PPLCMEDIUM SIGNALFINANCIAL10-K

PPL Corporation shows strong financial expansion with notably higher capital expenditures, improved profitability, and increased debt financing to support growth investments.

The company is in an active investment phase, with capital expenditures reaching $4.0B as it expands its utility infrastructure. The meaningful increase in net income alongside higher operating cash flow indicates the company is successfully managing this growth while maintaining operational efficiency and profitability.

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

PPL delivered strong financial performance with net income growing meaningfully to $1.2B and operating income expanding to $2.1B, supported by a 12.4% increase in operating cash flow to $2.6B. The company significantly ramped up capital investments to $4.0B, financed through increased debt levels that rose to $18.9B. Balance sheet expansion was broad-based, with total assets growing 10.2% to $45.2B, while both current assets and liabilities increased proportionally, suggesting active business growth rather than liquidity stress.

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.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →