PPL Corporation (PPL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.34	$0.33	-2.9%	—	—	—
Q4 26	$0.62	$0.63	+1.6%	—	—	—
Q3 26	$0.42	$0.41	-2.4%	—	—	—
Q2 26	$0.46	$0.48	+4.3%	—	—	—
Q1 26	$0.39	$0.32	-17.9%	—	—	—
Q4 25	$0.54	$0.6	+11.1%	—	—	—
Q3 25	$0.37	$0.34	-8.1%	—	—	—
Q2 25	$0.42	$0.42	0.0%	—	—	—
Q1 25	$0.33	$0.38	+15.2%	—	—	—
Q4 24	$0.5	$0.54	+8.0%	—	—	—
Q3 24	$0.38	$0.4	+5.3%	—	—	—
Q2 24	$0.42	$0.43	+2.4%	—	—	—
Q1 24	$0.32	$0.29	-9.4%	—	—	—
Q4 23	$0.45	$0.48	+6.7%	—	—	—
Q3 23	$0.29	$0.28	-3.4%	—	—	—
Q2 23	$0.42	$0.41	-2.4%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.6	—	—	$9B	—
FY24	—	$1.2	—	—	$8.5B	—
FY23	—	$1	—	—	$8.3B	—
FY22	—	$1.02	—	—	$7.9B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.5B	$7.4B	$7.8B	$5.6B	$5.5B	$5.8B	$7.9B	$8.3B	$8.5B	$9B
YoY change	-1.98%	-0.93%	+4.54%	-28%	-2.28%	+5.64%	+36.6%	+5.19%	+1.8%	+6.85%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.5B	7.4B	7.8B	5.6B	5.5B	5.8B	7.9B	8.3B	8.5B	9B
Cost of revenue	3.4B	3.2B	3.5B	2.9B	2.7B	3.1B	5B	5B	5.1B	5.2B
Gross profit	4.2B	4.2B	4.3B	2.7B	2.8B	2.7B	2.9B	3.3B	3.4B	3.9B
Gross margin	55.4%	56.4%	54.7%	47.5%	50.9%	46.9%	36.5%	39.4%	40.1%	42.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-112M	-167M	-257M	-8M	2M	-21M	-47M	-40M	—	—
Operating expenses	-112M	-167M	-257M	-8M	2M	-21M	-47M	-40M	—	—
Operating income	2.9B	2.9B	2.9B	1.5B	1.6B	1.4B	1.4B	1.6B	1.7B	2.1B
Operating margin	39.1%	39%	36.6%	27.2%	29%	24.6%	17.4%	19.6%	20.6%	23.5%
Non-operating income, net	499M	-90M	390M	-1M	-7M	3M	50M	-72M	81M	131M
Pretax income	2.5B	1.9B	2.3B	919M	954M	521M	915M	924M	1.1B	1.5B
Income tax	648M	784M	458M	183M	314M	503M	201M	184M	228M	291M
Net income	1.9B	1.1B	1.8B	1.7B	1.5B	-1.5B	756M	740M	888M	1.2B
Net margin	25.3%	15.1%	23.5%	31.2%	26.8%	-25.6%	9.57%	8.9%	10.5%	13.1%
EBITDA	4B	4.2B	4.2B	2.5B	2.6B	2.6B	2.6B	3B	3.2B	3.6B
EPS	2.8	1.64	2.59	2.39	1.91	-1.93	1.02	1	1.2	1.6
Diluted EPS	2.79	1.64	2.58	2.37	1.91	-1.93	1.02	1	1.2	1.59

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2B	2B	2.3B	1.9B	2.1B	2.2B	2.5B	2B	2.2B	2.3B	2.8B	2.1B
Cost of revenue	1.2B	1.2B	1.4B	1.1B	1.2B	1.4B	1.4B	1.2B	1.2B	1.4B	1.6B	1.2B
Gross profit	851M	797M	949M	802M	840M	802M	1.1B	831M	1B	920M	1.2B	941M
Gross margin	41.7%	39.2%	41.2%	42.6%	40.7%	36.3%	44.4%	41%	44.7%	40.5%	43.9%	44.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-13M	-10M	-8M	-15M	—	—	—	—	—	—	—	—
Operating expenses	-13M	-10M	-8M	-15M	—	—	—	—	—	—	—	—
Operating income	437M	390M	545M	390M	428M	377M	678M	406M	569M	476M	745M	475M
Operating margin	21.4%	19.2%	23.7%	20.7%	20.7%	17.1%	27.1%	20%	25.4%	20.9%	26.9%	22.5%
Non-operating income, net	12M	-101M	13M	26M	22M	20M	23M	21M	33M	54M	30M	34M
Pretax income	288M	127M	388M	240M	272M	216M	516M	230M	398M	328M	560M	286M
Income tax	58M	14M	81M	50M	58M	39M	102M	47M	80M	62M	108M	56M
Net income	230M	113M	307M	190M	214M	177M	414M	183M	318M	266M	452M	230M
Net margin	11.3%	5.56%	13.3%	10.1%	10.4%	8.01%	16.5%	9.04%	14.2%	11.7%	16.3%	10.9%
EBITDA	782M	748M	898M	752M	783M	732M	1B	762M	940M	880M	1.1B	879M
EPS	0.31	0.15	0.42	0.26	0.29	0.24	0.56	0.25	0.43	0.36	0.6	0.31
Diluted EPS	0.31	0.15	0.42	0.26	0.29	0.24	0.56	0.25	0.43	0.36	0.6	0.3

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	23.1B	21.2B	20B	26.1B	21.7B	22.9B	21.5B	20B	23.9B	25.9B	24.2B
Enterprise value	42B	42B	41.4B	48.4B	37.1B	30.6B	35.4B	35.2B	40.4B	44.2B	44.1B
Shares outstanding	677.6M	685.2M	704.4M	728.5M	768.6M	762.9M	736M	737M	737.8M	739.4M	739.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.1	18.8	10.9	15	14.8	—	28.4	27	27	21.9	19
P/S	3.07	2.85	2.56	4.67	3.96	3.97	2.72	2.4	2.83	2.86	2.57
P/B	2.33	1.97	1.71	2.01	1.62	1.67	1.55	1.43	1.7	1.74	1.61
EV/EBITDA	10.4	10.1	9.74	19.2	14	11.8	13.4	11.7	12.8	12.2	11.7
EV/Sales	5.58	5.64	5.31	8.63	6.78	5.29	4.48	4.24	4.78	4.89	4.7
Earnings yield	8.24%	5.32%	9.15%	6.68%	6.78%	—	3.52%	3.7%	3.71%	4.56%	5.26%
FCF yield	-0.13%	-3.17%	-2.09%	0.7%	2.2%	1.3%	-1.98%	-3.16%	-1.94%	-5.41%	-8.02%
PEG	—	—	—	—	—	—	—	—	—	—	0.79

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	55.4%	56.4%	54.7%	47.5%	50.9%	46.9%	36.5%	39.4%	40.1%	42.7%	44.6%
Operating margin	39.1%	39%	36.6%	27.2%	29%	24.6%	17.4%	19.6%	20.6%	23.5%	23.6%
Net margin	25.3%	15.1%	23.5%	31.2%	26.8%	-25.6%	9.57%	8.9%	10.5%	13.1%	13.5%
ROE	19.2%	10.5%	15.7%	13.4%	11%	-10.8%	5.43%	5.31%	6.31%	7.94%	8.63%
ROA	4.96%	2.72%	4.21%	3.82%	3.05%	-4.45%	2%	1.89%	2.16%	2.61%	3.2%
ROIC	7.6%	5.42%	6.9%	3.47%	3.7%	0.23%	3.86%	4.47%	4.53%	5.15%	5.21%
Return on tangible assets	6.18%	3.36%	5.13%	4.62%	3.19%	-4.76%	2.31%	2.17%	2.47%	2.95%	3.08%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.54	0.57	0.53	0.56	1.39	2.16	0.75	0.88	0.86	0.86	0.91
Quick ratio	0.45	0.49	0.47	0.5	1.37	2.02	0.63	0.73	0.71	0.74	0.73
Debt / equity	1.94	1.98	1.89	1.77	1.19	0.82	1.02	1.12	1.19	1.3	1.35
Debt / assets	0.5	0.51	0.51	0.5	0.33	0.34	0.38	0.4	0.41	0.43	0.44
Net debt / EBITDA	4.68	4.99	5.04	8.81	5.82	2.96	5.26	5.06	5.21	5.06	5.2
Interest coverage	3.87	3.12	3.37	2.48	2.5	1.57	2.78	2.39	2.51	2.82	2.8
Effective tax rate	25.4%	41%	20%	19.9%	32.9%	96.5%	22%	19.9%	20.4%	19.8%	19.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.1	10.9	11.1	7.69	7.12	7.58	10.7	11.3	11.5	12.2	12.6
EPS (basic)	2.8	1.64	2.59	2.39	1.91	-1.93	1.02	1	1.2	1.6	1.6
EPS (diluted)	2.79	1.64	2.58	2.37	1.91	-1.93	1.02	1	1.2	1.59	1.69
Book value per share	14.6	15.7	16.5	17.8	17.4	18	18.9	18.9	19.1	20.1	20
FCF per share	-0.04	-0.98	-0.59	0.25	0.62	0.39	-0.58	-0.86	-0.63	-1.89	-2.63
Cash per share	0.5	0.71	0.88	1.12	0.58	4.68	0.48	0.45	0.41	1.45	0.44
Capex per share	4.31	4.57	4.6	4.23	4.23	—	—	—	—	5.45	6.14

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	38.8%	42.1%	41.6%	55%	59.4%	—	—	—	—	44.6%	49.4%
Capex / operating cash flow	99.2%	130%	103.6%	214.8%	192.5%	—	—	—	—	153.3%	175.1%
Payout ratio	54.2%	95%	62%	68.3%	86.8%	-86.4%	104.1%	95.1%	84.1%	67.2%	66%
Dividend yield	4.46%	5.05%	5.68%	4.56%	5.88%	5.58%	3.66%	3.52%	3.12%	3.07%	3.55%

Yield

3.55%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.285

ex-dividend Sep 10, 2026

Payout ratio

66%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 10, 2026	$0.285
Jun 10, 2026	$0.285
Mar 10, 2026	$0.285

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2B	$2B	$2.3B	$1.9B	$2.1B	$2.2B	$2.5B	$2B	$2.2B	$2.3B	$2.8B	$2.1B
YoY change	-4.26%	-11.3%	-4.6%	+3.18%	+1.13%	+8.86%	+8.68%	+7.66%	+8.37%	+2.85%	+10.8%	+4.25%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	341M	485M	621M	815M	442M	3.6B	356M	331M	306M	1.1B
Receivables	666M	681M	663M	687M	603M	583M	896M	950M	961M	1.1B
Inventory	356M	320M	303M	332M	302M	322M	443M	505M	511M	551M
Total current assets	2.1B	2.3B	2.4B	2.8B	20.9B	5B	2.8B	2.9B	2.9B	3.9B
Property, plant & equipment	-4.6B	-5.1B	-5.3B	-6.2B	-4.5B	-5B	-6.7B	-7.2B	-7.2B	-6.8B
Goodwill & intangibles	7.5B	7.9B	7.8B	7.9B	2.1B	2.1B	5.1B	5.1B	5.1B	5.1B
Total assets	38.3B	41.5B	43.4B	45.7B	48.1B	33.2B	37.8B	39.2B	41.1B	45.2B
Accounts payable	820M	924M	989M	956M	745M	679M	1.2B	1.1B	1.2B	1.6B
Short-term debt	1.4B	1.4B	2B	2.3B	2.2B	543M	1.3B	993M	854M	1.4B
Total current liabilities	3.8B	4B	4.6B	4.9B	15.1B	2.3B	3.8B	3.3B	3.3B	4.5B
Long-term debt	17.8B	19.8B	20.1B	20.7B	13.6B	10.7B	12.9B	14.6B	16B	18B
Total liabilities	28.4B	30.7B	31.7B	32.7B	34.7B	19.5B	23.9B	25.3B	27B	30.4B
Shareholders' equity	9.9B	10.8B	11.7B	13B	13.4B	13.7B	13.9B	13.9B	14.1B	14.9B
Total debt	19.2B	21.3B	22B	23B	15.9B	11.2B	14.2B	15.6B	16.8B	19.4B
Net debt	18.9B	20.8B	21.4B	22.2B	15.4B	7.6B	13.9B	15.3B	16.5B	18.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	353M	331M	276M	282M	542M	306M	312M	294M	1.1B	1.1B	1.2B	332M
Receivables	1.1B	950M	999M	933M	939M	961M	1.2B	998M	1B	1.1B	1.3B	1.2B
Inventory	488M	505M	477M	502M	517M	511M	476M	504M	517M	551M	536M	597M
Total current assets	2.8B	2.9B	3B	2.8B	3B	2.9B	3.1B	2.9B	3.6B	3.9B	4.3B	3.2B
Property, plant & equipment	-7.1B	-7.2B	-7.3B	-7.5B	-7.5B	-7.2B	-7B	-6.8B	-6.6B	-6.8B	-6.7B	-6.5B
Goodwill & intangibles	5.1B	5.1B	5.1B	5.1B	5.1B	5.1B	5.1B	5.1B	5.1B	5.1B	5.1B	5.2B
Total assets	38.6B	39.2B	39.6B	39.8B	40.5B	41.1B	41.8B	42.4B	43.9B	45.2B	46.3B	46.3B
Accounts payable	1.2B	1.1B	903M	980M	920M	1.2B	1.1B	1.1B	1.2B	1.6B	1.4B	1.4B
Short-term debt	378M	993M	292M	390M	1M	854M	1.3B	2.5B	2B	1.4B	1.2B	534M
Total current liabilities	2.9B	3.3B	2.4B	2.5B	2.3B	3.3B	3.8B	5B	4.7B	4.5B	4.3B	3.5B
Long-term debt	14.5B	14.6B	15.8B	15.8B	16.5B	16B	15.9B	15.3B	16.9B	18B	19B	19.8B
Total liabilities	24.6B	25.3B	25.6B	25.8B	26.4B	27B	27.5B	28.1B	29.5B	30.4B	31.3B	31.3B
Shareholders' equity	14B	13.9B	14.1B	14.1B	14.1B	14.1B	14.3B	14.3B	14.4B	14.9B	15B	15B
Total debt	14.9B	15.6B	16B	16.1B	16.5B	16.8B	17.3B	17.8B	19B	19.4B	20.2B	20.3B
Net debt	14.5B	15.3B	15.8B	15.9B	16B	16.5B	17B	17.5B	17.9B	18.3B	19B	20B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.9B	1.1B	1.8B	736M	640M	18M	714M	740M	888M	1.2B
Depreciation & amortization	1B	1.1B	1.2B	1B	1.1B	1.1B	1.2B	1.3B	1.4B	1.4B
Stock-based compensation	28M	38M	26M	36M	29M	37M	37M	33M	46M	49M
Change in working capital	-51M	-14M	78M	-385M	-98M	27M	-313M	-172M	21M	-162M
Operating cash flow	2.9B	2.4B	3.1B	1.4B	1.7B	1.1B	1.8B	1.8B	2.4B	2.6B
Capital expenditure	-2.9B	-3.1B	-3.2B	-3.1B	-3.2B	—	—	—	—	-4B
Investing cash flow	-2.9B	-3.2B	-3.4B	-3.1B	-3.2B	10.5B	-3.5B	7M	-13M	-4B
Dividends paid	-1B	-1.1B	-1.1B	-1.2B	-1.3B	-1.3B	-787M	-704M	-747M	-794M
Share repurchases	—	—	—	0	0	-1B	0	0	—	—
Financing cash flow	-439M	824M	690M	67M	90M	-8.1B	709M	650M	435M	2.1B
Net change in cash	-419M	73M	453M	-1.6B	-1.5B	3.5B	-1B	2.5B	2.9B	747M
Free cash flow	-30M	-672M	-417M	184M	476M	297M	-425M	-632M	-465M	-1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	230M	113M	307M	190M	214M	177M	414M	183M	318M	266M	452M	230M
Depreciation & amortization	336M	334M	340M	342M	336M	339M	342M	353M	355M	366M	389M	389M
Stock-based compensation	—	11M	—	—	—	—	—	—	—	—	23M	8M
Change in working capital	100M	-158M	-370M	312M	49M	30M	-253M	83M	114M	-106M	-198M	25M
Operating cash flow	662M	159M	362M	828M	670M	534M	509M	602M	966M	548M	557M	583M
Capital expenditure	—	—	—	—	—	—	—	-930M	-1.1B	-1.2B	-1.1B	-1.3B
Investing cash flow	8M	5M	5M	0	-4M	-14M	10M	-930M	-1.1B	-1.1B	-1B	-1.4B
Dividends paid	-178M	-178M	-177M	-190M	-190M	-190M	-190M	-202M	-201M	-201M	-202M	-214M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	606M	562M	248M	-696M	764M	119M	271M	306M	982M	778M	654M	-134M
Net change in cash	1.3B	726M	615M	132M	1.4B	639M	790M	-22M	801M	182M	165M	-912M
Free cash flow	155M	-539M	-314M	96M	102M	-349M	-280M	-328M	-179M	-614M	-501M	-698M

Date	Ratio
Jun 2, 2015	10000:9314
Aug 25, 2005	2:1
May 12, 1992	2:1

PPL Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history