PPL (PPL) Q1 FY2026 earnings: revenue $2.8 billion, up 10.8% on the year

PPL Corp. (PPL) reported revenue of $2.8 billion for Q1 FY2026, the quarter ended 31 March 2026, up 10.8% on the same quarter a year earlier. Net income was $452 million, up 9.2% on the year, and diluted earnings per share $0.60. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2026.

Revenue

$2.8 billion

+10.8% on the year · +22.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

26.9%

27.1% a year earlier

Q2 FY2024Q1 FY2026

Net income

$452 million

+9.2% on the year · +69.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.60

+7.1% on the year · +66.7% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 kept.

Ongoing EPS rose to $0.63: Earnings from ongoing operations were $478 million, or $0.63 per share, compared with $444 million, or $0.60 per share a year earlier. Reported diluted EPS was $0.60 against $0.56.
Kentucky ongoing EPS up three cents: Kentucky Regulated ongoing EPS was $0.33 against $0.30. Higher retail rates effective January 1, 2026 were the main driver, partly offset by lower sales volumes, higher operating costs, depreciation and interest.
Pennsylvania rate case settled: PPL Electric's settlement in its first base rate case in over 10 years adds affordability enhancements, including protections under a new large-load customer rate class.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	2,774	2,274	2,504	+22.0%	+10.8%
Operating income	745	476	678	+56.5%	+9.9%
Operating margin	26.9%	20.9%	27.1%
Interest expense	224	209	190	+7.2%	+17.9%
Pre-tax income	560	328	516	+70.7%	+8.5%
Income tax	108	62.0	102	+74.2%	+5.9%
Effective tax rate	19.3%	18.9%	19.8%
Net income	452	266	414	+69.9%	+9.2%
Net margin	16.3%	11.7%	16.5%
Diluted EPS	$0.60 basic	$0.36	$0.56	+66.7%	+7.1%

$ million except per share.

Fourth 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	557	548	513	+1.6%	+8.6%
Capital expenditure	1,058	1,162	793	-9.0%	+33.4%
Free cash flow	-501	-614	-280
Free cash flow margin	-18.1%	-27.0%	-11.2%
Cash from investing	-1,046	-1,144	-783
Cash from financing	654	563	271	+16.2%	+141.3%
Depreciation	351	335	322	+4.8%	+9.0%
Share-based compensation	23.0	12.0	19.0	+91.7%	+21.1%
Dividends paid	202	201	190	+0.5%	+6.3%
Dividend per share	$0.28	n/a	$0.27		+4.6%
Diluted shares, weighted	757m	745m	741m	+1.6%	+2.1%
Shares outstanding at period end	752m	751m	739m	+0.2%	+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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	15,019	14,881	14,297	+0.9%	+5.1%
Short-term borrowings	220	456	778	-51.8%	-71.7%
Debt	20,018	18,894	16,507	+5.9%	+21.3%
Operating lease liabilities	n/a	0.0	n/a
Finance lease liabilities	n/a	0.0	n/a
Other liabilities	11,047	11,013	10,227	+0.3%	+8.0%
Total liabilities and equity	46,304	45,244	41,809	+2.3%	+10.8%
Fixed assets	36,737	36,132	33,642	+1.7%	+9.2%
Goodwill	2,247	2,247	2,247	0.0%	0.0%
Intangible assets	326	327	312	-0.3%	+4.5%
Cash and equivalents	1,241	1,071	312	+15.9%	+297.8%
Receivables	1,331	1,108	1,208	+20.1%	+10.2%
Inventory	536	551	476	-2.7%	+12.6%
Other assets	3,886	3,808	3,612	+2.0%	+7.6%
Total assets	46,304	45,244	41,809	+2.3%	+10.8%

Questions

What was PPL's revenue in Q1 FY2026?

PPL (PPL) reported revenue of $2.8 billion for Q1 FY2026, the quarter ended 31 March 2026, up 10.8% on the same quarter a year earlier.

How much did PPL earn in Q1 FY2026?

Net income for Q1 FY2026 was $452 million, up 9.2% on the year, and diluted earnings per share $0.60.

When did PPL report Q1 FY2026 results?

PPL filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 8 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,485	1,782	1,696	2,134	2,290	2,415	1,823	2,043	2,031	2,304	1,881	2,066	2,211	2,504	2,025	2,239	2,274	2,774	2,111	2,497
Operating income	308	454	243	341	336	498	305	437	390	545	390	428	377	678	406	569	476	745	475	665
Operating margin	21%	25%	14%	16%	15%	21%	17%	21%	19%	24%	21%	21%	17%	27%	20%	25%	21%	27%	23%	27%
Interest expense	108	107	118	136	152	164	165	165	172	179	182	188	189	190	199	210	209	224	232	234
Pre-tax income	190	347	151	215	202	364	145	288	127	388	240	272	216	516	230	398	328	560	286	453
Tax rate	25%	21%	21%	19%	27%	22%	23%	20%	11%	21%	21%	21%	18%	20%	20%	20%	19%	19%	20%	19%
Net income	134	273	119	174	190	285	112	230	113	307	190	214	177	414	183	318	266	452	230	367
Net margin	9%	15%	7%	8%	8%	12%	6%	11%	6%	13%	10%	10%	8%	17%	9%	14%	12%	16%	11%	15%
Diluted EPS	$0.16	$0.37	$0.16	$0.24	$0.25	$0.39	$0.15	$0.31	$0.15	$0.42	$0.26	$0.29	$0.24	$0.56	$0.25	$0.43	$0.36	$0.60 basic	$0.30	$0.49
Operating cash flow	292	502	477	532	219	430	412	806	110	282	766	781	511	513	602	966	548	557	583	916
Capital expenditure	513	427	582	506	640	499	591	651	649	596	670	679	860	793	930	1,145	1,162	1,058	1,281	1,191
Free cash flow	-221	75.0	-105	26.0	-421	-69.0	-179	155	-539	-314	96.0	102	-349	-280	-328	-179	-614	-501	-698	-275
Dividends paid	318	306	147	167	167	171	177	178	178	177	190	190	190	190	202	201	201	202	214	214
Shares outstanding	735m	736m	736m	736m	736m	737m	737m	737m	737m	738m	738m	738m	738m	739m	739m	740m	751m	752m	752m	753m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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-Q for the period ended 31 March 2026, filed 8 May 2026: the filing.