Financial Performance - Net income for the three months ended September 30, 2025, was $9,631 thousand, a 27% increase compared to $7,587 thousand in the prior year[14]. - Basic earnings per share increased to $0.55 for the three months ended September 30, 2025, compared to $0.43 for the same period in 2024, reflecting a growth of 27.9%[14]. - Total income for Q3 2025 reached $70,694,000, up from $56,619,000 in Q3 2024, marking a 24.9% year-over-year growth[155]. - Net income for Q3 2025 was $9,631,000, compared to $7,587,000 in Q3 2024, reflecting a 27.0% increase[155]. - For the nine months ended September 30, 2025, total income was $204,794,000, a 23.1% increase from $166,292,000 in the same period of 2024[156]. Asset Growth - Total assets increased to $7,439,642 thousand as of September 30, 2025, up from $7,011,238 thousand at December 31, 2024, representing a growth of 6.1%[11]. - Total deposits grew to $6,562,162 thousand, an increase of 7.2% from $6,129,022 thousand at the end of 2024[11]. - Cash and cash equivalents at the end of the period were $347,186,000 in 2025, down from $492,658,000 in 2024, a decrease of 30%[23]. Loan Performance - Net loans rose to $5,950,325 thousand, a 9.4% increase from $5,439,334 thousand in the previous year[11]. - As of September 30, 2025, total loans outstanding reached $6,018.97 million, an increase from $5,512.33 million as of December 31, 2024, representing a growth of 9.2%[110]. - The multifamily mortgage segment accounted for 29.85% of total loans as of September 30, 2025, slightly down from 32.65% in the previous year[110]. Credit Losses - Provision for credit losses for the three months ended September 30, 2025, was $4,790 thousand, significantly higher than $1,224 thousand in the same period last year[14]. - Provision for credit losses increased significantly to $15,847,000 in 2025 from $5,762,000 in 2024, indicating a rise of 175%[23]. - The allowance for credit losses (ACL) was $68.6 million as of September 30, 2025, down from $73.0 million at December 31, 2024, primarily due to charge-offs of $20.4 million during the nine months ended September 30, 2025[132]. Operating Expenses - Operating expenses for the three months ended September 30, 2025, totaled $52,297 thousand, an increase of 17.5% from $44,649 thousand in 2024[14]. - Total operating expenses for Q3 2025 were $57,087,000, up from $45,873,000 in Q3 2024, representing a 24.5% increase[155]. - The company’s total operating expenses for the nine months ended September 30, 2025, were $169,477,000, compared to $133,578,000 in the same period of 2024, an increase of 26.9%[156]. Wealth Management - Wealth management fee income for the nine months ended September 30, 2025, was $47,176 thousand, up from $45,976 thousand in the previous year[14]. - The Wealth Management Division generates revenue primarily from wealth management fee income and assets under management (AUM), with fees collected on a tiered schedule based on market value[34]. Shareholder Returns - Cash dividends declared on common stock for the three months ended September 30, 2025, were $877 thousand, with a dividend of $0.05 per share[18]. - The company repurchased 100,000 shares during the three months ended September 30, 2025, at a cost of $2,666 thousand[18]. - The total number of common shares outstanding as of September 30, 2025, was 17,548,471, a decrease from 17,577,747 shares as of September 30, 2024[18]. Securities and Investments - The total fair value of securities available for sale as of September 30, 2025, was $756,578,000, compared to $784,544,000 as of December 31, 2024, showing a decrease of 3.5%[104]. - The company reported unrealized losses on total securities available for sale amounting to $75.238 million as of September 30, 2025, compared to $100.521 million as of December 31, 2024, indicating a reduction in losses[107]. - The total securities, including available for sale and held to maturity, were valued at $536.94 million with unrealized losses of $84.395 million as of September 30, 2025[107]. Risk Management - The Company employs the Current Expected Credit Loss (CECL) methodology for determining the allowance for credit losses, requiring immediate recognition of estimated credit losses[47]. - The Company has engaged an independent loan review firm to validate risk ratings and ensure compliance with policies, reviewing loans greater than $1,000,000 quarterly[113]. - Current period gross charge-offs for commercial and industrial loans amount to $11,086,000, indicating potential credit quality concerns[120]. Other Income - The company reported a total of $20,121 thousand in other income for the three months ended September 30, 2025, compared to $18,938 thousand in the same period of 2024, reflecting a growth of 6.3%[14]. - The company reported a total of $8,082,000 in other income for the nine months ended September 30, 2025, compared to $8,252,000 for the same period in 2024, reflecting a decrease of 2.1%[177].

Financial Performance - Net income attributable to common shareholders for the nine months ended September 30, 2025, was $228,426, a significant increase from $122,602 in 2024, reflecting an 86.1% growth[9]. - Earnings per share (EPS) for the three months ended September 30, 2025, was $1.00, compared to a loss of $0.04 in the same quarter of 2024[9]. - For the nine months ended September 30, 2025, net income was $236,940,000, compared to $128,231,000 for the same period in 2024, representing an increase of 84.6%[23]. - The company reported a net income of $113,579,000 for the three months ended September 30, 2025, compared to a net loss of $2,338,000 in the same period of 2024[100]. - The company reported a net income attributable to common shareholders of $108.9 million, compared to a net loss of $4.2 million in the same period of 2024[56]. Revenue and Expenses - Property revenues for the three months ended September 30, 2025, were $395,676, an increase of 2.8% compared to $387,232 for the same period in 2024[9]. - Total property expenses for the nine months ended September 30, 2025, were $428,788, up from $420,794, indicating a 1.9% increase[9]. - Total property expenses for the three months ended September 30, 2025, were $145,696,000, an increase from $143,360,000 in the same period of 2024, indicating a rise of 1.6%[100]. - Non-property income for the three months ended September 30, 2025, was $9,392,000, down from $11,031,000 in the same period of 2024, a decrease of 15%[100]. - Interest expense for the nine months ended September 30, 2025, was $104.2 million, compared to $97.3 million for the same period in 2024, indicating an increase of 7.1%[100]. Assets and Liabilities - Total assets increased to $9,055,166, up from $8,852,144, representing a growth of 2.3% year-over-year[7]. - Total liabilities rose to $4,443,391, compared to $4,104,955, marking an increase of 8.3% year-over-year[7]. - Total equity decreased to $4,611,775 from $4,747,189, a decline of 2.8%[7]. - The carrying value of fixed-rate notes payable as of September 30, 2025, was $2,766.2 million, with an estimated fair value of $2,764.4 million[97]. - The carrying value of floating-rate notes payable as of September 30, 2025, was $974.0 million, with an estimated fair value of $982.1 million[97]. Cash Flow and Distributions - The company reported net cash from operating activities of $629,806,000 for the nine months ended September 30, 2025, slightly up from $622,519,000 in 2024[23]. - The company had a net increase in cash of $5,100,000 for the nine months ended September 30, 2025, compared to a decrease of $225,701,000 in 2024[23]. - Cash distributions declared to equity holders were $345,465,000 for the nine months ended September 30, 2025, compared to $337,456,000 for the same period in 2024[23]. - The company declared cash distributions of $3.15 per common share, totaling $342,478 for the nine months ended September 30, 2025[11]. - The total cash, cash equivalents, and restricted cash at the end of the period was $37,309,000 as of September 30, 2025, down from $42,346,000 at the end of the same period in 2024[23]. Shareholder Activities - The company repurchased 465,742 common shares at an average price of $107.33 per share, totaling approximately $50.0 million during the three months ended September 30, 2025[57]. - The company has a share repurchase plan allowing for the repurchase of up to $500.0 million of common equity securities, with $400.0 million remaining as of the filing date[57]. - The total fair value of shares vested during the nine months ended September 30, 2025, was approximately $24.8 million, an increase from $23.7 million in 2024[81]. - Total compensation cost for share awards charged against income was approximately $13.5 million for the nine months ended September 30, 2025, compared to $11.5 million for the same period in 2024[79]. - The weighted average fair value of share awards granted during the nine months ended September 30, 2025, was $118.84 per share, compared to $96.31 per share in 2024[81]. Property Management and Development - As of September 30, 2025, Camden Property Trust owned interests in, operated, or were developing 177 multifamily properties comprising 60,578 apartment homes across the United States[25]. - The estimated total additional cost to complete three properties under construction as of September 30, 2025, is approximately $269.1 million[84]. - Development and capital improvements, including land, amounted to $310,388,000 for the nine months ended September 30, 2025[22]. - The average residential lease term was approximately fourteen months, with non-residential commercial leases averaging longer terms[50]. - The company anticipates property revenue from existing leases to total approximately $994.0 million through 2029, with $343.3 million expected for the remainder of 2025[50]. Debt and Financing - The company has a $1.2 billion unsecured revolving credit facility maturing in August 2026, with approximately $1.2 billion available as of September 30, 2025[66][67]. - The company established a commercial paper program allowing for the issuance of up to $600 million in short-term unsecured notes[68][69]. - The company had outstanding floating rate debt of approximately $974.0 million as of September 30, 2025, with a weighted average interest rate of approximately 4.9%[70]. - The company has an automatic shelf registration statement allowing for the issuance of up to 185 million shares of beneficial interest, including 175 million common shares[58]. - The company has not yet sold any shares under the 2023 ATM program, which allows for an aggregate offering amount of up to $500.0 million[61]. Legal and Compliance - The company has been named as a defendant in several antitrust lawsuits related to revenue management software, which are currently in the discovery phase[86]. - The company intends to maintain its election as a REIT, requiring annual dividends to shareholders equal to a minimum of 90% of adjusted taxable income[90]. - The company expects to adopt ASU 2024-03 for the year ended December 31, 2027, which may impact related disclosures[54].

Financial Performance - Total revenues for the first nine months of 2025 reached $259.0 million, a 2% increase from $254.4 million in the same period of 2024[159]. - Net income for the first nine months of 2025 was $8.6 million, a significant improvement from a net loss of $15.4 million in the first nine months of 2024, driven by revenue growth and cost reductions[159]. - Financial Health segment revenues for the first nine months of 2025 were $164.9 million, up 1% from $162.6 million in the prior year, with recurring revenues making up 98% of total Financial Health revenues[175]. - Patient Care revenues for the first nine months of 2025 increased by $2.3 million, or 3%, to $91.3 million, excluding Centriq and AHT, which was a 7% increase from $85.1 million in the same period of 2024[176]. - Net income for the first nine months of 2025 increased by $24.0 million to $8.6 million, or $0.58 per share, compared to a net loss of $15.4 million, or $(1.04) per share, for the first nine months of 2024[186]. - Adjusted EBITDA for Patient Care increased by $7.5 million, or 56%, compared to the first nine months of 2024, primarily due to increased installation and SaaS revenues[194]. Cost Management - Total costs of revenues (exclusive of amortization and depreciation) decreased to 48.8% of total revenues in the third quarter of 2025, down from 50.0% in the same quarter of 2024[164]. - Total costs of revenues decreased by $4.6 million, resulting in costs representing 47% of total revenues in the first nine months of 2025, down from 50% in the same period of 2024[177]. - Product development costs decreased by $2.1 million, or 8%, compared to the first nine months of 2024, primarily due to labor savings[179]. - Sales and marketing costs decreased by $1.2 million, or 6%, compared to the first nine months of 2024, mainly due to lower commissions[180]. - Total other expenses decreased by $1.7 million in the third quarter of 2025, primarily due to reduced interest expenses[170]. Revenue Growth Strategies - The company aims to achieve long-term revenue growth by cross-selling Financial Health services into the existing Patient Care customer base[139]. - The company plans to release its first denials prediction model to the public in Q1 2026[144]. - SaaS license models accounted for 100% of annual new Patient Care installations in 2022 and through the first nine months of 2025, up from 12% in 2018[151]. Bookings and Backlog - As of September 30, 2025, the company had a twelve-month backlog of approximately $4.0 million for non-recurring system purchases and approximately $321.0 million for recurring payments under support and maintenance and RCM services[205]. - Total bookings for the three months ended September 30, 2025 were $15.5 million, a decrease of 26% from $20.95 million in the same period of 2024[206]. - The company reported a total of $52.0 million in bookings for the nine months ended September 30, 2025, down from $67.81 million in the same period of 2024[213]. - Financial Health bookings decreased by $3.0 million, or 24%, in Q3 2025 compared to Q3 2024, with net-new bookings down by $4.5 million, or 79%[207]. - Patient Care bookings decreased by $2.5 million, or 29%, in Q3 2025 compared to Q3 2024, primarily due to a 95% decrease in net-new bookings[209]. - Financial Health bookings for the first nine months of 2025 decreased by $4.4 million, or 11%, from the same period in 2024[208]. - Patient Care bookings for the first nine months of 2025 decreased by $0.4 million, or 1%, compared to the first nine months of 2024[210]. - Effective January 2025, the company will report bookings on an Annual Contract Value (ACV) basis in addition to the reported bookings amounts[212]. Operational Efficiency - Operating income for the third quarter of 2025 was $4.1 million, compared to $2.8 million in the third quarter of 2024, reflecting improved operational efficiency[160]. - The company has implemented margin optimization efforts, including organizational realignment and expanded use of automation since 2021[155]. Tax and Financing - The effective tax rate for the third quarter of 2025 was (314.3)%, reflecting a tax benefit of $4.3 million due to recent tax reforms[172]. - The effective tax rate for the nine months ended September 30, 2025, was (24.0)%, compared to 38.2% for the same period in 2024, resulting in a tax benefit of $1.7 million[185]. - As of September 30, 2025, the company had $165.2 million in principal amount of indebtedness outstanding under credit facilities, with a cash balance of $19.9 million[195]. - A one hundred basis point change in interest rate on borrowings outstanding as of September 30, 2025 would result in a change in interest expense of approximately $1.7 million annually[216].

Financial Performance - Total revenues for the first nine months of 2025 reached $259.0 million, a 2% increase from $254.4 million in the same period of 2024[159]. - Net income for the first nine months of 2025 was $8.6 million, a significant improvement from a net loss of $15.4 million in the first nine months of 2024, driven by revenue growth and cost reductions[159]. - Financial Health segment revenues for the nine months ended September 30, 2025, were $162.1 million, up 1% from $158.4 million in the prior year, with recurring revenues making up 98% of total Financial Health revenues[175]. - Patient Care revenues increased by $1.6 million, or 5%, in the third quarter of 2025 compared to the same quarter in 2024, primarily due to new SaaS contracts and EHR installations[163]. - Net income for the third quarter of 2025 was $5.6 million, a $14.8 million increase from a net loss of $9.1 million in the third quarter of 2024[173]. - Net income for the first nine months of 2025 increased by $24.0 million to $8.6 million, or $0.58 per share, compared to a net loss of $15.4 million, or $(1.04) per share, for the first nine months of 2024[186]. Cost Management - Total costs of revenues (exclusive of amortization and depreciation) decreased to 48.8% of total revenues in the third quarter of 2025, down from 50.0% in the same quarter of 2024[164]. - Total costs of revenues decreased by $4.6 million, resulting in costs representing 47% of total revenues in the first nine months of 2025, down from 50% in the same period of 2024[177]. - Total other expenses decreased by $1.7 million in the third quarter of 2025, primarily due to reduced interest expenses[170]. - Product development costs decreased by $2.1 million, or 8%, compared to the first nine months of 2024, primarily due to labor savings[179]. - Sales and marketing costs decreased by $1.2 million, or 6%, compared to the first nine months of 2024, mainly due to lower commissions[180]. Revenue Growth Strategies - The company aims to achieve long-term revenue growth by cross-selling Financial Health services into the existing Patient Care customer base[139]. - The company plans to release its first denials prediction model to the public in Q1 2026[144]. - SaaS license models accounted for 100% of annual new Patient Care installations in 2022 and through the first nine months of 2025, up from 12% in 2018[151]. Operational Efficiency - Operating income for the third quarter of 2025 was $4.1 million, compared to $2.8 million in the third quarter of 2024, reflecting improved operational efficiency[160]. - Margin optimization initiatives have been implemented, including the acquisition of Viewgol, which is expected to enhance control over resource availability and achieve cost efficiencies[156]. - The company has implemented margin optimization efforts, including organizational realignment and expanded use of automation since 2021[155]. Market Trends and Challenges - The company recognizes the need to adapt to regulatory changes impacting healthcare reimbursement, particularly with the recent OBBBA legislation[148]. - The company is actively involved in shaping AI governance and controls to ensure safe implementation in healthcare delivery[144]. Bookings and Backlog - As of September 30, 2025, the company had a twelve-month backlog of approximately $4.0 million for non-recurring system purchases and approximately $321.0 million for recurring payments under support and maintenance and RCM services[205]. - Total bookings for the three months ended September 30, 2025 were $15.5 million, a decrease of 26% from $20.95 million in the same period of 2024[206]. - The company reported a total of $52.0 million in bookings for the nine months ended September 30, 2025, down from $67.81 million in the same period of 2024[213]. - Financial Health bookings decreased by $3.0 million, or 24%, in Q3 2025 compared to Q3 2024, with net-new bookings down by $4.5 million, or 79%[207]. - Patient Care bookings decreased by $2.5 million, or 29%, in Q3 2025 compared to Q3 2024, primarily due to a 95% decrease in net-new bookings[209]. - Financial Health bookings for the first nine months of 2025 decreased by $4.4 million, or 11%, compared to the same period in 2024[208]. - Patient Care bookings for the first nine months of 2025 decreased by $0.4 million, or 1%, compared to the same period in 2024[210]. - The company will transition to reporting total bookings on an Annual Contract Value (ACV) basis starting January 2025, providing year-over-year comparability[212]. Cash Flow and Debt - Net cash provided by operating activities increased by $6.3 million to $28.1 million for the nine months ended September 30, 2025, compared to $21.8 million for the same period in 2024[199]. - As of September 30, 2025, the company had $165.2 million in principal amount of indebtedness outstanding under credit facilities, with a cash balance of $19.9 million[195]. - A one hundred basis point change in interest rate on outstanding borrowings of $165.2 million would result in a change in interest expense of approximately $1.7 million annually[216]. - As of September 30, 2025, the company had no investments and does not utilize derivative financial instruments to manage interest rate risks[217].

Financial Performance - Net interest income for the three months ended September 30, 2025, was $125,615 thousand, an increase of 9.4% compared to $114,957 thousand for the same period in 2024[15]. - Net income for the three months ended September 30, 2025, was $62,654 thousand, up 6.0% from $58,903 thousand in the prior year[15]. - Comprehensive income for the nine months ended September 30, 2025, was $201,175 thousand, compared to $185,523 thousand for the same period in 2024, indicating an increase of 8.4%[15]. - Net income for the nine months ended September 30, 2025, was $181,113, an increase of 13.5% compared to $159,878 for the same period in 2024[20]. - Basic net income per common share for the three months ended September 30, 2025, was $1.88, up from $1.78 in the same period of 2024, reflecting a growth of 5.6%[15]. - Diluted earnings per share for the nine months ended September 30, 2025, was $5.36, up from $4.76 in 2024, reflecting an increase of 12.6%[81]. Asset and Liability Management - Total assets increased to $14,198,140 thousand as of September 30, 2025, up from $13,554,314 thousand at December 31, 2024, representing a growth of 4.7%[13]. - Total liabilities increased to $12,415,339 thousand as of September 30, 2025, from $11,933,127 thousand at December 31, 2024, representing a growth of 4.0%[13]. - Total deposits rose to $12,118,387 thousand as of September 30, 2025, compared to $11,718,546 thousand at December 31, 2024, marking an increase of 3.4%[13]. - The total fair value of debt securities available for sale as of September 30, 2025, was $1,015,380, down from $1,210,917 at the end of 2024, a decrease of 16.1%[30]. - The total amount of repossessed assets during the nine months ended September 30, 2025, was $2,245,000, compared to $2,332,000 in 2024[62]. Credit Quality and Losses - The provision for credit losses on loans was $4,222 thousand for the three months ended September 30, 2025, compared to $3,031 thousand for the same period in 2024, indicating a rise of 39.4%[15]. - Nonaccrual loans totaled $57,266 thousand as of September 30, 2025, slightly down from $57,984 thousand at December 31, 2024[47]. - The allowance for credit losses remained stable at $99,511 thousand as of September 30, 2025, compared to $99,497 thousand at December 31, 2024[13]. - The company reported a total allowance for credit losses of $99,497,000 for the nine months ended September 30, 2025, down from $101,882,000 for the same period in 2024, reflecting a decrease of approximately 2.3%[58]. - The total provision for credit losses for the nine months ended September 30, 2025, was $7,988,000, compared to $6,154,000 for the same period in 2024, indicating an increase of approximately 29.8%[58]. Investment and Loans - Total loans held for investment increased to $8,278,247 thousand as of September 30, 2025, compared to $8,025,110 thousand at December 31, 2024, representing a growth of approximately 3.1%[35]. - The total loans held for investment as of September 30, 2025, were $7,959,000,000, showing a significant volume of loans in various categories[48]. - The company reported a significant increase in Grade 1 loans across various categories, indicating strong performance in high-quality lending[51]. - The company did not purchase any credit-deteriorated loans during the nine months ended September 30, 2025, or September 30, 2024, indicating a cautious approach to loan acquisitions[59]. - The company’s gross loans held for investment are categorized by year of origination and internally assigned credit grades, reflecting the credit quality of the portfolio[50]. Capital and Equity - The company’s total stockholders' equity increased to $1.8 billion, up by $161.6 million over December 31, 2024[124]. - As of September 30, 2025, the total capital for BancFirst Corporation was $1,788,184, representing a capital ratio of 19.93%, exceeding the required 8.00%[78]. - Stockholders' equity increased by $161.6 million to $1.8 billion as of September 30, 2025[177]. Noninterest Income and Expenses - Noninterest income for the nine months ended September 30, 2025, totaled $146,808 thousand, an increase of 6.5% from $137,556 thousand in the same period of 2024[15]. - Noninterest expense grew to $92.1 million in Q3 2025, compared to $86.7 million in Q3 2024, primarily due to increased salaries and employee benefits[123]. - Noninterest income for Q3 2025 totaled $49.9 million, up from $48.7 million in Q3 2024, with increases in trust revenue, treasury income, sweep fees, and securities transactions[122]. Tax and Regulatory Compliance - The effective tax rate for the nine months ended September 30, 2025, was 21.2%, a slight decrease from 21.4% in the same period of 2024[146]. - BancFirst Corporation, BancFirst, Pegasus, and Worthington were classified as "well capitalized" under the prompt corrective action provisions as of September 30, 2025[78].

Financial Performance - Duke Energy's adjusted EPS for Q3 2025 was $1.81, an increase from $1.62 in Q3 2024, driven by new rates and higher sales volumes [413]. - GAAP reported EPS for Q3 2025 was $1.81, up from $1.60 in Q3 2024, primarily due to the net impact of prior year adjustments [412]. - GAAP reported EPS for the nine months ended September 30, 2025, was $4.81, an increase from $4.17 for the same period in 2024, primarily due to prior year impairments and nonrecurring charges [417]. - Adjusted EPS for the nine months ended September 30, 2025, was $4.81, compared to $4.24 in 2024, driven by new rates, higher retail sales volumes, and partially offset by increased expenses [418]. - Operating income for the nine months ended September 30, 2025, was $552 million, up 19.5% from $462 million in 2024 [438]. - Net income for the nine months ended September 30, 2025, was $1,622 million, an increase of 15.4% compared to $1,405 million in 2024 [456]. - Operating revenues for the nine months ended September 30, 2025, increased to $11,110 million, up from $10,445 million in 2024, representing a variance of $665 million [461]. - Operating income rose to $2,892 million in 2025, compared to $2,572 million in 2024, reflecting an increase of $320 million [461]. - Net income for the period was $1,910 million, an increase of $276 million from $1,634 million in 2024 [461]. Revenue and Sales - Operating revenues for the three months ended September 30, 2025, were $8,180 million, up $328 million from $7,852 million in 2024 [425]. - Total electric utilities and infrastructure GWh sales for the three months ended September 30, 2025, were 72,880 GWh, slightly up from 72,756 GWh in 2024 [425]. - Operating revenues for Duke Energy Progress increased by $274 million to $5,612 million in 2025, compared to $5,338 million in 2024 [469]. - Duke Energy Florida's operating revenues rose by $394 million to $5,486 million in 2025, up from $5,092 million in 2024 [474]. - Duke Energy Indiana reported operating revenues of $2,671 million for the nine months ended September 30, 2025, an increase of $329 million (14.0%) compared to $2,342 million in 2024 [484]. - Piedmont's operating revenues increased to $1,463 million in 2025, up $324 million (28.5%) from $1,139 million in 2024, primarily driven by higher pricing from the 2024 Indiana rate case [489]. Expenses and Costs - Operating expenses for the three months ended September 30, 2025, totaled $5,878 million, an increase of $135 million from $5,743 million in 2024 [425]. - A $940 million decrease in fuel used in electric generation and purchased power was noted, primarily due to lower fuel cost recovery and the expiration of contracts in the prior year [437]. - Operating expenses for the same period rose to $382 million, a 19.7% increase from $319 million in 2024, primarily driven by a $40 million increase in the cost of natural gas [438]. - Total operating expenses for the nine months ended September 30, 2025, were $8,237 million, an increase of $344 million from $7,893 million in 2024 [461]. - Fuel used in electric generation and purchased power decreased by $423 million to $3,306 million in 2025, down from $3,729 million in 2024 [461]. Investments and Agreements - Duke Energy entered into an investment agreement to receive $6 billion for a 19.7% indirect investment in Duke Energy Florida, expected to close between 2026 and mid-2028 [394]. - The sale of Piedmont's Tennessee business to Spire Inc. for $2.48 billion is anticipated to be completed by March 31, 2026, subject to regulatory approvals [394]. - Duke Energy filed applications to merge Duke Energy Progress into Duke Energy Carolinas, targeting an effective date of January 1, 2027, pending regulatory approvals [397]. - Piedmont plans to sell its Tennessee business for $2.48 billion, with proceeds expected to be used for debt reduction and to fund Duke Energy's capital plan [497]. Regulatory and Legislative Developments - Duke Energy Florida's storm cost recovery of approximately $1.1 billion was approved to be recovered over 12 months starting March 2025 [396]. - Duke Energy's regulatory efforts include securing critical investments for reliable customer service while ensuring timely cost recovery across service territories [396]. - The South Carolina Energy Security Act promotes new generation resources and establishes a rate stabilization mechanism for electric utilities [515]. - The North Carolina Power Bill Reduction Act targets carbon neutrality by 2050 and enhances cost recovery mechanisms for baseload generation [516]. - Duke Energy filed the 2025 Carolinas Resource Plan, outlining strategies for diverse generation assets and energy demand management [517]. - The EPA is reconsidering GHG emissions regulations, with a final rule expected by December 2025 [512]. - Duke Energy is involved in legal challenges regarding the 2024 CCR Rule, with proceedings currently in abeyance until December 15, 2025 [513]. - The company anticipates cost recovery for future expenditures through the normal ratemaking process with utility commissions [514]. Customer Metrics - The average number of customers increased by 1.9% for the nine months ended September 30, 2025, compared to the previous year [457]. - The average number of customers for Duke Energy Progress increased by 1.7% in 2025 compared to the prior period [470]. Cash Flow and Financing - Duke Energy's cash flows from operating activities were $8,672 million for the nine months ended September 30, 2025, a decrease of $279 million (3.1%) from $8,951 million in 2024 [506]. - The company had $739 million in cash, cash equivalents, and restricted cash at the end of the period, up from $447 million at the beginning of the period [504]. - Duke Energy extended its Master Credit Facility from $9 billion to $10 billion, with $688 million in cash on hand and $7.5 billion available under the facility as of September 30, 2025 [495]. - Net cash provided by financing activities increased by $632 million to $1,622 million for the nine months ended September 30, 2025, compared to $990 million in 2024 [510]. - The variance in financing activities was primarily due to a $1 billion increase from the redemption of Series B preferred stock in the prior year [510]. - Issuances of long-term debt decreased by $121 million, from $4,927 million in 2024 to $4,806 million in 2025 [510]. - Dividends paid increased by $44 million, from $2,411 million in 2024 to $2,455 million in 2025 [510]. Interest and Tax Expenses - Interest expense for the nine months ended September 30, 2025, increased by $86 million compared to the same period in 2024, driven by higher outstanding debt balances [435]. - The effective tax rates for the three months ended September 30, 2025, and 2024, were 13.5% and 14.1%, respectively, reflecting an increase in pretax income [431]. - The effective tax rate (ETR) for the three months ended September 30, 2025, decreased to 27.8% from 35.9% in 2024, attributed to AFUDC equity and amortization of EDIT [439]. - Interest expense for the nine months ended September 30, 2025, rose to $584 million, an increase of 8.7% from $537 million in 2024 [456]. - Income tax expense rose to $361 million in 2025, an increase of $41 million from $320 million in 2024, mainly due to higher pretax income [461]. Operational Performance - Operating income for the three months ended September 30, 2025, was $2,314 million, an increase of $203 million compared to $2,111 million in 2024 [425]. - Segment income for Electric Utilities and Infrastructure for the three months ended September 30, 2025, was $1,658 million, up from $1,451 million in 2024, indicating strong operational performance [425]. - Duke Energy Indiana experienced a 5.5% increase in residential sales and a 5.3% increase in commercial sales, while industrial sales decreased by 4.4% [487]. - Piedmont reported a 5.2% increase in residential deliveries and a 6.2% increase in commercial deliveries, with total throughput deliveries increasing by 0.9% [492].

Financial Performance - The Company reported net income of $8.9 million or $0.45 per diluted share for Q3 2025, a 28.6% increase from $6.9 million or $0.35 per diluted share in Q3 2024[139][151] - For the nine months ended September 30, 2025, net income increased to $24.7 million or $1.23 per diluted share, up 39.2% from $17.8 million or $0.90 per diluted share in the same period of 2024[139][152] - The company reported a net income of $8,939 for Q3 2025, an increase from $8,140 in Q2 2025, reflecting a positive trend in earnings[270] - Operating net income for Q3 2025 was $8,960,000, up from $6,949,000 in Q3 2024, representing a year-over-year increase of 28.93%[272] - Operating diluted net income per common share rose to $0.45 in Q3 2025, compared to $0.35 in Q3 2024, marking a 28.57% increase[272] Net Interest Income and Margin - Net interest income for Q3 2025 increased by $3.2 million or 17.5% to $21.3 million compared to $18.1 million in Q3 2024[142] - The net interest margin expanded to 3.14% in Q3 2025 from 3.03% in Q3 2024[142] - Net interest income for Q3 2025 was $21.3 million, an increase of $3.2 million or 17.5% compared to Q3 2024, driven by higher income from an expanded loan portfolio and reduced rates on interest-bearing liabilities[165] - Net interest margin (NIM) for Q3 2025 was 3.14%, up from 3.03% in Q3 2024, reflecting a reduction in the weighted average rate paid on interest-bearing liabilities[166] - For the nine months ended September 30, 2025, net interest income was $61.4 million, an increase of $10.8 million or 21.4% from $50.6 million in the same period of 2024[167] - NIM for the nine months ended September 30, 2025 was 3.17%, compared to 2.87% for the same period in 2024, indicating a 30 basis point expansion due to higher loan yields and growth in loan average balance[168] Assets and Loans - Total assets reached $2.77 billion as of September 30, 2025, an increase of $264.0 million or 10.5% from the previous year[142] - Total loans held for investment increased to $2.13 billion, up $199.6 million or 10.3% from September 30, 2024[142] - Total net loans increased by $158.1 million, or 10.7%, to $2.13 billion as of September 30, 2025, compared to December 31, 2024[199] - Total loans increased by $158.1 million, or 10.7% annualized, to $2.13 billion at September 30, 2025, compared to $1.97 billion at December 31, 2024[187] Deposits - Total deposits were $2.46 billion, reflecting an increase of $329.0 million or 15.5% from the same period last year[142] - Total deposits increased by $281.6 million, or 17.3% annualized, to $2.46 billion at September 30, 2025, compared to $2.17 billion at December 31, 2024[187] - The total customer deposits as of September 30, 2025, amounted to $2.457 billion, with an average rate paid of 2.53%[229] Non-Interest Income and Expenses - Non-interest income for Q3 2025 increased by $246 thousand or 7.2% compared to Q3 2024, primarily driven by growth in service fees and income from bank-owned life insurance[176] - For the nine months ended September 30, 2025, non-interest income rose by $1.7 million or 18.2% compared to the same period in 2024, driven by growth in service fees and gains on loan sales[177] - Non-interest expense for the three months ended September 30, 2025, increased by $1.6 million, or 13.9%, compared to the same period in 2024, primarily driven by a $709 thousand rise in salaries and employee benefits[180] - For the nine months ended September 30, 2025, non-interest expense increased by $3.5 million, or 10.4%, compared to the same period in 2024, with salaries and employee benefits accounting for a $2.6 million increase[181] Credit Quality - The allowance for credit losses (ACL) to total loans was 1.17% at September 30, 2025, down from 1.22% at December 31, 2024[142] - The provision for credit losses for Q3 2025 was $105 thousand, significantly down from $931 thousand in Q3 2024, attributed to slower loan portfolio growth[171] - Non-performing loans decreased to $1.31 million, representing 0.06% of total loans, down from $2.71 million or 0.14% as of December 31, 2024[212] - The total ending balance for credit losses was $23.067 million, with a provision for credit losses of $1.968 million for the nine months ended September 30, 2025[221][222] Capital and Liquidity - Total risk-based capital as of September 30, 2025, is $299,147, representing a ratio of 13.93%, exceeding the minimum capital requirements[263] - The Tier 1 risk-based capital ratio as of September 30, 2025, is 12.73%, significantly above the required minimum of 6.00%[263] - The company expects to maintain adequate liquidity resources from core deposits, loan repayments, and investment portfolio cash flows[261] - The Company has established a comprehensive liquidity risk management process, integrating it into risk management and ALM policy[259] Stockholder Equity - Total stockholders' equity decreased to $209,095,000 from $213,916,000 year-over-year, a decline of 2.67%[272] - Tangible Common Equity/Tangible Assets ratio was 7.55% as of September 30, 2025, down from 8.54% a year ago, indicating a decrease of 11.61%[272] - Total common shares issued and outstanding decreased to 18,107,385 from 19,620,632 year-over-year, a reduction of 7.71%[272] - Tangible book value per common share increased to $11.55 as of September 30, 2025, compared to $10.90 a year ago, reflecting a growth of 5.95%[272] Investment Portfolio - Aggregate AFS and HTM investment securities increased by $55.6 million, or 17.5% annualized, to $480.5 million at September 30, 2025, from $424.9 million at December 31, 2024[193] - The investment portfolio consists primarily of U.S. Government and U.S. Government Agencies issued bonds, mortgage-backed securities, and corporate bonds, with varying contractual maturities and coupons[190]

Financial Performance - Total revenues for Q3 2025 reached $1,210 million, a 12% increase from $1,081 million in Q3 2024[19] - Net income attributable to Alliant Energy common shareholders for the nine months ended September 30, 2025, was $668 million, up 24% from $540 million in the same period of 2024[19] - Operating income for Q3 2025 was $349 million, representing a 12% increase compared to $313 million in Q3 2024[19] - Net income for the nine months ended September 30, 2025, increased to $374 million from $272 million in 2024, representing a 37.4% growth[32] - Total revenues for the nine months ended September 30, 2025, reached $1,555 million, up from $1,410 million in 2024, reflecting a 10.3% increase[35] - Operating income for the nine months ended September 30, 2025, was $422 million, compared to $387 million in 2024, indicating a 9.0% rise[35] - Alliant Energy's net income for Q3 2025 was $281 million, compared to $295 million for the same period in 2024[60] - WPL's net income for the three months ended September 30, 2025, was $123 million, up from $114 million in the same period of 2024, reflecting an increase of 7.9%[64] Cash Flow and Liquidity - Cash and cash equivalents increased significantly to $503 million as of September 30, 2025, compared to $81 million at the end of 2024[21] - Net cash flows from operating activities for the nine months ended September 30, 2025, were $900 million, slightly down from $913 million in the same period of 2024[23] - Cash flows from operating activities for the nine months ended September 30, 2025, were $573 million, down from $651 million in 2024, a decrease of 11.9%[41] - The liquidity position at September 30, 2025, included $503 million in cash and cash equivalents and $1,108 million available under the revolving credit facility[124] - The company reported a net increase in cash and cash equivalents to $503 million as of September 30, 2025, compared to $830 million at the beginning of the year[125] Debt and Capital Structure - Long-term debt, net (excluding current portion) rose to $10,655 million as of September 30, 2025, compared to $8,677 million at the end of 2024[21] - Long-term debt remained stable at $3,372 million as of September 30, 2025, compared to $3,370 million at the end of 2024[38] - Alliant Energy's long-term debt, including current maturities, was $11.729 billion as of September 30, 2025, compared to $9.848 billion at December 31, 2024[12] - As of September 30, 2025, Alliant Energy's capital structure consisted of 59% long-term debt, 40% common equity, and 1% short-term debt[125] - Alliant Energy's credit ratings from Standard & Poor's are BBB+ for corporate issuer and BBB for senior unsecured long-term debt, with a stable outlook[131] Investments and Expenditures - The company reported a significant increase in construction and acquisition expenditures for the utility business, totaling $1,487 million for the nine months ended September 30, 2025, compared to $1,280 million in 2024[23] - Construction and acquisition expenditures for the nine months ended September 30, 2025, totaled $511 million, compared to $578 million in 2024, a reduction of 11.6%[41] - Alliant Energy plans to invest approximately $940 million in renewable and energy storage projects in 2025, with total anticipated construction and acquisition expenditures reaching $2,470 million through 2029[128] - The company plans to develop and/or acquire approximately 2,000 MW of natural gas resources, 1,300 MW of new energy storage, and 1,100 MW of new renewable generation over the next six years[103] Revenue Sources - Electric utility segment revenues rose to $2,828 million in the nine months ended September 30, 2025, up from $2,579 million in 2024, reflecting a growth of 9.7%[75] - Retail electric utility revenue for the three months ended September 30, 2025, was $608 million, compared to $523 million in 2024, showing a growth of 16.2%[74] - Retail electric revenues for the three months ended September 30, 2025, were $996 million, up from $887 million in 2024, representing a 12.3% increase[114] - Retail gas revenues for the nine months ended September 30, 2025, increased to $327 million from $289 million in 2024, a rise of 13.2%[114] Shareholder Returns - Common stock dividends paid in the nine months ended September 30, 2025, were $391 million, an increase from $369 million in the same period of 2024[23] - Common stock dividends increased to $163 million for the nine months ended September 30, 2025, from $147 million in 2024, a rise of 10.8%[41] - Alliant Energy's common stock dividends for the three months ended September 30, 2025, were $0.5075 per share, totaling $130 million[60] - The company announced a 5% increase in its targeted 2026 annual common stock dividend to $2.14 per share, effective February 2026[121] Operational Highlights - The company plans to continue coal operations at Columbia Units 1 and 2 at least through 2029, with a net book value of $398 million[53] - Alliant Energy's Utilities and Corporate Services net income decreased by $16 million due to higher operational expenses and financing costs[110] - Changes in electric production fuel and purchased power resulted in a decrease of $47 million in operating expenses for the three months ended September 30, 2025[113] - Estimated increases to operating income from temperature impacts for the three months ended September 30, 2025, were $10 million for electric and $1 million for gas[116] Environmental and Regulatory Matters - Alliant Energy aims to reduce GHG emissions from utility operations by 50% by 2030 and achieve net-zero GHG emissions by 2050[111] - Environmental liabilities recorded on the balance sheets for MGP sites totaled $12 million for Alliant Energy, $8 million for IPL, and $4 million for WPL as of September 30, 2025[96] - Estimated future costs for environmental remediation at Manufactured Gas Plant sites range from $7 million to $29 million for Alliant Energy, $5 million to $18 million for IPL, and $2 million to $11 million for WPL[96] Future Outlook - Alliant Energy expects to issue up to $2.4 billion of common stock from 2026 through 2029, with WPL planning to issue up to $300 million of long-term debt for the remainder of 2025[121] - The company anticipates an increase in electric utility revenues in 2026 compared to 2025 due to the expiration of tax benefit rider credits and increasing revenue requirements from utility investments[121] - Alliant Energy projects an increase in other operation and maintenance expenses in 2026, largely due to higher generation maintenance and energy delivery expenses[121]

Revenue Performance - Total revenue for the nine months ended September 30, 2025, was $2.3 billion, a decrease of $296 million or 11% compared to $2.6 billion in the same period of 2024[91] - Core advertising revenue decreased by $50 million, or 5%, primarily due to macro-economic softness, with political advertising revenue decreasing by $217 million, or 88%[117] - Political advertising revenue saw a significant decline of $165 million, or 95%, in the three months ended September 30, 2025, consistent with it being an "off-year" in the election cycle[109] - Core advertising revenue decreased by $10 million or 3% in the three months ended September 30, 2025, primarily due to a $16 million revenue drop from the broadcast of the 2024 Olympic Games[109] - Total revenue decreased by $296 million, or 11%, in the 2025 nine-month period compared to the 2024 nine-month period[117] Expenses - Broadcasting expenses decreased by $29 million, or 5%, to $542 million in the three months ended September 30, 2025[106] - Broadcasting expenses decreased by $37 million, or 2%, to $1.7 billion in the 2025 nine-month period[118] - Corporate and administrative expenses increased by $4 million, or 17%, to $28 million, primarily due to increased professional services related to pending business combination transactions[108] - Corporate and administrative expenses increased by $5 million to $85 million, with professional services costs rising due to pending business combination transactions[119] - Interest expense decreased by $10 million to $120 million in the three months ended September 30, 2025, due to a reduction in outstanding debt and lower interest rates[114] - Interest expense decreased by $8 million, or 2%, to $355 million, with an average outstanding total long-term debt balance of $5.7 billion[125] Cash Flow and Tax - Net cash provided by operating activities was $177 million in the 2025 nine-month period, down from $383 million in the 2024 nine-month period[128] - Net cash used in investing activities was $34 million in the 2025 nine-month period, compared to net cash provided of $10 million in the 2024 nine-month period[129] - The effective income tax benefit rate for the three months ended September 30, 2025, was 64%, compared to an income tax expense rate of 25% in the same period of 2024[116] - The company recognized an income tax benefit of $12 million in the 2025 nine-month period, compared to an income tax expense of $70 million in the 2024 nine-month period[127] - The company made $39 million in federal or state income tax payments during the 2025 three and nine-month period, with no material income tax payments expected for the remainder of 2025[147] Debt and Financing - The company issued $900 million in 2032 Notes (2L) and $775 million in 2033 Notes (1L) to refinance existing debt and pay transaction expenses[98][100] - The company anticipates making approximately $453 million in debt interest payments over the twelve months following September 30, 2025[131] - As of September 30, 2025, long-term debt included $1.25 billion in 2029 Notes and $1.2 billion in 2031 Notes, with total commitments under the Senior Credit Facility amounting to $1.5 billion[141] - The company has approximately $232 million of availability remaining under its debt repurchase authorization, which allows for the repurchase of outstanding indebtedness[142] - The company has total outstanding principal secured by a first lien of $2,774 million, resulting in a First Lien Adjusted Total Indebtedness of $2,592 million[139] Acquisitions and Capital Expenditures - The company entered into agreements for television station acquisitions and divestitures, expecting to enter six new markets and create 11 new full-power "duopolies" of stations affiliated with a "Big Four" network[144] - The total purchase price for the acquisitions includes $2 million for SGH, $80 million for BCI, and $171 million for AMG, with additional non-cash swaps involved[146] - Capital expenditures for the remainder of 2025 are expected to be in the range of $37 million to $42 million, with anticipated reimbursements of approximately $25 million from the Doraville Community Improvement District[146] Impairment and Adjustments - The company recorded a non-cash impairment charge of $28 million related to changes in network affiliation at one station during the 2025 nine-month period[121] - As of September 30, 2025, the company reported a net income of $290 million, with total adjustments to reconcile from net income to Leverage Ratio Denominator amounting to $1,909 million[139] - The First Lien Leverage Ratio was reported at 2.72, while the Secured Leverage Ratio stood at 3.66, both below the maximum permitted incurrence levels of 3.5 to 1.00 and 5.50 to 1.00 respectively[139]

Revenue Performance - Total revenue for the nine months ended September 30, 2025, was $2.3 billion, a decrease of $297 million or 11% compared to $2.6 billion in the same period of 2024[91]. - Total revenue decreased by $296 million, or 11%, in the 2025 nine-month period compared to the 2024 nine-month period[117]. - Core advertising revenue decreased by $10 million or 3% in the three months ended September 30, 2025, primarily due to a $16 million revenue drop from the 2024 Olympic Games broadcasts[109]. - Core advertising revenue decreased by $50 million, or 5%, primarily due to macro-economic softness, with political advertising revenue decreasing by $217 million, or 88%[117]. - Political advertising revenue saw a significant decline of $165 million, or 95%, in the three months ended September 30, 2025, consistent with it being an "off-year" in the election cycle[109]. Expenses - Broadcasting expenses decreased by $29 million, or 5%, to $542 million in the three months ended September 30, 2025[106]. - Broadcasting expenses decreased by $37 million, or 2%, to $1.7 billion in the 2025 nine-month period[118]. - Corporate and administrative expenses increased by $4 million, or 17%, to $28 million, primarily due to increased professional services related to pending business combination transactions[108]. - Corporate and administrative expenses increased by $5 million to $85 million, with professional services costs rising due to pending business combination transactions[119]. - The company continues to monitor and seek opportunities to reduce operating expenses, which are largely fixed in nature[95]. Cash Flow and Debt - Net cash provided by operating activities was $177 million in the 2025 nine-month period, down from $383 million in the 2024 nine-month period[128]. - Net cash used in investing activities was $34 million in the 2025 nine-month period, compared to net cash provided of $10 million in the 2024 nine-month period[129]. - Interest expense decreased by $10 million to $120 million in the three months ended September 30, 2025, due to a reduction in outstanding debt and lower interest rates[114]. - Interest expense decreased by $8 million, or 2%, to $355 million, with an average outstanding total long-term debt balance of $5.7 billion[125]. - The company anticipates making approximately $453 million in debt interest payments over the twelve months following September 30, 2025[131]. Tax and Income - The effective income tax benefit rate for the three months ended September 30, 2025, was 64%, compared to an income tax expense rate of 25% in the same period of 2024[116]. - The company recognized an income tax benefit of $12 million in the 2025 nine-month period, compared to an income tax expense of $70 million in the 2024 nine-month period[127]. - As of September 30, 2025, the company reported a net income of $290 million[139]. Leverage and Debt Structure - The First Lien Leverage Ratio was 2.72, below the maximum permitted incurrence of 3.5 to 1.00[139]. - The Secured Leverage Ratio was 3.66, under the maximum permitted incurrence of 5.50 to 1.00[139]. - Total outstanding principal secured by a first lien amounted to $2.774 billion[139]. - As of September 30, 2025, long-term debt included $1.25 billion in 2029 Notes and $1.2 billion in 2031 Notes[141]. - The company issued $900 million in 2032 Notes (2L) and $775 million in 2033 Notes (1L) to refinance existing debt and pay transaction expenses[98][100]. Acquisitions and Capital Expenditures - The company entered into agreements for television station acquisitions and divestitures, expecting to enter six new markets[144]. - The total purchase price for acquisitions included $2 million for SGH, $80 million for BCI, and $171 million for AMG[146]. - Capital expenditures for 2025 are expected to be in the range of $37 million to $42 million, including reimbursements of approximately $25 million[146]. - The company has approximately $232 million remaining under its debt repurchase authorization[142]. Impairment and Other Charges - The company recorded a non-cash impairment charge of $28 million related to changes in network affiliation at one station during the 2025 nine-month period[121]. - The Gray Pension Plan purchased a group annuity contract for $18 million and paid out $15 million in lump sum payments[148].