01—Abstract
Summary
Summary of the 10-Q filed November 5, 2025. Cited figures are marked; the original filing is the authoritative source.
PPL Corporation's third-quarter 2025 Form 10-Q, filed November 5, 2025, shows net income of $318 milliona for the three months ended September 30, 2025, up from $214 million a year earlier, and $915 million for the nine months, up from $711 million.
Diluted EPS was $0.43b for the quarter versus $0.29 in 2024, and $1.23 for the nine months versus $0.96. Operating revenues were $2.24 billion for the quarter and $6.77 billion for the nine months. Segment results show Kentucky Regulated net income of $185 million and Pennsylvania Regulated net income of $159 million for the quarter, while Rhode Island Regulated net income rose to $27 million from $14 million.
Earnings from Ongoing Operations, a non-GAAP measure, were $355 millionc for the quarter versus $310 million a year earlier. Capital spending and financing were heavy. Expenditures for property, plant and equipment were $2.87 billion for the nine months, compared with $1.95 billion in 2024, and net cash provided by operating activities was $2.08 billion.
PPL issued long-term debt of $1.90 billiond and had $1.1 billion of cash on hand at September 30, 2025. Under a $2 billion ATM Program, PPL had forward contracts covering about 38.7 million shares at a blended initial price of about $35.50 per share. Long-term debt, including the current portion, stood at about $18.4 billion, and total assets were $43.94 billion.
Regulatory matters are significant for the period. LG&E and KU filed a rate case in May 2025 seeking about $391 million in revenue increases, later revised in an October 2025 stipulation to about $235 million at a 9.90% ROE, with a stay-out through July 2028.
On October 28, 2025, the KPSC approved much of the 2025 CPCN stipulation, granting certificates for Brown Unit 12 and Mill Creek Unit 6 NGCC units and Ghent Unit 2 SCR, while denying certain cost recovery mechanisms without prejudice. PPL Electric requested a $356 million distribution rate increase on September 30, 2025, and PPL and Blackstone Infrastructure announced a 51%/49% joint venture for Pennsylvania data center generation, with no hyperscaler agreements signed as of November 5, 2025.
02—Key points
Key Highlights
- Net income rose to $318 million ($0.43 diluted EPS) in Q3 2025 from $214 million ($0.29) in Q3 2024; nine-month net income was $915 million ($1.23 diluted EPS) versus $711 million ($0.96).
- Earnings from Ongoing Operations were $355 million for the quarter versus $310 million a year earlier, and $1,039 million for the nine months versus $994 million.
- Capital expenditures for PP&E reached $2.87 billion in the first nine months of 2025, up from $1.95 billion in 2024, while operating cash flow was $2.08 billion.
- LG&E and KU's Kentucky rate case was revised to a stipulation seeking about $235 million in annual revenue increases at a 9.90% ROE, with a stay-out commitment before August 1, 2028; a KPSC ruling is expected in Q4 2025.
- On October 28, 2025, the KPSC approved CPCNs for Brown Unit 12 NGCC, Mill Creek Unit 6 NGCC and Ghent Unit 2 SCR, but did not include the Cane Run BESS.
- PPL Electric requested a $356 million increase in distribution base rates on September 30, 2025, based on an 11.3% requested ROE and a July 1, 2026 effective date.
- PPL had $1.1 billion of cash at September 30, 2025, $596 million of commercial paper and letters of credit issued, and $3.35 billion of unused commercial paper capacity; long-term debt was $16.9 billion noncurrent.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 5, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $2.24B$2.08B | +7.7% |
| Operating Income | $569.00M$428.00M | +32.9% |
| Interest Expense | $210.00M$188.00M | +11.7% |
| Net Income | $318.00M$214.00M | +48.6% |
| EPS (Basic) | $0.43$0.29 | +48.3% |
| EPS (Diluted) | $0.43$0.29 | +48.3% |
| Shares Outstanding (Basic) | 739.52M737.77M | +0.2% |
| Shares Outstanding (Diluted) | 744.29M739.97M | +0.6% |
05—Questions
Frequently Asked Questions
What drove the increase in PPL's quarterly net income?
Net income for the three months ended September 30, 2025 was $318 million, up $104 million from $214 million. The filing's segment table shows Kentucky Regulated up $16 million, Pennsylvania Regulated up $17 million, Rhode Island Regulated up $13 million, and Corporate and Other improving by $58 million to a net loss of $53 million.
Is PPL's Rhode Island customer hold harmless obligation affecting results?
The filing says an agreement settles about $155 million of obligations to hold Rhode Island customers harmless from certain deferred tax changes through bill credits: about $74 million in Q1 2026 and about $81 million in Q1 2027. These credits would reduce revenue when applied, and the RIPUC opened a docket to review them, with an evidentiary hearing scheduled for November 18, 2025.
What is the status of the Kentucky rate case and generation plans?
LG&E and KU's rate case, filed May 30, 2025, was revised by an October 20, 2025 stipulation to about $235 million of increases at a 9.90% ROE. The KPSC's final decision is pending, with a ruling expected in Q4 2025 and a deadline of March 31, 2026. Separately, the KPSC approved CPCNs for three generation-related projects on October 28, 2025, while denying certain cost recovery mechanisms without prejudice.
How is PPL funding its growing capital program?
In the first nine months of 2025, PPL issued $1.90 billion of long-term debt, increased short-term debt by $292 million, and issued stock through forward sale agreements under its ATM Program. PPL Electric, LG&E and KU each issued $500 million to $700 million of First Mortgage Bonds in August 2025, and the Registrants' credit facilities total $3.55 billion of committed capacity, with $2.95 billion unused.
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