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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Stockholders' Equity | STOCKHOLDERS' EQUITY Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as convertible debt or equity forward sale agreements, are exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are RSUs that are entitled to dividends declared on Duke Energy common stock during the RSUs vesting periods. Dividends declared on preferred stock are recorded on the Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS. The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.
| Years Ended December 31,
(in millions, except per share amounts) | 2025 |  | 2024 |  | 2023
Net Income available to Duke Energy common stockholders | $ | 4,912 |  |  | $ | 4,402 |  |  | $ | 2,735 |
Less: Income (Loss) from discontinued operations attributable to Duke Energy common stockholders | 1 |  |  | 7 |  |  | (1,391) |
Accumulated preferred stock dividends adjustment | — |  |  | 14 |  |  | — |
Less: Impact of participating securities | 6 |  |  | 6 |  |  | 6 |
Income from continuing operations available to Duke Energy common stockholders | $ | 4,905 |  |  | $ | 4,403 |  |  | $ | 4,120 |
Income (Loss) from discontinued operations, net of tax | $ | 1 |  |  | $ | 10 |  |  | $ | (1,455) |
Add: Loss (Income) attributable to NCI | — |  |  | (3) |  |  | 64 |
Income (Loss) from discontinued operations attributable to Duke Energy common stockholders | $ | 1 |  |  | $ | 7 |  |  | $ | (1,391) |
Weighted average common shares outstanding – basic and diluted | 777 |  |  | 772 |  |  | 771 |
EPS from continuing operations available to Duke Energy common stockholders |  |  |  |  |
Basic and Diluted(a) | $ | 6.31 |  |  | $ | 5.70 |  |  | $ | 5.35 |
Earnings (Loss) Per Share from discontinued operations attributable to Duke Energy common stockholders |  |  |  |  |
Basic and Diluted(a) | $ | — |  |  | $ | 0.01 |  |  | $ | (1.81) |
Potentially dilutive items excluded from the calculation(b) | 2 |  |  | 2 |  |  | 2 |
Dividends declared per common share | $ | 4.22 |  |  | $ | 4.14 |  |  | $ | 4.06 |
Dividends declared on Series A preferred stock per depositary share(c) | $ | 1.437 |  |  | $ | 1.437 |  |  | $ | 1.437 |
Dividends declared on Series B preferred stock per share(d) | $ | — |  |  | $ | 48.750 |  |  | $ | 48.750 |
(a) For the year ended December 31, 2025, the convertible notes were included in the calculation of diluted EPS, but the impact was immaterial. For the years ended December 31, 2024, and 2023, the convertible notes were excluded from the calculations of diluted EPS because the effect was antidilutive. (b) Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met. (c) 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share. (d) 4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends were payable semiannually in arrears on the 16th day of March and September. The preferred stock was redeemed on September 16, 2024. Common Stock In November 2022, Duke Energy filed a prospectus supplement and executed an Equity Distribution Agreement (EDA) under which it could sell up to $1.5 billion of its common stock through an ATM offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy could issue and sell shares of common stock through September 2025. In December 2024, Duke Energy physically settled equity forwards under the prior ATM program by delivering approximately 2.9 million shares of common stock in exchange for net cash proceeds of $297 million. Additionally, in December 2024, a fifth and final tranche of ATM equity issuances delivered 671,216 shares of common stock in exchange for net cash proceeds of $74 million, resulting in a total of 3.6 million shares of common stock issued in exchange for total cash proceeds of $371 million for the year ended December 31, 2024. The following table shows ATM equity issuances pursuant to forward contracts executed during February and March 2025.
Tranche |  | Shares Priced | Initial Forward Price
1 |  | 1,710,979 | $ | 116.02 |
2 |  | 1,262,618 | $ | 117.94 |
3 |  | 1,264,410 | $ | 117.79 |
Total |  | 4,238,007 |
The equity forwards require Duke Energy to either physically settle the transactions by issuing shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or net settle in whole or in part through the delivery or receipt of cash or shares. The settlement alternatives are at Duke Energy's election. No amounts have or will be recorded in Duke Energy's Consolidated Financial Statements with respect to the ATM offering until settlement of the equity forwards occurs, which is expected by December 31, 2026. The initial forward sale prices will be subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the relevant forward sale agreements. Until settlement of the equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Preferred Stock On September 16, 2024, Duke Energy redeemed all 1 million outstanding shares of Series B Preferred Stock for a redemption price of $1,000 per share or $1 billion in total. Following the redemption, dividends ceased to accrue on the shares of Series B Preferred Stock, shares of the Series B Preferred Stock were no longer deemed outstanding and all rights of the holders of such shares of Series B Preferred Stock terminated. In conjunction with the redemption, Duke Energy recorded $16 million in preferred stock redemption costs, calculated as the difference of $11 million between the carrying value on the redemption date of the Series B Preferred Stock and the total amount of consideration paid to redeem, and including the recognition of an excise tax liability under the IRA of $5 million. The preferred stock redemption costs were recorded as a reduction to Retained earnings on Duke Energy Corporation's Consolidated Balance Sheets during the year ended December 31, 2024. The Series A Preferred Stock has no maturity or mandatory redemption date, is not redeemable at the option of the holders and Duke E nergy may call the preferred stock, in whole or in part, at any time at a redemption price of $25 per depositary share. Duke Energy is also required to redeem all accumulated and unpaid dividends if the call option is exercised. Dividends issued on its Series A Preferred Stock are subject to approval by the Board of Directors. However, the deferral of dividend payments on the preferred stock prohibits the declaration of common stock dividends. The Series A Preferred Stock rank, with respect to dividends and distributions upon liquidation or dissolution: •senior to Common Stock and to each other class or series of capital stock established after the original issue date of the Series A Preferred Stock that is expressly made subordinated to the Series A Preferred Stock; •on a parity with any class or series of capital stock established after the original issue date of the Series A Preferred Stock that is not expressly made senior or subordinated to the Series A Preferred Stock; •junior to any class or series of capital stock established after the original issue date of the Series A Preferred Stock that is expressly made senior to the Series A Preferred Stock; •junior to all existing and future indebtedness (including indebtedness outstanding under Duke Energy's credit facilities, unsecured senior notes, junior subordinated debentures and commercial paper) and other liabilities with respect to assets available to satisfy claims against Duke Energy; and •structurally subordinated to existing and future indebtedness and other liabilities of Duke Energy's subsidiaries and future preferred stock of subsidiaries. Holders of Series A Preferred Stock have no voting rights with respect to matters that generally require the approval of voting stockholders. The limited voting rights of holders of Series A Preferred Stock include the right to vote as a single class, respectively, on certain matters that may affect the preference or special rights of the preferred stock, except in the instance that Duke Energy elects to defer the payment of dividends for a total of six quarterly full dividend periods for Series A Preferred Stock. If dividends are deferred for a cumulative total of six quarterly full dividend periods for Series A Preferred Stock, whether or not for consecutive dividend periods, holders of the preferred stock have the right to elect two additional Board members to the Board of Directors.

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