PPLPPL Corporation

Utilities · Electric Utilities · NYSE

PPL, headquartered in Allentown, Pennsylvania, is a utility holding company, incorporated in 1994. 10-K, Item 1

Headquarters: Allentown, PA
Next results: around Feb 19, 2027

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	1.63	Sales (ttm)	9.4B	Net income (ttm)	1.2B	Sales growth	+8.6%	EPS growth	+32.5%	Sales Q/Q	+9.4%
Free cash flow	-1.6B	Gross margin	-	Oper. margin	23.3%	Net margin	13.0%	FCF margin	-17.2%	ROE	8.1%
ROA	2.6%	R&D / sales	-	Dividend	1.09	Debt/Eq	1.35	Curr. ratio	1.00	Cash	1.2B
Op. cash flow (ttm)	2.7B	EBITDA	3.4B	EBITDA margin	37.5%	Net debt	19.0B	Quick ratio	0.88	Interest cover	2.63
ROIC	4.8%	Payout ratio	68.6%	Tax rate	19.8%	Stock pay / sales	0.5%	Shares out.	752.4M	Shares Y/Y	+0.5%
Book / share	19.96	Cash / share	1.65	Sales / share	12.51	Asset turnover	0.20	Days sales out.	44	Sales 3Y CAGR	+5.1%
Sales 5Y CAGR	+10.9%	EPS 3Y CAGR	+15.9%	EPS 5Y CAGR	-3.6%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2021

Revenue growth sped up to +8.4%+1.8% → +8.4% · Revenue FY2025 / revenue FY2021 − 1, against the same a year earlier · 10-K ↗
Operating margin widened to 23.2%20.6% → 23.2% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

PPL against Utilities peers

Ten years, side by side → · All 31 →

PPLPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 31 companies, the better end on the right. Hover a dot for the company.

Sales growth

+8.6%21st of 31 · median +9.7%

Net margin

13.0%20th of 31 · median 13.8%

Return on equity

8.1%30th of 31 · median 10.3%

Free cash flow margin

-17.2%16th of 24 · median -13.7%

Debt / equity (less is better)

1.355th of 30 · median 1.70

PPL and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
PPL PPL Corporation	$9.4B	+8.6%	-	13.0%	8.1%	-17.2%	1.35
WEC WEC Energy Group	$10.3B	+14.0%	65.9%	17.5%	12.1%	-	1.52
CNP CenterPoint Energy	$9.4B	+8.3%	99.4%	11.4%	9.4%	-28.4%	1.96
CMS CMS Energy	$8.8B	+13.6%	-	11.6%	10.5%	-	1.95
AEE Ameren	$8.7B	+15.4%	-	17.9%	11.4%	-16.0%	1.59
NI NiSource	$6.8B	+23.5%	-	13.8%	9.8%	-23.0%	1.91

Profitability

0 of 3

!
Net margin below the peer median13.0% vs 13.8%
!
Return on equity below 15%8.1%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 25.3% → 12.9%

Balance sheet

1 of 3

!
Interest covered less than 5 timesOperating income is 2.6× interest expense
!
Debt larger than equityDebt / equity 1.35 on the latest balance sheet (peer median 1.70)
✓
Current assets cover current liabilitiesCurrent ratio 1.00

Debt / equity at each year end, FY2016 to FY2025: 1.94 → 1.30

What the debt is made of ↓

Cash and shareholders

2 of 4

!
Free cash flow positive in 3 of 10 years−$1.4B last year
✓
Share count down over 5 years−3.4%
!
Dividend per share not up over 5 years$1.66 → $1.09
✓
Cash from operations above net income$2.6B vs $1.2B

Free cash flow, FY2016 to FY2025: -30.0M → -1.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Mar 31, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $456.0M Not stated $19.2B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Senior Secured Notes - First Mortgage Bonds	Secured	–	not stated	$12.2B
Senior Unsecured Notes	Secured	–	not stated	$4.3B
Exchangeable Senior Unsecured Notes	Secured	–	not stated	$2.1B
Junior Subordinated Notes	Subordinated	–	not stated	$480.0M
Commercial Paper	Commercial paper	–	floating	$456.0M

From the debt note in the 10-K's XBRL (0000922224-26-000008), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 9.2B Net income 1.2B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $9.0B of revenue came from

by segment, year to Dec 31, 2025

Kentucky Regulated $3.8B · 42%
Pennsylvania Regulated $3.1B · 34%
Rhode Island Regulated $2.2B · 24%
Corporate And Other $1.0M · 0%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

PPL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue9.2B

Net income1.2B

Free cash flow-1.4B

EPS (diluted)1.59

Dividend per share1.09

Diluted shares743.3M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Kentucky Regulated	3.8B	41.0%	+5.6%
Pennsylvania Regulated	3.1B	33.9%	+8.2%
Rhode Island Regulated	2.2B	23.6%	+7.1%
Corporate And Other	1.0M	0.0%	-

10-K 0000922224-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2021	FY2021	FY2025
Revenue	7.5B	7.4B	7.8B	5.6B	5.5B	5.8B	7.9B	8.3B	8.5B	9.2B
Operating income	2.9B	2.9B	2.9B	1.5B	1.6B	1.4B	1.4B	1.6B	1.7B	2.1B
Interest expense	888.0M	901.0M	963.0M	621.0M	634.0M	918.0M	513.0M	666.0M	738.0M	808.0M
Pretax income	2.5B	1.9B	2.3B	919.0M	954.0M	521.0M	915.0M	924.0M	1.1B	1.5B
Income tax	648.0M	784.0M	458.0M	183.0M	314.0M	503.0M	201.0M	184.0M	228.0M	291.0M
Net income	1.9B	1.1B	1.8B	1.7B	1.5B	-1.5B	756.0M	740.0M	888.0M	1.2B
EPS (diluted)	2.79	1.64	2.58	2.37	1.91	-1.93	1.02	1.00	1.20	1.59
Diluted shares	680.4M	687.3M	708.6M	736.8M	769.4M	764.8M	736.9M	738.2M	739.9M	743.3M
Depreciation & amortization	926.0M	1.0B	1.1B	949.0M	1.0B	1.1B	1.2B	1.3B	1.3B	1.3B
EBITDA	3.9B	3.9B	3.9B	2.5B	2.6B	2.5B	2.6B	2.9B	3.0B	3.4B
Operating margin	39.1%	39.0%	36.6%	27.2%	29.0%	24.4%	17.4%	19.6%	20.6%	23.2%
Net margin	25.3%	15.1%	23.5%	31.2%	26.8%	-25.4%	9.6%	8.9%	10.5%	12.9%
Revenue growth	-	-0.9%	+4.5%	-28.0%	-2.3%	+6.6%	+35.4%	+5.2%	+1.8%	+8.4%
EPS growth	-	-41.2%	+57.3%	-8.1%	-19.4%	-201%	-	-2.0%	+20.0%	+32.5%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2021	FY2021	FY2025
Cash	341.0M	485.0M	621.0M	815.0M	442.0M	3.6B	356.0M	331.0M	306.0M	1.1B
Receivables	666.0M	681.0M	663.0M	687.0M	603.0M	583.0M	896.0M	950.0M	961.0M	1.1B
Inventory	356.0M	320.0M	303.0M	332.0M	302.0M	322.0M	443.0M	505.0M	511.0M	551.0M
Current assets	2.1B	2.3B	2.4B	2.8B	20.9B	5.0B	2.8B	2.9B	2.9B	3.9B
Property & equipment	30.1B	33.1B	34.5B	36.5B	24.5B	25.5B	30.2B	31.4B	33.1B	36.1B
Goodwill	3.1B	3.3B	3.2B	3.2B	716.0M	716.0M	2.2B	2.2B	2.2B	2.2B
Total assets	38.3B	41.5B	43.4B	45.7B	48.1B	33.2B	37.8B	39.2B	41.1B	45.2B
Accounts payable	820.0M	924.0M	989.0M	956.0M	745.0M	679.0M	1.2B	1.1B	1.2B	1.6B
Current liabilities	3.8B	4.0B	4.6B	4.9B	15.1B	2.3B	3.8B	3.3B	3.3B	4.5B
Total debt	19.2B	21.3B	22.0B	23.0B	15.9B	11.2B	14.2B	15.6B	16.8B	19.4B
Shareholders' equity	9.9B	10.8B	11.7B	13.0B	13.4B	13.7B	13.9B	13.9B	14.1B	14.9B
Retained earnings	3.8B	3.9B	4.6B	5.1B	5.3B	2.6B	2.7B	2.7B	2.8B	3.2B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2021	FY2021	FY2025
Operating cash flow	2.9B	2.5B	2.8B	2.4B	2.7B	2.3B	1.7B	1.8B	2.3B	2.6B
Capital spending	2.9B	3.1B	3.2B	2.2B	2.3B	2.0B	2.2B	2.4B	2.8B	4.0B
Free cash flow	-30.0M	-672.0M	-417.0M	184.0M	476.0M	297.0M	-425.0M	-632.0M	-465.0M	-1.4B
Stock-based pay (added back)	28.0M	38.0M	26.0M	36.0M	29.0M	37.0M	37.0M	33.0M	46.0M	49.0M
Dividends paid	1.0B	1.1B	1.1B	1.2B	1.3B	1.3B	787.0M	704.0M	747.0M	794.0M
Buybacks	-	-	-	0	0	1.0B	0	0	-	-
Acquisitions	-	-	-	-	0	0	3.7B	0	0	-
Debt raised	1.3B	1.5B	1.1B	1.1B	1.8B	650.0M	850.0M	3.3B	1.9B	3.0B
Debt repaid	930.0M	168.0M	277.0M	300.0M	975.0M	4.6B	264.0M	1.9B	0	616.0M
Investing cash flow	-2.9B	-3.2B	-3.4B	-3.1B	-3.3B	8.0B	-5.7B	-2.4B	-2.8B	-4.0B
Financing cash flow	-439.0M	824.0M	690.0M	836.0M	386.0M	-7.4B	709.0M	650.0M	435.0M	2.1B
Dividend per share	1.52	1.58	1.64	1.65	1.66	1.66	0.88	0.96	1.03	1.09

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2021	FY2021	FY2025
Stock-based pay (expense)	28.0M	38.0M	26.0M	36.0M	29.0M	37.0M	37.0M	33.0M	46.0M	49.0M
Stock-based pay / revenue	0.4%	0.5%	0.3%	0.6%	0.5%	0.6%	0.5%	0.4%	0.5%	0.5%
Operating lease cost	-	-	-	30.0M	28.0M	24.0M	20.0M	20.0M	26.0M	0
Operating lease cash paid	-	-	-	26.0M	24.0M	23.0M	26.0M	26.0M	25.0M	0
Finance lease principal paid	-	-	-	-	-	0	0	0	1.0M	0
Right-of-use assets	-	-	81.0M	-	-	-	60.0M	74.0M	0	0
Operating lease liabilities	-	-	90.0M	-	-	69.0M	64.0M	84.0M	0	0

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on PPL in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/PPL/export.csv") into a cell.