PPL

MKT CAP:$29B

PPL Corporation

Market Cap

$29B

Utilities·Regulated Electric·🇺🇸 United States·NYSE

Utilities·Regulated Electric·🇺🇸·NYSE

Stock Price

$38.83+$3.72 (+10.58%)

Apr 24, 2026

Company Details

PPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates through two segments: Kentucky Regulated and Pennsylvania Regulated. It serves approximately ...

CEO

Vincent Sorgi

IPO Date

Mar 17, 1980

Website

www.pplweb.com

Key Metrics TTM

Revenue

$9.0B

+6.9% YoY

Net Income

$1.2B

EPS (Diluted)

$1.60

Free Cash Flow

-$1.4B

Revenue / Share

$12.13

Gross Margin

39.1%

Operating Margin

23.6%

Net Margin

13.1%

FCF Margin

-15.5%

P/S

3.2x

P/E

24.7x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 20, 2026

$9.0B+6.9%EPS $1.60

Q4 2025

Feb 20, 2026

$2.3B+2.8%EPS $0.36

Q3 2025

Nov 5, 2025

$2.2B+8.4%EPS $0.43

Q2 2025

Jul 31, 2025

$2.0B+7.7%EPS $0.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$1.9B	$1.1B	$704M
Q1 22	$1.8B	$785M	$454M
Q2 22	$1.7B	$602M	$243M
Q3 22	$2.1B	$753M	$341M
Q1 23	$2.4B	$921M	$498M
Q2 23	$1.8B	$707M	$305M
Q3 23	$2.0B	$851M	$437M
Q4 23	$2.0B	$797M	$390M
Q1 24	$2.3B	$949M	$545M
Q2 24	$1.9B	$802M	$390M
Q3 24	$2.1B	$840M	$428M
Q4 24	$2.2B	$802M	$377M
Q1 25	$2.5B	$1.1B	$678M
Q2 25	$2.0B	$831M	$406M
Q3 25	$2.2B	$1.0B	$569M
Q4 25	$2.3B	$587M	$478M

Valuation

Quarter	P/S	P/E
Q4 20	2.7x	13.3x
Q1 22	2.7x	14.6x
Q2 22	2.7x	19.3x
Q3 22	2.5x	22.4x
Q1 23	2.5x	23.9x
Q2 23	2.4x	28.5x
Q3 23	2.0x	20.8x
Q4 23	2.5x	27.9x
Q1 24	2.5x	26.6x
Q2 24	2.4x	24.0x
Q3 24	2.9x	29.6x
Q4 24	2.8x	26.9x
Q1 25	3.1x	26.8x
Q2 25	2.8x	25.4x
Q3 25	3.1x	25.1x
Q4 25	2.9x	22.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$499M	-$81M
Q1 22	$502M	$75M
Q2 22	$477M	-$105M
Q3 22	$532M	$26M
Q1 23	$430M	-$69M
Q2 23	$412M	-$179M
Q3 23	$806M	$155M
Q4 23	$110M	-$539M
Q1 24	$282M	-$314M
Q2 24	$766M	$96M
Q3 24	$781M	$102M
Q4 24	$511M	-$349M
Q1 25	$513M	-$280M
Q2 25	$602M	-$328M
Q3 25	$966M	-$179M
Q4 25	$548M	-$614M

Capital Expenditures

Quarter	CapEx
Q4 20	$580M
Q1 22	$427M
Q2 22	$582M
Q3 22	$506M
Q1 23	$499M
Q2 23	$591M
Q3 23	$651M
Q4 23	$649M
Q1 24	$596M
Q2 24	$670M
Q3 24	$679M
Q4 24	$860M
Q1 25	$793M
Q2 25	$930M
Q3 25	$1.1B
Q4 25	$1.2B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-7.2%	-5.6%
Q1 22	-1.2%	+14.2%
Q2 22	-12.3%	+20.4%
Q3 22	+9.2%	+42.2%
Q1 23	+25.2%	+56.5%
Q2 23	+2.3%	+14.3%
Q3 23	+20.5%	+10.5%
Q4 23	-4.8%	-8.5%
Q1 24	-4.6%	-8.2%
Q2 24	+3.2%	-1.8%
Q3 24	+1.1%	+2.0%
Q4 24	+8.9%	+11.8%
Q1 25	+8.7%	+3.8%
Q2 25	+7.7%	+8.6%
Q3 25	+8.4%	+2.0%
Q4 25	+2.8%	-2.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$12M	0.6%
Q1 22	$11M	0.6%
Q2 22	$7M	0.4%
Q3 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$11M	0.5%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q2 23	$1M

Revenue Segments

Quarter	Kentucky Regulated	Pennsylvania Regulated	Rhode Island Regulated
Q1 22	$1.0B	$775M	—
Q2 22	$884M	$676M	$128M
Q3 22	$978M	$766M	$427M
Q1 23	$960M	$891M	$599M
Q2 23	$778M	$668M	$379M
Q3 23	$893M	$737M	$416M
Q4 23	$821M	$712M	$457M
Q1 24	$989M	$770M	$551M
Q2 24	$821M	$673M	$391M
Q3 24	$910M	$716M	$458M
Q4 24	$862M	$717M	$624M
Q1 25	$1.1B	$819M	$671M
Q2 25	$837M	$700M	$507M
Q3 25	$944M	$786M	$514M
Q4 25	$917M	$812M	$610M

Revenue by Geography

Quarter	Kentucky Regulated	Pennsylvania Regulated	United Kingdom Regulated	Rhode Island Regulated
Q4 20	$775M	$582M	$558M	—
Q1 22	$1.0B	$775M	—	—
Q2 22	$884M	$676M	—	$128M
Q3 22	$978M	$766M	—	$427M
Q1 23	$960M	$891M	—	$599M
Q2 23	$778M	$668M	—	$379M
Q3 23	$893M	$737M	—	$416M
Q4 23	$821M	$712M	—	$457M
Q1 24	$989M	$770M	—	$551M
Q2 24	$821M	$673M	—	$391M
Q3 24	$910M	$716M	—	$458M
Q4 24	$862M	$717M	—	$624M
Q1 25	$1.1B	$819M	—	$671M
Q2 25	$837M	$700M	—	$507M
Q3 25	$944M	$786M	—	$514M
Q4 25	$917M	$812M	—	$610M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$4.2B	$0	$4.2B
Q2 22	$336M	$0	$336M
Q3 22	$303M	$0	$303M
Q4 22	$356M	$0	$356M
Q1 23	$460M	$0	$460M
Q2 23	$326M	$0	$326M
Q3 23	$353M	$0	$353M
Q4 23	$331M	$0	$331M
Q1 24	$276M	$0	$276M
Q2 24	$282M	$0	$282M
Q3 24	$542M	$0	$542M
Q4 24	$306M	$0	$306M
Q1 25	$312M	$0	$312M
Q2 25	$294M	$0	$294M
Q3 25	$1.1B	$0	$1.1B
Q4 25	$1.1B	$0	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	770M	+2.0%	+5.4%
Q1 22	736M	-4.4%	+0.7%
Q2 22	737M	+0.1%	+0.8%
Q3 22	737M	+0.0%	-2.3%
Q1 23	738M	+0.1%	-4.2%
Q2 23	738M	+0.1%	+0.3%
Q3 23	738M	+0.0%	+0.2%
Q4 23	739M	+0.1%	+0.2%
Q1 24	739M	+0.0%	+0.2%
Q2 24	740M	+0.1%	+0.2%
Q3 24	740M	+0.1%	+0.2%
Q4 24	741M	+0.1%	+0.3%
Q1 25	741M	+0.0%	+0.3%
Q2 25	743M	+0.2%	+0.4%
Q3 25	744M	+0.2%	+0.6%
Q4 25	745M	+0.1%	+0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$156.6K	12K
Q1 22	$317.8K	6K
Q2 22	$302.5K	6K
Q3 22	$380.6K	6K
Q1 23	$370.0K	7K
Q2 23	$279.3K	7K
Q3 23	$313.0K	7K
Q4 23	$306.4K	7K
Q1 24	$347.6K	7K
Q2 24	$283.8K	7K
Q3 24	$311.7K	7K
Q4 24	$332.3K	7K
Q1 25	$376.4K	7K
Q2 25	$304.4K	7K
Q3 25	$336.5K	7K
Q4 25	$8M	300

Revenue / Employee