DUKDuke Energy

Utilities · Electric & Gas Utilities · NYSE

What the 10-K filed 2026-02-26 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-27.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

“The sole source of funds to satisfy the related debt obligations were cash collections from the receivables.”
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“The sole source of funds to satisfy the related debt obligation was cash collections from the receivables.”
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“The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation.”
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“The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation.”
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Lawsuits and legal claims

2 new

Pending cases, settlements and what the company has set aside for them.

“In December 2017, the state of Maryland filed suit in Baltimore City Circuit Court against Duke Energy Merchants and other defendants alleging contamination of state waters by MTBE leaking from gasoline storage tanks and is seeking an unspecified amount of monetary damages.”
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New “In November 2025, Duke Energy Merchants entered into a settlement agreement with the state of Maryland, which included the payment of an immaterial amount to resolve the litigation.”
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“The lawsuit asserts state-law claims for public nuisance, private nuisance, trespass, negligence, and gross negligence, and is seeking an unspecified amount of monetary damages.”
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New “The lawsuit seeks unspecified monetary damages, including treble damages, on behalf of current and former employees in the nuclear power industry as well as injunctive relief.”
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“In October 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court.”
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Guarantees and indemnities

1 new

Promises to pay someone else's debts or losses if they cannot.

New “Among other terms, the agreement requires the Companies to guarantee savings from the combination will be at least $286 million to North Carolina retail customers over a 14-year period, permits recovery and deferral of costs to achieve, removes 200 MW of battery storage from the recommended portfolio and near term action plan in the 2025 Carolinas Resource Plan and provides that North Carolinas retail customers should provide an annual $25 million of Share the Benefits Contributions to South Carolina retail customers for six years starting in 2030.”
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“These guarantees involve elements of performance and credit risk, which are not fully recognized on the Consolidated Balance Sheets and have uncapped maximum potential payments.”
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“At December 31, 2025, the maximum potential amount of future payments associated with these guarantees were $18 million, the majority of which expire by 2028.”
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“The maximum potential amount of future payments required under these guarantees that have capped maximums as of December 31, 2025, was $26 million of which all expire between 2026 and 2030.”
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“Additionally, certain guarantees that expire in 2026 have uncapped maximum potential payments; however, Duke Energy does not believe these guarantees will have a material effect on its results of operations, cash flows or financial position.”
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Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“Duke Energy's Master Credit Facility contains a covenant requiring the debt-to-total capitalization ratio to not exceed 65% for each borrower, excluding Piedmont, and 70% for Piedmont.”
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“The Duke Energy Registrants were in compliance with all other covenants related to their debt agreements as of December 31, 2025.”
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“Duke Energy's Master Credit Facility contains a covenant requiring the debt-to-total capitalization ratio not to exceed 65% for each borrower, excluding Piedmont, and 70% for Piedmont.”
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“As of December 31, 2025, each of the Duke Energy Registrants were in compliance with all covenants related to their debt agreements.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“Total cash commitments for related other purchase obligation expenditures are $16,547 million, with $16,338 million expected to be paid in the next 12 months.”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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