NYSE: PPL
PPL
Utilities · Electric Services
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$28.7B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $23.2B |
| FY2017, ended Dec 31, 2017 | $21.5B |
| FY2018, ended Dec 31, 2018 | $20.4B |
| FY2019, ended Dec 31, 2019 | $27.5B |
| FY2020, ended Dec 31, 2020 | $21.7B |
| FY2021, ended Dec 31, 2021 | $22.1B |
| FY2022, ended Dec 31, 2022 | $21.5B |
| FY2023, ended Dec 31, 2023 | $20.0B |
| FY2024, ended Dec 31, 2024 | $24.0B |
| FY2025, ended Dec 31, 2025 | $26.3B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $28.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$9.41B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.52B |
| FY2017, ended Dec 31, 2017 | $7.45B |
| FY2018, ended Dec 31, 2018 | $7.79B |
| FY2019, ended Dec 31, 2019 | $5.60B |
| FY2020, ended Dec 31, 2020 | $5.47B |
| FY2021, ended Dec 31, 2021 | $5.84B |
| FY2022, ended Dec 31, 2022 | $7.90B |
| FY2023, ended Dec 31, 2023 | $8.31B |
| FY2024, ended Dec 31, 2024 | $8.46B |
| FY2025, ended Dec 31, 2025 | $9.17B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $9.41B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.90B | −$30.0M |
| FY2017, ended Dec 31, 2017 | $1.13B | −$672M |
| FY2018, ended Dec 31, 2018 | $1.83B | −$417M |
| FY2019, ended Dec 31, 2019 | $1.75B | $184M |
| FY2020, ended Dec 31, 2020 | $1.47B | $476M |
| FY2021, ended Dec 31, 2021 | −$1.48B | $297M |
| FY2022, ended Dec 31, 2022 | $756M | −$425M |
| FY2023, ended Dec 31, 2023 | $740M | −$632M |
| FY2024, ended Dec 31, 2024 | $888M | −$465M |
| FY2025, ended Dec 31, 2025 | $1.18B | −$1.40B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $1.22B | −$1.62B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$1.24B
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $341M |
| FY2017, ended Dec 31, 2017 | $485M |
| FY2018, ended Dec 31, 2018 | $621M |
| FY2019, ended Dec 31, 2019 | $815M |
| FY2020, ended Dec 31, 2020 | $442M |
| FY2021, ended Dec 31, 2021 | $3.57B |
| FY2022, ended Dec 31, 2022 | $356M |
| FY2023, ended Dec 31, 2023 | $331M |
| FY2024, ended Dec 31, 2024 | $306M |
| FY2025, ended Dec 31, 2025 | $1.07B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $1.24B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$20.2B
Show tableHide table
| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $19.2B |
| FY2017, ended Dec 31, 2017 | $21.3B |
| FY2018, ended Dec 31, 2018 | $22.0B |
| FY2019, ended Dec 31, 2019 | $23.0B |
| FY2020, ended Dec 31, 2020 | $15.9B |
| FY2021, ended Dec 31, 2021 | $11.2B |
| FY2022, ended Dec 31, 2022 | $14.2B |
| FY2023, ended Dec 31, 2023 | $15.6B |
| FY2024, ended Dec 31, 2024 | $16.8B |
| FY2025, ended Dec 31, 2025 | $19.4B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $20.2B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 10.5% since 2016.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.752M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 681M |
| FY2017, ended Dec 31, 2017 | 694M |
| FY2018, ended Dec 31, 2018 | 721M |
| FY2019, ended Dec 31, 2019 | 768M |
| FY2020, ended Dec 31, 2020 | 769M |
| FY2021, ended Dec 31, 2021 | 735M |
| FY2022, ended Dec 31, 2022 | 737M |
| FY2023, ended Dec 31, 2023 | 738M |
| FY2024, ended Dec 31, 2024 | 738M |
| FY2025, ended Dec 31, 2025 | 751M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | 752M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Net: $53.0M more issued than bought back
Show tableHide table
| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $28.0M | $144M |
| FY2017, ended Dec 31, 2017 | — | $38.0M | $453M |
| FY2018, ended Dec 31, 2018 | — | $26.0M | $698M |
| FY2019, ended Dec 31, 2019 | $0 | $36.0M | $1.17B |
| FY2020, ended Dec 31, 2020 | $0 | $29.0M | $34.0M |
| FY2021, ended Dec 31, 2021 | $1.00B | $37.0M | $9.00M |
| FY2022, ended Dec 31, 2022 | $0 | $37.0M | — |
| FY2023, ended Dec 31, 2023 | $0 | $33.0M | — |
| FY2024, ended Dec 31, 2024 | — | $46.0M | — |
| FY2025, ended Dec 31, 2025 | — | $49.0M | — |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | — | $53.0M | — |
Revenue (TTM)
$9.41B
+8.1% YoY
Net income (TTM)
$1.22B
+22.5% YoY
Cash
$1.24B
+298% YoY
Total debt
$20.2B
+17.1% YoY
Valuation
At current price- Market Cap
- $26.8B
- P/E
- 22.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.9×
- Price / Book
- 1.8×
- EV / EBITDA
- 13.0×
Growth
Trailing 12 months- Revenue (TTM)
- $9.41B
- Revenue Growth YoY
- 8.1%
- Revenue CAGR 3Y
- 5.1%
- Revenue CAGR 5Y
- 10.9%
- EPS Growth YoY
- 21.6%
- Net Income Growth YoY
- 22.5%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 23.3%
- Net Margin
- 13.0%
- FCF Margin
- −17.2%
- Return on Equity
- 8.3%
Earnings
Trailing 12 months- Net Income
- $1.22B
- EPS (diluted)
- $1.63
- EBITDA
- $3.54B
- Operating Income
- $2.20B
Balance Sheet
As of Mar 31, 2026- Cash and cash equivalents
- $1.24B
- Total Debt
- $20.2B
- Net Debt
- $19.0B
- Total Assets
- $46.3B
- Total Liabilities
- $31.3B
- Shareholders' Equity
- $15.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.67B
- Capital Expenditure
- $4.29B
- Free Cash Flow
- −$1.62B
Dividends and risk
Last 12 months- Dividend Yield
- 3.2%
- Dividend / Share
- $1.13
- Beta (5Y)
- 0.57
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 8.1% year over year, at $9.41B.
Note
Net margin of 13.0% over the last 12 months.
Watch
Net debt is 5.4× EBITDA ($19.0B), a heavy load.
Watch
Free cash flow was negative (−$1.62B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 20, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K69Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 13, 2025 · Read the filing on EDGAR
- Net income rose 20% to $888 million on revenue up 2% to $8.46 billion; much of the gain came from Talen litigation costs ending.
- Planned 2025–2027 capital spending is $15 billion, well above the $10.6 billion three-year plan noted last year.
- PPL completed its Rhode Island transition services agreement with National Grid in 2024, and the quarterly dividend rises to 27.25 cents.
- A judge recommended denying PPL Electric's request to raise a Pennsylvania cost-recovery cap; the state commission's final decision is pending.
Business momentum
Strong improvement
“Net Income (Loss) $ 888 $ 740 $ 148”
Outlook
Neutral
“The table below shows the Registrants' current capital expenditure projections for the years 2025 through 2027.”
Financial stress
Low
“The Registrants expect to continue to have adequate liquidity available from operating cash flows, cash and cash equivalents, credit facilities, commercial paper issuances and debt, hybrid, and equity issuances”
Tone against the previous report
About the same
Red flags
- Minor
Other
“On November 21, 2024, the Administrative Law Judge in the proceeding issued a Recommended Decision recommending the denial of PPL Electric’s DSIC Cap Waiver Petition.”
Positives
Operating cash flow rose strongly
“PPL cash provided by operating activities in 2024 increased $582 million compared with 2023.”
Larger investment plan should support future growth if regulators allow recovery
“Total Capital Expenditures $ 15,000 $ 4,325 $ 5,200 $ 5,475”
Quarterly dividend increased
“On February 13, 2025, PPL announced a quarterly common stock dividend of 27.25 cents per share, payable April 1, 2025, to shareowners of record as of March 10, 2025.”
Concerns
Interest costs rose as borrowing increased
“Interest Expense 738 666 72”
Pennsylvania storm costs climbed
“PPL Electric storm expenses $ 52”
Spending plans rely partly on outside funding, including parent equity contributions to the utilities
“PPL Electric, LG&E and KU anticipate receiving equity contributions from their parent or member in 2025, which are expected to be used to fund capital expenditures and for other general corporate purposes.”
New risks since the previous report
Flawed or misused AI tools could disrupt operations or raise costs
“Ineffective or inadequate AI development or deployment practices by PPL, its subsidiaries or third-party vendors could result in unintended consequences.”
Change in presidential administration could shift environmental rules
“The Registrants are unable to predict changes in regulations, regulatory guidance, legal interpretations, policy positions, and implementation actions that may result from the change in Presidential administrations.”
Tariffs could raise fuel, construction and other costs
“PPL and its subsidiaries monitor the cost of fuel, construction, regulatory and environmental compliance costs and other costs, including as a result of tariffs.”
Rhode Island smart meter spending may exceed the amount recoverable from customers
“RIE is required to continue spending even if above the recovery cap, until it achieves the functionalities outlined in the AMF Business Case.”
Possible federal gas leak rules could change Rhode Island's repair obligations
“in connection with the PHMSA's potential enactment of regulations during FY 2026 that, if enacted, would significantly alter RIE's leak detection and repair obligations under federal regulations”
Biggest risks named
- Regulators limiting cost recovery and allowed returns
- Delays or cost overruns on large capital projects
- Environmental rules affecting Kentucky coal-fired generation
- Higher interest rates, credit downgrades or reduced access to capital
- Cyberattacks on utility systems and supply chains
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 69 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 20, 2026 | Pro | |||
| 10-K | Feb 13, 2025 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 16, 2024 | 61 | Improving | 1 medium1 minor | |
| 10-K | Feb 17, 2023 | 69 | Strong improvement | 1 medium2 minor | |
| 10-K | Feb 18, 2022 | 38 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 18, 2021 | 47 | Weakening | 1 medium1 minor | |
| 10-K | Feb 14, 2020 | 55 | Weakening | None | |
| 10-K | Feb 14, 2019 | 72 | Strong improvement | None | |
| 10-K | Feb 22, 2018 | 44 | Sharp deterioration | 1 medium | |
| 10-K | Feb 17, 2017 | 61 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2026 (period ended Mar 31, 2026), filed May 8, 2026. View filings on SEC EDGAR