Duke Energy CORPDUK
Duke Energy CORP Segments Disclosure
BUSINESS SEGMENTS
Reportable segments are determined based on information used by the chief operating decision-maker (CODM) in deciding how to allocate resources and evaluate the performance of the business. The Duke Energy Registrants' CODM is the Chief Executive Officer. The CODM evaluates segment performance based on segment income for each of the Duke Energy Registrants' reportable business segments in deciding how to allocate resources and evaluate the performance of the business. Segment income is defined as income from continuing operations net of income attributable to NCI and preferred stock dividends. Segment income, as discussed below, includes intercompany revenues and expenses that are eliminated on the Consolidated Financial Statements. Certain governance costs are allocated to each segment. In addition, direct interest expense and income taxes are included in segment income.
Products and services are sold between affiliate companies and reportable segments of Duke Energy at cost. Substantially all assets and revenues from continuing operations for each of the Duke Energy Registrants are within the U.S. Segment assets as presented in the tables that follow exclude all intercompany assets.
Duke Energy
Duke Energy's segment structure includes the following two segments: EU&I and GU&I.
The EU&I segment includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. The regulated electric utilities conduct operations through the Subsidiary Registrants that are substantially all regulated and, accordingly, qualify for regulatory accounting treatment.
The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky, and Duke Energy's natural gas storage, midstream pipeline, and renewable natural gas investments. GU&I's operations are substantially all regulated and, accordingly, qualify for regulatory accounting treatment.
The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs and Duke Energy’s wholly owned captive insurance company, Bison. Other also includes Duke Energy's interest in NMC. See Note 13 for additional information on the investment in NMC.
Business segment information is presented in the following tables.
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Electric | Gas | Total | |||||||||||||||||||||||||||||||||
| Utilities and | Utilities and | Reportable | |||||||||||||||||||||||||||||||||
| (in millions) | Infrastructure | Infrastructure | Segments | Other | Eliminations | Total | |||||||||||||||||||||||||||||
Unaffiliated revenues | $ | 29,297 | $ | 2,912 | $ | 32,209 | $ | 28 | $ | — | $ | 32,237 | |||||||||||||||||||||||
Intersegment revenues | 60 | 91 | 151 | 137 | (288) | — | |||||||||||||||||||||||||||||
Total operating revenues | $ | 29,357 | $ | 3,003 | $ | 32,360 | $ | 165 | $ | (288) | $ | 32,237 | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Fuel used in electric generation and purchased power | $ | 8,138 | $ | — | $ | 8,138 | $ | — | $ | (80) | $ | 8,058 | |||||||||||||||||||||||
Cost of natural gas | — | 983 | 983 | — | — | 983 | |||||||||||||||||||||||||||||
| Operation, maintenance and other | 6,414 | 518 | 6,932 | (35) | (199) | 6,698 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 5,605 | 435 | 6,040 | 312 | (28) | 6,324 | |||||||||||||||||||||||||||||
| Property and other taxes | 1,418 | 164 | 1,582 | 14 | 1 | 1,597 | |||||||||||||||||||||||||||||
| Impairment of assets and other charges | (9) | — | (9) | 5 | — | (4) | |||||||||||||||||||||||||||||
| Interest expense | 2,132 | 267 | 2,399 | 1,317 | (82) | 3,634 | |||||||||||||||||||||||||||||
| Income tax expense (benefit) | 862 | 146 | 1,008 | (366) | — | 642 | |||||||||||||||||||||||||||||
Other Segment Items | |||||||||||||||||||||||||||||||||||
Noncontrolling interests(a) | 104 | (1) | 103 | — | — | 103 | |||||||||||||||||||||||||||||
| Preferred dividends | — | — | — | 56 | — | 56 | |||||||||||||||||||||||||||||
Add: Equity in earnings of unconsolidated affiliates | — | 15 | 15 | 36 | — | 51 | |||||||||||||||||||||||||||||
Add: Other(b) | 644 | 53 | 697 | 117 | (100) | 714 | |||||||||||||||||||||||||||||
Segment income (loss) | $ | 5,337 | $ | 559 | $ | 5,896 | $ | (985) | $ | — | $ | 4,911 | |||||||||||||||||||||||
Discontinued Operations | 1 | ||||||||||||||||||||||||||||||||||
Net income available to Duke Energy Corporation Common Stockholders | $ | 4,912 | |||||||||||||||||||||||||||||||||
Add back: Net income attributable to noncontrolling interest | 103 | ||||||||||||||||||||||||||||||||||
Add back: Preferred dividends | 56 | ||||||||||||||||||||||||||||||||||
Net Income | $ | 5,071 | |||||||||||||||||||||||||||||||||
| Capital investments expenditures and acquisitions | $ | 12,553 | $ | 1,114 | $ | 13,667 | $ | 335 | $ | — | $ | 14,002 | |||||||||||||||||||||||
Segment assets(c) | 172,427 | 18,989 | 191,416 | 4,320 | — | 195,736 | |||||||||||||||||||||||||||||
(a) Net income (loss) attributable to NCI related to continuing operations.
(b) Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.
(c) GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group. Refer to Note 2 for further information.
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Electric | Gas | Total | |||||||||||||||||||||||||||||||||
| Utilities and | Utilities and | Reportable | |||||||||||||||||||||||||||||||||
| (in millions) | Infrastructure | Infrastructure | Segments | Other | Eliminations | Total | |||||||||||||||||||||||||||||
Unaffiliated revenues | $ | 28,020 | $ | 2,299 | $ | 30,319 | $ | 38 | $ | — | $ | 30,357 | |||||||||||||||||||||||
Intersegment revenues | 73 | 91 | 164 | 119 | (283) | — | |||||||||||||||||||||||||||||
Total operating revenues | $ | 28,093 | $ | 2,390 | $ | 30,483 | $ | 157 | $ | (283) | $ | 30,357 | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Fuel used in electric generation and purchased power | $ | 9,285 | $ | — | $ | 9,285 | $ | — | $ | (79) | $ | 9,206 | |||||||||||||||||||||||
Cost of natural gas | — | 565 | 565 | — | — | 565 | |||||||||||||||||||||||||||||
Operation, maintenance and other | 5,185 | 478 | 5,663 | (79) | (195) | 5,389 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 5,128 | 400 | 5,528 | 293 | (28) | 5,793 | |||||||||||||||||||||||||||||
Property and other taxes | 1,305 | 149 | 1,454 | 12 | — | 1,466 | |||||||||||||||||||||||||||||
Impairment of assets and other charges | 37 | — | 37 | 1 | — | 38 | |||||||||||||||||||||||||||||
| Interest expense | 2,006 | 256 | 2,262 | 1,245 | (123) | 3,384 | |||||||||||||||||||||||||||||
| Income tax expense (benefit) | 820 | 99 | 919 | (329) | — | 590 | |||||||||||||||||||||||||||||
Other Segment Items | |||||||||||||||||||||||||||||||||||
Noncontrolling interests(a) | 88 | (1) | 87 | — | — | 87 | |||||||||||||||||||||||||||||
| Preferred dividends | — | — | — | 106 | — | 106 | |||||||||||||||||||||||||||||
Preferred redemption costs | — | — | — | 16 | — | 16 | |||||||||||||||||||||||||||||
Add: Equity in (losses) earnings of unconsolidated affiliates | (11) | (48) | (59) | 50 | — | (9) | |||||||||||||||||||||||||||||
Add: Other(b) | 542 | 58 | 600 | 229 | (142) | 687 | |||||||||||||||||||||||||||||
Segment income (loss)(c)(d)(e) | $ | 4,770 | $ | 454 | $ | 5,224 | $ | (829) | $ | — | $ | 4,395 | |||||||||||||||||||||||
| Discontinued operations | 7 | ||||||||||||||||||||||||||||||||||
Net income available to Duke Energy Corporation Common Stockholders | $ | 4,402 | |||||||||||||||||||||||||||||||||
Add back: Net income attributable to noncontrolling interest | 90 | ||||||||||||||||||||||||||||||||||
Add back: Preferred dividends | 106 | ||||||||||||||||||||||||||||||||||
Add back: Preferred redemption costs | $ | 16 | |||||||||||||||||||||||||||||||||
Net Income | $ | 4,614 | |||||||||||||||||||||||||||||||||
Capital investments expenditures and acquisitions | $ | 10,689 | $ | 1,313 | $ | 12,002 | $ | 261 | $ | — | $ | 12,263 | |||||||||||||||||||||||
Segment assets(f) | 164,010 | 18,131 | 182,141 | 4,202 | — | 186,343 | |||||||||||||||||||||||||||||
(a) Net income (loss) attributable to NCI related to continuing operations.
(b) Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.
(c) EU&I includes the following in the referenced captions on the Consolidated Statements of Operations:
•$42 million recorded within Impairment of assets and other charges, $2 million within Operation, maintenance and other, and an $11 million reduction within Interest Expense related to South Carolinas rate case orders for Duke Energy Carolinas and Duke Energy Progress. See Note 4 for further information.
•$29 million recorded as a reduction of Operating revenues and $4 million as a reduction within Noncontrolling interests related to a Duke Energy Indiana regulatory liability associated with certain employee post-retirement benefits. See Note 4 for further information.
•$17 million recorded as a reduction of Operating revenues related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
•$15 million recorded within Equity in (losses) earnings of unconsolidated affiliates, primarily related to impairments for certain joint venture electric transmission projects, and $4 million within Gains on sales of other assets and other, net.
(d) GU&I includes $1 million recorded within Operation, maintenance and other and $3 million as a charge within Other income and expenses on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. Additionally, GU&I includes $54 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments. See Note 13 for further information.
(e) Other includes $16 million recorded as Preferred Redemption Costs on the Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. See Note 20 for further information. Additionally, Other includes $23 million recorded within Operation, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses.
(f) GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group. Refer to Note 2 for further information.
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| Electric | Gas | Total | |||||||||||||||||||||||||||||||||
| Utilities and | Utilities and | Reportable | |||||||||||||||||||||||||||||||||
| (in millions) | Infrastructure | Infrastructure | Segments | Other | Eliminations | Total | |||||||||||||||||||||||||||||
Unaffiliated revenues | $ | 26,846 | $ | 2,177 | $ | 29,023 | $ | 37 | $ | — | $ | 29,060 | |||||||||||||||||||||||
Intersegment revenues | 75 | 89 | 164 | 97 | (261) | — | |||||||||||||||||||||||||||||
Total operating revenues | $ | 26,921 | $ | 2,266 | $ | 29,187 | $ | 134 | $ | (261) | $ | 29,060 | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Fuel used in electric generation and purchased power | $ | 9,164 | $ | — | $ | 9,164 | $ | — | $ | (78) | $ | 9,086 | |||||||||||||||||||||||
Cost of natural gas | — | 593 | 593 | — | — | 593 | |||||||||||||||||||||||||||||
Operation, maintenance and other | 5,309 | 455 | 5,764 | 36 | (175) | 5,625 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 4,684 | 349 | 5,033 | 248 | (28) | 5,253 | |||||||||||||||||||||||||||||
Property and other taxes | 1,320 | 129 | 1,449 | (49) | — | 1,400 | |||||||||||||||||||||||||||||
Impairment of assets and other charges | 75 | (4) | 71 | 14 | — | 85 | |||||||||||||||||||||||||||||
| Interest expense | 1,850 | 217 | 2,067 | 1,097 | (150) | 3,014 | |||||||||||||||||||||||||||||
| Income tax expense (benefit) | 742 | 116 | 858 | (420) | — | 438 | |||||||||||||||||||||||||||||
Other Segment Items | |||||||||||||||||||||||||||||||||||
Noncontrolling interests(a) | 99 | (2) | 97 | — | — | 97 | |||||||||||||||||||||||||||||
| Preferred dividends | — | — | — | 106 | — | 106 | |||||||||||||||||||||||||||||
| Add: Equity in earnings of unconsolidated affiliates | 7 | 40 | 47 | 66 | — | 113 | |||||||||||||||||||||||||||||
Add: Other(b) | 538 | 66 | 604 | 216 | (170) | 650 | |||||||||||||||||||||||||||||
Segment income (loss)(c)(d) | $ | 4,223 | $ | 519 | $ | 4,742 | $ | (616) | $ | — | $ | 4,126 | |||||||||||||||||||||||
Discontinued operations | (1,391) | ||||||||||||||||||||||||||||||||||
Net income available to Duke Energy Corporation Common Stockholders | $ | 2,735 | |||||||||||||||||||||||||||||||||
Add back: Net income attributable to noncontrolling interest | 33 | ||||||||||||||||||||||||||||||||||
Add back: Preferred dividends | 106 | ||||||||||||||||||||||||||||||||||
Net Income | $ | 2,874 | |||||||||||||||||||||||||||||||||
Capital investments expenditures and acquisitions(e) | $ | 10,135 | $ | 1,492 | $ | 11,627 | $ | 995 | $ | — | $ | 12,622 | |||||||||||||||||||||||
Segment assets(f) | 155,449 | 17,349 | 172,798 | 4,095 | — | 176,893 | |||||||||||||||||||||||||||||
(a) Net income (loss) attributable to NCI related to continuing operations.
(b) Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.
(c) EU&I includes $35 million recorded within Impairment of assets and other charges and $8 million within Operation, maintenance and other primarily related to the North Carolina rate case order on Duke Energy Carolinas' Consolidated Statements of Operations; it also includes $33 million recorded within Impairment of assets and other charges and $8 million within Operation, maintenance and other primarily related to the North Carolina rate case order on Duke Energy Progress' Consolidated Statements of Operations. See Note 4 for additional information.
(d) Other includes $110 million recorded within Operation, maintenance and other and $14 million within Impairment of assets and other charges primarily related to strategic repositioning as the Company transitions to a fully regulated utility on the Consolidated Statements of Operations. See Note 21 for additional information.
(e) Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups.
(f) GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group and Other includes Assets held for sale balances related to the Commercial Renewables Disposal Groups. See Note 2 for further information.
Major Customers
No Subsidiary Registrant has an individual customer representing more than 10% of its revenues for the year ended December 31, 2025.
Products and Services
The following table summarizes revenues of the reportable segments by type.
| Retail | Wholesale | Retail | Total | ||||||||||||||||||||||||||
| (in millions) | Electric | Electric | Natural Gas | Other | Revenues | ||||||||||||||||||||||||
| 2025 | |||||||||||||||||||||||||||||
| Electric Utilities and Infrastructure | $ | 25,504 | $ | 2,423 | $ | — | $ | 1,430 | $ | 29,357 | |||||||||||||||||||
| Gas Utilities and Infrastructure | — | — | 2,782 | 221 | 3,003 | ||||||||||||||||||||||||
| Total Reportable Segments | $ | 25,504 | $ | 2,423 | $ | 2,782 | $ | 1,651 | $ | 32,360 | |||||||||||||||||||
| 2024 | |||||||||||||||||||||||||||||
| Electric Utilities and Infrastructure | $ | 24,593 | $ | 2,219 | $ | — | $ | 1,281 | $ | 28,093 | |||||||||||||||||||
| Gas Utilities and Infrastructure | — | — | 2,320 | 70 | 2,390 | ||||||||||||||||||||||||
| Total Reportable Segments | $ | 24,593 | $ | 2,219 | $ | 2,320 | $ | 1,351 | $ | 30,483 | |||||||||||||||||||
| 2023 | |||||||||||||||||||||||||||||
| Electric Utilities and Infrastructure | $ | 23,484 | $ | 2,193 | $ | — | $ | 1,244 | $ | 26,921 | |||||||||||||||||||
| Gas Utilities and Infrastructure | — | — | 2,199 | 67 | 2,266 | ||||||||||||||||||||||||
| Total Reportable Segments | $ | 23,484 | $ | 2,193 | $ | 2,199 | $ | 1,311 | $ | 29,187 | |||||||||||||||||||
Duke Energy Carolinas
Duke Energy Carolinas has one reportable segment, EU&I.
EU&I generates, distributes and sells electricity in North Carolina and South Carolina. EU&I conducts operations primarily through Duke Energy Carolinas. The remainder of Duke Energy Carolinas' operations is presented as Other.
| Year Ended December 31, 2025 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 9,713 | $ | — | $ | 9,713 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 2,649 | $ | — | $ | 2,649 | ||||||||
Operation, maintenance and other | 1,959 | 43 | 2,002 | |||||||||||
| Depreciation and amortization | 1,903 | — | 1,903 | |||||||||||
Property and other taxes | 349 | — | 349 | |||||||||||
Impairment of assets and other charges | (11) | — | (11) | |||||||||||
| Interest expense | 783 | — | 783 | |||||||||||
| Income tax expense (benefit) | 205 | (11) | 194 | |||||||||||
Add: Other segment items(a) | 267 | (3) | 264 | |||||||||||
Segment income (loss) / Net income | $ | 2,143 | $ | (35) | $ | 2,108 | ||||||||
| Capital expenditures | $ | 4,477 | $ | — | $ | 4,477 | ||||||||
Segment assets | 58,775 | 400 | 59,175 | |||||||||||
| Year Ended December 31, 2024 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 9,718 | $ | — | $ | 9,718 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 3,251 | $ | — | $ | 3,251 | ||||||||
Operation, maintenance and other | 1,710 | 30 | 1,740 | |||||||||||
| Depreciation and amortization | 1,768 | — | 1,768 | |||||||||||
Property and other taxes | 346 | — | 346 | |||||||||||
Impairment of assets and other charges | 31 | — | 31 | |||||||||||
| Interest expense | 722 | — | 722 | |||||||||||
| Income tax expense (benefit) | 233 | (7) | 226 | |||||||||||
Add: Other segment items(a) | 252 | (3) | 249 | |||||||||||
Segment income (loss) / Net income | $ | 1,909 | $ | (26) | $ | 1,883 | ||||||||
Capital expenditures | $ | 3,966 | $ | — | $ | 3,966 | ||||||||
Segment assets | 54,782 | 223 | 55,005 | |||||||||||
| Year Ended December 31, 2023 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 8,288 | $ | — | $ | 8,288 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 2,524 | $ | — | $ | 2,524 | ||||||||
Operation, maintenance and other | 1,689 | 85 | 1,774 | |||||||||||
| Depreciation and amortization | 1,593 | — | 1,593 | |||||||||||
Property and other taxes | 320 | — | 320 | |||||||||||
Impairment of assets and other charges | 44 | — | 44 | |||||||||||
| Interest expense | 686 | — | 686 | |||||||||||
| Income tax expense (benefit) | 162 | (21) | 141 | |||||||||||
Add: Other segment items(a) | 267 | (3) | 264 | |||||||||||
Segment income (loss) / Net income | $ | 1,537 | $ | (67) | $ | 1,470 | ||||||||
Capital expenditures | $ | 3,733 | $ | — | $ | 3,733 | ||||||||
Segment assets | 51,908 | 202 | 52,110 | |||||||||||
(a) Other segment items includes Gains on sales of other assets and other, net, and Other income and expenses, net.
Progress Energy
Progress Energy has one reportable segment, EU&I.
EU&I generates, distributes and sells electricity in North Carolina, South Carolina and Florida. EU&I conducts operations primarily through its wholly owned subsidiaries, Duke Energy Progress and Duke Energy Florida. The remainder of Progress Energy's operations is presented as Other.
| Year Ended December 31, 2025 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 14,491 | $ | 18 | $ | 14,509 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 4,267 | $ | — | $ | 4,267 | ||||||||
Operation, maintenance and other | 3,280 | 55 | 3,335 | |||||||||||
| Depreciation and amortization | 2,543 | — | 2,543 | |||||||||||
Property and other taxes | 658 | (1) | 657 | |||||||||||
Impairment of assets and other charges | 2 | — | 2 | |||||||||||
| Interest expense | 1,005 | 114 | 1,119 | |||||||||||
| Income tax expense (benefit) | 523 | (38) | 485 | |||||||||||
Add: Other segment items(a) | 291 | 23 | 314 | |||||||||||
Segment income (loss) / Net income | $ | 2,504 | $ | (89) | $ | 2,415 | ||||||||
| Capital expenditures | $ | 6,125 | $ | — | $ | 6,125 | ||||||||
Segment assets | 71,685 | 4,153 | 75,838 | |||||||||||
| Year Ended December 31, 2024 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 13,612 | $ | 21 | $ | 13,633 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 4,755 | $ | — | $ | 4,755 | ||||||||
Operation, maintenance and other | 2,413 | 50 | 2,463 | |||||||||||
| Depreciation and amortization | 2,393 | — | 2,393 | |||||||||||
Property and other taxes | 617 | — | 617 | |||||||||||
Impairment of assets and other charges | 6 | — | 6 | |||||||||||
| Interest expense | 949 | 115 | 1,064 | |||||||||||
| Income tax expense (benefit) | 465 | (39) | 426 | |||||||||||
Add: Other segment items(a) | 224 | 38 | 262 | |||||||||||
Segment income (loss) / Net income | $ | 2,238 | $ | (67) | $ | 2,171 | ||||||||
Capital expenditures | $ | 5,252 | $ | — | $ | 5,252 | ||||||||
Segment assets | 67,951 | 3,685 | 71,636 | |||||||||||
| Year Ended December 31, 2023 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 13,524 | $ | 20 | $ | 13,544 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 5,026 | $ | — | $ | 5,026 | ||||||||
Operation, maintenance and other | 2,554 | 82 | 2,636 | |||||||||||
| Depreciation and amortization | 2,151 | — | 2,151 | |||||||||||
Property and other taxes | 644 | — | 644 | |||||||||||
Impairment of assets and other charges | 28 | — | 28 | |||||||||||
| Interest expense | 840 | 114 | 954 | |||||||||||
| Income tax expense (benefit) | 426 | (49) | 377 | |||||||||||
Add: Other segment items(a) | 210 | 18 | 228 | |||||||||||
Segment income (loss) / Net income | $ | 2,065 | $ | (109) | $ | 1,956 | ||||||||
Capital expenditures | $ | 4,917 | $ | — | $ | 4,917 | ||||||||
Segment assets | 63,182 | 3,912 | 67,094 | |||||||||||
(a) Other segment items includes Gains on sales of other assets and other, net, and Other income and expenses, net.
Duke Energy Progress
Duke Energy Progress has one reportable segment, EU&I.
EU&I generates, distributes and sells electricity in North Carolina and South Carolina. EU&I conducts operations primarily through Duke Energy Progress. The remainder of Duke Energy Progress' operations is presented as Other.
| Year Ended December 31, 2025 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 7,386 | $ | — | $ | 7,386 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 2,518 | $ | — | $ | 2,518 | ||||||||
Operation, maintenance and other | 1,431 | 24 | 1,455 | |||||||||||
| Depreciation and amortization | 1,406 | — | 1,406 | |||||||||||
Property and other taxes | 172 | — | 172 | |||||||||||
Impairment of assets and other charges | 2 | — | 2 | |||||||||||
| Interest expense | 526 | — | 526 | |||||||||||
| Income tax expense (benefit) | 229 | (6) | 223 | |||||||||||
Add: Other segment items(a) | 200 | (2) | 198 | |||||||||||
Segment income (loss) / Net income | $ | 1,302 | $ | (20) | $ | 1,282 | ||||||||
| Capital expenditures | $ | 3,428 | $ | — | $ | 3,428 | ||||||||
Segment assets | 42,163 | 364 | 42,527 | |||||||||||
| Year Ended December 31, 2024 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 7,017 | $ | — | $ | 7,017 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 2,409 | $ | — | $ | 2,409 | ||||||||
Operation, maintenance and other | 1,370 | 18 | 1,388 | |||||||||||
| Depreciation and amortization | 1,336 | — | 1,336 | |||||||||||
Property and other taxes | 177 | — | 177 | |||||||||||
Impairment of assets and other charges | 6 | — | 6 | |||||||||||
| Interest expense | 492 | 1 | 493 | |||||||||||
| Income tax expense (benefit) | 194 | (5) | 189 | |||||||||||
Add: Other segment items(a) | 138 | 7 | 145 | |||||||||||
Segment income (loss) / Net income | $ | 1,171 | $ | (7) | $ | 1,164 | ||||||||
Capital expenditures | $ | 2,803 | $ | — | $ | 2,803 | ||||||||
Segment assets | 39,402 | 91 | 39,493 | |||||||||||
| Year Ended December 31, 2023 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 6,488 | $ | — | $ | 6,488 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 2,203 | $ | — | $ | 2,203 | ||||||||
Operation, maintenance and other | 1,342 | 37 | 1,379 | |||||||||||
| Depreciation and amortization | 1,266 | — | 1,266 | |||||||||||
Property and other taxes | 164 | — | 164 | |||||||||||
Impairment of assets and other charges | 29 | — | 29 | |||||||||||
| Interest expense | 427 | — | 427 | |||||||||||
| Income tax expense (benefit) | 158 | (9) | 149 | |||||||||||
Add: Other segment items(a) | 128 | (1) | 127 | |||||||||||
Segment income (loss) / Net income | $ | 1,027 | $ | (29) | $ | 998 | ||||||||
Capital expenditures | $ | 2,387 | $ | — | $ | 2,387 | ||||||||
Segment assets | 36,820 | 104 | 36,924 | |||||||||||
(a) Other segment items includes Gains on sales of other assets and other, net, and Other income and expenses, net.
Duke Energy Florida
Duke Energy Florida has one reportable segment, EU&I.
EU&I generates, distributes and sells electricity in Florida. EU&I conducts operations primarily through Duke Energy Florida. The remainder of Duke Energy Florida's operations is presented as Other.
| Year Ended December 31, 2025 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 7,105 | $ | — | $ | 7,105 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 1,749 | $ | — | $ | 1,749 | ||||||||
Operation, maintenance and other | 1,849 | 16 | 1,865 | |||||||||||
| Depreciation and amortization | 1,137 | — | 1,137 | |||||||||||
Property and other taxes | 486 | — | 486 | |||||||||||
| Interest expense | 479 | — | 479 | |||||||||||
| Income tax expense (benefit) | 294 | (5) | 289 | |||||||||||
Add: Other segment items(a) | 91 | 2 | 93 | |||||||||||
Segment income (loss) / Net income | $ | 1,202 | $ | (9) | $ | 1,193 | ||||||||
| Capital expenditures | $ | 2,698 | $ | — | $ | 2,698 | ||||||||
Segment assets | 29,522 | 134 | 29,656 | |||||||||||
| Year Ended December 31, 2024 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 6,595 | $ | — | $ | 6,595 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 2,346 | $ | — | $ | 2,346 | ||||||||
Operation, maintenance and other | 1,043 | 12 | 1,055 | |||||||||||
| Depreciation and amortization | 1,057 | — | 1,057 | |||||||||||
Property and other taxes | 440 | — | 440 | |||||||||||
| Interest expense | 457 | — | 457 | |||||||||||
| Income tax expense (benefit) | 271 | (3) | 268 | |||||||||||
Add: Other segment items(a) | 86 | 3 | 89 | |||||||||||
Segment income (loss) / Net income | $ | 1,067 | $ | (6) | $ | 1,061 | ||||||||
Capital expenditures | $ | 2,449 | $ | — | $ | 2,449 | ||||||||
Segment assets | 28,549 | 20 | 28,569 | |||||||||||
| Year Ended December 31, 2023 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 7,036 | $ | — | $ | 7,036 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 2,823 | $ | — | $ | 2,823 | ||||||||
Operation, maintenance and other | 1,212 | 27 | 1,239 | |||||||||||
| Depreciation and amortization | 885 | — | 885 | |||||||||||
Property and other taxes | 480 | — | 480 | |||||||||||
Impairment of assets and other charges | (1) | — | (1) | |||||||||||
| Interest expense | 413 | — | 413 | |||||||||||
| Income tax expense (benefit) | 268 | (7) | 261 | |||||||||||
Add: Other segment items(a) | 82 | (2) | 80 | |||||||||||
Segment income (loss) / Net income | $ | 1,038 | $ | (22) | $ | 1,016 | ||||||||
Capital expenditures | $ | 2,529 | $ | — | $ | 2,529 | ||||||||
Segment assets | 26,362 | 239 | 26,601 | |||||||||||
(a) Other segment items includes Gains on sales of other assets and other, net, and Other income and expenses, net.
Duke Energy Ohio
Duke Energy Ohio has two reportable segments, EU&I and GU&I.
EU&I transmits and distributes electricity in portions of Ohio and generates, distributes and sells electricity in portions of Northern Kentucky. GU&I transports and sells natural gas in portions of Ohio and Northern Kentucky. Both reportable segments conduct operations primarily through Duke Energy Ohio and its wholly owned subsidiary, Duke Energy Kentucky. The remainder of Duke Energy Ohio's operations is presented as Other.
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Electric | Gas | Total | |||||||||||||||||||||||||||
| Utilities and | Utilities and | Reportable | Eliminations/ | ||||||||||||||||||||||||||
| (in millions) | Infrastructure | Infrastructure | Segments | Other | Total | ||||||||||||||||||||||||
Total operating revenues | $ | 2,045 | $ | 752 | $ | 2,797 | — | $ | 2,797 | ||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Fuel used in electric generation and purchased power | $ | 626 | $ | — | $ | 626 | $ | — | $ | 626 | |||||||||||||||||||
Cost of natural gas | — | 199 | 199 | — | 199 | ||||||||||||||||||||||||
Operation, maintenance and other | 366 | 116 | 482 | 8 | 490 | ||||||||||||||||||||||||
| Depreciation and amortization | 318 | 147 | 465 | 1 | 466 | ||||||||||||||||||||||||
Property and other taxes | 335 | 97 | 432 | — | 432 | ||||||||||||||||||||||||
| Interest expense | 131 | 71 | 202 | 1 | 203 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 43 | 27 | 70 | (2) | 68 | ||||||||||||||||||||||||
Add: Other segment items(a) | 17 | 8 | 25 | — | 25 | ||||||||||||||||||||||||
Segment income (loss) / Net income | $ | 243 | $ | 103 | $ | 346 | $ | (8) | $ | 338 | |||||||||||||||||||
| Capital expenditures | $ | 600 | $ | 329 | $ | 929 | $ | — | $ | 929 | |||||||||||||||||||
| Segment assets | 8,575 | 4,736 | 13,311 | 135 | 13,446 | ||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Electric | Gas | Total | |||||||||||||||||||||||||||
| Utilities and | Utilities and | Reportable | Eliminations/ | ||||||||||||||||||||||||||
| (in millions) | Infrastructure | Infrastructure | Segments | Other | Total | ||||||||||||||||||||||||
Total operating revenues | $ | 1,905 | $ | 640 | $ | 2,545 | $ | — | $ | 2,545 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Fuel used in electric generation and purchased power | $ | 538 | $ | — | $ | 538 | $ | — | $ | 538 | |||||||||||||||||||
Cost of natural gas | — | 142 | 142 | — | 142 | ||||||||||||||||||||||||
Operation, maintenance and other | 366 | 109 | 475 | 10 | 485 | ||||||||||||||||||||||||
| Depreciation and amortization | 273 | 131 | 404 | (1) | 403 | ||||||||||||||||||||||||
Property and other taxes | 306 | 94 | 400 | — | 400 | ||||||||||||||||||||||||
| Interest expense | 126 | 68 | 194 | (2) | 192 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 47 | 18 | 65 | (1) | 64 | ||||||||||||||||||||||||
Add: Other segment items(a) | 15 | 5 | 20 | — | 20 | ||||||||||||||||||||||||
Segment income (loss) / Net income | $ | 264 | $ | 83 | $ | 347 | $ | (6) | $ | 341 | |||||||||||||||||||
| Capital expenditures | $ | 535 | $ | 280 | $ | 815 | $ | — | $ | 815 | |||||||||||||||||||
| Segment assets | 8,211 | 4,506 | 12,717 | 51 | 12,768 | ||||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Electric | Gas | Total | |||||||||||||||||||||||||||
| Utilities and | Utilities and | Reportable | Eliminations/ | ||||||||||||||||||||||||||
| (in millions) | Infrastructure | Infrastructure | Segments | Other | Total | ||||||||||||||||||||||||
Total operating revenues | $ | 1,868 | $ | 639 | $ | 2,507 | $ | — | $ | 2,507 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Fuel used in electric generation and purchased power | $ | 608 | $ | — | $ | 608 | $ | — | $ | 608 | |||||||||||||||||||
Cost of natural gas | — | 163 | 163 | — | 163 | ||||||||||||||||||||||||
Operation, maintenance and other | 351 | 118 | 469 | 9 | 478 | ||||||||||||||||||||||||
| Depreciation and amortization | 257 | 110 | 367 | — | 367 | ||||||||||||||||||||||||
Property and other taxes | 294 | 70 | 364 | — | 364 | ||||||||||||||||||||||||
Impairment of assets and other charges | 2 | — | 2 | 1 | 3 | ||||||||||||||||||||||||
| Interest expense | 116 | 53 | 169 | — | 169 | ||||||||||||||||||||||||
| Income tax expense (benefit) | 42 | 23 | 65 | (2) | 63 | ||||||||||||||||||||||||
Add: Other segment items(a) | 29 | 14 | 43 | (1) | 42 | ||||||||||||||||||||||||
Segment income (loss) / Net income | $ | 227 | $ | 116 | $ | 343 | $ | (9) | $ | 334 | |||||||||||||||||||
| Capital expenditures | $ | 520 | $ | 419 | $ | 939 | $ | — | $ | 939 | |||||||||||||||||||
| Segment assets | 7,978 | 4,346 | 12,324 | (108) | 12,216 | ||||||||||||||||||||||||
(a) Other segment items for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.
Duke Energy Indiana
Duke Energy Indiana has one reportable segment, EU&I.
EU&I generates, distributes and sells electricity in Indiana. EU&I conducts operations primarily through Duke Energy Indiana. The remainder of Duke Energy Indiana's operations is presented as Other.
| Year Ended December 31, 2025 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 3,544 | $ | — | $ | 3,544 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 1,065 | $ | — | $ | 1,065 | ||||||||
Operation, maintenance and other | 801 | 10 | 811 | |||||||||||
| Depreciation and amortization | 823 | — | 823 | |||||||||||
Property and other taxes | 61 | — | 61 | |||||||||||
| Interest expense | 243 | — | 243 | |||||||||||
| Income tax expense (benefit) | 85 | (3) | 82 | |||||||||||
Add: Other segment items(a) | 62 | (1) | 61 | |||||||||||
Segment income (loss) / Net income | $ | 528 | $ | (8) | $ | 520 | ||||||||
| Capital expenditures | $ | 1,332 | $ | — | $ | 1,332 | ||||||||
Segment assets | 16,321 | 25 | 16,346 | |||||||||||
| Year Ended December 31, 2024 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 3,040 | $ | — | $ | 3,040 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 964 | $ | — | $ | 964 | ||||||||
Operation, maintenance and other | 666 | 5 | 671 | |||||||||||
| Depreciation and amortization | 676 | — | 676 | |||||||||||
Property and other taxes | 50 | — | 50 | |||||||||||
| Interest expense | 228 | 1 | 229 | |||||||||||
| Income tax expense (benefit) | 72 | (1) | 71 | |||||||||||
Add: Other segment items(a) | 62 | — | 62 | |||||||||||
Segment income (loss) / Net income | $ | 446 | $ | (5) | $ | 441 | ||||||||
Capital expenditures | $ | 935 | $ | — | $ | 935 | ||||||||
Segment assets | 15,726 | 1 | 15,727 | |||||||||||
| Year Ended December 31, 2023 | ||||||||||||||
Electric | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 3,399 | $ | — | $ | 3,399 | ||||||||
Less: | ||||||||||||||
Fuel used in electric generation and purchased power | $ | 1,217 | $ | — | $ | 1,217 | ||||||||
Operation, maintenance and other | 695 | 18 | 713 | |||||||||||
| Depreciation and amortization | 666 | — | 666 | |||||||||||
Property and other taxes | 59 | — | 59 | |||||||||||
Impairment of assets and other charges | (1) | 1 | — | |||||||||||
| Interest expense | 213 | — | 213 | |||||||||||
| Income tax expense (benefit) | 115 | (5) | 110 | |||||||||||
Add: Other segment items(a) | 77 | (1) | 76 | |||||||||||
Segment income (loss) / Net income | $ | 512 | $ | (15) | $ | 497 | ||||||||
Capital expenditures | $ | 961 | $ | — | $ | 961 | ||||||||
Segment assets | 14,966 | (155) | 14,811 | |||||||||||
(a) Other segment items includes Gains on sales of other assets and other, net, and Other income and expenses, net.
Piedmont
Piedmont has one reportable segment, GU&I.
GU&I distributes and sells natural gas in North Carolina, South Carolina and Tennessee. GU&I conducts operations primarily through Piedmont. The remainder of Piedmont's operations is presented as Other.
| Year Ended December 31, 2025 | ||||||||||||||
| Gas | ||||||||||||||
| Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 2,237 | $ | — | $ | 2,237 | ||||||||
Less: | ||||||||||||||
Cost of natural gas | $ | 784 | $ | — | $ | 784 | ||||||||
Operation, maintenance and other | 393 | 15 | 408 | |||||||||||
| Depreciation and amortization | 282 | — | 282 | |||||||||||
Property and other taxes | 67 | — | 67 | |||||||||||
| Interest expense | 193 | — | 193 | |||||||||||
| Income tax expense (benefit) | 115 | (3) | 112 | |||||||||||
Other Segment Items | ||||||||||||||
| Add: Equity in earnings of unconsolidated affiliates | — | 8 | 8 | |||||||||||
Add: Other(a) | 46 | (5) | 41 | |||||||||||
Segment income (loss) / Net income | $ | 449 | $ | (9) | $ | 440 | ||||||||
| Capital expenditures | $ | 807 | $ | — | $ | 807 | ||||||||
Segment assets(b) | 12,384 | 86 | 12,470 | |||||||||||
| Year Ended December 31, 2024 | ||||||||||||||
| Gas | ||||||||||||||
| Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 1,729 | $ | — | $ | 1,729 | ||||||||
Less: | ||||||||||||||
Cost of natural gas | $ | 423 | $ | — | $ | 423 | ||||||||
Operation, maintenance and other | 355 | 4 | 359 | |||||||||||
| Depreciation and amortization | 261 | — | 261 | |||||||||||
Property and other taxes | 55 | — | 55 | |||||||||||
| Interest expense | 185 | — | 185 | |||||||||||
| Income tax expense (benefit) | 94 | 1 | 95 | |||||||||||
Other Segment Items | ||||||||||||||
| Add: Equity in earnings of unconsolidated affiliates | — | 8 | 8 | |||||||||||
Add: Other(a) | 54 | — | 54 | |||||||||||
Segment income (loss) / Net income | $ | 410 | $ | 3 | $ | 413 | ||||||||
Capital expenditures | $ | 1,025 | $ | — | $ | 1,025 | ||||||||
Segment assets(b) | 11,707 | 92 | 11,799 | |||||||||||
| Year Ended December 31, 2023 | ||||||||||||||
Gas | ||||||||||||||
Utilities and | Eliminations/ | |||||||||||||
| (in millions) | Infrastructure | Other | Total | |||||||||||
Total operating revenues | $ | 1,628 | $ | — | $ | 1,628 | ||||||||
Less: | ||||||||||||||
Cost of natural gas | $ | 430 | $ | — | $ | 430 | ||||||||
Operation, maintenance and other | 336 | 8 | 344 | |||||||||||
| Depreciation and amortization | 237 | — | 237 | |||||||||||
Property and other taxes | 59 | — | 59 | |||||||||||
Impairment of assets and other charges | (4) | — | (4) | |||||||||||
| Interest expense | 165 | — | 165 | |||||||||||
| Income tax expense (benefit) | 84 | — | 84 | |||||||||||
Other Segment Items | ||||||||||||||
| Add: Equity in earnings of unconsolidated affiliates | — | 9 | 9 | |||||||||||
Add: Other(a) | 59 | (2) | 57 | |||||||||||
Segment income (loss) / Net income | $ | 380 | $ | (1) | $ | 379 | ||||||||
Capital expenditures | $ | 1,036 | $ | — | $ | 1,036 | ||||||||
Segment assets(b) | 10,978 | 89 | 11,067 | |||||||||||
(a) Other includes Gains on sales of other assets and other, net, and Other income and expenses, net.
(b) GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group. Refer to Note 2 for further information.
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.