Financials

PPL Corporation financials

PPL Multi-Utilities

PPL Corporation is a US-based utility company founded in 1920 that provides regulated electric and natural gas services, primarily serving over 2 million customers. It operates under a rate-based revenue model that delivers stable cash flows and supports investments in both traditional and renewable energy, notably wind power. Under the leadership of CEO Thomas A. Laughlin, the company is modernizing its grid infrastructure while preparing for an energy transition. These strategic initiatives set the foundation for steady long-term performance amid evolving regulatory and market dynamics.

Snapshot

PPL Corporation reported $9.04B in revenue in fiscal 2025, up 6.9% year over year, with an operating margin of 23.5%.

Revenue (FY2025): $9.04B
YoY growth: +6.9%
Operating margin: 23.5%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	9,042,000	8,462,000	8,312,000	7,902,000
Fuel and Purchased Power Expense	2,747,000	2,462,000	2,574,000	4,084,000
Operations and Maintenance Expenses	2,431,000	2,607,000	2,462,000	1,181,000
Gross Profit	3,864,000	3,393,000	3,276,000	2,637,000
Depreciation & Amortization Expenses	1,312,000	1,279,000	1,254,000	332,000
Taxes Other than Income Tax	423,000	374,000	392,000	332,000
Other Operating Expenses	—	—	—	(931,000)
Operating Profit	2,129,000	1,740,000	1,630,000	1,374,000
Interest Expense	(808,000)	(738,000)	(666,000)	(513,000)
Non-Operating Income	151,000	114,000	(40,000)	54,000
Total Non-Operating Income	(657,000)	(624,000)	(706,000)	(459,000)
Income Before Provision for Income Taxes	1,472,000	1,116,000	924,000	714,000
Provision for Income Taxes	291,000	228,000	184,000	201,000
Consolidated Net Income	1,181,000	888,000	740,000	714,000
Net Income Attributable to Discontinued Operations	—	—	—	0
Net Income Attributable to Common Shareholders	1,181,000	888,000	740,000	756,000
Basic EPS	1.60	1.20	1.00	1.03
Diluted EPS	1.59	1.20	1.00	1.02
Basic Weighted Average Shares Outstanding	739,406	737,756	737,036	736,027
Diluted Weighted Average Shares Outstanding	743,348	739,853	738,166	736,902
Shares Outstanding	751,041	738,033	737,130	736,487

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	1,071,000	306,000	331,000	356,000
Total Cash and Cash Equivalents	1,071,000	306,000	331,000	356,000
Accounts Receivable	1,666,000	1,446,000	1,378,000	1,448,000
Other Receivables	117,000	76,000	271,000	150,000
Total Trade Receivables	1,783,000	1,522,000	1,649,000	1,598,000
Inventories	551,000	511,000	505,000	443,000
Short-Term Regulatory Assets	308,000	320,000	293,000	258,000
Other Current Assets	218,000	221,000	154,000	169,000
Total Current Assets	3,931,000	2,880,000	2,932,000	2,824,000
Net Property, Plant & Equipment	36,132,000	33,149,000	31,418,000	30,238,000
Net Intangible Assets	327,000	314,000	306,000	313,000
Goodwill	2,247,000	2,247,000	2,247,000	2,248,000
Long-Term Regulatory Assets	2,092,000	2,060,000	1,874,000	1,819,000
Other Long-Term Assets	515,000	419,000	459,000	395,000
Total Assets	45,244,000	41,069,000	39,236,000	37,837,000
Accounts Payable	1,559,000	1,196,000	1,104,000	1,201,000
Accrued Expenses	385,000	260,000	254,000	221,000
Short-Term Debt	456,000	303,000	992,000	985,000
Current Portion of Long-Term Debt	904,000	551,000	1,000	354,000
Short-Term Regulatory Liabilities	376,000	223,000	225,000	238,000
Other Current Liabilities	866,000	800,000	764,000	790,000
Total Current Liabilities	4,546,000	3,333,000	3,340,000	3,789,000
Long-Term Debt	17,990,000	15,952,000	14,611,000	12,889,000
Long-Term Regulatory Liabilities	3,318,000	3,335,000	3,340,000	3,412,000
Other Long-Term Liabilities	4,509,000	4,372,000	4,012,000	3,829,000
Total Long-Term Liabilities	25,817,000	23,659,000	21,963,000	20,130,000
Total Liabilities	30,363,000	26,992,000	25,303,000	23,919,000
Common Stock	8,000	8,000	8,000	8,000
Treasury Stock	(575,000)	(928,000)	(948,000)	(967,000)
Additional Paid-in Capital	12,443,000	12,346,000	12,326,000	12,317,000
Accumulated Other Comprehensive Income	(202,000)	(184,000)	(163,000)	(124,000)
Retained Earnings	3,207,000	2,835,000	2,710,000	2,681,000
Total Common Shareholders' Equity	14,881,000	14,077,000	13,933,000	13,915,000
Minority Interests and Other	—	—	—	3,000
Total Shareholders' Equity	14,881,000	14,077,000	13,933,000	13,918,000
Total Liabilities and Shareholders' Equity	45,244,000	41,069,000	39,236,000	37,837,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	1,181,000	888,000	740,000	1,428,000
Depreciation & Amortization	1,416,000	1,357,000	1,335,000	1,233,000
Share-Based Compensation Expense	49,000	46,000	33,000	37,000
Other Adjustments	62,000	107,000	220,000	237,000
Changes in Trade Receivables	(207,000)	254,000	(170,000)	(373,000)
Changes in Inventories	(73,000)	(57,000)	128,000	(90,000)
Changes in Accounts Payable	(12,000)	(41,000)	(72,000)	358,000
Changes in Accrued Expenses	162,000	(68,000)	(37,000)	1,000
Changes in Income Taxes Payable	43,000	(34,000)	1,000	(80,000)
Changes in Other Operating Activities	8,000	(112,000)	(420,000)	(307,000)
Cash from Operating Activities	2,629,000	2,340,000	1,758,000	1,730,000
Capital Expenditure	(4,030,000)	(2,805,000)	(2,390,000)	(2,155,000)
Payments for Business Acquisitions	—	—	—	(3,660,000)
Proceeds from Business Divestments	—	—	—	146,000
Other Investing Activities	26,000	(13,000)	7,000	15,000
Cash from Investing Activities	(4,004,000)	(2,818,000)	(2,383,000)	(5,654,000)
Issuance of Long-Term Debt	3,045,000	1,894,000	3,252,000	850,000
Repayments of Long-Term Debt	(616,000)	—	(1,854,000)	(264,000)
Net Issuance / (Repayments) of Long-Term Debt	2,429,000	1,894,000	1,398,000	586,000
Issuance of Common Shares	401,000	2,000	5,000	—
Net Issuance / (Repurchases) of Common Shares	401,000	2,000	5,000	—
Common Share Dividends Paid	(794,000)	(747,000)	(704,000)	(787,000)
Other Financing Activities	86,000	(714,000)	(49,000)	910,000
Cash from Financing Activities	2,122,000	435,000	650,000	709,000
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	747,000	(43,000)	25,000	(3,215,000)

Key metrics

$26.30B

Market Cap

22.03x

P/E

2.91x

P/S

12.58x

EV/EBITDA

8.2%

Return on Equity

4.1%

Return on Invested Capital

0.86x

Current Ratio

3.1%

Dividend Yield

-15.5%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$2.77B	+10.8%	26.9%	$745M
Q4 2025	$2.27B	+2.8%	20.9%	$476M
Q3 2025	$2.24B	+8.4%	25.4%	$569M
Q2 2025	$2.02B	+7.7%	20.0%	$406M
Q1 2025	$2.50B	—	27.1%	$678M
Q4 2024	$2.21B	—	17.1%	$377M
Q3 2024	$2.07B	—	20.7%	$428M
Q2 2024	$1.88B	—	20.7%	$390M

Margins

42.7%

Gross margin

23.5%

Operating margin

13.1%

Net margin

SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated2026-06-18

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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