PPL Reports 7.1% EPS Growth, Raises Dividend and $23B Capital Plan
PPL reported 2025 GAAP earnings of $1.59 per share and non-GAAP earnings of $1.81 per share, up 7.1% from 2024. It forecasts 2026 EPS of $1.90–$1.98, extends 6–8% annual EPS growth targets through 2029, raises the quarterly dividend to $0.285 and increases its capital plan to $23 billion.
1. 2025 Earnings Performance
PPL delivered GAAP EPS of $1.59 and non-GAAP EPS of $1.81 in 2025, marking a 7.1% year-over-year increase driven by $4.4 billion in infrastructure investments, top-quartile reliability, and $170 million in O&M savings.
2. 2026 Guidance and Long-Term Targets
The company projects 2026 EPS between $1.90 and $1.98 (midpoint +7.2%), and extends its 6–8% annual EPS growth target through 2029, with stronger growth anticipated from 2027 onward.
3. Capital Investment Update
PPL raised its infrastructure investment plan to $23 billion for 2026–2029, targeting approximately 10.3% average annual rate base growth through grid modernization, storm resilience, and new generation projects.
4. Dividend Increase and Operational Efficiency
The quarterly dividend was increased to $0.285 per share, supported by cumulative O&M savings of $170 million in 2025 and a strategy to fund capital investment without impacting customer bills.