PPL

PPL · NYSE · Utilities · Financials, fiscal 2016 to 2025

PPL · Last close · October 26, 2026

$34.92

PPL's revenue rose 6.8% to $9.0 billion in fiscal 2025. Its operating margin was 23.6%, up from 20.6% a year earlier. Free cash flow was −$1.4 billion. It paid out $794 million in dividends and buybacks. The diluted share count rose 0.5%.

PPL Corp Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0000922224-26-000008 Updated October 9, 2026

Revenue

$9.0B

6.8%

Operating margin

23.6%

3.0 pts

Net income

$1.2B

33.0%

Free cash flow

−$1.4B

Return on capital

5.4%

0.7 pts

Market cap

$26.4B

Oct 26 close

P/E

22.0x

On $1.59 EPS, FY25

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What PPL does

PPL is a utility holding company based in Allentown, Pennsylvania. Through regulated subsidiaries, it delivers electricity to customers in Pennsylvania, Kentucky, Virginia and Rhode Island, delivers natural gas in Kentucky and Rhode Island, and generates electricity at power plants in Kentucky.

PPL reports three regulated segments by region: Pennsylvania, Kentucky and Rhode Island. In Pennsylvania, PPL Electric sends power over its transmission and distribution lines. In Kentucky, LG&E and KU generate, transmit and deliver electricity, and LG&E also sells natural gas. In Rhode Island, Rhode Island Energy handles electricity and gas distribution.

Regulators set the rates these utilities charge, so PPL's earnings depend on recovering its costs of serving customers. PPL itself is a holding company, so it relies on cash from its subsidiaries to pay its own debts.

Its biggest risks, as it describes them

Not recovering the costs of its utility services in the rates regulators allow.
Its capital plans depending in part on the continued growth of data centers.
Big capital projects that may run into unforeseen costs or delays.
Relying on its subsidiaries' cash to meet PPL's own debt obligations.
Costs tied to environmental cleanup and to natural gas supply infrastructure.

From PPL's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 6.1% a year and net income 5.2% a year, as new shares raised the share count by 9% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value PPL yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from PPL's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from PPL's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 3.1 times depreciation, which holds its free cash flow down) of $1.3B, net cash of −$18.3B at December 31, 2025 and 743 million diluted shares, from its filings. The scenarios are fitted to PPL: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 4.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Electric Utilities), plus 1 point for unsteady results (a loss in fiscal 2021); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to PPL's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 9% discount rate. Base: growth of 4.5% then 3.5% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 7% then 5% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $34.92
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from PPL's earnings per share of $1.59 (in fiscal 2025). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 20.6×, the middle of PPL's own P/E today, its peers' median and its sector's median (the Utilities median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2025, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: WEC Energy Group, Public Service Enterprise Group, Entergy, Eversource Energy.

Earnings growth in the years ahead (% a year) Starts at PPL's revenue growth over the last 3 years, 4.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $34.92
Value at this multiple, against the last close: —
PPL's P/E at the last close: 22.0×

Company	Last close	Earnings per share	P/E today
EntergyETR	$107.50	$3.92	27.4×
WEC Energy GroupWEC	$111.12	$4.81	23.1×
PPLPPL	$34.92	$1.59	22.0×
Public Service Enterprise GroupPEG	$72.11	$4.02	17.9×
Eversource EnergyES	$67.55	$3.86	17.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3,571	356	331	306	1,071
Debt incl. finance leases	11,209	14,228	15,611	16,806	19,350
Net debt (negative means net cash)	7,638	13,872	15,280	16,500	18,279
Net debt to EBITDA	3.0x	5.4x	5.3x	5.5x	5.3x
Debt to equity	0.8x	1.0x	1.1x	1.2x	1.3x
Interest coverage	1.6x	2.7x	2.5x	2.4x	2.6x
Current ratio	2.2x	0.8x	0.9x	0.9x	0.9x
Quick ratio	2.0x	0.6x	0.7x	0.7x	0.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought PPL shares on the open market, and 2 insiders sold $440,539, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 15, 2026	Wendy E StarkEVP & CLO	Sold plan	5,406	$35.11	$189,805	Form 4
Jun 12, 2026	John Gregory CornettPresident of a PPL Subsidiary	Sold plan	7,051	$35.56	$250,734	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	4 of 8	4 of 8	6 of 8
Accruals ratio	−2.6%	−3.6%	−3.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put PPL side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
PPL	FY25	6.8%	23.6%	−15.5%	5.4%	5.3x	6
WEC Energy Group	FY25	14.0%	22.9%	−10.4%	6.0%	6.0x	4	Compare
Public Service Enterprise Group	FY25	18.2%	24.5%	0.2%	6.7%	5.7x	7	Compare
Entergy	FY25	9.0%	24.7%	−19.6%	5.6%	5.3x	7	Compare
Eversource Energy	FY25	13.8%	22.1%	−0.3%	6.4%	5.2x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	7,517	7,447	7,785	5,602	5,474	5,783	7,902	8,312	8,462	9,042
Revenue growth	−2.0%	−0.9%	4.5%	−28.0%	−2.3%	5.6%	36.6%	5.2%	1.8%	6.8%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	2,936	2,901	2,852	1,526	1,586	1,424	1,374	1,630	1,740	2,129
Net income	1,902	1,128	1,827	1,746	1,469	−1,480	756	740	888	1,181
Diluted EPS (US$)	2.79	1.64	2.58	2.37	1.91	−1.93	1.02	1.00	1.20	1.59
Diluted shares (millions)	680	687	709	737	769	765	737	738	740	743
Cash flow
Cash from operations	2,890	2,461	2,821	2,427	2,746	2,270	1,730	1,758	2,340	2,629
Capital expenditure	2,920	3,133	3,238	2,243	2,270	1,973	2,155	2,390	2,805	4,030
Free cash flow	−30	−672	−417	184	476	297	−425	−632	−465	−1,401
Dividends paid	1,030	1,072	1,133	1,192	1,275	1,279	787	704	747	794
Share buybacks	0	0	0	0	0	1,003	0	0	0	0
Acquisitions	0	0	0	0	0	0	3,660	0	0	0
Stock-based compensation	28	38	26	36	29	37	37	33	46	49
Balance sheet at fiscal year end
Cash and short-term investments	341	485	621	815	442	3,571	356	331	306	1,071
Debt incl. finance leases	19,249	21,275	22,029	23,044	15,857	11,209	14,228	15,611	16,806	19,350
Total assets	38,315	41,479	43,396	45,680	48,116	33,223	37,837	39,236	41,069	45,244
Total liabilities	28,416	30,718	31,739	32,689	34,743	19,500	23,919	25,303	26,992	30,363
Shareholders' equity	9,899	10,761	11,657	12,991	13,373	13,723	13,915	13,933	14,077	14,881
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	39.1%	39.0%	36.6%	27.2%	29.0%	24.6%	17.4%	19.6%	20.6%	23.6%
Net margin	25.3%	15.2%	23.5%	31.2%	26.8%	−25.6%	9.6%	8.9%	10.5%	13.1%
Free cash flow margin	−0.4%	−9.0%	−5.4%	3.3%	8.7%	5.1%	−5.4%	−7.6%	−5.5%	−15.5%
Return on capital	7.6%	5.7%	7.1%	3.6%	3.3%	2.8%	4.4%	4.6%	4.6%	5.4%
Return on equity	19.2%	10.9%	16.3%	14.2%	11.1%	−10.9%	5.5%	5.3%	6.3%	8.2%
Return on assets	4.9%	2.8%	4.3%	3.9%	3.1%	−3.6%	2.1%	1.9%	2.2%	2.7%
Net debt to EBITDA	4.9x	5.3x	5.4x	9.0x	5.9x	3.0x	5.4x	5.3x	5.5x	5.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: PPL's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with PPL.