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 was $0.48, up $0.06 year-over-year, driven by formula rate recovery and lower operating costs, partially offset by higher interest expense.

• 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.

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

• On track for $4.3 billion in 2025 infrastructure improvements and projecting $20 billion 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 major rate case proceedings.

Financial highlights

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

• Q3 2025 ongoing EPS rose to $0.48 from $0.42 in Q3 2024; YTD ongoing EPS at $1.40, up from $1.34 YTD 2024.

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

• Special items in Q3 2025 were $0.05 per share, mainly from IT transformation and Rhode Island Energy integration costs.

• Segment Q3 2025 ongoing EPS: Kentucky $0.26, Pennsylvania $0.21, Rhode Island $0.05, Corporate & Other ($0.04).

Outlook and guidance

• 2025 ongoing EPS forecast range narrowed to $1.78–$1.84, with strong confidence in achieving at least the $1.81 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 $20 billion in infrastructure investments from 2025–2028, supporting 9.8% average annual rate-based growth.

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

• Updated business plan and 2026 earnings forecast to be provided at year-end.