PPL earnings: third quarter 2026

PPL, the electricity and gas utility serving Kentucky, Pennsylvania and Rhode Island, grew its sales and its profit per share by more than a tenth in the third quarter of 2026. It kept the middle of its forecast for the year and raised its long-term growth target on a bigger investment plan. That investment is running well ahead of the cash the business brings in, so debt and interest costs are climbing. ¹

Against what analysts expected

PPL's adjusted earnings per share of $0.54 were about 2% above the $0.53 analysts had expected on average, according to Nasdaq's earnings calendar, which counts as in line. Reported earnings per share were $0.49, but the forecast sits closer to the adjusted figure, so that is the one it is set against. ¹²

The strong points

• Earnings per share from ongoing operations, the company's own adjusted measure, rose 13% to $0.54. ¹
• Sales rose to $2,497 million, from $2,239 million a year earlier. ¹

The weak points

• Over nine months PPL spent $3,530 million on plant and equipment, far more than its operations brought in, so the gap had to be borrowed. ¹
• Long-term debt is up about $1.9 billion since December, while cash has fallen by nearly two-thirds. ¹
• Interest costs rose to $234 million in the quarter, from $210 million, holding profit growth back. ¹

What the company expects

• PPL narrowed its 2026 forecast for earnings per share from ongoing operations to $1.92–$1.96, from $1.90–$1.98, keeping the middle at $1.94. ¹
• PPL raised its long-term target for earnings-per-share growth to 7%–9% a year through at least 2030, from 6%–8% through 2029. ¹

Our verdict on the quarter

A strong report. Profit per share grew 13% and matched what analysts expected. PPL kept the middle of its forecast for the year and raised its long-term growth target. Holding it back: investment is outrunning cash, so debt and interest are rising, and the estimate of reported profit for the year was quietly lowered.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. PPL's results release, 6 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 6 November 2026. ↩