# PPL Corporation (PPL) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PPL/thesis · /stocks/PPL/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PPL/fundamental

## Navigation

- Overview: /stocks/PPL
- Financials (this page): /stocks/PPL/financials
- Thesis: /stocks/PPL/thesis
- Investment Memo: /stocks/PPL/memo
- Coverage universe: /stocks