What is PPL's earnings per share (EPS)?

PPL (PPL) reported diluted earnings per share of $1.59 for fiscal year 2025. This represents a 32.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

PPL Financials

PPL

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows PPL (PPL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PPL FY2025 2026-05-08

Rising operating profit is being outspent by heavier capital investment, leaving the business more reliant on balance-sheet funding than internally generated cash.

Across the recent period, operating cash flow rose from $1.8B to $2.6B, showing the core business is generating more cash before reinvestment rather than merely reporting better earnings. But free cash flow fell from -$632M to -$1.4B because capex accelerated, so stronger operations are still not funding the asset build on their own.

Operating margin reached 23.6% and return on assets reached 2.6%, both above earlier periods, which suggests the improvement is happening in the underlying business and across a growing asset base. That matters because interest expense also kept rising, so profit improvement was not coming from easier financing costs or a below-the-line shift.

The balance sheet is carrying more of the investment load year after year: debt-to-equity kept climbing and reached 1.2x. Financing cash flow rose to $2.1B while the current ratio stayed below 1.0x, pointing to tight short-term liquidity but continued access to external funding as the asset base expands.

Financial Health Signals

Financial Health Score 51/100

Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of PPL's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Growth

Leverage

Liquidity

Cash Flow

Returns

Altman Z-Score Distress

0.97

PPL scores 0.97, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($26.8B) relative to total liabilities ($30.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

PPL passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.23x

For every $1 of reported earnings, PPL generates $2.23 in operating cash flow ($2.6B OCF vs $1.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.6x

PPL earns $2.6 in operating income for every $1 of interest expense ($2.1B vs $808.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$9.0B

YoY+6.9%

5Y CAGR+10.6%

10Y CAGR+1.7%

PPL generated $9.0B in revenue in fiscal year 2025. This represents an increase of 6.9% from the prior year.

EBITDA

$3.4B

YoY+13.9%

5Y CAGR+5.7%

10Y CAGR-0.8%

PPL's EBITDA was $3.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.9% from the prior year.

Net Income

$1.2B

YoY+33.0%

5Y CAGR-4.3%

10Y CAGR+5.6%

PPL reported $1.2B in net income in fiscal year 2025. This represents an increase of 33.0% from the prior year.

EPS (Diluted)

$1.59

YoY+32.5%

5Y CAGR-3.6%

10Y CAGR+4.6%

PPL earned $1.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 32.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$1.4B

YoY-201.3%

PPL generated -$1.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 201.3% from the prior year.

Cash & Debt

$1.1B

YoY+250.0%

5Y CAGR+19.4%

10Y CAGR+2.5%

PPL held $1.1B in cash against $18.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.09

YoY+5.8%

5Y CAGR-8.1%

10Y CAGR-3.1%

PPL paid $1.09 per share in dividends in fiscal year 2025. This represents an increase of 5.8% from the prior year.

Shares Outstanding

751M

YoY+1.8%

5Y CAGR-0.5%

10Y CAGR+1.1%

PPL had 751M shares outstanding in fiscal year 2025. This represents an increase of 1.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

23.5%

YoY+3.0pp

5Y CAGR-5.4pp

10Y CAGR-13.4pp

PPL's operating margin was 23.5% in fiscal year 2025, reflecting core business profitability. This is up 3.0 percentage points from the prior year.

Net Margin

13.1%

YoY+2.6pp

5Y CAGR-13.8pp

10Y CAGR+4.2pp

PPL's net profit margin was 13.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.6 percentage points from the prior year.

Return on Equity

7.9%

YoY+1.6pp

5Y CAGR-3.0pp

10Y CAGR+1.1pp

PPL's ROE was 7.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$4.0B

YoY+43.7%

5Y CAGR+12.2%

10Y CAGR+1.3%

PPL invested $4.0B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 43.7% from the prior year.

PPL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$9.0B+6.9%	$8.5B+1.8%	$8.3B+5.2%	$7.9B+36.6%	$5.8B+5.6%	$5.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$2.1B+22.4%	$1.7B+6.7%	$1.6B+18.6%	$1.4B-3.5%	$1.4B-10.2%	$1.6B
Interest Expense	$808.0M+9.5%	$738.0M+10.8%	$666.0M+29.8%	$513.0M-44.1%	$918.0M+44.8%	$634.0M
Income Tax	$291.0M+27.6%	$228.0M+23.9%	$184.0M-8.5%	$201.0M-60.0%	$503.0M+60.2%	$314.0M
Net Income	$1.2B+33.0%	$888.0M+20.0%	$740.0M-2.1%	$756.0M+151.1%	-$1.5B-200.7%	$1.5B
EPS (Diluted)	$1.59+32.5%	$1.20+20.0%	$1.00-2.0%	$1.02+152.8%	$-1.93-201.0%	$1.91

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$2.8B+22.0%	$2.3B+1.6%	$2.2B+10.6%	$2.0B-19.1%	$2.5B+13.3%	$2.2B+7.0%	$2.1B+9.8%	$1.9B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$745.0M+56.5%	$476.0M-16.3%	$569.0M+40.1%	$406.0M-40.1%	$678.0M+79.8%	$377.0M-11.9%	$428.0M+9.7%	$390.0M
Interest Expense	$224.0M+7.2%	$209.0M-0.5%	$210.0M+5.5%	$199.0M+4.7%	$190.0M+0.5%	$189.0M+0.5%	$188.0M+3.3%	$182.0M
Income Tax	$108.0M+74.2%	$62.0M-22.5%	$80.0M+70.2%	$47.0M-53.9%	$102.0M+161.5%	$39.0M-32.8%	$58.0M+16.0%	$50.0M
Net Income	$452.0M+69.9%	$266.0M-16.4%	$318.0M+73.8%	$183.0M-55.8%	$414.0M+133.9%	$177.0M-17.3%	$214.0M+12.6%	$190.0M
EPS (Diluted)	N/A	N/A	$0.43+72.0%	$0.25-55.4%	$0.56	N/A	$0.29+11.5%	$0.26

PPL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$45.2B+10.2%	$41.1B+4.7%	$39.2B+3.7%	$37.8B+13.9%	$33.2B-31.0%	$48.1B
Current Assets	$3.9B+36.5%	$2.9B-1.8%	$2.9B+3.8%	$2.8B-43.6%	$5.0B-76.0%	$20.9B
Cash & Equivalents	$1.1B+250.0%	$306.0M-7.6%	$331.0M-7.0%	$356.0M-90.0%	$3.6B+707.9%	$442.0M
Inventory	$551.0M+7.8%	$511.0M+1.2%	$505.0M+14.0%	$443.0M+37.6%	$322.0M+6.6%	$302.0M
Accounts Receivable	$1.1B+15.3%	$961.0M+1.2%	$950.0M+6.0%	$896.0M+53.7%	$583.0M-3.3%	$603.0M
Goodwill	$2.2B0.0%	$2.2B0.0%	$2.2B0.0%	$2.2B+214.0%	$716.0M0.0%	$716.0M
Total Liabilities	$30.4B+12.5%	$27.0B+6.7%	$25.3B+5.8%	$23.9B+22.7%	$19.5B-43.9%	$34.7B
Current Liabilities	$4.5B+36.4%	$3.3B-0.2%	$3.3B-11.9%	$3.8B+63.1%	$2.3B-84.6%	$15.1B
Long-Term Debt	$18.0B+12.8%	$16.0B+9.2%	$14.6B+13.4%	$12.9B+20.8%	$10.7B-21.7%	$13.6B
Total Equity	$14.9B+5.7%	$14.1B+1.0%	$13.9B+0.1%	$13.9B+1.4%	$13.7B+2.6%	$13.4B
Retained Earnings	$3.2B+13.1%	$2.8B+4.6%	$2.7B+1.1%	$2.7B+4.2%	$2.6B-51.6%	$5.3B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$46.3B+2.3%	$45.2B+3.0%	$43.9B+3.7%	$42.4B+1.3%	$41.8B+1.8%	$41.1B+1.5%	$40.5B+1.6%	$39.8B
Current Assets	$4.3B+9.9%	$3.9B+8.2%	$3.6B+24.3%	$2.9B-5.6%	$3.1B+7.5%	$2.9B-3.2%	$3.0B+6.3%	$2.8B
Cash & Equivalents	$1.2B+15.9%	$1.1B-2.8%	$1.1B+274.8%	$294.0M-5.8%	$312.0M+2.0%	$306.0M-43.5%	$542.0M+92.2%	$282.0M
Inventory	$536.0M-2.7%	$551.0M+6.6%	$517.0M+2.6%	$504.0M+5.9%	$476.0M-6.8%	$511.0M-1.2%	$517.0M+3.0%	$502.0M
Accounts Receivable	$1.3B+20.1%	$1.1B+10.6%	$1.0B+0.4%	$998.0M-17.4%	$1.2B+25.7%	$961.0M+2.3%	$939.0M+0.6%	$933.0M
Goodwill	$2.2B0.0%	$2.2B0.0%	$2.2B0.0%	$2.2B0.0%	$2.2B0.0%	$2.2B0.0%	$2.2B0.0%	$2.2B
Total Liabilities	$31.3B+3.0%	$30.4B+2.8%	$29.5B+5.2%	$28.1B+2.1%	$27.5B+1.9%	$27.0B+2.3%	$26.4B+2.4%	$25.8B
Current Liabilities	$4.3B-5.3%	$4.5B-3.1%	$4.7B-5.8%	$5.0B+30.1%	$3.8B+14.8%	$3.3B+44.5%	$2.3B-8.3%	$2.5B
Long-Term Debt	$19.0B+5.7%	$18.0B+6.2%	$16.9B+10.8%	$15.3B-4.1%	$15.9B-0.1%	$16.0B-3.3%	$16.5B+4.7%	$15.8B
Total Equity	$15.0B+0.9%	$14.9B+3.2%	$14.4B+0.9%	$14.3B-0.1%	$14.3B+1.6%	$14.1B-0.1%	$14.1B+0.2%	$14.1B
Retained Earnings	$3.4B+7.4%	$3.2B+2.0%	$3.1B+3.8%	$3.0B-0.7%	$3.0B+7.5%	$2.8B-0.5%	$2.8B+0.8%	$2.8B

PPL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.6B+12.4%	$2.3B+33.1%	$1.8B+1.6%	$1.7B-23.8%	$2.3B-17.3%	$2.7B
Capital Expenditures	$4.0B+43.7%	$2.8B+17.4%	$2.4B+10.9%	$2.2B+9.2%	$2.0B-13.1%	$2.3B
Free Cash Flow	-$1.4B-201.3%	-$465.0M+26.4%	-$632.0M-48.7%	-$425.0M-243.1%	$297.0M-37.6%	$476.0M
Investing Cash Flow	-$4.0B-42.1%	-$2.8B-18.3%	-$2.4B+57.9%	-$5.7B-171.1%	$8.0B+344.2%	-$3.3B
Financing Cash Flow	$2.1B+387.8%	$435.0M-33.1%	$650.0M-8.3%	$709.0M+109.6%	-$7.4B-2014.5%	$386.0M
Dividends Paid	$794.0M+6.3%	$747.0M+6.1%	$704.0M-10.5%	$787.0M-38.5%	$1.3B+0.3%	$1.3B
Share Buybacks	N/A	N/A	$0	$0-100.0%	$1.0B	$0

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$557.0M+1.6%	$548.0M-43.3%	$966.0M+60.5%	$602.0M+17.3%	$513.0M+0.4%	$511.0M-34.6%	$781.0M+2.0%	$766.0M
Capital Expenditures	$1.1B-9.0%	$1.2B+1.5%	$1.1B+23.1%	$930.0M+17.3%	$793.0M-7.8%	$860.0M+26.7%	$679.0M+1.3%	$670.0M
Free Cash Flow	-$501.0M+18.4%	-$614.0M-243.0%	-$179.0M+45.4%	-$328.0M-17.1%	-$280.0M+19.8%	-$349.0M-442.2%	$102.0M+6.3%	$96.0M
Investing Cash Flow	-$1.0B+8.6%	-$1.1B+0.3%	-$1.1B-23.3%	-$930.0M-18.8%	-$783.0M+10.4%	-$874.0M-28.0%	-$683.0M-1.9%	-$670.0M
Financing Cash Flow	$654.0M+16.2%	$563.0M-42.7%	$982.0M+220.9%	$306.0M+12.9%	$271.0M+127.7%	$119.0M-26.1%	$161.0M+273.1%	-$93.0M
Dividends Paid	$202.0M+0.5%	$201.0M-0.5%	$202.0M-0.5%	$203.0M+6.8%	$190.0M0.0%	$190.0M-1.0%	$192.0M0.0%	$192.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PPL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	23.5%+3.0pp	20.6%+1.0pp	19.6%+2.2pp	17.4%-7.2pp	24.6%-4.4pp	29.0%
Net Margin	13.1%+2.6pp	10.5%+1.6pp	8.9%-0.7pp	9.6%+35.2pp	-25.6%-52.4pp	26.8%
Return on Equity	7.9%+1.6pp	6.3%+1.0pp	5.3%-0.1pp	5.4%+16.2pp	-10.8%-21.8pp	11.0%
Return on Assets	2.6%+0.5pp	2.2%+0.3pp	1.9%-0.1pp	2.0%+6.5pp	-4.5%-7.5pp	3.0%
Current Ratio	0.860.0	0.86-0.0	0.88+0.1	0.75-1.4	2.16+0.8	1.39
Debt-to-Equity	1.21+0.1	1.13+0.1	1.05+0.1	0.93+0.1	0.78-0.2	1.02
FCF Margin	-15.5%-10.0pp	-5.5%+2.1pp	-7.6%-2.2pp	-5.4%-10.5pp	5.1%-3.6pp	8.7%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	26.9%+5.9pp	20.9%-4.5pp	25.4%+5.4pp	20.1%-7.0pp	27.1%+10.0pp	17.1%-3.7pp	20.7%-0.0pp	20.7%
Net Margin	16.3%+4.6pp	11.7%-2.5pp	14.2%+5.2pp	9.0%-7.5pp	16.5%+8.5pp	8.0%-2.3pp	10.4%+0.3pp	10.1%
Return on Equity	3.0%+1.2pp	1.8%-0.4pp	2.2%+0.9pp	1.3%-1.6pp	2.9%+1.6pp	1.3%-0.3pp	1.5%+0.2pp	1.4%
Return on Assets	1.0%+0.4pp	0.6%-0.1pp	0.7%+0.3pp	0.4%-0.6pp	1.0%+0.6pp	0.4%-0.1pp	0.5%+0.1pp	0.5%
Current Ratio	1.00+0.1	0.86+0.1	0.77+0.2	0.59-0.2	0.81-0.1	0.86-0.4	1.29+0.2	1.11
Debt-to-Equity	1.27+0.1	1.21+0.0	1.18+0.1	1.07-0.0	1.11-0.0	1.13-0.0	1.17+0.1	1.12
FCF Margin	-18.1%+8.9pp	-27.0%-19.0pp	-8.0%+8.2pp	-16.2%-5.0pp	-11.2%+4.6pp	-15.8%-20.7pp	4.9%-0.2pp	5.1%

Note: The current ratio is below 1.0 (0.86), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is PPL's annual revenue?

PPL (PPL) reported $9.0B in total revenue for fiscal year 2025. This represents a 6.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is PPL's revenue growing?

PPL (PPL) revenue grew by 6.9% year-over-year, from $8.5B to $9.0B in fiscal year 2025.

Is PPL profitable?

Yes, PPL (PPL) reported a net income of $1.2B in fiscal year 2025, with a net profit margin of 13.1%.

What is PPL's EBITDA?

PPL (PPL) had EBITDA of $3.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does PPL have?

As of fiscal year 2025, PPL (PPL) had $1.1B in cash and equivalents against $18.0B in long-term debt.

What is PPL's operating margin?

PPL (PPL) had an operating margin of 23.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is PPL's net profit margin?

PPL (PPL) had a net profit margin of 13.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does PPL pay dividends?

Yes, PPL (PPL) paid $1.09 per share in dividends during fiscal year 2025.

What is PPL's return on equity (ROE)?

PPL (PPL) has a return on equity of 7.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is PPL's free cash flow?

PPL (PPL) generated -$1.4B in free cash flow during fiscal year 2025. This represents a -201.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is PPL's operating cash flow?

PPL (PPL) generated $2.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are PPL's total assets?

PPL (PPL) had $45.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are PPL's capital expenditures?

PPL (PPL) invested $4.0B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does PPL have outstanding?

PPL (PPL) had 751M shares outstanding as of fiscal year 2025.

What is PPL's current ratio?

PPL (PPL) had a current ratio of 0.86 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is PPL's debt-to-equity ratio?

PPL (PPL) had a debt-to-equity ratio of 1.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is PPL's return on assets (ROA)?

PPL (PPL) had a return on assets of 2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is PPL's Altman Z-Score?

PPL (PPL) has an Altman Z-Score of 0.97, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is PPL's Piotroski F-Score?

PPL (PPL) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are PPL's earnings high quality?

PPL (PPL) has an earnings quality ratio of 2.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can PPL cover its interest payments?

PPL (PPL) has an interest coverage ratio of 2.6x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is PPL?

PPL (PPL) scores 51 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.