PPL Corporation reports second-quarter 2025 earnings
PPL Corporation (NYSE: PPL) reported Q2 2025 earnings with GAAP earnings of $0.25 per share, down from $0.26 in Q2 2024. Ongoing earnings were $0.32 per share, compared to $0.38 in Q2 2024, with the decline primarily attributed to timing of operating costs and weather impacts.
The company reaffirmed its 2025 ongoing earnings forecast of $1.75-$1.87 per share, expecting to achieve at least the midpoint of $1.81. PPL also confirmed its 6-8% annual EPS and dividend growth targets through 2028, projecting earnings growth in the top half of this range.
Notable developments include a new joint venture with Blackstone Infrastructure to build and operate electric generation stations for data centers, demonstrating PPL's commitment to innovative energy solutions and infrastructure development.
[ "Reaffirmed strong 6-8% annual EPS and dividend growth targets through 2028", "Expects to achieve EPS growth in top half of targeted range", "Strategic joint venture with Blackstone Infrastructure for data center power generation", "YTD reported earnings increased 20% to $597 million vs $497 million in 2024", "Significant progress in utility modernization and infrastructure enhancement" ]PPL Corporation (NYSE: PPL) ha riportato i risultati del secondo trimestre 2025 con utili GAAP di 0,25 dollari per azione, in calo rispetto a 0,26 dollari nel secondo trimestre 2024. Gli utili continui sono stati di 0,32 dollari per azione, rispetto a 0,38 dollari nello stesso periodo del 2024, con il calo principalmente attribuito al momento di sostenimento dei costi operativi e agli impatti meteorologici.
L'azienda ha confermato la sua previsione di utili continui per il 2025 tra 1,75 e 1,87 dollari per azione, prevedendo di raggiungere almeno il punto medio di 1,81 dollari. PPL ha inoltre ribadito i suoi obiettivi di crescita annuale degli utili per azione e dei dividendi del 6-8% fino al 2028, proiettando una crescita degli utili nella metà superiore di questo intervallo.
Tra gli sviluppi rilevanti, una nuova joint venture con Blackstone Infrastructure per costruire e gestire centrali elettriche destinate ai data center, dimostrando l'impegno di PPL verso soluzioni energetiche innovative e lo sviluppo infrastrutturale.
- Confermati solidi obiettivi di crescita annuale del 6-8% per utili per azione e dividendi fino al 2028
- Previsione di crescita degli utili nella metà superiore dell'intervallo target
- Joint venture strategica con Blackstone Infrastructure per la generazione di energia per data center
- Utili cumulativi da inizio anno aumentati del 20% a 597 milioni di dollari rispetto a 497 milioni nel 2024
- Progressi significativi nella modernizzazione delle utility e nel miglioramento delle infrastrutture
PPL Corporation (NYSE: PPL) reportó ganancias del segundo trimestre de 2025 con utilidades GAAP de $0.25 por acción, una disminución desde $0.26 en el segundo trimestre de 2024. Las ganancias continuas fueron de $0.32 por acción, comparado con $0.38 en el mismo periodo de 2024, con la caída atribuida principalmente al momento de los costos operativos y los impactos climáticos.
La compañía reafirmó su pronóstico de ganancias continuas para 2025 de $1.75 a $1.87 por acción, esperando alcanzar al menos el punto medio de $1.81. PPL también confirmó sus objetivos de crecimiento anual del 6-8% en EPS y dividendos hasta 2028, proyectando un crecimiento de ganancias en la mitad superior de este rango.
Entre los desarrollos destacados, una nueva joint venture con Blackstone Infrastructure para construir y operar estaciones de generación eléctrica para centros de datos, demostrando el compromiso de PPL con soluciones energéticas innovadoras y el desarrollo de infraestructura.
- Reafirmados sólidos objetivos de crecimiento anual del 6-8% en EPS y dividendos hasta 2028
- Se espera lograr crecimiento de EPS en la mitad superior del rango objetivo
- Joint venture estratégica con Blackstone Infrastructure para generación de energía en centros de datos
- Ganancias acumuladas en el año aumentaron un 20% a $597 millones frente a $497 millones en 2024
- Progresos significativos en la modernización de servicios públicos y mejora de infraestructura
PPL Corporation (NYSE: PPL)은 2025년 2분기 실적을 발표하며 GAAP 주당순이익이 주당 0.25달러로 2024년 2분기 0.26달러에서 감소했습니다. 지속적인 주당순이익은 0.32달러로, 2024년 2분기의 0.38달러에 비해 하락했으며, 이는 주로 운영비용 시점과 기상 영향 때문입니다.
회사는 2025년 지속적 주당순이익 전망을 주당 1.75~1.87달러로 재확인했으며, 최소한 중간값인 1.81달러 달성을 기대하고 있습니다. 또한 PPL은 2028년까지 연간 EPS 및 배당금 6~8% 성장 목표를 확인하며, 이 범위 상위권에서의 수익 성장 전망을 제시했습니다.
주요 발전 사항으로는 데이터 센터용 전력 생산소를 건설 및 운영하기 위한 Blackstone Infrastructure와의 새로운 합작 투자로, 혁신적인 에너지 솔루션과 인프라 개발에 대한 PPL의 의지를 보여줍니다.
- 2028년까지 연간 EPS 및 배당금 6~8% 성장 목표 재확인
- 목표 범위 상위권에서 EPS 성장 예상
- 데이터 센터 전력 생산을 위한 Blackstone Infrastructure와 전략적 합작 투자
- 연초 대비 누적 순이익이 20% 증가하여 5억 9700만 달러 기록 (2024년 4억 9700만 달러 대비)
- 유틸리티 현대화 및 인프라 개선에서 큰 진전
PPL Corporation (NYSE: PPL) a annoncé ses résultats du deuxième trimestre 2025 avec un bénéfice GAAP de 0,25 $ par action, en baisse par rapport à 0,26 $ au deuxième trimestre 2024. Le bénéfice récurrent s'est établi à 0,32 $ par action, contre 0,38 $ au deuxième trimestre 2024, la baisse étant principalement due au calendrier des coûts d'exploitation et aux impacts météorologiques.
La société a réaffirmé ses prévisions de bénéfice récurrent pour 2025 entre 1,75 $ et 1,87 $ par action, s'attendant à atteindre au moins le point médian de 1,81 $. PPL a également confirmé ses objectifs de croissance annuelle de 6 à 8 % du BPA et des dividendes jusqu'en 2028, prévoyant une croissance des bénéfices dans la moitié supérieure de cette fourchette.
Parmi les développements notables, un nouveau partenariat avec Blackstone Infrastructure pour construire et exploiter des centrales électriques destinées aux centres de données, démontrant l'engagement de PPL envers des solutions énergétiques innovantes et le développement des infrastructures.
- Objectifs solides de croissance annuelle de 6 à 8 % du BPA et des dividendes confirmés jusqu'en 2028
- Prévision d'une croissance des bénéfices dans la moitié supérieure de la fourchette cible
- Partenariat stratégique avec Blackstone Infrastructure pour la production d'énergie des centres de données
- Bénéfices cumulés depuis le début de l'année en hausse de 20 % à 597 millions de dollars contre 497 millions en 2024
- Progrès significatifs dans la modernisation des services publics et l'amélioration des infrastructures
PPL Corporation (NYSE: PPL) meldete für das zweite Quartal 2025 GAAP-Gewinne von 0,25 USD pro Aktie, ein Rückgang von 0,26 USD im zweiten Quartal 2024. Die fortlaufenden Gewinne lagen bei 0,32 USD pro Aktie im Vergleich zu 0,38 USD im zweiten Quartal 2024, wobei der Rückgang hauptsächlich auf das Timing der Betriebskosten und Wetterauswirkungen zurückzuführen ist.
Das Unternehmen bestätigte seine Prognose für fortlaufende Gewinne 2025 von 1,75 bis 1,87 USD pro Aktie und erwartet, mindestens den Mittelwert von 1,81 USD zu erreichen. PPL bekräftigte außerdem seine Ziele für ein jährliches EPS- und Dividendenwachstum von 6-8% bis 2028 und prognostiziert ein Gewinnwachstum im oberen Bereich dieser Spanne.
Zu den bemerkenswerten Entwicklungen gehört ein neues Joint Venture mit Blackstone Infrastructure zum Bau und Betrieb von Stromerzeugungsanlagen für Rechenzentren, was das Engagement von PPL für innovative Energielösungen und Infrastrukturentwicklung unterstreicht.
- Bestätigung starker jährlicher EPS- und Dividendenwachstumsziele von 6-8% bis 2028
- Erwartung, das Gewinnwachstum im oberen Bereich der Zielspanne zu erreichen
- Strategisches Joint Venture mit Blackstone Infrastructure zur Stromerzeugung für Rechenzentren
- Berichtete Gewinne seit Jahresbeginn stiegen um 20 % auf 597 Millionen USD gegenüber 497 Millionen USD im Jahr 2024
- Erhebliche Fortschritte bei der Modernisierung von Versorgungsunternehmen und Infrastrukturverbesserungen
- None.
- Q2 2025 ongoing earnings declined 16% to $0.32 per share from $0.38 in 2024
- Higher interest expense impacting corporate earnings
- Lower sales volumes in Kentucky segment due to weather impacts
- Increased operating costs across multiple segments
Insights
PPL reports lower Q2 earnings due to timing/weather but reaffirms strong growth targets and maintains 2025 guidance.
PPL Corporation posted Q2 2025 ongoing EPS of
Looking at segment performance, the Kentucky Regulated segment maintained stable ongoing earnings at
What's particularly significant is PPL's confidence in its longer-term trajectory. Management has reaffirmed its
PPL's strategic initiatives remain focused on grid reliability improvements, clean energy integration, and technological innovation. The recently announced joint venture with Blackstone Infrastructure to build and operate generation facilities for data centers represents a strategic move to capitalize on growing power demand while supporting regional economic development.
Year-to-date performance shows stability with ongoing EPS of
- Announces 2025 second-quarter reported earnings (GAAP) per share of
$0.25 - Achieves 2025 second-quarter ongoing earnings per share of
$0.32 $0.38 - Reaffirms 2025 ongoing earnings forecast range of
$1.75 $1.87 $1.81 - Reaffirms
6% to8% annual EPS and dividend growth targets through at least 2028; expects to achieve EPS growth in the top half of targeted growth range.
PPL reported earnings of
Adjusting for special items, second-quarter 2025 earnings from ongoing operations (non-GAAP) were
Earnings from ongoing operations for the first six months of 2025 were
"Across PPL, we continue to gain momentum in executing our utility of the future strategy," said PPL President and Chief Executive Officer Vincent Sorgi. "We are significantly enhancing the reliability and resiliency of our electric and gas networks to better protect against severe weather. We are advancing a cleaner energy mix while maintaining our unwavering commitment to safety, affordability and reliability. Moreover, we are at the forefront of innovation, integrating cutting-edge technology across all aspects of our business to deliver superior outcomes for our customers and shareowners."
Sorgi continued, "We are also making substantial progress in delivering on our financial commitments to shareowners. We anticipate strong earnings growth in the second half of 2025, driven by higher returns on capital investments and lower O&M year over year, in line with our business plan. We remain confident about achieving at least the midpoint of our 2025 forecast and are reaffirming our ongoing earnings forecast range of
"Importantly, we also continue to focus on engaging with key stakeholders to strengthen resource adequacy and power economic development that benefits the regions we serve and enhances America's competitiveness," added Sorgi. "This month, we were excited to announce our joint venture with Blackstone Infrastructure to build, own and operate new electric generation stations to power data centers under long-term energy services agreements. This is just another example of how we are developing innovative solutions to some of the most pressing challenges in today's energy landscape."
In conjunction with today's earnings announcement, PPL reaffirmed its projection of
Second-Quarter 2025 Earnings Details
As discussed in this news release, reported earnings are calculated in accordance with
(Dollars in millions, except for per share | 2nd Quarter | Year to Date | |||||||||
2025 | 2024 | Change | 2025 | 2024 | Change | ||||||
Reported earnings | $ 183 | $ 190 | (4) % | $ 597 | $ 497 | 20 % | |||||
Reported earnings per share | $ 0.25 | $ 0.26 | (4) % | $ 0.80 | $ 0.67 | 19 % | |||||
2nd Quarter | Year to Date | ||||||||||
2025 | 2024 | Change | 2025 | 2024 | Change | ||||||
Earnings from ongoing operations | $ 240 | $ 282 | (15) % | $ 684 | $ 684 | 0 % | |||||
Earnings from ongoing operations per share | $ 0.32 | $ 0.38 | (16) % | $ 0.92 | $ 0.92 | 0 % | |||||
Second-Quarter 2025 Earnings by Segment | |||||||
2nd Quarter | Year to Date | ||||||
Per share | 2025 | 2024 | 2025 | 2024 | |||
Reported earnings | |||||||
Kentucky Regulated | $ 0.17 | $ 0.18 | $ 0.47 | $ 0.44 | |||
Pennsylvania Regulated | 0.19 | 0.21 | 0.44 | 0.40 | |||
Rhode Island Regulated | (0.02) | 0.01 | 0.07 | 0.10 | |||
Corporate and Other | (0.09) | (0.14) | (0.18) | (0.27) | |||
Total | $ 0.25 | $ 0.26 | $ 0.80 | $ 0.67 | |||
2nd Quarter | Year to Date | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Special items (expense) benefit | |||||||
Kentucky Regulated | $ (0.01) | $ — | $ (0.01) | $ — | |||
Pennsylvania Regulated | — | — | — | (0.02) | |||
Rhode Island Regulated | (0.03) | (0.03) | (0.04) | (0.04) | |||
Corporate and Other | (0.03) | (0.09) | (0.07) | (0.19) | |||
Total | $ (0.07) | $ (0.12) | $ (0.12) | $ (0.25) | |||
2nd Quarter | Year to Date | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Earnings from ongoing operations | |||||||
Kentucky Regulated | $ 0.18 | $ 0.18 | $ 0.48 | $ 0.44 | |||
Pennsylvania Regulated | 0.19 | 0.21 | 0.44 | 0.42 | |||
Rhode Island Regulated | 0.01 | 0.04 | 0.11 | 0.14 | |||
Corporate and Other | (0.06) | (0.05) | (0.11) | (0.08) | |||
Total | $ 0.32 | $ 0.38 | $ 0.92 | $ 0.92 | |||
Key Factors Impacting Earnings
In addition to the segment drivers outlined below, PPL's reported earnings in the second quarter of 2025 included net special item after-tax charges of
Reported earnings in the first six months of 2025 included net special-item after-tax charges of
Kentucky Regulated Segment
PPL's Kentucky Regulated segment primarily consists of the regulated electricity and natural gas operations of Louisville Gas and Electric Company and the regulated electricity operations of Kentucky Utilities Company.
Reported earnings in the second quarter of 2025 decreased by
Reported earnings in the first six months of 2025 increased by
Pennsylvania Regulated Segment
PPL's Pennsylvania Regulated segment consists of the regulated electricity delivery operations of PPL Electric Utilities.
Reported earnings and earnings from ongoing operations in the second quarter of 2025 decreased by
Reported earnings in the first six months of 2025 increased by
Rhode Island Regulated Segment
PPL's Rhode Island Regulated segment consists of the regulated electricity and natural gas operations of Rhode Island Energy.
Reported earnings and earnings from ongoing operations in the second quarter of 2025 decreased by
Reported earnings and earnings from ongoing operations in the first six months of 2025 decreased by
Corporate and Other
PPL's Corporate and Other category primarily includes financing costs incurred at the corporate level, certain non-recoverable costs resulting from commitments made to the Rhode Island Division of Public Utilities and Carriers and the
Reported earnings in the second quarter of 2025 increased by
Reported earnings in the first six months of 2025 increased by
2025 Earnings Forecast
PPL's 2025 earnings from ongoing operations forecast range is
Earnings from ongoing operations is a non-GAAP measure that could differ from reported earnings due to special items that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations. PPL management is not able to forecast whether any of these factors will occur or whether any amounts will be reported for future periods. Therefore, PPL is not able to provide an equivalent GAAP measure for earnings guidance.
See the table at the end of this news release for a complete reconciliation of the earnings forecast.
About PPL
PPL Corporation (NYSE: PPL), headquartered in
(Note: All references to earnings per share in the text and tables of this news release are stated in terms of diluted earnings per share unless otherwise noted.)
Conference Call and Webcast
PPL invites interested parties to listen to a live internet webcast of management's teleconference with financial analysts about second-quarter 2025 financial results at 11 a.m. Eastern time on Thursday, July 31. The call will be webcast live, in audio format, together with slides of the presentation. For those who are unable to listen to the live webcast, a replay with slides will be accessible at www.pplweb.com/investors for 90 days after the call.
Interested individuals can access the live conference call via telephone at 1-844-512-2926. International participants should call 1-412-317-6300. Participants will need to enter the following "Elite Entry" number to join the conference: 9662929. Callers can access the webcast link at www.pplweb.com/investors under "Events."
Management utilizes "Earnings from Ongoing Operations" or "Ongoing Earnings" as a non-GAAP financial measure that should not be considered as an alternative to reported earnings, or net income, an indicator of operating performance determined in accordance with GAAP. PPL believes that Earnings from Ongoing Operations is useful and meaningful to investors because it provides management's view of PPL's earnings performance as another criterion in making investment decisions. In addition, PPL's management uses Earnings from Ongoing Operations in measuring achievement of certain corporate performance goals, including targets for certain executive incentive compensation. Other companies may use different measures to present financial performance.
Earnings from Ongoing Operations is adjusted for the impact of special items. Special items are presented in the financial tables on an after-tax basis with the related income taxes on special items separately disclosed. Income taxes on special items, when applicable, are calculated based on the statutory tax rate of the entity where the activity is recorded. Special items may include items such as:
- Gains and losses on sales of assets not in the ordinary course of business.
- Impairment charges.
- Significant workforce reduction and other restructuring effects.
- Acquisition and divestiture-related adjustments.
- Significant losses on early extinguishment of debt.
- Other charges or credits that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations.
Statements contained in this news release, including statements with respect to future earnings, cash flows, dividends, financing, regulation and corporate strategy, are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: strategic acquisitions, dispositions, joint ventures or similar transactions and our ability to consummate these business transactions, integrate the acquired entities or realize expected benefits from them; pandemic health events or other catastrophic events and their effect on financial markets, economic conditions and our businesses; market demand for energy in our service territories; weather conditions affecting customer energy usage and operating costs; volatility in or the impact of other changes on financial markets, commodity prices and economic conditions, including inflation; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of our facilities; the length of scheduled and unscheduled outages at our generating plants; environmental conditions and requirements and the related costs of compliance; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; any impact of severe weather on our business; receipt of necessary government permits, approvals, rate relief and regulatory cost recovery; capital market conditions and decisions regarding capital structure; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its subsidiaries; PPL Corporation's stock price performance; the market prices of equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; political, regulatory or economic conditions in jurisdictions where PPL Corporation or its subsidiaries conduct business, including any potential effects of threatened or actual cyberattack, terrorism or war or other hostilities; new state, federal or foreign legislation, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with factors and other matters discussed in PPL Corporation's Form 10-K and other reports on file with the Securities and Exchange Commission.
Note to Editors: Visit our media website at www.pplnewsroom.com for additional news and background about PPL Corporation.
PPL CORPORATION AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED FINANCIAL INFORMATION(1) | |||
Condensed Consolidated Balance Sheets (Unaudited) | |||
(Millions of Dollars) | |||
June 30, | December 31, | ||
2025 | 2024 | ||
Assets | |||
Cash and cash equivalents | $ 294 | $ 306 | |
Accounts receivable | 1,120 | 1,037 | |
Unbilled revenues | 418 | 485 | |
Fuel, materials and supplies | 504 | 511 | |
Regulatory assets | 303 | 320 | |
Other current assets | 284 | 221 | |
Property, Plant and Equipment | |||
Regulated utility plant | 41,171 | 40,391 | |
Less: Accumulated depreciation - regulated utility plant | 9,950 | 9,682 | |
Regulated utility plant, net | 31,221 | 30,709 | |
Non-regulated property, plant and equipment | 80 | 79 | |
Less: Accumulated depreciation - non-regulated property, plant and equipment | 33 | 29 | |
Non-regulated property, plant and equipment, net | 47 | 50 | |
Construction work in progress | 3,088 | 2,390 | |
Property, Plant and Equipment, net | 34,356 | 33,149 | |
Noncurrent regulatory assets | 2,055 | 2,060 | |
Goodwill and other intangibles | 2,559 | 2,561 | |
Other noncurrent assets | 470 | 419 | |
Total Assets | $ 42,363 | $ 41,069 | |
Liabilities and Equity | |||
Short-term debt | $ 1,286 | $ 303 | |
Long-term debt due within one year | 1,219 | 551 | |
Accounts payable | 1,135 | 1,196 | |
Other current liabilities | 1,338 | 1,283 | |
Long-term debt | 15,292 | 15,952 | |
Deferred income taxes and investment tax credits | 3,611 | 3,467 | |
Accrued pension obligations | 294 | 317 | |
Asset retirement obligations | 141 | 136 | |
Noncurrent regulatory liabilities | 3,335 | 3,335 | |
Other deferred credits and noncurrent liabilities | 426 | 452 | |
Common stock and additional paid-in capital | 12,351 | 12,354 | |
Treasury stock | (902) | (928) | |
Earnings reinvested | 3,027 | 2,835 | |
Accumulated other comprehensive loss | (190) | (184) | |
Total Liabilities and Equity | $ 42,363 | $ 41,069 | |
(1) | The Financial Statements in this news release have been condensed and summarized for purposes of this presentation. Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure. |
PPL CORPORATION AND SUBSIDIARIES | |||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||
(Millions of Dollars, except share data) | |||||||
Three Months Ended | Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Operating Revenues | $ 2,025 | $ 1,881 | $ 4,529 | $ 4,185 | |||
Operating Expenses | |||||||
Operation | |||||||
Fuel | 192 | 181 | 426 | 390 | |||
Energy purchases | 388 | 275 | 947 | 795 | |||
Other operation and maintenance | 614 | 623 | 1,212 | 1,249 | |||
Depreciation | 324 | 319 | 646 | 635 | |||
Taxes, other than income | 101 | 93 | 214 | 181 | |||
Total Operating Expenses | 1,619 | 1,491 | 3,445 | 3,250 | |||
Operating Income | 406 | 390 | 1,084 | 935 | |||
Other Income (Expense) - net | 23 | 32 | 51 | 54 | |||
Interest Expense | 199 | 182 | 389 | 361 | |||
Income Before Income Taxes | 230 | 240 | 746 | 628 | |||
Income Taxes | 47 | 50 | 149 | 131 | |||
Net Income | $ 183 | $ 190 | $ 597 | $ 497 | |||
Earnings Per Share of Common Stock: | |||||||
Net Income Available to PPL Common Shareowners | |||||||
Basic | $ 0.25 | $ 0.26 | $ 0.81 | $ 0.67 | |||
Diluted | $ 0.25 | $ 0.26 | $ 0.80 | $ 0.67 | |||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||
Basic | 739,276 | 737,748 | 738,986 | 737,630 | |||
Diluted | 742,541 | 739,563 | 741,972 | 739,191 | |||
PPL CORPORATION AND SUBSIDIARIES | |||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||
(Millions of Dollars) | |||
Six Months Ended June 30, | |||
2025 | 2024 | ||
Cash Flows from Operating Activities | |||
Net income | $ 597 | $ 497 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 646 | 635 | |
Amortization | 49 | 47 | |
Defined benefit plans - income | (30) | (35) | |
Deferred income taxes and investment tax credits | 104 | 114 | |
Other | 3 | 10 | |
Change in current assets and current liabilities | |||
Accounts receivable | (91) | 162 | |
Accounts payable | (167) | (167) | |
Unbilled revenues | 63 | 74 | |
Fuel, materials and supplies | 13 | 4 | |
Prepayments | (56) | (107) | |
Taxes payable | 40 | (21) | |
Regulatory assets and liabilities, net | 64 | (74) | |
Accrued interest | (5) | 21 | |
Other | (52) | (57) | |
Other operating activities | |||
Defined benefit plans - funding | (7) | (7) | |
Other | (56) | (48) | |
Net cash provided by operating activities | 1,115 | 1,048 | |
Cash Flows from Investing Activities | |||
Expenditures for property, plant and equipment | (1,723) | (1,266) | |
Other investing activities | 10 | 5 | |
Net cash used in investing activities | (1,713) | (1,261) | |
Cash Flows from Financing Activities | |||
Issuance of long-term debt | — | 1,148 | |
Payment of common stock dividends | (392) | (367) | |
Net increase (decrease) in short-term debt | 983 | (603) | |
Other financing activities | (14) | (23) | |
Net cash provided by financing activities | 577 | 155 | |
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (21) | (58) | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 339 | 382 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 318 | $ 324 | |
Supplemental Disclosures of Cash Flow Information | |||
Significant non-cash transactions: | |||
Accrued expenditures for property, plant and equipment at June 30, | $ 450 | $ 288 | |
Operating - Electricity Sales (Unaudited)(1) | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
Percent | Percent | ||||||||||
(GWh) | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||
PA Regulated Segment | |||||||||||
Retail Delivered(2) | 8,426 | 8,587 | (1.9) % | 18,569 | 18,214 | 1.9 % | |||||
KY Regulated Segment | |||||||||||
Retail Delivered | 7,043 | 7,158 | (1.6) % | 14,846 | 14,612 | 1.6 % | |||||
Wholesale(3) | 268 | 130 | 106.2 % | 707 | 297 | 138.0 % | |||||
Total | 7,311 | 7,288 | 0.3 % | 15,553 | 14,909 | 4.3 % | |||||
Total | 15,737 | 15,875 | (0.9) % | 34,122 | 33,123 | 3.0 % | |||||
(1) | Excludes the Rhode Island Regulated segment electricity sales as revenues are decoupled from volumes delivered. |
(2) | Includes estimated volumes for industrial customers that were not billed during the period. |
(3) | Represents FERC-regulated municipal and unregulated off-system sales. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||
(After-Tax) | |||||||||
(Unaudited) | |||||||||
2nd Quarter 2025 | (millions of dollars) | ||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 126 | $ 139 | $ (17) | $ (65) | $ 183 | ||||
Less: Special Items (expense) benefit: | |||||||||
Talen litigation costs, net of tax of ( | — | — | — | 4 | 4 | ||||
Acquisition integration, net of tax of | — | — | — | (13) | (13) | ||||
IT transformation, net of tax of | (5) | — | (3) | (16) | (24) | ||||
Energy efficiency programs settlement(5) | — | — | 2 | — | 2 | ||||
Office relocation and related costs, net of tax of | (1) | (1) | — | — | (2) | ||||
Post TSA adjustments, net of tax of | — | — | (24) | — | (24) | ||||
Total Special Items | (6) | (1) | (25) | (25) | (57) | ||||
Earnings from Ongoing Operations | $ 132 | $ 140 | $ 8 | $ (40) | $ 240 | ||||
(per share - diluted) | |||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 0.17 | $ 0.19 | $ (0.02) | $ (0.09) | $ 0.25 | ||||
Less: Special Items (expense) benefit: | |||||||||
Talen litigation costs(2) | — | — | — | 0.01 | 0.01 | ||||
Acquisition integration(3) | — | — | — | (0.02) | (0.02) | ||||
IT transformation(4) | (0.01) | — | — | (0.02) | (0.03) | ||||
Post TSA adjustments(7) | — | — | (0.03) | — | (0.03) | ||||
Total Special Items | (0.01) | — | (0.03) | (0.03) | (0.07) | ||||
Earnings from Ongoing Operations | $ 0.18 | $ 0.19 | $ 0.01 | $ (0.06) | $ 0.32 | ||||
(1) | Reported Earnings represents Net Income. |
(2) | PPL incurred legal expenses and received insurance reimbursement related to litigation associated with its former affiliate, Talen Montana, LLC and certain affiliated entities. |
(3) | Primarily integration and related costs associated with the acquisition of Rhode Island Energy. |
(4) | Costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems. |
(5) | Costs associated with a settlement agreement regarding energy efficiency programs prior to PPL's acquisition of Rhode Island Energy. |
(6) | Certain costs related to the relocation of corporate offices. |
(7) | Adjustments related to account reconciliations and process alignment subsequent to the end of the transition services agreement associated with the acquisition of Rhode Island Energy. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||
(After-Tax) | |||||||||
(Unaudited) | |||||||||
Year-to-Date June 30, 2025 | (millions of dollars) | ||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 349 | $ 323 | $ 53 | $ (128) | $ 597 | ||||
Less: Special Items (expense) benefit: | |||||||||
Talen litigation costs, net of tax of | — | — | — | 3 | 3 | ||||
Acquisition integration, net of tax of ( | — | — | 7 | (27) | (20) | ||||
IT transformation, net of tax of | (6) | — | (4) | (26) | (36) | ||||
Energy efficiency programs settlement, net of tax of | — | — | (6) | — | (6) | ||||
Office relocation and related costs, net of tax of | (2) | (2) | — | — | (4) | ||||
Post TSA adjustments, net of tax of | — | — | (24) | — | (24) | ||||
Total Special Items | (8) | (2) | (27) | (50) | (87) | ||||
Earnings from Ongoing Operations | $ 357 | $ 325 | $ 80 | $ (78) | $ 684 | ||||
(per share - diluted) | |||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 0.47 | $ 0.44 | $ 0.07 | $ (0.18) | $ 0.80 | ||||
Less: Special Items (expense) benefit: | |||||||||
Acquisition integration(3) | — | — | 0.01 | (0.04) | (0.03) | ||||
IT transformation(4) | (0.01) | — | (0.01) | (0.03) | (0.05) | ||||
Energy efficiency programs settlement(5) | — | — | (0.01) | — | (0.01) | ||||
Post TSA adjustments(7) | — | — | (0.03) | — | (0.03) | ||||
Total Special Items | (0.01) | — | (0.04) | (0.07) | (0.12) | ||||
Earnings from Ongoing Operations | $ 0.48 | $ 0.44 | $ 0.11 | $ (0.11) | $ 0.92 | ||||
(1) | Reported Earnings represents Net Income. |
(2) | PPL incurred legal expenses and received insurance reimbursement related to litigation associated with its former affiliate, Talen Montana, LLC and certain affiliated entities. |
(3) | Rhode Island Regulated primarily includes a final transition services settlement agreement. Corporate and Other primarily includes integration and related costs associated with the acquisition of Rhode Island Energy. |
(4) | Costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems. |
(5) | Costs associated with a settlement agreement regarding energy efficiency programs prior to PPL's acquisition of Rhode Island Energy. |
(6) | Certain costs related to the relocation of corporate offices. |
(7) | Adjustments related to account reconciliations and process alignment subsequent to the end of the transition services agreement associated with the acquisition of Rhode Island Energy. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||
(After-Tax) | |||||||||
(Unaudited) | |||||||||
2nd Quarter 2024 | (millions of dollars) | ||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 134 | $ 150 | $ 12 | $ (106) | $ 190 | ||||
Less: Special Items (expense) benefit: | |||||||||
Strategic corporate initiatives, net of tax of | — | (3) | — | (2) | (5) | ||||
Acquisition integration, net of tax of | — | — | (16) | (69) | (85) | ||||
PPL Electric billing issue, net of tax of | — | (2) | — | — | (2) | ||||
Total Special Items | — | (5) | (16) | (71) | (92) | ||||
Earnings from Ongoing Operations | $ 134 | $ 155 | $ 28 | $ (35) | $ 282 | ||||
(per share - diluted) | |||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 0.18 | $ 0.21 | $ 0.01 | $ (0.14) | $ 0.26 | ||||
Less: Special Items (expense) benefit: | |||||||||
Acquisition integration(3) | — | — | (0.03) | (0.09) | (0.12) | ||||
Total Special Items | — | — | (0.03) | (0.09) | (0.12) | ||||
Earnings from Ongoing Operations | $ 0.18 | $ 0.21 | $ 0.04 | $ (0.05) | $ 0.38 | ||||
(1) | Reported Earnings represents Net Income. |
(2) | Represents costs primarily related to PPL's corporate centralization and other strategic efforts. |
(3) | Primarily integration and related costs associated with the acquisition of Rhode Island Energy. |
(4) | Certain expenses related to billing issues. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||
(After-Tax) | |||||||||
(Unaudited) | |||||||||
Year-to-Date June 30, 2024 | (millions of dollars) | ||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 324 | $ 299 | $ 76 | $ (202) | $ 497 | ||||
Less: Special Items (expense) benefit: | |||||||||
Strategic corporate initiatives, net of tax of | (1) | (4) | — | (4) | (9) | ||||
Acquisition integration, net of tax of | — | — | (30) | (135) | (165) | ||||
PPL Electric billing issue, net of tax of | — | (13) | — | — | (13) | ||||
Total Special Items | (1) | (17) | (30) | (139) | (187) | ||||
Earnings from Ongoing Operations | $ 325 | $ 316 | $ 106 | $ (63) | $ 684 | ||||
(per share - diluted) | |||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 0.44 | $ 0.40 | $ 0.10 | $ (0.27) | $ 0.67 | ||||
Less: Special Items (expense) benefit: | |||||||||
Strategic corporate initiatives(2) | — | — | — | (0.01) | (0.01) | ||||
Acquisition integration(3) | — | — | (0.04) | (0.18) | (0.22) | ||||
PPL Electric billing issue(4) | — | (0.02) | — | — | (0.02) | ||||
Total Special Items | — | (0.02) | (0.04) | (0.19) | (0.25) | ||||
Earnings from Ongoing Operations | $ 0.44 | $ 0.42 | $ 0.14 | $ (0.08) | $ 0.92 | ||||
(1) | Reported Earnings represents Net Income. |
(2) | Represents costs primarily related to PPL's centralization efforts and other strategic efforts. |
(3) | Primarily integration and related costs associated with the acquisition of Rhode Island Energy. |
(4) | Certain expenses related to billing issues. |
Reconciliation of PPL's Earnings Forecast | |||||
After-Tax (Unaudited) | |||||
(per share - diluted) | |||||
2025 Forecast Range | |||||
Midpoint | High | Low | |||
Estimate of Reported Earnings | $ 1.69 | $ 1.75 | $ 1.63 | ||
Less: Special Items (expense) benefit:(1) | |||||
Acquisition integration(2) | (0.03) | (0.03) | (0.03) | ||
IT transformation(3) | (0.05) | (0.05) | (0.05) | ||
Energy efficiency investigation settlement(4) | (0.01) | (0.01) | (0.01) | ||
Post TSA adjustments(5) | (0.03) | (0.03) | (0.03) | ||
Total Special Items | (0.12) | (0.12) | (0.12) | ||
Forecast of Earnings from Ongoing Operations | $ 1.81 | $ 1.87 | $ 1.75 | ||
(1) | Reflects only special items recorded through June 30, 2025. PPL is not able to forecast special items for future periods. |
(2) | Primarily integration and related costs associated with the acquisition of Rhode Island Energy. |
(3) | Costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems. |
(4) | Costs associated with a settlement agreement regarding energy efficiency programs prior to PPL's acquisition of Rhode Island Energy. |
(5) | Adjustments related to account reconciliations and process alignment subsequent to the end of the transition services agreement associated with the acquisition of Rhode Island Energy. |
Contacts: | For news media: Ryan Hill, 610-774-4033 |
For financial analysts: Andy Ludwig, 610-774-3389 |
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SOURCE PPL Services Corporation
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