PPL Corporation is a US-based utility company founded in 1920 that provides regulated electric and natural gas services, primarily serving over 2 million customers. It operates under a rate-based revenue model that delivers stable cash flows and supports investments in both traditional and renewable energy, notably wind power. Under the leadership of CEO Thomas A. Laughlin, the company is modernizing its grid infrastructure while preparing for an energy transition. These strategic initiatives set the foundation for steady long-term performance amid evolving regulatory and market dynamics.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
9,042,000
8,462,000
8,312,000
7,902,000
Fuel and Purchased Power Expense
2,747,000
2,462,000
2,574,000
4,084,000
Operations and Maintenance Expenses
2,431,000
2,607,000
2,462,000
1,181,000
Gross Profit
3,864,000
3,393,000
3,276,000
2,637,000
Depreciation & Amortization Expenses
1,312,000
1,279,000
1,254,000
332,000
Taxes Other than Income Tax
423,000
374,000
392,000
332,000
Other Operating Expenses
—
—
—
(931,000)
Operating Profit
2,129,000
1,740,000
1,630,000
1,374,000
Interest Expense
(808,000)
(738,000)
(666,000)
(513,000)
Non-Operating Income
151,000
114,000
(40,000)
54,000
Total Non-Operating Income
(657,000)
(624,000)
(706,000)
(459,000)
Income Before Provision for Income Taxes
1,472,000
1,116,000
924,000
714,000
Provision for Income Taxes
291,000
228,000
184,000
201,000
Consolidated Net Income
1,181,000
888,000
740,000
714,000
Net Income Attributable to Discontinued Operations
—
—
—
0
Net Income Attributable to Common Shareholders
1,181,000
888,000
740,000
756,000
Basic EPS
1.60
1.20
1.00
1.03
Diluted EPS
1.59
1.20
1.00
1.02
Basic Weighted Average Shares Outstanding
739,406
737,756
737,036
736,027
Diluted Weighted Average Shares Outstanding
743,348
739,853
738,166
736,902
Shares Outstanding
751,041
738,033
737,130
736,487
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
1,071,000
306,000
331,000
356,000
Total Cash and Cash Equivalents
1,071,000
306,000
331,000
356,000
Accounts Receivable
1,666,000
1,446,000
1,378,000
1,448,000
Other Receivables
117,000
76,000
271,000
150,000
Total Trade Receivables
1,783,000
1,522,000
1,649,000
1,598,000
Inventories
551,000
511,000
505,000
443,000
Short-Term Regulatory Assets
308,000
320,000
293,000
258,000
Other Current Assets
218,000
221,000
154,000
169,000
Total Current Assets
3,931,000
2,880,000
2,932,000
2,824,000
Net Property, Plant & Equipment
36,132,000
33,149,000
31,418,000
30,238,000
Net Intangible Assets
327,000
314,000
306,000
313,000
Goodwill
2,247,000
2,247,000
2,247,000
2,248,000
Long-Term Regulatory Assets
2,092,000
2,060,000
1,874,000
1,819,000
Other Long-Term Assets
515,000
419,000
459,000
395,000
Total Assets
45,244,000
41,069,000
39,236,000
37,837,000
Accounts Payable
1,559,000
1,196,000
1,104,000
1,201,000
Accrued Expenses
385,000
260,000
254,000
221,000
Short-Term Debt
456,000
303,000
992,000
985,000
Current Portion of Long-Term Debt
904,000
551,000
1,000
354,000
Short-Term Regulatory Liabilities
376,000
223,000
225,000
238,000
Other Current Liabilities
866,000
800,000
764,000
790,000
Total Current Liabilities
4,546,000
3,333,000
3,340,000
3,789,000
Long-Term Debt
17,990,000
15,952,000
14,611,000
12,889,000
Long-Term Regulatory Liabilities
3,318,000
3,335,000
3,340,000
3,412,000
Other Long-Term Liabilities
4,509,000
4,372,000
4,012,000
3,829,000
Total Long-Term Liabilities
25,817,000
23,659,000
21,963,000
20,130,000
Total Liabilities
30,363,000
26,992,000
25,303,000
23,919,000
Common Stock
8,000
8,000
8,000
8,000
Treasury Stock
(575,000)
(928,000)
(948,000)
(967,000)
Additional Paid-in Capital
12,443,000
12,346,000
12,326,000
12,317,000
Accumulated Other Comprehensive Income
(202,000)
(184,000)
(163,000)
(124,000)
Retained Earnings
3,207,000
2,835,000
2,710,000
2,681,000
Total Common Shareholders' Equity
14,881,000
14,077,000
13,933,000
13,915,000
Minority Interests and Other
—
—
—
3,000
Total Shareholders' Equity
14,881,000
14,077,000
13,933,000
13,918,000
Total Liabilities and Shareholders' Equity
45,244,000
41,069,000
39,236,000
37,837,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
1,181,000
888,000
740,000
1,428,000
Depreciation & Amortization
1,416,000
1,357,000
1,335,000
1,233,000
Share-Based Compensation Expense
49,000
46,000
33,000
37,000
Other Adjustments
62,000
107,000
220,000
237,000
Changes in Trade Receivables
(207,000)
254,000
(170,000)
(373,000)
Changes in Inventories
(73,000)
(57,000)
128,000
(90,000)
Changes in Accounts Payable
(12,000)
(41,000)
(72,000)
358,000
Changes in Accrued Expenses
162,000
(68,000)
(37,000)
1,000
Changes in Income Taxes Payable
43,000
(34,000)
1,000
(80,000)
Changes in Other Operating Activities
8,000
(112,000)
(420,000)
(307,000)
Cash from Operating Activities
2,629,000
2,340,000
1,758,000
1,730,000
Capital Expenditure
(4,030,000)
(2,805,000)
(2,390,000)
(2,155,000)
Payments for Business Acquisitions
—
—
—
(3,660,000)
Proceeds from Business Divestments
—
—
—
146,000
Other Investing Activities
26,000
(13,000)
7,000
15,000
Cash from Investing Activities
(4,004,000)
(2,818,000)
(2,383,000)
(5,654,000)
Issuance of Long-Term Debt
3,045,000
1,894,000
3,252,000
850,000
Repayments of Long-Term Debt
(616,000)
—
(1,854,000)
(264,000)
Net Issuance / (Repayments) of Long-Term Debt
2,429,000
1,894,000
1,398,000
586,000
Issuance of Common Shares
401,000
2,000
5,000
—
Net Issuance / (Repurchases) of Common Shares
401,000
2,000
5,000
—
Common Share Dividends Paid
(794,000)
(747,000)
(704,000)
(787,000)
Other Financing Activities
86,000
(714,000)
(49,000)
910,000
Cash from Financing Activities
2,122,000
435,000
650,000
709,000
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash