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PPL cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$275M in Q3 2026 · −$2.1B over twelve months

Operating cash flow$916M
Capital spending−$1.2B
Free cash flow−$275M
Cash / net income2.5×

Analysis

In Q3 2026, PPL generated $916M of operating cash flow and spent $1.2B on capital projects, leaving free cash flow of −$275M. That is $96.0M less than in Q3 2025 (−$179M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.6B; the largest uses were capital spending ($4.7B), dividends ($831M), other investing ($68.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.9B), other financing ($318M); the cash balance fell by $723M.

Operating cash flow was $916M against net income of $367M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$366M, deferred taxes +$70.0M, other operating capital +$58.0M.

Free cash flow

PPL: free cash flow by quarterPPL: free cash flow by quarter−$349MQ4 2024−$280MQ1 2025−$328MQ2 2025−$179MQ3 2025−$614MQ4 2025−$501MQ1 2026−$698MQ2 2026−$275MQ3 2026
Operating cash flow less capital spending.
PPL: operating cash flow against capital spendingPPL: operating cash flow against capital spendingOperating cash flowCapital spending$511M$860MQ4 2024$513M$793MQ1 2025$602M$930MQ2 2025$966M$1.1BQ3 2025$548M$1.2BQ4 2025$557M$1.1BQ1 2026$583M$1.3BQ2 2026$916M$1.2BQ3 2026
Latest (Q3 2026): Operating cash flow $916M, Capital spending $1.2B.

Capital allocation, year by year

PPL: where the cash came from (up) and went (down), by fiscal yearPPL: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.3BFY2021: Net borrowing −$4.8BFY2021: Shares issued $9.0MFY2021: Asset sales $10.6BFY2021: Capital spending −$2.0BFY2021: Buybacks −$1.0BFY2021: Dividends −$1.3B$12.8BFY2021FY2022: Operating cash flow $1.7BFY2022: Net borrowing $1.5BFY2022: Capital spending −$2.2BFY2022: Acquisitions −$3.7BFY2022: Dividends −$787M$3.2BFY2022FY2023: Operating cash flow $1.8BFY2023: Net borrowing $1.4BFY2023: Shares issued $5.0MFY2023: Capital spending −$2.4BFY2023: Dividends −$704M$3.2BFY2023FY2024: Operating cash flow $2.3BFY2024: Net borrowing $1.2BFY2024: Shares issued $2.0MFY2024: Capital spending −$2.8BFY2024: Dividends −$747M$3.5BFY2024FY2025: Operating cash flow $2.6BFY2025: Net borrowing $2.6BFY2025: Shares issued $401MFY2025: Capital spending −$4.0BFY2025: Dividends −$794M$5.6BFY2025
Over these 5 years operating cash flow totalled $10.7B; the largest uses were capital spending ($13.4B) and net borrowing ($4.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$393M
Debt$19.6B
Net debt$19.2B
Due within a year$904M

PPL's operations bring cash in ($2.6B over twelve months), and it spends more than that on capital projects: a gap of $2.1B funded from its $393M of cash and investments and from borrowing ($19.6B of debt, $904M due within a year). That is a choice to invest, not a cash runway running down.

PPL: debt maturities by year (FY2025)PPL: debt maturities by year (FY2025)$904MYear 1$428MYear 2$1.4BYear 3$116MYear 4$2.2BYear 5$14.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $393M of cash and investments now.

Where the cash came from and went

PPL: sources (+) and uses (−) of cash, Q3 2026PPL: sources (+) and uses (−) of cash, Q3 2026Capital spending−$1.2BOperating cash flow$916MNet borrowing (+) / repaid (−)$564MDividends−$214MCash drawn (+) / kept (−)−$57.0MOther investing−$18.0M
PPL: sources (+) and uses (−) of cash, TTM to Q3 2026PPL: sources (+) and uses (−) of cash, 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 profit to cash

PPL: net income to operating cash flow, Q3 2026PPL: net income to operating cash flow, Q3 2026Net income$367MDepreciation & amortization$366MStock-based pay$8.0MDeferred taxes$70.0MOther non-cash−$9.0MReceivables−$8.0MInventory−$18.0MPayables$24.0MPrepaid and other assets$37.0MOther liabilities$13.0MIncome taxes payable$15.0MOther operating capital$58.0MOperating cash flow$916M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$916M−$1.2B−$214M$564M−$57.0M−$275M
Q2 2026$583M−$1.3B−$214M$91.0M$912M−$698M
Q1 2026$557M−$1.1B−$202M$896M−$165M−$501M
Q4 2025$548M−$1.2B−$201M$395M$33.0M−$614M
Q3 2025$966M−$1.1B−$201M$1.2B−$801M−$179M
Q2 2025$602M−$930M−$202M$508M$22.0M−$328M
Q1 2025$513M−$793M−$190M$475M−$1.0M−$280M
Q4 2024$511M−$860M−$190M$303M$244M−$349M

PPL: income statement and cash flow

PPL, Q3 2026: revenue $2.5B (+12% year over year), operating margin 26.6%. The chart follows the revenue to costs, profit and cash.

PPL: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.