Overview
PPL Corp
Latest 10-K: FY2025
- Revenue
- $9.04B
- 6.9%YoYup from FY2024
- TotalRevenue
- Gross profit
- Not reported
- Operating income
- $2.13B
- 22.4%YoYup from FY2024
- OperatingIncome
- Net income
- $1.18B
- 33.0%YoYup from FY2024
- NetIncome
- Diluted EPS
- $1.59
- 32.5%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 743.3M
- 0.5%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- PPL Corp reported revenue of $9.04B for fiscal 2025, up 6.9% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 23.5% and net margin was 13.1%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $1.59, up 32.5% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $9.04B6.9%up Benchmark median 6.4% | $8.46B1.8%up Benchmark median 4.5% | $8.31B5.2%up Benchmark median 4.8% | $7.90B36.6%up Benchmark median 10.3% | $5.78B5.6%up Benchmark median 13.8% | 11.8% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | — | — | — | — | — | — Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $2.13B22.4%up Benchmark median 7.3% | $1.74B6.7%up Benchmark median 7.4% | $1.63B18.6%up Benchmark median 4.9% | $1.37B3.5%down Benchmark median 7.5% | $1.42B10.2%down Benchmark median 23.5% | 10.6% Benchmark median 7.2% |
| Net Income | $1.18B33.0%up Benchmark median 4.8% | $0.89B20.0%up Benchmark median 5.7% | $0.74B2.1%down Benchmark median 1.9% | $0.76Bn/m Benchmark median 1.3% | negative: -$1.48B200.7%down Benchmark median 33.9% | n/m Benchmark median 4.1% |
| EPS (Diluted) | $1.5932.5%up Benchmark median 6.2% | $1.2020.0%up Benchmark median 7.9% | $1.002.0%down Benchmark median 1.9% | $1.02n/m Benchmark median 1.5% | negative: -$1.93201.0%down Benchmark median 34.8% | n/m Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $45.24B10.2%up Benchmark median 5.6% | $41.07B4.7%up Benchmark median 3.4% | $39.24B3.7%up Benchmark median 4.1% | $37.84B13.9%up Benchmark median 2.2% | $33.22B31.0%down Benchmark median 6.7% | 8.0% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — Benchmark median 4.4% |
| Stockholders' Equity | $14.88B5.7%up Benchmark median 6.8% | $14.08B1.0%up Benchmark median 5.4% | $13.93B0.1%up Benchmark median 7.3% | $13.92B1.4%up Benchmark median 2.5% | $13.72B2.6%up Benchmark median 9.0% | 2.0% Benchmark median 6.1% |
| Cash & Equivalents | $1.07B250.0%up Benchmark median 5.2% | $0.31B7.6%down Benchmark median 1.9% | $0.33B7.0%down Benchmark median 6.7% | $0.36B90.0%down Benchmark median -8.6% | $3.57B707.9%up Benchmark median -2.9% | -26.0% Benchmark median 2.0% |
| Total Debt | $19.35B15.1%up Benchmark median 2.1% | $16.81B7.7%up Benchmark median 0.2% | $15.60B9.7%up Benchmark median 0.3% | $14.23B26.9%up Benchmark median 0.1% | $11.21B29.3%down Benchmark median -0.1% | 14.6% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.63B12.4%up Benchmark median 6.3% | $2.34B33.1%up Benchmark median 4.8% | $1.76B1.6%up Benchmark median 9.9% | $1.73B23.8%down Benchmark median -0.7% | $2.27B17.3%down Benchmark median 10.7% | 3.7% Benchmark median 7.0% |
| Capital Expenditures | $4.03B43.7%up Benchmark median 5.4% | $2.81B17.4%up Benchmark median 2.8% | $2.39B10.9%up Benchmark median 11.3% | $2.15B9.2%up Benchmark median 14.0% | $1.97B13.1%down Benchmark median 8.1% | 19.5% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | negative: -$1.40Bn/m Benchmark median 7.3% | negative: -$0.47Bn/m Benchmark median 6.1% | negative: -$0.63Bn/m Benchmark median 8.8% | negative: -$0.42B243.1%down Benchmark median -11.3% | $0.30B37.6%down Benchmark median 10.2% | n/m Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.5%
Wall Street
on net earnings
FY2024 3.7%
negative: −5.4%
Value investor
on free cash flow
FY2024 negative: −1.9%
Gap −9.9 pts: Value-investor figure 9.9 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 22.0×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
7.8%
Wall Street
on EBITDA
FY2024 7.5%
4.8%
Value investor
on EBIT
FY2024 4.3%
Gap −3.0 pts: Value-investor figure 3.0 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 12.9×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
57.2%
Wall Street
on book equity
FY2024 58.6%
47.3%
Value investor
on tangible book
FY2024 48.0%
Gap −9.9 pts: Value-investor figure 9.9 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.7×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
8.2%
Wall Street
ROE: net income ÷ equity
FY2024 6.3%
4.2%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 3.6%
Gap −4.0 pts: Value-investor figure 4.0 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
38.1%
Wall Street
EBITDA margin
FY2024 35.7%
negative: −15.5%
Value investor
Free-cash-flow margin
FY2024 negative: −5.5%
Gap −53.6 pts: Value-investor figure 53.6 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.86×
Wall Street
Current ratio
FY2024 0.86×
0.74×
Value investor
Quick ratio, inventory excluded
FY2024 0.71×
Gap −0.12×: Value-investor figure 0.12 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.18×
Wall Street
EBITDA ÷ total debt
FY2024 0.18×
negative: −0.07×
Value investor
FCF ÷ total debt
FY2024 negative: −0.03×
Gap −0.25×: Value-investor figure 0.25 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 5.31×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
4.3×
Wall Street
EBITDA ÷ interest
FY2024 4.1×
2.6×
Value investor
EBIT ÷ interest
FY2024 2.4×
Gap −1.7×: Value-investor figure 1.7 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on PPL yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on PPL and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/PPL
Valuein. (2026, October 31). PPL Corp (PPL) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/PPL
@misc{valuein_ppl_2026,
author = {{Valuein}},
title = {PPL Corp (PPL) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/PPL}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing
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