PPL Corporation reports second-quarter 2025 earnings
Announces 2025 second-quarter reported earnings (GAAP) per share of $0.25.
Achieves 2025 second-quarter ongoing earnings per share of $0.32 versus $0.38 in 2024, with lower results primarily due to timing and weather.
Reaffirms 2025 ongoing earnings forecast range of $1.75 to $1.87 per share; expects to achieve at least the midpoint of $1.81 per share.
Reaffirms 6% to 8% annual EPS and dividend growth targets through at least 2028; expects to achieve EPS growth in the top half of targeted growth range.
ALLENTOWN, Pa., July 30, 2025 /PRNewswire/ -- PPL Corporation (NYSE:PPL) today announced second-quarter 2025 reported earnings (GAAP) of $183 million, or $0.25 per share, compared with second-quarter 2024 reported earnings of $190 million, or $0.26 per share.
PPL reported earnings of $597 million, or $0.80 per share, for the first six months of 2025, compared with the reported earnings of $497 million, or $0.67 per share, for the first six months of 2024.
Adjusting for special items, second-quarter 2025 earnings from ongoing operations (non-GAAP) were $240 million, or $0.32 per share, compared with $282 million, or $0.38 per share, a year ago. The decline was primarily due to several anticipated factors, including the timing of certain operating costs and true-ups, as well as favorable weather in the second quarter of 2024 and higher interest expense.
Earnings from ongoing operations for the first six months of 2025 were $684 million, or $0.92 per share, compared with $684 million, or $0.92 per share, for the first six months of 2024.
"Across PPL, we continue to gain momentum in executing our utility of the future strategy," said PPL President and Chief Executive Officer Vincent Sorgi. "We are significantly enhancing the reliability and resiliency of our electric and gas networks to better protect against severe weather. We are advancing a cleaner energy mix while maintaining our unwavering commitment to safety, affordability and reliability. Moreover, we are at the forefront of innovation, integrating cutting-edge technology across all aspects of our business to deliver superior outcomes for our customers and shareowners."
Sorgi continued, "We are also making substantial progress in delivering on our financial commitments to shareowners. We anticipate strong earnings growth in the second half of 2025, driven by higher returns on capital investments and lower O&M year over year, in line with our business plan. We remain confident about achieving at least the midpoint of our 2025 forecast and are reaffirming our ongoing earnings forecast range of $1.75 to $1.87 per share with a midpoint of $1.81 per share."
"Importantly, we also continue to focus on engaging with key stakeholders to strengthen resource adequacy and power economic development that benefits the regions we serve and enhances America's competitiveness," added Sorgi. "This month, we were excited to announce our joint venture with Blackstone Infrastructure to build, own and operate new electric generation stations to power data centers under long-term energy services agreements. This is just another example of how we are developing innovative solutions to some of the most pressing challenges in today's energy landscape."
In conjunction with today's earnings announcement, PPL reaffirmed its projection of 6% to 8% annual earnings per share (EPS) and dividend growth through at least 2028, with EPS growth expected to be in the top half of the targeted range. The company's projected growth is based off its 2025 forecast midpoint of $1.81 per share.
Second-Quarter 2025 Earnings Details
As discussed in this news release, reported earnings are calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP). "Earnings from ongoing operations" is a non-GAAP financial measure that is adjusted for special items. See the tables at the end of this news release for a reconciliation of reported earnings (net income) to earnings from ongoing operations, including an itemization of special items.
(Dollars in millions, except for per share amounts)
2nd Quarter
Year to Date
2025
2024
Change
2025
2024
Change
Reported earnings
$ 183
$ 190
(4) %
$ 597
$ 497
20 %
Reported earnings per share
$ 0.25
$ 0.26
(4) %
$ 0.80
$ 0.67
19 %
2nd Quarter
Year to Date
2025
2024
Change
2025
2024
Change
Earnings from ongoing operations
$ 240
$ 282
(15) %
$ 684
$ 684
0 %
Earnings from ongoing operations per share
$ 0.32
$ 0.38
(16) %
$ 0.92
$ 0.92
0 %
Second-Quarter 2025 Earnings by Segment
2nd Quarter
Year to Date
Per share
2025
2024
2025
2024
Reported earnings
Kentucky Regulated
$ 0.17
$ 0.18
$ 0.47
$ 0.44
Pennsylvania Regulated
0.19
0.21
0.44
0.40
Rhode Island Regulated
(0.02)
0.01
0.07
0.10
Corporate and Other
(0.09)
(0.14)
(0.18)
(0.27)
Total
$ 0.25
$ 0.26
$ 0.80
$ 0.67
2nd Quarter
Year to Date
2025
2024
2025
2024
Special items (expense) benefit
Kentucky Regulated
$ (0.01)
$ ,
$ (0.01)
$ ,
Pennsylvania Regulated
—
—
—
(0.02)
Rhode Island Regulated
(0.03)
(0.03)
(0.04)
(0.04)
Corporate and Other
(0.03)
(0.09)
(0.07)
(0.19)
Total
$ (0.07)
$ (0.12)
$ (0.12)
$ (0.25)
2nd Quarter
Year to Date
2025
2024
2025
2024
Earnings from ongoing operations
Kentucky Regulated
$ 0.18
$ 0.18
$ 0.48
$ 0.44
Pennsylvania Regulated
0.19
0.21
0.44
0.42
Rhode Island Regulated
0.01
0.04
0.11
0.14
Corporate and Other
(0.06)
(0.05)
(0.11)
(0.08)
Total
$ 0.32
$ 0.38
$ 0.92
$ 0.92
Key Factors Impacting Earnings
In addition to the segment drivers outlined below, PPL's reported earnings in the second quarter of 2025 included net special item after-tax charges of $57 million, or $0.07 per share, primarily attributable to PPL's IT transformation and integration-related expenses and adjustments associated with the acquisition of Rhode Island Energy. Reported earnings in the second quarter of 2024 included net special item after-tax charges of $92 million, or $0.12 per share, primarily attributable to integration-related expenses associated with the acquisition of Rhode Island Energy.
Reported earnings in the first six months of 2025 included net special-item after-tax charges of $87 million, or $0.12 per share, primarily attributable to PPL's IT transformation and integration-related expenses and adjustments associated with the acquisition of Rhode Island Energy. Reported earnings in the first six months of 2024 included net special-item after-tax charges of $187 million, or $0.25 per share, primarily attributable to integration-related expenses associated with the acquisition of Rhode Island Energy.
Kentucky Regulated SegmentPPL's Kentucky Regulated segment primarily consists of the regulated electricity and natural gas operations of Louisville Gas and Electric Company and the regulated electricity operations of Kentucky Utilities Company.
Reported earnings in the second quarter of 2025 decreased by $0.01 per share compared with a year ago. Earnings from ongoing operations in the second quarter of 2025 were even compared with a year ago. Factors driving earnings results primarily included lower sales volumes, largely due to weather, offset by other factors.
Reported earnings in the first six months of 2025 increased by $0.03 per share compared with a year ago. Earnings from ongoing operations in the first six months of 2025 increased by $0.04 per share compared with a year ago. Factors driving earnings results primarily included higher sales volumes, largely due to weather, lower operating costs and higher earnings from additional capital investments.
Pennsylvania Regulated SegmentPPL's Pennsylvania Regulated segment consists of the regulated electricity delivery operations of PPL Electric Utilities.
Reported earnings and earnings from ongoing operations in the second quarter of 2025 decreased by $0.02 per share compared with a year ago. Factors driving earnings results primarily included higher operating costs, the timing of a transmission revenue true-up and other factors, partially offset by higher transmission revenue from additional capital investments.
Reported earnings in the first six months of 2025 increased by $0.04 per share compared with a year ago. Earnings from ongoing operations in the first six months of 2025 increased by $0.02 per share compared with a year ago. Factors driving earnings results primarily included higher transmission revenue from additional capital investments, higher sales volumes largely due to weather, and distribution regulatory rider recovery, partially offset by higher operating costs and other factors.
Rhode Island Regulated SegmentPPL's Rhode Island Regulated segment consists of the regulated electricity and natural gas operations of Rhode Island Energy.
Reported earnings and earnings from ongoing operations in the second quarter of 2025 decreased by $0.03 per share compared with a year ago. Factors driving earnings results primarily included higher operating costs due to timing and other factors, partially offset by higher distribution revenue from capital investments.
Reported earnings and earnings from ongoing operations in the first six months of 2025 decreased by $0.03 per share compared with a year ago. Factors driving earnings results primarily included higher operating costs and other factors, partially offset by higher distribution revenue from capital investments.
Corporate and OtherPPL's Corporate and Other category primarily includes financing costs incurred at the corporate level, certain non-recoverable costs resulting from commitments made to the Rhode Island Division of Public Utilities and Carriers and the Rhode Island Attorney General's Office in conjunction with the acquisition of Rhode Island Energy, and certain other unallocated costs.
Reported earnings in the second quarter of 2025 increased by $0.05 per share compared with a year ago. Earnings from ongoing operations in the second quarter of 2025 decreased by $0.01 per share compared with a year ago. Factors driving earnings results primarily included higher interest expense.
Reported earnings in the first six months of 2025 increased by $0.09 per share compared with a year ago. Earnings from ongoing operations in the first six months of 2025 decreased by $0.03 per share compared with a year ago. Factors driving earnings results primarily included higher interest expense.
2025 Earnings Forecast
PPL's 2025 earnings from ongoing operations forecast range is $1.75 to $1.87 per share, with a midpoint of $1.81 per share.
Earnings from ongoing operations is a non-GAAP measure that could differ from reported earnings due to special items that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations. PPL management is not able to forecast whether any of these factors will occur or whether any amounts will be reported for future periods. Therefore, PPL is not able to provide an equivalent GAAP measure for earnings guidance.
See the table at the end of this news release for a complete reconciliation of the earnings forecast.
About PPLPPL Corporation (NYSE:PPL), headquartered in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to more than 3.6 million customers in the U.S. PPL's high-performing, award-winning utilities are addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information, visit www.pplweb.com.
(Note: All references to earnings per share in the text and tables of this news release are stated in terms of diluted earnings per share unless otherwise noted.)
Conference Call and Webcast
PPL invites interested parties to listen to a live internet webcast of management's teleconference with financial analysts about second-quarter 2025 financial results at 11 a.m. Eastern time on Thursday, July 31. The call will be webcast live, in audio format, together with slides of the presentation. For those who are unable to listen to the live webcast, a replay with slides will be accessible at www.pplweb.com/investors for 90 days after the call.
Interested individuals can access the live conference call via telephone at 1-844-512-2926. International participants should call 1-412-317-6300. Participants will need to enter the following "Elite Entry" number to join the conference: 9662929. Callers can access the webcast link at www.pplweb.com/investors under "Events."
Management utilizes "Earnings from Ongoing Operations" or "Ongoing Earnings" as a non-GAAP financial measure that should not be considered as an alternative to reported earnings, or net income, an indicator of operating performance determined in accordance with GAAP. PPL believes that Earnings from Ongoing Operations is useful and meaningful to investors because it provides management's view of PPL's earnings performance as another criterion in making investment decisions. In addition, PPL's management uses Earnings from Ongoing Operations in measuring achievement of certain corporate performance goals, including targets for certain executive incentive compensation. Other companies may use different measures to present financial performance.
Earnings from Ongoing Operations is adjusted for the impact of special items. Special items are presented in the financial tables on an after-tax basis with the related income taxes on special items separately disclosed. Income taxes on special items, when applicable, are calculated based on the statutory tax rate of the entity where the activity is recorded. Special items may include items such as:
Gains and losses on sales of assets not in the ordinary course of business.
Impairment charges.
Significant workforce reduction and other restructuring effects.
Acquisition and divestiture-related adjustments.
Significant losses on early extinguishment of debt.
Other charges or credits that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations.
Statements contained in this news release, including statements with respect to future earnings, cash flows, dividends, financing, regulation and corporate strategy, are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: strategic acquisitions, dispositions, joint ventures or similar transactions and our ability to consummate these business transactions, integrate the acquired entities or realize expected benefits from them; pandemic health events or other catastrophic events and their effect on financial markets, economic conditions and our businesses; market demand for energy in our service territories; weather conditions affecting customer energy usage and operating costs; volatility in or the impact of other changes on financial markets, commodity prices and economic conditions, including inflation; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of our facilities; the length of scheduled and unscheduled outages at our generating plants; environmental conditions and requirements and the related costs of compliance; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; any impact of severe weather on our business; receipt of necessary government permits, approvals, rate relief and regulatory cost recovery; capital market conditions and decisions regarding capital structure; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its subsidiaries; PPL Corporation's stock price performance; the market prices of equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; political, regulatory or economic conditions in jurisdictions where PPL Corporation or its subsidiaries conduct business, including any potential effects of threatened or actual cyberattack, terrorism or war or other hostilities; new state, federal or foreign legislation, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with factors and other matters discussed in PPL Corporation's Form 10-K and other reports on file with the Securities and Exchange Commission.
Note to Editors: Visit our media website at www.pplnewsroom.com for additional news and background about PPL Corporation.
PPL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL INFORMATION(1)
Condensed Consolidated Balance Sheets (Unaudited)
(Millions of Dollars)
June 30,
December 31,
2025
2024
Assets
Cash and cash equivalents
$ 294
$ 306
Accounts receivable
1,120
1,037
Unbilled revenues
418
485
Fuel, materials and supplies
504
511
Regulatory assets
303
320
Other current assets
284
221
Property, Plant and Equipment
Regulated utility plant
41,171
40,391
Less: Accumulated depreciation - regulated utility plant
9,950
9,682
Regulated utility plant, net
31,221
30,709
Non-regulated property, plant and equipment
80
79
Less: Accumulated depreciation - non-regulated property, plant and equipment
33
29
Non-regulated property, plant and equipment, net
47
50
Construction work in progress
3,088
2,390
Property, Plant and Equipment, net
34,356
33,149
Noncurrent regulatory assets
2,055
2,060
Goodwill and other intangibles
2,559
2,561
Other noncurrent assets
470
419
Total Assets
$ 42,363
$ 41,069
Liabilities and Equity
Short-term debt
$ 1,286
$ 303
Long-term debt due within one year
1,219
551
Accounts payable
1,135
1,196
Other current liabilities
1,338
1,283
Long-term debt
15,292
15,952
Deferred income taxes and investment tax credits
3,611
3,467
Accrued pension obligations
294
317
Asset retirement obligations
141
136
Noncurrent regulatory liabilities
3,335
3,335
Other deferred credits and noncurrent liabilities
426
452
Common stock and additional paid-in capital
12,351
