01—Abstract
Summary
Summary of the 8-K filed August 7, 2026. Cited figures are marked; the original filing is the authoritative source.
PPL Corporation reported second-quarter 2026 reported earnings (GAAP) of $230 milliona, or $0.30 per share, compared with $183 million, or $0.25 per share, in the second quarter of 2025.
Earnings from ongoing operations (non-GAAP) were $247 millionb, or $0.33 per share, versus $240 million, or $0.32 per share, a year earlier. For the first six months of 2026, reported earnings were $682 million, or $0.90 per share, and ongoing earnings were $725 million, or $0.96 per share. Management reaffirmed its 2026 ongoing EPS forecast range of $1.90 to $1.98 (midpoint $1.94) and expects stronger earnings growth in the second half of 2026.
PPL reaffirmed its 6% to 8% annual EPS growth target through at least 2029, with compound annual growth expected near the top end of that range versus 2025 actual ongoing earnings. The company highlighted growing data center and large-load interest in Pennsylvania and Kentucky, estimating $10 billion to $12 billionc of total investment upside through 2032 tied to generation needs. The business plan excludes any earnings or capital contributions from Invitium Energy, LLC, its 51% joint venture with Blackstone Infrastructure.
PPL does not expect the joint venture's earnings to be material through 2030 and expects one or more commercial agreements by the end of 2026. In Kentucky, LG&E and KU may file a CPCN request by the end of 2026 for additional generation, which the company estimates at $3.5 billion to $4.0 billiond of incremental investment between 2027 and 2032.
Balance sheet data show total assets of $46.30 billion at June 30, 2026, with long-term debt of $19.79 billion, up from $17.99 billion at December 31, 2025. Cash flow data show expenditures for property, plant and equipment of $2.34 billion in the first six months of 2026.
02—Key points
Key Highlights
- Q2 2026 reported EPS of $0.30 (net income $230 million) vs. $0.25 in Q2 2025; ongoing EPS of $0.33 vs. $0.32.
- First-half 2026 ongoing EPS of $0.96 vs. $0.92 in the prior-year period; reported EPS of $0.90 vs. $0.80.
- 2026 ongoing EPS forecast reaffirmed at $1.90 to $1.98 (midpoint $1.94), with stronger earnings growth expected in the second half.
- Long-term EPS growth target of 6% to 8% through at least 2029 reaffirmed, with compound annual growth expected near the top end.
- Economic development could bring $10 billion to $12 billion of generation-related investment upside through 2032 across Pennsylvania and Kentucky.
- Invitium Energy (51% JV with Blackstone Infrastructure) has over 5 GW of PJM interconnection requests accepted and more than 5 GW of combined-cycle gas turbine reservation agreements; excluded from the business plan.
- LG&E and KU may file a CPCN request by year-end 2026 for $3.5 billion to $4.0 billion of additional generation investment between 2027 and 2032.
03—Questions
Frequently Asked Questions
How did PPL perform in the second quarter of 2026?
PPL reported second-quarter 2026 net income of $230 million, or $0.30 per diluted share, up from $183 million, or $0.25 per share, a year earlier. Earnings from ongoing operations were $247 million, or $0.33 per share, compared with $240 million, or $0.32 per share, in the second quarter of 2025.
Did PPL change its 2026 earnings guidance?
No. PPL reaffirmed its 2026 ongoing earnings forecast range of $1.90 to $1.98 per share, with a midpoint of $1.94. The company expects stronger earnings growth in the second half of 2026.
What is PPL's long-term growth outlook?
PPL reaffirmed annual EPS growth of 6% to 8% through at least 2029, and expects compound annual growth near the top end of that range compared with 2025 actual ongoing earnings. It expects stronger earnings growth beginning in 2027 and continuing through 2029.
Is the Invitium Energy joint venture included in PPL's plans?
No. PPL's business plan does not include any earnings contributions or capital investments related to Invitium Energy, LLC. PPL does not expect the joint venture's earnings to be material through 2030, though batteries or other shorter-lead-time technologies could begin contributing in 2029 or 2030. More meaningful earnings and cash flows would come when combined-cycle gas turbines come online, possibly in 2031 to 2032.
Will PPL Electric Utilities customers fund data center generation projects?
PPL states that Invitium Energy operates separately from PPL Electric Utilities and that PPL Electric Utilities customers are not funding these activities. The company also says its regulatory-approved large-load tariffs are designed so data centers and other large-load customers fund the infrastructure needed to serve them.
04—Continue