PPL (PPL) Q3 FY2026 earnings: revenue $2.5 billion, up 11.5% on the year

PPL Corp. (PPL) reported revenue of $2.5 billion for Q3 FY2026, the quarter ended 30 September 2026, up 11.5% on the same quarter a year earlier. Net income was $367 million, up 15.4% on the year, and diluted earnings per share $0.49. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$2.5 billion

+11.5% on the year · +18.3% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

26.6%

25.4% a year earlier

Q4 FY2024Q3 FY2026

Net income

$367 million

+15.4% on the year · +59.6% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.49

+14.0% on the year · +63.3% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 4 raised, 1 lowered, 4 new, 3 kept.

Third-quarter ongoing EPS rose: Ongoing earnings were $411 million, or $0.54 per share, against $355 million, or $0.48 per share, a year earlier; the company reported a 13% increase per share.
Kentucky large-load pipeline expanded: The Kentucky pipeline is about 14.7 GW through 2032, including 12.8 GW tied to data centers, up from 13.7 GW in the prior quarter.
Invitium agreed key terms with QTS: Invitium agreed to all key commercial terms with QTS for about 2 GW for the Salem Township data center; the term sheet is nonbinding and subject to conditions.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	2,497	2,111	2,239	+18.3%	+11.5%
Operating income	665	475	569	+40.0%	+16.9%
Operating margin	26.6%	22.5%	25.4%
Interest expense	234	232	210	+0.9%	+11.4%
Pre-tax income	453	286	398	+58.4%	+13.8%
Income tax	86.0	56.0	80.0	+53.6%	+7.5%
Effective tax rate	19.0%	19.6%	20.1%
Net income	367	230	318	+59.6%	+15.4%
Net margin	14.7%	10.9%	14.2%
Diluted EPS	$0.49	$0.30	$0.43	+63.3%	+14.0%

$ million except per share.

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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	916	583	966	+57.1%	-5.2%
Capital expenditure	1,191	1,281	1,145	-7.0%	+4.0%
Free cash flow	-275	-698	-179
Free cash flow margin	-11.0%	-33.1%	-8.0%
Cash from investing	-1,209	-1,361	-1,147
Cash from financing	350	-134	982		-64.4%
Depreciation	366	362	331	+1.1%	+10.6%
Share-based compensation	8.0	8.0	11.0	0.0%	-27.3%
Dividends paid	214	214	201	0.0%	+6.5%
Dividend per share	$0.28	$0.28	$0.27	0.0%	+4.6%
Diluted shares, weighted	755m	757m	744m	-0.2%	+1.5%
Shares outstanding at period end	753m	752m	740m	+0.0%	+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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	15,209	15,045	14,413	+1.1%	+5.5%
Short-term borrowings	679	65.0	595	+944.6%	+14.1%
Debt	20,211	20,258	18,391	-0.2%	+9.9%
Other liabilities	11,247	10,933	10,540	+2.9%	+6.7%
Total liabilities and equity	47,346	46,301	43,939	+2.3%	+7.8%
Fixed assets	38,705	37,770	35,153	+2.5%	+10.1%
Goodwill	2,247	2,247	2,247	0.0%	0.0%
Intangible assets	341	331	312	+3.0%	+9.3%
Cash and equivalents	393	332	1,102	+18.4%	-64.3%
Receivables	1,148	1,156	1,002	-0.7%	+14.6%
Inventory	618	597	517	+3.5%	+19.5%
Other assets	3,894	3,868	3,606	+0.7%	+8.0%
Total assets	47,346	46,301	43,939	+2.3%	+7.8%

Questions

What was PPL's revenue in Q3 FY2026?

PPL (PPL) reported revenue of $2.5 billion for Q3 FY2026, the quarter ended 30 September 2026, up 11.5% on the same quarter a year earlier.

How much did PPL earn in Q3 FY2026?

Net income for Q3 FY2026 was $367 million, up 15.4% on the year, and diluted earnings per share $0.49.

When did PPL report Q3 FY2026 results?

PPL filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 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 30 September 2026, filed 6 November 2026: the filing.