01—Abstract
Summary
Summary of the 10-Q filed July 31, 2025. Cited figures are marked; the original filing is the authoritative source.
PPL Corporation's Form 10-Q for the quarter ended June 30, 2025 reports operating revenues of $2,025 milliona for the three months and $4,529 million for the six months, versus $1,881 million and $4,185 million a year earlier.
Net income was $183 millionb for the quarter, down from $190 million, and $597 million for the six months, up from $497 million. Diluted EPS was $0.25 for the quarter (versus $0.26) and $0.80 for the six months (versus $0.67). Earnings from Ongoing Operations, a non-GAAP measure, were $240 million for the quarter versus $282 million, and were flat at $684 million for the six months.
Segment results show Kentucky Regulated net income of $349 millionc and Pennsylvania Regulated of $323 million for the six months, with Rhode Island Regulated at $53 million. Capital spending is rising. Expenditures for property, plant and equipment were $1,723 million for the six months, compared with $1,266 million a year earlier, and construction work in progress reached $3,088 million.
Short-term debt increased to $1,286 milliond from $303 million, and long-term debt was $15,292 million. Management also reported a pending Kentucky rate case requesting an increase of about $391 million in annual revenues, with a KPSC ruling expected in the fourth quarter of 2025, and a CPCN proceeding for new generation with a $3.7 billion projected capital expenditure over 2025 to 2031.
Subsequent to quarter end, PPL and Blackstone Infrastructure announced a joint venture to build generation for data centers, with PPL owning 51% and Blackstone 49%, though no power supply agreements with hyperscalers had been signed as of July 31, 2025. The filing also discloses a Rhode Island Hold Harmless obligation of approximately $155 million to be resolved through bill credits, and states that the company's risk factors had no material changes from its 2024 Form 10-K.
02—Key points
Key Highlights
- Six-month net income rose to $597 million from $497 million, while quarterly net income declined to $183 million from $190 million.
- Diluted EPS was $0.80 for the six months versus $0.67 a year earlier, and $0.25 for the quarter versus $0.26.
- Earnings from Ongoing Operations were $240 million for the quarter versus $282 million, and flat at $684 million for the six months.
- Expenditures for property, plant and equipment were $1,723 million for the six months, up from $1,266 million, and construction work in progress rose to $3,088 million.
- Short-term debt increased to $1,286 million from $303 million at December 31, 2024, supported by commercial paper and credit facilities with $3,550 million of total committed capacity.
- LG&E and KU requested a $391 million annual revenue increase with a 10.95% requested ROE; a KPSC ruling is expected in Q4 2025.
- PPL and Blackstone Infrastructure announced a data center generation joint venture (PPL 51%, Blackstone 49%), with no hyperscaler ESAs signed as of July 31, 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed July 31, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $2.04B$1.87B | +8.9% |
| Operating Income | $406.00M$390.00M | +4.1% |
| Interest Expense | $199.00M$182.00M | +9.3% |
| Net Income | $183.00M$190.00M | −3.7% |
| EPS (Basic) | $0.25$0.26 | −3.8% |
| EPS (Diluted) | $0.25$0.26 | −3.8% |
| Shares Outstanding (Basic) | 739.28M737.75M | +0.2% |
| Shares Outstanding (Diluted) | 742.54M739.56M | +0.4% |
05—Questions
Frequently Asked Questions
How did PPL's earnings perform in the second quarter of 2025?
Net income was $183 million for the quarter, compared with $190 million in the second quarter of 2024, and diluted EPS was $0.25 versus $0.26. Earnings from Ongoing Operations fell to $240 million from $282 million, driven mainly by Rhode Island Regulated and Corporate and Other results.
What is driving PPL's capital spending and financing needs?
Expenditures for property, plant and equipment were $1,723 million for the six months ended June 30, 2025, compared with $1,266 million a year earlier, with increases at PPL Electric, RIE, LG&E and KU. Short-term debt rose to $1,286 million and the company has an ATM program of up to $2 billion of common stock, with forward contracts for about 9.9 million shares.
What regulatory decisions are pending for PPL's utilities?
LG&E and KU filed a Kentucky rate case seeking about $391 million in additional annual revenues, with a hearing set for November 3, 2025 and a KPSC ruling expected in the fourth quarter of 2025. A CPCN stipulation filed July 29, 2025 would approve the E.W. Brown and Mill Creek NGCC units and the Ghent SCR facility, with a hearing scheduled to begin August 4, 2025.
What is the Blackstone joint venture announced by PPL?
On July 15, 2025, PPL and Blackstone Infrastructure announced a joint venture to build, own and operate new generation stations to power Pennsylvania data centers under long-term energy services agreements. PPL will own 51% and Blackstone 49%, but no agreements with hyperscalers had been signed as of July 31, 2025.
What is the Rhode Island Hold Harmless obligation?
RIE agreed to satisfy an obligation of approximately $155 million related to accumulated deferred income taxes from the acquisition of Narragansett Electric, through bill credits of about $74 million in the first quarter of 2026 and about $81 million in the first quarter of 2027. The bill credits would reduce revenue when applied, and an RIPUC hearing was continued to August 8, 2025.
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