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PPL Corporation provides electricity and natural gas to approximately 3.6 million customers in the United States. It operates in three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company engages in the transmission and distribution of electricity in eastern and central Pennsylvania; generation, transmission, distribution, and sale of electricity in Kentucky, Virginia, and Rhode Island; distribution and sale of natural gas in Kentucky and Rhode Island; sale of wholesale electricity in Kentucky; and generation of electricity from power plants in Kentucky. It generates electricity from coal, gas, hydro, and solar sources. The company was formerly known as PP&L Resources, Inc. and changed its name to PPL Corporation in 2000. PPL Corporation was founded in 1920 and is headquartered in Allentown, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $9.0B | $3.7B | $1.2B | $-1.4B | 7.9% | 6.9% | 33.0% |
| 2024 | $8.5B | $3.2B | $888M | $-465M | 6.3% | 1.8% | 20.0% |
| 2023 | $8.3B | $2.9B | $740M | $-632M | 5.3% | 5.2% | -2.1% |
| 2022 | $7.9B | $2.7B | $756M | $-425M | 5.4% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 7,902 | 8,312 | 8,462 | 9,042 |
| Operating Revenue | - | 7,902 | 8,312 | 8,462 | 9,042 |
| Cost Of Revenue | - | 5,015 | 5,036 | 5,069 | 5,178 |
| Gross Profit | - | 2,887 | 3,276 | 3,393 | 3,864 |
| Operating Expense | - | 1,513 | 1,646 | 1,653 | 1,735 |
| Selling General And Administration | -21 | -47 | -40 | - | - |
| Total Expenses | - | 6,528 | 6,682 | 6,722 | 6,913 |
| Operating Income | - | 1,374 | 1,630 | 1,740 | 2,129 |
| Total Operating Income As Reported | - | 1,374 | 1,630 | 1,740 | 2,129 |
| EBITDA | - | 2,661 | 2,925 | 3,211 | 3,696 |
| Normalized EBITDA | - | 2,638 | 3,019 | 3,166 | 3,615 |
| EBIT | - | 1,428 | 1,590 | 1,854 | 2,280 |
| Interest Income | - | 4 | 32 | 33 | 20 |
| Interest Expense | - | 513 | 666 | 738 | 808 |
| Net Interest Income | - | -509 | -634 | -705 | -788 |
| Other Non Operating Income Expenses | - | 27 | 22 | 36 | 50 |
| Other Income Expense | - | 50 | -72 | 81 | 131 |
| Interest Income Non Operating | - | 4 | 32 | 33 | 20 |
| Interest Expense Non Operating | - | 513 | 666 | 738 | 808 |
| Net Non Operating Interest Income Expense | - | -509 | -634 | -705 | -788 |
| Pretax Income | - | 915 | 924 | 1,116 | 1,472 |
| Tax Provision | - | 201 | 184 | 228 | 291 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 5.06 | -18.71 | 9.18 | 16.04 |
| Net Income Continuous Operations | - | 714 | 740 | 888 | 1,181 |
| Net Income From Continuing And Discontinued Operation | - | 756 | 740 | 888 | 1,181 |
| Net Income From Continuing Operation Net Minority Interest | - | 714 | 740 | 888 | 1,181 |
| Net Income | - | 756 | 740 | 888 | 1,181 |
| Net Income Common Stockholders | - | 755 | 739 | 886 | 1,179 |
| Net Income Including Noncontrolling Interests | - | 756 | 740 | 888 | 1,181 |
| Normalized Income | - | 696.06 | 815.29 | 852.18 | 1,116.04 |
| Diluted NI Availto Com Stockholders | - | 755 | 739 | 886 | 1,179 |
| Basic Average Shares | - | 736.03 | 737.04 | 737.76 | 739.41 |
| Diluted Average Shares | - | 736.90 | 738.17 | 739.85 | 743.35 |
| Reconciled Depreciation | - | 1,233 | 1,335 | 1,357 | 1,416 |
| Reconciled Cost Of Revenue | - | 4,963 | 4,955 | 4,991 | 5,074 |
| Total Unusual Items | - | 23 | -94 | 45 | 81 |
| Total Unusual Items Excluding Goodwill | - | 23 | -94 | 45 | 81 |
| Net Income Discontinuous Operations | -1,498 | 42 | 0 | 0 | - |
| Special Income Charges | - | 23 | -94 | 45 | 81 |
| Other Special Charges | - | -23 | 94 | -45 | -81 |
| Depreciation Amortization Depletion Income Statement | - | 1,181 | 1,254 | 1,279 | 1,312 |
| Depreciation And Amortization In Income Statement | - | 1,181 | 1,254 | 1,279 | 1,312 |
| General And Administrative Expense | -21 | -47 | -40 | - | - |
| Salaries And Wages | -21 | -47 | -40 | - | - |
| Otherunder Preferred Stock Dividend | - | 1 | 1 | 2 | 2 |
| Depreciation Income Statement | - | 1,181 | 1,254 | 1,279 | 1,312 |
| Other Taxes | - | 332 | 392 | 374 | 423 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| PPL Corporationthis co. | PPL | $26.5B | 22.40 | 1.78 | 7.9% | 12.10 |
| Ameren Corporation | AEE | $29.6B | 20.34 | 2.21 | 10.9% | - |
| NRG Energy, Inc. | NRG | $28.1B | 32.57 | 27.30 | 83.8% | 12.21 |
| Atmos Energy Corporation | ATO | $28.0B | 23.40 | 2.07 | 8.8% | 15.57 |
| Edison International | EIX | $27.6B | 5.88 | 1.62 |
| - |
| - |
| - |
| - |
| 27.5% |
| 6.41 |
| CenterPoint Energy, Inc. | CNP | $27.4B | 26.02 | 2.45 | 9.4% | 13.67 |
| FirstEnergy Corp. | FE | $26.4B | 25.88 | 2.11 | 8.2% | 12.43 |
| Eversource Energy | ES | $26.3B | 15.53 | 1.62 | 10.4% | 10.25 |
| American Water Works Company, Inc. | AWK | $23.9B | 21.49 | 2.20 | 10.3% | 13.54 |
| Peer Median | - | 22.44 | 2.16 | 10.4% | 12.43 | |