PPL Reports 7.1% ongoing EPS growth in 2025, guides 2026 to $1.90–$1.98

Allentown, Pennsylvania-based PPL Corp. (NYSE:PPL), the regulated utility holding company serving approximately 3.6 million customers in Pennsylvania, Kentucky, and Rhode Island, reported solid 2025 results and provided an optimistic multi-year outlook anchored by significant rate base expansion and disciplined capital investment.

For the full year 2025, PPL posted GAAP earnings of $1.59 per share and ongoing earnings (a non-GAAP measure) of $1.81 per share, representing a 7.1% increase from 2024 ongoing EPS.

The growth was driven by higher rate base from infrastructure investments, favorable weather-adjusted demand trends, and continued execution on regulatory recovery mechanisms across its three operating utilities.

Following the quarter's performance, PPL issued 2026 ongoing EPS guidance of $1.90 to $1.98 per share, with a midpoint of $1.94, implying approximately 7.2% growth from the 2025 base at the midpoint.

The company reaffirmed and extended its long-term target of 6% to 8% annual ongoing EPS growth through 2029, supported by a robust pipeline of regulated capital projects focused on grid modernization, reliability enhancements, renewable integration, and electrification-related demand.

The company also updated its capital expenditure plan to approximately $23 billion for the 2026–2029 period, reflecting an average annual rate base growth of about 10.3%.

Key drivers include transmission and distribution upgrades, storm hardening, advanced metering infrastructure, and investments to support data center and large-load interconnections in growing service territories.

Meanwhile, PPL announced a 4.6% increase in its quarterly common dividend to $0.2850 per share (annualized $1.14), payable in the first quarter of 2026.