PPL (PPL) Q3 2025 earnings summary

Executive summary

• Reported Q3 2025 GAAP EPS of $0.43, up from $0.29 in Q3 2024; ongoing EPS of $0.48, up from $0.42 year-over-year, driven by formula rate and rider recovery, lower operating costs, and higher sales volumes.

• Net income for Q3 2025 was $318 million, up from $214 million in Q3 2024; nine-month net income was $915 million, up from $711 million year-over-year.

• Narrowed 2025 ongoing EPS guidance to $1.78–$1.84, maintaining a midpoint of $1.81, with confidence in achieving at least the midpoint and reaffirmed 6–8% annual EPS and dividend growth targets through at least 2028.

• Advancing $4.3B in 2025 infrastructure improvements and projecting $20B in investments from 2025–2028, supporting 9.8% average annual rate base growth.

• Achieved key regulatory milestones, including approval for new generation resources in Kentucky and progress in base rate case proceedings.

Financial highlights

• Q3 2025 consolidated operating revenues: $2.24B, up from $2.07B in Q3 2024; nine-month revenues were $6.77B, up from $6.25B year-over-year.

• Q3 2025 operating income was $569M, up from $428M; nine-month operating income was $1.65B, up from $1.36B.

• Q3 2025 ongoing EPS was $0.48, up 14% year-over-year; nine-month ongoing EPS was $1.40, up 4% year-over-year.

• Special items in Q3 2025 were $0.05 per share or $37M after-tax, mainly from IT transformation and Rhode Island Energy integration.

• Segment Q3 2025 ongoing EPS: KY $0.26, PA $0.21, RI $0.05, Corp & Other ($0.04).

Outlook and guidance

• 2025 ongoing EPS guidance narrowed to $1.78–$1.84, midpoint $1.81, with confidence in achieving at least the midpoint.

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

• Projecting $20B in infrastructure investments (2025–2028), driving 9.8% average annual rate base growth.

• Pending rate cases in Pennsylvania and Kentucky could increase annual revenues by $356M and $235M, respectively, if approved.

• Kentucky rate case agreement includes a stay-out commitment on base rate increases until August 2028 and new tracker mechanisms for generation cost recovery.