PPL earnings: guidance and what to watch

MyStockButler's October 2026 analysis: PPL's next results are expected on November 6, 2026. Watch whether rate recovery improves earnings and cash quickly enough to keep pace with depreciation, interest and construction.

What has PPL guided for 2026?

PPL’s weighted forecast points to a 10% total return by October 2029, but the outcome hinges on approved returns, energized large-load demand and manageable financing. Management guides to 2026 ongoing EPS of $1.90–$1.98 and targets annual EPS growth of 6%–8% through at least 2029. Its 2026–2029 plan calls for $22,975 million of utility capex and targets FFO/CFO to debt of 16%–18%.

Has PPL kept its earnings promises?

Management delivered its 2025 ongoing earnings target midpoint of US$1.81 per share. “Ongoing” excludes specified special items, so this measures performance against PPL’s chosen adjusted measure. PPL also reached US$170 million in annual operating and maintenance savings against its 2021 baseline. That was close to the US$175 million goal for 2026.

The dividend promise became less generous. In November 2025, PPL reaffirmed annual growth of 6%–8%; its annual report later described a 4%–6% target as equity issuance increased. The cited median annual increase for U.S. regulated electric utilities was 5.0% in 2025. PPL’s August 7, 2026 results call reaffirmed ongoing earnings guidance of US$1.90–US$1.98 per share, but guidance remains a forecast.

What is PPL's revenue and profit trend?

That is why revenue combines pass-through costs, customer demand and payment for the network itself. Revenue reached $9,042 million in 2025, up 6.9%. Retail electricity delivered grew only 1.9%, and the 2025 level was slightly below 2022’s. Rhode Island Energy also became part of PPL during 2022, so the following year included a full year of that business rather than growth in an unchanged company.

Operating margin reached 23.5% in 2025, while net margin reached 13.1%. These margins measure what revenue leaves after operating costs, and then after financing, taxes and other items. They describe a recovery, but purchased-power reimbursements make revenue and expense unusually large, while depreciation and interest rise as PPL builds more infrastructure.