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Investments in Debt and Equity Securities
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Equity Securities INVESTMENTS IN DEBT AND EQUITY SECURITIES
Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as AFS and investments in equity securities as FV-NI.
For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.
Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.
Investment Trusts
The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the objectives and guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.
Other AFS Securities
Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of December 31, 2025, and 2024.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Consolidated Balance Sheets.
DUKE ENERGY
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.
December 31, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $175 $— $— $139 
Equity securities 6,041 14 8,519 5,753 61 8,233 
Corporate debt securities 17 18 1,056 6 33 673 
Municipal bonds 4 13 366 2 14 342 
U.S. government bonds 31 39 2,487 3 84 1,806 
Other debt securities 3 5 284 1 8 239 
Total NDTF Investments$6,096 $89 $12,887 $5,765 $200 $11,432 
Other Investments       
Cash and cash equivalents $— $— $53 $— $— $47 
Equity securities 57 — 139 39 4 160 
Corporate debt securities — 2 75 — 5 79 
Municipal bonds — 1 67 — 1 83 
U.S. government bonds — 4 59 — 5 59 
Other debt securities — 2 45 — 4 45 
Total Other Investments$57 $9 $438 $39 $19 $473 
Total Investments $6,153 $98 $13,325 $5,804 $219 $11,905 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2025, 2024 and 2023, were as follows.
Years Ended December 31,
(in millions)202520242023
FV-NI:
Realized gains$1,174 $600 $129 
Realized losses145 85 146 
AFS:
Realized gains67 28 44 
Realized losses77 67 140 
DUKE ENERGY CAROLINAS
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.
 December 31, 2025 December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $92 $— $— $62 
Equity securities 3,533 10 4,896 3,386 33 4,751 
Corporate debt securities 9 15 662 2 27 401 
Municipal bonds — 5 42 — 4 36 
U.S. government bonds 16 26 1,403 — 50 991 
Other debt securities 3 5 242 1 8 223 
Total NDTF Investments$3,561 $61 $7,337 $3,389 $122 $6,464 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2025, 2024 and 2023, were as follows.
Years Ended December 31,
(in millions)202520242023
FV-NI:
Realized gains$693 $298 $82 
Realized losses77 40 79 
AFS:
Realized gains51 14 22 
Realized losses57 40 65 
PROGRESS ENERGY
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.
December 31, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $83 $— $— $77 
Equity securities 2,508 4 3,623 2,367 28 3,482 
Corporate debt securities 8 3 394 4 6 272 
Municipal bonds 4 8 324 2 10 306 
U.S. government bonds 15 13 1,084 3 34 815 
Other debt securities — — 42 — — 16 
Total NDTF Investments$2,535 $28 $5,550 $2,376 $78 $4,968 
Other Investments       
Cash and cash equivalents $— $— $34 $— $— $23 
Municipal bonds — — 24 — — 24 
Total Other Investments$— $— $58 $— $— $47 
Total Investments $2,535 $28 $5,608 $2,376 $78 $5,015 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2025, 2024 and 2023, were as follows.
Years Ended December 31,
(in millions)202520242023
FV-NI:
Realized gains$481 $302 $47 
Realized losses68 45 67 
AFS:
Realized gains16 14 22 
Realized losses20 27 75 
DUKE ENERGY PROGRESS
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.
 December 31, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $71 $— $— $54 
Equity securities 2,380 4 3,485 2,256 28 3,362 
Corporate debt securities 8 3 375 4 6 256 
Municipal bonds 4 8 324 2 10 306 
U.S. government bonds 14 10 958 3 26 645 
Other debt securities — — 41 — — 14 
Total NDTF Investments$2,406 $25 $5,254 $2,265 $70 $4,637 
Other Investments    
Cash and cash equivalents $— $— $24 $— $— $16 
Total Other Investments$— $— $24 $— $— $16 
Total Investments $2,406 $25 $5,278 $2,265 $70 $4,653 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2025, 2024 and 2023, were as follows.
Years Ended December 31,
(in millions)202520242023
FV-NI:
Realized gains$478 $288 $44 
Realized losses67 44 66 
AFS:
Realized gains15 13 20 
Realized losses19 26 70 
DUKE ENERGY FLORIDA
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.
 December 31, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF        
Cash and cash equivalents $— $— $12 $— $— $23 
Equity securities 128 — 138 111 — 120 
Corporate debt securities — — 19 — — 16 
U.S. government bonds 1 3 126 — 8 170 
Other debt securities — — 1 — — 2 
Total NDTF Investments(a)
$129 $3 $296 $111 $8 $331 
Other Investments    
Cash and cash equivalents $— $— $5 $— $— $3 
Municipal bonds — — 24 — — 24 
Total Other Investments$— $— $29 $— $— $27 
Total Investments $129 $3 $325 $111 $8 $358 
(a)    During the years ended December 31, 2025, and 2024, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2025, 2024 and 2023, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
 December 31, 2025December 31, 2024
GrossGrossGross
UnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingEstimated
(in millions) GainsLossesFair ValueLossesFair Value
Investments      
Cash and cash equivalents$— $— $— $— $1 
Equity securities 6 — 53 4 89 
Corporate debt securities — — 1 — 6 
Municipal bonds — 1 25 1 43 
U.S. government bonds — — 3 — 7 
Total Investments $6 $1 $82 $5 $146 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2025, 2024 and 2023, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
December 31, 2025
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$108 $15 $92 $17 $75 $1 
Due after one through five years1,130 564 501 473 28 8 
Due after five through 10 years955 513 395 378 17 6 
Due after 10 years2,246 1,257 880 830 50 14 
Total$4,439 $2,349 $1,868 $1,698 $170 $29