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Financial Highlightsa Excel Format     Print

(In millions, except per-share amounts)   2005     2004     2003c     2002     2001  
Statement of Operations                              
Operating revenues $ 16,746   $ 20,549   $ 18,021   $ 14,752   $ 15,383  
Operating expenses   13,855     17,376     17,087     12,393     13,036  
Gains on sales of investments in commercial
  and multi-family real estate		   191     192     84     106     106  
Gains (losses) on sales of other assets, net   534     (404 )   (199 )   32     238  
Operating income   3,616     2,961     819     2,497     2,691  
Other income and expenses, net   1,800     305     550     369     293  
Interest expense   1,062     1,281     1,330     1,116     777  
Minority interest expense   538     200     62     91     268  
Earnings (loss) from continuing operations
  before income taxes		   3,816     1,785     (23 )   1,659     1,939  
Income tax expense (benefit) from
  continuing operations		   1,283     533     (94 )   514     713  
Income from continuing operations   2,533     1,252     71     1,145     1,226  
(Loss) income from discontinued
  operations, net of tax		   (705 )   238     (1,232 )   (111 )   768  
Income (loss) before cumulative effect of
  change in accounting principle		   1,828     1,490     (1,161 )   1,034     1,994  
Cumulative effect of change in
  accounting principle, net of tax
  and minority interest		   (4 )   —     (162 )   —     (96 )
Net income (loss)   1,824     1,490     (1,323 )   1,034     1,898  
Dividends and premiums on redemption of
  preferred and preference stock		   12     9     15     13     14  
Earnings (loss) available for
  common stockholders		 $ 1,812   $ 1,481   $ (1,338 ) $ 1,021   $ 1,884  
                               
Ratio of Earnings to Fixed Chargesd   4.7     2.4     —b     2.1     2.8  
                               
Common Stock Data                              
Shares of common stock outstanding                              
  Year-end   928     957     911     895     777  
  Weighted average-basic   934     931     903     836     767  
  Weighted average-diluted   970     966     904     838     773  
Earnings (loss) per share                              
  Basic $ 1.94   $ 1.59   $ (1.48 ) $ 1.22   $ 2.45  
  Diluted   1.88     1.54     (1.48 )   1.22     2.44  
Dividends per share   1.17     1.10     1.10     1.10     1.10  
                               
Balance Sheet                              
Total assets $ 54,723   $ 55,770   $ 57,485   $ 60,122   $ 49,624  
Long-term debt including capital leases,
   less current maturities		 $ 14,547   $ 16,932   $ 20,622   $ 20,221   $ 12,321  
                               
Capitalization                              
  Common equity   50%     45%     37%     36%     41%  
  Preferred stock   0%     0%     0%     1%     1%  
  Trust preferred securities   0%     0%     0%     3%     5%  
  Total common equity and
     preferred securities		   50%     45%     37%     40%     47%  
                               
  Minority interests   2%     4%     5%     5%     7%  
  Total debt   48%     51%     58%     55%     46%  

a Significant transactions reflected in the results above include: 2005 DENA disposition (see Note 13 to the Consolidated Financial Statements, “Discontinued Operations and Assets Held for Sale”), 2005 deconsolidation of DEFS effective July 1, 2005 (see Note 2 to the Consolidated Financial Statements, “Acquisitions and Dispositions”), 2005 DEFS sale of TEPPCO (see Note 2 to the Consolidated Financial Statements, “Acquisitions and Dispositions”), 2004 DENA sale of the Southeast plants (see Note 2 to the Consolidated Financial Statements, “Acquisitions and Dispositions”) and 2003 DENA charges (see Note 13 to the Consolidated Financial Statements, “Discontinued Operations and Assets Held for Sale”).

b Earnings were inadequate to cover fixed charges by $19 million for the year ended December 31, 2003.

c As of January 1, 2003, Duke Energy adopted the remaining provisions of Emerging Issues Task Force (EITF) 02-03, “Issues Involved in Accounting for Derivative Contracts Held for Trading Purposes and for Contracts Involved in Energy Trading and Risk Management Activities” (EITF 02-03) and SFAS No. 143, “Accounting for Asset Retirement Obligations” (SFAS No. 143). In accordance with the transition guidance for these standards, Duke Energy recorded a net-of-tax and minority interest cumulative effect adjustment for change in accounting principles. (See Note 1 to the Consolidated Financial Statements, “Summary of Significant Accounting Policies,” for further discussion.)

d Includes pre-tax gains on the sale of TEPPCO GP and LP of approximately $0.9 billion, net of minority interest, in 2005.