PPL Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PPL Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2019	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue	7,517	7,447	7,785	5,602	5,474	5,838	7,902	8,312	8,462	9,170
Operating income	2,936	2,901	2,852	1,526	1,586	1,424	1,374	1,630	1,740	2,129
Interest expense	888	901	963	621	634	918	513	666	738	808
Interest income	3	2	6	15	9	12	4
Other non-operating income	502	-88	396	14	2	15	54	-40	114	151
Pre-tax income	2,550	1,912	2,285	919	954	521	915	924	1,116	1,472
Income tax	648	784	458	183	314	503	201	184	228	291
Income from continuing operations				736	640	18	714	740	888
Net income	1,902	1,128	1,827	1,746	1,469	-1,480	756	740	888	1,181
EBITDA	3,862	3,909	3,946	2,475	2,608	2,506	2,555	2,884	3,019	3,441
EPS, basic	2.80	1.64	2.59	2.39	1.91	-1.93	1.03	1.00	1.20	1.60
EPS, diluted	2.79	1.64	2.58	2.37	1.91	-1.93	1.02	1.00	1.20	1.59
Shares, basic (weighted)	678	685	704	729	769	763	736	737	738	739
Shares, diluted (weighted)	680	687	709	737	769	765	737	738	740	743
Dividend per share	1.52	1.58	1.64	1.65	1.66	1.66	0.88	0.96	1.03	1.09

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2019	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	341	485	621	815	442	3,571	356	331	306	1,071
Receivables	666	681	663	687	603	583	896	950	961	1,108
Inventory	356	320	303	332	302	322	443	505	511	551
Other current assets	52	50	63	98	130	42	77	51	85	112
Total current assets	2,067	2,294	2,432	2,767	20,900	5,007	2,824	2,932	2,880	3,931
Property, plant and equipment	30,074	33,092	34,458	36,482	24,500	25,470	30,238	31,418	33,149	36,132
Lease right-of-use assets							60	74	0	0
Goodwill	3,060	3,258	3,162	3,198	716	716	2,248	2,247	2,247	2,247
Intangible assets	700	697	716	742	351	343	313	306	314	327
Other non-current assets	151	135	192	386	387	451	395	459	419	515
Total assets	38,315	41,479	43,396	45,680	48,116	33,223	37,837	39,236	41,069	45,244
Accounts payable	820	924	989	956	745	679	1,201	1,104	1,196	1,559
Short-term debt	518	348	530	1,172	1,074	474	354	1	551	904
Total current liabilities	3,837	4,023	4,563	4,900	15,055	2,323	3,789	3,340	3,333	4,546
Long-term debt	17,808	19,847	20,069	20,721	13,615	10,666	12,889	14,611	15,952	17,990
Lease liabilities						47	42	63	0	0
Other non-current liabilities	422	441	436	485	564	479	361	385	452	480
Total liabilities	28,416	30,718	31,739	32,689	34,743	19,500	23,919	25,303	26,992	30,363
Total debt	18,326	20,195	20,599	21,893	14,689	11,140	13,243	14,612	16,503	18,894
Paid-in capital	9,841	10,305	11,021	12,214	12,270	12,303	12,317	12,326	12,346	12,443
Retained earnings	3,829	3,871	4,593	5,127	5,315	2,572	2,681	2,710	2,835	3,207
Treasury stock					0	-1,003	-967	-948	-928	-575
Other comprehensive income	-3,778	-3,422	-3,964	-4,358	-4,220	-157	-124	-163	-184	-202
Shareholders' equity	9,899	10,761	11,657	12,991	13,373	13,723	13,915	13,933
Minority interests						0	3	0
Total equity	9,899	10,761	11,657	12,991	13,373	13,723	13,918	13,933	14,077	14,881
Total liabilities and equity	38,315	41,479	43,396	45,680	48,116	33,223	37,837	39,236	41,069	45,244
Shares outstanding	680	693	720	767	769	735	736	737	738	751

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2019	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	1,902	1,128	1,827	1,746	1,469	-1,480	756	740	888	1,181
Depreciation and amortization	926	1,008	1,094	949	1,022	1,082	1,181	1,254	1,279	1,312
Stock-based compensation	28	38	26	36	29	37	37	33	46	49
Deferred income tax	560	753	410	203	330	516	190	334	201	199
Change in receivables	-15	-33	28	-3	-70	-14	-176	-170	254	-207
Change in inventory	-3	40	17	-26	-9	-21	-90	-60	-2	-28
Cash from operations	2,890	2,461	2,821	2,427	2,746	2,270	1,730	1,758	2,340	2,629
Capital expenditures	-2,920	-3,133	-3,238	-2,243	-2,270	-1,973	-2,155	-2,390	-2,805	-4,030
Acquisitions					0	0	-3,660	0	0
Sales and maturities of investments		0	6	69	9
Cash from investing	-2,926	-3,161	-3,361	-3,080	-3,258	7,957	-5,654	-2,383	-2,818	-4,004
Debt issued	1,342	1,515	1,059	1,099	1,848	650	850	3,252	1,894	3,045
Debt repaid	-930	-168	-277	-300	-975	-4,606	-264	-1,854	0	-616
Stock issued	144	453	698	1,167	34	9
Share buybacks				0	0	-1,003	0	0
Dividends paid	-1,030	-1,072	-1,133	-1,192	-1,275	-1,279	-787	-704	-747	-794
Cash from financing	-439	824	690	836	386	-7,390	709	650	435	2,122
Exchange rate effect	-28	15	-18	10	17
Net change in cash	-503	139	132	39	-217	3,129	-3,215	25	-43	747
Free cash flow	-30	-672	-417	184	476	297	-425	-632	-465	-1,401
Interest paid	854	845	910	552	586	191	462	604	670	745
Income taxes paid	70	65	127	-12	4	284	163	281	-123	93

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $44.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	23.3%	Operating income / revenue.
EBITDA margin	37.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.1%	Pre-tax income / revenue.
Net margin	13.0%	Net income / revenue.
FCF margin	-17.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.4%	Cash from operations / revenue.
Effective tax rate	19.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	2.6%	Net income / average total assets.
Capex / revenue	45.6%	Capital expenditures / revenue.
D&A / revenue	14.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	22.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	14.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	33.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-4.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	32.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	15.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-3.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-0.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-8.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.00x	Current assets / current liabilities.
Quick ratio	0.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / assets	43.2%	Total debt / total assets.
Liabilities / assets	67.6%	Total liabilities / total assets.
Net debt	$18.78B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.61x	Operating income / interest expense.
Working capital	$14.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.6%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.20x	Revenue / average total assets.
Fixed asset turnover	0.26x	Revenue / average property, plant and equipment.
Receivables turnover	7.07x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
FCF conversion	-133.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	160.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.61	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.43	Revenue / diluted weighted shares.
FCF per share	-$2.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.53	Cash from operations / diluted weighted shares.
Cash per share	$1.65	(Cash + short-term investments) / shares outstanding.
Payout ratio	66.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$33.18B	Share price x shares outstanding.
Enterprise value	$51.96B	Market cap + total debt - cash - short-term investments.
P/E	27.2x	Market cap / net income. Only when net income is positive.
P/S	3.53x	Market cap / revenue.
P/OCF	12.4x	Market cap / cash from operations, when positive.
EV/Sales	5.52x	Enterprise value / revenue.
EV/EBIT	23.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.7x	Enterprise value / EBITDA, when both are positive.
FCF yield	-4.9%	Free cash flow / market cap.
Earnings yield	3.7%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.
PEG	1.71x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PPL Corp's revenue in fiscal 2025?

PPL Corp reported revenue of $9.17B for fiscal 2025, 8.4% higher than the year before.

Was PPL Corp profitable in fiscal 2025?

Yes. Net income was $1.18B, a net margin of 12.9%.

How much free cash flow did PPL Corp generate in fiscal 2025?

Cash from operations of $2.63B minus capital expenditures of $4.03B left free cash flow of -$1.40B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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