PPL (PPL) Q2 2026 earnings summary

Executive summary

• Q2 2026 ongoing earnings were $0.33 per share, with GAAP EPS of $0.30, and full-year ongoing EPS guidance reaffirmed at $1.90–$1.98 (midpoint $1.94); net income for the quarter was $230 million, up from $183 million year-over-year.

• Stronger earnings growth is expected in the second half of 2026, supported by positive rate case outcomes, improved rate recovery, and capital tracking mechanisms.

• Significant progress in regulatory proceedings, with constructive settlements and new rates in Pennsylvania, Kentucky, and Rhode Island supporting critical investments and future revenue growth.

• Accelerating demand from data centers and large energy users in Pennsylvania and Kentucky is driving infrastructure and generation investment opportunities, with the Invitium Energy JV with Blackstone advancing and commercial agreements expected by year-end.

• Economic development in Pennsylvania and Kentucky could drive $10–$12 billion in incremental generation investment through 2032.

Financial highlights

• Q2 2026 GAAP EPS was $0.30, ongoing EPS was $0.33 (up $0.01 year-over-year), and net income was $230 million; operating revenues were $2.11 billion, up from $2.03 billion in Q2 2025.

• Six-month 2026 ongoing EPS was $0.96, up from $0.92; net income was $682 million, up from $597 million.

• Special items of $0.03 per share were recorded, mainly due to IT transformation and system integration costs.

• Capital expenditures for the first six months were $2.34 billion, up from $1.72 billion year-over-year; $2.3 billion deployed through Q2, nearly 30% higher than the prior year period.

• Dividends declared per share for the six months were $0.5700, up from $0.5450 year-over-year.

Outlook and guidance

• Full-year 2026 ongoing EPS guidance reaffirmed at $1.90–$1.98, with a midpoint of $1.94; long-term targets include 6–8% annual EPS growth and 4–6% annual dividend growth through at least 2029.

• $23 billion in capital investment projected through 2029, supporting over 10% average annual rate-based growth.

• Potential for $10–$12 billion incremental capital investment through 2032 from Kentucky generation and Invitium Energy upside.

• New rates from recent rate cases in Pennsylvania, Kentucky, and Rhode Island are expected to support future revenue growth.

• No guidance changes were announced, but management highlighted ongoing regulatory proceedings and capital investment plans.