Skip to content
AnalystLens

PPLPPL

Legal name
PPL Corporation
Sector
Energy
Industry
Electric Services
Exchange
NYSE

Stock Price $PPL

Latest filings

You are here#24 of 31 in Utilities by market cap

Filing record · 2016–202610-K1110-Q328-K239

PPL filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 239 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jun ’19Jun ’19
  2. Deal closed8-K · Jun ’21Jun ’21
  3. Leadership change8-K · Jan ’23Jan ’23
  4. FY2024 annual report10-K · Feb ’25Feb ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $9.17B
YoY changeLargest recent move+33.4%in FY22Latest +8.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All PPL Financial Metrics57 metrics

Income Statement11

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

PPL Financial Overview 2021–2025

Updated Nov 4, 2026

PPL swung from a $1.48 billion net loss in FY2021 to $1.181 billiona of net income in FY2025, a turnaround of roughly $2.66 billion that shows what happens when a utility sheds its U.K. business and reinvests in regulated U.S. wires. The thesis is straightforward: PPL is now a pure-play regulated grower, with earnings rising each year since FY2023 and a capital plan that dwarfs anything in its recent past.

The long-term arc is clear. Operating revenues climbed from $5.78 billion in FY2021 to $9.042 billionb in FY2025, helped by the $3.8 billion Narragansett Electric purchase in May 2022. Earnings from Ongoing Operations rose from $806 million to $1.344 billion over the same stretch. In FY2025, Kentucky Regulated earned $674 million, Pennsylvania Regulated $639 million and Rhode Island Regulated $85 million. Diluted EPS reached $1.59, up from $1.20 in FY2024.

Growth is expensive. Capital expenditures are projected at $17.35 billionc for 2026 through 2028, and noncurrent long-term debt reached $17.99 billion at year-end FY2025, with $3.045 billion issued during the year. The quarterly dividend rose to 28.50 cents. At the close of FY2025 (December 30, 2025), shares traded at $35.02, or 22.0x earnings, for a market cap of $26.3 billion. Investors were paying a utility multiple for earnings that must now fund a much heavier balance sheet.

Recent Developments (Q1 and Q2 2026)

Pennsylvania delivered the biggest win. The state commission approved a $275 milliond annual base revenue increase for PPL Electric, effective July 1, 2026, its first rate increase since 2016. Rhode Island followed in August 2026 with $44.1 million (electric) and $93.7 million (gas) increases at a 9.275% ROE. Earnings tracked higher: Q2 2026 ongoing EPS was $0.33 versus $0.32, and first-half ongoing EPS was $0.96 versus $0.92. Management reaffirmed 2026 guidance of $1.90–$1.98 and 6%–8% growth through 2029. Financing costs climbed. Q1 2026 interest expense hit $224 million from $190 million, long-term debt reached $19.789 billion, and Moody's moved its outlook to negative in May 2026.

Bull case: rate relief, $10–$12 billione of potential generation upside through 2032, and a new large-load rate class support top-end growth. Bear case: at 22.9x earnings as of the August 6, 2026 report date, not today, the stock prices in that growth while leverage and a negative credit outlook limit flexibility.

What to watch: RIE's final written rate order and Kentucky's possible $3.5–$4.0 billion generation filing by year-end 2026; Moody's response as debt keeps rising

03—Filings

Recent SEC Filings

  1. 8-KPPL 8-K Report, Corporate Update (Aug 27, 2026)PPL Corporation reported that on August 21, 2026, the Rhode Island Public Utilities Commission (RIPUC) approved oral motions in the base distribution rate case of The Narragansett Electric Company d/b/a Rhode Island Energy (RIE), which RIE filed in November 2025. The decisions authorize annual revenue increases of $44.1 million for electric and $93.7 million for gas, a return on equity of 9.275%, and a capital structure of 48 percent debt to 52 percent equity. The RIPUC did not approve a proposed second rate year, though it noted the matter could be considered later. The approved rate changes take effect September 1, 2026, and a final written order is expected in the coming weeks. RIE and intervening parties may appeal, and PPL and RIE state they cannot predict the ultimate outcome. The RIPUC also addressed RIE's Hold Harmless Commitment, which relates to potential tax impacts from PPL's May 2022 acquisition of RIE. The RIPUC denied RIE's proposal as submitted but approved an alternative that increases accelerated bill credits by approximately $11 million, for total credits of approximately $170 million. RIE voluntarily accepted this alternative on August 25, 2026, and the credits will be issued to electric and gas customers from October 2026 through September 2027. The filing states the alternative fully satisfies RIE's obligation under the commitment. In connection with these matters, PPL reaffirmed its previously disclosed 2026 ongoing earnings per share forecast and long-term earnings growth targets. The filing also notes RIE made its required compliance filing on August 27, 2026, and must file a new tariff for extra-large electric loads by December 31, 2026.
  2. 8-KPPL 8-K Report, Corporate Update (Aug 17, 2026)PPL Corporation, together with its subsidiaries Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU), filed this Form 8-K to report an August 14, 2026 order from the Kentucky Public Service Commission (KPSC) in the Companies' base rate proceedings. The order addresses the Companies' requests for rehearing of the KPSC's February 2026 orders that granted increases in annual electricity and gas revenues. The KPSC granted rehearing on several elements, including incorporating regulatory assets and liabilities in rate base calculations and their recovery, using updated cost estimates in a potential recovery cap under the Pilot Generation Recovery Clause mechanism, and allowing pre-2026 costs to be included in a regulatory asset for LG&E's stay-open costs related to Mill Creek Unit 2. The KPSC denied other elements of the rehearing requests, including reinstatement of certain aspects of an October 2025 stipulation and recommendation of the Companies and certain intervenors. The Companies estimate the order represents increases of approximately $4 million in annual LG&E electricity and gas revenues and approximately $3 million in annual KU electricity revenues above the amounts in the February 2026 order. The revised rates are effective for services on and after the order date. PPL Corporation reaffirmed its previously disclosed long-term earnings per share growth targets in connection with the order.
  3. 8-KPPL 8-K Report, Financial Results (Aug 7, 2026)PPL Corporation reported second-quarter 2026 reported earnings (GAAP) of $230 million, or $0.30 per share, compared with $183 million, or $0.25 per share, in the second quarter of 2025. Earnings from ongoing operations (non-GAAP) were $247 million, or $0.33 per share, versus $240 million, or $0.32 per share, a year earlier. For the first six months of 2026, reported earnings were $682 million, or $0.90 per share, and ongoing earnings were $725 million, or $0.96 per share. Management reaffirmed its 2026 ongoing EPS forecast range of $1.90 to $1.98 (midpoint $1.94) and expects stronger earnings growth in the second half of 2026. PPL reaffirmed its 6% to 8% annual EPS growth target through at least 2029, with compound annual growth expected near the top end of that range versus 2025 actual ongoing earnings. The company highlighted growing data center and large-load interest in Pennsylvania and Kentucky, estimating $10 billion to $12 billion of total investment upside through 2032 tied to generation needs. The business plan excludes any earnings or capital contributions from Invitium Energy, LLC, its 51% joint venture with Blackstone Infrastructure. PPL does not expect the joint venture's earnings to be material through 2030 and expects one or more commercial agreements by the end of 2026. In Kentucky, LG&E and KU may file a CPCN request by the end of 2026 for additional generation, which the company estimates at $3.5 billion to $4.0 billion of incremental investment between 2027 and 2032. Balance sheet data show total assets of $46.30 billion at June 30, 2026, with long-term debt of $19.79 billion, up from $17.99 billion at December 31, 2025. Cash flow data show expenditures for property, plant and equipment of $2.34 billion in the first six months of 2026.
  4. 8-KPPL 8-K Report, Executive Changes (Jun 30, 2026)PPL Corporation filed this Form 8-K on June 30, 2026 to report that its Board of Directors elected Kenneth M. Hartwick as a director, effective July 1, 2026. Hartwick will serve on the People and Compensation Committee and Finance Committee, and the Board has determined he is independent under the Company's Independence Guidelines and NYSE rules. As a non-employee director, he will receive the same compensation as other non-employee directors under previously approved policies. The filing states there are no arrangements or understandings tied to his election and no related-party transactions requiring disclosure. Hartwick brings extensive energy-sector leadership. The filing describes his service as president and chief executive officer of Ontario Power Generation from 2019 to 2025, along with prior roles as that company's CFO, CEO and CFO of Just Energy Group, CFO of Hydro One, and a partner at Ernst & Young. He currently chairs the board of MYR Group Inc. and also serves on the boards of Denison Mines Corp. and the Independent Electricity System Operator of Ontario, and sits on the Investment Management Corporation of Ontario board. The announcement, furnished as Exhibit 99.1, states that the board will consist of 10 directors following his appointment, including independent Chair Craig A. Rogerson, eight other independent directors, and PPL's president and chief executive officer. The filing notes the board is declassified, so all directors, including Hartwick, will stand for election annually.
  5. 8-KPPL 8-K Report, Corporate Update (Jun 4, 2026)PPL Electric Utilities, a wholly owned subsidiary of PPL Corporation, announced on June 4, 2026 that the Pennsylvania Public Utility Commission approved a settlement resolving its distribution rate review, with a minor modification related to net metering eligibility. The settlement authorizes an increase of $275 million in annual base distribution revenue, effective July 1, 2026. The filing states the decision will result in a 3.23% increase to residential customer bills, with estimated monthly increases of $6.48 for residential customers using 1,000 kWh, $4.08 for commercial customers, and $332.54 for industrial customers. The approved settlement establishes a new large-load customer rate class, which includes binding long-term financial and usage commitments, including a minimum 10-year requirement for large users such as data centers. Beginning in 2027, $11 million annually in low-income program assistance will be assigned to these large-load customers through a non-bypassable charge. The company also committed not to increase distribution base rates for at least two years following implementation, which it describes as its first base rate increase since 2016. The press release, filed as Exhibit 99.1, states that the company will direct the increased revenue toward infrastructure replacement, vegetation management, smart grid technology and customer service systems, alongside expanded low-income assistance and no reconnection fees for income-eligible customers.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.