fidelity, the recordkeeper, to change the deferral rate to 0%.
Participants may elect to contribute (subject to certain limitations) in the form of pretax, Roth 401(k), and/or after-tax contributions up to 75% of eligible earnings per pay period without regard to years of service. Various provisions of the Internal Revenue Code of 1986, as amended (IRC) may limit the deferrals of some highly compensated employees. All pretax deferrals are exempt, up to the allowed maximum, from federal and most state income tax withholding in the year they are deferred, but are subject to payroll taxes. Participant deferrals are intended to satisfy the requirements of Section 401(k) of the IRC.
The Participating Company generally matches 100% of the first 6% of the employee’s eligible compensation that is contributed to the Plan in the form of pretax and/or Roth 401(k) contributions. A different matching contribution formula may apply to certain groups of employees covered by a collective bargaining agreement. Participant after-tax contributions and matching contributions are intended to satisfy the requirements of Section 401(m) of the IRC. The Participating Company also provides (i) a non-elective employer retirement contribution of 4% of eligible compensation for employees who are not eligible to participate in a defined benefit plan and (ii) discretionary prevailing wage contributions in amounts required to meet prevailing wage/benefit levels for employees subject to prevailing wage requirements. These Participating Company contributions are invested in the same manner as the employee elected contributions.
Participants age 50 or older by the end of the year may contribute an additional pretax and/or Roth 401(k) contribution amount over and above the IRC limits each year. For 2025, the IRC allowed participants age 50 or older to contribute up to $7,500 ($11,250 for participants who attain age 60, 61, 62, or 63 in 2025) over and above the $23,500 pretax and/or Roth 401(k) contribution limit. Participating Company does not provide a company match on these additional contributions.
Rollover Contributions to the Plan
Rollover contributions represent amounts recorded when participants elect to contribute amounts to their Plan accounts from other eligible, tax-qualified retirement plans or qualified individual retirement accounts. Rollover contributions of approximately $29,529 thousand were made to the Plan in 2025.
Investments
Participants may invest their Plan accounts in any or all of the core investment funds offered in the Plan, which include stock, bond, specialty, short-term and target retirement date funds, as well as the Duke Energy Common Stock Fund. The value of an account is updated each business day. As of December 31, 2025, 21 funds were offered for investment.
The Plan offers a brokerage option, BrokerageLink, whereby participants can elect to invest up to 90% of their Plan accounts in numerous publicly traded securities (excluding Duke Energy securities) and mutual funds not offered directly by the Plan.
The Plan also offers an investment advisory service (Professional Management) program through the investment advice and management services provider, Edelmen Financial Engines, LLC (Edelmen Financial Engines). For 2025 and 2024, participants in the Professional Management program were charged an annual fee of 0.195% on their average account balance. Participants may cancel their participation in the Professional Management program at any time without penalty. Online advice through Edelmen Financial Engines is available at no additional cost to the participant.
6
DUKE ENERGY RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2025 and 2024

Participant Accounts
Individual accounts are maintained for each Plan participant. Each participant’s account is credited with participant contributions, Participating Company contributions and allocations of Plan earnings and charged with benefit payments, allocations of Plan losses and administrative expenses. Allocations are based on participant elections and earnings and/or account balances, as defined in the Plan document.
The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. The selection from available investment funds is the sole responsibility of each participant, and the Plan is intended to satisfy the requirements of Section 404(c) of ERISA. A participant may elect or change investment funds and/or the contribution allocation percentage among funds at any time.
Vesting and Distribution
A participant is 100% vested in their Plan account balance attributable to employee and company matching contributions (and earnings on those contributions). Employer retirement contributions and associated investment earnings are subject to a three-year vesting requirement and also vest, if, while employed, the employee dies, becomes disabled or attains age 65. Prevailing wage contributions and associated investment earnings are also subject to a three-year vesting requirement and also vest, if, while employed, the employee dies, becomes disabled or attains age 65. The Plan provides for several different types of in-service withdrawals for certain contributions, including hardship (in compliance with Section 401-(k) of the IRC) and age 59 1/2 withdrawals, and withdrawals of rollover and after-tax accounts at any time.
Forfeitures
Generally, upon distribution of vested balances following termination of employment, participants’ nonvested balances are forfeited. Such forfeitures can be applied to reduce employer contributions or Plan administrative expenses. Forfeitures of $653 thousand and $758 thousand were included in the Plan assets at December 31, 2025, and 2024, respectively. In 2025, forfeited nonvested participant balances of $2,697 thousand were applied to reduce employer contributions and an insignificant amount was used to reduce Plan administrative expenses.
Payment of Benefits
Upon termination of employment, including retirement, death or disability, a participant or, if the participant is deceased, his or her beneficiary, may request the distribution of all or a portion of the balance of the participant’s Plan account. Distributions may be made as soon as practicable after the occasion for the distribution. If the participant attains age 72 after December 31, 2022, and age 73 before January 1, 2033, they are required to begin payments on April 1 following the later of the year they reach age 73 or the year their employment ends. If they attain age 73 after December 31, 2032, they are required to begin payments on April 1 following the later of the year they reach age 75 or the year their employment ends. The participant's entire vested account balance must be distributed to a beneficiary by December 31 of the calendar year containing the fifth anniversary of the participant's death.

If the balance of a participant’s (or beneficiary's) vested account is at least $1, but $7,000 or less (small benefit), it is distributed as soon as practicable. If a distribution election is not made by the participant, the distribution will be made to an individual retirement account (IRA) maintained by Inspira Financial Trust LLC for any participant who has not attained age 71.
In-service withdrawals also are available in certain circumstances.

Notes Receivable from Participants
Participants may borrow, with some limitations, from their accounts a minimum of $1,000 up to a maximum equal to the lesser of (i) $50,000 minus the highest outstanding loan balance during the 12-month period prior to the new loan, or (ii) 50% of their vested account balances. Loans are to be repaid within 58 months, or up to 15 years for the purchase of a primary residence, through regular payroll deductions (and, following termination of employment, as prescribed by the Benefits Committee or its delegate). The loan is secured by 50% of the balance in the participant’s Plan account at the issuance of the loan and bears interest at a rate of 1% more than the prime interest rate in effect at the issuance of the loan, as determined by the Benefits Committee. Principal and interest are paid ratably through payroll deductions (and, following termination of employment, as prescribed by the Benefits Committee or its delegate). Loan receipts will be reinvested based on the participant’s investment election for employee contributions at the time of repayment.
Plan Termination
Duke Energy expects and intends to continue the Plan indefinitely but has the right under the Plan to amend, suspend or terminate the Plan subject to the provisions set forth in ERISA. In the event of termination of the Plan, the net assets of the Plan would be distributed to participants based on their Plan accounts.
7
DUKE ENERGY RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2025 and 2024

2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared on an accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (US GAAP).
Use of Estimates
The preparation of financial statements in conformity with US GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates. The Plan invests in various securities which are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.
Investment Valuation and Income Recognition
Investments are reported at fair value except for the fully benefit-responsive synthetic guaranteed investment contracts (GICs), which are stated at contract value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 7 for discussion of fair value measurements. Contract value represents contributions and reinvested income, less any withdrawals plus accrued interest, because these investments have fully benefit-responsive features. Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. See Note 6 for further discussion of fully benefit-responsive investment contracts.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis and dividends are recorded on the ex-dividend date. Management fees and operating expenses charged to the Plan for investments were deducted from income earned on a daily basis and were not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. No allowance for credit losses has been recorded as of December 31, 2025, and 2024. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.
Payment of Benefits
Benefits paid to participants are recorded when paid.
Administrative Expenses
A portion of administrative expenses of the Plan are paid by Duke Energy.
Plan Management's Review of Subsequent Events
In preparing the accompanying financial statements, Plan management has reviewed all known events that have occurred after December 31, 2025, and through June 25, 2026, which is the date the financial statements were available to be issued, for inclusion in the financial statements and footnotes.
3. Exempt Party-in-Interest Transactions (PII)
The Plan holds shares in BrokerageLink which are self-directed brokerage accounts managed by Fidelity, the trustee of the Plan. The Plan also invests a significant portion of the Duke Energy Common Stock Fund in shares of Duke Energy Common Stock totaling $1,041 million and $1,051 million as of December 31, 2025 and 2024, respectively. The Plan earned dividends thereon of $39 million for the year ended December 31, 2025. These transactions qualify as PII transactions; however, they satisfy an exemption from the prohibited transaction rules under ERISA.
4. Federal Income Tax Status
The Internal Revenue Service (IRS) has determined and informed Duke Energy by a letter dated March 16, 2015, that the Plan is qualified, and the related trust is exempt from federal income tax under the provisions of Section 501(a) of the IRC. The Plan is intended to be tax-qualified under Section 401(a) of the IRC. The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan’s legal counsel believe the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC and the Plan and the related trust continue to be tax exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
8
DUKE ENERGY RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2025 and 2024

US GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. There are no uncertain tax positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is not currently under audit by any taxing jurisdictions.
5. Investment Risk
Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility risks. Further, due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the accompanying Statements of Net Assets Available for Benefits.
The Plan has invested a significant portion of its assets in the Duke Energy Common Stock Fund. This investment in the Duke Energy Common Stock Fund constituted approximately 9% and 10% of the Plan’s net assets available for benefits as of December 31, 2025, and 2024, respectively. As a result of this concentration, any significant fluctuation in the market value of the Duke Energy Common Stock Fund could affect individual participant accounts and the net assets of the Plan.
6. Benefit-Responsive Investments
The Plan has an interest in a Stable Value Fund that has investments in fixed income securities and bond funds and may include derivative instruments, such as futures contracts and swap agreements. The Stable Value Fund also enters into a wrapper contract issued by a third party.
As described in Note 2, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to these contracts. For indirect investments in fully benefit-responsive investment contracts within collective investment trusts, net asset value per share should be calculated in a manner consistent with the measurement principles of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 946, Financial Services - Investment Companies (ASC 946). As required by ASC 946, the net asset value calculated by the fund is based on the net assets, which includes fully benefit-responsive contracts at contract value. This net asset value represents the plan's fair value. As a result, investments are reported on the Statement of Net Assets Available for Benefits at fair value except for the fully benefit-responsive synthetic GICs, which are stated at contract value. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The Stable Value Fund's 2025 contract value of $428 million approximates its fair value of $412 million while the Stable Value Fund's 2024 contract value of $479 million approximates its fair value of $447 million.
Occurrence of certain events may limit the ability of the Plan to transact at contract value with the issuer. The Plan administrator does not believe that the occurrence of such an event is probable.
There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than 0%. Such interest rates are reviewed on a quarterly basis for resetting.
As of December 31, 2025, the contract value of the Plan’s fully benefit-responsive synthetic GICs within the Stable Value Fund was approximately $419 million. As of December 31, 2024, the contract value of the Plan’s fully benefit-responsive synthetic guaranteed contracts within the Stable Value Fund was approximately $467 million.
7. Fair Value Measurements
The FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820), defines fair value, establishes a framework for measuring fair value in US GAAP and expands disclosure requirements about fair value measurements. Under ASC 820, fair value is considered to be the exchange price in an orderly transaction between market participants to sell an asset or transfer a liability at the measurement date. The fair value definition under ASC 820 focuses on an exit price, which is the price that would be received by the Plan to sell an asset or paid to transfer a liability versus an entry price, which would be the price paid to acquire an asset or received to assume a liability. Although ASC 820 does not require additional fair value measurements, it applies to other accounting pronouncements that require or permit fair value measurements.
The Plan determines fair value of financial assets and liabilities based on the following fair value hierarchy, as prescribed by ASC 820, which prioritizes the inputs to valuation techniques used to measure fair value into three levels:
Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities that the Plan has the ability to access. An active market for the asset or liability is one in which transactions for the asset or liability occurs with sufficient frequency and volume to provide ongoing pricing information.
Level 2 inputs: Inputs other than quoted market prices included in Level 1 that are observable, either directly or indirectly, for the asset or liability. Level 2 inputs include, but are not limited to, quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted market prices that are observable for the asset or liability, such as interest rate curves and yield curves observable at commonly quoted intervals, volatilities, credit risk and default rates.
9
DUKE ENERGY RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2025 and 2024

Level 3 inputs: Unobservable inputs for the asset or liability. Unobservable inputs reflect the Plan’s own assumptions about the factors that other market participants would use in pricing an investment that would be based on the best information available in the circumstances.
Changes in Fair Value Levels
The availability of observable market data is monitored to assess the appropriate classification of the Plan’s investments within the fair value hierarchy. Changes in economic conditions or valuation techniques may require the transfer of investments from one fair value level to another. Transfers between levels are evaluated for their significance based upon the nature of the investments and size of the transfer relative to the net assets available for benefits.
The following table provides by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2025:
(in thousands)2025
Description
Total Level 1
Total
Registered investment companies$31,470 $31,470 
Duke Energy common stock1,040,764 1,040,764 
Separately managed accounts:
     Publicly-traded stock518,520 518,520 
     Cash equivalents9,031 9,031 
BrokerageLink1,211,674 1,211,674 
Total2,811,459 2,811,459 
Common collective trusts measured at NAV9,195,871 
Total investments at fair value$12,007,330 
The following table provides by level, within the fair value hierarchy, the Plan's investments at fair value as of December 31, 2024:
(in thousands)2024
Description
Total Level 1
Total
Registered investment companies$23,413 $23,413 
Duke Energy common stock1,051,141 1,051,141 
Separately managed accounts:
     Publicly-traded stock492,601 492,601 
     Cash equivalents6,892 6,892 
BrokerageLink1,073,318 1,073,318 
Total2,647,365 2,647,365 
Common collective trusts measured at NAV8,005,235 
Total investments at fair value$10,652,600 
Valuation methods of the primary fair value measurements disclosed above are as follows.
Registered investment companies (mutual funds): Investments in shares of registered investment companies are valued at quoted market prices in active markets which represent the net asset value of such shares at year-end. Investments in shares of actively traded money market mutual funds are stated at the net asset value of such shares held at year-end.
Company Stock and common stock: Company Stock and other publicly traded common stock are valued at their quoted market price in active markets.
Cash equivalents: Cash equivalents include interest-bearing cash deposits and short-term money market funds. These balances are maintained to meet short-term liquidity needs and to facilitate pending securities purchases or sales.
Common collective trusts: Valued using the Net Asset Value ("NAV") as a practical expedient and are not categorized in the fair value hierarchy.
There have been no changes in the methodologies used at December 31, 2025 or 2024.
8. Plan Changes
Effective January 1, 2024, the small account cash-out provision was revised.
Effective January 1, 2024, prevailing wage contributions were added.
Effective January 1, 2024, the list of affiliated sponsors was updated.
10
DUKE ENERGY RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 2025 and 2024

Effective January 1, 2024, the required beginning date and other minimum required distributions provisions were modified to reflect SECURE 2.0 guidance.
Effective January 1, 2024, the provisions regarding the use of forfeitures were clarified.
Effective April 1, 2024, special vesting provisions were added in connection with outsourcing certain employees.
Effective November 8, 2024, Hurricane relief was added to filing deadlines under the claims procedure.
Effective January 1, 2025, the higher catch-up contribution limit for participants who would attain age 60 but not age 64 during a year was added.
Effective January 1, 2025, installments were added as a form of distribution for beneficiaries.
Effective January 1, 2025, partial distributions and installments were added as forms of distribution for the money purchase plan account.
Effective January 1, 2026, changes to the matching contribution formula and eligible earnings were made for employees covered by the collective bargaining agreement with IBEW Local 1393.
Effective January 1, 2026, requirement was added that catch-up contributions be made as Roth contributions for certain high wage earners.
11

DUKE ENERGY RETIREMENT SAVINGS PLAN
EIN: 20-2777218 PN: 002
Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2025

(a)(b) Identity of Issue, Borrower, Lessor or Similar Party(c) Description of Investment  including Maturity Date, Rate of Interest, Collateral, Par or  Maturity Value(d) Cost
(e) Current
 Market Value (in thousands)


*BrokerageLinkSelf-directed accounts**$1,211,674 
Massachusetts Mutual Life Insurance CompanyGuaranteed Investment Contract # 30202**72,246 
Transamerica Life Insurance CompanyGuaranteed Investment Contract # MDA00951TR**74,088 
The Prudential Insurance Company of AmericaGuaranteed Investment Contract # GA-62468**71,728 
Voya Retirement Insurance and Annuity CompanyGuaranteed Investment Contract # 60376**52,698 
Nationwide Life Insurance CompanyGuaranteed Investment Contract # GAL_DUKE_IP_0114**76,017 
American General Life Insurance CompanyGuaranteed Investment Contract # 1651431**71,856 
*Duke Energy Common StockCommon Stock**1,040,764 
*Fidelity DUKE ENERGY HOLDING ACCOUNTRegistered Investment Company**4,981 
*JPMORGAN:PRIME MM;CAPRegistered Investment Company**233 
*Fidelity Treasury Portfolio InstitutionRegistered Investment Company**26,256 
*0-5 YEAR U.S. TIPS FUNDCommon Collective Trusts**51,879 
*BLACKROCK MSCI ACWI EX-U.S. INDEX FCommon Collective Trusts**944,906 
*BLACKROCK RUSS 2500 INDEX FDCommon Collective Trusts**520,578 
*BLACKROCK U.S. DEBT INDEX FCommon Collective Trusts**438,922 
*BLK MSCI ACWI Ex-US IMI Idx Fund ECommon Collective Trusts**100,023 
*BTC EQUITY INDEX FUND CL FCommon Collective Trusts**3,997,169 
*BTC TRSY INFL PROTCTD SECS FDCommon Collective Trusts**4,123 
*CREDIT SUISSE ENH COMDTY RET TRST CL 0RSCommon Collective Trusts**4,954 
*DIVERSIFIED EQUITY FUND FCommon Collective Trusts**645,503 
*DIVERSIFIED FIXED INCOME FUND FCommon Collective Trusts**358,060 
*DIVERSIFIED TACTICAL FUND FCommon Collective Trusts**454,713 
*DWS RREEF GIB Real EstateCommon Collective Trusts**27,740 
*EMERGING MARKETS ALPHA TILTS - ENHCommon Collective Trusts**202,679 
*ENHANCED ROLL YIELD INDEX FU CL1Common Collective Trusts**7,228 
*FIRST SENTIER GLBL INFRAST (CIT)Common Collective Trusts**3,699 
*GLOBAL CORE INFRASTRUCTURE I CL1Common Collective Trusts**18,133 
*HIGH YIELD PORTFOLIO INSTL CLCommon Collective Trusts**3,413 
*INTERMEDIATE GOVT BOND INDEX FUNDCommon Collective Trusts**42,378 
*LONG TERM CREDIT BOND INDEX FUNDCommon Collective Trusts**35,440 
*Long Term Gov Bd Index FdCommon Collective Trusts**36,935 
*LSV INTERNATIONAL ACWI EX-US VALUE EQUITY FUND CL-Common Collective Trusts**156,480 
*PIMCO ASSET BACK SECS PORT-UNLCommon Collective Trusts**71,844 
*PIMCO EMMERG MKTS FD INST CLCommon Collective Trusts**8,485 
*PIMCO INTL PORT FUND(UNLISTED)Common Collective Trusts**7,307 
*PIMCO INV GRD CORP PORT(UNLST)Common Collective Trusts**72,360 
*PIMCO MTG PORT INSTL CL(UNLST)Common Collective Trusts**39,396 
*PIMCO MUNI SECTR PORT INSTL CLCommon Collective Trusts**3,354 
*PIMCO REAL RETRN BD FD INST CLCommon Collective Trusts**15,379 
*PIMCO SHORT TM FLT NAV PORT IICommon Collective Trusts**26,066 
*PIMCO US GOVT SECTOR PORT INSTCommon Collective Trusts**46,623 
*Russell 1000 Index FundCommon Collective Trusts**223,563 
12

DUKE ENERGY RETIREMENT SAVINGS PLAN
EIN: 20-2777218 PN: 002
Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2025

(a)(b) Identity of Issue, Borrower, Lessor or Similar Party(c) Description of Investment  including Maturity Date, Rate of Interest, Collateral, Par or  Maturity Value(d) Cost
(e) Current
 Market Value (in thousands)


*Russell 2000 Index Fund ACommon Collective Trusts**68,232 
SEI Trust CompanyCommon Collective Trusts**8,915 
*SHORT-TERM INVESTMENT FUNDCommon Collective Trusts**8 
*US REAL ESTATE SECURITIES FU CL1Common Collective Trusts**63,401 
*US Securitized Index Fund ECommon Collective Trusts**12,304 
*WILLIAM BLAIR INTERNATIONAL LEADERS CIT CLASS 6Common Collective Trusts**139,679 
*WORLD EX-US ALPHA TILTS - ENHANCEDCommon Collective Trusts**333,995 
*US DollarCurrency**9,031 
*AAR CORPPublicly-traded stock**2,421 
*ACADEMY SPORTS & OUTDOORS INPublicly-traded stock**3,551 
*ACI WORLDWIDE INCPublicly-traded stock**4,695 
*ADVANCED DRAINAGE SYSTEMS INPublicly-traded stock**2,426 
*ALIGNMENT HEALTHCARE INCPublicly-traded stock**4,672 
*ALMONTY INDUSTRIES INCPublicly-traded stock**886 
*ALPHATEC HOLDINGS INCPublicly-traded stock**901 
*AMDOCS LTDPublicly-traded stock**1,315 
*API GROUP CORPPublicly-traded stock**2,799 
*APOGEE ENTERPRISES INCPublicly-traded stock**1,157 
*APPLIED DIGITAL CORPPublicly-traded stock**16,625 
*APPLIED OPTOELECTRONICS INCPublicly-traded stock**1,708 
*ARCELLX INCPublicly-traded stock**700 
*ATRICURE INCPublicly-traded stock**3,913 
*AVANTOR INCPublicly-traded stock**911 
*AVIENT CORPORATION COMPublicly-traded stock**1,786 
*AVISTA CORPPublicly-traded stock**2,573 
*AXALTA COATING SYSTEMS LTDPublicly-traded stock**2,463 
*AXON ENTERPRISE INCPublicly-traded stock**1,313 
*AXSOME THERAPEUTICS INCPublicly-traded stock**2,153 
*AXT INCPublicly-traded stock**1,258 
*BABCOCK & WILCOX ENTERPRPublicly-traded stock**2,133 
*BALL CORP COMPublicly-traded stock**3,903 
*BJ'S WHOLESALE CLUB HOLDINGSPublicly-traded stock**1,820 
*BLACKBERRY LTDPublicly-traded stock**1,591 
*BLACKLINE INCPublicly-traded stock**1,145 
*BLOOM ENERGY CORP- APublicly-traded stock**4,244 
*BLUE BIRD CORPPublicly-traded stock**1,392 
*BOISE CASCADE COPublicly-traded stock**1,196 
*BORG WARNER INCPublicly-traded stock**1,491 
*BRIDGEBIO PHARMA INCPublicly-traded stock**3,169 
*BRIXMOR PROPERTY GROUP INCPublicly-traded stock**1,187 
*BRUNSWICK CORPPublicly-traded stock**4,044 
*BWX TECHNOLOGIES INCPublicly-traded stock**1,283 
*CALAVO GROWERS INCPublicly-traded stock**1,096 
*CALIX INC.Publicly-traded stock**1,060 
*CAMPING WORLD HOLDINGS INC-APublicly-traded stock**977 
*CELSIUS HOLDINGS INCPublicly-traded stock**3,532 
*CHEESECAKE FACTORY INC/THEPublicly-traded stock**1,815 
13

DUKE ENERGY RETIREMENT SAVINGS PLAN
EIN: 20-2777218 PN: 002
Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2025

(a)(b) Identity of Issue, Borrower, Lessor or Similar Party(c) Description of Investment  including Maturity Date, Rate of Interest, Collateral, Par or  Maturity Value(d) Cost
(e) Current
 Market Value (in thousands)


*CHORD ENERGY CORPPublicly-traded stock**1,877 
*CIENA CORPPublicly-traded stock**3,205 
*CLEAN HARBORS INCPublicly-traded stock**1,164 
*CLEARWATER ANALYTICS HDS-APublicly-traded stock**3,278 
*COMFORT SYSTEMS USA INCPublicly-traded stock**7,281 
*COOPER COS INC/THEPublicly-traded stock**1,320 
*COPT DEFENSE PROPERTIESPublicly-traded stock**1,714 
*CORE & MAIN INC-CLASS APublicly-traded stock**2,171 
*CRINETICS PHARMACEUTICALS INPublicly-traded stock**1,379 
*CROWN HOLDINGS INCPublicly-traded stock**1,837 
*CULLEN/FROST BANKERS INCPublicly-traded stock**2,923 
*CUSTOMERS BANCOPublicly-traded stock**4,258 
*DAVE INCPublicly-traded stock**7,161 
*DELUXE CORPPublicly-traded stock**1,665 
*DENISON MINES CORPPublicly-traded stock**2,735 
*DIGITALOCEAN HOLDINGS INCPublicly-traded stock**1,744 
*DOMINO'S PIZZA INCPublicly-traded stock**1,874 
*EAGLE MATERIALS INCPublicly-traded stock**4,434 
*EAST WEST BANCORP INCPublicly-traded stock**2,360 
*ENERSYSPublicly-traded stock**3,326 
*ENOVIS CORPPublicly-traded stock**1,510 
*ENSIGN GROUP INC/THEPublicly-traded stock**3,013 
*ESCO TECHNOLOGIES INCPublicly-traded stock**1,862 
*ESSENTIAL UTILS INC COMPublicly-traded stock**1,473 
*EVERCORE INC - APublicly-traded stock**1,821 
*EVEREST GROUP LTD COMPublicly-traded stock**1,439 
*EXLSERVICE HOLDINGS INCPublicly-traded stock**2,254 
*FABRINETPublicly-traded stock**1,235 
*FB FINL CORPPublicly-traded stock**1,606 
*FEDERAL REALTY INVS TRUSTPublicly-traded stock**1,851 
*FIRSTCASH HOLDINGS INCPublicly-traded stock**5,602 
*FIVE BELOWPublicly-traded stock**1,651 
*FLOWSERVE CORPPublicly-traded stock**4,275 
*FRESHPET INCPublicly-traded stock**980 
*FULLER H B COPublicly-traded stock**1,386 
*GENIUS SPORTS LTDPublicly-traded stock**2,083 
*GLACIER BANCORP INCPublicly-traded stock**2,461 
*GLACIER BANCORP INC NEWPublicly-traded stock**2,447 
*GLOBALSTARPublicly-traded stock**2,852 
*GRAND CANYON EDUCATION INCPublicly-traded stock**1,977 
*GRANITE CONSTRUCTION INCPublicly-traded stock**3,681 
*GREIF INCPublicly-traded stock**2,535 
*GUARDANT HEALTH INCPublicly-traded stock**2,897 
*GULFPORT ENERGY CORPPublicly-traded stock**1,382 
*HA SUSTAINABLE INFRASTRUCTUREPublicly-traded stock**1,033 
*HAMILTON LANE INCPublicly-traded stock**1,404 
*HCI GROUP INCPublicly-traded stock**5,497 
*HELIOS TECHNOLOGIES INC COMPublicly-traded stock**444 
14

DUKE ENERGY RETIREMENT SAVINGS PLAN
EIN: 20-2777218 PN: 002
Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2025

(a)(b) Identity of Issue, Borrower, Lessor or Similar Party(c) Description of Investment  including Maturity Date, Rate of Interest, Collateral, Par or  Maturity Value(d) Cost
(e) Current
 Market Value (in thousands)


*HENRY SCHEIN INCPublicly-traded stock**1,198 
*HUB GROUP INCPublicly-traded stock**1,292 
*HUBBELL INCPublicly-traded stock**1,923 
*HUT 8 CORPPublicly-traded stock**1,386 
*IDACORP INCPublicly-traded stock**3,081 
*IDACORP INC COMPublicly-traded stock**908 
*IDEX CORPPublicly-traded stock**3,436 
*INDEPENDENT BANK CORP MASSPublicly-traded stock**2,983 
*INSMED INCPublicly-traded stock**2,773 
*INTEGER HOLDINGS CORPPublicly-traded stock**1,904 
*INTERFACE INCPublicly-traded stock**1,750 
*INTERPARFUMS INCPublicly-traded stock**1,869 
*JOHNSON OUTDOORS INCPublicly-traded stock**941 
*KARMAN HOLDINGS INCPublicly-traded stock**3,261 
*KB HOMEPublicly-traded stock**1,541 
*KENNAMETAL INCPublicly-traded stock**1,060 
*KFORCE INCPublicly-traded stock**972 
*KNIGHT-SWIFT TRANSPORTATIONPublicly-traded stock**2,577 
*KODIAK GAS SVCS INC COMPublicly-traded stock**1,245 
*KRATOS DEFENSE & SECURITYPublicly-traded stock**8,711 
*KRYSTAL BIOTECH INCPublicly-traded stock**4,852 
*KURA SUSHI USA INC CLASS APublicly-traded stock**990 
*LAMB WESTON HLDGS INCPublicly-traded stock**2,518 
*LANDBRIDGE CO LLC-APublicly-traded stock**147 
*LATTICE SEMICONDUCTOR CORPPublicly-traded stock**3,480 
*LIFE TIME GROUP HOLDINGS INCPublicly-traded stock**3,744 
*LIGHTPATH TECHNOLOGIES INC-APublicly-traded stock**632 
*LINCOLN ELEC HLDGS INCPublicly-traded stock**1,525 
*LITHIA MOTORS INCPublicly-traded stock**2,456 
*LITTELFUSE INCPublicly-traded stock**1,916 
*LKQ CORPPublicly-traded stock**2,121 
*LOVESAC CO/THEPublicly-traded stock**567 
*LUMENTUM HOLDINGS INCPublicly-traded stock**3,623 
*MADRIGAL PHARMACEUTICALS INCPublicly-traded stock**4,721 
*MAREX GROUP PLCPublicly-traded stock**1,890 
*MASTEC INCPublicly-traded stock**10,601 
*MCCORMICK AND CO INCPublicly-traded stock**1,826 
*MERCURY GENERAL CORPPublicly-traded stock**1,987 
*MILLERKNOLL INCPublicly-traded stock**1,251 
*MIRION TECHNOLOGIES INCPublicly-traded stock**2,493 
*MIRUM PHARMACEUTICALS INCPublicly-traded stock**709 
*MODINE MANUFACTURING COPublicly-traded stock**5,190 
*MOOG INC-CLASS APublicly-traded stock**1,363 
*MSA SAFETY INCPublicly-traded stock**2,399 
*MSC INDL DIRECT INCPublicly-traded stock**1,624 
*NATIONAL BK HLDGS CORPPublicly-traded stock**1,597 
*NATIONAL FUEL GAS COPublicly-traded stock**2,547 
*NCINO INCPublicly-traded stock**1,205 
15

DUKE ENERGY RETIREMENT SAVINGS PLAN
EIN: 20-2777218 PN: 002
Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2025

(a)(b) Identity of Issue, Borrower, Lessor or Similar Party(c) Description of Investment  including Maturity Date, Rate of Interest, Collateral, Par or  Maturity Value(d) Cost
(e) Current
 Market Value (in thousands)


*NETAPP INCPublicly-traded stock**1,866 
*NEUROCRINE BIOSCIENCES INCPublicly-traded stock**1,457 
*NEWELL BRANDS INC COMPublicly-traded stock**2,044 
*NEWMARK GROUP INC-CLASS APublicly-traded stock**1,273 
*NLIGHT INCPublicly-traded stock**1,153 
*NNN REIT INC COMPublicly-traded stock**1,480 
*NORTHERN OIL AND GAS INCPublicly-traded stock**1,048 
*NUVALENT INC-APublicly-traded stock**1,575 
*ODDITY TECH LTD-CL APublicly-traded stock**1,136 
*OLLIE`S BARGAIN OUTLET HLDG INCPublicly-traded stock**3,193 
*ONDAS HOLDINGS INCPublicly-traded stock**3,769 
*OSI SYSTEMS INCPublicly-traded stock**3,686 
*PACKAGING CORP OF AMERICAPublicly-traded stock**2,500 
*PAN AMERICAN SILVER CORPPublicly-traded stock**1,268 
*PAPA JOHNS INTL INCPublicly-traded stock**2,582 
*PAR TECHNOLOGY CORP/DELPublicly-traded stock**726 
*PEGASYSTEMS INCPublicly-traded stock**1,869 
*PEGASYTEMS INCPublicly-traded stock**2,988 
*PERMIAN RESOURCES CORP-CL APublicly-traded stock**2,514 
*PIPER SANDLER COSPublicly-traded stock**1,784 
*POOL CORPORATIONPublicly-traded stock**2,179 
*POTLATCHDELTIC CORPPublicly-traded stock**2,240 
*POTLATCHDELTIC CORPORATION COMPublicly-traded stock**4,172 
*PRAXIS PRECISION MEDICINES IPublicly-traded stock**2,650 
*PTC THERAPEUTICS INCPublicly-traded stock**2,460 
*Q2 HOLDINGS INCPublicly-traded stock**1,083 
*QUAKER HOUGHTON COMPublicly-traded stock**1,683 
*QXO INCPublicly-traded stock**4,763 
*RADNET INCPublicly-traded stock**3,266 
*RAMBUS INCPublicly-traded stock**3,896 
*RENAISSANCERE HOLDINGS LTDPublicly-traded stock**1,850 
*REVOLUTION MEDICINES INCPublicly-traded stock**2,487 
*REXFORD INDUSTRIAL REALTY INPublicly-traded stock**2,435 
*RHYTHM PHARMACEUTICALS INCPublicly-traded stock**820 
*ROBERT HALF INTL INCPublicly-traded stock**2,744 
*ROYAL GOLD INCPublicly-traded stock**1,791 
*RUSH STREET INTERACTIVE INCPublicly-traded stock**1,934 
*RXO INCPublicly-traded stock**961 
*SCHNEIDER NATIONAL INCPublicly-traded stock**2,381 
*SCHNEIDER NATIONAL INC-CL BPublicly-traded stock**1,025 
*SCHOLAR ROCK HOLDING CORPPublicly-traded stock**2,836 
*SCOTTS COPublicly-traded stock**1,732 
*SEACOAST BKG CORP FLAPublicly-traded stock**2,763 
*SELECT MEDICAL HOLDINGS CORPPublicly-traded stock**777 
*SELECT WATER SOLUTIONS INC CL A COMPublicly-traded stock**1,479 
*SEMTECH CORPPublicly-traded stock**5,278 
*SENSIENT TECHNOLOGIES CORPPublicly-traded stock**2,492 
*SIGNET JEWELERS LTDPublicly-traded stock**2,436 
16

DUKE ENERGY RETIREMENT SAVINGS PLAN
EIN: 20-2777218 PN: 002
Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2025

(a)(b) Identity of Issue, Borrower, Lessor or Similar Party(c) Description of Investment  including Maturity Date, Rate of Interest, Collateral, Par or  Maturity Value(d) Cost
(e) Current
 Market Value (in thousands)


*SITIME CORPPublicly-traded stock**3,624 
*SMITH AND NEPHEW PLCPublicly-traded stock**2,044 
*SOLENO THERAPEUTICS INCPublicly-traded stock**922 
*SOUTHSTATE BANK CORPPublicly-traded stock**3,141 
*SOUTHSTATE BANK CORPORATION COMPublicly-traded stock**2,550 
*STEPAN COPublicly-traded stock**1,607 
*SYNDAX PHARMACEUTICALS INCPublicly-traded stock**1,531 
*TELEFLEX INCPublicly-traded stock**1,399 
*TENNANT COPublicly-traded stock**1,113 
*TEXAS ROADHOUSE INCPublicly-traded stock**1,909 
*TG THERAPEUTICS INCPublicly-traded stock**1,695 
*THOR INDS INCPublicly-traded stock**1,634 
*TIMKEN COPublicly-traded stock**4,487 
*TORO COPublicly-traded stock**2,493 
*TOWER SEMICONDUCTOR LTDPublicly-traded stock**1,283 
*TRANSCAT INCPublicly-traded stock**1,182 
*TRANSMEDICS GROUP INCPublicly-traded stock**2,658 
*TTM TECHNOLOGIESPublicly-traded stock**1,694 
*UFP INDUSTRIES INC COMPublicly-traded stock**1,808 
*UNITED STATES ANTIMONY CORPPublicly-traded stock**461 
*UNITY SOFTWARE INCPublicly-traded stock**3,798 
*UNIVERSAL DISPLAY CORPPublicly-traded stock**1,826 
*UNIVERSAL TECHNICAL INSTITUTPublicly-traded stock**1,605 
*US FOODS HOLDING CORPPublicly-traded stock**1,310 
*V F CORPPublicly-traded stock**2,502 
*VAIL RESORTS INCPublicly-traded stock**1,320 
*VERRA MOBILITY CORPPublicly-traded stock**2,184 
*VIPER ENERGY INC CL APublicly-traded stock**1,228 
*VISHAY INTERTECHNOLOGY INCPublicly-traded stock**1,638 
*VISTEON CORPPublicly-traded stock**180 
*VSE CORPPublicly-traded stock**409 
*WALKER N DUNLOP INCPublicly-traded stock**2,402 
*WARNER MUSIC GROUP CORP-CL APublicly-traded stock**2,075 
*WATERBRIDGE INFRASTRUC-CL APublicly-traded stock**382 
*WEATHERFORD INTL PLCPublicly-traded stock**1,729 
*WERNER ENTERPRISES INCPublicly-traded stock**3,414 
*WESBANCO INCPublicly-traded stock**1,188 
*WESTERN ALLIANCE BANCORPPublicly-traded stock**792 
*WINTRUST FINANCIAL CORPPublicly-traded stock**2,666 
*XOMETRY INC-APublicly-traded stock**825 
*XPO INCPublicly-traded stock**6,847 
12,425,963 
*Participant Loans
Interest Rates of 3.25% - 9.5%
– 0 –147,667 
Total$12,573,630 
* Permitted party-in-interest
** Cost information is not required for participant-directed investments and, therefore, is not included
17

EXHIBITS
Exhibit NumberDescription
23.1
18

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Duke Energy Benefits Committee has duly caused this Annual Report to be signed on its behalf by the undersigned thereunto duly authorized.
DUKE ENERGY RETIREMENT SAVINGS PLAN
Date:
June 25, 2026By:/s/ Renee Metzler
Renee Metzler
VP, Total Rewards & HR Operations
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ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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