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PPL Earnings Miss Estimates in Q4, Revenues Increase Y/Y
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Key Takeaways
PPL reported Q4 operating EPS of 41 cents, missing estimates, while revenues rose 2.8% y/y.
PPL sold 16,487 GWh, cut operating costs 2% and lifted operating income 26.3% in the quarter.
PPL ups infrastructure investment plan to $23B through '29, expects 6-8% annual earnings growth through '29.
PPL Corporation (PPL - Free Report) has reported fourth-quarter 2025 operating earnings per share (EPS) of 41 cents, which missed the Zacks Consensus Estimate of 42 cents by 2.4%. In the year-ago quarter, the company reported earnings of 34 cents.
On a GAAP basis, PPL recorded EPS of 36 cents compared with 24 cents in the year-ago quarter. The difference in GAAP and operating EPS in the fourth quarter was due to the impacts of 5 cents from special items.
Operating EPS in 2025 were $1.81, up 7.1% from $1.69 in 2024.
PPL’s Revenues
Total revenues of $2.27 billion lagged the Zacks Consensus Estimate of $2.34 billion by 2.7%. However, the top line increased 2.8% from the year-ago figure of $2.21 billion.
Revenues for 2025 totaled $9.04 billion compared with $8.46 billion last year.
In the fourth quarter, the company sold 16,487 gigawatt hours of electricity to its customers in Pennsylvania and Kentucky, reflecting a year-over-year increase of 4%.
Total operating expenses were $1.8 billion, down 2% from the year-ago quarter’s $1.83 billion. This was due to a decrease in energy purchases.
Operating income totaled $476 million, up 26.3% from the year-ago figure of $377 million.
Interest expenses amounted to $209 million, up 10.6% from $189 million in the corresponding period of 2024.
PPL’s Segmental Updates
Pennsylvania Regulated: Adjusted EPS was 21 cents, up 5% from the year-ago figure of 20 cents. Earnings were driven by increased transmission revenues from new capital investments, higher distribution regulatory rider recovery and lower operating costs.
Kentucky Regulated: Adjusted EPS was 19 cents compared with 17 cents in the year-ago quarter. The year-over-year improvement in earnings was caused by higher sales volumes due to weather and higher earnings from additional capital investments.
Rhode Island Regulated: Adjusted EPS was 3 cents, up 50% from the year-ago figure of 2 cents.
Corporate and Other: The segment incurred a loss of 2 cents per share compared with a loss of 5 cents in the year-ago quarter.
PPL’s Financial Position
As of Dec. 31, 2025, PPL had cash and cash equivalents of $1.07 billion compared with $0.31 billion as of Dec. 31, 2024.
The long-term debt was $17.99 billion as of Dec. 31, 2025, compared with $15.95 billion as of Dec. 31, 2024.
Net cash provided by operating activities in 2025 was $2.63 billion compared with $2.34 billion last year.
PPL’s Guidance
PPL expects 2026 earnings to be $1.90-$1.98 per share. The Zacks Consensus Estimate is pegged at $1.95, higher than the mid-point of the company’s guided range. PPL expects a long-term annual earnings growth rate of 6-8% through 2029.
The company has raised its guidance for planned infrastructure investments to $23 billion for 2026-2029 from the prior plan of $20 billion for 2025-2028.
Evergy, Inc. (EVRG - Free Report) reported fourth-quarter 2025 operating earnings per share (EPS) of 42 cents, which missed the Zacks Consensus Estimate of 57 cents by 26.3%. In the year-ago quarter, the company reported earnings of 35 cents.
Quarterly revenues totaled $1.34 billion, which surpassed the Zacks Consensus Estimate of $1.29 billion by 4.3%. In the year-ago quarter, the company posted revenues of $1.26 billion.
Ameren Corporation (AEE - Free Report) posted fourth-quarter 2025 earnings of 78 cents per share, which beat the Zacks Consensus Estimate of 77 cents by 1.3%. The bottom line also increased 1.3% from the year-ago quarter’s recorded figure.
Total revenues came in at $1.78 billion in the reported quarter, down 8.2% year over year. The top line also missed the Zacks Consensus Estimate of $2.09 billion by 14.9%.
FirstEnergy Corp. (FE - Free Report) registered fourth-quarter 2025 operating earnings of 53 cents per share, which beat the Zacks Consensus Estimate of 52 cents by 1.92%. In the year-ago quarter, the company reported earnings of 67 cents.
Operating revenues of $3.78 billion surpassed the Zacks Consensus Estimate of $3.25 billion by 16.9%. The top line increased 19.6% from $3.18 billion in the year-ago quarter.
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PPL Earnings Miss Estimates in Q4, Revenues Increase Y/Y
Key Takeaways
PPL Corporation (PPL - Free Report) has reported fourth-quarter 2025 operating earnings per share (EPS) of 41 cents, which missed the Zacks Consensus Estimate of 42 cents by 2.4%. In the year-ago quarter, the company reported earnings of 34 cents.
On a GAAP basis, PPL recorded EPS of 36 cents compared with 24 cents in the year-ago quarter. The difference in GAAP and operating EPS in the fourth quarter was due to the impacts of 5 cents from special items.
Operating EPS in 2025 were $1.81, up 7.1% from $1.69 in 2024.
PPL’s Revenues
Total revenues of $2.27 billion lagged the Zacks Consensus Estimate of $2.34 billion by 2.7%. However, the top line increased 2.8% from the year-ago figure of $2.21 billion.
Revenues for 2025 totaled $9.04 billion compared with $8.46 billion last year.
PPL Corporation Price, Consensus and EPS Surprise
PPL Corporation price-consensus-eps-surprise-chart | PPL Corporation Quote
Highlights of PPL’s Q4 Release
In the fourth quarter, the company sold 16,487 gigawatt hours of electricity to its customers in Pennsylvania and Kentucky, reflecting a year-over-year increase of 4%.
Total operating expenses were $1.8 billion, down 2% from the year-ago quarter’s $1.83 billion. This was due to a decrease in energy purchases.
Operating income totaled $476 million, up 26.3% from the year-ago figure of $377 million.
Interest expenses amounted to $209 million, up 10.6% from $189 million in the corresponding period of 2024.
PPL’s Segmental Updates
Pennsylvania Regulated: Adjusted EPS was 21 cents, up 5% from the year-ago figure of 20 cents. Earnings were driven by increased transmission revenues from new capital investments, higher distribution regulatory rider recovery and lower operating costs.
Kentucky Regulated: Adjusted EPS was 19 cents compared with 17 cents in the year-ago quarter. The year-over-year improvement in earnings was caused by higher sales volumes due to weather and higher earnings from additional capital investments.
Rhode Island Regulated: Adjusted EPS was 3 cents, up 50% from the year-ago figure of 2 cents.
Corporate and Other: The segment incurred a loss of 2 cents per share compared with a loss of 5 cents in the year-ago quarter.
PPL’s Financial Position
As of Dec. 31, 2025, PPL had cash and cash equivalents of $1.07 billion compared with $0.31 billion as of Dec. 31, 2024.
The long-term debt was $17.99 billion as of Dec. 31, 2025, compared with $15.95 billion as of Dec. 31, 2024.
Net cash provided by operating activities in 2025 was $2.63 billion compared with $2.34 billion last year.
PPL’s Guidance
PPL expects 2026 earnings to be $1.90-$1.98 per share. The Zacks Consensus Estimate is pegged at $1.95, higher than the mid-point of the company’s guided range. PPL expects a long-term annual earnings growth rate of 6-8% through 2029.
The company has raised its guidance for planned infrastructure investments to $23 billion for 2026-2029 from the prior plan of $20 billion for 2025-2028.
PPL’s Zacks Rank
The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Evergy, Inc. (EVRG - Free Report) reported fourth-quarter 2025 operating earnings per share (EPS) of 42 cents, which missed the Zacks Consensus Estimate of 57 cents by 26.3%. In the year-ago quarter, the company reported earnings of 35 cents.
Quarterly revenues totaled $1.34 billion, which surpassed the Zacks Consensus Estimate of $1.29 billion by 4.3%. In the year-ago quarter, the company posted revenues of $1.26 billion.
Ameren Corporation (AEE - Free Report) posted fourth-quarter 2025 earnings of 78 cents per share, which beat the Zacks Consensus Estimate of 77 cents by 1.3%. The bottom line also increased 1.3% from the year-ago quarter’s recorded figure.
Total revenues came in at $1.78 billion in the reported quarter, down 8.2% year over year. The top line also missed the Zacks Consensus Estimate of $2.09 billion by 14.9%.
FirstEnergy Corp. (FE - Free Report) registered fourth-quarter 2025 operating earnings of 53 cents per share, which beat the Zacks Consensus Estimate of 52 cents by 1.92%. In the year-ago quarter, the company reported earnings of 67 cents.
Operating revenues of $3.78 billion surpassed the Zacks Consensus Estimate of $3.25 billion by 16.9%. The top line increased 19.6% from $3.18 billion in the year-ago quarter.