Duke Energy Corporation (DUK): Business Model Canvas [Dec-2025 Updated]

You're looking at a utility titan, Duke Energy Corporation, right in the middle of a capital-intensive energy shift, and honestly, figuring out their business model means tracking where they deploy billions. Their entire structure hinges on managing a regulated asset base, which is why $\mathbf{92.8\%}$ of their Q2 2025 total revenues came from regulated electric sales, giving them that predictable utility service you expect. The real story, though, is their $\mathbf{\$95}$ billion to $\mathbf{\$105}$ billion five-year investment plan aimed at grid hardening and renewables; we'll map out exactly how they fund this through key partnerships and secure constructive rate outcomes for their $\mathbf{8.6}$ million electric customers, so read on to see the mechanics behind the stability.

Duke Energy Corporation (DUK) - Canvas Business Model: Key Partnerships

You're looking at the core alliances Duke Energy Corporation (DUK) is banking on to fund its massive capital needs and meet surging power demand, especially from digital infrastructure.

The partnership with Brookfield Asset Management for Duke Energy Florida (DEF) is a major capital event, securing a significant cash infusion while keeping operational control.

Partner Entity	Investment/Stake Detail	Financial Impact/Use of Proceeds	Ownership/Control
Brookfield Asset Management	$6 billion for a 19.7% indirect equity interest in Duke Energy Florida.	Funds $2 billion in DEF capital improvements; displaces $4 billion in holding company debt. Supports Duke Energy\'s overall $87 billion five-year capital plan.	Duke Energy retains 80.3% majority ownership and full operational control.

The closing of this transaction is phased, with funds expected between early 2026 and 2028.

Duke Energy Corporation (DUK) is actively collaborating with technology providers and government bodies to secure future, carbon-free generation capacity.

• GE Vernova Hitachi for Small Modular Reactor (SMR) technology development: Duke Energy has an agreement to invest in activities advancing the standard design and licensing for the BWRX-300 SMR technology.
• U.S. Department of Energy (DOE): Duke Energy participates in a DOE cost-share project. The DOE announced a $400 million federal grant to the Tennessee Valley Authority (TVA) to accelerate the deployment of the BWRX-300 SMR.
• Duke Energy plans to submit an early site permit application for potential SMR deployment at the Belews Creek site in North Carolina by year-end 2025.

The demand from large-load customers, particularly data centers, is reshaping near-term infrastructure planning.

• Data center clients are projected to account for as much as 50% of Duke Energy\'s total pipeline by 2029.
• In South Carolina, Duke Energy and stakeholders will jointly petition the Public Service Commission (PSC) by June 1, 2026, to review rate-making structures for very large customers (50 megawatts and above).

The Site Readiness Program partners with state and local governments to prepare sites for industrial investment, creating jobs and tax base.

Program Success Metrics:

• Overall (Since inception): Over 392 sites evaluated, resulting in 163 company commitments, generating $57 billion in capital investment and 52,800 jobs.
• Ohio/Kentucky (Since 2010): Evaluated 42 sites, leading to 20 commitments, bringing over $2 billion in capital investment and 5,400 new jobs. For 2024, this resulted in $548 million in new capital investment and over 1,000 jobs.
• Florida (Since 2013): Evaluated 60 sites, spurring nearly $493 million in capital investments and contributing to 1,950 new jobs statewide.
• For the 2025 program cycle, Duke Energy selected three properties in Ohio/Kentucky and six properties in Florida.

Finance: draft 13-week cash view by Friday.

Duke Energy Corporation (DUK) - Canvas Business Model: Key Activities

You're looking at the core actions Duke Energy Corporation (DUK) is taking right now to keep the lights on and fund its future growth. It's a massive undertaking, balancing old infrastructure with aggressive clean energy goals, all while managing regulatory expectations.

Operating 55,100 megawatts of owned generation capacity is the baseline activity. This capacity supports the 8.6 million electric customers across North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky, plus the 1.7 million natural gas customers in their service territories. This operational scale is fundamental; everything else flows from keeping that system running reliably.

The scale of investment required to modernize this system is staggering. Duke Energy Corporation (DUK) is executing its forward-looking five-year capital investment plan, which spans 2026 to 2030, set between $95 billion and $105 billion. This is up from the previously planned 2025-2029 capital plan of $87 billion. This investment is heavily weighted toward grid and generation upgrades necessary to meet surging demand, especially from data centers, which have already resulted in 3 GW of new electric service agreements secured this year.

Managing the regulated transmission and distribution (T&D) infrastructure is a continuous, capital-intensive activity. The new capital plan is designed to support this modernization, ensuring reliability and resiliency. For example, recent grid improvements helped avoid more than 2.3 million customer outages and over 11 million hours of total outage time over the course of the prior year. Furthermore, the company is actively upgrading its existing fleet, such as completing natural gas plant efficiency upgrades in Florida that added more than 330 MW of capacity and are estimated to generate $340 million in annual fuel savings for customers.

Securing constructive regulatory outcomes is non-negotiable for a regulated utility executing such a large capital plan. The company is actively working on this, referencing potential customer savings of more than $1 billion through the combination of Duke Energy Carolinas and Duke Energy Progress utilities, pending regulatory approval. On the asset side, regulatory success includes securing a 50-year license extension for the Bad Creek Pumped Storage Hydroelectric Station, which ties into grid modernization efforts.

Advancing the clean energy transition involves hitting specific targets while managing the retirement of older assets. Duke Energy Corporation (DUK) had a target of owning, operating, or contracting 16 GW of renewables by 2025. The current generation build strategy involves adding more than 13 GW of capacity over the next five years, which includes 7.5 GW of new natural gas generation and 1 GW of upgrades to maximize existing fleet value. The company is also committed to exiting all coal-only units in North Carolina and South Carolina by 2030. They are also advancing new nuclear by planning to submit an early site permit application for potential Small Modular Reactor (SMR) deployment at Belews Creek by year-end 2025.

Here's a quick look at the scale of these key activities:

Metric	Value	Context/Timeframe
Owned Electric Capacity	55,100 MW	As of late 2025
New 5-Year Capital Plan (2026-2030)	$95 billion to $105 billion	Forward-looking investment plan
New Generation Capacity to Add (Next 5 Years)	More than 13 GW	Includes 7.5 GW new natural gas
Secured Data Center Load Agreements	3 GW	Secured in 2025
Coal-Only Unit Retirement Target	2030	For North Carolina and South Carolina units
Potential Regulatory Savings (Carolinas Merger)	More than $1 billion	Through 2038, pending approval

The execution of these activities is underpinned by several specific operational focuses:

• Adding nearly 300 MW of clean capacity via power uprate projects at nuclear stations.
• Upgrading Bad Creek Pumped Storage Hydroelectric Station by another 280 MW.
• Targeting 4,000 MW of solar by 2034.
• Reaffirming long-term EPS growth rate of 5% to 7% through 2029.

Honestly, the sheer volume of the capital plan-the $95 billion to $105 billion range-shows you where the focus is: building the system for the next decade. Finance: draft 13-week cash view by Friday.

Duke Energy Corporation (DUK) - Canvas Business Model: Key Resources

You're looking at the core assets that power Duke Energy Corporation's regulated business model right now, late in 2025. These resources are what allow them to secure revenue through rate base investments, so let's look at the hard numbers supporting that structure.

Regulated Asset Base and State Footprint

Duke Energy Corporation operates across seven U.S. states, which is key because their revenue stability comes from the regulated asset base (RAB) within those jurisdictions. While the specific dollar value of the total RAB as of late 2025 isn't explicitly stated in the latest filings, the massive capital expenditure plan signals aggressive growth in this rate-regulated asset base. The company's five-year capital plan, covering 2025 through 2029, stands at $83 billion, with projections for the next five years (2026-2030) increasing to between $95 billion and $105 billion. This spending is designed to expand the earnings base, targeting an earnings base growth of more than 8.5% through 2030.

Diverse Generation Fleet and Capacity

The generation fleet is built for reliability and is actively shifting to meet growing demand, which is forecasted to grow at eight times the rate of the preceding 15 years. Duke Energy Corporation collectively owns 55,100 megawatts of energy capacity across its electric utilities. The strategy involves a mix of established and new technologies:

• New natural gas capacity additions are planned, including 3.6 GW by 2035 in North Carolina.
• The company is building 8.5 GW of new dispatchable generation over the next five years, which includes 1 GW of uprates, with the remainder being new natural gas plants.
• Nuclear expansion is a focus, with plans to add a large light-water reactor (LWR) with a projected in-service date by 2037, and evaluation of Small Modular Reactors (SMRs).
• Renewables procurement targets in North Carolina include 7 GW by 2035 and deploying 2,400 MW of offshore wind by 2035.
• Battery storage is targeted to reach 5,600 MW by 2034, with 1.1 GW planned by 2035 in North Carolina.
• Coal retirement is ongoing, with a goal to retire over 8,000 MW of coal-fired capacity by 2036.

Extensive Transmission & Distribution (T&D) Network

The physical network is a massive asset supporting the customer base. Duke Energy Corporation's electric utilities serve a total of 8.6 million customers across North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky. For context, Duke Energy Indiana alone serves approximately 920,000 customers in a 23,000-square-mile service area. Grid modernization is a continuous effort, with significant investment in hardening the system. Over the last five years in North Carolina, this included adding or replacing 116,430 distribution poles and trimming 43,500 miles of vegetation from distribution lines.

Financial Strength for Capital Investment

Funding the multi-billion dollar capital plan requires significant financial flexibility. Duke Energy Corporation demonstrated this strength by planning to issue $1 billion in equity in 2025 alone, as part of a larger plan to issue approximately $6.5 billion in equity between 2025 and 2029. This equity issuance is a deliberate strategy to finance a portion of the $83 billion capital expenditure plan over five years, helping to maintain a healthy balance sheet structure while funding growth projects.

Highly Skilled Workforce

The operation and modernization of this infrastructure depend on specialized personnel. This resource is evidenced by the execution of complex projects, such as pursuing license renewal for the Robinson Nuclear Station and executing major electric grid upgrades across the Carolinas. The workforce is tasked with managing the transition, including integrating new natural gas capacity and battery storage while maintaining reliability for 8.6 million electric customers.

Resource Metric	Specific Data Point (as of late 2025 context)
Total Electric Customers Served	8.6 million customers across six states
Total Owned Energy Capacity	55,100 megawatts (MW)
Planned 2025 Equity Issuance	$1 billion targeted for 2025
5-Year Capital Plan (2025-2029)	$83 billion
New Gas Capacity Target (NC by 2035)	3.6 GW
Coal Retirement Target (by 2036)	Over 8,000 MW
New Dispatchable Generation (Next 5 Years)	8.5 GW, including 1 GW of uprates

Duke Energy Corporation (DUK) - Canvas Business Model: Value Propositions

You're looking at the core promises Duke Energy Corporation (DUK) makes to its customers and stakeholders as of late 2025. These aren't abstract goals; they are backed by massive capital commitments and operational metrics.

Highly reliable and resilient power delivery through grid hardening investments

Duke Energy is making its system tougher against weather and demand spikes. This is evident in their forward-looking capital strategy. The company is executing on a massive investment cycle to ensure the lights stay on.

For example, grid improvements made in 2024 helped avoid more than 2.3 million customer outages and over 11 million hours of total outage time during the year. This focus on resiliency is central to the value proposition.

The scale of this commitment is best seen in the capital expenditure plans:

Investment Metric	Value/Range	Timeframe/Context
Projected 5-Year Capital Plan (2026-2030)	$95 billion to $105 billion	Announced following Q3 2025 results, driven by load growth.
Previous 5-Year Capital Plan (Starting 2025)	$83 billion	Reflected a 13.7% jump from the prior 2024-2028 plan.
Grid Improvement Avoided Outages (2024)	2.3 million	Customer outages avoided due to grid enhancements.
Grid Improvement Avoided Outage Hours (2024)	11 million	Total outage hours avoided.

Long-term energy affordability through cost management and rate base efficiency

Despite the huge capital needs, Duke Energy is promising to keep costs manageable for you. They are actively working on regulatory mechanisms and internal efficiencies to temper rate increases.

One concrete example of this cost management is the potential for significant customer relief tied to corporate structure changes. They referenced potential $1 billion in customer savings through the combination of Duke Energy Carolinas and Duke Energy Progress utilities, though this is pending regulatory approval.

The historical commitment remains strong:

• Electricity prices have been kept below the national average in all six states served.
• The company secured constructive outcomes in four rate cases across the Carolinas, Florida, and Indiana.
• These rulings approved $45 billion of historic and future rate-based investments.

Enabling economic growth by powering new industrial and data center load

Duke Energy is positioning itself as the essential power provider for the current wave of economic expansion, especially in high-demand sectors like artificial intelligence.

The utility is actively signing agreements to meet this surge. In 2025 alone, they signed 3 GW in energy service agreements, largely fueled by data centers and manufacturing. The future pipeline reflects this shift; by 2029, clients associated with data centers could represent as much as 50% of the total pipeline.

This investment is projected to have a massive economic ripple effect:

The 10-year capital plan laid out in February 2025 is estimated to equate to over $370 billion in economic output across the service territories, which includes approximately $130 billion in labor income.

Commitment to net-zero carbon emissions by 2050, offering cleaner energy options

The long-term environmental promise is a commitment to net-zero carbon emissions from electric generation by 2050. To bridge the gap while meeting immediate load needs, they are balancing cleaner sources with reliable dispatchable power.

The near-term acceleration target is cutting $\text{CO}_2$ emissions by at least half from 2005 levels by 2030. While progress was reported as a 31% reduction since 2005 (based on 2019 reporting), the current plan involves significant capacity additions:

• Plans to add 7.5 gigawatts of new natural gas generation across service territories through 2029.
• Goal to double the renewable portfolio to 16,000 MW by the end of 2025 (from 8,000 MW in 2019).
• The company plans to retire the rest of its coal plants by 2036.

Stable, regulated utility service with predictable pricing

As a regulated utility, Duke Energy's core value is stability, which is reflected in its financial guidance and regulatory achievements. This predictability is what underpins the massive capital deployment.

Management reaffirmed a long-term EPS growth rate of 5% to 7% through 2029, expressing high confidence in earning the top half of that range starting in 2028. For the full year 2025, the narrowed adjusted EPS guidance is set between $6.25 per share to $6.35 per share.

The regulated structure provides the framework for these investments:

The company serves regulated utilities across Florida, Indiana, Ohio, Kentucky, and the Carolinas, operating nearly 11,000 megawatts of carbon-free nuclear generation that will be critical to the transition.

Finance: draft 13-week cash view by Friday.

Duke Energy Corporation (DUK) - Canvas Business Model: Customer Relationships

You're looking at how Duke Energy Corporation manages its relationship with its massive customer base as of late 2025. Since the company is heavily regulated, the relationship is fundamentally different from a purely competitive market.

Regulated, long-term service contracts with minimal churn risk

The core of Duke Energy Corporation's customer relationship stability comes from its regulated status. This structure means customers generally cannot switch providers for basic electricity or gas service, leading to very low inherent churn risk in the traditional sense. This stability is reflected in the earnings structure.

• Approximately 90% of Duke Energy Corporation's earnings are derived from rate-regulated assets.
• The company secured regulatory approvals for $45 billion of rate-based investments since 2020.

This regulatory framework underpins the long-term nature of the service contracts you're asking about.

Proactive engagement with large commercial and industrial customers on load growth

Meeting the demands of major new customers, especially data centers, requires intense, proactive engagement, often involving multi-year planning and infrastructure commitments. Duke Energy Corporation is actively managing this high-growth segment.

Metric	Value/Projection	Context
Five-Year Capital Plan (2025-2029)	$83 billion	Largest in the regulated industry, aimed at meeting growing demand.
Projected Annual Load Growth (2025)	1.5%-2%	Anticipated growth rate for the year.
Projected Annual Load Growth (2027 Onward)	3%-4%	Escalating growth rate expected in later years.
Large Load Customer Interest (May 2025)	43 GW	Total customer interest in advanced development stages.
Executed Energy Service Agreements	9 projects totaling 540 MW	Large customers with formal agreements in place.

To manage this, regulators are set to jointly petition the Public Service Commission (PSC) by June 1, 2026, to review rate-making structures specifically for very large customers, defined as those using 50 megawatts and above.

Digital self-service via website and mobile applications for billing and outages

Duke Energy Corporation serves a vast number of households and businesses, making digital channels critical for efficient service delivery. The company is focused on transforming the customer experience through digital tools.

• Electric utilities serve 8.6 million customers across six states.
• Natural gas utilities serve 1.7 million customers across five states.
• The company has sought to transform the customer experience by providing more billing options and new tools to help manage energy costs.

While specific adoption rates for digital billing or outage reporting aren't immediately available, the sheer scale of the customer base necessitates robust digital self-service capabilities to handle routine interactions.

Community investment through the Duke Energy Foundation

The relationship extends beyond utility service into community support, primarily funded by shareholders through the Duke Energy Foundation. This philanthropic arm focuses on local needs.

The Duke Energy Foundation provides more than $30 million annually in philanthropic support. For instance, the late 2025 anti-hunger campaign in South Carolina was a major focus.

• The South Carolina campaign provided over $600,000 to more than 60 feeding programs.
• This included a $100,000 contribution to the One SC Fund.
• Since 2021, the company and Foundation have dedicated over $2.6 million to support hunger relief agencies in South Carolina.
• Separately, in Indiana, the Foundation contributed $207,000 in grants for hunger relief efforts, bringing the total funding for hunger relief and basic needs in Indiana to $311,000 over the year as of November 6, 2025.

Finance: draft 13-week cash view by Friday.

Duke Energy Corporation (DUK) - Canvas Business Model: Channels

You know that for a utility like Duke Energy Corporation, the physical network is the primary channel to market. It's not just about delivering power; it's about the sheer scale of the owned infrastructure that makes service possible.

Direct ownership and operation of the electric grid and natural gas pipelines form the bedrock of how Duke Energy Corporation reaches its customers. This physical presence is massive, spanning multiple states and millions of endpoints. For instance, as of late 2025 filings, Duke Energy Corporation's electric utilities serve a total of 8.6 million customers across North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky. Collectively, these electric utilities own 55,100 megawatts of energy capacity.

The natural gas side is also substantial, with 1.7 million customers served across North Carolina, South Carolina, Tennessee, Ohio, and Kentucky. To meet the unprecedented growth, especially from data centers, Duke Energy Corporation is pushing significant infrastructure builds. The 2025 Carolinas Resource Plan proposes adding 9.7 GW of natural gas capacity by 2033. Even with these additions, the projected customer bill impacts for the overall plan are set to average 2.1% annually over the coming decade.

Here's a quick breakdown of the capacity and customer reach for the major electric operating units:

Utility Segment	Owned Energy Capacity (MW)	Electric Customers Served	Service Area Detail
Duke Energy Carolinas (DEC)	20,800	2.9 million	NC and SC, 24,000-square-mile area
Duke Energy Progress (DEP)	13,800	1.8 million	NC and SC, 28,000-square-mile area

Reliability, which is intrinsically linked to the grid channel, saw tangible results from modernization efforts; in 2023, smart, self-healing grid technologies helped customers avoid more than 1.5 million power outages, saving roughly 3.5 million hours of total outage time.

Beyond the wires and pipes, Duke Energy Corporation uses digital platforms as a key channel for customer interaction and service management. You can manage your account or report issues through the website, duke-energy.com, or the dedicated Duke Energy app. Looking at late 2024 engagement metrics, the website saw monthly true audience numbers stay above 1.6 million. The mobile app maintains consistent usage, settling around 660K monthly active users by December 2024, after peaking above 800K in September.

For immediate, high-touch service needs, the traditional channels remain critical. Call centers and field service teams are the frontline for outage response and maintenance. While I don't have the exact call volume for 2025, we do see the impact of dedicated support staff; since 2022, a dedicated agency team of customer advocates helped customers access nearly $377 million in financial support.

The engagement with large commercial customers is handled through specialized Economic development teams, which act as a direct sales and partnership channel for major investment. These teams are actively securing future load growth. For example, in 2024 alone, Duke Energy Corporation's economic development efforts helped secure 78 projects across six states, translating to over 16,000 new jobs and approximately $26 billion in capital investments within their service territories. In Florida specifically, since 2020, that team helped attract 57 companies, bringing in over 6,691 jobs and more than $2 billion in capital investment. Looking forward, the projected economic contributions from the 2025-2034 energy modernization expenditures are expected to support an annual average of 168,120 total jobs nationwide.

These direct engagements are vital for future capacity planning, as seen by the massive influx of interest:

• In North Carolina alone, companies announced new projects in 2025 delivering more than 25,000 jobs and $19 billion in investments, mostly for new manufacturing facilities.
• The projected annual state and local tax contributions from these modernization expenditures are estimated to start at $1.0 billion in 2025.

Finance: draft 13-week cash view by Friday.

Duke Energy Corporation (DUK) - Canvas Business Model: Customer Segments

You're looking at the core of Duke Energy Corporation's regulated business, which is fundamentally about serving a massive, diverse set of end-users across its operating territories. The customer base is the foundation supporting the $83 billion capital plan through 2029.

The utility's customer base is segmented across residential, commercial, industrial, and the rapidly emerging high-growth technology sector. Here's a breakdown of the scale of the core utility customer groups as of mid-2025:

Customer Type	Service Provided	Customer Count (Approximate)
Residential	Electric	8.6 million
Residential	Natural Gas	1.7 million
Commercial & Industrial	Electric & Gas	Combined with Residential, these segments make up the bulk of the customer base, though specific counts aren't broken out separately from the total utility figures.

The commercial businesses range from small enterprises to medium-sized operations needing reliable power for daily functions. Industrial customers include large-scale manufacturing facilities and other energy-intensive operations that require significant, consistent power supply. The health of these segments directly influences the stability of the Electric Utilities and Infrastructure revenue, which represented 92.04% of total revenue in fiscal year 2024.

The most dynamic segment driving near-term infrastructure investment is the high-growth data center category. This segment is transforming load forecasting:

• Duke Energy has signed energy service agreements worth about three gigawatts with data centers in the year leading up to the third quarter of 2025.
• The company anticipates that by 2029, clients associated with data centers could account for as much as 50% of its total pipeline.
• As of an early 2024 filing, data centers and crypto mines were projected to account for about 1.5 gigawatts of committed demand in the Carolinas alone.

To support this massive growth, Duke Energy collectively owns 55,100 megawatts of energy capacity as of August 2025. The utility also serves various municipalities and government entities across its service footprint, which rely on the same regulated infrastructure for essential public services.

The strategic focus on meeting this new, high-density load means that while residential customers still form the largest volume of accounts, the growth profile is heavily skewed toward these large, non-traditional utility customers. Finance: draft 13-week cash view by Friday.

Duke Energy Corporation (DUK) - Canvas Business Model: Cost Structure

You're looking at the major drains on Duke Energy Corporation's bottom line as of late 2025. For a utility this size, the cost structure is dominated by massive, long-term investments and the ongoing cost of the energy it sells.

High capital expenditures for grid modernization and clean energy transition represent a huge commitment. Duke Energy recently signaled its next five-year capital expenditure (capex) plan, covering 2026 through 2030, could be between $95 billion and $105 billion. This is a continuation of the capital-intensive path, building on earlier plans. A substantial portion of this spending is earmarked for grid modernization and the transition to cleaner generation sources. For instance, the company is on track to add over 8.5 gigawatts of new dispatchable generation over the next five years, including 7.5 gigawatts of new natural gas capacity.

Fuel and purchased power costs are a major variable expense that directly impacts earnings, though often passed through to customers. For the second quarter of 2025, the cost for Fuel used in electric generation and purchased power was reported at $1,878 million. This cost component is subject to commodity market volatility. To mitigate this, Duke Energy Florida completed efficiency upgrades that are estimated to save customers $340 million annually in fuel costs, plus an additional $70 million in 2025 by reducing the need to purchase power externally.

The cost of servicing its massive borrowings is significant. You specifically noted the interest expense on long-term debt, which was $78.91 billion as of June 2025. This figure highlights the substantial debt load required to fund the capital program. For context, Duke Energy's total reported Debt was $88.45 billion as of June 2025, and total Debt stood at $88.6b as of September 2025. The actual reported Interest Expense on Debt for the quarter ending June 2025 was $897 million.

Operations and Maintenance (O&M) expenses are consistently rising, putting pressure on operating margins outside of rate case adjustments. Total Operating Expenses for the twelve months ending September 30, 2025, reached $23.040 billion. Looking closer at the components, the Operation, maintenance and other expense for the second quarter of 2025 was $1,655 million, up from $1,320 million in the second quarter of 2024. This increase in O&M is cited as one of the factors offsetting income growth in recent quarters.

Finally, regulatory and compliance costs across multiple state jurisdictions are a constant feature of the cost base. These costs are tied to securing the necessary approvals and cost recovery mechanisms for operations and new projects. For example, a recent rate hike in Indiana, approved in 2024, allowed the company to collect an additional $244.4 million annually from customers. In the Carolinas, the 2025 Resource Plan projects customer bill impacts to average 2.1% annually over the next decade, reflecting the cost structure needed to meet growth and regulatory mandates.

Here's a quick look at some key expense and debt metrics:

• Twelve Months Operating Expenses (ending Sept 30, 2025): $23.040B
• Q2 2025 Interest Expense on Debt: $897M
• Total Debt (June 2025): $88.45B
• Q2 2025 Operation, maintenance and other: $1,655 million
• Projected 5-year CapEx (2026-2030): $95 billion to $105 billion

You can see the relative scale of some of these major cost and debt items in the table below, using the latest available quarterly data points:

Metric	Value (USD Millions)	Period
Total Operating Expenses	$23,040 (Twelve Months)	Ending September 30, 2025
Fuel used in electric generation and purchased power	$1,878	Q2 2025
Operation, maintenance and other	$1,655	Q2 2025
Interest Expense	$897	Q2 2025
Total Debt	$88,450 (Approx)	June 2025

Finance: draft 13-week cash view by Friday.

Duke Energy Corporation (DUK) - Canvas Business Model: Revenue Streams

The revenue streams for Duke Energy Corporation (DUK) are overwhelmingly anchored in its regulated utility operations, which provide a foundation of predictable, rate-regulated cash flows. This structure is central to the company's business model as of late 2025.

The core of the revenue generation comes from the regulated electric business. You should note that regulated electric sales are cited as contributing 92.8% of Q2 2025 total revenues. This high concentration underscores the stability derived from operating within approved regulatory frameworks across its service territories.

The total financial scale of Duke Energy Corporation (DUK) is substantial, with the total revenue for the twelve months ending Q3 2025 reported as $31.659 billion. This trailing twelve-month figure reflects consistent performance leading up to the third quarter.

Revenue streams are segmented across the regulated utilities, as detailed below, using the most recent quarterly figures available for segment revenue breakdown:

Revenue Source	Latest Quarterly Revenue Amount (Q2 2025 Reported)	Notes
Regulated Electric Sales (Base)	$7.05 billion	Derived from the Electric Utilities and Infrastructure segment revenue.
Regulated Natural Gas Sales	$493 million	From the Gas Utilities and Infrastructure segment.
Non-regulated Electric and Other	$78 million	Reported operating revenues for the segment in Q2 2025.
Total Operating Revenues (Q2 2025)	$7.508 billion	Reported total, before eliminations.

The impact of regulatory adjustments is a key driver of revenue realization and growth. Revenue from new rates and riders implemented across jurisdictions in 2025 directly bolsters the top line and supports the capital plan execution. For instance, higher second-quarter 2025 adjusted earnings were explicitly driven by the implementation of new rates and riders, even with offsets from higher operating and maintenance expenses.

The Gas Utilities and Infrastructure segment contributes a smaller, but important, portion of the overall revenue base through regulated natural gas sales. For Q2 2025, this segment brought in $493 million in operating revenues. This contrasts with the Q1 2025 figure for regulated natural gas business revenues, which was $1.11 billion, showing quarterly variability in gas sales.

Finally, the non-regulated electric and other segment revenues provide a smaller component of the total. The reported operating revenues for the Nonregulated electric and other segment in Q2 2025 were $78 million.

You can see the primary revenue drivers for the quarter here:

• Regulated electric sales form the vast majority of revenue, cited at 92.8% of Q2 2025 total.
• Revenue growth is supported by new rates and riders enacted throughout 2025.
• The TTM revenue ending Q3 2025 reached $31.659 billion.
• Regulated natural gas sales contributed $493 million in Q2 2025 revenue.
• Non-regulated electric and other segment revenues were $78 million in Q2 2025.

Finance: draft 13-week cash view by Friday.