PPL Corp PPL
PPL, headquartered in Allentown, Pennsylvania, is a utility holding company, incorporated in 1994. PPL, through its regulated utility subsidiaries, delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.
PPL's principal subsidiaries at December 31, 2025 are shown below (* denotes a Registrant).
Engages in the regulated transmission and distribution of electricity in Pennsylvania
A holding company that owns regulated utility operations through its subsidiaries, LG&E and KU
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Kentucky Regulated
- Pennsylvania Regulated
- Rhode Island Regulated
| Segment | FY2025 | FY2024 |
|---|---|---|
| Kentucky Regulated | $3.75B | $3.58B |
| Pennsylvania Regulated | $3.12B | $2.84B |
| Rhode Island Regulated | $2.30B | $2.02B |
As the company reported it, from the “Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.17B | $8.44B | $8.29B | $7.79B | $5.84B | $5.43B | $5.54B | $7.78B | $7.45B | $7.52B |
| Operating income | $2.13B | $1.74B | $1.63B | $1.37B | $1.42B | $1.59B | $1.53B | $2.85B | $2.90B | $2.94B |
| Interest expense | $808.0M | $738.0M | $666.0M | $513.0M | $918.0M | $634.0M | $621.0M | $963.0M | $901.0M | $888.0M |
| Pre-tax income | $1.47B | $1.12B | $924.0M | $915.0M | $521.0M | $954.0M | $919.0M | $2.29B | $1.91B | $2.55B |
| Income tax | $291.0M | $228.0M | $184.0M | $201.0M | $503.0M | $314.0M | $183.0M | $458.0M | $784.0M | $648.0M |
| Net income | $1.18B | $888.0M | $740.0M | $756.0M | -$1.48B | $1.47B | $1.75B | $1.83B | $1.13B | $1.90B |
| EPS, basic | 1.60 | 1.20 | 1.00 | 1.03 | -1.93 | 1.91 | 2.39 | 2.59 | 1.64 | 2.80 |
| EPS, diluted | 1.59 | 1.20 | 1.00 | 1.02 | -1.93 | 1.91 | 2.37 | 2.58 | 1.64 | 2.79 |
| Shares, diluted (wtd. avg.) | 743.3M | 739.9M | 738.2M | 736.9M | 764.8M | 769.4M | 736.8M | 708.6M | 687.3M | 680.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.07B | $306.0M | $382.0M | $357.0M | $3.57B | $443.0M | $660.0M | $621.0M | $511.0M | $372.0M |
| Receivables | $1.11B | $961.0M | $950.0M | $896.0M | $583.0M | $603.0M | $687.0M | $663.0M | $681.0M | $666.0M |
| Inventory | $551.0M | $511.0M | $505.0M | $443.0M | $322.0M | $302.0M | $332.0M | $303.0M | $320.0M | $356.0M |
| Total current assets | $3.93B | $2.88B | $2.93B | $2.82B | $5.01B | $20.90B | $2.77B | $2.43B | $2.29B | $2.07B |
| Property, plant and equipment | $36.13B | $33.15B | $31.42B | $30.24B | $25.47B | $24.50B | $36.48B | $34.46B | $33.09B | $30.07B |
| Goodwill | $2.25B | $2.25B | $2.25B | $2.25B | $716.0M | $716.0M | $3.20B | $3.16B | $3.26B | $3.06B |
| Other intangibles | $327.0M | $314.0M | $306.0M | $313.0M | $343.0M | $351.0M | $742.0M | $716.0M | $697.0M | $700.0M |
| Total assets | $45.24B | $41.07B | $39.24B | $37.84B | $33.22B | $48.12B | $45.68B | $43.40B | $41.48B | $38.31B |
| Accounts payable | $1.56B | $1.20B | $1.10B | $1.20B | $679.0M | $745.0M | $956.0M | $989.0M | $924.0M | $820.0M |
| Short-term debt | $904.0M | $551.0M | $1.0M | $354.0M | $474.0M | $1.07B | $1.17B | $530.0M | $348.0M | $518.0M |
| Total current liabilities | $4.55B | $3.33B | $3.34B | $3.79B | $2.32B | $15.05B | $4.90B | $4.56B | $4.02B | $3.84B |
| Long-term debt | $17.99B | $15.95B | $14.61B | $12.89B | $10.67B | $13.62B | $20.72B | $20.07B | $19.85B | $17.81B |
| Retained earnings | $3.21B | $2.83B | $2.71B | $2.68B | $2.57B | $5.32B | $5.13B | $4.59B | $3.87B | $3.83B |
| Total equity | $14.88B | $14.08B | $13.93B | $13.92B | $13.72B | $13.37B | $12.99B | $11.66B | $10.76B | $9.90B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.63B | $2.34B | $1.76B | $1.73B | $2.27B | $2.75B | $2.43B | $2.82B | $2.46B | $2.89B |
| Depreciation and amortisation | $1.31B | $1.28B | $1.25B | $1.18B | $1.08B | $1.02B | $949.0M | $1.09B | $1.01B | $926.0M |
| Stock-based compensation | $49.0M | $46.0M | $33.0M | $37.0M | $37.0M | $29.0M | $36.0M | $26.0M | $38.0M | $28.0M |
| Capital expenditure | $4.03B | $2.81B | $2.39B | $2.15B | $1.97B | $2.27B | $2.24B | $3.24B | $3.13B | $2.92B |
| Investing cash flow | -$4.00B | -$2.82B | -$2.38B | -$5.65B | $7.96B | -$3.26B | -$3.08B | -$3.36B | -$3.16B | -$2.93B |
| Financing cash flow | $2.12B | $435.0M | $650.0M | $709.0M | -$7.39B | $386.0M | $836.0M | $690.0M | $824.0M | -$439.0M |
| Dividends paid | $794.0M | $747.0M | $704.0M | $787.0M | $1.28B | $1.27B | $1.19B | $1.13B | $1.07B | $1.03B |
| Buybacks | — | — | $0 | $0 | $1.00B | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000922224-26-000008.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.52B | $7.45B | $7.78B | $5.54B | $5.43B | $5.84B | $7.79B | $8.29B | $8.44B | $9.17B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $1.90B | $1.13B | $1.83B | $1.75B | $1.47B | -$1.48B | $756.0M | $740.0M | $888.0M | $1.18B |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- New debt or obligation Item 2.03
- Other event Item 8.01
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 4911
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NEE | NEXTERA ENERGY INC | $171.21B | 24.9x | 9.8% |
| CEG | Constellation Energy Corp | $89.80B | 34.2x | 19.5% |
| AEP | AMERICAN ELECTRIC POWER CO INC | $70.56B | 19.5x | 8.7% |
| D | DOMINION ENERGY, INC | $57.34B | 18.9x | 16.5% |
| VST | Vistra Corp. | $47.04B | 64.3x | 19.1% |
| DTE | DTE ENERGY CO | $27.44B | 18.8x | — |
| CNP | CENTERPOINT ENERGY INC | $26.87B | 25.7x | 9.2% |
| FE | FIRSTENERGY CORP | $26.69B | 26.2x | 12.0% |