PPL
PPL · NYSEElectric Services · Fiscal year ends Dec 31
PPL reported revenue of $9.2B in the fiscal year ended Dec 2025, up 8.6% from the year before. Operating income was $2.1B, an operating margin of 23.2%, and net income was $1.2B. Operating cash flow of $2.6B less capital expenditure of $4B left free cash flow of −$1.4B. Net debt was $17.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.8B | $7.8B | $8.3B | $8.4B | $9.2B |
| Operating income | $1.4B | $1.4B | $1.6B | $1.7B | $2.1B |
| Interest expense | $918M | $513M | $666M | $738M | $808M |
| Pre-tax income | $521M | $915M | $924M | $1.1B | $1.5B |
| Income tax | $503M | $201M | $184M | $228M | $291M |
| Net income | −$1.5B | $756M | $740M | $888M | $1.2B |
| Diluted EPS | −1.93 | 1.02 | 1.00 | 1.20 | 1.59 |
| Diluted shares | 765M | 737M | 738M | 740M | 743M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.6B | $356M | $331M | $306M | $1.1B |
| Receivables | $583M | $896M | $950M | $961M | $1.1B |
| Inventory | $322M | $443M | $505M | $511M | $551M |
| Current assets | $5B | $2.8B | $2.9B | $2.9B | $3.9B |
| Net PP&E | $25.5B | $30.2B | $31.4B | $33.1B | $36.1B |
| Goodwill | $716M | $2.2B | $2.2B | $2.2B | $2.2B |
| Total assets | $33.2B | $37.8B | $39.2B | $41.1B | $45.2B |
| Payables | $679M | $1.2B | $1.1B | $1.2B | $1.6B |
| Deferred revenue | $42M | $34M | $43M | $39M | – |
| Current liabilities | $2.3B | $3.8B | $3.3B | $3.3B | $4.5B |
| Short-term debt | $474M | $354M | $1M | $551M | $904M |
| Long-term debt | $10.7B | $12.9B | $14.6B | $16B | $18B |
| Shareholders' equity | $13.7B | $13.9B | $13.9B | $14.1B | $14.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $1.7B | $1.8B | $2.3B | $2.6B |
| Capital expenditure | $2B | $2.2B | $2.4B | $2.8B | $4B |
| Free cash flow | $297M | −$425M | −$632M | −$465M | −$1.4B |
| Depreciation & amortisation | $1.1B | $1.2B | $1.3B | $1.3B | $1.3B |
| Stock-based compensation | $37M | $37M | $33M | $46M | $49M |
| Acquisitions | $0 | $3.7B | $0 | $0 | – |
| Share buybacks | $1B | $0 | $0 | – | – |
| Dividends paid | $1.3B | $787M | $704M | $747M | $794M |
| Dividend per share | 1.66 | 0.88 | 0.96 | 1.03 | 1.09 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 33.4% | 6.5% | 1.9% | 8.6% |
| Operating income growth (YoY) | – | −3.5% | 18.6% | 6.7% | 22.4% |
| EPS growth (YoY) | – | – | −2.0% | 20.0% | 32.5% |
| Operating margin | 24.4% | 17.6% | 19.7% | 20.6% | 23.2% |
| Net margin | −25.4% | 9.7% | 8.9% | 10.5% | 12.9% |
| Return on equityBlank when equity is negative | −10.8% | 5.4% | 5.3% | 6.3% | 7.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.6% | 4.0% | 4.5% | 4.6% | 5.2% |
| Free cash flow margin | 5.1% | −5.5% | −7.6% | −5.5% | −15.3% |
| Cash conversion (CFO ÷ net income) | −1.53x | 2.29x | 2.38x | 2.64x | 2.23x |
| Receivable days | 36 | 42 | 42 | 42 | 44 |
| Interest cover | 1.55x | 2.68x | 2.45x | 2.36x | 2.63x |
| Debt ÷ equity | 0.81x | 0.95x | 1.05x | 1.17x | 1.27x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $7.6B | $12.9B | $14.3B | $16.2B | $17.8B |
| Current ratio | 2.16x | 0.75x | 0.88x | 0.86x | 0.86x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.