01—Abstract
Summary
Summary of the 8-K filed February 20, 2026. Cited figures are marked; the original filing is the authoritative source.
PPL Corporation (NYSE: PPL) reported 2025 reported earnings (GAAP) of $1.18 billiona, or $1.59 per diluted share, compared with 2024 reported earnings of $888 million, or $1.20 per share.
Earnings from ongoing operations (non-GAAP) were $1.34 billionb, or $1.81 per share, compared with $1.25 billion, or $1.69 per share, in 2024. For the fourth quarter of 2025, reported earnings were $266 million, or $0.36 per share, and earnings from ongoing operations were $305 million, or $0.41 per share. Management said it completed $4.4 billion of infrastructure investments in 2025 and achieved $170 million of annual run-rate O&M savings.
PPL provided a 2026 earnings forecast range of $1.90 to $1.98c per share, with a midpoint of $1.94, and extended its 6% to 8% annual EPS growth target through at least 2029, expecting compound annual growth near the top end of that range off 2025 ongoing earnings. The updated business plan calls for $23 billion of infrastructure investment from 2026 through 2029, versus the prior $20 billion plan for 2025 through 2028, with average annual rate base growth of approximately 10.3%. The plan excludes earnings and capital from the Blackstone Infrastructure joint venture, which the company says could be upside in the back end of the plan period.
PPL projects about $3 billiond of equity needs from 2026 through 2029, of which about $1 billion was already executed through forward sales agreements in 2025. The company also raised its quarterly common dividend to $0.2850 per share from $0.2725, a 4.6% increase, and now targets annual dividend growth of 4% to 6%. It continues to project an FFO/CFO to debt ratio of 16% to 18% throughout the plan period.
02—Key points
Key Highlights
- 2025 reported EPS of $1.59 and ongoing EPS of $1.81, up from $1.20 and $1.69 in 2024; ongoing EPS growth of 7.1%.
- 2026 EPS guidance range of $1.90 to $1.98, midpoint $1.94, a 7.2% increase over 2025 ongoing earnings.
- 6% to 8% annual EPS growth target extended through at least 2029, with compound growth expected near the top end of the range.
- Capital plan raised to $23 billion for 2026 through 2029 (from $20 billion for 2025 through 2028), with approximately 10.3% average annual rate base growth.
- Projected equity needs of about $3 billion from 2026 through 2029, with about $1 billion already executed via forward sales in 2025.
- Quarterly common dividend increased 4.6% to $0.2850 per share; annual dividend growth target of 4% to 6%.
- Blackstone Infrastructure joint venture earnings and capital are excluded from the updated plan and could be upside later in the plan period.
03—Questions
Frequently Asked Questions
How did PPL perform in 2025 compared with 2024?
Reported 2025 earnings were $1.18 billion, or $1.59 per diluted share, versus $888 million, or $1.20 per share, in 2024. Earnings from ongoing operations rose to $1.34 billion, or $1.81 per share, from $1.25 billion, or $1.69 per share. Operating revenues were $9.04 billion in 2025 versus $8.46 billion in 2024.
What is PPL's 2026 earnings outlook?
PPL forecasts 2026 earnings of $1.90 to $1.98 per share, with a midpoint of $1.94, representing a 7.2% increase over 2025 ongoing earnings of $1.81 per share. The company notes it cannot provide a GAAP equivalent for this guidance because it cannot forecast special items.
What changed in PPL's long-term plan?
PPL extended its 6% to 8% annual EPS growth target through at least 2029, expecting growth near the top of that range. Its capital plan increased to $23 billion for 2026 through 2029 from $20 billion for 2025 through 2028, with about 10.3% average annual rate base growth, and it projects FFO/CFO to debt of 16% to 18%.
How will PPL fund its capital program and what does this mean for shareholders?
PPL projects about $3 billion of equity needs from 2026 through 2029, with roughly $1 billion already executed through forward sales in 2025 and $2 billion still to be addressed. The quarterly dividend rises to $0.2850 per share, payable April 1, 2026, to holders of record as of March 10, 2026, and the company targets 4% to 6% annual dividend growth.
Is the Blackstone Infrastructure joint venture included in the plan?
No. PPL's updated plan does not include earnings contributions or capital investments from the joint venture with Blackstone Infrastructure. Depending on the timing of signed energy services agreements and the generation mix selected by hyperscalers, the joint venture could potentially deliver earnings in the back end of the plan period as upside to the plan.
04—Continue