At a glance
PPL Corporation is worth $27.20B, about 23 times its fiscal 2025 earnings. Revenue grew 8.6% to $9.17B in fiscal 2025, with 12.9% kept as profit; over 5 years it has grown 11.1% a year. It pays a 3.15% dividend yield, raised every year for at least 3 years, and returned $5.31B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +2.2% over the past year with dividends reinvested and +8.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.1% in the 2020 crash (S&P 500: 33.7%) and 21.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 34 months and 3 months after the lows.
The business in plain English
PPL Corp, based in Allentown, Pennsylvania, is a holding company that owns regulated utilities. They deliver electricity to homes and businesses in Pennsylvania, Kentucky, Virginia and Rhode Island, deliver natural gas in Kentucky and Rhode Island, and run power plants in Kentucky. "Regulated" means state commissions, and federal regulators for some transmission lines, set the prices the utilities can charge. PPL makes money by recovering its costs plus a return that regulators approve on the money it invests in wires, pipes and plants. Regulators can reject rate increases, and PPL's growth plans depend partly on demand from data centers and other large customers.
Kentucky Regulated is the largest segment, with $3.76 billion, or 41%, of fiscal 2025 revenue of $9.17 billion. Its two utilities, LG&E and KU, serve about 443,000 electric and 336,000 gas customers in and around Louisville. They also serve about 553,000 electric customers elsewhere in Kentucky and about 28,000 in southwestern Virginia. Coal produced most of their electricity in 2025, and natural gas produced most of the rest.
Pennsylvania Regulated, run by PPL Electric in eastern and central Pennsylvania, brought in $3.11 billion, or 33.9%. It owns high-voltage transmission lines and local distribution lines but no power plants. Rhode Island Regulated, run by RIE, added $2.17 billion, or 23.6%, from delivering and selling electricity and natural gas.
Price history
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PPL +2.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Kentucky Regulated | $3.76B | 41% |
| Pennsylvania Regulated | $3.11B | 33.9% |
| Rhode Island Regulated | $2.17B | 23.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.14B, up 4.8% from a year earlier, and net income was $230.0M (+25.7%).
- For fiscal 2025, revenue was $9.17B (+8.6% year over year; +11.1% a year from FY2020 to FY2025) with a 12.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.1% good |
|---|---|
| Operating margin | 23.2% good |
| Free cash flow margin | -15.3% weak |
| Return on equity (FY2025) | 7.9% weak |
| Return on assets (FY2025) | 2.6% weak |
| Net cash (cash minus debt) | $-19.99B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.43B | $1.47B | $476.0M |
| FY2021 | $5.84B | $-1.48B | $297.0M |
| FY2022 | $7.79B | $756.0M | $-425.0M |
| FY2023 | $8.29B | $740.0M | $-632.0M |
| FY2024 | $8.44B | $888.0M | $-465.0M |
| FY2025 | $9.17B | $1.18B | $-1.40B |
Valuation snapshot
| Market value | $27.20B |
|---|---|
| P/E ratio | 22.7 |
| Dividend yield | 3.15% |
Rank among 1514 US companies
Market value at each year end
PPL’s market value went from $23.14B at the end of 2016 to $27.20B on Nov 2, 2026, up 18%; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $27.20B | +5.0% |
| 2025 | $25.91B | +8.1% |
| 2024 | $23.95B | +19.9% |
| 2023 | $19.98B | -7.2% |
| 2022 | $21.52B | -4.7% |
| 2021 | $22.57B | +4.1% |
| 2020 | $21.68B | -16.4% |
| 2019 | $25.94B | +27.1% |
| 2018 | $20.40B | -4.2% |
| 2017 | $21.31B | -7.9% |
| 2016 | $23.14B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PPL price data to Nov 2, 2026 | +5.7% | +2.2% | +16.8% | +8.0% | +5.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.7% |
| 2025 | +11.3% |
| 2024 | +24.0% |
| 2023 | -3.8% |
| 2022 | +0.4% |
| 2021 | +13.0% |
| 2020 | -16.7% |
| 2019 | +33.4% |
| 2018 | -3.1% |
| 2017 | -5.2% |
| 2016 | +4.1% |
| 2015 | +6.3% |
| 2014 | +26.1% |
| 2013 | +10.4% |
| 2012 | +2.3% |
| 2011 | +17.3% |
| 2010 | -14.5% |
| 2009 | +10.0% |
| 2008 | -39.2% |
| 2007 | +49.0% |
| 2006 | +25.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 48.4% over that stretch · deepest drop along the way 53.7%, back to its old high 82.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.3% over that stretch · deepest drop along the way 47.1%, back to its old high 33.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.5% over that stretch · deepest drop along the way 21.8%, back to its old high 3 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 2 sales ($441K), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 12, 2026 | John Gregory Cornett President of a PPL Subsidiary | sell (plan) | $251K |
| Oct 15, 2026 | Wendy E Stark EVP & CLO | sell (plan) | $190K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.31% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.1% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.02% | Jun 30, 2026 |
| Franklin Resources, Inc. | 2.8% | Jun 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 2.8% | Mar 31, 2026 |
ETFs with the most weight in PPL
| UTES Virtus Reaves Utilities ETF | 5.36% |
| DIVP Cullen Enhanced Equity Income ETF | 4.19% |
| FPWR First Trust EIP Power Solutions ETF | 3.68% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.32% |
| BDVG IMGP Berkshire Dividend Growth ETF | 2.99% |
| EMLP First Trust North American Energy Infrastructure Fund | 2.59% |
| XLU Utilities Select Sector SPDR Fund | 2.16% |
| REIX NYLIM CBRE Real Estate & Infrastructure ETF | 2.13% |
What could go wrong
- Data center demand may fall short. PPL's investment plans are built around rising power demand, much of it from data centers and other large users. If that demand doesn't arrive or doesn't last as projected, its finances could suffer.
- Coal plants face shifting environmental rules. Coal produced most of the power PPL's Kentucky plants generated in 2025. Changing environmental rules could force costly upgrades or early closures. Kentucky regulators denied some planned coal retirements pending clearer rules.
- Big construction projects can overrun. PPL is building Mill Creek Unit 5, a Kentucky natural gas plant estimated at about $1.0 billion and expected to open in mid-2027. Delays, cost overruns or regulators refusing full cost recovery could hurt earnings.
- Regulators control prices and returns. Rates need approval from state utility commissions in Pennsylvania, Kentucky, Virginia and Rhode Island, plus federal regulators. They can reject increases, disallow costs or allow returns too low to justify PPL's spending.
- Heavy debt and interest-rate sensitivity. PPL had $20.3 billion of debt as of June 30, 2026, and capital spending exceeded operating cash flow from 2022 to 2025. Higher interest rates or a credit downgrade would raise its borrowing costs.
- Dividend depends on subsidiaries' cash. PPL is a holding company whose assets sit almost entirely in its utilities. Its dividend and debt payments depend on those subsidiaries sending cash up, which their lenders and regulators can restrict.
Recent events
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation
- New debt or financial obligation; Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Other company announcement
For income and retirement investors
PPL's dividend yield was 3.25% as of October 28, 2026, but its record is mixed. Dividends per share were $1.66 in 2020 and 2021, then cut to $0.875 in 2022. They have risen three years in a row since, to $1.09 for 2025, yet over 2020 to 2025 they fell 8.1% a year on average. The 2025 dividend used 67.2% of earnings. Free cash flow (operating cash minus capital spending) was −$1.4 billion in 2025, so dividends and construction rely on outside funding. PPL bought back $1.0 billion of stock in 2021; its share count has barely moved since.
The stock has fallen hard in downturns: 53.7% in the 2008 financial crisis, needing about 83 months to recover, and 47.1% in the 2020 COVID crash, needing about 34. In the 2022 bear market it fell 21.8% and recovered in about 3 months. A single stock carries more risk than a diversified fund, because one company's setbacks aren't offset by others.
Questions investors ask
How does PPL make money?
PPL makes money by charging regulator-approved rates to deliver and sell electricity and natural gas. Rates are designed to cover reasonable costs plus a return on the money invested in the grid and power plants. For 2025, revenue was $9.17 billion: Kentucky Regulated (LG&E and KU) brought in 41%, Pennsylvania Regulated (PPL Electric) 33.9% and Rhode Island Regulated (RIE) 23.6%. Only the Kentucky utilities generate power, mainly from coal and natural gas.
Does PPL raise its dividend every year?
Not every year. PPL raised its dividend per share three years in a row through 2025, from $0.875 for 2022 to $0.96, $1.03 and then $1.09. But it paid $1.66 in both 2020 and 2021 before cutting the dividend in 2022, so the 2025 dividend was still below that earlier level. From 2020 to 2025, dividends per share fell 8.1% a year on average.
What is PPL's dividend yield?
PPL's dividend yield was 3.25% as of October 28, 2026. Yield is the yearly dividend divided by the share price, so it rises when the price falls. The company paid $1.09 per share for 2025, which used 67.2% of its earnings. Free cash flow was negative that year, at −$1.4 billion, because spending on new equipment exceeded cash from operations, so outside funding helps cover the dividend.
Does PPL benefit from data center growth?
It could, but it also adds risk. PPL expects rising demand for electricity, much of it from data centers and other large customers serving the digital economy and artificial intelligence. Its business and investment plans focus on meeting that demand with new generation and transmission. PPL warns that if this demand does not arrive or last as projected, its financial condition could suffer.
How has PPL stock performed over the long term?
PPL stock returned about 16.9% a year over the three years to October 28, 2026, about 7.5% a year over five years and about 4.9% a year over ten. It lost 1.8% over one year. Calendar years have swung widely, from a 49.0% gain in 2007 to a 39.2% loss in 2008. Its deepest drop was 53.7%, during the 2008 financial crisis, and the stock took about 83 months to recover.