$PPL PPL Corp | Understand Stock

What Do They Do?

Delivers electricity and natural gas through regulated utilities, and generates electricity in Kentucky for residential, commercial and industrial customers.

How Do They Make Money?

Customers pay for electricity and natural gas delivered under regulated tariffs, with charges tied to energy delivered; Pennsylvania and Rhode Island retail customers are typically billed monthly.

FY2025 revenue by reportable segment revenue

Segment	Share	How money arrives
Rhode Island Regulated Usage-based	24% FY2022: 13%	Usage-based
Pennsylvania Regulated Usage-based	34% FY2022: 38%	Usage-based
Kentucky Regulated Usage-based	42% FY2022: 48%	Usage-based
Corporate And Other	<0.1% FY2022: 0.3%

Who Are Their Customers?

Serves residential, commercial, industrial, municipal and governmental energy users through its regulated utilities, and sells wholesale electricity to municipal customers in Kentucky.

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$1.4B.

Operating income, FY2025

24% of revenue

▲ +22% vs FY2024 ($1.7B, 21%)

Net income, FY2025

13% of revenue

▲ +33% vs FY2024 ($888M, 10%)

Free cash flow, FY2025

−15% of revenue

▲ +201% (Loss) vs FY2024 (−$465M, −5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +4%; vs $2B in Q2 FY2025
Net income: ▲ +26%; vs $183M in Q2 FY2025

Kentucky Regulated share of revenue vs 41.3% in Q2 FY2025

Growing. Revenue grew 56% in 4 years, from $5.8B in FY2021 to $9B in FY2025, about 12% a year.

Revenue over time

Rhode Island Regulated Pennsylvania Regulated Kentucky Regulated Corporate And Other

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025