PPL Corporation Q1 EPS $0.63 and $5.1B Investment Underpin $1.94 Guidance Midpoint
First-quarter 2026 GAAP earnings rose 9% to $452 million ($0.60 per share) while non-GAAP EPS increased to $0.63 from $0.60 a year earlier. PPL reaffirmed its $1.90–$1.98 full-year EPS guidance with a $1.94 midpoint and 6%–8% annual growth target, backed by $5.1 billion in infrastructure investments.
1. First-Quarter Financial Performance
PPL reported first-quarter 2026 GAAP earnings of $452 million, or $0.60 per share, up from $414 million and $0.56 per share a year ago. Adjusted non-GAAP earnings from ongoing operations rose to $478 million, or $0.63 per share, versus $444 million and $0.60 per share in the prior year.
2. Full-Year Guidance and Growth Targets
The company reaffirmed its full-year ongoing EPS forecast of $1.90 to $1.98 per share, centering on a $1.94 midpoint. It also maintained its target of 6% to 8% annual EPS growth through at least 2029, projecting compound growth near the top end of this range.
3. Infrastructure Investments and Regulatory Progress
PPL is on track to invest $5.1 billion in 2026 to modernize its electric and gas networks. Key regulatory milestones include a Pennsylvania base rate case settlement—set to take effect July 1—and approval of over $330 million in Rhode Island electric and gas infrastructure plans.
4. Generation Projects Expansion
In Kentucky, Louisville Gas and Electric and Kentucky Utilities are developing over 1,900 MW of natural gas combined-cycle capacity (first 645 MW in 2027), plus 240 MW of solar and 120 MW of battery storage. A joint venture with Blackstone Infrastructure is also advancing discussions for onsite power generation agreements with data centers.