PPL Raises Dividend 4.6% and Extends 6%–8% EPS Growth Through 2029
PPL reported Q4 operating revenue of $2.27B, operating income of $476M and adjusted EPS of $0.41, while raising quarterly dividend 4.6% to $0.285/share. The company forecasts 2026 EPS of $1.90–$1.98, extends 6%–8% annual EPS and dividend growth through 2029 and ups capex to $23B for 2026–2029.
1. Q4 Financial Results
PPL recorded operating revenue of $2.27 billion and operating income of $476 million in Q4 fiscal 2025, compared with $377 million a year earlier. Adjusted EPS was $0.41, matching expectations, while electricity sales rose 4.0% year over year (Kentucky +5.7%, Pennsylvania +2.6%).
2. Dividend Increase
The board approved a 4.6% increase in the quarterly dividend to $0.285 per share, payable April 1, 2026 to shareholders of record March 10. The company now targets annual dividend growth of 4%–6% under its updated plan.
3. Outlook and Growth Targets
For 2026, PPL forecasts EPS of $1.90–$1.98 versus a $1.95 consensus and extended its annual EPS and dividend growth targets to 6%–8% through 2029. Capital spending guidance was raised to $23 billion for 2026–2029, up from $20 billion for 2025–2028, supporting an estimated 10.3% average rate base growth.
4. Infrastructure and Efficiency Initiatives
PPL plans roughly $5.1 billion of infrastructure investments in 2026, focusing on transmission expansion for data center demand and generation projects in Kentucky. The company has achieved $170 million in annual run-rate O&M savings in 2025 and is advancing its joint venture with Blackstone Infrastructure to support Pennsylvania data center load growth.