Filing Flows › PPL (PPL) › Q4 2025
PPL (PPL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
PPL (PPL) reported revenue of $2.3B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +2% from the quarter before. Operating margin was 20.9%, net earnings $266M (11.7% of revenue).
PPL, Q4 2025: revenue $2.3B (+3% year over year), operating margin 20.9%, net earnings $266M, operating cash flow $548M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | +2% | +3% |
| Operating profit | $476M | -16% | +26% |
| Net earnings | $266M | -16% | +50% |
| Operating cash flow | $548M | -43% | +7% |
What changed
Revenue was $2.3B in Q4 2025, up 3% year over year and up 2% from the previous quarter.
Operating profit was $0.48B, a 20.9% margin (up 3.9 points year over year). Of the extra revenue versus a year earlier, 157% reached operating profit, above the 17% margin then. Total costs fell 2% while revenue rose 3%. Net earnings were $0.27B, up 50% year over year. The effective tax rate was 18.9%.
Operating cash flow was $0.55B (up 7% year over year), 206% of net earnings. Non-cash charges added back $0.34B of depreciation. Working capital and other items used $0.05B. Capital expenditures of $1.2B exceeded it, leaving free cash flow of −$0.61B.
Questions
What was PPL's revenue in the fourth quarter 2025?
PPL (PPL) reported revenue of $2.3B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +2% from the quarter before.
Was PPL profitable in the fourth quarter 2025?
Operating profit was $476M (20.9% of revenue) and net earnings $266M.
Source: PPL 10-K on SEC EDGAR.