PPL (PPL) Q2 2025 earnings summary

Executive summary

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

• First half 2025 net income was $597 million ($0.80/share), up from $497 million ($0.67/share) in 2024; ongoing EPS flat at $0.92.

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

• Over $4 billion in infrastructure improvements planned for 2025, with $20 billion projected from 2025–2028 and average annual rate base growth of 9.8%.

• Announced joint venture with Blackstone Infrastructure to build new generation for data centers in Pennsylvania.

Financial highlights

• Q2 2025 ongoing EPS was $0.32, down from $0.38 in Q2 2024; YTD ongoing EPS flat at $0.92 year-over-year.

• Special items of $0.07 per share in Q2 2025, mainly from IT transformation and Rhode Island integration costs.

• Q2 2025 reported net income was $183M, down 4% year-over-year; ongoing operations net income was $240M, down 15%.

• Issued ~$350 million in equity YTD via ATM, targeting $400–$500 million for the year.

• Operating revenues for the first half of 2025 were $4,529 million, up $344 million year-over-year.

Outlook and guidance

• 2025 ongoing EPS forecast range reaffirmed at $1.75–$1.87, with confidence in achieving at least the midpoint ($1.81).

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

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

• Kentucky subsidiaries filed for $391 million 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.