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Investments in Debt and Equity Securities (Tables)
9 Months Ended
Sep. 30, 2025
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$ $ $172 $— $— $139 
Equity securities5,938 17 8,435 5,753 61 8,233 
Corporate debt securities21 19 1,021 33 673 
Municipal bonds4 15 374 14 342 
U.S. government bonds32 43 2,488 84 1,806 
Other debt securities3 5 287 239 
Total NDTF Investments$5,998 $99 $12,777 $5,765 $200 $11,432 
Other Investments
Cash and cash equivalents$ $ $76 $— $— $47 
Equity securities54  134 39 160 
Corporate debt securities 2 70 — 79 
Municipal bonds 2 69 — 83 
U.S. government bonds 4 56 — 59 
Other debt securities 2 49 — 45 
Total Other Investments$54 $10 $454 $39 $19 $473 
Total Investments$6,052 $109 $13,231 $5,804 $219 $11,905 
Debt Securities, Available-for-sale
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$ $ $172 $— $— $139 
Equity securities5,938 17 8,435 5,753 61 8,233 
Corporate debt securities21 19 1,021 33 673 
Municipal bonds4 15 374 14 342 
U.S. government bonds32 43 2,488 84 1,806 
Other debt securities3 5 287 239 
Total NDTF Investments$5,998 $99 $12,777 $5,765 $200 $11,432 
Other Investments
Cash and cash equivalents$ $ $76 $— $— $47 
Equity securities54  134 39 160 
Corporate debt securities 2 70 — 79 
Municipal bonds 2 69 — 83 
U.S. government bonds 4 56 — 59 
Other debt securities 2 49 — 45 
Total Other Investments$54 $10 $454 $39 $19 $473 
Total Investments$6,052 $109 $13,231 $5,804 $219 $11,905 
Schedule of Realized Gain (Loss)
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2025, and 2024, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
FV-NI:
 Realized gains $848 $61 $1,015 $256 
 Realized losses21 19 102 64 
AFS:
 Realized gains23 10 43 22 
 Realized losses20 57 44 
Investments Classified by Contractual Maturity Date
The table below summarizes the maturity date for debt securities.
September 30, 2025
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$92 $9 $82 $10 $72 $1 
Due after one through five years1,138 571 507 464 43 8 
Due after five through 10 years900 460 394 377 17 6 
Due after 10 years2,284 1,289 882 834 48 13 
Total$4,414 $2,329 $1,865 $1,685 $180 $28 
Duke Energy Carolinas  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$ $ $84 $— $— $62 
Equity securities3,483 11 4,856 3,386 33 4,751 
Corporate debt securities11 16 637 27 401 
Municipal bonds 5 50 — 36 
U.S. government bonds17 28 1,397 — 50 991 
Other debt securities3 5 245 223 
Total NDTF Investments$3,514 $65 $7,269 $3,389 $122 $6,464 
Debt Securities, Available-for-sale
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$ $ $84 $— $— $62 
Equity securities3,483 11 4,856 3,386 33 4,751 
Corporate debt securities11 16 637 27 401 
Municipal bonds 5 50 — 36 
U.S. government bonds17 28 1,397 — 50 991 
Other debt securities3 5 245 223 
Total NDTF Investments$3,514 $65 $7,269 $3,389 $122 $6,464 
Schedule of Realized Gain (Loss)
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2025, and 2024, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
FV-NI:
 Realized gains$490 $38 $594 $163 
 Realized losses 12 53 30 
AFS:
 Realized gains17 32 11 
 Realized losses17 40 22 
Progress Energy  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$ $ $88 $— $— $77 
Equity securities2,455 6 3,579 2,367 28 3,482 
Corporate debt securities10 3 384 272 
Municipal bonds4 10 324 10 306 
U.S. government bonds15 15 1,091 34 815 
Other debt securities  42 — — 16 
Total NDTF Investments$2,484 $34 $5,508 $2,376 $78 $4,968 
Other Investments
Cash and cash equivalents$ $ $14 $— $— $23 
Municipal bonds 1 24 — — 24 
Total Other Investments$ $1 $38 $— $— $47 
Total Investments$2,484 $35 $5,546 $2,376 $78 $5,015 
Debt Securities, Available-for-sale
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$ $ $88 $— $— $77 
Equity securities2,455 6 3,579 2,367 28 3,482 
Corporate debt securities10 3 384 272 
Municipal bonds4 10 324 10 306 
U.S. government bonds15 15 1,091 34 815 
Other debt securities  42 — — 16 
Total NDTF Investments$2,484 $34 $5,508 $2,376 $78 $4,968 
Other Investments
Cash and cash equivalents$ $ $14 $— $— $23 
Municipal bonds 1 24 — — 24 
Total Other Investments$ $1 $38 $— $— $47 
Total Investments$2,484 $35 $5,546 $2,376 $78 $5,015 
Schedule of Realized Gain (Loss)
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2025, and 2024, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
FV-NI:
 Realized gains$358 $23 $421 $93 
 Realized losses9 10 49 34 
AFS:
 Realized gains6 11 11 
 Realized losses3 17 22 
Duke Energy Progress  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$ $ $72 $— $— $54 
Equity securities2,330 6 3,445 2,256 28 3,362 
Corporate debt securities10 3 367 256 
Municipal bonds4 10 324 10 306 
U.S. government bonds14 11 953 26 645 
Other debt securities  41 — — 14 
Total NDTF Investments$2,358 $30 $5,202 $2,265 $70 $4,637 
Other Investments
Cash and cash equivalents$ $ $9 $— $— $16 
Total Other Investments$ $ $9 $— $— $16 
Total Investments$2,358 $30 $5,211 $2,265 $70 $4,653 
Debt Securities, Available-for-sale
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$ $ $72 $— $— $54 
Equity securities2,330 6 3,445 2,256 28 3,362 
Corporate debt securities10 3 367 256 
Municipal bonds4 10 324 10 306 
U.S. government bonds14 11 953 26 645 
Other debt securities  41 — — 14 
Total NDTF Investments$2,358 $30 $5,202 $2,265 $70 $4,637 
Other Investments
Cash and cash equivalents$ $ $9 $— $— $16 
Total Other Investments$ $ $9 $— $— $16 
Total Investments$2,358 $30 $5,211 $2,265 $70 $4,653 
Schedule of Realized Gain (Loss)
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2025, and 2024, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
FV-NI:
 Realized gains$358 $23 $419 $93 
 Realized losses9 10 49 34 
AFS:
 Realized gains5 10 11 
 Realized losses3 16 21 
Duke Energy Florida  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$ $ $16 $— $— $23 
Equity securities125 — 134 111 — 120 
Corporate debt securities  17 — — 16 
U.S. government bonds1 4 138 — 170 
Other debt securities  1 — — 
Total NDTF Investments(a)
$126 $4 $306 $111 $$331 
Other Investments
Cash and cash equivalents$ $ $1 $— $— $
Municipal bonds 1 24 — — 24 
Total Other Investments$ $1 $25 $— $— $27 
Total Investments$126 $5 $331 $111 $$358 
(a)During the nine months ended September 30, 2025, and the year ended December 31, 2024, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
Debt Securities, Available-for-sale
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$ $ $16 $— $— $23 
Equity securities125 — 134 111 — 120 
Corporate debt securities  17 — — 16 
U.S. government bonds1 4 138 — 170 
Other debt securities  1 — — 
Total NDTF Investments(a)
$126 $4 $306 $111 $$331 
Other Investments
Cash and cash equivalents$ $ $1 $— $— $
Municipal bonds 1 24 — — 24 
Total Other Investments$ $1 $25 $— $— $27 
Total Investments$126 $5 $331 $111 $$358 
(a)During the nine months ended September 30, 2025, and the year ended December 31, 2024, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
Duke Energy Indiana  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedEstimated
HoldingHoldingFairHoldingFair
(in millions)GainsLossesValueLossesValue
Investments
Cash and cash equivalents$ $ $1 $— $
Equity securities5  51 89 
Corporate debt securities  1 — 
Municipal bonds 1 24 43 
U.S. government bonds  3 — 
Total Investments$5 $1 $80 $$146 
Debt Securities, Available-for-sale
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
September 30, 2025December 31, 2024
GrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedEstimated
HoldingHoldingFairHoldingFair
(in millions)GainsLossesValueLossesValue
Investments
Cash and cash equivalents$ $ $1 $— $
Equity securities5  51 89 
Corporate debt securities  1 — 
Municipal bonds 1 24 43 
U.S. government bonds  3 — 
Total Investments$5 $1 $80 $$146