PPL Corporation
NYSE: PPL · UTILITIES · UTILITIES - REGULATED ELECTRIC
Updated 2026-06-05
PPL Corporation (PPL) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.13B | $6.50B | $8.01B | $7.45B | $8.52B | $12.74B | $12.13B | $7.26B | $7.85B | $7.67B | $7.52B | $7.45B | $7.79B | $5.60B | $5.47B | $5.78B | $7.90B | $8.31B | $8.46B | $9.04B |
| Revenue growth (YoY) | — | +6.0% | +23.2% | -7.0% | +14.4% | +49.5% | -4.7% | -40.1% | +8.1% | -2.3% | -2.0% | -0.9% | +4.5% | -28.0% | -2.3% | +5.6% | +36.6% | +5.2% | +1.8% | +6.9% |
| Cost of revenue | $763.00M | $1.63B | $4.99B | $3.70B | $5.86B | $8.35B | $7.67B | $3.56B | $3.75B | $3.66B | $3.35B | $3.25B | $3.53B | $2.94B | $2.69B | $3.07B | $5.01B | $5.04B | $5.07B | $5.51B |
| Gross profit | $5.37B | $4.87B | $3.02B | $3.75B | $2.66B | $4.39B | $4.46B | $3.70B | $4.11B | $4.01B | $4.16B | $4.20B | $4.26B | $2.66B | $2.79B | $2.71B | $2.89B | $3.28B | $3.39B | $3.53B |
| Gross margin | 87.6% | 75.0% | 37.7% | 50.3% | 31.2% | 34.4% | 36.8% | 51.0% | 52.3% | 52.3% | 55.4% | 56.4% | 54.7% | 47.5% | 50.9% | 46.9% | 36.5% | 39.4% | 40.1% | 39.1% |
| R&D | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $112.00M | $112.00M | $167.00M | $257.00M | $8.00M | $2.00M | $21.00M | $-47.00M | $-40.00M | — | — |
| Operating income | $1.51B | $1.68B | $1.79B | $896.00M | $1.87B | $3.10B | $3.03B | $2.56B | $2.87B | $2.83B | $2.94B | $2.90B | $2.85B | $1.53B | $1.59B | $1.42B | $1.37B | $1.63B | $1.74B | $2.13B |
| Operating margin | 24.6% | 25.9% | 22.4% | 12.0% | 21.9% | 24.3% | 24.9% | 35.3% | 36.5% | 36.9% | 39.1% | 39.0% | 36.6% | 27.2% | 29.0% | 24.6% | 17.4% | 19.6% | 20.6% | 23.6% |
| EBITDA | $2.26B | $2.57B | $2.27B | $1.78B | $2.61B | $4.31B | $4.25B | $3.42B | $3.96B | $3.88B | $4.44B | $3.92B | $4.42B | $2.55B | $2.67B | $2.56B | $2.66B | $2.92B | $3.21B | $3.68B |
| EBITDA margin | 36.9% | 39.6% | 28.4% | 24.0% | 30.7% | 33.9% | 35.0% | 47.0% | 50.4% | 50.6% | 59.1% | 52.6% | 56.8% | 45.5% | 48.7% | 44.3% | 33.7% | 35.2% | 37.9% | 40.7% |
| EBIT | $1.51B | $1.68B | $1.81B | $925.00M | $1.83B | $3.10B | $2.96B | $2.51B | $2.97B | $2.94B | $3.44B | $2.81B | $3.25B | $1.54B | $1.59B | $1.44B | $1.43B | $1.59B | $1.85B | $2.28B |
| Interest expense | $482.00M | $474.00M | $455.00M | $387.00M | $593.00M | $898.00M | $951.00M | $778.00M | $843.00M | $871.00M | $888.00M | $901.00M | $963.00M | $621.00M | $634.00M | $918.00M | $513.00M | $666.00M | $738.00M | $808.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $827.00M | $1.31B | $930.00M | $407.00M | $938.00M | $1.50B | $1.53B | $1.13B | $1.74B | $682.00M | $1.90B | $1.13B | $1.83B | $1.75B | $1.47B | $-1.48B | $756.00M | $740.00M | $888.00M | $1.18B |
| Net income growth (YoY) | — | +57.9% | -28.8% | -56.2% | +130.5% | +59.4% | +2.1% | -26.0% | +53.7% | -60.7% | +178.9% | -40.7% | +62.0% | -4.4% | -15.9% | -200.7% | +151.1% | -2.1% | +20.0% | +33.0% |
| Profit margin | 13.5% | 20.1% | 11.6% | 5.5% | 11.0% | 11.7% | 12.6% | 15.6% | 22.1% | 8.9% | 25.3% | 15.1% | 23.5% | 31.2% | 26.8% | -25.6% | 9.6% | 8.9% | 10.5% | 13.1% |
Frequently asked questions
What is PPL Corporation's revenue?
PPL Corporation's trailing twelve-month revenue is $9.31B, and consensus projects about $12.17B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is PPL?
In its most recent fiscal year, PPL ran a gross margin of 39.05%, an operating margin of 23.57%, and a net margin of 13.06%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does PPL generate?
PPL produced $-1.40B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is PPL's balance sheet healthy?
PPL holds $1.09B in cash and equivalents against $17.99B in long-term debt, on $14.88B of shareholder equity. That debt is best read against the cash flow the business throws off each year.