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PPL (PPL) investor relations material
PPL Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Reported Q3 2025 GAAP EPS of $0.43, up from $0.29 in Q3 2024; ongoing EPS was $0.48, up $0.06 year-over-year, driven by formula rate recovery and lower operating costs, partially offset by higher interest expense.
Net income for Q3 2025 was $318 million, up from $214 million in Q3 2024; nine-month net income was $915 million, up from $711 million year-over-year.
2025 ongoing EPS forecast narrowed to $1.78–$1.84, maintaining a $1.81 midpoint, with confidence in achieving at least the midpoint and reaffirmed 6–8% annual EPS and dividend growth targets through at least 2028.
On track for $4.3 billion in 2025 infrastructure improvements and projecting $20 billion in investments from 2025–2028, supporting 9.8% average annual rate base growth.
Achieved key regulatory milestones, including approval for new generation resources in Kentucky and progress in major rate case proceedings.
Financial highlights
Q3 2025 operating revenues were $2.24 billion, up from $2.07 billion in Q3 2024; nine-month revenues were $6.77 billion, up from $6.25 billion year-over-year.
Q3 2025 ongoing EPS rose to $0.48 from $0.42 in Q3 2024; YTD ongoing EPS at $1.40, up from $1.34 YTD 2024.
Q3 2025 operating income was $569 million, up from $428 million; nine-month operating income was $1.65 billion, up from $1.36 billion.
Special items in Q3 2025 were $0.05 per share, mainly from IT transformation and Rhode Island Energy integration costs.
Segment Q3 2025 ongoing EPS: Kentucky $0.26, Pennsylvania $0.21, Rhode Island $0.05, Corporate & Other ($0.04).
Outlook and guidance
2025 ongoing EPS forecast range narrowed to $1.78–$1.84, with strong confidence in achieving at least the $1.81 midpoint.
Reaffirmed 6–8% annual EPS and dividend growth through at least 2028, with EPS growth expected in the top half of the range.
Projecting $20 billion in infrastructure investments from 2025–2028, supporting 9.8% average annual rate-based growth.
Pending rate cases in Pennsylvania and Kentucky could increase annual revenues by $356 million and $235 million, respectively, if approved.
Updated business plan and 2026 earnings forecast to be provided at year-end.
Confidence in 2028 EPS growth given narrowed 2025 forecast?
What is the strategic rationale for new gas plants given data center growth?
What is the outlook for special item expenses post-2025?
PA data center CapEx vs. prior sensitivity
Reason for KY Mill Creek cost recovery rejection?
Blackstone JV: acquire existing or new build?
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Frequently asked questions
PPL Corporation is a U.S. energy company headquartered in Allentown, Pennsylvania. It generates electricity from power plants in the northeastern, northwestern, and southeastern United States, and delivers electricity to customers in Kentucky, Pennsylvania, Virginia, and Tennessee. In Pennsylvania, PPL Electric Utilities is the third-largest electric distribution company and serves 1.4 million customers in 29 counties of eastern and central Pennsylvania.
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