Duke Energy CORPDUK
Duke Energy CORP Revenue Disclosure
REVENUE
Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables.
Duke Energy recognizes revenue consistent with amounts billed under tariff offerings or at contractually agreed upon rates based on actual physical delivery of electric or natural gas service, including estimated volumes delivered when billings have not yet occurred. As such, the majority of Duke Energy’s revenues have fixed pricing based on the contractual terms of the published tariffs. Absent decoupling mechanisms, the variability in expected cash flows of the majority of Duke Energy's revenue is attributable to the customer’s volumetric demand and ultimate quantities of energy or natural gas supplied and used during the billing period. The stand-alone selling price of related sales are designed to support recovery of prudently incurred costs and an appropriate return on invested assets and are primarily governed by published tariff rates or contractual agreements approved by relevant regulatory bodies. As described in Note 1, certain excise taxes and franchise fees levied by state or local governments are required to be paid even if not collected from the customer. These taxes are recognized on a gross basis as part of revenues. Duke Energy elects to account for all other taxes net of revenues.
Performance obligations are satisfied over time as energy or natural gas is delivered and consumed with billings generally occurring monthly and related payments due within 30 days, depending on regulatory requirements. In no event does the timing between payment and delivery of the goods and services exceed one year. Using this output method for revenue recognition provides a faithful depiction of the transfer of electric and natural gas service as customers obtain control of the commodity and benefit from its use at delivery. Additionally, Duke Energy has an enforceable right to consideration for energy or natural gas delivered at any discrete point in time and will recognize revenue at an amount that reflects the consideration to which Duke Energy is entitled for the energy or natural gas delivered.
As described above, the majority of Duke Energy’s tariff revenues are at will and, as such, related contracts with customers have an expected duration of one year or less and will not have future performance obligations for disclosure. Additionally, other long-term revenue streams, including wholesale contracts, generally provide services that are part of a single performance obligation, the delivery of electricity or natural gas. As such, other than material fixed consideration under long-term contracts, related disclosures for future performance obligations are also not applicable.
Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I.
Electric Utilities and Infrastructure
EU&I earns the majority of its revenues through retail and wholesale electric service through the generation, transmission, distribution and sale of electricity. Duke Energy generally provides retail and wholesale electric service customers with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity.
Retail electric service is generally marketed throughout Duke Energy’s electric service territory through standard service offers. The standard service offers are through tariffs determined by regulators in Duke Energy's regulated service territory. Each tariff, which is assigned to customers based on customer class, has multiple components such as an energy charge, a demand charge, a basic facilities charge and applicable riders. Duke Energy considers each of these components to be aggregated into a single performance obligation for providing electric service, or in the case of distribution only customers in Duke Energy Ohio, for delivering electricity. Electricity is considered a single performance obligation satisfied over time consistent with the series guidance and is provided and consumed over the billing period, generally one month. Retail electric service is typically provided to at-will customers who can cancel service at any time, without a substantive penalty. Additionally, Duke Energy adheres to applicable regulatory requirements in each jurisdiction to ensure the collectability of amounts billed and appropriate mitigating procedures are followed when necessary. As such, revenue from contracts with customers for such contracts is equivalent to the electricity supplied and billed in that period (including unbilled estimates).
Wholesale electric service is generally provided under long-term contracts using cost-based pricing. FERC regulates costs that may be recovered from customers and the amount of return companies are permitted to earn. Wholesale contracts include both energy and demand charges. For full requirements contracts, Duke Energy considers both charges as a single performance obligation for providing integrated electric service. For contracts where energy and demand charges are considered separate performance obligations, energy and demand are each a distinct performance obligation under the series guidance and are satisfied as energy is delivered and stand-ready service is provided on a monthly basis. This service represents consumption over the billing period and revenue is recognized consistent with billings and unbilled estimates, which generally occur monthly. Contractual amounts owed are typically trued up annually based upon incurred costs in accordance with FERC published filings and the specific customer’s actual peak demand. Estimates of variable consideration related to potential additional billings or refunds owed are updated quarterly.
The majority of wholesale revenues are full requirements contracts where the customers purchase the substantial majority of their energy needs and do not have a fixed quantity of contractually required energy or capacity. As such, related forecasted revenues are considered optional purchases. Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations as of December 31, 2025:
| Remaining Performance Obligations | |||||||||||||||||||||||
| (in millions) | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | ||||||||||||||||
| Duke Energy Carolinas | $ | 12 | $ | 12 | $ | 12 | $ | — | $ | — | $ | — | $ | 36 | |||||||||
| Progress Energy | 43 | 43 | 13 | 13 | 14 | 29 | 155 | ||||||||||||||||
| Duke Energy Progress | 6 | 6 | 6 | 6 | 7 | 14 | 45 | ||||||||||||||||
| Duke Energy Florida | 37 | 37 | 7 | 7 | 7 | 15 | 110 | ||||||||||||||||
| Duke Energy Indiana | 17 | 15 | 5 | — | — | — | 37 | ||||||||||||||||
Revenues for block sales are recognized monthly as energy is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates.
Gas Utilities and Infrastructure
GU&I earns its revenue through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery.
Retail natural gas service is marketed throughout Duke Energy's natural gas service territory using published tariff rates. The tariff rates are established by regulators in Duke Energy's service territories. Each tariff, which is assigned to customers based on customer class, have multiple components, such as a commodity charge, demand charge, customer or monthly charge and transportation costs. Duke Energy considers each of these components to be aggregated into a single performance obligation for providing natural gas service. For contracts where Duke Energy provides all of the customer’s natural gas needs, the delivery of natural gas is considered a single performance obligation satisfied over time, and revenue is recognized monthly based on billings and unbilled estimates as service is provided and the commodity is consumed over the billing period. Additionally, natural gas service is typically at will and customers can cancel service at any time, without a substantive penalty. Duke Energy also adheres to applicable regulatory requirements to ensure the collectability of amounts billed and receivable and appropriate mitigating procedures are followed when necessary.
Certain long-term individually negotiated contracts exist to provide natural gas service. These contracts are regulated and approved by state commissions. The negotiated contracts may have multiple components, including a natural gas and a demand charge, similar to retail natural gas contracts. Duke Energy considers each of these components to be a single performance obligation for providing natural gas service. This service represents consumption over the billing period, generally one month.
Fixed capacity payments under long-term contracts for the GU&I segment include minimum margin contracts and supply arrangements with municipalities and power generation facilities. Revenues for related sales are recognized monthly as natural gas is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Estimated remaining performance obligations as of December 31, 2025, are as follows:
| Remaining Performance Obligations | |||||||||||||||||||||||
| (in millions) | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | ||||||||||||||||
| Piedmont | $ | 54 | $ | 48 | $ | 45 | $ | 44 | $ | 42 | $ | 109 | $ | 342 | |||||||||
Other
The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers.
Disaggregated Revenues
For the EU&I and GU&I segments, revenue by customer class is most meaningful to Duke Energy as each respective customer class collectively represents unique customer expectations of service, generally has different energy and demand requirements, and operates under tailored, regulatory approved pricing structures. Additionally, each customer class is impacted differently by weather and a variety of economic factors including the level of population growth, economic investment, employment levels, and regulatory activities in each of Duke Energy’s jurisdictions. As such, analyzing revenues disaggregated by customer class allows Duke Energy to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Disaggregated revenues are presented as follows:
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||
| Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||
| (in millions) | Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||
| By market or type of customer | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||
| Electric Utilities and Infrastructure | ||||||||||||||||||||||||||
| Residential | $ | 13,756 | $ | 4,124 | $ | 7,067 | $ | 2,965 | $ | 4,102 | $ | 1,116 | $ | 1,450 | $ | — | ||||||||||
Commercial | 8,337 | 2,885 | 3,825 | 1,732 | 2,093 | 603 | 1,024 | — | ||||||||||||||||||
| Industrial | 3,423 | 1,422 | 1,065 | 750 | 315 | 142 | 794 | — | ||||||||||||||||||
| Wholesale | 2,402 | 621 | 1,475 | 1,353 | 122 | 92 | 218 | — | ||||||||||||||||||
| Other revenues | 945 | 449 | 870 | 512 | 358 | 68 | 25 | — | ||||||||||||||||||
| Total Electric Utilities and Infrastructure revenue from contracts with customers | $ | 28,863 | $ | 9,501 | $ | 14,302 | $ | 7,312 | $ | 6,990 | $ | 2,021 | $ | 3,511 | $ | — | ||||||||||
| Gas Utilities and Infrastructure | ||||||||||||||||||||||||||
| Residential | $ | 1,596 | $ | — | $ | — | $ | — | $ | — | $ | 496 | $ | — | $ | 1,100 | ||||||||||
| Commercial | 808 | — | — | — | — | 181 | — | 627 | ||||||||||||||||||
| Industrial | 190 | — | — | — | — | 44 | — | 146 | ||||||||||||||||||
| Power Generation | — | — | — | — | — | — | — | 34 | ||||||||||||||||||
| Other revenues | 256 | — | — | — | — | 25 | — | 255 | ||||||||||||||||||
| Total Gas Utilities and Infrastructure revenue from contracts with customers | $ | 2,850 | $ | — | $ | — | $ | — | $ | — | $ | 746 | $ | — | $ | 2,162 | ||||||||||
Other | ||||||||||||||||||||||||||
| Revenue from contracts with customers | $ | 28 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Total revenue from contracts with customers | $ | 31,741 | $ | 9,501 | $ | 14,302 | $ | 7,312 | $ | 6,990 | $ | 2,767 | $ | 3,511 | $ | 2,162 | ||||||||||
Other revenue sources(a) | $ | 496 | $ | 212 | $ | 207 | $ | 74 | $ | 115 | $ | 30 | $ | 33 | $ | 75 | ||||||||||
| Total revenues | $ | 32,237 | $ | 9,713 | $ | 14,509 | $ | 7,386 | $ | 7,105 | $ | 2,797 | $ | 3,544 | $ | 2,237 | ||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||
| Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||
| (in millions) | Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||
| By market or type of customer | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||
| Electric Utilities and Infrastructure | ||||||||||||||||||||||||||
| Residential | $ | 12,901 | $ | 4,150 | $ | 6,592 | $ | 2,872 | $ | 3,720 | $ | 1,009 | $ | 1,149 | $ | — | ||||||||||
Commercial | 8,207 | 3,080 | 3,718 | 1,754 | 1,964 | 590 | 818 | — | ||||||||||||||||||
| Industrial | 3,427 | 1,488 | 1,066 | 742 | 324 | 149 | 724 | — | ||||||||||||||||||
| Wholesale | 2,205 | 547 | 1,414 | 1,268 | 146 | 51 | 194 | — | ||||||||||||||||||
| Other revenues | 1,029 | 350 | 674 | 343 | 331 | 89 | 107 | — | ||||||||||||||||||
| Total Electric Utilities and Infrastructure revenue from contracts with customers | $ | 27,769 | $ | 9,615 | $ | 13,464 | $ | 6,979 | $ | 6,485 | $ | 1,888 | $ | 2,992 | $ | — | ||||||||||
| Gas Utilities and Infrastructure | ||||||||||||||||||||||||||
| Residential | $ | 1,320 | $ | — | $ | — | $ | — | $ | — | $ | 427 | $ | — | $ | 893 | ||||||||||
| Commercial | 639 | — | — | — | — | 153 | — | 486 | ||||||||||||||||||
| Industrial | 158 | — | — | — | — | 33 | — | 125 | ||||||||||||||||||
| Power Generation | — | — | — | — | — | — | — | 33 | ||||||||||||||||||
| Other revenues | 126 | — | — | — | — | 26 | — | 100 | ||||||||||||||||||
| Total Gas Utilities and Infrastructure revenue from contracts with customers | $ | 2,243 | $ | — | $ | — | $ | — | $ | — | $ | 639 | $ | — | $ | 1,637 | ||||||||||
Other | ||||||||||||||||||||||||||
| Revenue from contracts with customers | $ | 38 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Total revenue from contracts with customers | $ | 30,050 | $ | 9,615 | $ | 13,464 | $ | 6,979 | $ | 6,485 | $ | 2,527 | $ | 2,992 | $ | 1,637 | ||||||||||
Other revenue sources(a) | $ | 307 | $ | 103 | $ | 169 | $ | 38 | $ | 110 | $ | 18 | $ | 48 | $ | 92 | ||||||||||
| Total revenues | $ | 30,357 | $ | 9,718 | $ | 13,633 | $ | 7,017 | $ | 6,595 | $ | 2,545 | $ | 3,040 | $ | 1,729 | ||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||
| Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||
| (in millions) | Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||
| By market or type of customer | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||
| Electric Utilities and Infrastructure | ||||||||||||||||||||||||||
| Residential | $ | 12,098 | $ | 3,409 | $ | 6,510 | $ | 2,540 | $ | 3,970 | $ | 947 | $ | 1,233 | $ | — | ||||||||||
Commercial | 7,895 | 2,670 | 3,762 | 1,588 | 2,174 | 552 | 911 | — | ||||||||||||||||||
| Industrial | 3,416 | 1,334 | 1,105 | 733 | 372 | 191 | 786 | — | ||||||||||||||||||
| Wholesale | 2,175 | 492 | 1,388 | 1,240 | 148 | 46 | 248 | — | ||||||||||||||||||
| Other revenues | 962 | 318 | 590 | 325 | 265 | 93 | 157 | — | ||||||||||||||||||
| Total Electric Utilities and Infrastructure revenue from contracts with customers | $ | 26,546 | $ | 8,223 | $ | 13,355 | $ | 6,426 | $ | 6,929 | $ | 1,829 | $ | 3,335 | $ | — | ||||||||||
| Gas Utilities and Infrastructure | ||||||||||||||||||||||||||
| Residential | $ | 1,226 | $ | — | $ | — | $ | — | $ | — | $ | 435 | $ | — | $ | 792 | ||||||||||
| Commercial | 605 | — | — | — | — | 154 | — | 450 | ||||||||||||||||||
| Industrial | 141 | — | — | — | — | 26 | — | 115 | ||||||||||||||||||
| Power Generation | — | — | — | — | — | — | — | 31 | ||||||||||||||||||
| Other revenues | 119 | — | — | — | — | 24 | — | 95 | ||||||||||||||||||
| Total Gas Utilities and Infrastructure revenue from contracts with customers | $ | 2,091 | $ | — | $ | — | $ | — | $ | — | $ | 639 | $ | — | $ | 1,483 | ||||||||||
Other | ||||||||||||||||||||||||||
| Revenue from contracts with customers | $ | 37 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Total revenue from contracts with customers | $ | 28,674 | $ | 8,223 | $ | 13,355 | $ | 6,426 | $ | 6,929 | $ | 2,468 | $ | 3,335 | $ | 1,483 | ||||||||||
Other revenue sources(a) | $ | 386 | $ | 65 | $ | 189 | $ | 62 | $ | 107 | $ | 39 | $ | 64 | $ | 145 | ||||||||||
| Total revenues | $ | 29,060 | $ | 8,288 | $ | 13,544 | $ | 6,488 | $ | 7,036 | $ | 2,507 | $ | 3,399 | $ | 1,628 | ||||||||||
(a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.
The following table presents the reserve for credit losses for trade and other receivables.
| Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||
| Duke | Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||||||||||||
| (in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||
| Balance at December 31, 2022 | $ | 213 | $ | 68 | $ | 81 | $ | 44 | $ | 36 | $ | 6 | $ | 4 | $ | 11 | ||||||||||
| Write-Offs | (162) | (71) | (84) | (41) | (42) | — | — | (8) | ||||||||||||||||||
| Credit Loss Expense | 99 | 35 | 48 | 12 | 37 | 3 | 1 | 5 | ||||||||||||||||||
| Other Adjustments | 52 | 24 | 29 | 29 | — | — | — | — | ||||||||||||||||||
| Balance at December 31, 2023 | $ | 202 | $ | 56 | $ | 74 | $ | 44 | $ | 31 | $ | 9 | $ | 5 | $ | 8 | ||||||||||
| Write-Offs | (131) | (55) | (73) | (45) | (28) | — | — | (3) | ||||||||||||||||||
| Credit Loss Expense | 97 | 39 | 51 | 25 | 26 | 3 | 2 | 2 | ||||||||||||||||||
| Other Adjustments | 39 | 29 | 21 | 20 | — | 31 | 8 | — | ||||||||||||||||||
| Balance at December 31, 2024 | $ | 207 | $ | 69 | $ | 73 | $ | 44 | $ | 29 | $ | 43 | $ | 15 | $ | 7 | ||||||||||
| Write-Offs | (164) | (52) | (62) | (37) | (25) | (21) | (13) | (17) | ||||||||||||||||||
| Credit Loss Expense | 106 | 26 | 39 | 16 | 23 | 15 | 13 | 14 | ||||||||||||||||||
| Other Adjustments | 45 | 12 | 15 | 15 | — | 14 | — | 2 | ||||||||||||||||||
| Balance at December 31, 2025 | $ | 194 | $ | 55 | $ | 65 | $ | 38 | $ | 27 | $ | 51 | $ | 15 | $ | 6 | ||||||||||
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 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.