PPL Corporation

PPL
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
TTM ROIC
10.9%
FY2025 · Adjusted ROE (ongoing operations) on book equity; GAAP ROE ~6.5% · WACC ~8.5% · Moat spread +2.4pp

Financial Snapshot

ticker: PPL step: 04 generated: 2026-05-13 source: quick-research

PPL Corporation (PPL) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $7.90B $8.31B $8.46B +1.8%
Operating Margin ~18% ~19% ~20% +1pp
Net Income (GAAP) ~$1.0B $740M $888M +20.0%
EPS (adj. ongoing ops) $1.41 $1.60 $1.69 +5.6%

FY2025: Adj. EPS ~$1.81 (midpoint of $1.75–$1.87 guidance range); business plan extended through 2029

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$2.0B
Free Cash Flow Negative (heavy capex)
Capital Expenditures ~$3.1B
Cash & Equivalents ~$400M
Total Debt ~$14B

Note: PPL completed $3.1B in capital investments in 2024 and achieved $120–130M in O&M savings. Negative FCF is standard during high-capex growth cycles.

Key Ratios (approximate)

  • P/E: ~21x (adj.) | EV/EBITDA: ~12x | Dividend Yield: ~3.2%
  • Adj. EPS CAGR target: 6–8% through 2029 | Rate base CAGR: ~10.3% through 2029

Growth Profile

PPL has delivered consistent 5–7% adj. EPS growth post-UK utility sale (completed 2021), reinvesting in US utility infrastructure. The data center pipeline in Pennsylvania has driven a step-change in the capital plan: raised from $20B (2025–2028) to $23B (2026–2029), supporting rate base growth of ~10.3% annually. EPS/dividend growth targets of 6–8% were extended from 2028 to 2029 in February 2026 following strong FY2025 results.

Forward Estimates

  • FY2025 adj. EPS: ~$1.81 midpoint (+7% vs FY2024 $1.69)
  • FY2026 guidance: $1.90–$1.98 (midpoint $1.94, +7% vs FY2025)
  • EPS CAGR: 6–8% through 2029 (targets extended February 2026)
  • Capital plan: $23B (2026–2029); rate base CAGR ~10.3%
  • Data center ESAs: 25.2 GW pipeline; 10 GW under ESAs; 5 GW under construction
  • Analyst avg. price target: ~$38.57 (Moderate Buy; 23 Buy / 3 Hold)

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $PPL.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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