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Sep 30
PPL Q3 2025 Earnings Report
PPL reported a strong Q3 2025 with higher earnings and revenue driven by increased volumes and capital investments.
Key Takeaways
PPL delivered solid third-quarter results, with higher earnings and revenue compared to the prior year. Net income rose significantly, and the company reaffirmed its EPS growth targets while narrowing full-year guidance.
Reported net income for Q3 2025 was $318 million, up from $214 million in Q3 2024.
Adjusted EPS rose to $0.48 from $0.42 last year.
Total revenue increased to $2.239 billion, driven by higher sales volume and capital investment returns.
PPL reaffirmed its 6%-8% annual EPS and dividend growth targets through at least 2028.
PPL
PPL
PPL Revenue by Segment
PPL Revenue by Geographic Location
Revenue by Segment
Kentucky Regulated Revenue
CapyFin.comPennsylvania Regulated Revenue
CapyFin.comRevenue by Geographic Location
Kentucky Revenue
CapyFin.comPennsylvania Revenue
CapyFin.com Forward Guidance
PPL narrowed its 2025 ongoing EPS forecast to $1.78–$1.84 while reaffirming 6–8% annual EPS and dividend growth through 2028.
Positive Outlook
- Ongoing EPS forecast midpoint of $1.81 reaffirmed.
- Earnings growth expected in top half of guidance range.
- Regulatory progress in Kentucky supports future capital investments.
- Higher capital investment returns contributing to stronger earnings.
- Operational efficiencies and cost control maintained.
Challenges Ahead
- Increased interest expenses impacted earnings in all segments.
- Rhode Island operations saw higher operating costs year-to-date.
- Customer system integration costs continue to weigh on results.
- IT transformation and integration expenses impacted net income.
- Uncertainties remain around future special items and one-time charges.