PPL (PPL) Financials

$35.71 -0.04 (-0.12%)

Closing price 05/14/2026 03:59 PM Eastern

Extended Trading

$35.86 +0.16 (+0.45%)

As of 05/14/2026 07:58 PM Eastern

Annual Income Statements for PPL

This table shows PPL's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	682	1,902	1,484	1,827	1,746	1,469	-1,480	756	740	888	1,181
Consolidated Net Income / (Loss)	682	1,902	1,128	1,827	1,746	1,469	-1,480	756	740	888	1,181
Net Income / (Loss) Continuing Operations	1,603	1,902	1,128	1,827	736	640	18	714	0.00	888	1,181
Total Pre-Tax Income	2,068	2,550	1,912	2,285	919	954	521	915	924	1,116	1,472
Total Operating Income	2,831	2,936	2,901	2,852	1,526	1,586	1,424	1,374	1,630	1,740	2,129
Total Gross Profit	4,013	4,163	7,447	3,946	2,475	2,608	2,713	2,887	3,276	3,019	3,441
Total Revenue	7,669	7,517	7,447	7,785	5,602	5,474	5,783	7,902	8,312	8,462	9,042
Operating Revenue	7,669	7,517	7,447	7,785	5,602	5,474	5,783	7,902	8,312	8,462	9,042
Total Cost of Revenue	3,656	3,354	0.00	3,839	3,127	2,866	3,070	5,015	5,036	5,443	5,601
Operating Cost of Revenue	1,718	3,354	-	3,527	2,941	2,686	3,070	5,015	5,036	5,069	5,178
Other Cost of Revenue	1,938	-	-	312	186	180	-	-	-	374	423
Total Operating Expenses	1,182	1,227	4,546	1,094	949	1,022	1,289	1,513	1,646	1,279	1,312
Depreciation Expense	883	926	-	1,094	949	1,022	1,082	1,181	1,254	1,279	1,312
Total Other Income / (Expense), net	-763	-386	-989	-567	-607	-632	-903	-459	-706	-624	-657
Interest Expense	871	888	901	963	621	634	918	513	666	738	808
Other Income / (Expense), net	108	502	-88	396	14	2.00	15	54	-40	114	151
Income Tax Expense	465	648	784	458	183	314	503	201	184	228	291
Basic Earnings per Share	$1.01	$2.80	$1.64	$2.59	$2.39	$1.91	($1.93)	$1.03	$1.00	$1.20	$1.60
Weighted Average Basic Shares Outstanding	669.81M	677.59M	685.24M	704.44M	728.51M	768.59M	762.90M	736.03M	737.04M	737.76M	739.41M
Diluted Earnings per Share	$1.01	$2.79	$1.64	-	$2.37	-	($1.93)	$1.02	$1.00	$1.20	$1.59
Weighted Average Diluted Shares Outstanding	672.59M	680.45M	687.33M	708.62M	736.75M	769.38M	764.82M	736.90M	738.17M	739.85M	743.35M
Weighted Average Basic & Diluted Shares Outstanding	800.67M	806.08M	687.80M	705.40M	-	894.46M	863.77M	862.16M	863.08M	863.77M	876.79M
Cash Dividends to Common per Share	$1.50	$1.52	$1.58	-	$1.65	-	$1.66	$0.88	$0.96	$1.03	$1.09

This table shows PPL's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	230	113	307	190	214	177	414	183	318	266	452
Consolidated Net Income / (Loss)	230	113	307	190	214	177	414	183	318	266	452
Net Income / (Loss) Continuing Operations	230	740	0.00	0.00	214	674	0.00	0.00	318	449	452
Total Pre-Tax Income	288	127	388	240	272	216	516	230	398	328	560
Total Operating Income	437	390	545	390	428	377	678	406	569	476	745
Total Gross Profit	751	996	949	802	750	892	1,000	831	900	597	1,096
Total Revenue	2,043	2,031	2,304	1,881	2,066	2,211	2,504	2,025	2,239	2,274	2,774
Operating Revenue	2,043	2,031	2,304	1,881	2,066	2,211	2,504	2,025	2,239	2,274	2,774
Total Cost of Revenue	1,292	1,035	1,355	1,079	1,316	1,319	1,504	1,194	1,339	1,677	1,678
Operating Cost of Revenue	1,192	1,234	1,355	1,079	1,226	1,409	1,391	1,194	1,239	1,354	1,556
Other Cost of Revenue	100	-	-	-	90	-	113	-	100	-	122
Total Operating Expenses	314	606	404	412	322	515	322	425	331	121	351
Depreciation Expense	314	314	316	319	322	322	322	324	331	335	351
Total Other Income / (Expense), net	-149	-263	-157	-150	-156	-161	-162	-176	-171	-148	-185
Interest Expense	165	172	179	182	188	189	190	199	210	209	224
Other Income / (Expense), net	16	-91	22	32	32	28	28	23	39	61	39
Income Tax Expense	58	14	81	50	58	39	102	47	80	62	108
Weighted Average Basic Shares Outstanding	737.11M	737.04M	737.51M	737.75M	737.77M	737.76M	738.69M	739.28M	739.53M	739.41M	751.76M
Diluted Earnings per Share	$0.31	$0.15	-	-	$0.29	-	$0.00	-	$0.43	-	$0.00
Weighted Average Diluted Shares Outstanding	738.18M	738.17M	738.82M	739.56M	739.97M	739.85M	741.40M	742.54M	744.29M	743.35M	757.16M
Weighted Average Basic & Diluted Shares Outstanding	862.60M	863.08M	-	-	863.45M	863.77M	864.74M	865.00M	865.22M	876.79M	877.83M
Cash Dividends to Common per Share	-	-	$0.26	$0.26	-	$0.26	$0.27	$0.27	-	-	$0.29

This table details how cash moves in and out of PPL's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-2,505	-503	124	132	183	-217	3,129	-3,215	25	-43	574
Net Cash From Operating Activities	2,615	2,890	-2,461	2,821	2,427	2,746	2,270	1,730	1,758	2,340	2,629
Net Cash From Continuing Operating Activities	682	3,002	2,461	2,821	1,607	-1,872	1,544	0.00	0.00	0.00	0.00
Net Income / (Loss) Continuing Operations	0.00	1,902	1,128	1,827	736	640	18	714	0.00	0.00	0.00
Consolidated Net Income / (Loss)	-	1,902	1,128	1,827	1,746	1,469	-1,480	756	740	888	1,181
Depreciation Expense	883	926	1,008	1,094	949	1,022	1,082	1,181	1,254	1,279	1,312
Amortization Expense	59	80	97	78	58	58	39	52	81	78	104
Non-Cash Adjustments To Reconcile Net Income	424	555	64	-355	238	67	452	-114	218	143	-186
Changes in Operating Assets and Liabilities, net	-684	-461	164	177	-374	85	-46	-103	-520	-48	205
Net Cash From Discontinued Operating Activities	343	-	-	-	820	874	726	0.00	0.00	0.00	0.00
Net Cash From Investing Activities	-3,588	-2,926	-3,161	-3,361	-3,080	-3,258	7,957	-5,654	-2,383	-2,818	-4,004
Net Cash From Continuing Investing Activities	-3,439	-2,926	-3,161	-3,361	-2,233	-2,266	8,564	0.00	0.00	0.00	0.00
Purchase of Property, Plant & Equipment	-3,533	-2,920	-3,133	-3,238	-2,243	-2,270	-1,973	-2,155	-2,390	-2,805	-4,030
Acquisitions	-37	0.00	0.00	0.00	-	0.00	0.00	-3,660	0.00	0.00	-12
Purchase of Investments	0.00	0.00	0.00	-65	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Divestitures	-	-	-	-	0.00	0.00	10,560	146	0.00	0.00	0.00
Sale and/or Maturity of Investments	136	-	0.00	6.00	0.00	0.00	0.00	0.00	0.00	0.00	43
Other Investing Activities, net	-5.00	-6.00	-28	-64	10	4.00	-23	15	7.00	-13	26
Net Cash From Discontinued Investing Activities	-149	-	-	-	-847	-992	-607	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	68	-439	824	690	836	386	-7,390	709	650	435	2,122
Net Cash From Continuing Financing Activities	482	-439	824	690	408	99	-7,344	0.00	0.00	0.00	0.00
Repayment of Debt	-1,047	-924	-187	-297	-666	-804	-4,913	-270	-1,903	-714	-530
Repurchase of Common Equity	-	-	-	-	0.00	0.00	-1,003	0.00	0.00	0.00	0.00
Payment of Dividends	-1,004	-1,030	-1,072	-1,133	-1,192	-1,275	-1,279	-787	-704	-747	-794
Issuance of Debt	2,330	1,371	1,630	1,422	1,099	1,878	-149	1,766	3,252	1,894	2,965
Issuance of Common Equity	203	144	453	698	1,167	0.00	0.00	0.00	5.00	0.00	401
Other Financing Activities, net	0.00	0.00	-	0.00	0.00	300	0.00	0.00	0.00	0.00	-93
Net Cash From Discontinued Financing Activities	-414	-	-	-	428	287	-46	0.00	0.00	0.00	0.00
Cash Interest Paid	822	854	845	910	552	586	191	462	604	670	745
Cash Income Taxes Paid	179	70	-	127	-	4.00	284	163	281	-123	93

This table details how cash moves in and out of PPL's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	27	28	-61	3.00	259	-244	1.00	-22	801	-206	165
Net Cash From Operating Activities	806	3,406	282	766	781	511	513	602	966	548	557
Net Cash From Continuing Operating Activities	1,648	110	0.00	-	-	-	0.00	-	2,081	-2,081	0.00
Net Income / (Loss) Continuing Operations	-	113	0.00	-	711	177	0.00	183	318	-915	452
Consolidated Net Income / (Loss)	230	113	307	190	214	177	414	183	318	266	452
Depreciation Expense	314	314	316	319	322	322	322	324	331	335	351
Amortization Expense	22	20	24	23	14	17	20	29	24	31	38
Non-Cash Adjustments To Reconcile Net Income	-159	167	-12	101	9.00	-185	30	80	-133	-130	64
Changes in Operating Assets and Liabilities, net	399	-491	-353	133	222	180	-273	-14	426	33	-348
Net Cash From Discontinued Operating Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Investing Activities	-643	-644	-591	-670	-683	-874	-783	-930	-1,147	-1,144	-1,046
Net Cash From Continuing Investing Activities	-	-644	0.00	-	-	-	0.00	-	-	-	0.00
Purchase of Property, Plant & Equipment	-651	-649	-596	-670	-679	-860	-793	-930	-1,145	-1,162	-1,058
Acquisitions	-	-	0.00	-	-	-	0.00	-	-	-12	0.00
Purchase of Investments	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Divestitures	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Sale and/or Maturity of Investments	-	-	0.00	-	-	-	0.00	-	-	43	0.00
Other Investing Activities, net	8.00	5.00	5.00	-	-4.00	-14	10	-	-2.00	18	12
Net Cash From Discontinued Investing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	-136	562	248	-93	161	119	271	306	982	563	654
Net Cash From Continuing Financing Activities	-	562	0.00	-	-	-	0.00	-	-	-	0.00
Repayment of Debt	42	-83	-22	-1.00	-998	998	461	-	271	-787	-294
Repurchase of Common Equity	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Payment of Dividends	-178	-178	-177	-190	-190	-190	-190	-202	-201	-201	-202
Issuance of Debt	-	823	447	98	1,349	-689	0.00	508	912	1,070	1,150
Issuance of Common Equity	-	-	0.00	-	-	-	0.00	-	-	401	0.00
Other Financing Activities, net	-	-	0.00	-	-	-	0.00	-	-	-93	0.00
Net Cash From Discontinued Financing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Effect of Exchange Rate Changes	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Other Net Changes in Cash	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Cash Interest Paid	-	604	0.00	-	-	670	0.00	-	-	745	0.00
Cash Income Taxes Paid	-	281	0.00	-	-	-123	0.00	-	-	-	0.00

This table presents PPL's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	39,301	38,315	41,479	43,396	45,680	48,116	33,223	37,837	39,236	41,069	45,244
Total Current Assets	2,646	2,067	2,294	2,432	2,767	20,900	5,007	2,824	2,932	2,880	3,931
Cash & Equivalents	836	341	485	621	815	442	3,571	356	331	306	1,071
Note & Lease Receivable	59	46	100	107	105	86	58	150	271	76	117
Accounts Receivable	1,126	1,146	1,224	1,159	1,191	904	890	1,448	1,378	1,446	1,666
Inventories, net	357	356	320	303	332	302	322	443	505	511	551
Prepaid Expenses	66	63	66	70	79	53	60	92	103	136	106
Other Current Assets	111	91	84	63	98	130	106	335	344	405	420
Other Current Nonoperating Assets	-	-	-	-	-	18,983	0.00	0.00	0.00	0.00	0.00
Plant, Property, & Equipment, net	30,382	30,074	33,092	34,458	36,482	24,500	25,470	30,238	31,418	33,149	36,132
Plant, Property & Equipment, gross	36,230	36,221	39,987	41,869	44,646	30,545	31,999	38,636	40,597	42,860	46,461
Accumulated Depreciation	5,848	6,147	6,895	7,411	8,164	6,045	6,529	8,398	9,179	9,711	10,329
Total Noncurrent Assets	6,273	6,174	6,093	6,506	6,431	2,716	2,746	4,775	4,886	5,040	5,181
Goodwill	3,550	3,060	3,258	3,162	3,198	716	716	2,248	2,247	2,247	2,247
Intangible Assets	679	700	697	716	742	351	343	313	306	314	327
Employee Benefit Assets	-	9.00	284	535	464	0.00	0.00	-	-	-	0.00
Other Noncurrent Operating Assets	2,044	2,405	1,854	2,093	2,027	1,649	1,687	2,214	2,333	2,479	2,607
Total Liabilities & Shareholders' Equity	39,301	38,315	41,479	43,396	45,680	48,116	33,223	37,837	39,236	41,069	45,244
Total Liabilities	26,197	28,416	28,948	31,739	32,723	34,743	16,044	23,919	25,303	23,450	30,363
Total Current Liabilities	3,876	3,837	4,023	4,563	4,900	15,055	2,323	3,789	3,340	3,333	4,546
Short-Term Debt	1,401	1,441	1,428	1,960	2,323	2,242	543	1,339	993	854	1,360
Accounts Payable	812	820	924	989	956	745	679	1,201	1,104	1,196	1,559
Customer Deposits	-	276	292	257	261	0.00	-	0.00	0.00	-	0.00
Dividends Payable	255	259	273	296	317	319	-	166	173	-	198
Current Deferred & Payable Income Tax Liabilities	85	101	105	110	99	69	96	124	130	103	190
Other Current Liabilities	694	670	719	673	650	544	619	862	816	837	1,044
Other Current Nonoperating Liabilities	303	270	282	278	294	11,136	81	97	124	157	195
Total Noncurrent Liabilities	22,647	24,579	24,925	27,176	27,823	19,688	14,026	20,130	21,963	20,303	25,817
Long-Term Debt	18,563	17,808	19,847	20,069	20,721	13,615	10,666	12,889	14,611	15,952	17,990
Asset Retirement Reserve & Litigation Obligation	1,481	1,327	3,016	2,978	2,784	2,662	2,579	3,550	3,473	3,471	3,451
Noncurrent Deferred & Payable Income Tax Liabilities	128	4,021	129	2,922	3,212	2,658	119	3,124	3,219	111	3,615
Noncurrent Employee Benefit Liabilities	1,986	1,001	1,492	771	587	189	183	206	275	317	281
Other Noncurrent Operating Liabilities	489	422	441	436	519	564	479	361	385	452	480
Commitments & Contingencies	-	0.00	-	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,919	9,899	10,761	11,657	12,991	13,373	13,723	13,918	13,933	14,077	14,881
Total Preferred & Common Equity	9,919	9,899	10,761	11,657	12,991	13,373	13,723	13,915	0.00	0.00	0.00
Total Common Equity	9,873	9,899	10,673	11,657	12,991	13,373	13,723	13,915	13,933	14,077	14,881
Common Stock	9,694	9,848	10,312	11,028	12,222	12,278	12,311	12,325	12,334	12,354	12,451
Retained Earnings	2,953	3,829	3,871	4,593	5,127	5,315	2,572	2,681	2,710	2,835	3,207
Treasury Stock	-	-	-	-	-	0.00	-1,003	-967	-948	-928	-575
Accumulated Other Comprehensive Income / (Loss)	-2,774	-3,778	-3,510	-3,964	-4,358	-4,220	-157	-124	-163	-184	-202
Noncontrolling Interest	-	-	-	-	-	-	0.00	3.00	0.00	0.00	0.00

This table presents PPL's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q2 2025	Q3 2025	Q1 2026
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	6/30/2025	9/30/2025	3/31/2026
Total Assets	37,837	38,302	38,296	38,629	39,236	39,631	39,839	40,472	42,363	43,939	46,304
Total Current Assets	2,824	3,038	2,725	2,754	2,932	3,037	2,798	2,974	2,923	3,632	4,321
Cash & Equivalents	356	460	326	353	331	276	282	542	294	1,102	1,241
Note & Lease Receivable	150	121	70	49	271	271	109	61	122	101	92
Accounts Receivable	1,448	1,476	1,301	1,347	1,378	1,370	1,290	1,258	1,416	1,357	1,744
Inventories, net	443	434	474	488	505	477	502	517	504	517	536
Prepaid Expenses	92	175	189	143	103	212	211	179	192	145	190
Other Current Assets	335	372	365	374	344	431	404	417	395	410	518
Other Current Nonoperating Assets	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Plant, Property, & Equipment, net	30,238	30,457	30,762	31,070	31,418	31,747	32,173	32,627	34,356	35,153	36,737
Plant, Property & Equipment, gross	38,636	39,059	39,555	40,067	40,597	41,098	41,681	42,302	44,339	45,370	47,259
Accumulated Depreciation	8,398	8,602	8,793	8,997	9,179	9,351	9,508	9,675	9,983	10,217	10,522
Total Noncurrent Assets	4,775	4,807	4,809	4,805	4,886	4,847	4,868	4,871	5,084	5,154	5,246
Goodwill	2,248	2,248	2,247	2,247	2,247	2,247	2,247	2,247	2,247	2,247	2,247
Intangible Assets	313	310	309	307	306	304	314	314	312	312	326
Employee Benefit Assets	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Other Noncurrent Operating Assets	2,214	2,249	2,253	2,251	2,333	2,296	2,307	2,310	2,525	2,595	2,673
Total Liabilities & Shareholders' Equity	37,837	38,302	38,296	38,629	39,236	39,631	39,839	40,472	42,363	43,939	46,304
Total Liabilities	23,919	24,266	24,337	24,617	25,303	25,573	25,774	26,380	28,077	29,526	31,285
Total Current Liabilities	3,789	2,480	2,505	2,879	3,340	2,375	2,515	2,306	4,978	4,691	4,307
Short-Term Debt	1,339	104	334	378	993	292	390	1.00	2,505	2,050	1,214
Accounts Payable	1,201	1,133	975	1,178	1,104	903	980	920	1,135	1,188	1,403
Customer Deposits	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividends Payable	166	173	173	173	173	186	186	186	197	197	210
Current Deferred & Payable Income Tax Liabilities	124	82	93	109	130	83	109	122	143	132	142
Other Current Liabilities	862	824	789	821	816	697	705	849	846	887	1,094
Other Current Nonoperating Liabilities	97	164	141	220	124	214	145	228	152	237	244
Total Noncurrent Liabilities	20,130	21,786	21,832	21,738	21,963	23,198	23,259	24,074	23,099	24,835	26,978
Long-Term Debt	12,889	14,481	14,481	14,484	14,611	15,753	15,756	16,499	15,292	16,936	19,024
Asset Retirement Reserve & Litigation Obligation	3,550	3,546	3,549	3,524	3,473	3,478	3,487	3,510	3,476	3,463	3,395
Noncurrent Deferred & Payable Income Tax Liabilities	3,124	3,208	3,253	3,163	3,219	3,308	3,375	3,417	3,611	3,684	3,731
Noncurrent Employee Benefit Liabilities	206	185	192	199	275	255	234	218	294	284	272
Other Noncurrent Operating Liabilities	361	366	357	368	385	404	407	430	426	468	556
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	13,918	14,036	13,959	14,012	13,933	14,058	14,065	14,092	14,286	14,413	15,019
Total Preferred & Common Equity	13,915	14,033	13,959	14,012	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	13,915	14,033	13,959	14,012	13,933	14,058	14,065	14,092	14,286	14,413	15,019
Common Stock	12,325	12,318	12,324	12,327	12,334	12,322	12,329	12,336	12,351	12,364	12,324
Retained Earnings	2,681	2,788	2,721	2,775	2,710	2,828	2,826	2,848	3,027	3,143	3,443
Treasury Stock	-967	-950	-949	-948	-948	-931	-930	-929	-902	-901	-548
Accumulated Other Comprehensive Income / (Loss)	-124	-123	-137	-142	-163	-161	-160	-163	-190	-193	-200
Noncontrolling Interest	3.00	3.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from PPL's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2024	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.33%	-1.98%	-0.93%	4.54%	-28.04%	-2.28%	54.59%	-6.62%	5.19%	0.00%	6.85%
EBITDA Growth	-1.99%	14.51%	-11.84%	12.81%	-42.38%	4.75%	20.35%	-17.13%	9.92%	9.78%	15.10%
EBIT Growth	-1.11%	16.98%	-18.18%	15.46%	-52.59%	3.12%	16.75%	-22.98%	11.34%	16.60%	22.98%
NOPAT Growth	13.40%	-0.21%	-21.85%	33.24%	-46.41%	-12.94%	30.13%	-22.56%	21.75%	6.06%	23.37%
Net Income Growth	-60.74%	178.89%	-40.69%	61.97%	-4.43%	-15.86%	-39.55%	-14.86%	-2.12%	0.00%	33.00%
EPS Growth	-61.30%	176.24%	-41.22%	57.32%	-8.14%	0.00%	0.00%	-15.00%	-1.96%	0.00%	32.50%
Operating Cash Flow Growth	-23.16%	10.52%	-185.16%	214.63%	-13.97%	13.14%	-14.79%	-26.07%	1.62%	33.11%	12.35%
Free Cash Flow Firm Growth	-250.29%	124.98%	-150.88%	192.03%	-140.13%	1,589.11%	-153.03%	147.60%	-103.67%	77.53%	68.28%
Invested Capital Growth	299.84%	-10.36%	15.52%	-0.98%	6.77%	-40.61%	45.44%	-9.27%	5.17%	4.80%	8.12%
Revenue Q/Q Growth	-13.04%	0.70%	1.28%	0.17%	-27.75%	40.72%	41.51%	0.00%	0.00%	0.00%	0.70%
EBITDA Q/Q Growth	22.08%	4.17%	-0.48%	-0.14%	-42.91%	129.60%	29.16%	73.36%	0.00%	0.00%	4.50%
EBIT Q/Q Growth	-5.77%	4.75%	-1.64%	-0.52%	-52.05%	424.09%	35.53%	0.00%	0.00%	0.00%	6.15%
NOPAT Q/Q Growth	1.57%	-3.91%	-19.03%	20.35%	-46.13%	158.94%	891.26%	0.00%	0.00%	0.00%	4.79%
Net Income Q/Q Growth	-30.27%	3.59%	-25.54%	-5.58%	-0.57%	10.62%	155.22%	0.00%	0.00%	0.00%	8.15%
EPS Q/Q Growth	-30.34%	0.00%	0.00%	0.00%	-4.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-6.81%	2.70%	-201.95%	240.70%	-2.88%	-1.44%	-5.53%	-21.04%	10.36%	0.00%	1.43%
Free Cash Flow Firm Q/Q Growth	-262.60%	121.38%	-29.19%	-6.57%	-126.56%	703.85%	-122.11%	0.00%	0.00%	0.00%	-68.73%
Invested Capital Q/Q Growth	626.00%	-10.82%	-8.92%	-7.57%	3.47%	-43.45%	0.00%	0.00%	0.00%	0.00%	13.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.33%	55.38%	100.00%	50.69%	44.18%	50.93%	40.10%	36.54%	39.41%	40.10%	38.06%
EBITDA Margin	50.61%	59.12%	52.61%	56.78%	45.47%	48.74%	37.95%	33.68%	35.19%	37.95%	40.88%
Operating Margin	36.91%	39.06%	38.96%	36.63%	27.24%	28.97%	20.56%	17.39%	19.61%	20.56%	23.55%
EBIT Margin	38.32%	45.74%	37.77%	41.72%	27.49%	29.01%	21.91%	18.07%	19.13%	21.91%	25.22%
Profit (Net Income) Margin	8.89%	25.30%	15.15%	23.47%	31.17%	26.84%	10.49%	9.57%	8.90%	10.49%	13.06%
Tax Burden Percent	32.98%	74.59%	59.00%	79.96%	189.99%	153.98%	79.57%	82.62%	80.09%	79.57%	80.23%
Interest Burden Percent	70.36%	74.17%	67.97%	70.35%	59.68%	60.08%	60.19%	64.08%	58.11%	60.19%	64.56%
Effective Tax Rate	22.49%	25.41%	41.00%	20.04%	19.91%	32.91%	20.43%	21.97%	19.91%	20.43%	19.77%
Return on Invested Capital (ROIC)	10.74%	7.06%	5.42%	6.77%	3.53%	3.73%	5.31%	3.64%	4.54%	4.58%	4.79%
ROIC Less NNEP Spread (ROIC-NNEP)	1.63%	5.70%	2.67%	4.75%	5.87%	6.37%	1.29%	1.59%	0.73%	1.52%	2.30%
Return on Net Nonoperating Assets (RNNOA)	7.11%	12.13%	5.50%	9.53%	10.64%	7.41%	1.16%	1.76%	0.78%	1.76%	3.37%
Return on Equity (ROE)	17.84%	19.19%	10.92%	16.30%	14.17%	11.14%	6.47%	5.40%	5.31%	6.34%	8.16%
Cash Return on Invested Capital (CROIC)	-109.24%	17.99%	-8.98%	7.75%	-3.02%	54.69%	-31.72%	13.36%	-0.50%	-0.11%	-3.01%
Operating Return on Assets (OROA)	10.41%	8.86%	7.05%	7.65%	3.46%	3.39%	4.16%	3.62%	4.13%	4.62%	5.28%
Return on Assets (ROA)	2.41%	4.90%	2.83%	4.31%	3.92%	3.13%	1.99%	1.92%	1.92%	2.21%	2.74%
Return on Common Equity (ROCE)	17.73%	19.15%	10.87%	16.24%	14.17%	11.14%	6.47%	5.40%	5.31%	6.34%	8.16%
Return on Equity Simple (ROE_SIMPLE)	6.88%	19.21%	10.48%	15.67%	13.44%	10.98%	0.00%	5.43%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	2,194	2,190	1,711	2,280	1,222	1,064	1,385	1,072	1,305	1,385	1,708
NOPAT Margin	28.61%	29.13%	22.98%	29.29%	21.82%	19.44%	16.36%	13.57%	15.71%	16.36%	18.89%
Net Nonoperating Expense Percent (NNEP)	9.10%	1.36%	2.74%	2.02%	-2.34%	-2.64%	4.02%	2.04%	3.81%	3.06%	2.49%
Return On Investment Capital (ROIC_SIMPLE)	7.34%	7.51%	5.34%	6.77%	2.97%	3.64%	4.48%	3.81%	4.42%	4.48%	4.99%
Cost of Revenue to Revenue	47.67%	44.62%	0.00%	49.31%	55.82%	49.07%	59.90%	63.46%	60.59%	59.90%	61.94%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.41%	16.32%	61.04%	14.05%	16.94%	21.96%	19.53%	19.15%	19.80%	19.53%	14.51%
Earnings before Interest and Taxes (EBIT)	2,939	3,438	2,813	3,248	1,540	1,588	1,854	1,428	1,590	1,854	2,280
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,881	4,444	3,918	4,420	2,547	2,668	3,211	2,661	2,925	3,211	3,696
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.81	1.90	1.69	1.56	1.87	1.59	1.97	1.67	1.61	1.96	2.04
Price to Tangible Book Value (P/TBV)	3.17	3.06	2.68	2.34	2.69	1.73	2.41	2.05	1.97	2.39	2.46
Price to Revenue (P/Rev)	2.34	2.50	2.42	2.33	4.34	3.89	3.28	2.94	2.70	3.26	3.35
Price to Earnings (P/E)	26.27	9.89	12.15	9.94	13.93	14.50	31.30	30.77	30.27	31.06	25.66
Dividend Yield	6.68%	6.51%	7.13%	7.63%	5.76%	6.97%	3.20%	3.24%	3.70%	3.22%	3.11%
Earnings Yield	3.81%	10.11%	8.23%	10.06%	7.18%	6.89%	3.19%	3.25%	3.30%	3.22%	3.90%
Enterprise Value to Invested Capital (EV/IC)	1.13	1.28	1.15	1.18	1.44	1.73	1.43	1.32	1.28	1.43	1.31
Enterprise Value to Revenue (EV/Rev)	4.81	5.01	5.21	5.07	9.21	6.71	5.23	4.70	4.53	5.21	5.37
Enterprise Value to EBITDA (EV/EBITDA)	9.51	8.47	9.90	8.93	20.25	13.76	13.80	13.95	12.88	13.73	13.14
Enterprise Value to EBIT (EV/EBIT)	12.56	10.95	13.78	12.15	33.49	23.12	23.89	26.00	23.70	23.78	21.31
Enterprise Value to NOPAT (EV/NOPAT)	16.82	17.19	22.65	17.31	42.20	34.51	31.99	34.63	28.86	31.84	28.44
Enterprise Value to Operating Cash Flow (EV/OCF)	14.11	13.03	0.00	13.99	21.25	13.37	18.93	21.46	21.43	18.84	18.48
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.75	0.00	15.11	0.00	2.35	0.00	9.43	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.01	1.94	1.98	1.89	2.17	1.19	1.19	1.02	1.12	1.19	1.30
Long-Term Debt to Equity	1.87	1.80	1.84	1.72	1.98	1.02	1.13	0.93	1.05	1.13	1.21
Financial Leverage	4.35	2.13	2.06	2.01	1.81	1.16	0.90	1.11	1.07	1.16	1.46
Leverage Ratio	7.39	3.92	3.86	3.79	3.61	3.56	3.25	2.82	2.77	2.87	2.98
Compound Leverage Factor	5.20	2.90	2.63	2.66	2.16	2.14	1.96	1.81	1.61	1.73	1.92
Debt to Total Capital	66.81%	66.04%	66.41%	65.40%	68.48%	54.25%	54.42%	50.55%	52.83%	54.42%	56.53%
Short-Term Debt to Total Capital	4.69%	4.94%	4.46%	5.82%	6.00%	7.67%	2.77%	4.76%	3.36%	2.77%	3.97%
Long-Term Debt to Total Capital	62.12%	61.10%	61.95%	59.58%	62.48%	46.58%	51.65%	45.79%	49.47%	51.65%	52.55%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%
Common Equity to Total Capital	33.04%	33.96%	33.32%	34.60%	31.52%	45.75%	45.58%	49.44%	47.17%	45.58%	43.47%
Debt to EBITDA	5.14	4.33	5.43	4.98	11.08	5.94	5.23	5.35	5.33	5.23	5.24
Net Debt to EBITDA	4.89	4.24	5.29	4.82	10.70	5.78	5.14	5.21	5.22	5.14	4.95
Long-Term Debt to EBITDA	4.78	4.01	5.07	4.54	10.11	5.10	4.97	4.84	5.00	4.97	4.87
Debt to NOPAT	9.10	8.79	12.43	9.66	23.09	14.90	12.14	13.27	11.95	12.14	11.33
Net Debt to NOPAT	8.65	8.61	12.12	9.34	22.30	14.49	11.92	12.94	11.70	11.92	10.70
Long-Term Debt to NOPAT	8.46	8.13	11.60	8.80	21.07	12.80	11.52	12.02	11.19	11.52	10.53
Altman Z-Score	0.92	0.97	0.86	0.86	0.71	0.89	1.06	0.99	0.96	1.05	1.13
Noncontrolling Interest Sharing Ratio	0.60%	0.23%	0.43%	0.39%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.68	0.54	0.57	0.53	0.56	1.39	0.86	0.75	0.88	0.86	0.86
Quick Ratio	0.56	0.42	0.46	0.44	0.47	0.10	0.55	0.52	0.59	0.55	0.63
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-22,327	5,577	-2,838	2,611	-1,048	15,604	-8,275	3,939	-145	-32	-1,075
Operating Cash Flow to CapEx	74.02%	98.97%	-78.55%	87.12%	108.20%	120.97%	83.42%	80.28%	73.56%	83.42%	65.24%
Free Cash Flow to Firm to Interest Expense	-25.63	6.28	-3.15	2.71	-1.69	24.61	-11.21	7.68	-0.22	-0.04	-1.33
Operating Cash Flow to Interest Expense	3.00	3.25	-2.73	2.93	3.91	4.33	3.17	3.37	2.64	3.17	3.25
Operating Cash Flow Less CapEx to Interest Expense	-1.05	-0.03	-6.21	-0.43	0.30	0.75	-0.63	-0.83	-0.95	-0.63	-1.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.19	0.19	0.18	0.13	0.12	0.19	0.20	0.22	0.21	0.21
Accounts Receivable Turnover	0.00	6.62	6.28	6.53	4.71	5.15	7.20	5.46	5.88	5.99	5.81
Inventory Turnover	0.00	9.41	0.00	12.32	9.85	8.47	12.47	10.51	10.62	9.98	10.55
Fixed Asset Turnover	0.50	0.25	0.24	0.23	0.16	0.18	0.29	0.25	0.27	0.26	0.26
Accounts Payable Turnover	0.00	4.11	0.00	4.01	3.02	2.94	5.22	4.18	4.37	4.41	4.07
Days Sales Outstanding (DSO)	0.00	55.16	58.08	55.86	77.50	70.81	50.68	66.84	62.05	60.91	62.81
Days Inventory Outstanding (DIO)	0.00	38.80	0.00	29.62	37.06	43.08	29.27	34.72	34.35	36.58	34.60
Days Payable Outstanding (DPO)	0.00	88.80	0.00	90.94	120.87	124.14	69.88	87.23	83.53	82.81	89.77
Cash Conversion Cycle (CCC)	0.00	5.16	58.08	-5.46	-6.31	-10.25	10.07	14.33	12.87	14.68	7.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	32,699	29,312	33,861	33,530	35,800	21,260	30,920	28,053	29,503	30,920	37,059
Invested Capital Turnover	0.38	0.24	0.24	0.23	0.16	0.19	0.32	0.27	0.29	0.28	0.25
Increase / (Decrease) in Invested Capital	24,521	-3,387	4,549	-331	2,270	-14,540	9,660	-2,867	1,450	1,417	2,783
Enterprise Value (EV)	36,903	37,655	38,770	39,467	51,578	36,722	44,297	37,134	37,676	44,080	48,579
Market Capitalization	17,914	18,810	18,029	18,168	24,319	21,307	27,797	23,259	22,403	27,580	30,300
Book Value per Share	$12.37	$12.30	$13.11	$13.78	$15.31	$14.95	$19.08	$16.15	$16.15	$16.30	$17.20
Tangible Book Value per Share	$7.07	$7.63	$8.25	$9.20	$10.67	$13.76	$15.61	$13.17	$13.19	$13.34	$14.22
Total Capital	29,883	29,148	32,036	33,686	41,212	29,230	30,883	28,146	29,537	30,883	34,231
Total Debt	19,964	19,249	21,275	22,029	28,221	15,857	16,806	14,228	15,604	16,806	19,350
Total Long-Term Debt	18,563	17,808	19,847	20,069	25,748	13,615	15,952	12,889	14,611	15,952	17,990
Net Debt	18,989	18,845	20,741	21,299	27,259	15,415	16,500	13,872	15,273	16,500	18,279
Capital Expenditures (CapEx)	3,533	2,920	3,133	3,238	2,243	2,270	2,805	2,155	2,390	2,805	4,030
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-804	-733	-835	-901	-622	7,645	95	18	254	95	-326
Debt-free Net Working Capital (DFNWC)	171	-329	-301	-171	340	8,087	401	374	585	401	745
Net Working Capital (NWC)	-1,230	-1,770	-1,729	-2,131	-2,133	5,845	-453	-965	-408	-453	-615
Net Nonoperating Expense (NNE)	1,512	288	583	453	-524	-405	497	316	565	497	527
Net Nonoperating Obligations (NNO)	22,780	19,413	23,100	21,873	22,809	7,887	16,843	14,135	15,570	16,843	22,178
Total Depreciation and Amortization (D&A)	942	1,006	1,105	1,172	1,007	1,080	1,357	1,233	1,335	1,357	1,416
Debt-free, Cash-free Net Working Capital to Revenue	-10.48%	-9.75%	-11.21%	-11.57%	-11.10%	139.66%	1.12%	0.23%	3.06%	1.12%	-3.61%
Debt-free Net Working Capital to Revenue	2.23%	-4.38%	-4.04%	-2.20%	6.07%	147.73%	4.74%	4.73%	7.04%	4.74%	8.24%
Net Working Capital to Revenue	-16.04%	-23.55%	-23.22%	-27.37%	-38.08%	106.78%	-5.35%	-12.21%	-4.91%	-5.35%	-6.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.01	$2.80	$1.64	$2.59	$0.00	$1.91	$0.00	$1.03	$1.00	$1.20	$1.60
Adjusted Weighted Average Basic Shares Outstanding	669.81M	677.59M	685.24M	704.44M	0.00	768.59M	0.00	736.03M	737.04M	737.76M	739.41M
Adjusted Diluted Earnings per Share	$1.01	$2.79	$1.64	$2.58	$0.00	$1.91	$0.00	$0.00	$1.00	$0.00	$1.59
Adjusted Weighted Average Diluted Shares Outstanding	672.59M	680.45M	687.33M	708.62M	0.00	769.38M	0.00	736.90M	738.17M	739.85M	743.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	800.67M	806.08M	819.53M	846.42M	0.00	894.46M	0.00	862.16M	863.08M	863.77M	876.79M
Normalized Net Operating Profit after Tax (NOPAT)	2,194	2,190	1,711	2,280	1,222	1,064	1,385	1,072	1,305	1,385	1,708
Normalized NOPAT Margin	28.61%	29.13%	22.98%	29.29%	21.82%	19.44%	16.36%	13.57%	15.71%	16.36%	18.89%
Pre Tax Income Margin	26.97%	33.92%	25.67%	29.35%	16.40%	17.43%	13.19%	11.58%	11.12%	13.19%	16.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.37	3.87	3.12	3.37	2.48	2.50	2.51	2.78	2.39	2.51	2.82
NOPAT to Interest Expense	2.52	2.47	1.90	2.37	1.97	1.68	1.88	2.09	1.96	1.88	2.11
EBIT Less CapEx to Interest Expense	-0.68	0.58	-0.36	0.01	-1.13	-1.08	-1.29	-1.42	-1.20	-1.29	-2.17
NOPAT Less CapEx to Interest Expense	-1.54	-0.82	-1.58	-0.99	-1.64	-1.90	-1.92	-2.11	-1.63	-1.92	-2.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	147.21%	54.15%	95.04%	62.01%	68.27%	86.79%	84.12%	104.10%	95.14%	84.12%	67.23%
Augmented Payout Ratio	147.21%	54.15%	95.04%	62.01%	68.27%	86.79%	84.12%	104.10%	95.14%	84.12%	67.23%

This table displays calculated financial ratios and metrics derived from PPL's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	876,786,949.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	876,786,949.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.52
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.11%	-13.87%	0.00%	0.00%	0.00%	8.86%	8.68%	7.66%	8.37%	2.85%	10.78%
EBITDA Growth	-15.06%	37.61%	0.00%	0.00%	3.78%	17.54%	15.55%	2.36%	20.98%	21.37%	11.93%
EBIT Growth	-1.52%	22.04%	0.00%	0.00%	1.55%	35.45%	24.52%	1.66%	32.17%	32.59%	11.05%
NOPAT Growth	3.64%	87.10%	0.00%	0.00%	-3.51%	-10.97%	26.15%	4.63%	35.01%	24.96%	10.54%
Net Income Growth	7.48%	-24.67%	0.00%	0.00%	0.00%	56.64%	34.85%	-3.68%	48.60%	50.28%	9.18%
EPS Growth	6.90%	-25.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	48.28%	0.00%	0.00%
Operating Cash Flow Growth	0.00%	211.11%	0.00%	0.00%	0.00%	364.55%	81.91%	-21.41%	23.69%	7.24%	8.58%
Free Cash Flow Firm Growth	-8,582.93%	95.77%	0.00%	0.00%	-163.89%	-0.46%	0.00%	0.00%	-49.38%	46.31%	-210.07%
Invested Capital Growth	0.00%	5.17%	0.00%	0.00%	5.36%	4.80%	0.00%	0.00%	7.44%	8.12%	0.00%
Revenue Q/Q Growth	0.00%	-0.59%	0.00%	-18.36%	9.84%	7.02%	0.00%	-19.13%	10.57%	1.56%	21.99%
EBITDA Q/Q Growth	0.00%	-17.47%	0.00%	-15.77%	4.19%	-6.53%	0.00%	-25.38%	23.15%	-6.23%	29.90%
EBIT Q/Q Growth	0.00%	-34.00%	0.00%	-25.57%	9.00%	-11.96%	0.00%	-39.24%	41.72%	-11.68%	46.00%
NOPAT Q/Q Growth	0.00%	-0.57%	0.00%	-28.40%	9.06%	-8.26%	0.00%	-40.62%	40.74%	-15.09%	55.77%
Net Income Q/Q Growth	0.00%	-50.87%	0.00%	-38.11%	12.63%	-17.29%	0.00%	-55.80%	73.77%	-16.35%	69.92%
EPS Q/Q Growth	0.00%	-51.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	171.63%	1.96%	-34.57%	0.00%	17.35%	60.47%	-43.27%	1.64%
Free Cash Flow Firm Q/Q Growth	0.00%	96.14%	0.00%	0.00%	0.00%	8.67%	0.00%	-5,948.59%	-16.55%	-32.26%	-3,153.92%
Invested Capital Q/Q Growth	0.00%	2.04%	0.00%	0.00%	0.00%	1.50%	0.00%	0.00%	1.85%	13.22%	2.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.65%	49.04%	41.19%	42.64%	36.30%	40.34%	44.45%	41.04%	40.20%	26.25%	39.51%
EBITDA Margin	37.54%	31.17%	39.37%	40.62%	38.53%	33.65%	41.85%	38.62%	43.01%	39.71%	42.29%
Operating Margin	21.39%	19.20%	23.65%	20.73%	20.72%	17.05%	27.08%	20.05%	25.41%	20.93%	26.86%
EBIT Margin	22.17%	14.72%	24.61%	22.43%	22.27%	18.32%	28.19%	21.19%	27.16%	23.61%	28.26%
Profit (Net Income) Margin	11.26%	5.56%	13.32%	10.10%	10.36%	8.01%	16.53%	9.04%	14.20%	11.70%	16.29%
Tax Burden Percent	79.86%	88.98%	79.12%	79.17%	78.68%	81.94%	80.23%	79.57%	79.90%	81.10%	80.71%
Interest Burden Percent	63.58%	42.47%	68.43%	56.87%	59.13%	53.33%	73.09%	53.61%	65.46%	61.08%	71.43%
Effective Tax Rate	20.14%	11.02%	20.88%	20.83%	21.32%	18.06%	19.77%	20.43%	20.10%	18.90%	19.29%
Return on Invested Capital (ROIC)	0.00%	4.93%	0.00%	0.00%	0.00%	3.91%	0.00%	0.00%	5.77%	4.30%	11.71%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	3.36%	0.00%	0.00%	0.00%	3.10%	0.00%	0.00%	4.98%	3.74%	10.18%
Return on Net Nonoperating Assets (RNNOA)	0.00%	3.58%	0.00%	0.00%	0.00%	3.59%	0.00%	0.00%	6.06%	5.47%	13.18%
Return on Equity (ROE)	0.00%	8.52%	0.00%	0.00%	0.00%	7.50%	0.00%	0.00%	11.83%	9.77%	24.89%
Cash Return on Invested Capital (CROIC)	0.00%	-0.50%	0.00%	0.00%	-5.22%	-0.11%	0.00%	0.00%	-2.02%	-3.01%	-189.75%
Operating Return on Assets (OROA)	0.00%	3.18%	0.00%	0.00%	0.00%	3.86%	0.00%	0.00%	5.78%	4.95%	5.68%
Return on Assets (ROA)	0.00%	1.20%	0.00%	0.00%	0.00%	1.69%	0.00%	0.00%	3.02%	2.45%	3.28%
Return on Common Equity (ROCE)	0.00%	8.52%	0.00%	0.00%	0.00%	7.50%	0.00%	0.00%	11.83%	9.77%	24.89%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	349	347	431	309	337	309	544	323	455	386	601
NOPAT Margin	17.08%	17.09%	18.72%	16.41%	16.30%	13.97%	21.72%	15.95%	20.31%	16.98%	21.68%
Net Nonoperating Expense Percent (NNEP)	1.60%	1.58%	0.00%	0.00%	0.78%	0.81%	0.00%	1.57%	0.79%	0.57%	1.54%
Return On Investment Capital (ROIC_SIMPLE)	1.21%	1.17%	-	-	1.10%	1.00%	-	1.01%	1.36%	1.13%	1.71%
Cost of Revenue to Revenue	58.35%	50.96%	58.81%	57.36%	63.70%	59.66%	55.55%	58.96%	59.80%	73.75%	60.49%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.26%	29.84%	17.53%	21.90%	15.59%	23.29%	17.37%	20.99%	14.78%	5.32%	12.65%
Earnings before Interest and Taxes (EBIT)	453	299	567	422	460	405	706	429	608	537	784
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	767	633	907	764	796	744	1,048	782	963	903	1,173
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.38	1.60	0.00	0.00	1.98	1.96	0.00	2.05	2.23	2.04	2.23
Price to Tangible Book Value (P/TBV)	1.68	1.95	0.00	0.00	2.42	2.39	0.00	2.50	2.71	2.46	2.69
Price to Revenue (P/Rev)	0.00	2.67	0.00	0.00	0.00	3.26	0.00	0.00	3.58	3.35	3.60
Price to Earnings (P/E)	0.00	30.03	0.00	0.00	0.00	31.06	0.00	0.00	29.44	25.66	27.48
Dividend Yield	4.22%	3.73%	3.70%	3.72%	3.13%	3.22%	2.89%	3.13%	2.89%	3.11%	2.89%
Earnings Yield	0.00%	3.33%	0.00%	0.00%	0.00%	3.22%	0.00%	0.00%	3.40%	3.90%	3.64%
Enterprise Value to Invested Capital (EV/IC)	1.17	1.27	0.00	0.00	1.44	1.43	0.00	1.46	1.53	1.31	1.52
Enterprise Value to Revenue (EV/Rev)	0.00	4.51	0.00	0.00	0.00	5.21	0.00	0.00	5.57	5.37	5.64
Enterprise Value to EBITDA (EV/EBITDA)	0.00	12.82	0.00	0.00	0.00	13.73	0.00	0.00	14.14	13.14	13.74
Enterprise Value to EBIT (EV/EBIT)	0.00	23.58	0.00	0.00	0.00	23.78	0.00	0.00	23.29	21.31	22.26
Enterprise Value to NOPAT (EV/NOPAT)	0.00	28.72	0.00	0.00	0.00	31.84	0.00	0.00	30.69	28.44	29.73
Enterprise Value to Operating Cash Flow (EV/OCF)	21.22	21.33	0.00	0.00	0.00	18.84	0.00	0.00	19.30	18.48	19.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.06	1.12	0.00	0.00	1.17	1.19	0.00	1.25	1.32	1.30	1.35
Long-Term Debt to Equity	1.03	1.05	0.00	0.00	1.17	1.13	0.00	1.07	1.18	1.21	1.27
Financial Leverage	1.06	1.07	0.00	0.00	1.11	1.16	0.00	1.25	1.22	1.46	1.30
Leverage Ratio	2.76	2.77	0.00	0.00	2.81	2.87	0.00	2.97	2.96	2.98	3.08
Compound Leverage Factor	1.75	1.18	0.00	0.00	1.66	1.53	0.00	1.59	1.94	1.82	2.20
Debt to Total Capital	51.47%	52.83%	0.00%	0.00%	53.94%	54.42%	0.00%	55.47%	56.85%	56.53%	57.40%
Short-Term Debt to Total Capital	1.31%	3.36%	0.00%	0.00%	0.00%	2.77%	0.00%	7.81%	6.14%	3.97%	3.44%
Long-Term Debt to Total Capital	50.16%	49.47%	0.00%	0.00%	53.93%	51.65%	0.00%	47.66%	50.71%	52.55%	53.96%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	48.53%	47.17%	0.00%	0.00%	46.06%	45.58%	0.00%	44.53%	43.15%	43.47%	42.60%
Debt to EBITDA	0.00	5.33	0.00	0.00	0.00	5.23	0.00	0.00	5.37	5.24	5.30
Net Debt to EBITDA	0.00	5.22	0.00	0.00	0.00	5.14	0.00	0.00	5.06	4.95	4.97
Long-Term Debt to EBITDA	0.00	5.00	0.00	0.00	0.00	4.97	0.00	0.00	4.79	4.87	4.98
Debt to NOPAT	0.00	11.95	0.00	0.00	0.00	12.14	0.00	0.00	11.65	11.33	11.46
Net Debt to NOPAT	0.00	11.70	0.00	0.00	0.00	11.92	0.00	0.00	10.97	10.70	10.76
Long-Term Debt to NOPAT	0.00	11.19	0.00	0.00	0.00	11.52	0.00	0.00	10.39	10.53	10.77
Altman Z-Score	0.00	0.85	0.00	0.00	0.79	0.94	0.00	0.70	0.97	1.00	1.00
Noncontrolling Interest Sharing Ratio	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.96	0.88	0.00	0.00	1.29	0.86	0.00	0.59	0.77	0.86	1.00
Quick Ratio	0.61	0.59	0.00	0.00	0.81	0.55	0.00	0.37	0.55	0.63	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-28,565	-1,103	0.00	0.00	-1,213	-1,108	544	-31,815	-1,812	-2,397	-33,869
Operating Cash Flow to CapEx	0.00%	16.95%	47.32%	114.33%	115.02%	59.42%	64.69%	64.73%	84.37%	47.16%	52.65%
Free Cash Flow to Firm to Interest Expense	-173.12	-6.41	0.00	0.00	-6.45	-5.86	2.86	-159.87	-8.63	-11.47	-151.20
Operating Cash Flow to Interest Expense	0.00	0.64	1.58	4.21	4.15	2.70	2.70	3.03	4.60	2.62	2.49
Operating Cash Flow Less CapEx to Interest Expense	0.00	-3.13	-1.75	0.53	0.54	-1.85	-1.47	-1.65	-0.85	-2.94	-2.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.22	0.00	0.00	0.00	0.21	0.00	0.00	0.21	0.21	0.20
Accounts Receivable Turnover	0.00	5.88	0.00	0.00	0.00	5.99	0.00	0.00	6.87	5.81	5.34
Inventory Turnover	0.00	10.62	0.00	0.00	0.00	9.98	0.00	0.00	10.14	10.55	10.77
Fixed Asset Turnover	0.00	0.27	0.00	0.00	0.00	0.26	0.00	0.00	0.26	0.26	0.25
Accounts Payable Turnover	0.00	4.37	0.00	0.00	0.00	4.41	0.00	0.00	4.97	4.07	4.12
Days Sales Outstanding (DSO)	0.00	62.05	0.00	0.00	0.00	60.91	0.00	0.00	53.15	62.81	68.36
Days Inventory Outstanding (DIO)	0.00	34.35	0.00	0.00	0.00	36.58	0.00	0.00	35.99	34.60	33.88
Days Payable Outstanding (DPO)	0.00	83.53	0.00	0.00	0.00	82.81	0.00	0.00	73.38	89.77	88.67
Cash Conversion Cycle (CCC)	0.00	12.87	0.00	0.00	0.00	14.68	0.00	0.00	15.77	7.65	13.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	28,914	29,503	0.00	0.00	30,464	30,920	0.00	32,138	32,731	37,059	34,470
Invested Capital Turnover	0.00	0.29	0.00	0.00	0.00	0.28	0.00	0.00	0.28	0.25	0.54
Increase / (Decrease) in Invested Capital	28,914	1,450	0.00	0.00	1,550	1,417	0.00	32,138	2,267	2,783	34,470
Enterprise Value (EV)	33,807	37,496	0.00	0.00	43,840	44,080	0.00	46,809	50,027	48,579	52,490
Market Capitalization	19,298	22,223	22,794	23,120	27,882	27,580	31,191	29,306	32,143	30,300	33,493
Book Value per Share	$16.24	$16.15	$0.00	$0.00	$16.32	$16.30	$0.00	$16.52	$16.66	$17.20	$17.13
Tangible Book Value per Share	$13.28	$13.19	$0.00	$0.00	$13.36	$13.34	$0.00	$13.56	$13.70	$14.22	$14.20
Total Capital	28,874	29,537	0.00	0.00	30,592	30,883	0.00	32,083	33,399	34,231	35,257
Total Debt	14,862	15,604	0.00	0.00	16,500	16,806	0.00	17,797	18,986	19,350	20,238
Total Long-Term Debt	14,484	14,611	0.00	0.00	16,499	15,952	0.00	15,292	16,936	17,990	19,024
Net Debt	14,509	15,273	0.00	0.00	15,958	16,500	0.00	17,503	17,884	18,279	18,997
Capital Expenditures (CapEx)	0.00	649	596	670	679	860	793	930	1,145	1,162	1,058
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-100	254	0.00	0.00	127	95	0.00	156	-111	-326	-13
Debt-free Net Working Capital (DFNWC)	253	585	0.00	0.00	669	401	0.00	450	991	745	1,228
Net Working Capital (NWC)	-125	-408	0.00	0.00	668	-453	0.00	-2,055	-1,059	-615	14
Net Nonoperating Expense (NNE)	119	234	124	119	123	132	130	140	137	120	149
Net Nonoperating Obligations (NNO)	14,902	15,570	0.00	0.00	16,372	16,843	0.00	17,852	18,318	22,178	19,451
Total Depreciation and Amortization (D&A)	314	334	340	342	336	339	342	353	355	366	389
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	3.06%	0.00%	0.00%	0.00%	1.12%	0.00%	0.00%	-1.24%	-3.61%	-0.14%
Debt-free Net Working Capital to Revenue	0.00%	7.04%	0.00%	0.00%	0.00%	4.74%	0.00%	0.00%	11.04%	8.24%	13.19%
Net Working Capital to Revenue	0.00%	-4.91%	0.00%	0.00%	0.00%	-5.35%	0.00%	0.00%	-11.79%	-6.80%	0.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	737.11M	737.04M	0.00	0.00	737.77M	737.76M	738.69M	739.28M	739.53M	739.41M	751.76M
Adjusted Diluted Earnings per Share	$0.31	$0.15	$0.00	$0.00	$0.29	$0.00	$0.00	$0.00	$0.43	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	738.18M	738.17M	0.00	0.00	739.97M	739.85M	741.40M	742.54M	744.29M	743.35M	757.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	862.60M	863.08M	0.00	0.00	863.45M	863.77M	864.74M	865.00M	865.22M	876.79M	877.83M
Normalized Net Operating Profit after Tax (NOPAT)	349	347	431	309	337	309	544	323	455	386	601
Normalized NOPAT Margin	17.08%	17.09%	18.72%	16.41%	16.30%	13.97%	21.72%	15.95%	20.31%	16.98%	21.68%
Pre Tax Income Margin	14.10%	6.25%	16.84%	12.76%	13.17%	9.77%	20.61%	11.36%	17.78%	14.42%	20.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.75	1.74	3.17	2.32	2.45	2.14	3.72	2.16	2.90	2.57	3.50
NOPAT to Interest Expense	2.12	2.02	2.41	1.70	1.79	1.63	2.86	1.62	2.16	1.85	2.68
EBIT Less CapEx to Interest Expense	0.00	-2.03	-0.16	-1.36	-1.16	-2.41	-0.46	-2.52	-2.56	-2.99	-1.22
NOPAT Less CapEx to Interest Expense	0.00	-1.76	-0.92	-1.98	-1.82	-2.92	-1.31	-3.05	-3.29	-3.71	-2.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	95.14%	0.00%	0.00%	0.00%	84.12%	0.00%	0.00%	71.70%	67.23%	66.12%
Augmented Payout Ratio	0.00%	95.14%	0.00%	0.00%	0.00%	84.12%	0.00%	0.00%	71.70%	67.23%	66.12%

Financials Breakdown Chart

Key Financial Trends

PPL Corp (NYSE: PPL) has shown a mix of momentum and headwinds over the last four years. The company’s top-line and margins have fluctuated, but 2025 brought notable earnings per share improvement and a rebound in gross margin, supported by asset growth and a steady dividend policy. Below are the key trends drawn from the quarterly reports from 2022 through 2025.

Net income attributable to common shareholders rose to $266 million in Q4 2025, up from $150 million in Q4 2022.
Q4 2025 Total Revenue reached $2.274 billion, with Total Gross Profit of $597 million and Total Operating Income of $476 million, signaling margin improvement versus earlier years.
Diluted earnings per share in Q3 2025 was $0.43, indicating improving profitability per share through 2025.
Net cash from continuing operating activities in Q3 2025 was $2.081 billion, showing strong core cash generation during that quarter.
Cash and cash equivalents rose to about $1.11 billion by 2025 Q3, improving liquidity relative to earlier years.
Total assets expanded from roughly $37.8 billion at the end of 2022 to about $43.9 billion by 2025, reflecting ongoing asset growth and capacity expansion.
Long-term debt remained high (roughly $16–17 billion in 2025), contributing to a leveraged balance sheet but not a current liquidity risk in isolation.
Capital expenditures remained a recurring cash outflow (PPE purchases around $1.1–$1.2 billion in recent quarters), indicating ongoing investment in infrastructure.
Dividends per share stayed in the mid-0.25s (approx $0.26–$0.2725 per share) across 2024–2025, suggesting a steady income-focused policy rather than growth acceleration.
In Q4 2025, net cash from continuing operating activities was negative (-$2.081 billion) and the quarterly net change in cash was -$206 million, signaling quarterly liquidity headwinds despite strong quarterly earnings.

05/15/26 12:55 AM ETAI Generated. May Contain Errors.

PPL Financials - Frequently Asked Questions

According to the most recent income statement we have on file, PPL's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

PPL's net income appears to be on a downward trend, with a most recent value of $1.18 billion in 2025, rising from $682 million in 2015. The previous period was $888 million in 2024. View PPL's forecast to see where analysts expect PPL to go next.

PPL's total operating income in 2025 was $2.13 billion, based on the following breakdown:

Total Gross Profit: $3.44 billion
Total Operating Expenses: $1.31 billion

Over the last 10 years, PPL's total revenue changed from $7.67 billion in 2015 to $9.04 billion in 2025, a change of 17.9%.

PPL's total liabilities were at $30.36 billion at the end of 2025, a 29.5% increase from 2024, and a 15.9% increase since 2015.

In the past 10 years, PPL's cash and equivalents has ranged from $306 million in 2024 to $3.57 billion in 2021, and is currently $1.07 billion as of their latest financial filing in 2025.

Over the last 10 years, PPL's book value per share changed from 12.37 in 2015 to 17.20 in 2025, a change of 39.1%.

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Financial statements for NYSE:PPL last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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PPL (PPL) Financials

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PPL (PPL) Financials

Annual Income Statements for PPL

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Quarterly Metrics And Ratios for PPL

Financials Breakdown Chart

Key Financial Trends

PPL Financials - Frequently Asked Questions

When does PPL's fiscal year end?

How has PPL's net income changed over the last 10 years?

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How has PPL's revenue changed over the last 10 years?

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How has PPL's book value per share changed over the last 10 years?

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