Did PPL meet expectations for the first quarter of 2026?

PPL reported ongoing EPS of $0.63, up from $0.60 in the first quarter of 2025, and GAAP EPS of $0.60 versus $0.56. Management said the results keep the company on track for its 2026 guidance range.

Has PPL changed its 2026 earnings outlook?

No. PPL reaffirmed its 2026 ongoing earnings forecast of $1.90 to $1.98 per share, with a midpoint of $1.94, and reaffirmed its 6% to 8% annual EPS growth target through at least 2029.

What is the status of the Blackstone joint venture?

The joint venture is pursuing data center generation in Pennsylvania, including discussions with hyperscalers, gas turbine reservation agreements and PJM interconnection queue submissions. PPL states its business plan does not include any earnings contributions or capital investments related to the venture.

What drove the change in quarterly earnings by segment?

Kentucky Regulated EPS rose to $0.33 ongoing from $0.30, driven by higher retail rates effective January 1, 2026. Pennsylvania Regulated was flat at $0.25. Rhode Island Regulated ongoing EPS was flat at $0.10. Corporate and Other ongoing EPS was $(0.05), unchanged, with higher interest expense offset by other factors.

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

01—Abstract

Summary

Summary of the 8-K filed May 8, 2026. Cited figures are marked; the original filing is the authoritative source.

PPL Corporation reported first-quarter 2026 reported earnings (GAAP) of $452 million^a, or $0.60 per share, compared with $414 million, or $0.56 per share, in the first quarter of 2025.

Earnings from ongoing operations (non-GAAP) were $478 million^b, or $0.63 per share, versus $444 million, or $0.60 per share, a year earlier. The company reaffirmed its 2026 ongoing earnings forecast of $1.90 to $1.98 per share (midpoint $1.94) and its 6% to 8% annual EPS growth target through at least 2029, with compound annual growth expected near the top end of that range compared with 2025 actual ongoing earnings of $1.81 per share. CEO Vincent Sorgi said the company is on pace to complete $5.1 billion of 2026 infrastructure investments.

Regulatory progress during the quarter included a settlement in PPL Electric Utilities' first base rate case in over 10 years, which the Administrative Law Judges recommended approving without modification. The company expects a Pennsylvania Public Utility Commission decision by the end of the second quarter of 2026, with new rates effective July 1, 2026. In Rhode Island, Rhode Island Energy received approval for infrastructure, safety and reliability plans supporting over $330 million^c of investment and proposed hold-harmless bill credits starting in the first quarter of 2027.

The Blackstone Infrastructure joint venture is pursuing generation in Pennsylvania to serve data centers, though PPL's business plan includes no earnings or capital from it. The balance sheet showed total assets rising to $46.30 billion^d at March 31, 2026 from $45.24 billion at December 31, 2025, with long-term debt increasing to $19.02 billion from $17.99 billion. Operating cash flow was $557 million for the quarter, against $1.06 billion of capital expenditures for property, plant and equipment, and the company issued $1.15 billion of long-term debt.

02—Key points

Key Highlights

Reported EPS of $0.60 (net income $452 million) versus $0.56 a year earlier; ongoing EPS of $0.63 versus $0.60.
2026 ongoing EPS guidance of $1.90 to $1.98 reaffirmed, midpoint $1.94.
6% to 8% annual EPS growth target through at least 2029 reaffirmed, with growth near the top end expected versus 2025 ongoing EPS of $1.81.
Pennsylvania base rate case settlement with most intervenors; PPL Electric expects a PUC decision by end of Q2 2026 and new rates effective July 1, 2026.
Rhode Island Energy proposed hold-harmless bill credits starting Q1 2027 and received approval for plans supporting over $330 million of investment.
Kentucky generation build-out includes over 1,900 MW of natural gas combined-cycle capacity, 240 MW of solar and 120 MW of battery storage, with the first 645 MW of gas expected in service in 2027.
Blackstone Infrastructure joint venture advancing Pennsylvania data center generation, but excluded from PPL's business plan earnings and capital.

03—Questions

Frequently Asked Questions

Did PPL meet expectations for the first quarter of 2026?
PPL reported ongoing EPS of $0.63, up from $0.60 in the first quarter of 2025, and GAAP EPS of $0.60 versus $0.56. Management said the results keep the company on track for its 2026 guidance range.
Has PPL changed its 2026 earnings outlook?
No. PPL reaffirmed its 2026 ongoing earnings forecast of $1.90 to $1.98 per share, with a midpoint of $1.94, and reaffirmed its 6% to 8% annual EPS growth target through at least 2029.
What regulatory decisions are expected soon?
PPL expects a Pennsylvania Public Utility Commission decision on the PPL Electric base rate case settlement by the end of the second quarter of 2026, with new rates effective July 1, 2026. The Rhode Island hold-harmless filing will be reviewed by the RIPUC alongside the pending Rhode Island base rate case.
What is the status of the Blackstone joint venture?
The joint venture is pursuing data center generation in Pennsylvania, including discussions with hyperscalers, gas turbine reservation agreements and PJM interconnection queue submissions. PPL states its business plan does not include any earnings contributions or capital investments related to the venture.
What drove the change in quarterly earnings by segment?
Kentucky Regulated EPS rose to $0.33 ongoing from $0.30, driven by higher retail rates effective January 1, 2026. Pennsylvania Regulated was flat at $0.25. Rhode Island Regulated ongoing EPS was flat at $0.10. Corporate and Other ongoing EPS was $(0.05), unchanged, with higher interest expense offset by other factors.

04—Continue

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