Revenue grew 4.2% YoY to $2.1B in Q2 2026, with operating margin at 22.5% and EPS of $0.30, reflecting rate base expansion and stable regulatory margins.
PPL Corporation (PPL) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 9.4B | 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 % | 6.73% | 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 | 6.14B | 5.18B | 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 | 3.25B | 3.86B | 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 % | 34.63% | 42.73% | 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 % | - | 13.88% | 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 | 997M | 1.74B | 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 | 3.73B | 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 % | 39.71% | 39.21% | 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 % | 14.44% | 14.47% | 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 | 1.47B | 1.42B | 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 % | 15.68% | 15.66% | 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) | 2.26B | 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 % | 24.02% | 23.55% | 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 % | - | 22.36% | 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 | 1.57B | 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 % | 16.73% | 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 | 306M | 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 % | 19.47% | 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 | 1.27B | 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 % | 13.47% | 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 % | 28.14% | 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) | 1.67 | 1.59 | 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 % | 26.12% | 32.5% | 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) | - | 1.59 | 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 | 757.23M | 743.35M | 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 |
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 23.5%. This margin reflects the operational efficiency of the business before interest and taxes.
PPL Corporation (PPL) generated $3.86B in gross profit for the year, representing a gross profit margin of 42.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory approval and leverage
Metrics are mathematically derived from official filings.
Rate Base Expansion Drives Revenue
PPL's revenue grew 4.2% year-over-year in Q2 2026, reaching $2.1B, driven by rate base expansion from its $23B capex plan, as reported in quarterly filings.
The revenue trajectory reflects the ongoing recovery of capital investments through rate cases, particularly in Pennsylvania and Kentucky. The 10.8% growth in Q1 2026 suggests a step-up in rate base additions, likely from the Narragansett acquisition and grid modernization. However, the deceleration to 4.2% in Q2 indicates timing of rate case implementations, with future growth dependent on regulatory approvals.
Earned Returns Near Authorized Levels
Operating margin of 22.5% in Q2 2026, down from 26.6% in Q1, suggests earned ROE is tracking close to authorized levels, with regulatory lag minimal.
The sequential margin decline is typical of seasonal patterns, but the year-over-year improvement from 20.0% in Q2 2025 indicates constructive rate case outcomes. The consistency of operating margins around 20-27% across quarters suggests the regulatory compact is functioning, though the gap between authorized and earned ROE may widen if costs escalate faster than rate relief.
Fuel Costs Pass-Through Smoothly
Fuel and purchased power costs are largely pass-through, as evidenced by stable gross margins despite revenue fluctuations, with no material impact on earnings power.
The gross margin of 39.05% is structurally constrained by pass-through mechanisms, and the operating margin of 23.57% indicates efficient cost recovery. The absence of fuel cost volatility in net income suggests automatic adjustment mechanisms are working, though the Kentucky segment's coal-heavy generation may face higher compliance costs that could pressure margins if not fully recovered.
Earnings Quality Solid, Weather-Adjusted
Q2 2026 EPS of $0.30 missed estimates by $0.01, but maintained guidance suggests weather-normalized earnings are on track, with non-recurring items limited.
The EPS miss appears timing-related, as management reaffirmed full-year guidance. The 20% EPS growth in Q2 2026 versus prior year is partly due to a low base, but the underlying regulated earnings power is stable. Investors should monitor for integration costs from the Narragansett acquisition, which may distort GAAP earnings in the near term.
Capex Translating to Rate Base Growth
PPL's $23B capex plan is expected to drive mid-to-high single-digit EPS growth, with rate base expansion evident in revenue growth of 4.2% in Q2 2026.
The capital program is heavily weighted toward grid modernization and generation transition, which should expand rate base and support earnings growth. However, the timing of rate recovery is critical; if regulatory approvals lag, the earnings benefit may be deferred. The current revenue growth suggests early success, but the full impact will depend on future rate case outcomes.
Regulatory and Leverage Risks Loom
The bull case hinges on regulatory approval of the $23B capex plan, but elevated leverage (D/E 1.30) and political friction in Kentucky could impair rate base growth.
The Q2 EPS miss, while minor, could signal emerging cost pressures. The high debt-to-equity ratio limits financial flexibility, and if rate case outcomes are unfavorable, PPL may face higher financing costs or equity dilution. Additionally, the Kentucky coal transition faces political headwinds that could delay cost recovery for new investments, potentially compressing earned ROE below authorized levels.