PPL (PPL) Q2 2026 earnings summary

Executive summary

• Q2 2026 ongoing earnings were $0.33 per share, with GAAP EPS of $0.30, and net income of $230 million, up from $183 million in Q2 2025; full-year ongoing EPS guidance reaffirmed at $1.90–$1.98, midpoint $1.94.

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

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

• Accelerating demand from data centers and large energy users in Pennsylvania and Kentucky is driving infrastructure and generation investment opportunities, with potential for $10–$12 billion in incremental capital investment through 2032.

• The Invitium Energy joint venture with Blackstone is advancing, with commercial agreements expected by year-end and over 5 GW of new CCGT generation accepted in the PJM queue.

Financial highlights

• Q2 2026 GAAP EPS was $0.30, ongoing EPS $0.33, both up year-over-year; net income for the quarter was $230 million, with operating revenues of $2.11 billion.

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

• Year-to-date ongoing EPS was $0.96, up from $0.92 in the prior year; six-month net income was $682 million.

• Capital expenditures for the first six months were $2.34 billion, up from $1.72 billion year-over-year.

• Financing for 2026 was completed with successful debt and equity offerings, and ample liquidity with $3.5–$3.95 billion in unused credit facilities.

Outlook and guidance

• Ongoing EPS forecast for 2026 reaffirmed at $1.90–$1.98, midpoint $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.

• FFO to debt targeted at 16–18%; dividend payout ratio expected within 50–60%.

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

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