PPL Financials PPL Corporation

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:20 UTC Overview →

Growth & profitability

Revenue has grown 11.1% per year over the past 5 years.
Net income has grown slower than revenue (-4.3% vs 11.1% per year).
Operating margin has contracted, at 23.2% in the latest year.

Financial health

Total debt ($19.4B) exceeds cash ($1.1B); net debt is $18.3B.
Total debt has grown slower than revenue (4.1% vs 11.1% per year).
Operating income covered interest expense 2.6× in the latest year, up from 2.5× 5 years ago.
Total debt is 9.1× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 67.2% of earnings.
The dividend has declined 9.0% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$9.2B	$1.2B	0.0%	23.2%	7.9%	2.6%	-$1.4B	$19.4B	$1.1B
2024	$8.4B	$888M	0.0%	20.6%	6.3%	2.2%	-$465M	$16.8B	$306M
2023	$8.3B	$740M	0.0%	19.7%	5.3%	1.9%	-$632M	$15.6B	$331M
2022	$7.8B	$756M	0.0%	17.6%	5.4%	2.0%	-$425M	$14.2B	$356M
2021	$5.8B	-$1.5B	0.0%	24.4%	-10.8%	-4.5%	$297M	$11.2B	$3.6B
2020	$5.4B	$1.5B	0.0%	29.2%	11.0%	3.1%	$476M	$15.9B	$442M
2019	$5.5B	$1.7B	0.0%	27.5%	13.4%	3.8%	$184M	$23.0B	$815M
2018	$7.8B	$1.8B	0.0%	36.7%	—	4.2%	-$417M	$22.0B	$621M
2017	—	$1.1B	—	—	—	2.7%	-$672M	$21.3B	$485M
2016	—	$1.9B	—	—	—	5.0%	-$30M	$19.2B	$341M
2014	—	$1.7B	—	—	—	3.6%	-$271M	$18.9B	$1.4B
2013	—	$1.1B	—	—	9.1%	2.4%	-$773M	$21.6B	$863M
2012	—	$1.5B	—	—	14.5%	3.5%	-$341M	$20.1B	$488M
2011	—	$1.5B	—	—	13.5%	3.5%	$20M	$18.6B	$1.2B
2010	—	$938M	—	—	11.1%	2.9%	$436M	$13.4B	$925M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Mar '26	$2.8B	$452M	0.0%	26.8%	3.0%	1.0%	-$501M	$20.2B	$1.2B
Dec '25	$2.3B	$266M	0.0%	20.3%	1.8%	0.6%	-$614M	$19.4B	$1.1B
Sep '25	$2.2B	$318M	0.0%	25.4%	2.2%	0.7%	-$179M	$19.0B	$1.1B
Jun '25	$2.0B	$183M	0.0%	19.9%	1.3%	0.4%	-$328M	$17.8B	$294M
Mar '25	$2.5B	$414M	0.0%	26.6%	2.9%	1.0%	-$280M	$17.3B	$312M
Dec '24	$2.2B	$177M	0.0%	17.2%	1.3%	0.4%	-$349M	$16.8B	$306M
Sep '24	$2.1B	$214M	0.0%	20.6%	1.5%	0.5%	$102M	$16.5B	$542M
Jun '24	$1.9B	$190M	0.0%	20.8%	1.4%	0.5%	$96M	$16.1B	$282M
Mar '24	$2.3B	$307M	0.0%	23.7%	2.2%	0.8%	-$314M	$16.0B	$276M
Sep '23	$2.0B	$230M	0.0%	21.4%	1.6%	0.6%	$155M	$14.9B	$353M
Jun '23	$1.8B	$112M	0.0%	16.7%	0.8%	0.3%	-$179M	$14.8B	$326M
Mar '23	$2.4B	$285M	0.0%	20.4%	2.0%	0.7%	-$69M	$14.6B	$460M
Sep '22	$2.2B	$174M	0.0%	15.7%	1.3%	0.5%	$26M	$13.8B	$303M
Jun '22	$1.6B	$119M	0.0%	14.7%	0.9%	0.3%	-$105M	$13.6B	$336M
Mar '22	$1.7B	$273M	0.0%	26.0%	2.0%	0.8%	$75M	$12.1B	$4.2B
Dec '21	$1.5B	$134M	0.0%	20.6%	1.0%	0.4%	-$221M	$11.2B	$3.6B
Sep '21	$1.5B	$207M	0.0%	28.2%	1.4%	0.6%	-$34M	$11.1B	$4.8B
Jun '21	$1.3B	$19M	0.0%	20.7%	0.1%	0.1%	$360M	$13.3B	$7.6B
Mar '21	$1.5B	-$1.8B	0.0%	27.4%	-15.9%	-3.9%	$192M	$16.2B	$421M
Dec '20	$1.4B	$290M	0.0%	27.9%	2.2%	0.6%	-$81M	$15.9B	$442M

Valuation over time

How the market has priced PPL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 27.7× (Mar '23) to 22.7× (Nov '26).
The price-to-sales ratio has risen from 2.7× (Mar '23) to 2.9× (Nov '26).
The dividend yield has fallen from 3.8% (Mar '23) to 3.0% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is PPL growing its revenue and profit?

Over the past 5 years, PPL Corporation's revenue has grown 11.1% per year, and net income declined 4.3% per year. These are computed facts, not advice.

How much debt does PPL have?

As of FY2025, PPL Corporation reported $19.4B of total debt against $1.1B of cash; operating income covered interest expense 2.6×.

What is PPL's profit margin?

In FY2025, gross margin was —, operating margin 23.2%, and net margin 12.9%.

What is PPL's P/E ratio?

PPL Corporation's P/E (TTM) is 22.04 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the PPL stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 22.7× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.