FirmAtlas
Company handbook · PPL · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
PPL · CIK 922224 · LATEST FILING: 10-Q JUN '26 · FILED AUG 7, 2026
PPL Corporation
$35.17
+0.69 (+2.00%)
Close, Oct 16, 2026 · 52-week $32–40
Last fiscal year
PPL Corporation reported revenue of $9.2B for the year ended Dec 31, 2025 (FY25), up 8.6% from FY24. Net income was $1.2B, operating cash flow $2.6B and free cash flow −$1.4B. Source: 10-K filed Feb 20, 2026.
Market cap
$26.4B
P/E
21.7
EV/EBITDA
13.0x
P/B
1.8
Div yield
3.21%
ROIC
5.4%
Revenue 1Y
8.6%/yr
EPS 1Y
32.5%/yr
Shares 1Y
+2%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOVincent Sorgi
HQAllentown, PA
AuditorDeloitte & Touche LLP
Year endsDecember
Revenue by segment · FY25
Kentucky Regulated42%
Pennsylvania Regulated34%
Rhode Island Regulated24%
Corporate0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
0.7%
4.0%
13.3%
−5.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$8.4B deployed
Capex
$6.8B
81.6%
Dividends
$1.5B
18.4%
Operating cash flow over the period: $5.0B. Total debt changed by +$2.5B.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
8,444
9,170+8.6%
9,410
YoY
+8.6%
Operating income
1,740
2,129+22.4%
2,196
Operating margin
20.6%
23.2%+2.6 pp
—
EBITDA
3,019
3,441+14.0%
—
EBITDA margin
35.8%
37.5%+1.8 pp
—
Interest expense
738
808+9.5%
—
Interest coverage
4.09x
4.26x+0.17x
—
Net income
888
1,181+33.0%
1,219
YoY
+33.0%
Net margin
10.5%
12.9%+2.4 pp
—
EPS (diluted, $)
1.20
1.59+32.5%
1.63
YoY
+32.5%
Balance sheet
Total assets
41,069
45,244+10.2%
46,304
Cash & short-term investments
339
1,086+220.4%
—
Accounts receivable
961
1,108+15.3%
—
Inventory
511
551+7.8%
—
Net PP&E
33,149
36,132+9.0%
—
Other assets
6,109
6,367+4.2%
—
Total liabilities
26,992
30,363+12.5%
31,285
Accounts payable
1,196
1,559+30.4%
—
Total debt
16,806
19,350+15.1%
19,244
Other liabilities
8,990
9,454+5.2%
—
Shareholders’ equity
14,077
14,881+5.7%
15,019
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,340
2,629+12.4%
2,673
Net income
888
1,181+33.0%
—
Depreciation & amortization
1,279
1,312+2.6%
—
Stock-based compensation
46
49+6.5%
—
Working capital & other
127
87−31.5%
—
Cash from investing
(2,818)
(4,004)n/m
—
Capex
(2,805)
(4,030)n/m
—
Acquisitions
0
—
—
Other investing
(13)
26n/m
—
Cash from financing
435
2,122+387.8%
—
Debt raised
1,894
3,045+60.8%
—
Debt repaid
0
(616)n/m
—
Dividends
(747)
(794)n/m
—
Other financing
(712)
487n/m
—
Net change in cash
(43)
747n/m
—
Free cash flow (OCF − capex)
(465)
(1,401)n/m
(1,622)
Where the cash went
Operating cash flow
2,340
2,629+12.4%
2,673
Reinvested in the business
2,805
4,030+43.7%
—
% of operating cash flow
119.9%
153.3%
Capex
2,805
4,030+43.7%
4,295
Acquisitions
0
—
—
Free cash flow
(465)
(1,401)n/m
(1,622)
YoY
n/m
Returned to shareholders
747
794+6.3%
—
% of free cash flow
—
—
Dividends
747
794+6.3%
—
Change in total debt
—
2,544
—
Cash left over
—
349
—
FCF conversion (FCF ÷ net income)
−52.4%
−118.6%−66.3 pp
—
Owner earnings
—
(1,361)
—
Owner earnings margin
—
−14.8%
—
Returns & ratios
ROIC (all capital)
4.5%
5.4%+0.8 pp
—
ROIC (operating)
4.1%
4.9%+0.8 pp
—
Net debt / EBITDA
5.45x
5.31x−0.15x
—
Debt / equity
1.19x
1.30x+0.11x
—
ROE
6.3%
7.9%+1.6 pp
—
ROA
2.2%
2.6%+0.4 pp
—
ROCE
4.6%
5.2%+0.6 pp
—
NOPAT
1,385
1,708+23.4%
—
Invested capital (operating)
33,425
36,232+8.4%
—
Invested capital (all)
30,544
33,145+8.5%
—
Reinvestment rate
—
164.3%
—
Net debt is 5.3x EBITDA (FY25).
Income
Jun '25
Sep '25
Dec '25
Mar '26
Revenue
2,040
2,237
2,348
2,785
vs year-ago quarter
Operating income
406
569
476
745
Net income
183
318
266
452
vs year-ago quarter
Net margin
9.0%
14.2%
11.3%
16.2%
EPS (diluted, $)
0.25
0.43
0.35
0.60
vs year-ago quarter
Balance sheet
Jun '25
Sep '25
Dec '25
Mar '26
Total assets
42,363
43,939
45,244
46,304
Cash & equivalents
318
1,119
1,086
1,251
Total debt
16,578
17,531
19,350
19,244
Shareholders’ equity
14,286
14,413
14,881
15,019
Cash flow
Jun '25
Sep '25
Dec '25
Mar '26
Operating cash flow
602
966
548
557
Capex
930
1,145
1,162
1,058
Free cash flow
(328)
(179)
(614)
(501)
vs year-ago quarter