PPL (PPL) 10-K Summaries & Annual Filing History
Review PPL Corporation (PPL) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
PPL Corporation is a utility holding company that delivers electricity and natural gas to customers in several states. The company reported higher revenue and operating income for the most recent annual period compared to the prior year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$9.2B
Revenue reported for the fiscal year.
Operating income
$2.1B
Income from operations reported for the year.
Net income
$1.2B
Net income reported for the year.
Operating cash flow
$2.6B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $7.8B | +33.4% |
| Dec 31, 2023 | $8.3B | +6.5% |
| Dec 31, 2024 | $8.4B | +1.9% |
| Dec 31, 2025 | $9.2B | +8.6% |
Business overview
PPL Corporation, headquartered in Allentown, Pennsylvania, is a utility holding company that delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island, and delivers natural gas to customers in Kentucky and Rhode Island. It also generates electricity from power plants in Kentucky. Its principal regulated utility subsidiaries include PPL Electric, LG&E, KU, and RIE, each serving specific regions.
Financial performance
Revenue increased over the most recent annual period compared to the prior year. Operating income and net income also showed improvement. Cash flow from operations remained positive and supported the company's financial position.
Material risks
The filing discusses risk factors typical for regulated utilities, including regulatory changes, operational hazards, and cybersecurity threats. Market risks related to interest rates and commodity prices are also noted. The company faces competition and environmental compliance obligations.
Liquidity and capital
The company maintains liquidity through cash from operations and access to capital markets. Capital resources are allocated to regulated utility investments, debt management, and shareholder returns.
What to watch
Monitor the company's ability to manage regulatory proceedings and cost recovery in its operating jurisdictions.