PPL Corp Q3 2025 earnings: profit and revenue climb, outlook narrowed

November 5, 2025 · Published August 7, 2026

PPL's Q3 2025 profit and revenue rose from a year earlier; the utility narrowed its 2025 outlook and reaffirmed longer-term growth targets.

Figures as reported by the company to the SEC for the quarter ended September 30, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.

Key takeaways

• Net income rose to $318 million ($0.43 per share) from $214 million ($0.29 per share) in the same quarter last year, while revenue increased about 8% year-over-year to $2.24 billion.
• On an “ongoing” basis, which strips out one-time items, per-share earnings were 48 cents, up from 42 cents a year earlier.
• PPL narrowed its full-year 2025 ongoing earnings guidance to a range of $1.78 to $1.84 per share, keeping the midpoint at $1.81, and reaffirmed its target of 6%-8% annual growth in earnings and dividends through 2028, saying it’s aiming for the higher end of that range.
• The company is partway through a $20 billion infrastructure investment plan running through 2028, intended to grow the regulated asset base it earns a return on by roughly 9.8% a year; it’s on track to spend about $4.3 billion on capital projects in 2025 alone.
• Management pointed to growth in the Kentucky utility business as a key driver this quarter, helped by favorable weather, lower operating costs, and returns from recent capital spending, though partly offset by higher interest expense.
• The company reiterated progress toward a cost-savings goal of at least $150 million per year in operating and maintenance expenses compared with a 2021 baseline.
• Over the trailing twelve months, profitability metrics stayed in line with a typical regulated utility: an operating margin near 39%, a net profit margin near 22%, and a return on equity around 8%, reflecting the steady, regulator-set returns common in this industry.

Q3 2025 in context

Figures for the quarter ended Sep 2025 and the quarter ended Sep 2024, as reported to the SEC.

How the stock took it

PPL Corp closed at $36.25 on Nov 4, 2025, the last session before the report, and at $36.50 on Nov 6, 2025, the first session after it — +0.7% across the report.

Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.

Financial history →

Sources: company report · earnings call