PPL Corporation (PPL): financials, SEC filings and peers

PPL Corporation (PPL) is an electric utilities company in the Utilities sector of the S&P 500, headquartered in Allentown, Pennsylvania.

It was founded in 1920 and joined the S&P 500 on October 1, 2001.

Its fiscal year ends in December, and its shares trade on the NYSE.

In its SEC filings it is classified as “Electric Services”.

PPL Corporation at a glance

Revenue (12 months): $9.3B
Revenue growth: +7.5%
Operating margin: 23.6%
Net income (12 months): $1.2B
Free cash flow (12 months): −$1.6B
Cash: $1.2B
Debt: $19.1B
Diluted EPS (12 months): $1.64

Twelve months to March 31, 2026, from the 10-Q filed May 8, 2026.

Latest twelve months

Over the twelve months to March 31, 2026, PPL Corporation reported revenue of $9.3 billion, about the same as a year earlier (+7.5%).

Its operating margin was 23.6%, up 2.0 percentage points from a year earlier: for every $100 of sales, about $24 was left as operating profit.

Net income was $1.2 billion (13.1% of revenue), 22.5% higher than a year earlier.

Operating cash flow was $2.7 billion and capital spending $4.3 billion, leaving free cash flow of −$1.6 billion (-17.4% of revenue). Capital spending equal to 46% of revenue is high; the company is investing heavily.

At the end of the period it held $1.2 billion in cash and $19.1 billion in debt, a net debt position of $17.9 billion.

The diluted share count rose 2.1% in a year, which dilutes existing shareholders.

Five-year trend

Revenue went from $5.5 billion in fiscal 2020 to $9.0 billion in fiscal 2025, about 10.6% a year.
Revenue has grown for 5 fiscal years in a row.
Operating margin narrowed from 29.0% to 23.5% over the same years.
Free cash flow was negative in 4 of the last 6 fiscal years.
PPL Corporation reported a net loss in 1 of the last 6 fiscal years.

Fiscal year	2021	2022	2023	2024	2025
Revenue	$5.8B	$7.9B	$8.3B	$8.5B	$9.0B
Revenue growth	5.6%	36.6%	5.2%	1.8%	6.9%
Operating margin	24.6%	17.4%	19.6%	20.6%	23.5%
Net income	−$1.5B	$756M	$740M	$888M	$1.2B
Free cash flow	$297M	−$425M	−$632M	−$465M	−$1.4B
Diluted EPS	$-1.93	$1.02	$1.00	$1.20	$1.59

Fiscal years as reported in PPL Corporation’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

8-K filed August 27, 2026 — Other event
8-K filed August 17, 2026 — Other event
10-Q filed August 7, 2026 — quarterly report
8-K filed August 7, 2026 — Earnings results; Regulation FD disclosure
8-K filed June 30, 2026 — Executive or director change; Regulation FD disclosure
8-K filed June 4, 2026 — Other event
8-K filed May 18, 2026 — Material agreement; New debt obligation
8-K filed May 15, 2026 — New debt obligation; Other event

All PPL Corporation filings on SEC EDGAR

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Questions about PPL Corporation

Is PPL Corporation's revenue growing?

Yes. Revenue for the twelve months to March 31, 2026 was $9.3 billion, up 7.5% from a year earlier, according to its SEC filings.

Is PPL Corporation profitable?

Yes. It earned $1.2 billion in net income over the twelve months to March 31, 2026, a net margin of 13.1%.

Does PPL Corporation have more cash or more debt?

At March 31, 2026 it had $1.2 billion in cash and $19.1 billion in debt, so more debt than cash.

When did PPL Corporation last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on August 7, 2026.

Which companies are similar to PPL Corporation?

In the S&P 500, PPL Corporation is grouped in Electric Utilities within the Utilities sector. American Electric Power (AEP), Constellation Energy (CEG), Duke Energy (DUK), Edison International (EIX), Eversource Energy (ES) are in the same group.

Understand the numbers

Source: PPL Corporation’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.