PPL Corporation (PPL) Q4 2025 Financial Results Summary

ALLENTOWN, Pa. (Feb. 20, 2026) – PPL Corporation (NYSE: PPL) has released its financial results for the fourth quarter of 2025, detailing significant earnings growth and strategic outlook through 2029. Below is a comprehensive summary of the key financial metrics and developments from the report.

Earnings Highlights

• Reported Earnings (GAAP):
  • 2025: $1.18 billion, or $1.59 per share
  • 2024: $888 million, or $1.20 per share
  • Change: 33% increase year-over-year
• Earnings from Ongoing Operations (non-GAAP):
  • 2025: $1.34 billion, or $1.81 per share
  • 2024: $1.25 billion, or $1.69 per share
  • Change: 8% growth year-over-year
• Fourth Quarter Earnings:
  • Reported Earnings:
    • 2025: $266 million, or $0.36 per share
    • 2024: $177 million, or $0.24 per share
    • Change: 50% increase year-over-year
  • Ongoing Operations Earnings:
    • 2025: $305 million, or $0.41 per share
    • 2024: $256 million, or $0.34 per share
    • Change: 19% increase year-over-year

Dividend and Share Repurchase Information

• Quarterly Dividend:
  • The quarterly dividend has increased by 4.6% to $0.2850 per share from the previous $0.2725 per share.
  • This dividend increase is part of a strategy targeting annual growth of 4% to 6% to support reinvestment.
  • The new dividend will be payable on April 1, 2026, to shareholders of record as of March 10, 2026.

Growth Forecast and Strategic Investments

• 2026 Earnings Forecast:
  • Projected range of $1.90 to $1.98 per share, with a midpoint of $1.94 indicating a 7.2% growth over the 2025 ongoing earnings.
• Extended Growth Targets:
  • PPL has set an annual EPS growth target of 6% to 8% through at least 2029, with expectations of achieving compounded growth near the upper range.
• Capital Investment Update:
  • PPL has increased its projected capital investments to $23 billion from 2026 through 2029, up from a prior plan of $20 billion aimed at closing estimated 10.3% average annual rate base growth.
• Infrastructure Investments:
  • Completed $4.4 billion in infrastructure investments in 2025 to enhance grid resilience against storms and improve service reliability.

Operational Efficiency and Cost Savings

• Cost-Saving Initiatives:
  • Achieved cumulative annual O&M savings of $170 million in 2025 compared to the 2021 baseline, nearing the 2026 goal of $175 million.
  • For every $1 of O&M reduced, PPL can fund approximately $8 of capital investment without impacting customer bills.

Segment Performance

• Kentucky Regulated:
  • Reported Earnings: $674 million, $0.91 per share (10% increase from 2024).
• Pennsylvania Regulated:
  • Reported Earnings: $639 million, $0.86 per share (10% increase from 2024).
• Rhode Island Regulated:
  • Reported Earnings: $85 million, $0.11 per share (negative growth from the previous year).
• Corporate & Other:
  • Reported Earnings: $-217 million, negative performance influenced primarily by lower integration-related expenses.

Significant Operational Context

• Throughout 2025, PPL maintained or improved service reliability even amidst increased storm activity across service territories.
• Ongoing investment in both electricity and gas network modernization is expected to support future demand, especially in emerging sectors like data centers.

Conclusion

PPL Corporation has exhibited strong growth in earnings for 2025, alongside a promising outlook for expansion and increased dividends. Its strategic investments in infrastructure and ongoing operational efficiencies indicate an adaptable approach to the evolving energy landscape.

Note: The following tables represent amounts in millions.

PPL CORPORATION AND SUBSIDIARIES	Condensed Consolidated Statements of Income	(Unaudited)	(Millions of Dollars, except share data)
Operating Revenues	Operating Expenses	Operation	Fuel
Energy purchases	Other operation and	maintenance	Depreciation
Taxes, other than income	Total Operating Expenses	2,274	2,211
9,042	8,462	Operating Income	198
186	855	783	Other Income (Expense) –
net	523	546	1,892
1,679	Interest Expense	335	322
1,312	1,279	Income Before Income	Taxes
1,798	1,834	6,913	6,722
Income Taxes	476	377	2,129
1,740	Net Income	61	28
151	114	Earnings Per Share of	Common Stock:
Net Income Available to	209	189	808
738	PPL Common Shareowners:	328	216
1,472	1,116	Basic	$ 0.36
$ 0.24	$ 1.60	$ 1.20	Diluted
$ 0.36	$ 0.24	$ 1.59	$ 1.20
Weighted-Average Shares	of Common Stock	Outstanding (in thousands)	740,113
737,989	739,406	737,756	745,143
741,063	743,348	739,853

PPL CORPORATION AND SUBSIDIARIES	Condensed Consolidated Balance Sheets	(Unaudited)	(Millions of Dollars)
Assets	December 31, 2025	December 31, 2024	Cash and cash equivalents
$ 1,071	$ 306	Accounts receivable	1,225
1,037	Unbilled revenues	558	485
Fuel, materials and supplies	551	511	Regulatory assets
308	320	Other current assets	218
221	Property, Plant and Equipment	Regulated utility plant	42,953
40,391	Less: Accumulated depreciation – regulated utility plant	10,303	9,682
Regulated utility plant, net	32,650	30,709	Non-regulated property, plant and equipment
71	79	Less: Accumulated depreciation – non-regulated property, plant and equipment	26
29	equipment, net	45	50
Construction work in progress	3,437	2,390	Property, Plant and Equipment, net