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PPL (PPL) investor relations material

PPL Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Q2 2025 GAAP EPS was $0.25; ongoing EPS $0.32, down $0.06 year-over-year due to timing, weather, and higher interest and operating costs.

  • Net income for the first half of 2025 was $597M ($0.80/share), up from $497M ($0.67/share) in 2024, with operating revenues and income rising across segments.

  • 2025 ongoing EPS forecast range of $1.75–$1.87 reaffirmed, with confidence in achieving at least the midpoint ($1.81); 6–8% annual EPS and dividend growth targeted through 2028.

  • Strategic focus on grid reliability, AI-driven efficiency, and major infrastructure investments to support data center growth and economic development.

  • Announced joint venture with Blackstone Infrastructure to build new generation for data centers in Pennsylvania under long-term agreements.

Financial highlights

  • Q2 2025 ongoing EPS: $0.32, down from $0.38 in Q2 2024; GAAP EPS: $0.25; special items of $0.07 per share mainly from IT transformation and Rhode Island integration.

  • First half 2025 reported net income rose 20% to $597M; ongoing operations net income unchanged at $684M.

  • Operating revenues for the first half were $4,529M, up $344M year-over-year; operating income was $1,084M, up from $935M.

  • Issued ~$350M equity YTD via ATM, targeting $400M–$500M for the year; forward sales contract to be settled by year-end.

  • Quarterly dividend declared at $0.2725 per share, annualized at $1.09.

Outlook and guidance

  • 2025 ongoing EPS forecast range reaffirmed at $1.75–$1.87, with confidence in achieving at least the midpoint; stronger H2 earnings expected from capital returns and lower O&M.

  • 6–8% annual EPS and dividend growth targeted through at least 2028, with EPS growth expected in the top half of the range.

  • $20B capital investment plan through 2028, with average annual rate base growth of 9.8%.

  • Kentucky subsidiaries filed for $391M in annual revenue increases, with rate changes expected January 2026 pending approval.

  • Pennsylvania segment received approval to increase its DSIC cap to 7.5% until the next base rate case.

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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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