Duke Energy CORPDUK
Duke Energy CORP Debt Disclosure
DEBT AND CREDIT FACILITIES
Summary of Debt and Related Terms
The following tables summarize outstanding debt.
| December 31, 2025 | ||||||||||||||||||||||||||||||||
| Weighted | ||||||||||||||||||||||||||||||||
| Average | Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
| Interest | Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
| (in millions) | Rate | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
| Unsecured debt, maturing 2026-2082 | 4.63 | % | $ | 35,585 | $ | 1,150 | $ | 1,800 | $ | — | $ | 150 | $ | 1,285 | $ | 386 | $ | 4,275 | ||||||||||||||
| Secured debt, maturing 2028-2052 | 3.85 | % | 4,279 | 2,115 | 2,109 | 1,290 | 818 | — | — | — | ||||||||||||||||||||||
First mortgage bonds, maturing 2026-2074(a) | 4.33 | % | 44,289 | 15,053 | 21,923 | 11,576 | 10,349 | 3,075 | 4,238 | — | ||||||||||||||||||||||
| Finance leases, maturing 2027-2064 | 576 | 272 | 569 | 481 | 88 | — | 10 | — | ||||||||||||||||||||||||
Tax-exempt bonds, maturing 2027-2046(b) | 3.54 | % | 1,331 | — | 500 | 500 | — | 77 | 352 | — | ||||||||||||||||||||||
Notes payable and commercial paper(c) | 3.95 | % | 3,254 | — | — | — | — | — | — | — | ||||||||||||||||||||||
| Money pool/intercompany borrowings | — | 300 | 150 | 150 | — | 38 | 325 | 609 | ||||||||||||||||||||||||
| Fair value hedge carrying value adjustment | 176 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Unamortized debt discount and premium, net(d) | 762 | (20) | (44) | (25) | (19) | (22) | (16) | (7) | ||||||||||||||||||||||||
Unamortized debt issuance costs(e) | (416) | (93) | (159) | (76) | (79) | (20) | (27) | (17) | ||||||||||||||||||||||||
| Total debt | 4.41 | % | $ | 89,836 | $ | 18,777 | $ | 26,848 | $ | 13,896 | $ | 11,307 | $ | 4,433 | $ | 5,268 | $ | 4,860 | ||||||||||||||
| Short-term notes payable and commercial paper | (2,624) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| Short-term money pool/intercompany borrowings | — | — | — | — | — | (13) | (175) | (609) | ||||||||||||||||||||||||
Current maturities of long-term debt(f) | (7,104) | (629) | (722) | (285) | (437) | (45) | (4) | (490) | ||||||||||||||||||||||||
Total long-term debt(f) | $ | 80,108 | $ | 18,148 | $ | 26,126 | $ | 13,611 | $ | 10,870 | $ | 4,375 | $ | 5,089 | $ | 3,761 | ||||||||||||||||
(a)Substantially all electric utility property is mortgaged under mortgage bond indentures.
(b)Substantially all tax-exempt bonds are secured by first mortgage bonds, letters of credit or the Master Credit Facility.
(c)Includes $625 million classified as Long-Term Debt on the Consolidated Balance Sheets due to the existence of long-term credit facilities that backstop these commercial paper balances, along with Duke Energy’s ability and intent to refinance these balances on a long-term basis. The weighted average days to maturity for Duke Energy's commercial paper program was 21 days.
(d)Duke Energy includes $855 million and $45 million in purchase accounting adjustments related to Progress Energy and Piedmont, respectively.
(e)Duke Energy includes $21 million in purchase accounting adjustments primarily related to the merger with Progress Energy.
(f)Refer to Note 18 for additional information on amounts from consolidated VIEs.
| December 31, 2024 | ||||||||||||||||||||||||||||||||
| Weighted | ||||||||||||||||||||||||||||||||
| Average | Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
| Interest | Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
| (in millions) | Rate | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Unsecured debt, maturing 2025-2082 | 4.53 | % | $ | 34,283 | $ | 1,605 | $ | 2,085 | $ | 185 | $ | 250 | $ | 1,380 | $ | 390 | $ | 4,030 | ||||||||||||||
Secured debt, maturing 2025-2052 | 3.75 | % | 3,672 | 1,463 | 2,147 | 1,269 | 879 | — | — | — | ||||||||||||||||||||||
First mortgage bonds, maturing 2025-2074(a) | 4.24 | % | 39,842 | 13,955 | 19,223 | 9,974 | 9,247 | 2,722 | 3,937 | — | ||||||||||||||||||||||
Finance leases, maturing 2027-2054 | 570 | 270 | 581 | 515 | 66 | — | 10 | — | ||||||||||||||||||||||||
Tax-exempt bonds, maturing 2027-2046(b) | 3.85 | % | 1,331 | — | 500 | 500 | — | 77 | 352 | — | ||||||||||||||||||||||
Notes payable and commercial paper(c) | 4.67 | % | 4,213 | — | — | — | — | — | — | — | ||||||||||||||||||||||
| Money pool/intercompany borrowings | — | 300 | 1,227 | 761 | 467 | 189 | 160 | 739 | ||||||||||||||||||||||||
| Fair value hedge carrying value adjustment | (82) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Unamortized debt discount and premium, net(d) | 845 | (20) | (44) | (24) | (19) | (23) | (16) | (8) | ||||||||||||||||||||||||
Unamortized debt issuance costs(e) | (401) | (83) | (146) | (65) | (76) | (18) | (25) | (19) | ||||||||||||||||||||||||
| Total debt | 4.37 | % | $ | 84,273 | $ | 17,490 | $ | 25,573 | $ | 13,115 | $ | 10,814 | $ | 4,327 | $ | 4,808 | $ | 4,742 | ||||||||||||||
| Short-term notes payable and commercial paper | (3,584) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| Short-term money pool/intercompany borrowings | — | — | (1,077) | (611) | (466) | (162) | (10) | (739) | ||||||||||||||||||||||||
Current maturities of long-term debt(f) | (4,349) | (521) | (1,517) | (983) | (534) | (245) | (4) | (205) | ||||||||||||||||||||||||
Total long-term debt(f) | $ | 76,340 | $ | 16,969 | $ | 22,979 | $ | 11,521 | $ | 9,814 | $ | 3,920 | $ | 4,794 | $ | 3,798 | ||||||||||||||||
(a) Substantially all electric utility property is mortgaged under mortgage bond indentures.
(b) Substantially all tax-exempt bonds are secured by first mortgage bonds, letters of credit or the Master Credit Facility.
(c) Includes $625 million that was classified as Long-Term Debt on the Consolidated Balance Sheets due to the existence of long-term credit facilities that backstop these commercial paper balances, along with Duke Energy’s ability and intent to refinance these balances on a long-term basis. The weighted average days to maturity for Duke Energy's commercial paper programs was 13 days.
(d) Duke Energy includes $925 million and $56 million in purchase accounting adjustments related to Progress Energy and Piedmont, respectively.
(e) Duke Energy includes $23 million in purchase accounting adjustments primarily related to the merger with Progress Energy.
(f) Refer to Note 18 for additional information on amounts from consolidated VIEs.
Current Maturities of Long-Term Debt
The following table shows the significant components of Current maturities of Long-Term Debt on the Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
| (in millions) | Maturity Date | Interest Rate | December 31, 2025 | ||||||||||||||
| Unsecured Debt | |||||||||||||||||
| Duke Energy (Parent) Convertible Senior Notes | April 2026 | 4.125 | % | 1,725 | |||||||||||||
Piedmont Term Loan Facility(a) | August 2026 | 4.611 | % | 450 | |||||||||||||
| Duke Energy (Parent) | September 2026 | 2.650 | % | 1,500 | |||||||||||||
Duke Energy (Parent) Term Loan Facility(a) | September 2026 | 4.704 | % | 2,000 | |||||||||||||
| First Mortgage Bonds | |||||||||||||||||
Duke Energy Carolinas | December 2026 | 2.950 | % | 600 | |||||||||||||
Duke Energy Florida(a)(b) | October 2073 | 3.981 | % | 200 | |||||||||||||
Duke Energy Florida(a)(b) | April 2074 | 3.981 | % | 173 | |||||||||||||
Duke Energy Progress(c) | October 2046 | 3.300 | % | 200 | |||||||||||||
Other(d) | 256 | ||||||||||||||||
| Current maturities of long-term debt | $ | 7,104 | |||||||||||||||
(a) Debt has a floating interest rate.
(b) These first mortgage bonds are classified as Current maturities of long-term debt on the 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 December 31, 2025, 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.
Maturities and Call Options
The following table shows the annual maturities of long-term debt for the next five years and thereafter. Amounts presented exclude short-term notes payable, commercial paper and money pool borrowings and debt issuance costs for the Subsidiary Registrants.
| December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||||||||||||||||||
| Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||||||||||||||||||
| (in millions) | Energy(a) | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||||||||||||||||||
| 2026 | $ | 7,123 | $ | 630 | $ | 730 | $ | 287 | $ | 443 | $ | 45 | $ | 4 | $ | 490 | |||||||||||||||||||||||||||||||
| 2027 | 3,639 | 67 | 1,322 | 604 | 718 | 77 | 28 | 300 | |||||||||||||||||||||||||||||||||||||||
| 2028 | 4,079 | 1,018 | 1,427 | 608 | 819 | 40 | 7 | — | |||||||||||||||||||||||||||||||||||||||
| 2029 | 4,554 | 522 | 1,634 | 863 | 771 | 505 | 5 | 660 | |||||||||||||||||||||||||||||||||||||||
| 2030 | 4,433 | 1,277 | 1,481 | 371 | 1,111 | 528 | 155 | — | |||||||||||||||||||||||||||||||||||||||
| Thereafter | 63,037 | 15,375 | 20,459 | 11,265 | 7,543 | 3,267 | 4,937 | 2,826 | |||||||||||||||||||||||||||||||||||||||
| Total long-term debt, including current maturities | $ | 86,865 | $ | 18,889 | $ | 27,053 | $ | 13,998 | $ | 11,405 | $ | 4,462 | $ | 5,136 | $ | 4,276 | |||||||||||||||||||||||||||||||
(a) Excludes $921 million in purchase accounting adjustments related to the Progress Energy merger and the Piedmont acquisition.
The Duke Energy Registrants have the ability under certain debt facilities to call and repay the obligation prior to its scheduled maturity. Therefore, the actual timing of future cash repayments could be materially different than as presented above.
Short-Term Obligations Classified as Long-Term Debt
Tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder and certain commercial paper issuances and money pool borrowings are classified as Long-Term Debt on the Consolidated Balance Sheets. These tax-exempt bonds, commercial paper issuances and money pool borrowings, which are short-term obligations by nature, are classified as long-term due to Duke Energy’s intent and ability to utilize such borrowings as long-term financing. As Duke Energy’s Master Credit Facility and other bilateral letter of credit agreements have non-cancelable terms in excess of one year as of the balance sheet date, Duke Energy has the ability to refinance these short-term obligations on a long-term basis. The following tables show short-term obligations classified as long-term debt.
| Balance at December 31, 2025 and 2024 | |||||||||||||||||||||||||||||
| Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||
| Duke | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
| (in millions) | Energy | Carolinas | Progress | Ohio | Indiana | ||||||||||||||||||||||||
| Tax-exempt bonds | $ | 312 | $ | — | $ | — | $ | 27 | $ | 285 | |||||||||||||||||||
Commercial paper(a) | 625 | 300 | 150 | 25 | 150 | ||||||||||||||||||||||||
| Total | $ | 937 | $ | 300 | $ | 150 | $ | 52 | $ | 435 | |||||||||||||||||||
(a) Progress Energy amounts are equal to Duke Energy Progress amounts.
Summary of Significant Debt Issuances
The following tables summarize significant debt issuances (in millions).
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Duke | Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Maturity | Interest | Duke | Energy | Energy | Energy | Energy | Energy | Energy | ||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance Date | Date | Rate | Energy | (Parent) | Carolinas | Progress | Florida | Ohio | Indiana | |||||||||||||||||||||||||||||||||||||||||||||||
| Unsecured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2025(e) | September 2030 | 5.410 | % | $ | 68 | $ | — | $ | — | $ | — | $ | — | $ | 68 | $ | — | |||||||||||||||||||||||||||||||||||||||
August 2025(e) | September 2035 | 6.010 | % | 43 | — | — | — | — | 43 | — | ||||||||||||||||||||||||||||||||||||||||||||||
August 2025(e) | September 2037 | 6.110 | % | 40 | — | — | — | — | 40 | — | ||||||||||||||||||||||||||||||||||||||||||||||
September 2025(f) | September 2035 | 4.950 | % | 1,000 | 1,000 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
September 2025(f) | September 2055 | 5.700 | % | 750 | 750 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 2025(g) | July 2037 | 4.226 | % | 200 | — | 200 | $ | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
September 2025(g) | January 2048 | 5.070 | % | 382 | — | 382 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
September 2025(g) | January 2048 | 4.890 | % | 461 | — | — | 461 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
November 2025(g) | March 2046 | 4.898 | % | 561 | — | 561 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| First Mortgage Bonds | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 2025(a) | March 2030 | 4.850 | % | $ | 400 | $ | — | $ | 400 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
January 2025(a) | March 2035 | 5.250 | % | 700 | — | 700 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
March 2025(b) | March 2027 | 4.350 | % | 500 | — | — | 500 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
March 2025(b) | March 2035 | 5.050 | % | 850 | — | — | 850 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
March 2025(b) | March 2055 | 5.550 | % | 750 | — | — | 750 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
May 2025(c) | May 2055 | 5.900 | % | 300 | — | — | — | — | — | 300 | ||||||||||||||||||||||||||||||||||||||||||||||
June 2025(d) | June 2035 | 5.300 | % | 350 | — | — | — | — | 350 | — | ||||||||||||||||||||||||||||||||||||||||||||||
November 2025(c) | December 2030 | 4.200 | % | 500 | — | — | — | 500 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
November 2025(c) | December 2035 | 4.850 | % | 600 | — | — | — | 600 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Total issuances | $ | 7,005 | $ | 1,750 | $ | 2,243 | $ | 2,561 | $ | 1,100 | $ | 501 | $ | 300 | ||||||||||||||||||||||||||||||||||||||||||
(a)Proceeds were used to repay the $500 million DERF accounts receivable securitization facility due January 2025, to pay down short-term debt and for general company purposes.
(b)Proceeds were used to repay the $400 million DEPR accounts receivable securitization facility due April 2025, to pay down short-term debt and for general company purposes.
(c)Proceeds were used to pay down short-term debt and for general company purposes.
(d)Proceeds were used to repay $150 million of maturities due June 2025, to pay down short-term debt and for general corporate purposes.
(e)Proceeds were used to repay $95 million of maturities due October 2025, repay $45 million of maturities due January 2026, pay down short-term debt and for general corporate purposes.
(f)Proceeds were used to repay $650 million of maturities due September 2025, repay $500 million of maturities due December 2025, to pay down short-term debt and for general corporate purposes.
(g)Proceeds were used to recover previously incurred storm costs, repay the Duke Energy Carolinas and Duke Energy Progress term loan facilities and for general company purposes.
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Duke | Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Maturity | Interest | Duke | Energy | Energy | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance Date | Date | Rate | Energy | (Parent) | Carolinas | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||||||||||||||||||||||||||||
| Unsecured Debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 2024(a) | January 2027 | 4.850 | % | $ | 600 | $ | 600 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
January 2024(a) | January 2029 | 4.850 | % | 650 | 650 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
April 2024(e) | April 2031 | 5.648 | % | 815 | 815 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2024(d) | June 2034 | 5.450 | % | 750 | 750 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2024(d) | June 2054 | 5.800 | % | 750 | 750 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2024(h) | July 2031 | 5.900 | % | 80 | — | — | — | — | 80 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2024(h) | July 2034 | 6.000 | % | 95 | — | — | — | — | 95 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2024(h) | July 2039 | 6.170 | % | 50 | — | — | — | — | 50 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
August 2024(d) | February 2035 | 5.100 | % | 375 | — | — | — | — | — | — | 375 | ||||||||||||||||||||||||||||||||||||||||||||||||
August 2024(i) | September 2054 | 6.450 | % | 1,000 | 1,000 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Secured Debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 2024(f) | March 2044 | 5.404 | % | 177 | — | — | 177 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| First Mortgage Bonds | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 2024(b) | January 2034 | 4.850 | % | 575 | — | 575 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
January 2024(b) | January 2054 | 5.400 | % | 425 | — | 425 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
March 2024(b) | March 2034 | 5.250 | % | 300 | — | — | — | — | — | 300 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
March 2024(c) | March 2034 | 5.100 | % | 500 | — | — | 500 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
March 2024(d) | March 2054 | 5.550 | % | 425 | — | — | — | — | 425 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
April 2024(g) | April 2074 | 3.981 | % | 173 | — | — | — | 173 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total issuances | $ | 7,740 | $ | 4,565 | $ | 1,000 | $ | 677 | $ | 173 | $ | 650 | $ | 300 | $ | 375 | |||||||||||||||||||||||||||||||||||||||||||
(a)Proceeds were used to repay the remaining $1 billion outstanding on Duke Energy (Parent)'s variable rate Term Loan Facility due March 2024, pay down a portion of short-term debt and for general corporate purposes. Duke Energy (Parent)'s Term Loan Facility was terminated in March 2024 in conjunction with the payoff of remaining borrowings.
(b)Proceeds were used to pay down a portion of short-term debt and for general company purposes.
(c)Proceeds were used to fund eligible green energy projects, pay down a portion of short-term debt and for general company purposes.
(d)Proceeds were used to pay down a portion of short-term debt and for general corporate purposes.
(e)In April 2024, Duke Energy issued 750 million euros aggregate principal amount of 3.75% senior notes due April 2031. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. The $815 million equivalent in U.S. dollars were used to repay a portion of a $1 billion debt maturity due April 2024, pay down short-term debt and for general corporate purposes. See Note 15 for additional information.
(f)Proceeds were used to finance the South Carolina portion of restoration expenditures related to the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. See Notes 4 and 18 for more information.
(g)Debt has a floating interest rate. Proceeds were used to pay down a portion of the DEFR accounts receivable securitization facility due in April 2024, and for general company purposes. See Note 18 for more information.
(h)Debt issued by Duke Energy Kentucky with proceeds used to pay down a portion of short-term debt and for general corporate purposes.
(i)Duke Energy issued $1 billion of fixed-to-fixed reset rate junior subordinated debentures (the debentures) with proceeds used to redeem Duke Energy’s outstanding Series B Preferred Stock and for general corporate purposes. The debentures will bear interest at 6.45% until September 1, 2034, and thereafter the interest rate will reset every five years to the five-year U.S. Treasury rate plus a spread of 2.588%. The debentures have early redemption options and are callable on or after June 2034 for 100% of the principal plus accrued interest. See Note 20 for additional information.
Duke Energy (Parent) Convertible Senior Notes
In April 2023, Duke Energy (Parent) completed the sale of $1.7 billion 4.125% Convertible Senior Notes due April 2026 (convertible notes). The convertible notes are senior unsecured obligations of Duke Energy, and will mature on April 15, 2026, unless earlier converted or repurchased in accordance with their terms. The convertible notes bear interest at a fixed rate of 4.125% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2023. Proceeds were used to repay a portion of outstanding commercial paper and for general corporate purposes.
On January 15, 2026, Duke Energy made an election that upon conversion of the convertible notes the company will pay cash equal to the principal amount of the notes and deliver shares of common stock for any conversion value in excess of the principal amount. The delivery of common stock will be based upon a daily conversion value calculated on a proportionate basis for each trading day in the applicable 25 trading day observation period.
On or after January 15, 2026, 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. 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 delivering shares of Duke Energy's common stock, $0.001 par value per share 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 8.4131 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 25% over the last reported sale price of Duke Energy’s common stock on the NYSE on April 3, 2023. 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 and payments due as a result of a conversion of a convertible note would not constitute an event of default under the Master Credit Facility.
Duke Energy issued the convertible notes pursuant to an indenture, dated as of April 6, 2023, 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.
AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2025, Duke Energy extended the termination date of its existing Master Credit Facility to March 2030 and increased its capacity from $9 billion to $10 billion. 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 borrowing sublimits and available capacity under these credit facilities.
| December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| Duke | Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||||||||||||||||||
| Duke | Energy | Energy | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||||||||||||||||||
| (in millions) | Energy | (Parent) | Carolinas | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||||||||||||||||||
Facility size(a) | $ | 10,000 | $ | 3,425 | $ | 1,650 | $ | 1,675 | $ | 700 | $ | 700 | $ | 850 | $ | 1,000 | |||||||||||||||||||||||||||||||
| Reduction to backstop issuances | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper(b) | (2,144) | (1,019) | (300) | (150) | — | (34) | (260) | (381) | |||||||||||||||||||||||||||||||||||||||
| Outstanding letters of credit | (7) | (2) | (4) | (1) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Tax-exempt bonds | (81) | — | — | — | — | — | (81) | — | |||||||||||||||||||||||||||||||||||||||
| Available capacity | $ | 7,768 | $ | 2,404 | $ | 1,346 | $ | 1,524 | $ | 700 | $ | 666 | $ | 509 | $ | 619 | |||||||||||||||||||||||||||||||
(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 in the Consolidated Balance Sheets.
Term Loan Facilities
Duke Energy (Parent)
Duke Energy (Parent) entered into a Term Loan Credit Facility (facility) with commitments totaling $1.4 billion that matured in March 2024. In January 2024, Duke Energy (Parent) repaid the remaining $1 billion outstanding on the facility.
In March 2024, Duke Energy (Parent) entered into a 364-day term loan facility with commitments totaling $700 million. In April 2024, $500 million was drawn under the facility with borrowings used for general corporate purposes. During the second quarter of 2024, Duke Energy (Parent) terminated the facility and repaid the $500 million in outstanding borrowings.
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 Consolidated Balance Sheets. Borrowings were used to pay down short-term debt and for general corporate purposes.
Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida
In November 2024, Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida entered into term loan facilities intended to meet incremental financing needs resulting from expenditures for the restoration of service and rebuilding of infrastructure related to hurricanes Debby, Helene and Milton as described in Note 4. Duke Energy Carolinas and Duke Energy Progress entered into two-year term loan facilities with commitments totaling $700 million and $250 million, respectively. Duke Energy Florida entered into a 364-day term loan facility with commitments totaling $800 million. As of December 31, 2024, $455 million and $185 million in borrowings under the term loan facilities for Duke Energy Carolinas and Duke Energy Progress, respectively, were classified as Long-Term Debt and $100 million in borrowings for Duke Energy Florida were classified as Current maturities of long-term debt on the Consolidated Balance Sheets.
In September 2025, Duke Energy Carolinas and Duke Energy Progress repaid their respective term loan facilities. In the third quarter of 2025, Duke Energy Florida repaid $450 million of borrowings on its outstanding term loan facility. The remaining $350 million was repaid in October 2025.
Piedmont
In August 2025, Piedmont entered into a 364-day term loan facility with commitments totaling $450 million. As of December 31, 2025, $450 million was drawn under the term loan facility, which was classified as Current maturities of long-term debt on the Consolidated Balance Sheets. Borrowings were used to repay $150 million of maturities due September 2025, to pay down short-term debt and for general corporate purposes.
Other Debt Matters
In September 2025, Duke Energy filed a Form S-3 with the SEC. Under this Form S-3, which is uncapped, the Duke Energy Registrants, excluding Progress Energy and Piedmont, may issue debt and other securities in the future at amounts, prices and with terms to be determined at the time of future offerings. The registration statement was filed to replace a similar prior filing upon expiration of its three-year term and also allows for the issuance of common and preferred stock by Duke Energy.
Also in September 2025, Duke Energy filed a Form S-3 with the SEC that allows Duke Energy to sell up to $4 billion of variable denomination floating-rate demand notes, called PremierNotes. The Form S-3 states that no more than $2 billion of the notes will be outstanding at any particular time. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Duke Energy PremierNotes Committee, or its designee, on a weekly basis. The interest rate payable on notes held by an investor may vary based on the principal amount of the investment. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Duke Energy or at the investor’s option at any time. The balance as of December 31, 2025, and 2024, was $1,110 million and $1,070 million, respectively. The notes are short-term debt obligations of Duke Energy and are reflected as Notes payable and commercial paper on Duke Energy’s Consolidated Balance Sheets.
Money Pool and Intercompany Credit Agreements
The Subsidiary Registrants, excluding Progress Energy, are eligible to receive support for their short-term borrowing needs through participation with Duke Energy and certain of its subsidiaries in a money pool arrangement. Under this arrangement, those companies with short-term funds may provide short-term loans to affiliates participating in this arrangement. The money pool is structured such that the Subsidiary Registrants, excluding Progress Energy, separately manage their cash needs and working capital requirements. Accordingly, there is no net settlement of receivables and payables between money pool participants. Duke Energy (Parent) may loan funds to its participating subsidiaries, but may not borrow funds through the money pool. Accordingly, as the money pool activity is between Duke Energy and its subsidiaries, all money pool balances are eliminated within Duke Energy’s Consolidated Balance Sheets.
Money pool receivable balances are reflected within Notes receivable from affiliated companies on the Subsidiary Registrants’ Consolidated Balance Sheets. Money pool payable balances are reflected within either Notes payable to affiliated companies or Long-Term Debt Payable to Affiliated Companies on the Subsidiary Registrants’ Consolidated Balance Sheets.
Restrictive Debt Covenants
The Duke Energy Registrants’ debt and credit agreements contain various financial and other covenants. Duke Energy's Master Credit Facility contains a covenant requiring the debt-to-total capitalization ratio not to exceed 65% for each borrower, excluding Piedmont, and 70% for Piedmont. Failure to meet those covenants beyond applicable grace periods could result in accelerated due dates and/or termination of the agreements. As of December 31, 2025, each of the Duke Energy Registrants were in compliance with all covenants related to their debt agreements. In addition, some credit agreements may allow for acceleration of payments or termination of the agreements due to nonpayment, or acceleration of other significant indebtedness of the borrower or some of its subsidiaries. None of the debt or credit agreements contain material adverse change clauses.
Other Loans
As of December 31, 2025, and 2024, Duke Energy had loans outstanding of $935 million, including $31 million at Duke Energy Progress, and $903 million, including $32 million at Duke Energy Progress, respectively, against the cash surrender value of life insurance policies it owns on the lives of its executives. The amounts outstanding were carried as a reduction of the related cash surrender value that is included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.