PPL Corporation

PPL · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$25,906	$23,955	$19,976	$21,515	$22,567	$21,170	$26,936	$21,268	$23,235	$25,562	$25,622	–	–	–	–	–	–	–	$19,335	–	–	–	–	$15,453	$14,933	$14,692	$15,482	$16,738	$16,737	$16,334	$16,022	$15,585	$15,449	$15,428	$15,378	$15,308	$15,292	$15,229	$15,212	$15,169	$15,138
Enterprise value	$44,185	$40,455	$35,249	$35,390	$30,205	$36,585	$49,165	$42,676	$44,025	$44,470	$44,750	–	–	–	–	–	–	–	$26,584	–	–	–	–	$22,454	$19,735	$20,087	$20,651	$20,686	$19,972	$19,383	$19,073	–	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	21.97×	27.04×	27.03×	28.50×	–	14.42×	15.44×	11.65×	20.63×	13.48×	37.68×	–	–	–	–	–	–	–	15.01×	–	–	–	–	56.19×	64.65×	28.04×	33.80×	–	52.30×	45.75×	45.71×	63.79×	44.38×	44.50×	44.14×	44.51×	43.27×	45.87×	50.29×	50.54×	52.09×
P/S (TTM) at period end	2.87×	2.83×	2.40×	2.72×	3.90×	3.87×	4.81×	2.73×	3.12×	3.40×	3.34×	–	–	–	–	–	–	–	2.99×	–	–	–	–	2.82×	2.92×	3.23×	3.37×	4.42×	5.44×	5.61×	5.82×	5.72×	5.67×	5.62×	6.01×	6.41×	6.49×	6.88×	7.28×	6.93×	7.66×
P/B at period end	1.74×	1.70×	1.43×	1.55×	1.64×	1.58×	2.07×	1.82×	2.16×	2.58×	2.58×	–	–	–	–	–	–	–	3.48×	–	–	–	–	6.70×	7.70×	6.97×	9.05×	8.87×	5.76×	5.09×	5.23×	–	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	12.84×	13.40×	12.22×	13.85×	12.05×	14.03×	19.86×	10.81×	11.26×	11.51×	12.05×	–	–	–	–	–	–	–	10.43×	–	–	–	–	12.96×	14.73×	12.75×	19.05×	15.72×	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	4.89×	4.78×	4.24×	4.48×	5.22×	6.68×	8.78×	5.48×	5.91×	5.92×	5.84×	–	–	–	–	–	–	–	4.11×	–	–	–	–	4.10×	3.86×	4.42×	4.50×	5.46×	6.49×	6.66×	6.93×	–	–	–	–	–	–	–	–	–	–
Returns
Return on equity	7.9%	6.3%	5.3%	5.4%	(10.8%)	11.0%	13.4%	15.7%	10.5%	19.2%	6.9%	12.7%	9.4%	14.4%	13.8%	11.4%	7.4%	18.3%	23.2%	16.1%	15.2%	16.2%	23.1%	11.9%	11.9%	24.8%	26.8%	(28.8%)	11.0%	11.1%	11.4%	–	–	–	–	–	–	–	–	–	–
Return on invested capital	5.2%	4.5%	4.5%	3.9%	0.2%	3.7%	3.5%	6.9%	5.4%	7.6%	7.6%	6.2%	6.1%	7.5%	7.5%	7.0%	5.6%	9.2%	10.1%	9.1%	9.5%	9.5%	9.6%	9.0%	5.8%	10.1%	9.4%	9.6%	7.5%	7.6%	7.5%	–	–	–	–	–	–	–	–	–	–
Dividend yield	3.1%	3.1%	3.5%	3.7%	5.7%	6.0%	4.4%	5.3%	4.6%	4.0%	3.9%	–	–	–	–	–	–	–	2.4%	–	–	–	–	1.7%	1.3%	1.2%	1.2%	1.7%	1.8%	1.8%	1.8%	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.86×	0.86×	0.88×	0.75×	2.16×	1.39×	0.56×	0.53×	0.57×	0.54×	0.68×	0.81×	1.05×	0.90×	1.22×	1.19×	1.14×	1.01×	1.10×	1.08×	0.87×	0.99×	1.14×	0.70×	1.27×	0.77×	0.57×	0.75×	0.90×	1.21×	1.15×	–	–	–	–	–	–	–	–	–	–
Debt / equity	1.27×	1.17×	1.05×	0.95×	0.81×	1.10×	1.69×	1.77×	1.88×	1.85×	1.92×	1.32×	1.68×	1.86×	1.66×	1.54×	1.30×	1.54×	1.38×	1.54×	1.65×	1.82×	2.60×	3.13×	2.94×	2.76×	3.02×	2.14×	1.09×	0.95×	0.99×	–	–	–	–	–	–	–	–	–	–
Effective tax rate	19.8%	20.4%	19.9%	22.0%	96.5%	32.9%	19.9%	20.0%	41.0%	25.4%	22.5%	32.5%	20.8%	25.8%	31.4%	21.2%	19.5%	31.1%	20.2%	23.9%	15.6%	22.1%	19.0%	33.0%	54.1%	36.4%	25.7%	39.1%	42.5%	41.5%	44.9%	–	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	743	740	738	737	765	769	737	709	687	680	673	666	663	582	551	432	376	375	383	363	410	372	351	306	293	290	304	334	329	321	315	306	304	303	302	301	300	299	299	298	297

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$9,398	$9,042	$8,462	$8,312	$7,902	$5,783	$5,474	$5,602	$7,785	$7,447	$7,517	$7,669	$11,499	$11,721	$12,132	$12,737	$8,521	$7,449	$7,857	$6,462	$6,131	$5,539	$5,754	$5,585	$5,481	$5,115	$4,545	$4,590	$3,786	$3,077	$2,910	$2,752	$2,725	$2,727	$2,744	$2,560	$2,389	$2,356	$2,214	$2,089	$2,189	$1,976
Cost of revenue	($6,144)	($5,178)	($5,069)	($5,036)	($5,015)	($3,070)	($2,686)	($2,941)	($3,527)	($3,246)	($3,354)	($3,656)	–	–	($7,667)	($8,350)	($5,861)	($3,700)	($4,987)	($1,626)	($763)	($796)	($1,636)	($1,651)	($1,500)	($1,513)	($1,322)	($2,010)	($1,553)	($980)	($800)	($729)	–	–	–	–	–	–	–	–	–	–
Gross profit	$3,255	$3,864	$3,393	$3,276	$2,887	$2,713	$2,788	$2,661	$4,258	$4,201	$4,163	$4,013	–	–	$4,465	$4,387	$2,660	$3,749	$3,020	$4,872	$5,368	$4,743	$4,118	$3,934	$3,981	$3,602	$3,223	$2,580	$2,233	$2,097	$2,110	$2,023	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	$40	$47	$21	($1,420)	($1,509)	($1,983)	$167	$112	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($990)	($1,735)	($1,653)	($1,646)	($1,513)	($1,289)	($1,202)	($1,135)	($1,406)	($1,300)	($1,227)	($1,182)	–	–	($1,439)	($1,286)	($794)	($2,853)	($1,317)	($3,213)	($3,859)	($3,470)	($2,712)	($2,568)	($2,735)	($2,752)	($2,029)	($1,708)	($1,313)	($1,297)	($1,301)	($1,187)	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($7,133)	($6,913)	($6,722)	($6,682)	($6,528)	($4,359)	($3,888)	($4,076)	($4,933)	($4,546)	($4,581)	($4,838)	($8,632)	($9,160)	($9,106)	($9,636)	($6,655)	($6,553)	($6,154)	($4,803)	($4,622)	($4,266)	($4,348)	($4,219)	($4,235)	($4,265)	($3,351)	($3,718)	($2,866)	($2,277)	($2,101)	($1,916)	–	–	–	–	–	–	–	–	–	–
Operating income	$2,265	$2,129	$1,740	$1,630	$1,374	$1,424	$1,586	$1,526	$2,852	$2,901	$2,936	$2,831	$2,867	$2,561	$3,026	$3,101	$1,866	$896	$1,703	$1,659	$1,509	$1,273	$1,406	$1,366	$1,246	$850	$1,194	$872	$920	$800	$809	$835	$2,725	$2,727	$2,744	$2,560	$2,389	$2,356	$2,214	$2,089	$2,189	$1,976
Earnings
EBITDA	$3,644	$3,441	$3,019	$2,884	$2,555	$2,506	$2,608	$2,475	$3,946	$3,909	$3,862	$3,714	$3,790	$3,404	$4,312	$4,316	$2,646	$1,756	$2,164	$2,550	$2,264	$1,994	$2,097	$1,990	$1,733	$1,340	$1,576	$1,084	$1,316	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	–	$20	$33	$32	$4	$12	$9	$15	$6	$2	$3	$4	$1	–	$5	$7	$8	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($875)	($808)	($738)	($666)	($513)	($918)	($634)	($621)	($963)	($901)	($888)	($871)	($843)	($778)	($951)	($898)	($593)	($387)	($447)	($472)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,572	$1,472	$1,116	$924	$915	$521	$954	$919	$2,285	$1,912	$2,550	$2,068	$2,129	$1,728	$2,009	$2,201	$1,239	$538	$1,273	$1,281	$1,121	$821	$909	$941	$637	$482	$807	$678	$663	$557	$610	$636	–	–	–	–	–	–	–	–	–	–
Income tax expense	($306)	($291)	($228)	($184)	($201)	($503)	($314)	($183)	($458)	($784)	($648)	($465)	($692)	($360)	($518)	($691)	($263)	($105)	($396)	($259)	($268)	($128)	($201)	($179)	($210)	($261)	($294)	($174)	($259)	($237)	($253)	($286)	–	–	–	–	–	–	–	–	–	–
Net income	$1,266	$1,181	$888	$740	$756	($1,480)	$1,469	$1,746	$1,827	$1,128	$1,902	$682	$1,737	$1,130	$1,526	$1,495	$938	$407	$930	$1,288	$827	$678	$696	$763	$275	$231	$524	$458	($544)	$320	$357	$350	$244	$348	$347	$348	$344	$353	$332	$302	$300	$291
Per share
Diluted EPS (GAAP)	$1.69	$1.59	$1.20	$1.00	$1.02	($1.93)	$1.91	$2.37	$2.58	$1.64	$2.79	$1.01	$2.61	$1.76	$2.60	$2.70	$2.17	$1.08	$2.47	$3.34	$2.24	$1.65	$1.87	$2.17	$0.68	$0.61	$1.72	$1.42	($1.73)	$0.90	$1.02	$1.02	$0.71	$1.03	$1.01	$1.00	$0.99	$1.01	$0.94	$0.83	$0.78	$0.67
Basic EPS (GAAP)	$1.70	$1.60	$1.20	$1.00	$1.03	($1.93)	$1.91	$2.39	$2.59	$1.64	$2.80	$1.01	$2.64	$1.85	$2.61	$2.71	$2.17	$1.08	$2.48	$3.37	$2.27	$1.67	$1.89	$2.22	$0.69	$0.61	$1.73	$1.42	($1.73)	$0.90	$1.02	$1.02	$0.71	$1.03	$1.01	$1.00	$0.99	$1.01	$0.94	$0.83	$0.78	$0.67
Basic shares outstanding	746	739	738	737	736	763	769	729	704	685	678	670	654	609	580	550	431	376	374	381	358	405	368	344	304	293	289	304	329	329	321	315	306	304	303	302	301	300	299	299	298	297
Margins
Gross margin	34.6%	42.7%	40.1%	39.4%	36.5%	46.9%	50.9%	47.5%	54.7%	56.4%	55.4%	52.3%	–	–	36.8%	34.4%	31.2%	50.3%	38.4%	75.4%	87.6%	85.6%	71.6%	70.4%	72.6%	70.4%	70.9%	56.2%	59.0%	68.2%	72.5%	73.5%	–	–	–	–	–	–	–	–	–	–
Operating margin	24.1%	23.5%	20.6%	19.6%	17.4%	24.6%	29.0%	27.2%	36.6%	39.0%	39.1%	36.9%	24.9%	21.8%	24.9%	24.3%	21.9%	12.0%	21.7%	25.7%	24.6%	23.0%	24.4%	24.5%	22.7%	16.6%	26.3%	19.0%	24.3%	26.0%	27.8%	30.4%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	13.5%	13.1%	10.5%	8.9%	9.6%	(25.6%)	26.8%	31.2%	23.5%	15.1%	25.3%	8.9%	15.1%	9.6%	12.6%	11.7%	11.0%	5.5%	11.8%	19.9%	13.5%	12.2%	12.1%	13.7%	5.0%	4.5%	11.5%	10.0%	(14.4%)	10.4%	12.3%	12.7%	9.0%	12.8%	12.6%	13.6%	14.4%	15.0%	15.0%	14.5%	13.7%	14.7%

Analyst consensus

Buy29 analysts

Bearish · 0 · Hold · 8 · Bullish · 21

Earnings history

	EPS	Estimate
Q3 2024	$0.42	$0.42	Match
Q4 2024	$0.34	$0.37	Miss
Q1 2025	$0.60	$0.55	Beat
Q2 2025	$0.32	$0.39	Miss
Q3 2025	$0.48	$0.46	Beat
Q4 2025	$0.41	$0.41	Match
Q1 2026	$0.63	$0.62	Beat
Q2 2026	$0.33	$0.34	Miss

Peers

Company overview

IPO dateMar 17, 1980

CEOVincent Sorgi

Employees6,546

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNew York Stock Exchange

Websitewww.pplweb.com

PPL Corporation provides electricity and natural gas to approximately 3.6 million customers in the United States. It operates in three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company engages in the transmission and distribution of electricity in eastern and central Pennsylvania; generation, transmission, distribution, and sale of electricity in Kentucky, Virginia, and Rhode Island; distribution and sale of natural gas in Kentucky and Rhode Island; sale of wholesale electricity in Kentucky; and generation of electricity from power plants in Kentucky. It generates electricity from coal, gas, hydro, and solar sources. The company was formerly known as PP&L Resources, Inc. and changed its name to PPL Corporation in 2000. PPL Corporation was founded in 1920 and is headquartered in Allentown, Pennsylvania.

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