01—Abstract
Summary
Summary of the 10-Q filed August 7, 2026. Cited figures are marked; the original filing is the authoritative source.
PPL Corporation's 10-Q for the quarter ended June 30, 2026 shows second-quarter net income of $230 milliona, up from $183 million a year earlier, and diluted EPS of $0.30 versus $0.25.
Operating revenues rose to $2.111 billionb from $2.025 billion, driven mainly by higher PLR revenue at PPL Electric and new Kentucky base rates effective January 1, 2026. For the six months, net income was $682 million (versus $597 million) and diluted EPS was $0.90 (versus $0.80). Earnings from Ongoing Operations, a non-GAAP measure, were $247 million for the quarter and $725 million for the six months, compared with $240 million and $684 million a year earlier.
Capital spending is rising sharply. Six-month expenditures for property, plant and equipment were $2.339 billionc, compared with $1.723 billion. To fund this, PPL issued $2.046 billion of long-term debt and 23 million equity units (gross proceeds of $1.15 billion) in February 2026.
Total assets grew to $46.301 billiond from $45.244 billion, and long-term debt rose to $19.789 billion from $17.990 billion. Short-term debt fell to $65 million from $456 million at year-end 2025, and cash and cash equivalents declined to $332 million from $1.071 billion. Several regulatory decisions are pending.
The Rhode Island Public Utilities Commission (RIPUC) is expected to rule on RIE's base distribution rate case in August 2026, and the Kentucky Public Service Commission (KPSC) was asked for a decision on LG&E and KU's rehearing request by August 14, 2026. LG&E and KU have also filed for a legal merger, with orders anticipated in the third or fourth quarter of 2026. Moody's revised its outlook to negative for PPL, PPL Capital Funding and RIE in May 2026.
02—Key points
Key Highlights
- Net income rose to $230 million ($0.30 diluted EPS) in Q2 2026 from $183 million ($0.25) in Q2 2025; six-month net income was $682 million ($0.90 diluted EPS) versus $597 million ($0.80).
- Earnings from Ongoing Operations were $247 million for the quarter and $725 million for the six months, up from $240 million and $684 million a year earlier.
- Operating revenues increased to $2.111 billion in Q2 2026 from $2.025 billion; the increase reflects higher PPL Electric PLR revenue and new KPSC base rates for LG&E and KU effective January 1, 2026.
- Six-month capital expenditures for property, plant and equipment were $2.339 billion, up from $1.723 billion, with increases at PPL Electric, RIE, LG&E and KU.
- Long-term debt rose to $19.789 billion from $17.990 billion at year-end 2025, including a $400 million RIE note, a $500 million PPL Electric bond issuance and the $1.15 billion RSN component of the February 2026 Corporate Units.
- Pending decisions include RIPUC rulings on RIE's rate case and Hold Harmless Commitment expected in August 2026, a KPSC rehearing decision requested by August 14, 2026, and FERC action on the New England transmission ROE.
- Moody's revised its outlook to negative for PPL, PPL Capital Funding and RIE in May 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 7, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $2.14B$2.04B | +4.8% |
| Operating Income | $475.00M$406.00M | +17.0% |
| Interest Expense | $232.00M$199.00M | +16.6% |
| Net Income | $230.00M$183.00M | +25.7% |
| EPS (Basic) | $0.31$0.25 | +24.0% |
| EPS (Diluted) | $0.30$0.25 | +20.0% |
| Shares Outstanding (Basic) | 752.36M739.28M | +1.8% |
| Shares Outstanding (Diluted) | 757.23M742.54M | +2.0% |
05—Questions
Frequently Asked Questions
How did PPL's earnings change in the second quarter of 2026?
Net income was $230 million, or $0.30 per diluted share, compared with $183 million, or $0.25 per diluted share, in the second quarter of 2025. Earnings from Ongoing Operations, a non-GAAP measure that excludes special items, were $247 million versus $240 million a year earlier.
What drove the increase in revenue and expenses?
Operating revenues rose $86 million in the quarter, mainly from higher PPL Electric PLR revenue ($47 million) and transmission formula rate revenue ($15 million), and from $28 million in higher KU retail rates. Energy purchases rose $15 million, and depreciation increased $38 million on higher PP&E additions and depreciation rates. Interest expense rose $33 million, primarily from higher long-term debt borrowings.
How is PPL funding its capital program?
In the first half of 2026 PPL issued $2.046 billion of long-term debt, and PPL Capital Funding issued 23 million equity units for $1.15 billion gross proceeds. Equity also came from forward sale agreements under a $2 billion ATM program, with about 27.4 million shares outstanding at a blended forward price of about $35.90 per share. Short-term debt was reduced to $65 million from $456 million at year-end 2025.
What regulatory outcomes are pending?
The RIPUC is expected to rule on RIE's electric and gas base distribution rate case in August 2026, with new rates expected September 1, 2026 if approved. The KPSC is considering LG&E and KU's rehearing request on their 2025 rate case, with a decision requested by August 14, 2026. A proposed LG&E and KU legal merger requires approvals from the KPSC, VSCC and FERC, with orders anticipated in the third or fourth quarter of 2026.
What is the status of the PPL Electric rate case?
The PAPUC approved a settlement on June 11, 2026, which provides an annual electric base distribution revenue increase of approximately $275 million, and new rates took effect July 1, 2026. A Customer-Generator Coalition has petitioned for reconsideration on a net metering eligibility issue, and PPL Electric does not expect that outcome to affect approved rates.
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