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PPL Corporation

PPL Clue Score50
United States Fiscal year ends December CIK 0000922224
$34.34 +0.26% Close, 12 Oct 2026
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Price $34.34 +21.51% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue7.52Operating income2.94Net income1.90EPS, diluted2.79Fiscal year 2017Revenue7.45 −0.9%Operating income2.90Net income1.13 −40.7%EPS, diluted1.64 −41.2%Fiscal year 2018Revenue7.78 +4.5%Operating income2.85Net income1.83 +62.0%EPS, diluted2.58 +57.3%Fiscal year 2019Revenue5.54 −28.8%Operating income1.53Net income1.75 −4.4%EPS, diluted2.37 −8.1%Fiscal year 2020Revenue5.43 −2.0%Operating income1.59Net income1.47 −15.9%EPS, diluted1.91 −19.4%Fiscal year 2021Revenue5.84 +7.5%Operating income1.42Net income−1.48 −200.7%EPS, diluted−1.93 −201.0%Fiscal year 2022Revenue7.79 +33.4%Operating income1.37Net income0.76EPS, diluted1.02Fiscal year 2023Revenue8.29 +6.5%Operating income1.63Net income0.74 −2.1%EPS, diluted1.00 −2.0%Fiscal year 2024Revenue8.44 +1.9%Operating income1.74Net income0.89 +20.0%EPS, diluted1.20 +20.0%Fiscal year 2025Revenue9.17 +8.6%Operating income2.13Net income1.18 +33.0%EPS, diluted1.59 +32.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 7.52 7.45 7.78 5.54 5.43 5.84 7.79 8.29 8.44 9.17
Growth −0.9% +4.5% −28.8% −2.0% +7.5% +33.4% +6.5% +1.9% +8.6%
Operating income 2.94 2.90 2.85 1.53 1.59 1.42 1.37 1.63 1.74 2.13
Net income 1.90 1.13 1.83 1.75 1.47 −1.48 0.76 0.74 0.89 1.18
Growth −40.7% +62.0% −4.4% −15.9% −200.7% −2.1% +20.0% +33.0%
EPS, diluted 2.79 1.64 2.58 2.37 1.91 −1.93 1.02 1.00 1.20 1.59
Growth −41.2% +57.3% −8.1% −19.4% −201.0% −2.0% +20.0% +32.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin39.1%Net margin25.3%Free cash flow margin−0.4%Fiscal year 2017Operating margin39.0%Net margin15.1%Free cash flow margin−9.0%Fiscal year 2018Operating margin36.7%Net margin23.5%Free cash flow margin−5.4%Fiscal year 2019Operating margin27.5%Net margin31.5%Free cash flow margin3.3%Fiscal year 2020Operating margin29.2%Net margin27.1%Free cash flow margin8.8%Fiscal year 2021Operating margin24.4%Net margin−25.4%Free cash flow margin5.1%Fiscal year 2022Operating margin17.6%Net margin9.7%Free cash flow margin−5.5%Fiscal year 2023Operating margin19.7%Net margin8.9%Free cash flow margin−7.6%Fiscal year 2024Operating margin20.6%Net margin10.5%Free cash flow margin−5.5%Fiscal year 2025Operating margin23.2%Net margin12.9%Free cash flow margin−15.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 39.1% 39.0% 36.7% 27.5% 29.2% 24.4% 17.6% 19.7% 20.6% 23.2%
Net margin 25.3% 15.1% 23.5% 31.5% 27.1% −25.4% 9.7% 8.9% 10.5% 12.9%
Free cash flow margin −0.4% −9.0% −5.4% 3.3% 8.8% 5.1% −5.5% −7.6% −5.5% −15.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow2.89Capital expenditure−2.92Free cash flow−0.03Dividends paid−1.03Fiscal year 2017Operating cash flow2.46Capital expenditure−3.13Free cash flow−0.67Dividends paid−1.07Fiscal year 2018Operating cash flow2.82Capital expenditure−3.24Free cash flow−0.42Dividends paid−1.13Fiscal year 2019Operating cash flow2.43Capital expenditure−2.24Free cash flow0.18Buybacks0.00Dividends paid−1.19Fiscal year 2020Operating cash flow2.75Capital expenditure−2.27Free cash flow0.48 +158.7%Buybacks0.00Dividends paid−1.28Fiscal year 2021Operating cash flow2.27Capital expenditure−1.97Free cash flow0.30 −37.6%Buybacks−1.00Dividends paid−1.28Fiscal year 2022Operating cash flow1.73Capital expenditure−2.16Free cash flow−0.43 −243.1%Buybacks0.00Dividends paid−0.79Fiscal year 2023Operating cash flow1.76Capital expenditure−2.39Free cash flow−0.63Buybacks0.00Dividends paid−0.70Fiscal year 2024Operating cash flow2.34Capital expenditure−2.81Free cash flow−0.47Dividends paid−0.75Fiscal year 2025Operating cash flow2.63Capital expenditure−4.03Free cash flow−1.40Dividends paid−0.79
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.89 2.46 2.82 2.43 2.75 2.27 1.73 1.76 2.34 2.63
Capital expenditure −2.92 −3.13 −3.24 −2.24 −2.27 −1.97 −2.16 −2.39 −2.81 −4.03
Free cash flow −0.03 −0.67 −0.42 0.18 0.48 0.30 −0.43 −0.63 −0.47 −1.40
Growth +158.7% −37.6% −243.1%
Buybacks n/a n/a n/a 0.00 0.00 −1.00 0.00 0.00 n/a n/a
Dividends paid −1.03 −1.07 −1.13 −1.19 −1.28 −1.28 −0.79 −0.70 −0.75 −0.79

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.34Total debt18.33Net cash (debt)−17.99Shareholders’ equity9.90Debt to equity1.85Fiscal year 2017Cash0.49Total debt20.20Net cash (debt)−19.71Shareholders’ equity10.76Debt to equity1.88Fiscal year 2018Cash0.62Total debt20.60Net cash (debt)−19.98Shareholders’ equity11.66Debt to equity1.77Fiscal year 2019Cash0.82Total debt21.89Net cash (debt)−21.08Shareholders’ equity12.99Debt to equity1.69Fiscal year 2020Cash0.44Total debt14.69Net cash (debt)−14.25Shareholders’ equity13.37Debt to equity1.10Fiscal year 2021Cash3.57Total debt11.14Net cash (debt)−7.57Shareholders’ equity13.72Debt to equity0.81Fiscal year 2022Cash0.36Total debt13.24Net cash (debt)−12.89Shareholders’ equity13.92Debt to equity0.95Fiscal year 2023Cash0.33Total debt14.61Net cash (debt)−14.28Shareholders’ equity13.93Debt to equity1.05Fiscal year 2024Cash0.31Total debt16.50Net cash (debt)−16.20Shareholders’ equity14.08Debt to equity1.17Fiscal year 2025Cash1.07Total debt18.89Net cash (debt)−17.82Shareholders’ equity14.88Debt to equity1.27
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.34 0.49 0.62 0.82 0.44 3.57 0.36 0.33 0.31 1.07
Total debt 18.33 20.20 20.60 21.89 14.69 11.14 13.24 14.61 16.50 18.89
Net cash (debt) −17.99 −19.71 −19.98 −21.08 −14.25 −7.57 −12.89 −14.28 −16.20 −17.82
Shareholders’ equity 9.90 10.76 11.66 12.99 13.37 13.72 13.92 13.93 14.08 14.88
Debt to equity 1.85 1.88 1.77 1.69 1.10 0.81 0.95 1.05 1.17 1.27

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
7.52 7.45 7.78 5.54 5.43 5.84 7.79 8.29 8.44 9.17
Growth −0.9% +4.5% −28.8% −2.0% +7.5% +33.4% +6.5% +1.9% +8.6%
2.94 2.90 2.85 1.53 1.59 1.42 1.37 1.63 1.74 2.13
Growth −1.2% −1.7% −46.5% +3.9% −10.2% −3.5% +18.6% +6.7% +22.4%
2.55 1.91 2.29 0.92 0.95 0.52 0.92 0.92 1.12 1.47
0.65 0.78 0.46 0.18 0.31 0.50 0.20 0.18 0.23 0.29
1.90 1.13 1.83 1.75 1.47 −1.48 0.76 0.74 0.89 1.18
Growth −40.7% +62.0% −4.4% −15.9% −200.7% −2.1% +20.0% +33.0%
Per share
2.80 1.64 2.59 2.39 1.91 −1.93 1.03 1.00 1.20 1.60
2.79 1.64 2.58 2.37 1.91 −1.93 1.02 1.00 1.20 1.59
Growth −41.2% +57.3% −8.1% −19.4% −201.0% −2.0% +20.0% +32.5%
677.6 685.2 704.4 728.5 768.6 762.9 736.0 737.0 737.8 739.4
680.4 687.3 708.6 736.8 769.4 764.8 736.9 738.2 739.9 743.3
Growth +1.0% +3.1% +4.0% +4.4% −0.6% −3.7% +0.2% +0.2% +0.5%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 11.1% a year over five years, and earnings per share fell 3.6% a year.
  • The diluted share count fell 3.4% in five years, so buybacks did some of the work per share.
  • Operating margin is down 6.0 points on five years ago, at 23.2%.
  • A net loss in 1 of 10 years on file.