Filing Flows

Filing Flows › Utilities › PPL (PPL)

PPL (PPL) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · PPL (PPL) Q3 2026 earnings results →

Q3 2026 Revenue up 12% year over year to $2.5B · 15¢ of every $1 of revenue kept as net profit · operating margin 26.6%

PPL made $2.5B in Q3 2026 (+12% Y/Y): Kentucky Regulated $1.1B, Pennsylvania Regulated $921M, Rhode Island Regulated $507M. Operating margin 26.6%, net earnings $367M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$2.5B
Year over year+12%
Operating margin26.6%
Net earnings$367M
Operating cash flow$916M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

PPL Q3 2026 revenue breakdown: Sankey diagram of revenue (Kentucky Regulated, Pennsylvania Regulated, Rhode Island Regulated, Other revenues), costs, profit and cash flow
PPL Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
Embed this chart on your site

Free to use with the credit line. Click a box to select the code.

What changed this quarter

Revenue was $2.5B in Q3 2026, up 12% year over year. Kentucky Regulated was the largest line at 42% of revenue. Pennsylvania Regulated added $0.14B year over year (up 18%), 54% of the total change. Rhode Island Regulated declined 1%.

Operating profit was $0.67B, a 26.6% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 37% reached operating profit, above the 25% margin then. Total costs grew 10% against revenue growth of 12%. Net earnings were $0.37B, up 15% year over year. The effective tax rate was 19.0%.

Operating cash flow was $0.92B (down 5% year over year), 250% of net earnings. Non-cash charges added back $0.37B of depreciation and $0.01B of share-based compensation. Working capital and other items added $0.17B. Capital expenditures of $1.2B exceeded it, leaving free cash flow of −$0.28B.

Quarterly history

PPL revenue by quarterPPL revenue by quarter$2.5BQ1 2025$2.0BQ2 2025$2.2BQ3 2025$2.3BQ4 2025$2.8BQ1 2026$2.1BQ2 2026$2.5BQ3 2026
PPL net earnings by quarterPPL net earnings by quarter$414MQ1 2025$183MQ2 2025$318MQ3 2025$266MQ4 2025$452MQ1 2026$230MQ2 2026$367MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$2.5B+12%26.6%$367M$916M
Q2 202610-QAug 7, 2026$2.1B+4%22.5%$230M$583M
Q1 202610-QMay 8, 2026$2.8B+11%26.9%$452M$557M
Q4 202510-KFeb 20, 2026$2.3B+3%20.9%$266M$548M
Q3 202510-QNov 5, 2025$2.2B+8%25.4%$318M$966M
Q2 202510-QJul 31, 2025$2.0B+8%20.0%$183M$602M
Q1 202510-QApr 30, 2025$2.5B+9%27.1%$414M$513M

Charts

PPL: revenue growth, year over year and quarter over quarterPPL: revenue growth, year over year and quarter over quarterY/YQ/Q+9%Q1 2025+8%-19%Q2 2025+8%+11%Q3 2025+3%+2%Q4 2025+11%+22%Q1 2026+4%-24%Q2 2026+12%+18%Q3 2026
Latest (Q3 2026): Y/Y +12%, Q/Q +18%.
PPL: where the cash came from (+) and went (−), TTM to Q3 2026PPL: where the cash came from (+) and went (−), TTM to Q3 2026Capital spending−$4.7BOperating cash flow$2.6BNet borrowing (+) / repaid (−)$1.9BDividends−$831MCash drawn (+) / kept (−)$723MOther financing$318MOther investing−$68.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
PPL: profit against cash, quarter by quarterPPL: profit against cash, quarter by quarterNet incomeOperating cash flow$177M$511MQ4 2024$414M$513MQ1 2025$183M$602MQ2 2025$318M$966MQ3 2025$266M$548MQ4 2025$452M$557MQ1 2026$230M$583MQ2 2026$367M$916MQ3 2026
Latest (Q3 2026): Net income $367M, Operating cash flow $916M.
PPL: diluted shares by fiscal yearPPL: diluted shares by fiscal year769MFY2020765MFY2021737MFY2022738MFY2023740MFY2024743MFY2025
-3.4% since FY2020: buybacks shrank the count.
PPL: long-term debt falling due (FY2025)PPL: long-term debt falling due (FY2025)$904M2026$428M2027$1.4B2028$116M2029$2.2B2030$14.1BLater
Cash $1.1B, short-term investments —, long-term debt $18.9B at 2025-12-31.
PPL in its industry: growth against margin (53 companies, SIC 4911)PPL in its industry: growth against margin (53 companies, SIC 4911)revenue growth, year over year →↑ operating marginmedian +10%median 24%Southern Power CoSONEEFlorida Power & Light CoCEGNRGAEP Texas Inc.VSTDAEPEIXFirstEnergy Pennsylvania Electric CoETI-PDTEFEEAITVEETRPublic Service Co of New HampshireOncor Electric Delivery Co LLCCNPPNWWELPPTLNPuget Energy IncOGEHEPORHawaiian Electric Co IncTampa Electric CoBasin Electric Power CooperativeTXNMIDAOglethorpe Power CorpIpalco Enterprises, Inc.Tucson Electric Power CoClearway Energy LLCCWENFirstEnergy Transmission, LLCTri-State Generation & Transmission Association, Inc.ITC Holdings Corp.BKHCleco Corporate Holdings LLCOld Dominion Electric CooperativeCleco Power LLCXIFROTTRORAHNRGGreenbacker Renewable Energy Co LLCSPRUOPTTPPL (+12%, 27%)
Electric Services; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Power grid & electrification money flowPower grid & electrification · buyer

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

About PPL

PPL, headquartered in Allentown, Pennsylvania, is a utility holding company, incorporated in 1994. PPL, through its regulated utility subsidiaries, delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky. PPL Electric , headquartered in Allentown, Pennsylvania, is a wholly-owned subsidiary of PPL and a regulated public utility that is an electricity transmission and distribution service provider in eastern and central Pennsylvania. PPL Electric is subject to regulation as a public utility by the PAPUC, and certain of its transmission activities are subject to the jurisdiction of the FERC under the Federal Power Act.

In its own words, from its 10-K, filed Feb 20, 2026.

PPL against its Electric Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +13%. Operating margin: 26.6% against the peers' median 26.9%.

CompanyQuarterRevenueY/YOp. margin
PPL PPLQ3 2026$2.5B+12%26.6%
Southern PowerQ3 2026$8.8B+13%33.9%
NEE NextEra EnergyQ3 2026$8.1B+2%32.4%
Florida Power & LightQ2 2026$7.5B+12%29.7%
CEG Constellation EnergyQ2 2026$7.5B+23%7.7%
NRG NRG EnergyQ2 2026$7.5B+11%13.0%
AEP TexasQ3 2026$6.8B+14%26.5%
VST VistraQ3 2026$6.3B+28%26.9%
D Dominion EnergyQ3 2026$5.6B+24%32.8%

Source: PPL 10-Q on SEC EDGAR · CIK 922224 · Electric Services

13F: who owns PPL and who is buying

Largest holders of PPL (13F)Largest holders of PPL (13F)Vanguard Group$3.2BBlackRock$2.4BVanguard Capital Management LLC$1.7BState Street$1.5BVanguard Portfolio Management LLC$1.4BT. Rowe Price Investment Manageme…$1.2BInvesco$1.0BWellington Management Group LLP$777MGeode Capital Management, LLC$722MMorgan Stanley$596M
Funds' net buying of PPL by quarter (13F)Funds' net buying of PPL by quarter (13F)−$240M2024-09$149M2024-12$567M2025-03$378M2025-06$1.7B2025-09$1.1B2025-12−$938M2026-03$932M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PPL

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

Compare PPL with

中文版：PPL（PPL）财报

Español · Français