PPL (PPL) Q4 FY2025 earnings: revenue $2.3 billion, up 2.8% on the year
PPL Corp. (PPL) reported revenue of $2.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.8% on the same quarter a year earlier. Net income was $266 million, up 50.3% on the year, and diluted earnings per share $0.36. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$2.3 billion
+2.8% on the year · +1.6% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
20.9%
17.1% a year earlier
Q1 FY2024Q4 FY2025
Net income
$266 million
+50.3% on the year · -16.4% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$0.36
+50.0% on the year · -16.3% on the quarter
Q1 FY2024Q4 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
Ongoing EPS rose 7% in 2025: Earnings from ongoing operations were $1.34 billion, or $1.81 per share, up from $1.69; reported EPS was $1.59 against $1.20.
Fourth-quarter ongoing EPS rose to $0.41: Fourth-quarter ongoing EPS was $0.41 against $0.34 a year earlier; reported fourth-quarter EPS was $0.36 against $0.24.
Kentucky ongoing EPS up $0.09: Kentucky Regulated ongoing EPS rose to $0.93 from $0.84, helped by weather-driven sales and returns on added capital, partly offset by higher interest expense.
$ million except per share. Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
548
966
511
-43.3%
+7.2%
Capital expenditure
1,162
1,145
860
+1.5%
+35.1%
Free cash flow
-614
-179
-349
Free cash flow margin
-27.0%
-8.0%
-15.8%
Cash from investing
-1,144
-1,147
-874
Cash from financing
563
982
119
-42.7%
+373.1%
Depreciation
335
331
322
+1.2%
+4.0%
Share-based compensation
12.0
11.0
n/a
+9.1%
Dividends paid
201
201
190
0.0%
+5.8%
Dividend per share
n/a
$0.27
$0.26
Diluted shares, weighted
745m
744m
741m
+0.1%
+0.6%
Shares outstanding at period end
751m
740m
738m
+1.6%
+1.8%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
14,881
14,413
14,077
+3.2%
+5.7%
Short-term borrowings
456
595
303
-23.4%
+50.5%
Debt
18,894
18,391
16,503
+2.7%
+14.5%
Operating lease liabilities
0.0
n/a
0.0
Finance lease liabilities
0.0
n/a
0.0
Other liabilities
11,013
10,540
10,186
+4.5%
+8.1%
Total liabilities and equity
45,244
43,939
41,069
+3.0%
+10.2%
Fixed assets
36,132
35,153
33,149
+2.8%
+9.0%
Goodwill
2,247
2,247
2,247
0.0%
0.0%
Intangible assets
327
312
314
+4.8%
+4.1%
Cash and equivalents
1,071
1,102
306
-2.8%
+250.0%
Receivables
1,108
1,002
961
+10.6%
+15.3%
Inventory
551
517
511
+6.6%
+7.8%
Other assets
3,808
3,606
3,581
+5.6%
+6.3%
Total assets
45,244
43,939
41,069
+3.0%
+10.2%
Questions
What was PPL's revenue in Q4 FY2025?
PPL (PPL) reported revenue of $2.3 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.8% on the same quarter a year earlier.
How much did PPL earn in Q4 FY2025?
Net income for Q4 FY2025 was $266 million, up 50.3% on the year, and diluted earnings per share $0.36.
When did PPL report Q4 FY2025 results?
PPL filed its 10-K for the year that ended with the quarter on 20 February 2026; the fourth quarter is the year less the first three.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-K for the period ended 31 December 2025, filed 20 February 2026: the filing.