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PPL (PPL) investor relations material
PPL Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered on 2025 operational and financial targets, achieving first quartile T&D reliability and top decile generation performance in Kentucky, while serving over 3.6 million customers and advancing digital technologies.
Ongoing earnings reached $1.81 per share, up 7.1% year-over-year, in line with guidance midpoint.
Executed $4.4 billion in capital investments focused on grid modernization, advanced metering, gas pipe replacement, and new generation in Kentucky.
Outperformed O&M savings target, achieving $170 million in run rate savings from 2021 baseline, supporting affordability.
Announced updated business plan extending growth outlook, balancing customer affordability and strong credit profile.
Financial highlights
2025 GAAP earnings were $1.59 per share, up from $1.20 in 2024; ongoing earnings were $1.81 per share, up $0.12 year-over-year.
Kentucky segment earnings rose $0.09 per share, Pennsylvania up $0.04, Rhode Island down $0.02 year-over-year.
Fourth quarter saw incremental improvements in all segments, with Kentucky and Pennsylvania leading.
Dividend increased nearly 5% to $1.14 annualized, with payout ratio expected to remain 50%-60%.
Net cash provided by operating activities in 2025 was $2.63 billion.
Outlook and guidance
2026 ongoing earnings guidance set at $1.90-$1.98 per share, midpoint $1.94, representing 7.2% growth.
Extended 6%-8% annual EPS growth target through at least 2029, expecting CAGR near top end of range.
Capital investment plan of $23 billion from 2026-2029, up from $20 billion previously, supporting ~10.3% average annual rate base growth.
Dividend growth target revised to 4%-6% annually during equity issuance period.
Total return proposition targeted at 10%-12%.
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