PPL (PPL) financial statements
PPL reported revenue of $9.0B in fiscal 2025, up 2.1% a year over 9 years.
Net income was $1.2B and the operating margin 23.5%, against 39.1% in 2016.
Free cash flow was -$1.4B, and the company returned $794M in dividends.
The diluted share count rose 9% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from PPL's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.5B | $7.4B | $7.8B | $5.6B | $5.5B | $5.8B | $7.9B | $8.3B | $8.5B | $9.0B |
| Operating income | $2.9B | $2.9B | $2.9B | $1.5B | $1.6B | $1.4B | $1.4B | $1.6B | $1.7B | $2.1B |
| Interest expense | $888M | $901M | $963M | $621M | $634M | $918M | $513M | $666M | $738M | $808M |
| Pre-tax income | $2.5B | $1.9B | $2.3B | $919M | $954M | $521M | $915M | $924M | $1.1B | $1.5B |
| Income tax | $648M | $784M | $458M | $183M | $314M | $503M | $201M | $184M | $228M | $291M |
| Net income | $1.9B | $1.1B | $1.8B | $1.7B | $1.5B | -$1.5B | $756M | $740M | $888M | $1.2B |
| EPS (diluted) | $2.79 | $1.64 | $2.58 | $2.37 | $1.91 | -$1.93 | $1.02 | $1.00 | $1.20 | $1.59 |
| Diluted shares | 680M | 687M | 709M | 737M | 769M | 765M | 737M | 738M | 740M | 743M |
| Operating margin | 39.1% | 39.0% | 36.6% | 27.2% | 29.0% | 24.6% | 17.4% | 19.6% | 20.6% | 23.5% |
| Net margin | 25.3% | 15.1% | 23.5% | 31.2% | 26.8% | -25.6% | 9.6% | 8.9% | 10.5% | 13.1% |
Balance sheet
Fiscal years, from PPL's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $341M | $485M | $621M | $815M | $442M | $3.6B | $356M | $331M | $306M | $1.1B |
| Receivables | $666M | $681M | $663M | $687M | $603M | $583M | $896M | $950M | $961M | $1.1B |
| Inventory | $356M | $320M | $303M | $332M | $302M | $322M | $443M | $505M | $511M | $551M |
| Total current assets | $2.1B | $2.3B | $2.4B | $2.8B | $20.9B | $5.0B | $2.8B | $2.9B | $2.9B | $3.9B |
| Property, plant and equipment | $30.1B | $33.1B | $34.5B | $36.5B | $24.5B | $25.5B | $30.2B | $31.4B | $33.1B | $36.1B |
| Goodwill | $3.1B | $3.3B | $3.2B | $3.2B | $716M | $716M | $2.2B | $2.2B | $2.2B | $2.2B |
| Total assets | $38.3B | $41.5B | $43.4B | $45.7B | $48.1B | $33.2B | $37.8B | $39.2B | $41.1B | $45.2B |
| Total current liabilities | $3.8B | $4.0B | $4.6B | $4.9B | $15.1B | $2.3B | $3.8B | $3.3B | $3.3B | $4.5B |
| Long-term debt | $17.8B | $19.8B | $20.1B | $20.7B | $13.6B | $10.7B | $12.9B | $14.6B | $16.0B | $18.0B |
| Total liabilities | $28.4B | $30.7B | $31.7B | $32.7B | $34.7B | $19.5B | $23.9B | $25.3B | $27.0B | $30.4B |
| Shareholders' equity | $9.9B | $10.8B | $11.7B | $13.0B | $13.4B | $13.7B | $13.9B | $13.9B | $14.1B | $14.9B |
| Net debt | $18.0B | $19.7B | $20.0B | $21.1B | $14.2B | $7.6B | $12.9B | $14.3B | $16.2B | $17.8B |
Cash flow
Fiscal years, from PPL's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.9B | $2.5B | $2.8B | $2.4B | $2.7B | $2.3B | $1.7B | $1.8B | $2.3B | $2.6B |
| Capital spending | $2.9B | $3.1B | $3.2B | $2.2B | $2.3B | $2.0B | $2.2B | $2.4B | $2.8B | $4.0B |
| Free cash flow | -$30M | -$672M | -$417M | $184M | $476M | $297M | -$425M | -$632M | -$465M | -$1.4B |
| Stock-based compensation | $28M | $38M | $26M | $36M | $29M | $37M | $37M | $33M | $46M | $49M |
| Dividends paid | $1.0B | $1.1B | $1.1B | $1.2B | $1.3B | $1.3B | $787M | $704M | $747M | $794M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$1.0B | $0 | $0 | — | — |
| Net borrowing | $441M | $1.5B | $1.1B | $799M | $873M | -$4.0B | $586M | $1.4B | $1.9B | $2.4B |
| Free cash flow margin | -0.4% | -9.0% | -5.4% | 3.3% | 8.7% | 5.1% | -5.4% | -7.6% | -5.5% | -15.5% |
| Dividends per share | $1.51 | $1.56 | $1.60 | $1.62 | $1.66 | $1.67 | $1.07 | $0.95 | $1.01 | $1.07 |
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Open PPL in InvestinglyQuestions
What was PPL's revenue in 2025?
$9.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does PPL generate?
-$1.4B in fiscal 2025 (operating cash flow minus capital spending).
From PPL's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.