PPL CORP
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 19,350 | 56.5 |
| Stockholders' equity | 14,881 | 43.5 |
| Total capitalization | 34,231 | 100.0 |
752,350,362 shares outstanding at 30 April 2026 (cover page of the 10-Q filed 8 May 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 18,894 |
| Long-term debt, noncurrent | 17,990 |
| Current maturities | 904 |
| Short-term borrowings / commercial paper | 456 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 1,560,000,000 |
| Common shares issued | 770,978,000 |
| Par or stated value per share ($) | 0.01 |
| Outstanding at 4/30/26 | 752,350,362 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 1.09 | 68.6 |
| 2024 | 1.03 | 85.8 |
| 2023 | 0.96 | 96.0 |
| 2022 | 0.88 | 85.8 |
| 2021 | 1.66 | – |
HISTORY AND BUSINESS
HISTORY: State of incorporation not stated in SEC records. Formerly known as PP&L RESOURCES INC (to 7 February 2000).
BUSINESS: Classified by the SEC under Standard Industrial Classification 4911, Electric Services. Large accelerated filer. Principal executive office: Two N Ninth St, Allentown, PA 18101-1179. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Operating revenues | 9,170 | 8,444 | 8,290 |
| Fuel and purchased power | 855 | 783 | 733 |
| Operation and maintenance | 2,431 | 2,607 | 2,462 |
| Depreciation and amortization | 1,312 | 1,279 | 1,254 |
| Total operating expenses | 6,913 | 6,722 | 6,682 |
| Operating income | 2,129 | 1,740 | 1,630 |
| Interest charges | 808 | 738 | 666 |
| Income before income taxes | 1,472 | 1,116 | 924 |
| Income taxes | 291 | 228 | 184 |
| Net income | 1,181 | 888 | 740 |
| Earned per share, diluted ($) | 1.59 | 1.20 | 1.00 |
| Dividends per share ($) | 1.09 | 1.03 | 0.96 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Utility plant, net | 32,650 | 30,709 |
| Cash and equivalents | 1,071 | 306 |
| Total current assets | 3,931 | 2,880 |
| Regulatory assets | 2,092 | 2,060 |
| Total assets | 45,244 | 41,069 |
| Total current liabilities | 4,546 | 3,333 |
| Long-term debt | 17,990 | 15,952 |
| Regulatory liabilities | 3,318 | 3,335 |
| Total capitalization and liabilities | 45,244 | 41,069 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 9,170 | 2,129 | 1,181 | 12.9 | 1.59 | 1.09 | 2,629 | 4,030 | (1,401) | 45,244 | 30,363d | 19,350 | 14,881 | 7.9 | 1.30 |
| 12/31/24 | 8,462 | 1,740 | 888 | 10.5 | 1.20 | 1.03 | 2,340 | 2,805 | (465) | 41,069 | 26,992d | 16,806 | 14,077 | 6.3 | 1.19 |
| 12/31/23 | 8,312 | 1,630 | 740 | 8.9 | 1.00 | 0.96 | 1,758 | 2,390 | (632) | 39,236 | 25,303d | 15,604 | 13,933 | 5.3 | 1.12 |
| 12/31/22 | 7,902 | 1,374 | 756 | 9.6 | 1.02 | 0.88 | 1,730 | 2,155 | (425) | 37,837 | 23,919d | 14,228 | 13,915 | 5.4 | 1.02 |
| 12/31/21 | 5,838 | 1,424 | (1,480) | -25.4 | (1.93) | 1.66 | 2,270 | 1,973 | 297 | 33,223 | 19,500d | 11,209 | 13,723 | -10.8 | 0.82 |
| 12/31/20 | 5,474 | 1,586 | 1,469 | 26.8 | 1.91 | 1.66 | 2,746 | 2,270 | 476 | 48,116 | 34,743d | 15,857 | 13,373 | 11.0 | 1.19 |
| 12/31/19 | 5,602 | 1,526 | 1,746 | 31.2 | 2.37 | 1.65 | 2,427 | 2,243 | 184 | 45,680 | 32,689d | 23,044 | 12,991 | 13.4 | 1.77 |
| 12/31/18 | 7,785 | 2,852 | 1,827 | 23.5 | 2.58 | 1.64 | 2,821 | 3,238 | (417) | 43,396 | 31,739d | 22,029 | 11,657 | 15.7 | 1.89 |
| 12/31/17 | 7,447 | 2,901 | 1,128 | 15.1 | 1.64 | 1.58 | 2,461 | 3,133 | (672) | 41,479 | 30,718d | 21,275 | 10,761 | 10.5 | 1.98 |
| 12/31/16 | 7,517 | 2,936 | 1,902 | 25.3 | 2.79 | 1.52 | 2,890 | 2,920 | (30) | 38,315 | 28,416d | 19,249 | 9,899 | 19.2 | 1.94 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
PPL Corp
CIK 922224 · EIN 23-2758192
PRINCIPAL OFFICE:
Two N Ninth St, Allentown, PA 18101-1179
Tel.: 610-774-5151
INCORPORATED:
–
INDUSTRY (SEC SIC CODE):
4911 · Electric Services
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 20 February 2026
FORMER NAMES:
PP&L RESOURCES INC
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/20/26) · 10-K FY2021 (filed 2/13/25) · 10-K FY2021 (filed 2/16/24) · 10-K FY2021 (filed 2/17/23) · 10-K FY2021 (filed 2/18/22) · 10-K FY2019 (filed 2/18/21) · 10-K FY2019 (filed 2/14/20) · 10-K FY2018 (filed 2/14/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.