Filing Flows › PPL (PPL) › Q3 2025
PPL (PPL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
PPL (PPL) reported revenue of $2.2B for the third quarter 2025 (Q3 2025), +8% from a year earlier and +11% from the quarter before. Operating margin was 25.4%, net earnings $318M (14.2% of revenue).
PPL, Q3 2025: revenue $2.2B (+8% year over year), operating margin 25.4%, net earnings $318M, operating cash flow $966M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2B | +11% | +8% |
| Operating profit | $569M | +40% | +33% |
| Net earnings | $318M | +74% | +49% |
| Operating cash flow | $966M | +60% | +24% |
What changed
Revenue was $2.2B in Q3 2025, up 8% year over year and up 11% from the previous quarter. Kentucky Regulated was the largest line at 42% of revenue. Pennsylvania Regulated added $0.07B year over year (up 10%), 42% of the total change.
Operating profit was $0.57B, a 25.4% margin (up 4.7 points year over year). Of the extra revenue versus a year earlier, 82% reached operating profit, above the 21% margin then. Total costs grew 2% against revenue growth of 8%. Net earnings were $0.32B, up 49% year over year. The effective tax rate was 20.1%.
Operating cash flow was $1.0B (up 24% year over year), 304% of net earnings. Non-cash charges added back $0.33B of depreciation. Working capital and other items added $0.32B. Capital expenditures of $1.1B exceeded it, leaving free cash flow of −$0.18B.
Questions
What was PPL's revenue in the third quarter 2025?
PPL (PPL) reported revenue of $2.2B for the third quarter 2025 (Q3 2025), +8% from a year earlier and +11% from the quarter before.
Was PPL profitable in the third quarter 2025?
Operating profit was $569M (25.4% of revenue) and net earnings $318M.
Source: PPL 10-Q on SEC EDGAR.