How did PPL perform in the third quarter of 2025?

PPL reported third-quarter 2025 GAAP earnings of $318 million, or $0.43 per share, up from $214 million, or $0.29 per share, in the prior-year quarter. Earnings from ongoing operations were $355 million, or $0.48 per share, compared with $310 million, or $0.42 per share.

Did PPL change its 2025 earnings guidance?

PPL narrowed its 2025 earnings from ongoing operations forecast to $1.78 to $1.84 per share from $1.75 to $1.87 per share. The midpoint remains $1.81 per share.

What long-term growth targets did PPL reaffirm?

PPL reaffirmed annual EPS and dividend growth targets of 6% to 8% through at least 2028, based on its 2025 forecast midpoint of $1.81 per share, and expects EPS growth in the top half of that range.

What regulatory decision affected PPL's Kentucky subsidiaries?

On October 28, the Kentucky Public Service Commission granted Louisville Gas and Electric Company and Kentucky Utilities Company a Certificate of Public Convenience and Necessity to build two new 645-megawatt natural gas combined-cycle units, expected in 2030 and 2031, along with additional environmental controls at the Ghent 2 power plant. These units are in addition to a similar unit under construction at the Mill Creek generating station.

What drove PPL's reported earnings relative to ongoing earnings in Q3 2025?

Reported earnings in the third quarter of 2025 included net special-item after-tax charges of $37 million, or $0.05 per share, primarily attributable to IT transformation and integration-related expenses associated with the acquisition of Rhode Island Energy.

PPL/PPLC 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed November 5, 2025. Cited figures are marked; the original filing is the authoritative source.

PPL Corporation reported third-quarter 2025 reported earnings (GAAP) of $318 million^a, or $0.43 per share, compared with $214 million, or $0.29 per share, in the third quarter of 2024.

Earnings from ongoing operations (non-GAAP) were $355 million^b, or $0.48 per share, versus $310 million, or $0.42 per share a year earlier. For the first nine months of 2025, reported earnings were $915 million, or $1.23 per share, and earnings from ongoing operations were $1.04 billion, or $1.40 per share. PPL narrowed its 2025 ongoing earnings forecast to $1.78 to $1.84 per share from $1.75 to $1.87 per share, keeping the midpoint at $1.81.

The company reaffirmed its 6%^c to 8% annual EPS and dividend growth targets through at least 2028, with EPS growth expected in the top half of that range. Management cited strong third-quarter results, capital investment, and operational efficiencies, and said it remains on track to achieve at least the midpoint of its 2025 forecast.

Regulatory developments include a October 28 Kentucky Public Service Commission decision granting Louisville Gas and Electric Company and Kentucky Utilities Company a Certificate of Public Convenience and Necessity to build two new 645-megawatt natural gas combined-cycle units, with the first available in 2030 and the second in 2031, plus additional environmental controls at the Ghent 2 power plant. A Kentucky base rate case stipulation has been reached with most stakeholders, with hearings beginning the week of November 3 and a decision expected by year-end.

02—Key points

Key Highlights

Q3 2025 reported EPS of $0.43 versus $0.29 in Q3 2024; Q3 2025 earnings from ongoing operations of $0.48 per share versus $0.42.
Nine-month 2025 reported EPS of $1.23 versus $0.96 a year earlier; nine-month ongoing EPS of $1.40 versus $1.34.
2025 ongoing earnings forecast narrowed to $1.78 to $1.84 per share from $1.75 to $1.87, midpoint unchanged at $1.81.
Reaffirmed 6% to 8% annual EPS and dividend growth targets through at least 2028, with EPS growth expected in the top half of the range.
Kentucky PSC granted CPCN for two new 645-megawatt natural gas combined-cycle units (2030 and 2031) and Ghent 2 environmental controls.
Kentucky base rate case stipulation reached with most stakeholders; hearings began the week of November 3, with a KPSC decision expected by year-end.
Special items reduced Q3 2025 reported earnings by $37 million ($0.05 per share), primarily from IT transformation and Rhode Island Energy integration costs.

03—Questions

Frequently Asked Questions

How did PPL perform in the third quarter of 2025?
PPL reported third-quarter 2025 GAAP earnings of $318 million, or $0.43 per share, up from $214 million, or $0.29 per share, in the prior-year quarter. Earnings from ongoing operations were $355 million, or $0.48 per share, compared with $310 million, or $0.42 per share.
Did PPL change its 2025 earnings guidance?
PPL narrowed its 2025 earnings from ongoing operations forecast to $1.78 to $1.84 per share from $1.75 to $1.87 per share. The midpoint remains $1.81 per share.
What long-term growth targets did PPL reaffirm?
PPL reaffirmed annual EPS and dividend growth targets of 6% to 8% through at least 2028, based on its 2025 forecast midpoint of $1.81 per share, and expects EPS growth in the top half of that range.
What regulatory decision affected PPL's Kentucky subsidiaries?
On October 28, the Kentucky Public Service Commission granted Louisville Gas and Electric Company and Kentucky Utilities Company a Certificate of Public Convenience and Necessity to build two new 645-megawatt natural gas combined-cycle units, expected in 2030 and 2031, along with additional environmental controls at the Ghent 2 power plant. These units are in addition to a similar unit under construction at the Mill Creek generating station.
What drove PPL's reported earnings relative to ongoing earnings in Q3 2025?
Reported earnings in the third quarter of 2025 included net special-item after-tax charges of $37 million, or $0.05 per share, primarily attributable to IT transformation and integration-related expenses associated with the acquisition of Rhode Island Energy.

04—Continue

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