financial statements

The full income statement, balance sheet, and cash-flow statement for PPL Corporation (PPL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	9.17B YoY+8.6%	8.44B YoY+1.9%	8.29B YoY+6.5%	7.79B YoY+33.4%	5.84B YoY+7.5%
Provision for credit losses	101M YoY-1.9%	103M YoY+30.4%	79.0M YoY+12.9%	70.0M YoY+218.2%	22.0M YoY-12.0%
Operating income	2.13B YoY+22.4%	1.74B YoY+6.7%	1.63B YoY+18.6%	1.37B YoY-3.5%	1.42B YoY-10.2%
Interest expense	808M YoY+9.5%	738M YoY+10.8%	666M YoY+29.8%	513M YoY-44.1%	918M YoY+44.8%
Other non-operating income	151M YoY+32.5%	114M YoY+385.0%	-40.0M YoY-174.1%	54.0M YoY+260.0%	15.0M YoY+650.0%
Pre-tax income	1.47B YoY+31.9%	1.12B YoY+20.8%	924M YoY+1.0%	915M YoY+75.6%	521M YoY-45.4%
Income tax	291M YoY+27.6%	228M YoY+23.9%	184M YoY-8.5%	201M YoY-60.0%	503M YoY+60.2%
	1.18B YoY+33.0%	888M YoY+20.0%	740M YoY-2.1%	756M YoY+151.1%	-1.48B YoY-200.7%
Income from continuing operations	—	888M YoY+20.0%	740M YoY+3.6%	714M YoY+3866.7%	18.0M YoY-97.2%
Net income to common	1.18B YoY+33.1%	886M YoY+19.9%	739M YoY-2.1%	755M YoY+151.0%	-1.48B YoY-200.8%
	$1.59 YoY+32.5%	$1.20 YoY+20.0%	$1.00 YoY-2.0%	$1.02 YoY+152.8%	-$1.93 YoY-201.0%
EPS (basic)	$1.60 YoY+33.3%	$1.20 YoY+20.0%	$1.00 YoY-2.9%	$1.03 YoY+153.4%	-$1.93 YoY-201.0%
Weighted-avg shares (basic)	739M YoY+0.2%	738M YoY+0.1%	737M YoY+0.1%	736M YoY-3.5%	763M YoY-0.7%
Weighted-avg shares (diluted)	743M YoY+0.5%	740M YoY+0.2%	738M YoY+0.2%	737M YoY-3.7%	765M YoY-0.6%
Dividends per share	$1.09 YoY+5.8%	$1.03 YoY+7.3%	$0.96 YoY+9.7%	$0.88 YoY-47.3%	$1.66 YoY+0.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.93B YoY+36.5%	2.88B YoY-1.8%	2.93B YoY+3.8%	2.82B YoY-43.6%	5.01B YoY-76.0%
Cash & equivalents	1.07B YoY+250.0%	306M YoY-7.6%	331M YoY-7.0%	356M YoY-90.0%	3.57B YoY+707.9%
Short-term investments	0.00	0.00	0.00	0.00	0.00
Accounts receivable	1.11B YoY+15.3%	961M YoY+1.2%	950M YoY+6.0%	896M YoY+53.7%	583M YoY-3.3%
Inventory	551M YoY+7.8%	511M YoY+1.2%	505M YoY+14.0%	443M YoY+37.6%	322M YoY+6.6%
Prepaid expenses	106M YoY-22.1%	136M YoY+32.0%	103M YoY+12.0%	92.0M YoY+53.3%	60.0M YoY+13.2%
Other current assets	112M YoY+31.8%	85.0M YoY+66.7%	51.0M YoY-33.8%	77.0M YoY+83.3%	42.0M YoY-67.7%
	45.2B YoY+10.2%	41.1B YoY+4.7%	39.2B YoY+3.7%	37.8B YoY+13.9%	33.2B YoY-31.0%
Property, plant & equipment	36.1B YoY+9.0%	33.1B YoY+5.5%	31.4B YoY+3.9%	30.2B YoY+18.7%	25.5B YoY+4.0%
Operating lease right-of-use	0.00	0.00 YoY-100.0%	74.0M YoY+23.3%	60.0M YoY-38.1%	97.0M YoY+0.0%
Goodwill	2.25B YoY+0.0%	2.25B YoY+0.0%	2.25B YoY-0.0%	2.25B YoY+214.0%	716M YoY+0.0%
Intangible assets	327M YoY+4.1%	314M YoY+2.6%	306M YoY-2.2%	313M YoY-8.7%	343M YoY-2.3%
Long-term investments	999M YoY+0.0%	999M YoY+0.0%	999M YoY+0.0%	999M YoY+0.0%	999M YoY+0.0%
Other non-current assets	515M YoY+22.9%	419M YoY-8.7%	459M YoY+16.2%	395M YoY-12.4%	451M YoY+16.5%
Total non-current assets	5.18B YoY+2.8%	5.04B YoY+3.2%	4.89B YoY+2.3%	4.78B YoY+73.9%	2.75B YoY+1.1%
	4.55B YoY+36.4%	3.33B YoY-0.2%	3.34B YoY-11.9%	3.79B YoY+63.1%	2.32B YoY-84.6%
Accounts payable	1.56B YoY+30.4%	1.20B YoY+8.3%	1.10B YoY-8.1%	1.20B YoY+76.9%	679M YoY-8.9%
Short-term & current debt	904M YoY+64.1%	551M YoY+55000.0%	1.00M YoY-99.7%	354M YoY-25.3%	474M YoY-55.9%
Current lease liability	0.00	0.00 YoY-100.0%	21.0M YoY-4.5%	22.0M YoY+0.0%	22.0M YoY-12.0%
Other current liabilities	668M YoY+8.8%	614M YoY+3.9%	591M YoY-5.3%	624M YoY+42.8%	437M YoY-6.0%
Long-term debt	18.0B YoY+12.8%	16.0B YoY+9.2%	14.6B YoY+13.4%	12.9B YoY+20.8%	10.7B YoY-21.7%
Non-current lease liability	0.00	0.00 YoY-100.0%	63.0M YoY+50.0%	42.0M YoY-10.6%	47.0M YoY-41.3%
Deferred tax liabilities	3.51B YoY+4.5%	3.36B YoY+8.1%	3.10B YoY+3.3%	3.01B YoY-4.6%	3.15B YoY+24.3%
Other non-current liabilities	480M YoY+6.2%	452M YoY+17.4%	385M YoY+6.6%	361M YoY-24.6%	479M YoY-15.1%
Total non-current liabilities	7.83B YoY+1.6%	7.71B YoY+4.8%	7.35B YoY+1.5%	7.24B YoY+11.2%	6.51B YoY+7.2%
	14.9B YoY+5.7%	14.1B YoY+1.0%	13.9B YoY+0.1%	13.9B YoY+1.4%	13.7B YoY+2.6%
Preferred stock	51.0M YoY+0.0%	51.0M YoY+0.0%	51.0M YoY+0.0%	51.0M YoY+0.0%	51.0M YoY+0.0%
Common stock	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY+0.0%	8.00M YoY+0.0%
Additional paid-in capital	12.4B YoY+0.8%	12.3B YoY+0.2%	12.3B YoY+0.1%	12.3B YoY+0.1%	12.3B YoY+0.3%
Retained earnings	3.21B YoY+13.1%	2.83B YoY+4.6%	2.71B YoY+1.1%	2.68B YoY+4.2%	2.57B YoY-51.6%
Treasury stock	575M YoY-38.0%	928M YoY-2.1%	948M YoY-2.0%	967M YoY-3.6%	1.00B
Accumulated other comprehensive income	-202M YoY-9.8%	-184M YoY-12.9%	-163M YoY-31.5%	-124M YoY+21.0%	-157M YoY+96.3%
Non-controlling interest	0.00	0.00	0.00 YoY-100.0%	3.00M	0.00 YoY-100.0%
Total equity incl. non-controlling	14.9B YoY+5.7%	14.1B YoY+1.0%	13.9B YoY+0.1%	13.9B YoY+1.4%	13.7B YoY+2.6%
Total liabilities & equity	45.2B YoY+10.2%	41.1B YoY+4.7%	39.2B YoY+3.7%	37.8B YoY+13.9%	33.2B YoY-31.0%
Common shares issued	771M YoY+0.1%	770M YoY+0.0%	770M YoY+0.0%	770M YoY+0.0%	770M YoY+0.1%
Common shares outstanding	751M YoY+1.8%	738M YoY+0.1%	737M YoY+0.1%	736M YoY+0.2%	735M YoY-4.4%
Shares outstanding (cover)	740M YoY+0.2%	738M YoY+0.1%	737M YoY+0.1%	736M YoY-1.9%	751M YoY-2.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.63B YoY+12.4%	2.34B YoY+33.1%	1.76B YoY+1.6%	1.73B YoY-23.8%	2.27B YoY-17.3%
Depreciation & amortization	1.31B YoY+2.6%	1.28B YoY+2.0%	1.25B YoY+6.2%	1.18B YoY+9.1%	1.08B YoY+5.9%
Share-based compensation	49.0M YoY+6.5%	46.0M YoY+39.4%	33.0M YoY-10.8%	37.0M YoY+0.0%	37.0M YoY+27.6%
Deferred income taxes	199M YoY-1.0%	201M YoY-39.8%	334M YoY+75.8%	190M YoY-63.2%	516M YoY+56.4%
Change in inventory	28.0M YoY+1300.0%	2.00M YoY-96.7%	60.0M YoY-33.3%	90.0M YoY+328.6%	21.0M YoY+133.3%
	-4.00B YoY-42.1%	-2.82B YoY-18.3%	-2.38B YoY+57.9%	-5.65B YoY-171.1%	7.96B YoY+344.2%
Capital expenditure	4.03B YoY+43.7%	2.81B YoY+17.4%	2.39B YoY+10.9%	2.15B YoY+9.2%	1.97B YoY-13.1%
Acquisitions	—	0.00	0.00 YoY-100.0%	3.66B	0.00
Other investing activities	-26.0M YoY-300.0%	13.0M YoY+285.7%	-7.00M YoY+53.3%	-15.0M YoY-165.2%	23.0M YoY+675.0%
	2.12B YoY+387.8%	435M YoY-33.1%	650M YoY-8.3%	709M YoY+109.6%	-7.39B YoY-2014.5%
Long-term debt issued	3.04B YoY+60.8%	1.89B YoY-41.8%	3.25B YoY+282.6%	850M YoY+30.8%	650M YoY-64.8%
Long-term debt repaid	616M	0.00 YoY-100.0%	1.85B YoY+602.3%	264M YoY-94.3%	4.61B YoY+372.4%
Common stock issued	—	—	—	—	9.00M YoY-73.5%
Common stock repurchased	—	—	0.00	0.00 YoY-100.0%	1.00B
Dividends paid	794M YoY+6.3%	747M YoY+6.1%	704M YoY-10.5%	787M YoY-38.5%	1.28B YoY+0.3%
Other financing activities	-26.0M YoY-333.3%	-6.00M YoY+40.0%	-10.0M YoY-66.7%	-6.00M YoY+14.3%	-7.00M YoY-104.1%
Net change in cash	747M YoY+1837.2%	-43.0M YoY-272.0%	25.0M YoY+100.8%	-3.21B YoY-202.7%	3.13B YoY+1541.9%
Interest paid	745M YoY+11.2%	670M YoY+10.9%	604M YoY+30.7%	462M YoY+141.9%	191M YoY-67.4%
Income taxes paid	93.0M YoY+175.6%	-123M YoY-143.8%	281M YoY+72.4%	163M YoY-42.6%	284M YoY+7000.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	25.9B YoY+8.1%	24.0B YoY+19.9%	20.0B YoY-7.2%	21.5B YoY-4.7%	22.6B YoY+4.1%
P/E	21.9× YoY-18.7%	27.0× YoY+10.3%	24.4× YoY-20.4%	30.7×	—
P/S	2.8× YoY-0.4%	2.8× YoY+21.0%	2.3× YoY-22.9%	3.0× YoY-21.3%	3.9× YoY-3.2%
P/B	1.7× YoY+2.3%	1.7× YoY+19.4%	1.4× YoY-8.0%	1.5× YoY-5.8%	1.6× YoY+1.4%
P/FCF	—	—	—	—	76.0× YoY+66.8%
Earnings yield	4.6% YoY+23.0%	3.7% YoY-9.4%	4.1% YoY+25.7%	3.3%	—
FCF yield	—	—	—	—	1.3% YoY-40.1%
Dividend yield	3.1% YoY-1.9%	3.2% YoY-10.4%	3.5% YoY+18.3%	3.0% YoY-45.8%	5.5% YoY-6.2%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: PPL's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PPL filings on SEC EDGAR → Not investment advice.

PPL▼ financial statements

About this data

financial statements