PPLPPL Corp

The four financial statements

Every company that sells shares in the US files four statements with the SEC. Together they show whether PPL made money, what it owns and owes, where its cash went, and what changed for its shareholders. Below is every line exactly as PPL filed it, with what each one means in plain English.

As filed with the SEC on Feb 20, 2026 · the full report · SEC's figures viewer

Income statement · also called the statement of operations, statement of earnings or profit and loss

Did it make money?

Read it from the top down. It starts with everything customers paid (sales), takes away the cost of making what was sold, then the costs of running the company, then interest and tax. What is left at the bottom is profit (net income), the part that belongs to shareholders. It covers a stretch of time: a year, or a quarter.

People usually check: Are sales growing compared with a year earlier?
People usually check: How much of each dollar of sales is left at each step (the margins)?
People usually check: Is profit growing faster or slower than sales?

From sales to profit: tap a bar to see the lines inside it.

Point at or tap a bar to see the lines inside it.

Out of every $100 of sales

costs of running the business: $76
other income and costs: $7
income tax: $3
kept as profit: $13.1

Every line, explained

CONSOLIDATED STATEMENTS OF INCOME, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2024
Operating Revenues
	$9.0B▲ 6.9%	$8.5B	$8.3B
Operation
	$855.0M▲ 9.2%	$783.0M	$733.0M
	$1.9B▲ 13%	$1.7B	$1.8B
	$2.4B▼ 6.8%	$2.6B	$2.5B
	$1.3B▲ 2.6%	$1.3B	$1.3B
	$423.0M▲ 13%	$374.0M	$392.0M
	$6.9B▲ 2.8%	$6.7B	$6.7B
	$2.1B▲ 22%	$1.7B	$1.6B
	$151.0M▲ 32%	$114.0M	−$40.0M
	$808.0M▲ 9.5%	$738.0M	$666.0M
	$1.5B▲ 32%	$1.1B	$924.0M
	$291.0M▲ 28%	$228.0M	$184.0M
	$1.2B▲ 33%	$888.0M	$740.0M
Earnings per Share of Common Stock
	$1.60▲ 33%	$1.20	$1.00
	$1.59▲ 33%	$1.20	$1.00
Weighted-Average Shares of Common Stock Outstanding (in thousands)
	739.4M shares▲ 0.2%	737.8M shares	737.0M shares
	743.3M shares▲ 0.5%	739.9M shares	738.2M shares

Split by PPL Electric Utilities Corp, PPL Electric Utilities Corp | Related Party, Louisville Gas And Electric Co, Louisville Gas And Electric Co | Nonrelated Party and more

PPL Electric Utilities Corp
Sales (Operating Revenues)	$3.1B	$2.9B	$3.0B
Other item (Energy purchases)	$876.0M	$721.0M	$992.0M
Other item (Other operation and maintenance)	$630.0M	$705.0M	$605.0M
Wear and tear (depreciation and amortization) (Depreciation)	$413.0M	$401.0M	$397.0M
Other item (Taxes, other than income)	$151.0M	$131.0M	$143.0M
Other item (Total Operating Expenses)	$2.1B	$2.0B	$2.1B
Profit from the main business (operating income) (Operating Income)	$1.0B	$918.0M	$871.0M
Other income and costs (Other Income (Expense) - net)	$48.0M	$45.0M	$39.0M
Interest paid on debt (Interest Expense, Operating and Nonoperating)	$257.0M	$246.0M	$223.0M
Profit before tax (Income from Continuing Operations Before Income Taxes)	$843.0M	$750.0M	$687.0M
Income tax (Income Taxes)	$204.0M	$176.0M	$168.0M
Profit (net income) (Net income (Loss))	$639.0M	$574.0M	$519.0M
PPL Electric Utilities Corp \| Related Party
Interest earned (Interest income)	$9.0M	$33.0M	$0
Louisville Gas And Electric Co
Sales (Operating Revenues)	$1.7B	$1.6B	$1.6B
Other item (Fuel)	$338.0M	$308.0M	$286.0M
Other item (Energy purchases)	$187.0M	$151.0M	$168.0M
Share of profit from part-owned businesses (Energy purchases from affiliate)	$22.0M	$20.0M	$12.0M
Other item (Other operation and maintenance)	$364.0M	$349.0M	$364.0M
Wear and tear (depreciation and amortization) (Depreciation)	$307.0M	$305.0M	$302.0M
Other item (Taxes, other than income)	$51.0M	$49.0M	$48.0M
Other item (Total Operating Expenses)	$1.3B	$1.2B	$1.2B
Profit from the main business (operating income) (Operating Income)	$479.0M	$466.0M	$433.0M
Other income and costs (Other Income (Expense) - net)	$24.0M	$12.0M	$3.0M
Interest paid on debt (Interest Expense, Operating and Nonoperating)	$116.0M	$105.0M	$102.0M
Profit before tax (Income from Continuing Operations Before Income Taxes)	$387.0M	$374.0M	$335.0M
Income tax (Income Taxes)	$78.0M	$77.0M	$69.0M
Profit (net income) (Net income (Loss))	$309.0M	$297.0M	$266.0M
Louisville Gas And Electric Co \| Nonrelated Party
Sales (Retail and wholesale)	$1.7B	$1.6B	$1.6B
Louisville Gas And Electric Co \| Related Party
Sales (Retail and wholesale)	$30.0M	$31.0M	$33.0M
Interest earned (Interest income)	$0	$1.0M	$1.0M
Kentucky Utilities Co
Sales (Operating Revenues)	$2.1B	$2.0B	$1.9B
Other item (Fuel)	$517.0M	$476.0M	$447.0M
Other item (Energy purchases)	$26.0M	$25.0M	$24.0M
Share of profit from part-owned businesses (Energy purchases from affiliate)	$30.0M	$31.0M	$33.0M
Other item (Other operation and maintenance)	$416.0M	$413.0M	$427.0M
Wear and tear (depreciation and amortization) (Depreciation)	$408.0M	$403.0M	$392.0M
Other item (Taxes, other than income)	$51.0M	$49.0M	$45.0M
Other item (Total Operating Expenses)	$1.4B	$1.4B	$1.4B
Profit from the main business (operating income) (Operating Income)	$616.0M	$567.0M	$516.0M
Other income and costs (Other Income (Expense) - net)	$29.0M	$15.0M	$8.0M
Profit before tax (Income from Continuing Operations Before Income Taxes)	$497.0M	$445.0M	$389.0M
Income tax (Income Taxes)	$99.0M	$89.0M	$77.0M
Profit (net income) (Net income (Loss))	$398.0M	$356.0M	$312.0M
Kentucky Utilities Co \| Nonrelated Party
Sales (Retail and wholesale)	$2.0B	$1.9B	$1.9B
Interest paid on debt (Interest Expense, Operating and Nonoperating)	$148.0M	$137.0M	$134.0M
Kentucky Utilities Co \| Related Party
Sales (Retail and wholesale)	$22.0M	$20.0M	$12.0M
Interest paid on debt (Interest Expense, Operating and Nonoperating)	$0	$0	$1.0M

Every line as the company filed it (USD ($), shares in Thousands, $ in Millions), shown in full dollars. See this statement on SEC.

Extra: What other gains and losses were there?Statement of comprehensive income: Profit, plus gains and losses that skip the income statement.

Some value changes don't count as profit yet: currency moves on businesses abroad, rises or falls in investments it hasn't sold, and some hedges and pension changes. They are added to profit here to give comprehensive income, and they build up in shareholders' equity.

Every line, explained

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2023
	$1.2B	$888.0M	$740.0M
Amounts arising during the period - gains (losses), net of tax (expense) benefit
	$1.0M	$0	$0
	−$1.0M	$1.0M	$1.0M
Defined benefit plans
	$0	$0	$0
	−$20.0M	−$22.0M	−$41.0M
Reclassifications from AOCI - (gains) losses, net of tax expense (benefit)
	$2.0M	$3.0M	$3.0M
Defined benefit plans
	$1.0M	$1.0M	$1.0M
	−$1.0M	−$4.0M	−$3.0M
	−$18.0M	−$21.0M	−$39.0M
	$1.2B	$867.0M	$701.0M

Opening its latest reports…Reading every line of the four statements…Putting it into plain words…

Did it make money?

People usually check: Are sales growing compared with a year earlier?

People usually check: How much of each dollar of sales is left at each step (the margins)?

People usually check: Is profit growing faster or slower than sales?

CONSOLIDATED STATEMENTS OF INCOME, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2024
Operating Revenues
	$9.0B▲ 6.9%	$8.5B	$8.3B
Operation
	$855.0M▲ 9.2%	$783.0M	$733.0M
	$1.9B▲ 13%	$1.7B	$1.8B
	$2.4B▼ 6.8%	$2.6B	$2.5B
	$1.3B▲ 2.6%	$1.3B	$1.3B
	$423.0M▲ 13%	$374.0M	$392.0M
	$6.9B▲ 2.8%	$6.7B	$6.7B
	$2.1B▲ 22%	$1.7B	$1.6B
	$151.0M▲ 32%	$114.0M	−$40.0M
	$808.0M▲ 9.5%	$738.0M	$666.0M
	$1.5B▲ 32%	$1.1B	$924.0M
	$291.0M▲ 28%	$228.0M	$184.0M
	$1.2B▲ 33%	$888.0M	$740.0M
Earnings per Share of Common Stock
	$1.60▲ 33%	$1.20	$1.00
	$1.59▲ 33%	$1.20	$1.00
Weighted-Average Shares of Common Stock Outstanding (in thousands)
	739.4M shares▲ 0.2%	737.8M shares	737.0M shares
	743.3M shares▲ 0.5%	739.9M shares	738.2M shares

Line (tap for what it means)

12 months to Dec 31, 2025

12 months to Dec 31, 2024

Operating Revenues

$9.0B▲ 6.9%

$8.5B

$8.3B

Operation

$855.0M▲ 9.2%

$783.0M

$733.0M

$1.9B▲ 13%

$1.7B

$1.8B

$2.4B▼ 6.8%

$2.6B

$2.5B

$1.3B▲ 2.6%

$1.3B

$423.0M▲ 13%

$374.0M

$392.0M

$6.9B▲ 2.8%

$6.7B

$2.1B▲ 22%

$1.7B

$1.6B

$151.0M▲ 32%

$114.0M

−$40.0M

$808.0M▲ 9.5%

$738.0M

$666.0M

$1.5B▲ 32%

$1.1B

$924.0M

$291.0M▲ 28%

$228.0M

$184.0M

$1.2B▲ 33%

$888.0M

$740.0M

Earnings per Share of Common Stock

$1.60▲ 33%

$1.20

$1.00

$1.59▲ 33%

$1.20

$1.00

Weighted-Average Shares of Common Stock Outstanding (in thousands)

739.4M shares▲ 0.2%

737.8M shares

737.0M shares

743.3M shares▲ 0.5%

739.9M shares

738.2M shares

PPL Electric Utilities Corp

Sales (Operating Revenues)

$3.1B

$2.9B

$3.0B

Other item (Energy purchases)

$876.0M

$721.0M

$992.0M

Other item (Other operation and maintenance)

$630.0M

$705.0M

$605.0M

Wear and tear (depreciation and amortization) (Depreciation)

$413.0M

$401.0M

$397.0M

Other item (Taxes, other than income)

$151.0M

$131.0M

$143.0M

Other item (Total Operating Expenses)

$2.1B

$2.0B

$2.1B

Profit from the main business (operating income) (Operating Income)

$1.0B

$918.0M

$871.0M

Other income and costs (Other Income (Expense) - net)

$48.0M

$45.0M

$39.0M

Interest paid on debt (Interest Expense, Operating and Nonoperating)

$257.0M

$246.0M

$223.0M

Profit before tax (Income from Continuing Operations Before Income Taxes)

$843.0M

$750.0M

$687.0M

Income tax (Income Taxes)

$204.0M

$176.0M

$168.0M

Profit (net income) (Net income (Loss))

$639.0M

$574.0M

$519.0M

PPL Electric Utilities Corp | Related Party

Interest earned (Interest income)

$9.0M

$33.0M

Louisville Gas And Electric Co

Sales (Operating Revenues)

$1.7B

$1.6B

Other item (Fuel)

$338.0M

$308.0M

$286.0M

Other item (Energy purchases)

$187.0M

$151.0M

$168.0M

Share of profit from part-owned businesses (Energy purchases from affiliate)

$22.0M

$20.0M

$12.0M

Other item (Other operation and maintenance)

$364.0M

$349.0M

$364.0M

Wear and tear (depreciation and amortization) (Depreciation)

$307.0M

$305.0M

$302.0M

Other item (Taxes, other than income)

$51.0M

$49.0M

$48.0M

Other item (Total Operating Expenses)

$1.3B

$1.2B

Profit from the main business (operating income) (Operating Income)

$479.0M

$466.0M

$433.0M

Other income and costs (Other Income (Expense) - net)

$24.0M

$12.0M

$3.0M

Interest paid on debt (Interest Expense, Operating and Nonoperating)

$116.0M

$105.0M

$102.0M

Profit before tax (Income from Continuing Operations Before Income Taxes)

$387.0M

$374.0M

$335.0M

Income tax (Income Taxes)

$78.0M

$77.0M

$69.0M

Profit (net income) (Net income (Loss))

$309.0M

$297.0M

$266.0M

Louisville Gas And Electric Co | Nonrelated Party

Sales (Retail and wholesale)

$1.7B

$1.6B

Louisville Gas And Electric Co | Related Party

Sales (Retail and wholesale)

$30.0M

$31.0M

$33.0M

Interest earned (Interest income)

$1.0M

Kentucky Utilities Co

Sales (Operating Revenues)

$2.1B

$2.0B

$1.9B

Other item (Fuel)

$517.0M

$476.0M

$447.0M

Other item (Energy purchases)

$26.0M

$25.0M

$24.0M

Share of profit from part-owned businesses (Energy purchases from affiliate)

$30.0M

$31.0M

$33.0M

Other item (Other operation and maintenance)

$416.0M

$413.0M

$427.0M

Wear and tear (depreciation and amortization) (Depreciation)

$408.0M

$403.0M

$392.0M

Other item (Taxes, other than income)

$51.0M

$49.0M

$45.0M

Other item (Total Operating Expenses)

$1.4B

Profit from the main business (operating income) (Operating Income)

$616.0M

$567.0M

$516.0M

Other income and costs (Other Income (Expense) - net)

$29.0M

$15.0M

$8.0M

Profit before tax (Income from Continuing Operations Before Income Taxes)

$497.0M

$445.0M

$389.0M

Income tax (Income Taxes)

$99.0M

$89.0M

$77.0M

Profit (net income) (Net income (Loss))

$398.0M

$356.0M

$312.0M

Kentucky Utilities Co | Nonrelated Party

Sales (Retail and wholesale)

$2.0B

$1.9B

Interest paid on debt (Interest Expense, Operating and Nonoperating)

$148.0M

$137.0M

$134.0M

Kentucky Utilities Co | Related Party

Sales (Retail and wholesale)

$22.0M

$20.0M

$12.0M

Interest paid on debt (Interest Expense, Operating and Nonoperating)

$1.0M

Line (tap for what it means)

12 months to Dec 31, 2025

12 months to Dec 31, 2024

12 months to Dec 31, 2023

$1.2B

$888.0M

$740.0M

Amounts arising during the period - gains (losses), net of tax (expense) benefit

$1.0M

−$1.0M

$1.0M

Defined benefit plans

−$20.0M

−$22.0M

−$41.0M

Reclassifications from AOCI - (gains) losses, net of tax expense (benefit)

$2.0M

$3.0M

Defined benefit plans

$1.0M

−$1.0M

−$4.0M

−$3.0M

−$18.0M

−$21.0M

−$39.0M

$1.2B

$867.0M

$701.0M