Jun 2026 (Q2 FY26) — Aug 7, 2026
PPL Q2 FY26 — Strong Execution and Visible Long-Term Growth from Data Centers and Invitium JV
Read the full callPPL (PPL) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
PPL earnings: last reported Fri, 7 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,774 | +10.8% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 26.9 | −0.2 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 452 | +9.2% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 11 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FFO-to-debt credit ratio | 16% to 18% | Dec 2024 | We also reaffirmed our long-term financial targets, including 6% to 8% annual EPS growth through at least 2029, with compound annual growth expected to be near the top end of that range, 4% to 6% annual dividend growth, and FFO to debt of 16% to 18%. | On Track |
| Pennsylvania data center load under signed energy services agreements | at least 10 gigawatts by end of Q1 2026 | Dec 2025 | Of that total, about 10 gigawatts now have signed ESAs consistent with our expectations. | Achieved |
14 of PPL Corp's 25 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 23 more targets are in the full ledger.
Claimed
- Reported Q2 FY26 ongoing earnings of $0.33 per share, in line with expectations and reaffirming the full-year forecast.
- Secured constructive regulatory outcomes in Pennsylvania, with a $275 million rate increase effective July 1, and Rhode Island, with new rates expected September 1.
- Pennsylvania service territory saw data center agreements increase to 32 GW, with over 11 GW now under financially committed Electric Services Agreements (ESAs).
- Kentucky's economic development pipeline expanded to 13.7 GW of potential load growth, with probability-weighted projections for 3.7 GW new load by 2032.
- Invitium Energy JV progressed with strategic land sites for 8-14 GW and over 5 GW in the PJM interconnection queue, targeting 1 or more commercial agreements by year-end.
Qualified
- Kentucky segment results were flat YoY due to lower sales volumes from less favorable weather, higher operating costs, depreciation, and interest expense.
- Pennsylvania Regulated segment results decreased by $0.01 per share YoY primarily due to higher depreciation and interest expense.
- The PJM capacity matching process and auction caps are currently below cost of new entry, potentially impacting Invitium's participation in the auction.
Price
$34.31 −2.45% · −$0.86
Performance −88.3% 1Y
1Y: $294.25 on 17 Oct 2025 → $34.31. High $323.58 (30 Jun 2026), low $31.97 (24 Sept 2026).
- Previous close
- $35.17
- 52-week range
- $31.97 – $323.58
- One year
- −88.13%
Overview
- Symbol
- PPL
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 11 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FFO-to-debt credit ratio | 16% to 18% | Dec 2024 | We also reaffirmed our long-term financial targets, including 6% to 8% annual EPS growth through at least 2029, with compound annual growth expected to be near the top end of that range, 4% to 6% annual dividend growth, and FFO to debt of 16% to 18%. | On Track |
| Pennsylvania data center load under signed energy services agreements | at least 10 gigawatts by end of Q1 2026 | Dec 2025 | Of that total, about 10 gigawatts now have signed ESAs consistent with our expectations. | Achieved |
Claimed
- Reported Q2 FY26 ongoing earnings of $0.33 per share, in line with expectations and reaffirming the full-year forecast.
- Secured constructive regulatory outcomes in Pennsylvania, with a $275 million rate increase effective July 1, and Rhode Island, with new rates expected September 1.
- Pennsylvania service territory saw data center agreements increase to 32 GW, with over 11 GW now under financially committed Electric Services Agreements (ESAs).
- Kentucky's economic development pipeline expanded to 13.7 GW of potential load growth, with probability-weighted projections for 3.7 GW new load by 2032.
- Invitium Energy JV progressed with strategic land sites for 8-14 GW and over 5 GW in the PJM interconnection queue, targeting 1 or more commercial agreements by year-end.
Qualified
- Kentucky segment results were flat YoY due to lower sales volumes from less favorable weather, higher operating costs, depreciation, and interest expense.
- Pennsylvania Regulated segment results decreased by $0.01 per share YoY primarily due to higher depreciation and interest expense.
- The PJM capacity matching process and auction caps are currently below cost of new entry, potentially impacting Invitium's participation in the auction.
The full ledger
Open PPL Corp’s full ledger
A free account opens 5 company ledgers a month. All 25 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 8, 2026
PPL Corporation Q1 FY26 — Strong Q1, Reaffirmed Guidance, and Data Center Momentum
Read the full callDec 2025 (Q4 FY25) — Feb 20, 2026
PPL Corporation Q4 FY25 — Strong Operational Performance and Extended Growth Outlook
Read the full callEvery analysed call
PPL earnings calls (PPL)
Financials
What the filings say
Net profit, year on year: +9% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,881 | 2,066 | 2,211 | 2,504 | 2,025 | 2,239 | 2,274 | 2,774 |
| Operating profit | 390 | 428 | 377 | 678 | 406 | 569 | 476 | 745 |
| Operating margin | 20.7% | 20.7% | 17.1% | 27.1% | 20.1% | 25.4% | 20.9% | 26.9% |
| Interest | 182 | 188 | 189 | 190 | 199 | 210 | 209 | 224 |
| Profit before tax | 240 | 272 | 216 | 516 | 230 | 398 | 328 | 560 |
| Tax rate | 20.8% | 21.3% | 18.1% | 19.8% | 20.4% | 20.1% | 18.9% | 19.3% |
| Net profit | 190 | 214 | 177 | 414 | 183 | 318 | 266 | 452 |
| EPS ($ per share) | 0.26 | 0.29 | — | 0.56 | 0.25 | 0.43 | — | 0.60 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 4,593 | 5,127 | 5,315 | 2,572 | 2,681 | 2,710 | 2,835 | 3,207 |
| Total liabilities | 31,739 | 32,689 | 34,743 | 19,500 | 23,919 | 25,303 | 26,992 | 30,363 |
| Fixed assets | 34,458 | 36,482 | 24,500 | 25,470 | 30,238 | 31,418 | 33,149 | 36,132 |
| Total assets | 43,396 | 45,680 | 48,116 | 33,223 | 37,837 | 39,236 | 41,069 | 45,244 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,821 | 2,427 | 2,746 | 2,270 | 1,730 | 1,758 | 2,340 | 2,629 |
| Cash from investing | -3,361 | -3,080 | -3,258 | 7,957 | -5,654 | -2,383 | -2,818 | -4,004 |
| Cash from financing | 690 | 836 | 386 | -7,390 | 709 | 650 | 435 | 2,122 |
| Net cash flow | 132 | 39 | -217 | 3,129 | -3,215 | 25 | -43 | 747 |
| Capital expenditure | -3,238 | -2,243 | -2,270 | -1,973 | -2,155 | -2,390 | -2,805 | -4,030 |
| Free cash flow | -417 | 184 | 476 | 297 | -425 | -632 | -465 | -1,401 |
PPL revenue by segment
Kentucky Regulated shrank from 44% to 41% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Kentucky Regulated | 44% | 39% | 42% | 41% | 42% | 39% | 43% | 41% | +6.5% |
| Pennsylvania Regulated | 34% | 32% | 32% | 34% | 35% | 35% | 35% | 36% | +9.1% |
| Rhode Isl and Regulated | 22% | 28% | 26% | 25% | 23% | 26% | 22% | 23% | -3.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
122 filings between Nov 7, 2025 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$440.5K
2 sales by 2 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 59
- Option exercise — converted options into shares
- 59
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Cornett John Gregory | — | $250.7K | Jun 12, 2026 |
| Stark Wendy E | — | $189.8K | Oct 15, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | Stark Wendy E EVP & CLO | Sale 10b5-1 plan | 5,406 | $189.8K |
| Sep 1, 2026 | Martin Christine M President of a PPL Subsidiary | Tax withheld | 346 | $11.9K |
| Sep 1, 2026 | Martin Christine M President of a PPL Subsidiary | Option exercise | 1,212 | $41.8K |
| Jun 12, 2026 | Cornett John Gregory President of a PPL Subsidiary | Sale 10b5-1 plan | 7,051 | $250.7K |
| Apr 24, 2026 | Bellar Lonnie E EVP-Eng, Constr and Gen | Option exercise 10b5-1 plan | 81 | $3.2K |
| Apr 24, 2026 | Bellar Lonnie E EVP-Eng, Constr and Gen | Tax withheld 10b5-1 plan | 37 | $1.4K |
| Apr 24, 2026 | Bonenberger David J EVP & COO-Utilities | Tax withheld 10b5-1 plan | 95 | $3.7K |
| Apr 24, 2026 | Bonenberger David J EVP & COO-Utilities | Option exercise 10b5-1 plan | 217 | $8.4K |
| Apr 8, 2026 | Sorgi Vincent President and CEO | Gift | 33,000 | $0 |
| Feb 20, 2026 | Cornett John Gregory President of a PPL Subsidiary | Tax withheld | 630 | $23.6K |
| Feb 20, 2026 | Bonenberger David J EVP & COO-Utilities | Tax withheld | 3,447 | $129.1K |
| Feb 20, 2026 | Cornett John Gregory President of a PPL Subsidiary | Option exercise | 2,076 | $77.7K |
| Feb 20, 2026 | Bergstein Joseph P Jr EVP and CFO | Tax withheld | 9,244 | $346.1K |
| Feb 20, 2026 | Beers Marlene C Vice President and Controller | Option exercise | 3,282 | $122.9K |
| Feb 20, 2026 | Beers Marlene C Vice President and Controller | Tax withheld | 945 | $35.4K |
| Feb 20, 2026 | Gosman Angela K EVP and CHRO | Option exercise | 8,670 | $324.6K |
| Feb 20, 2026 | Bellar Lonnie E EVP-Eng, Constr and Gen | Tax withheld | 1,036 | $38.8K |
| Feb 20, 2026 | Sorgi Vincent President and CEO | Option exercise | 68,775 | $2.57M |
| Feb 20, 2026 | Bonenberger David J EVP & COO-Utilities | Option exercise | 7,875 | $294.8K |
| Feb 20, 2026 | Gosman Angela K EVP and CHRO | Tax withheld | 3,841 | $143.8K |
| Feb 20, 2026 | Crockett John R III President of a PPL Subsidiary | Tax withheld | 4,157 | $155.6K |
| Feb 20, 2026 | Henninger Tadd J SVP-Finance and Treasurer | Tax withheld | 971 | $36.4K |
| Feb 20, 2026 | Martin Christine M President of a PPL Subsidiary | Tax withheld | 853 | $31.9K |
| Feb 20, 2026 | Martin Christine M President of a PPL Subsidiary | Option exercise | 2,993 | $112.1K |
| Feb 20, 2026 | Stark Wendy E EVP & CLO | Tax withheld | 6,400 | $239.6K |
| Feb 20, 2026 | Bergstein Joseph P Jr EVP and CFO | Option exercise | 21,118 | $790.7K |
| Feb 20, 2026 | Bellar Lonnie E EVP-Eng, Constr and Gen | Option exercise | 3,533 | $132.3K |
| Feb 20, 2026 | Crockett John R III President of a PPL Subsidiary | Option exercise | 9,227 | $345.5K |
| Feb 20, 2026 | Stark Wendy E EVP & CLO | Option exercise | 14,621 | $547.4K |
| Feb 20, 2026 | Sorgi Vincent President and CEO | Tax withheld | 30,103 | $1.13M |
| Feb 20, 2026 | Henninger Tadd J SVP-Finance and Treasurer | Option exercise | 3,374 | $126.3K |
| Jan 30, 2026 | Bonenberger David J EVP & COO-Utilities | Tax withheld | 906 | $32.8K |
| Jan 30, 2026 | Del Vecchio Dean A EVP and CTIO | Tax withheld | 1,236 | $44.8K |
| Jan 30, 2026 | Del Vecchio Dean A EVP and CTIO | Option exercise | 2,887 | $104.7K |
| Jan 30, 2026 | Bonenberger David J EVP & COO-Utilities | Option exercise | 2,068 | $75.0K |
| Jan 30, 2026 | Bergstein Joseph P Jr EVP and CFO | Option exercise | 3,875 | $140.5K |
| Jan 30, 2026 | Cornett John Gregory President of a PPL Subsidiary | Option exercise | 660 | $23.9K |
| Jan 30, 2026 | Gosman Angela K EVP and CHRO | Option exercise | 2,139 | $77.5K |
| Jan 30, 2026 | Gosman Angela K EVP and CHRO | Tax withheld | 948 | $34.4K |
| Jan 30, 2026 | Bellar Lonnie E EVP-Eng, Constr and Gen | Tax withheld | 383 | $13.9K |
| Jan 30, 2026 | Martin Christine M President of a PPL Subsidiary | Option exercise | 692 | $25.1K |
| Jan 30, 2026 | Martin Christine M President of a PPL Subsidiary | Tax withheld | 198 | $7.2K |
| Jan 30, 2026 | Crockett John R III President of a PPL Subsidiary | Option exercise | 1,427 | $51.7K |
| Jan 30, 2026 | Henninger Tadd J SVP-Finance and Treasurer | Tax withheld | 207 | $7.5K |
| Jan 30, 2026 | Stark Wendy E EVP & CLO | Tax withheld | 1,313 | $47.6K |
| Jan 30, 2026 | Cornett John Gregory President of a PPL Subsidiary | Tax withheld | 201 | $7.3K |
| Jan 30, 2026 | Henninger Tadd J SVP-Finance and Treasurer | Option exercise | 719 | $26.1K |
| Jan 30, 2026 | Sorgi Vincent President and CEO | Option exercise | 15,257 | $553.1K |
| Jan 30, 2026 | Bellar Lonnie E EVP-Eng, Constr and Gen | Option exercise | 1,304 | $47.3K |
| Jan 30, 2026 | Stark Wendy E EVP & CLO | Option exercise | 2,998 | $108.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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