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Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

DEFINED BENEFIT RETIREMENT PLANS

Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified, non-contributory defined benefit retirement plans, which consist of the Duke Energy Retirement Cash Balance Plan (RCBP) and the Duke Energy Legacy Pension Plan (DELPP). These plans cover most employees using a cash balance formula. Under a cash balance formula, a plan participant accumulates a retirement benefit consisting of pay credits based upon a percentage of current eligible earnings, age or age and years of service and interest credits. Certain employees are eligible for benefits that use a final average earnings formula. Under these final average earnings formulas, a plan participant accumulates a retirement benefit equal to the sum of percentages of their (i) highest three-, four- or five-year average earnings, (ii) highest three-, four- or five-year average earnings in excess of covered compensation per year of participation (maximum of 35 years) or (iii) highest three-year average earnings times years of participation in excess of 35 years. Duke Energy also maintains, and the Subsidiary Registrants participate in, non-qualified, non-contributory defined benefit retirement plans that cover certain executives. The qualified and non-qualified, non-contributory defined benefit plans are closed to new participants.

Duke Energy uses a December 31 measurement date for its defined benefit retirement plan assets and obligations. Actuarial gains experienced by the defined benefit retirement plans in remeasuring plan assets as of December 31, 2025, were attributable to actual investment performance that exceeded expected investment performance. Actuarial losses experienced by the defined benefit retirement plans in remeasuring plan obligations as of December 31, 2025, were primarily attributable to the decrease in the discount rate used to measure plan obligations. Actuarial gains experienced by the defined benefit retirement plans in remeasuring plan obligations as of December 31, 2024, were primarily attributable to the increase in the discount rate used to measure plan obligations. Actuarial losses experienced by the defined benefit retirement plans in remeasuring plan assets as of December 31, 2024, were primarily attributable to actual investment performance that was less than expected investment performance.

As a result of the application of settlement accounting due to total lump-sum benefit payments exceeding the settlement threshold (defined as the sum of service cost and interest cost on projected benefit obligation components of net periodic benefit costs) for one of its qualified pension plans, Duke Energy recognized settlement charges of $72 million, of which $60 million was recorded to Regulatory Assets within Other Noncurrent Assets on the Consolidated Balance Sheets and $12 million was recorded to Other income and expenses, net, within the Consolidated Statement of Operations as of, and for the year ended, December 31, 2024.

Settlement charges recognized by the Subsidiary Registrants as of December 31, 2024, which represent amounts allocated by Duke Energy for employees of the Subsidiary Registrants and allocated charges for their proportionate share of settlement charges for employees of Duke Energy's shared services affiliate, and recorded to Regulatory Assets within Other Noncurrent Assets on the Consolidated Balance Sheets were $31 million for Duke Energy Carolinas, $23 million for Progress Energy, $16 million for Duke Energy Progress, $7 million for Duke Energy Florida, $3 million for Duke Energy Indiana and $4 million for Piedmont. Settlement charges recognized by the Subsidiary Registrants as of December 31, 2024, recorded to Other income and expenses, net, within the 2024 Consolidated Statements of Operations were $3 million for Duke Energy Carolinas, $5 million for Progress Energy, $5 million for Duke Energy Progress, $2 million for Duke Energy Ohio and $1 million for Piedmont.

The settlement charges reflect the recognition of a pro-rata portion of previously unrecognized actuarial losses, equal to the percentage of reduction in the projected benefit obligation resulting from total lump-sum benefit payments. Settlement charges recognized as a regulatory asset within Other Noncurrent Assets on the Consolidated Balance Sheets are amortized over the average remaining service period for participants in the plan. Amortization of settlement charges is disclosed in the tables below as a component of net periodic pension costs.

Net periodic benefit costs disclosed in the tables below represent the cost of the respective benefit plan for the periods presented prior to capitalization of amounts reflected as Net property, plant and equipment, on the Consolidated Balance Sheets. Only the service cost component of net periodic benefit costs is eligible to be capitalized. The remaining non-capitalized portions of net periodic benefit costs are classified as either: (1) service cost, which is recorded in Operation, maintenance and other on the Consolidated Statements of Operations; or as (2) components of non-service cost, which is recorded in Other income and expenses, net on the Consolidated Statements of Operations. Amounts presented in the tables below for the Subsidiary Registrants represent the amounts of pension and other post-retirement benefit cost allocated by Duke Energy for employees of the Subsidiary Registrants. Additionally, the Consolidated Statements of Operations of the Subsidiary Registrants also include allocated net periodic benefit costs for their proportionate share of pension and post-retirement benefit cost for employees of Duke Energy’s shared services affiliate that provide support to the Subsidiary Registrants. However, in the tables below, these amounts are only presented within the Duke Energy column (except for amortization of settlement charges). These allocated amounts are included in the governance and shared service costs discussed in Note 14.

Duke Energy’s policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants. The following table includes information related to the Duke Energy Registrants’ contributions to its qualified defined benefit pension plans.

									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Contributions Made:
2025			$	100					$	27					$	23					$	14					$	10					$	6					$	8					$	3
2024			100						26						23						14						9						5						8						3
2023			100						26						22						13						9						5						8						3

QUALIFIED PENSION PLANS

Components of Net Periodic Pension Costs

			Year Ended December 31, 2025
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	107					$	36					$	30					$	18					$	12					$	3					$	6					$	4
Interest cost on projected benefit obligation			329						79						103						46						57						17						26						10
Expected return on plan assets			(597)						(153)						(220)						(98)						(120)						(24)						(40)						(20)
Amortization of actuarial loss			61						15						19						10						9						2						5						4
Amortization of prior service credit			(13)						(1)						—						—						—						—						(2)						(7)
Amortization of settlement charges			25						12						7						5						2						—						2						4
Net periodic pension costs(a)(b)			$	(88)					$	(12)					$	(61)					$	(19)					$	(40)					$	(2)					$	(3)					$	(5)

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	114					$	37					$	32					$	19					$	13					$	3					$	6					$	4
Interest cost on projected benefit obligation			325						78						103						47						56						17						26						9
Expected return on plan assets			(613)						(161)						(217)						(99)						(116)						(25)						(42)						(20)
Amortization of actuarial loss			36						8						10						6						5						1						4						3
Amortization of prior service credit			(13)						(1)						—						—						—						—						(2)						(7)
Amortization of settlement charges(c)			32						12						10						9						2						2						2						5
Net periodic pension costs(a)(b)			$	(119)					$	(27)					$	(62)					$	(18)					$	(40)					$	(2)					$	(6)					$	(6)

			Year Ended December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	117					$	38					$	33					$	19					$	13					$	3					$	6					$	4
Interest cost on projected benefit obligation			344						84						107						49						57						18						27						9
Expected return on plan assets			(588)						(160)						(198)						(93)						(104)						(24)						(40)						(20)
Amortization of actuarial loss			10						2						4						2						2						—						2						—
Amortization of prior service credit			(14)						(1)						—						—						—						—						(2)						(7)
Amortization of settlement charges			19						9						5						3						1						—						1						4
Net periodic pension costs(a)(b)			$	(112)					$	(28)					$	(49)					$	(20)					$	(31)					$	(3)					$	(6)					$	(10)

(a)    Duke Energy amounts exclude $2 million, $2 million and $3 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

(b)    Duke Energy Ohio amounts exclude $1 million, $1 million and $1 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

(c)    Includes settlement charges not deferred as a regulatory asset.

Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets

			Year Ended December 31, 2025
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Regulatory assets, net decrease			$	(202)					$	(46)					$	(84)					$	(40)					$	(43)					$	(8)					$	(6)					$	(9)
Accumulated other comprehensive loss (income)
Deferred income tax benefit			$	3					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Amortization of prior year actuarial (losses) gains			(17)						—						(1)						—						—						—						—						—
Net amount recognized in accumulated other comprehensive income			$	(14)					$	—					$	(1)					$	—					$	—					$	—					$	—					$	—

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Regulatory assets, net increase			$	147					$	39					$	33					$	1					$	31					$	11					$	6					$	16
Accumulated other comprehensive loss (income)
Deferred income tax benefit			$	3					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Amortization of prior year service credit			1						—						—						—						—						—						—						—
Amortization of prior year actuarial losses			(12)						—						1						—						—						—						(2)						—
Net amount recognized in accumulated other comprehensive income			$	(8)					$	—					$	1					$	—					$	—					$	—					$	(2)					$	—

Reconciliation of Funded Status to Net Amount Recognized

			Year Ended December 31, 2025
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Change in Projected Benefit Obligation
Obligation at prior measurement date			$	5,980					$	1,444					$	1,875					$	838					$	1,027					$	309					$	471					$	181
Service cost			100						34						28						17						11						2						5						3
Interest cost			329						79						103						46						57						17						26						10
Actuarial loss (gain)			86						32						39						16						23						2						8						(2)
Benefits paid			(624)						(181)						(186)						(103)						(81)						(26)						(50)						(16)
Transfers			—						—						—						—						—						1						14						—
Obligation at measurement date			$	5,871					$	1,408					$	1,859					$	814					$	1,037					$	305					$	474					$	176
Accumulated Benefit Obligation at measurement date			$	5,839					$	1,408					$	1,846					$	813					$	1,023					$	300					$	469					$	176
Change in Fair Value of Plan Assets
Plan assets at prior measurement date			$	6,887					$	1,781					$	2,376					$	1,069					$	1,290					$	309					$	498					$	214
Employer contributions			100						27						23						14						10						6						8						3
Actual return on plan assets			847						214						323						145						176						31						52						28
Benefits paid			(624)						(181)						(186)						(103)						(81)						(26)						(50)						(16)
Transfers			—						—						—						—						—						1						14						—
Plan assets at measurement date			$	7,210					$	1,841					$	2,536					$	1,125					$	1,395					$	321					$	522					$	229
Funded status of plan			$	1,339					$	433					$	677					$	311					$	358					$	16					$	48					$	53

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Change in Projected Benefit Obligation
Obligation at prior measurement date			$	6,299					$	1,514					$	1,990					$	911					$	1,069					$	325					$	496					$	175
Service cost			107						36						30						18						12						3						6						4
Interest cost			325						78						103						47						56						17						26						9
Actuarial (gain)/loss			(106)						(13)						(50)						(27)						(22)						(3)						(16)						5
Benefits paid			(645)						(177)						(198)						(111)						(88)						(33)						(41)						(12)
Transfers			—						6						—						—						—						—						—						—
Obligation at measurement date			$	5,980					$	1,444					$	1,875					$	838					$	1,027					$	309					$	471					$	181
Accumulated Benefit Obligation at measurement date			$	5,948					$	1,444					$	1,861					$	838					$	1,013					$	304					$	466					$	181
Change in Fair Value of Plan Assets
Plan assets at prior measurement date			$	7,162					$	1,853					$	2,453					$	1,120					$	1,316					$	326					$	514					$	213
Employer contributions			100						26						23						14						9						5						8						3
Actual return on plan assets			270						73						98						46						53						11						17						10
Benefits paid			(645)						(177)						(198)						(111)						(88)						(33)						(41)						(12)
Transfers			—						6						—						—						—						—						—						—
Plan assets at measurement date			$	6,887					$	1,781					$	2,376					$	1,069					$	1,290					$	309					$	498					$	214
Funded status of plan			$	907					$	337					$	501					$	231					$	263					$	—					$	27					$	33

Amounts Recognized in the Consolidated Balance Sheets

			December 31, 2025
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Prefunded pension(a)			$	1,339					$	433					$	678					$	312					$	358					$	89					$	120					$	53
Noncurrent pension liability(b)			$	—					$	—					$	1					$	1					$	—					$	73					$	72					$	—
Net asset recognized			$	1,339					$	433					$	677					$	311					$	358					$	16					$	48					$	53
Regulatory assets			$	1,966					$	524					$	627					$	314					$	313					$	92					$	176					$	104
Accumulated other comprehensive income (loss)
Deferred income tax benefit			$	(21)					$	—					$	(1)					$	—					$	—					$	—					$	—					$	—
Net actuarial loss			98						—						3						—						—						—						—						—
Net amounts recognized in accumulated other comprehensive income			$	77					$	—					$	2					$	—					$	—					$	—					$	—					$	—

			December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Prefunded pension(a)			$	907					$	337					$	501					$	231					$	263					$	74					$	101					$	33
Noncurrent pension liability(b)			$	—					$	—					$	—					$	—					$	—					$	74					$	74					$	—
Net asset recognized			$	907					$	337					$	501					$	231					$	263					$	—					$	27					$	33
Regulatory assets			$	2,168					$	570					$	711					$	354					$	356					$	100					$	182					$	113
Accumulated other comprehensive (income) loss
Deferred income tax benefit			$	(24)					$	—					$	(1)					$	—					$	—					$	—					$	—					$	—
Net actuarial loss			115						—						4						—						—						—						—						—
Net amounts recognized in accumulated other comprehensive income			$	91					$	—					$	3					$	—					$	—					$	—					$	—					$	—

(a)    Included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets.

(b)    Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets.

Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets

																		December 31, 2025
																					Duke						Duke
																					Energy						Energy
(in millions)																					Ohio						Indiana
Projected benefit obligation																					$	112					$	216
Accumulated benefit obligation																					107						211
Fair value of plan assets																					39						145

						December 31, 2024
																					Duke						Duke
																					Energy						Energy
(in millions)																					Ohio						Indiana
Projected benefit obligation																					$	106					$	203
Accumulated benefit obligation																					101						197
Fair value of plan assets																					32						128

Assumptions Used for Pension Benefits Accounting

The discount rate used to determine the current year pension obligation and following year’s pension expense is based on a bond selection-settlement portfolio approach. This approach develops a discount rate by selecting a portfolio of high-quality corporate bonds that generate sufficient cash flow to provide for projected benefit payments of the plan. The selected bond portfolio is derived from a universe of non-callable corporate bonds rated Aa quality or higher. After the bond portfolio is selected, a single interest rate is determined that equates the present value of the plan’s projected benefit payments discounted at this rate with the market value of the bonds selected.

The RCBP contains a mostly active participant population while the DELPP contains a mostly inactive participant population. The average remaining service period for RCBP participants is nine years and the average life expectancy of DELPP participants is 15 years. Unrecognized net actuarial gains/losses and prior service credit are amortized over 11 years for Duke Energy and Duke Energy Carolinas, 14 years for Duke Energy Ohio, 13 years for Duke Energy Indiana, and nine years for Progress Energy, Duke Energy Progress, Duke Energy Florida and Piedmont.

The following tables present the assumptions or range of assumptions used for pension benefit accounting.

						December 31,
						2025												2024												2023
Benefit Obligations
Discount rate												5.50		%										5.70		%										5.40		%
Interest crediting rate												4.84		%										4.78		%										4.15		%
Salary increase						3.50		%	–			4.00		%				3.50		%	–			4.00		%				3.50		%	–			4.00		%
Net Periodic Benefit Cost
Discount rate												5.70		%				5.00		%	–			5.40		%										5.60		%
Interest crediting rate												4.78		%										4.15		%										4.35		%
Salary increase						3.50		%	–			4.00		%				3.50		%	–			4.00		%				3.50		%	–			4.00		%
Expected long-term rate of return on plan assets						8.50		%	–			7.00		%				8.50		%	–			7.00		%				6.50		%	–			8.25		%

Expected Benefit Payments

						Duke						Duke			Duke			Duke			Duke
			Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)			Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Years ending December 31,
2026			$	596		$	157		$	176		$	89		$	86		$	30		$	44		$	19
2027			578			150			173			86			87			29			43			18
2028			565			145			169			81			87			29			43			17
2029			540			135			165			77			87			28			43			16
2030			514			126			159			73			86			28			42			16
2031-2035			2,319			540			740			324			412			124			198			71

NON-QUALIFIED PENSION PLANS

The accumulated benefit obligation, which equals the projected benefit obligation for non-qualified pension plans, was $187 million for Duke Energy, $7 million for Duke Energy Carolinas, $69 million for Progress Energy, $22 million for Duke Energy Progress, $25 million for Duke Energy Florida, $2 million for Duke Energy Ohio, $1 million for Duke Energy Indiana and $2 million for Piedmont as of December 31, 2025.

Employer contributions, which equal benefits paid for non-qualified pension plans, were $29 million for Duke Energy, $1 million for Duke Energy Carolinas, $7 million for Progress Energy, $2 million for Duke Energy Progress and $3 million for Duke Energy Florida for the year ended December 31, 2025. Employer contributions were not material for Duke Energy Ohio, Duke Energy Indiana or Piedmont for the year ended December 31, 2025.

Net periodic pension costs for non-qualified pension plans were not material for the years ended December 31, 2025, 2024 or 2023.

OTHER POST-RETIREMENT BENEFIT PLANS

Duke Energy provides, and the Subsidiary Registrants participate in, some health care and life insurance benefits for retired employees on a contributory and non-contributory basis. Employees are eligible for these benefits if they have satisfied the applicable eligibility requirements (e.g., age and service) at retirement, as defined in the plans. The health care benefits include medical, dental, vision and prescription drug coverage and are subject to certain limitations, such as deductibles and copayments.

Duke Energy did not make any prefunding contributions to its other post-retirement benefit plans during the years ended December 31, 2025, 2024 or 2023.

Components of Net Periodic Other Post-Retirement Benefit Costs

			Year Ended December 31, 2025
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	2					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Interest cost on accumulated post-retirement benefit obligation			18						3						8						5						3						1						1						1
Expected return on plan assets			(12)						(8)						—						—						—						—						—						(2)
Amortization of actuarial (gain) loss			(3)						(1)						5						4						2						(1)						(1)						—
Amortization of prior service credit			(21)						(4)						(11)						(6)						(5)						—						(5)						—
Net periodic post-retirement benefit costs (a)(b) (c)			$	(16)					$	(10)					$	2					$	3					$	—					$	—					$	(5)					$	(1)

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	2					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Interest cost on accumulated post-retirement benefit obligation			17						3						7						4						3						1						1						1
Expected return on plan assets			(11)						(8)						—						—						—						—						—						(2)
Amortization of actuarial (gain) loss			(6)						(2)						8						6						2						(2)						(4)						—
Amortization of prior service credit			(21)						(4)						(11)						(6)						(5)						—						(5)						—
Net periodic post-retirement benefit costs(a)(b)			$	(19)					$	(11)					$	4					$	4					$	—					$	(1)					$	(8)					$	(1)

			Year Ended December 31, 2023
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Service cost			$	2					$	1					$	—					$	—					$	—					$	—					$	—					$	—
Interest cost on accumulated post-retirement benefit obligation			22						5						9						5						4						1						1						1
Expected return on plan assets			(11)						(7)						—						—						—						—						—						(2)
Amortization of actuarial (gain) loss			(6)						(3)						8						5						2						(2)						(3)						—
Amortization of prior service credit			(23)						(5)						(11)						(6)						(5)						—						(5)						—
Net periodic post-retirement benefit costs(a)(b)			$	(16)					$	(9)					$	6					$	4					$	1					$	(1)					$	(7)					$	(1)

(a)    Duke Energy amounts exclude $3 million, $4 million and $4 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

(b)    Duke Energy Ohio amounts exclude $1 million, $1 million and $1 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

(c)    Duke Energy and Duke Energy Indiana amounts exclude $5 million for the year ended December 2025 of net periodic post-retirement benefit costs associated with a regulatory adjustment.

Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets and Liabilities

			Year Ended December 31, 2025
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Regulatory assets, net (decrease) increase			$	(11)					$	(17)					$	7					$	2					$	5					$	—					$	(3)					$	(1)
Regulatory liabilities, net (decrease) increase			$	(30)					$	(17)					$	(1)					$	(1)					$	—					$	(1)					$	(9)					$	1
Accumulated other comprehensive (income) loss
Amortization of prior year actuarial gain			(1)						—						—						—						—						—						—						—
Net amount recognized in accumulated other comprehensive income			$	(1)					$	—					$	—					$	—					$	—					$	—					$	—					$	—

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Regulatory assets, net (decrease) increase			$	(42)					$	(62)					$	23					$	17					$	5					$	(1)					$	(3)					$	—
Regulatory liabilities, net (decrease) increase			$	(76)					$	(71)					$	12					$	12					$	—					$	(3)					$	(12)					$	—
Accumulated other comprehensive (income) loss
Amortization of prior year actuarial gain			$	1					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Net amount recognized in accumulated other comprehensive income			$	1					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Reconciliation of Funded Status to Accrued Other Post-Retirement Benefit Costs

			Year Ended December 31, 2025
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Change in Benefit Obligation
Post-retirement benefit obligation at prior measurement date			$	334					$	63					$	146					$	87					$	60					$	18					$	20					$	15
Service cost			2						—						—						—						—						—						—						—
Interest cost			18						3						8						5						3						1						1						1
Plan participants' contributions			1						—						—						—						—						—						—						—
Actuarial losses (gains)			1						(1)						2						2						1						—						1						1
Benefits paid			(35)						(8)						(14)						(8)						(6)						(2)						(3)						(2)
Post-retirement benefit obligation at measurement date			$	321					$	57					$	142					$	86					$	58					$	17					$	19					$	15
Change in Fair Value of Plan Assets
Plan assets at prior measurement date			$	161					$	107					$	(1)					$	—					$	—					$	7					$	—					$	29
Actual return on plan assets			18						10						—						—						—						1						—						4
Benefits paid			(35)						(8)						(14)						(8)						(6)						(2)						(3)						(2)
Employer contributions			26						3						13						8						6						2						3						1
Plan participants' contributions			1						—						—						—						—						—						—						—
Plan assets at measurement date			$	171					$	112					$	(2)					$	—					$	—					$	8					$	—					$	32
Funded status of plan			$	(150)					$	55					$	(144)					$	(86)					$	(58)					$	(9)					$	(19)					$	17

			Year Ended December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Change in Benefit Obligation
Post-retirement benefit obligation at prior measurement date			$	347					$	69					$	146					$	84					$	60					$	19					$	24					$	15
Service cost			2						—						—						—						—						—						—						—
Interest cost			17						3						7						4						3						1						1						1
Plan participants' contributions			3						1						1						—						—						—						—						—
Actuarial losses (gains)			2						(2)						7						5						3						—						(2)						—
Benefits paid			(37)						(8)						(15)						(6)						(6)						(2)						(3)						(1)
Post-retirement benefit obligation at measurement date			$	334					$	63					$	146					$	87					$	60					$	18					$	20					$	15
Change in Fair Value of Plan Assets
Plan assets at prior measurement date			$	156					$	102					$	(1)					$	(1)					$	(1)					$	7					$	3					$	27
Actual return on plan assets			7						4						—						—						—						—						—						3
Benefits paid			(37)						(8)						(15)						(6)						(6)						(2)						(3)						(1)
Tax Refund			5						4						—						—						—						—						—						—
Employer contributions			27						4						14						7						7						2						—						—
Plan participants' contributions			3						1						1						—						—						—						—						—
Plan assets at measurement date			$	161					$	107					$	(1)					$	—					$	—					$	7					$	—					$	29
Funded status of plan			$	(173)					$	44					$	(147)					$	(87)					$	(60)					$	(11)					$	(20)					$	14

Amounts Recognized in the Consolidated Balance Sheets

			December 31, 2025
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Prefunded post-retirement benefit(a)			$	—					$	55					$	—					$	—					$	—					$	1					$	—					$	17
Current post-retirement liability(b)			8						—						5						3						2						1						—						—
Noncurrent post-retirement liability(c)			142						—						139						83						56						9						19						—
Net liability (asset) recognized			$	150					$	(55)					$	144					$	86					$	58					$	9					$	19					$	(17)
Regulatory assets			$	70					$	—					$	69					$	48					$	21					$	1					$	17					$	—
Regulatory liabilities			$	124					$	18					$	11					$	11					$	—					$	13					$	53					$	1
Accumulated other comprehensive (income) loss
Deferred income tax expense			$	3					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Net actuarial gain			(13)						—						(1)						—						—						—						—						—
Net amounts recognized in accumulated other comprehensive income			$	(10)					$	—					$	(1)					$	—					$	—					$	—					$	—					$	—

			December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Prefunded post-retirement benefit(a)			$	—					$	44					$	—					$	—					$	—					$	1					$	—					$	14
Current post-retirement liability(b)			8						—						5						3						2						1						—						—
Noncurrent post-retirement liability(c)			165						—						142						84						58						11						20						—
Net liability (asset) recognized			$	173					$	(44)					$	147					$	87					$	60					$	11					$	20					$	(14)
Regulatory assets			$	81					$	17					$	62					$	46					$	16					$	1					$	20					$	1
Regulatory liabilities			$	154					$	35					$	12					$	12					$	—					$	14					$	62					$	—
Accumulated other comprehensive (income) loss
Deferred income tax expense			$	3					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Net actuarial gain			(12)						—						(1)						—						—						—						—						—
Net amounts recognized in accumulated other comprehensive income			$	(9)					$	—					$	(1)					$	—					$	—					$	—					$	—					$	—

(a)    Included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets. 

(b)    Included in Other within Current Liabilities on the Consolidated Balance Sheets.

(c)    Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets.

Assumptions Used for Other Post-Retirement Benefits Accounting

The discount rate used to determine the current year other post-retirement benefits obligation and following year’s other post-retirement benefits expense is based on a bond selection-settlement portfolio approach. This approach develops a discount rate by selecting a portfolio of high-quality corporate bonds that generate sufficient cash flow to provide for projected benefit payments of the plan. The selected bond portfolio is derived from a universe of non-callable corporate bonds rated Aa quality or higher. After the bond portfolio is selected, a single interest rate is determined that equates the present value of the plan’s projected benefit payments discounted at this rate with the market value of the bonds selected.

The average remaining service period of active covered employees is seven years for Duke Energy, Duke Energy Carolinas and Duke Energy Florida, six years for Progress Energy, Duke Energy Ohio, Duke Energy Indiana and Piedmont and five years for Duke Energy Progress.

The following tables present the assumptions used for other post-retirement benefits accounting.

						December 31,
						2025												2024												2023
Benefit Obligations
Discount rate												5.50		%										5.70		%										5.40		%
Net Periodic Benefit Cost
Discount rate												5.70		%										5.40		%										5.60		%
Expected long-term rate of return on plan assets						2.50		%	–			8.50		%				2.75		%	–			8.50		%				4.00		%	–			8.25		%

Assumed Health Care Cost Trend Rate

			December 31,
			2025						2024
Health care cost trend rate assumed for next year – pre-65 trend			8.00		%				7.00		%
Health care cost trend rate assumed for next year – post-65 trend			8.00		%				—		%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)			5.00		%				4.75		%
Year that rate reaches ultimate trend			2038						2034-2035

Expected Benefit Payments

						Duke						Duke			Duke			Duke			Duke
			Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)			Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Years ending December 31,
2026			$	54		$	13		$	18		$	11		$	7		$	3		$	4		$	2
2027			44			10			16			10			7			3			3			2
2028			38			8			15			9			6			2			2			2
2029			34			7			14			8			6			2			2			2
2030			31			6			14			8			5			2			2			2
2031-2035			121			20			58			35			23			6			7			6

PLAN ASSETS

Description and Allocations

Duke Energy Corporation Master Retirement Trust

Assets for both the qualified pension and other post-retirement benefits are maintained in the Duke Energy Corporation Master Retirement Trust. Approximately 98% of the Duke Energy Corporation Master Retirement Trust assets were allocated to qualified pension plans and approximately 2% were allocated to other post-retirement plans (comprised of 401(h) accounts), as of December 31, 2025, and 2024. The investment objective of the Duke Energy Corporation Master Retirement Trust is to invest in a diverse portfolio of assets that is expected to generate positive surplus return over time (i.e., asset growth greater than liability growth) subject to a prudent level of portfolio risk, for the purpose of enhancing the security of benefits for plan participants.

As of December 31, 2025, Duke Energy assumes qualified pension and other post-retirement plan assets will generate a long-term rate of return of 8.50% for the RCBP pension and RCBP 401(h) account assets and 7.00% for the DELPP pension and DELPP 401(h) account assets. The expected long-term rate of return was developed using a weighted average calculation of expected returns based primarily on future expected returns across asset classes considering the use of active asset managers, where applicable. The asset allocation targets were set after considering the investment objective and the risk profile. Equity securities are held for their higher expected returns. Debt securities are primarily held to hedge the qualified pension plan. Return seeking debt securities, hedge funds and other global securities are held for diversification. Investments within asset classes are diversified to achieve broad market participation and reduce the impact of individual managers or investments.

Effective January 1, 2026, the target asset allocation for the RCBP assets is 45% liability hedging and 55% return-seeking assets and the target asset allocation for the DELPP assets is 65% liability hedging assets and 35% return-seeking assets. Duke Energy periodically reviews its asset allocation targets, and over time, as the funded status of the benefit plans change, the target asset allocations of the plans may be changed as well.

Qualified pension and other post-retirement benefits for the Subsidiary Registrants are derived from the Duke Energy Corporation Master Retirement Trust, as such, each are allocated their proportionate share of the assets discussed below.

The following table includes the target asset allocations by asset class at December 31, 2025, and the actual asset allocations for the RCBP assets.

									Actual Allocation at
			Target						December 31,
			Allocation						2025						2024
Global equity securities			36		%				37		%				44		%
Global private equity securities			1		%				1		%				1		%
Debt securities			45		%				45		%				33		%
Return seeking debt securities			6		%				5		%				7		%
Hedge funds			5		%				5		%				5		%
Real assets and cash			7		%				7		%				10		%
Total			100		%				100		%				100		%

The following table includes the target asset allocations by asset class at December 31, 2025, and the actual asset allocations for the DELPP assets.

									Actual Allocation at
			Target						December 31,
			Allocation						2025						2024
Global equity securities			22		%				23		%				15		%
Debt securities			65		%				64		%				79		%
Return seeking debt securities			4		%				3		%				2		%
Hedge funds			5		%				5		%				—		%
Real assets and cash			4		%				5		%				4		%
Total			100		%				100		%				100		%

Other post-retirement assets

Duke Energy's other post-retirement assets are comprised of Voluntary Employees' Beneficiary Association (VEBA) trusts and 401(h) accounts held within the Duke Energy Corporation Master Retirement Trust. Duke Energy's investment objective is to achieve sufficient returns, subject to a prudent level of portfolio risk, for the purpose of promoting the security of plan benefits for participants.

The following table presents target and actual asset allocations for the VEBA trusts at December 31, 2025.

									Actual Allocation at
			Target						December 31,
			Allocation						2025						2024
U.S. equity securities			29		%				32		%				34		%
Non-U.S. equity securities			14		%				17		%				15		%
Real estate			4		%				7		%				7		%
Debt securities			48		%				28		%				31		%
Cash			5		%				16		%				13		%
Total			100		%				100		%				100		%

Fair Value Measurements

Duke Energy classifies recurring and nonrecurring fair value measurements based on the fair value hierarchy as discussed in Note 17.

Valuation methods of the primary fair value measurements disclosed below are as follows:

Investments in equity securities

Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the reporting period. Principal active markets for equity prices include published exchanges such as NASDAQ and NYSE. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. Prices have not been adjusted to reflect after-hours market activity. The majority of investments in equity securities are valued using Level 1 measurements. When the price of an institutional commingled fund is unpublished, it is not categorized in the fair value hierarchy, even though the funds are readily available at the fair value.

Investments in corporate debt securities and U.S. government securities

Most debt investments are valued based on a calculation using interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. Most debt valuations are Level 2 measurements. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3. U.S. Treasury debt is typically Level 2.

Investments in short-term investment funds

Investments in short-term investment funds are valued at the net asset value of units held at year end and are readily redeemable at the measurement date. Investments in short-term investment funds with published prices are valued as Level 1. Investments in short-term investment funds with unpublished prices are valued as Level 2.

Duke Energy Corporation Master Retirement Trust

The following tables provide the fair value measurement amounts for the Duke Energy Corporation Master Retirement Trust qualified pension and other post-retirement assets.

			December 31, 2025
			Total Fair																								Not
(in millions)			Value						Level 1						Level 2						Level 3						Categorized(b)
Equity securities			$	2,630					$	2,428					$	202					$	—					$	—
Corporate debt securities			2,163						—						2,163						—						—
Short-term investment funds			355						—						355						—						—
Partnership interests			80						—						—						80						—
Hedge funds			301						—						—						—						301
U.S. government securities			1,609						—						1,609						—						—
Governments bonds – foreign			133						—						133						—						—
Cash			30						30						—						—						—
Government and commercial mortgage-backed securities			1						—						1						—						—
Net pending transactions and other investments			(6)						(7)						1						—						—
Total assets(a)			$	7,296					$	2,451					$	4,464					$	80					$	301

(a)    Progress Energy, Duke Energy Carolinas, Duke Energy Florida, Duke Energy Progress, Duke Energy Indiana, Duke Energy Ohio and Piedmont were allocated approximately 34%, 26%, 19%, 15%, 7%, 4% and 4% respectively, of the Duke Energy Corporation Master Retirement Trust at December 31, 2025. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages.

(b)    Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy.

			December 31, 2024
			Total Fair																								Not
(in millions)			Value						Level 1						Level 2						Level 3						Categorized(b)
Equity securities			$	2,461					$	2,216					$	231					$	—					$	14
Corporate debt securities			2,415						—						2,415						—						—
Short-term investment funds			310						—						310						—						—
Partnership interests			68						—						—						68						—
Hedge funds			164						—						—						—						164
U.S. government securities			1,398						—						1,398						—						—
Governments bonds – foreign			128						—						128						—						—
Cash			15						15						—						—						—
Government and commercial mortgage-backed securities			1						—						1						—						—
Net pending transactions and other investments			9						11						(2)						—						—
Total assets(a)			$	6,969					$	2,242					$	4,481					$	68					$	178

(a)    Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont were allocated approximately 27%, 33%, 15%, 18%, 5%, 7% and 3%, respectively, of the Duke Energy Corporation Master Retirement Trust at December 31, 2024. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages.

(b)    Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy.

The following table provides a reconciliation of beginning and ending balances of Duke Energy Corporation Master Retirement Trust qualified pension and other post-retirement assets at fair value on a recurring basis where the determination of fair value includes significant unobservable inputs (Level 3).

(in millions)			2025						2024
Balance at January 1			$	68					$	76
Sales			(14)						(10)
Total gains and other, net			26						2
Balance at December 31			$	80					$	68

Other post-retirement assets

The following tables provide the fair value measurement amounts for VEBA trust assets.

			December 31, 2025
			Total Fair
(in millions)			Value												Level 2
Cash and cash equivalents			$	4											$	4
Real estate			1												1
Equity securities			12												12
Debt securities			7												7
Total assets			$	24											$	24

			December 31, 2024
			Total Fair
(in millions)			Value												Level 2
Cash and cash equivalents			$	3											$	3
Real estate			1												1
Equity securities			10												10
Debt securities			6												6
Total assets			$	20											$	20

EMPLOYEE SAVINGS PLANS

Retirement Savings Plan

Duke Energy Corporation sponsors, and the Subsidiary Registrants participate in, an employee savings plan that covers substantially all U.S. employees. Most employees participate in a matching contribution formula where Duke Energy provides a matching contribution generally equal to 100% of employee before-tax and Roth 401(k) contributions of up to 6% of eligible pay per pay period. Dividends on Duke Energy shares held by the savings plans are charged to retained earnings when declared and shares held in the plans are considered outstanding in the calculation of basic and diluted EPS. For new and rehired employees who are not eligible to participate in Duke Energy’s defined benefit plans, an additional employer contribution of 4% of eligible pay per pay period, which is subject to a three-year vesting schedule, is provided to the employee’s savings plan account.

The following table includes pretax employer matching contributions made by Duke Energy and expensed by the Subsidiary Registrants.

									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Years ended December 31,
2025			$	272					$	90					$	77					$	47					$	30					$	7					$	17					$	15
2024			257						81						72						43						29						6						13						14
2023			238						75						62						40						22						6						13						13

X

- References

No definition available.

+ Details

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Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
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X

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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