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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 |
| 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 |
| Operating Income | - | 1,374 | 1,630 | 1,740 | 2,129 |
| EBITDA | - | 2,661 | 2,925 | 3,211 | 3,696 |
| EBIT | - | 1,428 | 1,590 | 1,854 | 2,280 |
| Pretax Income | - | 915 | 924 | 1,116 | 1,472 |
| Tax Provision | - | 201 | 184 | 228 | 291 |
| Net Income | - | 756 | 740 | 888 | 1,181 |
| Net Income Common Stockholders | - | 755 | 739 | 886 | 1,179 |
| Total Expenses | - | 6,528 | 6,682 | 6,722 | 6,913 |
| Interest Expense | - | 513 | 666 | 738 | 808 |
| Interest Income | - | 4 | 32 | 33 | 20 |
| Selling General And Administration | -21 | -47 | -40 | - | - |
| Normalized EBITDA | - | 2,638 | 3,019 | 3,166 | 3,615 |
| Normalized Income | - | 696.06 | 815.29 | 852.18 | 1,116.04 |
| Market Cap | 29,146.40 | 29,146.40 | 29,146.40 | 29,146.40 | 29,146.40 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| PPL Corporationthis co. | PPL | $28.6B | 24.68↑ premium | 1.96 | 7.9% | 12.83 |
| DTE Energy Company | DTE | $30.5B | 20.90 | 2.48 | 11.9% | 12.74 |
| Ameren Corporation | AEE | $30.1B | 21.11 | 2.29 | 10.9% | 12.51 |
| Atmos Energy Corporation | ATO | $29.5B | 25.59 | 2.26 | 8.8% | 16.68 |
| FirstEnergy Corp. | FE | $28.5B | 28.02 |
| - |
| - |
| - |
| - |
| 2.28 |
| 8.2% |
| 12.94 |
| Edison International | EIX | $28.0B | 5.64 | 1.55 | 27.5% | 6.31 |
| CenterPoint Energy, Inc. | CNP | $27.7B | 26.41 | 2.49 | 9.4% | 13.78 |
| American Water Works Company, Inc. | AWK | $25.9B | 23.28 | 2.39 | 10.3% | 14.22 |
| Eversource Energy | ES | $25.5B | 15.24 | 1.59 | 10.4% | 10.16 |
| Peer Median | - | 22.19 | 2.29 | 10.4% | 12.84 | |