PPLMEDIUM SIGNALFINANCIAL10-K

PPL substantially increased capital expenditures while growing both net income and operating income, indicating an aggressive infrastructure investment cycle.

The company is in an active growth phase, deploying significantly more capital into grid infrastructure and utility assets while maintaining profitability growth. The 13 million share increase in outstanding stock suggests equity financing to support this expansion, which is typical for utilities funding major capital programs.

Comparing 2026-02-20 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

PPL demonstrated solid financial performance with net income growing notably to $1.2B and operating income expanding meaningfully to $2.1B. The company substantially increased capital expenditures to $4.0B while generating higher operating cash flows of $2.6B, though this required additional debt financing as total debt rose to $18.9B. The overall picture shows a utility in active expansion mode, investing heavily in infrastructure while maintaining healthy profitability metrics.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+43.7%
$2.8B→$4.0B

Capital expenditure jumped 43.7% — major investment cycle underway; assess returns on deployment.

Current Assets
Balance Sheet
+36.5%
$2.9B→$3.9B

Current assets grew 36.5% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+36.4%
$3.3B→$4.5B

Current liabilities surged 36.4% — significant near-term obligations; verify ability to meet short-term debt.

Net Income
P&L
+33%
$888.0M→$1.2B

Net income grew 33% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+22.4%
$1.7B→$2.1B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Accounts Receivable
Balance Sheet
+15.3%
$961.0M→$1.1B

Receivables grew 15.3% — monitor days sales outstanding for collection efficiency.

Total Debt
Balance Sheet
+14.5%
$16.5B→$18.9B

Debt rose 14.5% — additional borrowing for investment or operations; monitor coverage ratios.

Operating Cash Flow
Cash Flow
+12.4%
$2.3B→$2.6B

Operating cash flow grew 12.4% — strong conversion of earnings to cash, healthy business fundamentals.

Total Assets
Balance Sheet
+10.2%
$41.1B→$45.2B

Asset base grew 10.2% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-13
ADDED
As of January 30, 2026, PPL Corporation had 751,306,792 shares of its $0.01 par value Common Stock outstanding.
As of January 30, 2026, PPL Corporation held all 66,368,056 outstanding common shares, no par value, of PPL Electric Utilities Corporation.
As of January 30, 2026, LG E and KU Energy LLC held all 21,294,223 outstanding common shares, no par value, of Louisville Gas and Electric Company.
As of January 30, 2026, LG E and KU Energy LLC held all 37,817,878 outstanding common shares, no par value, of Kentucky Utilities Company.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 180 9A.
2024 Form 10-K - Annual Report filed with the SEC on Form 10-K for the year ended December 31, 2024.
CLC - Corporate Leadership Council - executive management committee that is comprised of the President and Chief Executive Officer, Chief Technology and Innovation Officer, Chief Financial Officer, Chief Human Resources Officer, Chief Legal Officer, Chief Operating Officer-Utilities, Executive Vice President of Engineering, Construction and Generation.
DRIP - PPL Amended and Restated Dividend Reinvestment and Direct Stock Purchase Plan.
Earnings from Ongoing Operations - a non-GAAP financial measure of earnings adjusted for the impact of special items and used in "Item 7.
LRS - Last Resort Service, the role of RIE in providing default electricity supply within its delivery area to all customers who have not elected to receive their electric supply from a non-regulated power producer or any customer who, for any reason, has stopped receiving generation service from a non-regulated power producer.
REMOVED
As of January 31, 2025, PPL Corporation had 738,294,081 shares of its $0.01 par value Common Stock outstanding.
As of January 31, 2025, PPL Corporation held all 66,368,056 outstanding common shares, no par value, of PPL Electric Utilities Corporation.
As of January 31, 2025, LG E and KU Energy LLC held all 21,294,223 outstanding common shares, no par value, of Louisville Gas and Electric Company.
As of January 31, 2025, LG E and KU Energy LLC held all 37,817,878 outstanding common shares, no par value, of Kentucky Utilities Company.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 177 9A.
On May 25, 2022, PPL and its subsidiary, PPL Rhode Island Holdings announced the completion of the acquisition of Narragansett Electric, which continues to provide services under the name Rhode Island Energy.
PPL Energy Funding - PPL Energy Funding Corporation, a subsidiary of PPL and the parent holding company of PPL Global and other subsidiaries.
PPL Global - PPL Global, LLC, a subsidiary of PPL Energy Funding that, prior to the sale of the U.K.
utility business on June 14, 2021, primarily through its subsidiaries, owned and operated WPD, PPL's regulated electricity distribution businesses in the U.K.
2023 Form 10-K - Annual Report filed with the SEC on Form 10-K for the year ended December 31, 2023.
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