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Dec 31, 2025
PPL Q4 2025 Earnings Report
PPL reported higher fourth-quarter 2025 earnings with growth in ongoing operations driven by regulated segment performance.
Key Takeaways
In Q4 2025, PPL generated $2274000000 in operating revenues and reported net income of $266000000, with diluted EPS of $0.36. Ongoing earnings per share rose to $0.41, supported by improved results in Kentucky and Pennsylvania regulated segments and higher transmission revenue.
Fourth-quarter net income increased to $266000000 with diluted EPS of $0.36.
Ongoing earnings per share improved to $0.41.
Operating income rose to $476000000.
Retail electricity sales increased in both Pennsylvania and Kentucky.
Forward Guidance
PPL provided 2026 earnings guidance of $1.90 to $1.98 per share and extended its 6% to 8% annual EPS growth target through at least 2029.
Positive Outlook
- 2026 EPS guidance midpoint of $1.94 implies growth over 2025 ongoing earnings.
- Extended 6% to 8% annual EPS growth target through 2029.
- Updated $23000000000 capital investment plan through 2029.
- Projected average annual rate base growth of approximately 10.3%.
- Increased quarterly dividend to $0.2850 per share.
Challenges Ahead
- Exposure to higher interest expense.
- Ongoing integration and IT transformation costs.
- Equity financing needs of approximately $3000000000 through 2029.
- Regulatory and rate case uncertainties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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