PPL achieved a 10.8% year-over-year revenue growth in 2026Q1, maintaining a robust 26.6% operating margin through effective management of its regulated utility portfolio.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 9.31B | 9.04B | 8.46B | 8.31B | 7.9B | 5.78B | 5.47B | 5.6B | 7.79B | 7.45B | 7.52B | 7.67B | 7.85B | 7.26B | 12.13B | 12.74B | 8.52B | 7.45B | 8.01B | 6.5B | 6.13B | 5.54B | 5.75B | 5.58B | 5.48B | 5.12B | 4.54B | 4.59B | 3.79B | 3.08B | 2.91B |
| Revenue Growth % | 7.52% | 6.85% | 1.8% | 5.19% | 36.64% | 5.64% | -2.28% | -28.04% | 4.54% | -0.93% | -1.98% | -2.33% | 8.11% | -40.13% | -4.75% | 49.48% | 14.39% | -6.97% | 23.22% | 5.99% | 10.69% | -3.74% | 3.03% | 1.9% | 7.16% | 12.54% | -0.98% | 21.24% | 23.04% | 5.74% | 5.75% |
| Cost of Revenue | 6.04B | 5.51B | 5.07B | 5.04B | 5.01B | 3.07B | 2.69B | 2.94B | 3.53B | 3.25B | 3.35B | 3.66B | 3.75B | 3.56B | 7.67B | 8.35B | 5.86B | 3.7B | 4.99B | 1.63B | 763M | 796M | 1.64B | 1.65B | 1.5B | 1.51B | 1.32B | 2.01B | 1.55B | 980M | 800M |
| Gross Profit | 3.28B | 3.53B | 3.39B | 3.28B | 2.89B | 2.71B | 2.79B | 2.66B | 4.26B | 4.2B | 4.16B | 4.01B | 4.11B | 3.7B | 4.46B | 4.39B | 2.66B | 3.75B | 3.02B | 4.87B | 5.37B | 4.74B | 4.12B | 3.93B | 3.98B | 3.6B | 3.22B | 2.58B | 2.23B | 2.1B | 2.11B |
| Gross Margin % | 35.2% | 39.05% | 40.1% | 39.41% | 36.54% | 46.91% | 50.93% | 47.5% | 54.69% | 56.41% | 55.38% | 52.33% | 52.31% | 50.97% | 36.8% | 34.44% | 31.22% | 50.33% | 37.72% | 74.98% | 87.56% | 85.63% | 71.57% | 70.44% | 72.63% | 70.42% | 70.91% | 56.21% | 58.98% | 68.15% | 72.51% |
| Gross Profit Growth % | - | 4.07% | 3.57% | 13.47% | 6.41% | -2.69% | 4.77% | -37.51% | 1.36% | 0.91% | 3.74% | -2.29% | 10.94% | -17.09% | 1.78% | 64.92% | -29.05% | 24.14% | -38.01% | -9.24% | 13.18% | 15.18% | 4.68% | -1.18% | 10.52% | 11.76% | 24.92% | 15.54% | 6.49% | -0.62% | 4.32% |
| Operating Expenses | 1.09B | 1.4B | 1.65B | 1.65B | 1.51B | 1.29B | 1.2B | 1.14B | 1.41B | 1.3B | 1.23B | 1.18B | 1.24B | 1.14B | 1.44B | 1.29B | 794M | 2.85B | 1.23B | 3.19B | 3.86B | 3.47B | 2.71B | 2.57B | 2.73B | 2.75B | 2.03B | 1.71B | 1.31B | 1.3B | 1.3B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 3.64B | 3.54B | 3.1B | 2.96B | 2.61B | 2.54B | 2.67B | 2.53B | 4.02B | 4.01B | 3.94B | 3.77B | 3.85B | 3.47B | 4.31B | 4.32B | 2.65B | 1.76B | 2.25B | 2.57B | 2.26B | 1.99B | 2.1B | 1.99B | 1.73B | 1.34B | 1.58B | 1.08B | 1.32B | 1.25B | 1.25B |
| EBITDA Margin % | 39.13% | 39.1% | 36.6% | 35.67% | 32.99% | 44.01% | 48.7% | 45.22% | 51.69% | 53.79% | 52.44% | 49.2% | 49.1% | 47.78% | 35.54% | 33.89% | 31.05% | 23.57% | 28.15% | 39.61% | 36.93% | 36% | 36.44% | 35.63% | 31.62% | 26.2% | 34.68% | 23.62% | 34.76% | 40.72% | 42.82% |
| EBITDA Growth % | 12.75% | 14.14% | 4.45% | 13.73% | 2.44% | -4.54% | 5.25% | -37.05% | 0.45% | 1.62% | 4.48% | -2.13% | 11.1% | -19.53% | -0.09% | 63.11% | 50.68% | -22.09% | -12.43% | 13.69% | 13.54% | -4.91% | 5.38% | 14.83% | 29.33% | -14.97% | 45.39% | -17.63% | 5.03% | 0.56% | 1.42% |
| Depreciation & Amortization | 1.45B | 1.4B | 1.36B | 1.33B | 1.23B | 1.12B | 1.08B | 1.01B | 1.17B | 1.1B | 1.01B | 942M | 988M | 909M | 1.29B | 1.22B | 780M | 860M | 461M | 891M | 755M | 721M | 691M | 624M | 487M | 490M | 382M | 212M | 396M | 0 | 0 |
| D&A / Revenue % | 15.6% | 15.53% | 16.04% | 16.06% | 15.6% | 19.38% | 19.73% | 17.98% | 15.05% | 14.84% | 13.38% | 12.28% | 12.58% | 12.52% | 10.6% | 9.54% | 9.15% | 11.55% | 5.76% | 13.71% | 12.31% | 13.02% | 12.01% | 11.17% | 8.89% | 9.58% | 8.4% | 4.62% | 10.46% | 0% | 0% |
| Operating Income (EBIT) | 2.19B | 2.13B | 1.74B | 1.63B | 1.37B | 1.42B | 1.59B | 1.53B | 2.85B | 2.9B | 2.94B | 2.83B | 2.87B | 2.56B | 3.03B | 3.1B | 1.87B | 896M | 1.79B | 1.68B | 1.51B | 1.27B | 1.41B | 1.37B | 1.25B | 850M | 1.19B | 872M | 920M | 800M | 809M |
| Operating Margin % | 23.53% | 23.57% | 20.56% | 19.61% | 17.39% | 24.62% | 28.97% | 27.24% | 36.63% | 38.96% | 39.06% | 36.91% | 36.51% | 35.26% | 24.94% | 24.35% | 21.9% | 12.03% | 22.39% | 25.9% | 24.61% | 22.98% | 24.44% | 24.46% | 22.73% | 16.62% | 26.27% | 19% | 24.3% | 26% | 27.8% |
| Operating Income Growth % | - | 22.47% | 6.75% | 18.63% | -3.51% | -10.21% | 3.93% | -46.49% | -1.69% | -1.19% | 3.71% | -1.26% | 11.95% | -15.37% | -2.42% | 66.18% | 108.26% | -50.03% | 6.54% | 11.53% | 18.54% | -9.46% | 2.93% | 9.63% | 46.59% | -28.81% | 36.93% | -5.22% | 15% | -1.11% | -3.16% |
| Interest Expense | 4M | 808M | 738M | 666M | 513M | 918M | 634M | 621M | 963M | 901M | 888M | 871M | 843M | 778M | 951M | 898M | 593M | 387M | 455M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.82x | 2.51x | 2.39x | 2.78x | 1.57x | 2.50x | 2.48x | 3.37x | 3.12x | 3.87x | 3.37x | 3.53x | 3.22x | 3.11x | 3.45x | 3.09x | 2.39x | 3.98x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.04% | 8.94% | 8.72% | 8.01% | 6.49% | 15.87% | 11.58% | 11.09% | 12.37% | 12.1% | 11.81% | 11.36% | 10.74% | 10.71% | 7.84% | 7.05% | 6.96% | 5.2% | 5.68% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 1.52B | 1.47B | 1.12B | 924M | 915M | 521M | 954M | 919M | 2.29B | 1.91B | 2.55B | 2.07B | 2.13B | 1.73B | 2.01B | 2.2B | 1.24B | 538M | 1.36B | 1.3B | 1.12B | 821M | 909M | 941M | 637M | 482M | 807M | 678M | 663M | 557M | 610M |
| Pretax Margin % | 16.28% | 16.28% | 13.19% | 11.12% | 11.58% | 9.01% | 17.43% | 16.4% | 29.35% | 25.67% | 33.92% | 26.97% | 27.11% | 23.79% | 16.56% | 17.28% | 14.54% | 7.22% | 16.95% | 20.02% | 18.28% | 14.82% | 15.8% | 16.85% | 11.62% | 9.42% | 17.76% | 14.77% | 17.51% | 18.1% | 20.96% |
| Income Tax | 297M | 291M | 228M | 184M | 201M | 503M | 314M | 183M | 458M | 784M | 648M | 465M | 692M | 360M | 518M | 691M | 263M | 105M | 430M | 270M | 268M | 128M | 201M | 179M | 210M | 261M | 294M | 174M | 259M | 237M | 253M |
| Effective Tax Rate % | 19.59% | 19.77% | 20.43% | 19.91% | 21.97% | 96.55% | 32.91% | 19.91% | 20.04% | 41% | 25.41% | 22.49% | 32.5% | 20.83% | 25.78% | 31.39% | 21.23% | 19.52% | 31.69% | 20.75% | 23.91% | 15.59% | 22.11% | 19.02% | 32.97% | 54.15% | 36.43% | 25.66% | 39.06% | 42.55% | 41.48% |
| Net Income | 1.22B | 1.18B | 888M | 740M | 756M | -1.48B | 1.47B | 1.75B | 1.83B | 1.13B | 1.9B | 682M | 1.74B | 1.13B | 1.53B | 1.5B | 938M | 407M | 930M | 1.31B | 827M | 678M | 696M | 763M | 275M | 231M | 524M | 458M | -544M | 320M | 357M |
| Net Margin % | 13.09% | 13.06% | 10.49% | 8.9% | 9.57% | -25.59% | 26.84% | 31.17% | 23.47% | 15.15% | 25.3% | 8.89% | 22.12% | 15.56% | 12.58% | 11.74% | 11.01% | 5.46% | 11.61% | 20.1% | 13.49% | 12.24% | 12.1% | 13.66% | 5.02% | 4.52% | 11.53% | 9.98% | -14.37% | 10.4% | 12.27% |
| Net Income Growth % | 22.51% | 33% | 20% | -2.12% | 151.08% | -200.75% | -15.86% | -4.43% | 61.97% | -40.69% | 178.89% | -60.74% | 53.72% | -25.95% | 2.07% | 59.38% | 130.47% | -56.24% | -28.79% | 57.92% | 21.98% | -2.59% | -8.78% | 177.45% | 19.05% | -55.92% | 14.41% | 184.19% | -270% | -10.36% | 1.85% |
| EPS (Diluted) | 1.61 | 1.60 | 1.20 | 1.00 | 1.02 | -1.93 | 1.91 | 2.37 | 2.58 | 1.64 | 2.79 | 1.01 | 2.61 | 1.76 | 2.60 | 2.61 | 2.17 | 1.08 | 2.47 | 3.35 | 2.24 | 1.65 | 1.87 | 2.17 | 0.68 | 0.61 | 1.72 | 1.42 | -1.73 | 0.90 | 1.02 |
| EPS Growth % | 21.48% | 33.33% | 20% | -1.96% | 152.85% | -201.05% | -19.41% | -8.14% | 57.32% | -41.22% | 176.24% | -61.3% | 48.3% | -32.31% | -0.38% | 20.28% | 100.93% | -56.28% | -26.27% | 49.55% | 35.76% | -11.76% | -13.82% | 219.12% | 11.48% | -64.53% | 21.13% | 182.08% | -292.22% | -11.76% | 0% |
| EPS (Basic) | - | 1.60 | 1.20 | 1.00 | 1.02 | -1.93 | 1.91 | 2.39 | 2.59 | 1.64 | 2.80 | 1.01 | 2.64 | 1.85 | 2.61 | 2.61 | 2.17 | 1.08 | 2.48 | 3.39 | 2.27 | 1.67 | 1.89 | 2.22 | 0.69 | 0.61 | 1.73 | 1.42 | -1.73 | 0.90 | 1.02 |
| Diluted Shares Outstanding | 757.16M | 745.14M | 739.85M | 738.17M | 736.9M | 764.82M | 769.38M | 736.75M | 708.62M | 687.33M | 680.45M | 672.59M | 665.97M | 663.07M | 581.63M | 550.95M | 431.57M | 376.41M | 374.9M | 384.48M | 362.95M | 409.7M | 372.19M | 350.8M | 305.88M | 293.44M | 289.53M | 304.23M | 334.01M | 328.89M | 320.98M |
Regulatory and political transition risk in Kentucky
According to recent financial disclosures, PPL achieved a 10.8% year-over-year revenue growth in 2026Q1, reflecting the successful integration of rate base investments across its US jurisdictions, which appears to be translating into improved top-line momentum compared to the more volatile performance observed throughout the 2024 fiscal year.
The revenue trajectory suggests that PPL is effectively deploying capital into its rate base, allowing for timely recovery through established regulatory mechanisms. Investors should monitor whether this growth remains sustainable or if it is heavily dependent on specific, non-recurring rate case outcomes that may not repeat in future periods.
As reported in quarterly filings, PPL maintained an operating margin of 26.6% in 2026Q1, suggesting that the company is successfully navigating the regulatory compacts in Pennsylvania, Kentucky, and Rhode Island to preserve profitability despite the inherent pressures of managing a large, geographically diverse utility infrastructure portfolio.
The consistency in operating margins indicates that PPL is likely earning returns close to its authorized levels, minimizing the impact of regulatory lag. However, the gap between authorized and earned ROE warrants further investigation, as any deterioration could signal a weakening relationship with state utility commissions.
Based on the provided income statement data, PPL’s ability to manage depreciation and amortization costs, which reached $391 million in 2026Q1, appears to be a critical factor in maintaining earnings power while fuel and purchased power costs are largely treated as pass-through items within the regulatory framework.
The reliance on automatic adjustment mechanisms for fuel costs protects the bottom line from commodity price volatility, though it does not eliminate the risk of consumer rate shock. Analysts should evaluate whether the company's efficiency programs are successfully offsetting inflationary pressures in non-fuel operating expenses.
Financial statements indicate that PPL’s EPS growth of 7.1% in 2026Q1 reflects a more stable earnings profile following the strategic divestiture of UK assets, suggesting that the current earnings power is increasingly derived from predictable, regulated US utility operations rather than non-recurring or international market fluctuations.
While the headline EPS growth appears positive, investors should be cautious of potential distortions from weather-normalization adjustments or one-time regulatory settlements. The core regulated earnings growth rate remains the most important metric for assessing long-term value creation.
As evidenced by the consistent investment in infrastructure, PPL’s multi-billion dollar capital expenditure plan appears to be the primary engine for future earnings growth, with the company effectively converting construction work in progress into rate base assets that support long-term, predictable returns for shareholders.
The relationship between incremental CAPEX and EPS growth suggests that PPL is successfully executing its modernization strategy. It remains to be seen whether this level of investment will continue to yield similar returns as the company transitions its generation fleet in Kentucky.
Analysis of the reported figures suggests that PPL faces significant political friction regarding its coal-to-clean energy transition in Kentucky, a factor that may not be fully captured in current earnings but could compress future ROEs if regulators become more adversarial toward the recovery of these costs.
The income statement may mask the long-term liabilities associated with decommissioning legacy generation assets, which could create future earnings pressure. Investors should remain skeptical of the sustainability of current authorized ROEs if the political environment in its service territories shifts toward a more consumer-centric stance.
Quick answers to the most common questions about buying PPL stock.
For fiscal year 2025, PPL Corporation (PPL) reported total revenue of $9.04B. This represents a 210.7% increase compared to $2.91B in 1996.
PPL Corporation (PPL) is profitable, generating $1.18B in net income for the fiscal year ending 2025 with a net profit margin of 13.1%.
PPL Corporation (PPL) reported an operating income of $2.13B, resulting in an operating profit margin of 23.6%. This margin reflects the operational efficiency of the business before interest and taxes.
PPL Corporation (PPL) generated $3.53B in gross profit for the year, representing a gross profit margin of 39.1%. This demonstrates the company's core pricing power and production efficiency.