NYSE : PPL
PPL Corporation — Financial statements
Utilities · Utilities - Regulated Electric · United States
Last price 35.65 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 26.83B
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Financial statements
PPL Corporation (PPL) reported revenue of 9.40B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 9.40B | 9.04B | 8.46B | 8.31B | 7.90B | 5.78B |
| Fuel & Purchased Power | 2.95B | 2.75B | 2.46B | 2.57B | 2.62B | 1.46B |
| Operations & Maintenance | 2.31B | 2.36B | 2.50B | 2.46B | 2.40B | 1.57B |
| Depreciation & Amortization | 1.38B | 1.31B | 1.28B | 1.25B | 1.18B | 1.08B |
| Other Operating Expenses | 497.00M | 482.00M | 416.00M | 432.00M | 379.00M | 186.00M |
| Total Operating Expenses | 7.13B | 6.91B | 6.66B | 6.72B | 6.58B | 4.30B |
| Operating Income | 2.27B | 2.14B | 1.80B | 1.59B | 1.33B | 1.48B |
| Interest Expense | -875.00M | -808.00M | -738.00M | -666.00M | -513.00M | -918.00M |
| Interest Income | 30.00M | 20.00M | 33.00M | 32.00M | 4.00M | 12.00M |
| Net Interest Expense | -845.00M | -788.00M | -705.00M | -634.00M | -509.00M | -906.00M |
| Allowance for Equity Funds for Construction | 98.00M | 81.00M | 47.00M | 30.00M | 22.00M | 18.00M |
| Other Non-Operating Income (Expenses) | 101.00M | 100.00M | 79.00M | 62.00M | 74.00M | 5.00M |
| EBT Excluding Unusual Items | 1.62B | 1.53B | 1.22B | 1.05B | 914.00M | 599.00M |
| Total Merger & Restructuring Charges | -1.00M | 8.00M | -59.00M | |||
| Asset Writedown | -21.00M | -37.00M | ||||
| Legal Settlements | -2.00M | -124.00M | 1.00M | -41.00M | ||
| Other Unusual Items | -49.00M | -66.00M | -26.00M | |||
| Pretax Income | 1.57B | 1.47B | 1.12B | 924.00M | 915.00M | 521.00M |
| Income Tax Expense | 306.00M | 291.00M | 228.00M | 184.00M | 201.00M | 503.00M |
| Earnings From Continuing Ops. | 1.27B | 1.18B | 888.00M | 740.00M | 714.00M | 18.00M |
| Earnings From Discontinued Ops. | 42.00M | -1.50B | ||||
| Net Income | 1.27B | 1.18B | 888.00M | 740.00M | 756.00M | -1.48B |
| Preferred Dividends & Other Adjustments | 2.00M | 2.00M | 2.00M | 1.00M | 1.00M | |
| Net Income to Common | 1.26B | 1.18B | 886.00M | 739.00M | 755.00M | -1.48B |
| Shares Outstanding (Basic) | 745.94M | 739.41M | 737.76M | 737.04M | 736.03M | 762.90M |
| Shares Outstanding (Diluted) | 750.96M | 743.35M | 739.85M | 738.17M | 736.90M | 764.82M |
| EPS (Basic) | 1.69 | 1.59 | 1.20 | 1.00 | 1.03 | -1.94 |
| EPS (Diluted) | 1.69 | 1.59 | 1.20 | 1.00 | 1.02 | -1.94 |
| Free Cash Flow | -1.99B | -1.40B | -465.00M | -632.00M | -425.00M | 297.00M |
| Free Cash Flow Per Share | -2.65 | -1.89 | -0.63 | -0.86 | -0.58 | 0.39 |
| Dividend Per Share | 1.11 | 1.09 | 1.03 | 0.96 | 0.88 | 1.66 |
| Profit Margin | 13.45% | 13.04% | 10.47% | 8.89% | 9.55% | -25.59% |
| Free Cash Flow Margin | -21.20% | -15.49% | -5.50% | -7.60% | -5.38% | 5.14% |
| EBITDA | 3.76B | 3.54B | 3.15B | 2.92B | 2.56B | 2.60B |
| EBITDA Margin | 40.00% | 39.21% | 37.25% | 35.08% | 32.40% | 45.01% |
| D&A For EBITDA | 1.49B | 1.41B | 1.35B | 1.33B | 1.23B | 1.12B |
| EBIT | 2.27B | 2.14B | 1.80B | 1.59B | 1.33B | 1.48B |
| EBIT Margin | 24.13% | 23.63% | 21.31% | 19.13% | 16.79% | 25.63% |
| Effective Tax Rate | 19.47% | 19.77% | 20.43% | 19.91% | 21.97% | 96.55% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 332.00M | 1.07B | 306.00M | 331.00M | 356.00M | 3.57B |
| Accounts Receivable | 1.57B | 1.67B | 1.45B | 1.38B | 1.45B | 890.00M |
| Other Receivables | 92.00M | 117.00M | 76.00M | 271.00M | 150.00M | 58.00M |
| Inventory | 597.00M | 551.00M | 511.00M | 505.00M | 443.00M | 322.00M |
| Prepaid Expenses | 178.00M | 106.00M | 136.00M | 103.00M | 92.00M | 60.00M |
| Restricted Cash | 1.00M | |||||
| Other Current Assets | 394.00M | 420.00M | 405.00M | 344.00M | 335.00M | 105.00M |
| Total Current Assets | 3.17B | 3.93B | 2.88B | 2.93B | 2.82B | 5.01B |
| Property, Plant & Equipment | 37.77B | 36.13B | 33.15B | 31.42B | 30.24B | 25.47B |
| Regulatory Assets | 2.15B | 2.09B | 2.06B | 1.87B | 1.82B | 1.24B |
| Goodwill | 2.25B | 2.25B | 2.25B | 2.25B | 2.25B | 716.00M |
| Other Intangible Assets | 331.00M | 327.00M | 314.00M | 306.00M | 313.00M | 343.00M |
| Long-Term Deferred Tax Assets | 9.00M | 12.00M | 9.00M | 6.00M | 12.00M | |
| Other Long-Term Assets | 640.00M | 506.00M | 407.00M | 450.00M | 389.00M | 439.00M |
| Total Assets | 46.30B | 45.24B | 41.07B | 39.24B | 37.84B | 33.22B |
| Accounts Payable | 1.36B | 1.56B | 1.20B | 1.10B | 1.20B | 679.00M |
| Accrued Expenses | 253.00M | 263.00M | 221.00M | 175.00M | 148.00M | 112.00M |
| Short-Term Debt | 65.00M | 456.00M | 303.00M | 992.00M | 985.00M | 69.00M |
| Current Portion of Long-Term Debt | 469.00M | 905.00M | 551.00M | 2.00M | 355.00M | 475.00M |
| Current Portion of Leases | 20.00M | |||||
| Current Income Taxes Payable | 118.00M | 190.00M | 103.00M | 130.00M | 124.00M | 96.00M |
| Other Current Liabilities | 1.23B | 1.15B | 959.00M | 937.00M | 976.00M | 892.00M |
| Total Current Liabilities | 3.50B | 4.55B | 3.33B | 3.34B | 3.79B | 2.32B |
| Long-Term Debt | 19.84B | 18.05B | 16.01B | 14.67B | 12.96B | 10.74B |
| Long-Term Leases | 89.00M | |||||
| Pension & Post-Retirement Benefits | 586.00M | 623.00M | 611.00M | 527.00M | 393.00M | 278.00M |
| Long-Term Deferred Tax Liabilities | 5.52B | 5.41B | 5.37B | 5.20B | 5.22B | 4.86B |
| Other Long-Term Liabilities | 1.81B | 1.65B | 1.67B | 1.57B | 1.56B | 1.29B |
| Total Liabilities | 31.26B | 30.36B | 26.99B | 25.30B | 23.92B | 19.50B |
| Common Stock | 8.00M | 8.00M | 8.00M | 8.00M | 8.00M | 8.00M |
| Additional Paid-In Capital | 12.33B | 12.44B | 12.35B | 12.33B | 12.32B | 12.30B |
| Retained Earnings | 3.46B | 3.21B | 2.83B | 2.71B | 2.68B | 2.57B |
| Treasury Stock | -547.00M | -575.00M | -928.00M | -948.00M | -967.00M | -1.00B |
| Comprehensive Income & Other | -205.00M | -202.00M | -184.00M | -163.00M | -124.00M | -157.00M |
| Total Common Equity | 15.04B | 14.88B | 14.08B | 13.93B | 13.91B | 13.72B |
| Minority Interest | 3.00M | |||||
| Shareholders' Equity | 15.04B | 14.88B | 14.08B | 13.93B | 13.92B | 13.72B |
| Total Liabilities & Equity | 46.30B | 45.24B | 41.07B | 39.24B | 37.84B | 33.22B |
| Total Debt | 20.38B | 19.52B | 16.86B | 15.67B | 14.29B | 11.29B |
| Net Cash (Debt) | -20.04B | -18.45B | -16.56B | -15.34B | -13.94B | -7.72B |
| Net Cash Per Share | -26.69 | -24.81 | -22.38 | -20.78 | -18.92 | -10.09 |
| Filing Date Shares Outstanding | 752.54M | 751.31M | 738.29M | 737.60M | 736.68M | 735.36M |
| Total Common Shares Outstanding | 752.37M | 751.04M | 738.03M | 737.13M | 736.49M | 735.11M |
| Working Capital | -332.00M | -615.00M | -453.00M | -408.00M | -965.00M | 2.68B |
| Book Value Per Share | 20.00 | 19.81 | 19.07 | 18.90 | 18.89 | 18.67 |
| Tangible Book Value | 12.47B | 12.31B | 11.52B | 11.38B | 11.35B | 12.66B |
| Tangible Book Value Per Share | 16.57 | 16.39 | 15.60 | 15.44 | 15.42 | 17.23 |
| Machinery | 44.25B | 42.95B | 40.39B | 38.61B | 36.96B | 30.48B |
| Construction In Progress | 4.15B | 3.44B | 2.39B | 1.92B | 1.58B | 1.26B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.27B | 1.18B | 888.00M | 740.00M | 756.00M | -1.48B |
| Depreciation & Amortization | 1.49B | 1.41B | 1.35B | 1.33B | 1.23B | 1.12B |
| Other Amortization | 8.00M | 8.00M | 8.00M | 9.00M | ||
| Loss (Gain) on Sale of Assets | 60.00M | |||||
| Asset Writedown | 37.00M | |||||
| Stock-Based Compensation | 54.00M | 49.00M | 46.00M | 33.00M | 37.00M | 37.00M |
| Change in Accounts Receivable | -145.00M | -280.00M | 197.00M | -42.00M | -373.00M | -19.00M |
| Change in Inventory | -83.00M | -28.00M | -2.00M | -60.00M | -90.00M | -21.00M |
| Change in Accounts Payable | -37.00M | -12.00M | -41.00M | -72.00M | 358.00M | 24.00M |
| Change in Income Taxes | -25.00M | 87.00M | -27.00M | 6.00M | -80.00M | 27.00M |
| Change in Other Net Operating Assets | 55.00M | 154.00M | -185.00M | -402.00M | -306.00M | -145.00M |
| Other Operating Activities | 70.00M | 62.00M | 107.00M | 220.00M | 177.00M | 1.96B |
| Net Cash from Discontinued Operations | -42.00M | 726.00M | ||||
| Operating Cash Flow | 2.65B | 2.63B | 2.34B | 1.76B | 1.73B | 2.27B |
| Capital Expenditures | -4.65B | -4.03B | -2.81B | -2.39B | -2.15B | -1.97B |
| Cash Acquisitions | -3.66B | |||||
| Divestitures | 146.00M | 10.56B | ||||
| Other Investing Activities | -52.00M | 26.00M | -13.00M | 7.00M | 15.00M | -630.00M |
| Investing Cash Flow | -4.70B | -4.00B | -2.82B | -2.38B | -5.65B | 7.96B |
| Short-Term Debt Issued | 153.00M | 7.00M | 916.00M | |||
| Long-Term Debt Issued | 3.04B | 1.89B | 3.25B | 850.00M | 650.00M | |
| Total Debt Issued | 4.26B | 3.20B | 1.89B | 3.26B | 1.77B | 650.00M |
| Short-Term Debt Repaid | -689.00M | -799.00M | ||||
| Long-Term Debt Repaid | -616.00M | -1.85B | -264.00M | -4.91B | ||
| Total Debt Repaid | -1.68B | -616.00M | -689.00M | -1.85B | -264.00M | -5.71B |
| Net Debt Issued (Repaid) | 2.59B | 2.58B | 1.21B | 1.41B | 1.50B | -5.05B |
| Issuance of Common Stock | 401.00M | 401.00M | 2.00M | 5.00M | ||
| Repurchase of Common Stock | -1.00B | |||||
| Common Dividends Paid | -818.00M | -794.00M | -747.00M | -704.00M | -787.00M | -1.28B |
| Other Financing Activities | -104.00M | -67.00M | -25.00M | -56.00M | -6.00M | -53.00M |
| Financing Cash Flow | 2.06B | 2.12B | 435.00M | 650.00M | 709.00M | -7.39B |
| Foreign Exchange Rate Adjustments | 8.00M | |||||
| Miscellaneous Cash Flow Adjustments | 284.00M | |||||
| Net Cash Flow | 21.00M | 747.00M | -43.00M | 25.00M | -3.21B | 3.13B |
| Free Cash Flow | -1.99B | -1.40B | -465.00M | -632.00M | -425.00M | 297.00M |
| Free Cash Flow Margin | -21.20% | -15.49% | -5.50% | -7.60% | -5.38% | 5.14% |
| Free Cash Flow Per Share | -2.65 | -1.89 | -0.63 | -0.86 | -0.58 | 0.39 |
| Levered Free Cash Flow | -1.94B | -1.33B | -576.38M | -680.50M | -738.25M | 7.53B |
| Unlevered Free Cash Flow | -1.39B | -829.38M | -115.12M | -264.25M | -417.62M | 8.10B |
| Cash Interest Paid | 745.00M | 745.00M | 670.00M | 604.00M | 462.00M | 191.00M |
| Cash Income Tax Paid | 93.00M | 93.00M | -123.00M | 281.00M | 163.00M | 284.00M |
| Change in Working Capital | -235.00M | -79.00M | -58.00M | -570.00M | -491.00M | -134.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 26.83B | 25.91B | 23.95B | 19.98B | 21.52B | 22.57B |
| Enterprise Value | 46.87B | 43.85B | 39.97B | 34.55B | 35.03B | 29.02B |
| PE Ratio | 21.08 | 21.97 | 27.04 | 27.03 | 28.50 | |
| PS Ratio | 2.85 | 2.87 | 2.83 | 2.40 | 2.72 | 3.90 |
| PB Ratio | 1.78 | 1.74 | 1.70 | 1.43 | 1.55 | 1.64 |
| P/FCF Ratio | 75.98 | |||||
| P/OCF Ratio | 10.11 | 9.85 | 10.24 | 11.36 | 12.44 | 9.94 |
| EV/Sales Ratio | 4.99 | 4.85 | 4.72 | 4.16 | 4.43 | 5.02 |
| EV/EBITDA Ratio | 12.47 | 12.37 | 12.68 | 11.85 | 13.69 | 11.15 |
| EV/EBIT Ratio | 20.67 | 20.52 | 22.17 | 21.73 | 26.40 | 19.58 |
| EV/FCF Ratio | 97.72 | |||||
| Debt / Equity Ratio | 1.35 | 1.31 | 1.20 | 1.12 | 1.03 | 0.82 |
| Debt / EBITDA Ratio | 5.42 | 5.51 | 5.35 | 5.37 | 5.58 | 4.34 |
| Debt / FCF Ratio | 38.01 | |||||
| Net Debt / Equity Ratio | 1.33 | 1.24 | 1.18 | 1.10 | 1.00 | 0.56 |
| Net Debt / EBITDA Ratio | 5.33 | 5.20 | 5.25 | 5.26 | 5.45 | 2.96 |
| Net Debt / FCF Ratio | -10.06 | -13.17 | -35.61 | -24.27 | -32.80 | 25.99 |
| Quick Ratio | 0.57 | 0.63 | 0.55 | 0.59 | 0.52 | 1.95 |
| Current Ratio | 0.91 | 0.86 | 0.86 | 0.88 | 0.74 | 2.15 |
| Asset Turnover | 0.21 | 0.21 | 0.21 | 0.22 | 0.22 | 0.14 |
| Return on Equity (ROE) | 8.63% | 8.16% | 6.34% | 5.31% | 5.17% | 0.13% |
| Return on Assets (ROA) | 3.20% | 3.09% | 2.81% | 2.58% | 2.33% | 2.28% |
| Return on Capital Employed (ROCE) | 5.30% | 5.30% | 4.80% | 4.40% | 3.90% | 4.80% |
| Earnings Yield | 4.74% | 4.56% | 3.71% | 3.70% | 3.51% | -6.56% |
| FCF Yield | -7.42% | -5.41% | -1.94% | -3.16% | -1.98% | 1.32% |
| Dividend Yield | 3.20% | 3.16% | 3.17% | 3.54% | 3.00% | 5.41% |
| Payout Ratio | 67.42% | 67.23% | 84.12% | 95.14% | 104.10% | |
| Buyback Yield / Dilution | -1.31% | -0.47% | -0.23% | -0.17% | 3.65% | 0.59% |
| Total Shareholder Return | 1.89% | 2.69% | 2.94% | 3.37% | 6.64% | 6.00% |