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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts for Assets and Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 15. See Note 16 for additional information related to investments by major security type for the Duke Energy Registrants.

			December 31, 2025
(in millions)			Total Fair Value			Level 1			Level 2			Level 3			Not Categorized
NDTF cash and cash equivalents			$	175		$	175		$	—		$	—		$	—
NDTF equity securities			8,519			8,494			3			—			22
NDTF debt securities			4,193			1,480			2,713			—			—
Other equity securities			139			139			—			—			—
Other debt securities			246			55			191			—			—
Other cash and cash equivalents			53			53			—			—			—
Derivative assets			382			2			371			9			—
Total assets			13,707			10,398			3,278			9			22
Derivative liabilities			(244)			(7)			(237)			—			—
Net assets			$	13,463		$	10,391		$	3,041		$	9		$	22

			December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2			Level 3			Not Categorized
NDTF cash and cash equivalents			$	139		$	139		$	—		$	—		$	—
NDTF equity securities			8,233			8,203			2			—			28
NDTF debt securities			3,060			1,022			2,038			—			—
Other equity securities			160			160			—			—			—
Other debt securities			266			52			214			—			—
Other cash and cash equivalents			47			47			—			—			—
Derivative assets			434			2			423			9			—
Total assets			12,339			9,625			2,677			9			28
Derivative liabilities			(319)			(3)			(316)			—			—
Net assets			$	12,020		$	9,622		$	2,361		$	9		$	28

Reconciliation of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Unobservable Inputs

The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

									Derivatives (net)
									Years Ended December 31,
(in millions)									2025																		2024
Balance at beginning of period									$	9																	$	15
Purchases, sales, issuances and settlements:
Purchases									14																		29
Settlements									(6)																		(46)
Net transfers Out of Level 3									(7)																		—
Total (losses) gains included on the Consolidated Balance Sheet									(1)																		11
Balance at end of period									$	9																	$	9

Quantitative Information Table - Level 3

The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.

December 31, 2025

Weighted

Fair Value

Average

Investment Type

(in millions)

Valuation Technique

Unobservable Input

Range

Range

Duke Energy Indiana

FTRs

9

RTO auction pricing

FTR price – per MWh

(1.00)

–

14.63

1.13

Duke Energy

Total Level 3 derivatives

$

9

December 31, 2024

Weighted

Fair Value

Average

Investment Type

(in millions)

Valuation Technique

Unobservable Input

Range

Range

Duke Energy Ohio

FTRs

$

1

RTO auction pricing

FTR price – per MWh

$

—

–

$

1.13

$

0.48

Duke Energy Indiana

FTRs

8

RTO auction pricing

FTR price – per MWh

(0.63)

–

9.24

0.94

Duke Energy

Total Level 3 derivatives

$

9

Schedule of Long-Term Debt Fair Value

The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.

			December 31, 2025												December 31, 2024
(in millions)			Book Value						Fair Value						Book Value						Fair Value
Duke Energy(a)			$	87,212					$	79,863					$	80,689					$	73,440
Duke Energy Carolinas			18,777						16,764						17,490						15,975
Progress Energy			26,848						24,957						24,496						22,548
Duke Energy Progress			13,896						12,445						12,504						11,009
Duke Energy Florida			11,307						10,720						10,348						9,752
Duke Energy Ohio			4,420						4,151						4,165						3,871
Duke Energy Indiana			5,093						4,646						4,798						4,329
Piedmont			4,251						3,960						4,003						3,584

(a)    Book value of long-term debt includes $921 million and $1.0 billion as of December 31, 2025, and December 31, 2024, of unamortized debt discount and premium, net in purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

Duke Energy Carolinas

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts for Assets and Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2025
(in millions)			Total Fair Value			Level 1			Level 2						Not Categorized
NDTF cash and cash equivalents			$	92		$	92		$	—					$	—
NDTF equity securities			4,896			4,871			3						22
NDTF debt securities			2,349			776			1,573						—
Derivative assets			101			—			101						—
Total assets			7,438			5,739			1,677						22
Derivative liabilities			(88)			—			(88)						—
Net assets			$	7,350		$	5,739		$	1,589					$	22

			December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2						Not Categorized
NDTF cash and cash equivalents			$	62		$	62		$	—					$	—
NDTF equity securities			4,751			4,721			2						28
NDTF debt securities			1,651			520			1,131						—
Derivative assets			94			—			94						—
Total assets			6,558			5,303			1,227						28
Derivative liabilities			(88)			—			(88)						—
Net assets			$	6,470		$	5,303		$	1,139					$	28

Progress Energy

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2025												December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2									Total Fair Value			Level 1			Level 2
NDTF cash and cash equivalents			$	83		$	83		$	—								$	77		$	77		$	—
NDTF equity securities			3,623			3,623			—									3,482			3,482			—
NDTF debt securities			1,844			704			1,140									1,409			502			907
Other debt securities			24			—			24									24			—			24
Other cash and cash equivalents			34			34			—									23			23			—
Derivative assets			67			—			67									127			—			127
Total assets			5,675			4,444			1,231									5,142			4,084			1,058
Derivative liabilities			(48)			—			(48)									(58)			—			(58)
Net assets			$	5,627		$	4,444		$	1,183								$	5,084		$	4,084		$	1,000

Duke Energy Progress

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2025												December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2									Total Fair Value			Level 1			Level 2
NDTF cash and cash equivalents			$	71		$	71		$	—								$	54		$	54		$	—
NDTF equity securities			3,485			3,485			—									3,362			3,362			—
NDTF debt securities			1,698			597			1,101									1,221			365			856
Other cash and cash equivalents			24			24			—									16			16			—
Derivative assets			52			—			52									109			—			109
Total assets			5,330			4,177			1,153									4,762			3,797			965
Derivative liabilities			(47)			—			(47)									(57)			—			(57)
Net assets			$	5,283		$	4,177		$	1,106								$	4,705		$	3,797		$	908

Duke Energy Florida

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2025												December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2						Total Fair Value			Level 1			Level 2
NDTF cash and cash equivalents			$	12		$	12		$	—					$	23		$	23		$	—
NDTF equity securities			138			138			—						120			120			—
NDTF debt securities			146			107			39						188			137			51
Other debt securities			24			—			24						24			—			24
Other cash and cash equivalents			5			5			—						3			3			—
Derivative assets			15			—			15						18			—			18
Total assets			340			262			78						376			283			93
Derivative liabilities			(1)			—			(1)						(1)			—			(1)
Net assets			$	339		$	262		$	77					$	375		$	283		$	92

Duke Energy Indiana

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2025															December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2			Level 3						Total Fair Value			Level 1			Level 2			Level 3
Other equity securities			$	53		$	53		$	—		$	—					$	89		$	89		$	—		$	—
Other debt securities			29			—			29			—						56			—			56			—
Other cash equivalents			—			—			—			—						1			1			—			—
Derivative assets			12			2			1			9						44			—			36			8
Total assets			94			55			30			9						190			90			92			8
Derivative liabilities			(9)			(7)			(2)			—						(3)			(3)			—			—
Net assets			$	85		$	48		$	28		$	9					$	187		$	87		$	92		$	8

Reconciliation of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Unobservable Inputs

The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

			Derivatives (net)
			Years Ended December 31,
(in millions)			2025						2024
Balance at beginning of period			$	8					$	13
Purchases, sales, issuances and settlements:
Purchases			12						27
Settlements			(4)						(42)
Net transfers In (Out) of Level 3 due to observability of inputs			(7)						—
Total gains included on the Consolidated Balance Sheet			—						10
Balance at end of period			$	9					$	8

Piedmont

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.

			December 31, 2025												December 31, 2024
(in millions)			Total Fair Value			Level 1			Level 2									Total Fair Value			Level 1						Level 2
Derivative assets			$	—		$	—		$	—								$	1		$	1					$	—
Derivative liabilities			(72)			—			(72)									(94)			—						(94)
Net (liabilities) assets			$	(72)		$	—		$	(72)								$	(93)		$	1					$	(94)

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