Filing Flows › PPL (PPL) › Q2 2026 › vs Q1 2026
PPL (PPL) Q2 2026 vs Q1 2026 (quarter over quarter)
PPL's revenue fell $663M (-24%) from $2.8B in Q1 2026 to $2.1B in Q2 2026. The biggest changes: Revenue from contracts with customers −$646M (-23%). Operating margin 22.5% against 26.9% (-4.4 pts).
PPL, Q2 2026: revenue $2.1B (+4% year over year), operating margin 22.5%, net earnings $230M, operating cash flow $583M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 22.5% | 26.9% | -4.4 pts |
| Net margin | 10.9% | 16.3% | -5.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Kentucky Regulated | $887M | $1.2B | −$314M | -26% |
| Pennsylvania Regulated | $764M | $967M | −$203M | -21% |
| Rhode Island Regulated | $487M | $616M | −$129M | -21% |
| Revenue from contracts with customers | $2.1B | $2.8B | −$646M | -23% |
| Revenue | $2.1B | $2.8B | −$663M | -24% |
| Other revenues (net loss) | $27.0M | $10.0M | $17.0M | +170% |
| Operating profit | $475M | $745M | −$270M | -36% |
| Costs & expenses | $1.6B | $2.0B | −$393M | -19% |
| Pre-tax earnings | $286M | $560M | −$274M | -49% |
| Other expense, net | $189M | $185M | $4.0M | +2% |
| Net earnings | $230M | $452M | −$222M | -49% |
| Income tax | $56.0M | $108M | −$52.0M | -48% |
| Depreciation | $362M | $351M | $11.0M | +3% |
| Share-based compensation | $8.0M | $23.0M | −$15.0M | -65% |
| Working capital & other | $17.0M | $269M | −$252M | -94% |
| Operating cash flow | $583M | $557M | $26.0M | +5% |
| Capital expenditures | $1.3B | $1.1B | $223M | +21% |
| Negative free cash flow (OCF − capex) | $698M | $501M | $197M | +39% |
Questions
How much did PPL's revenue grow quarter over quarter in Q2 2026?
PPL's revenue fell $663M (-24%) from $2.8B in Q1 2026 to $2.1B in Q2 2026.
What drove PPL's revenue change in Q2 2026?
Revenue from contracts with customers −$646M (-23%).