PPL

PPL is a regulated utility holding company based in Allentown, Pennsylvania. Its utilities are PPL Electric Utilities in Pennsylvania, Louisville Gas and Electric (LG&E) and Kentucky Utilities (KU) in Kentucky, and Rhode Island Energy, which it bought in May 2022. PPL Electric delivers electricity but does not generate it, while LG&E and KU also generate power.

Rhode Island Energy delivers electricity and natural gas. Regulators set the rates, so earnings grow mostly with investment in the rate base. PPL also owns 51% of Invitium Energy, a joint venture with Blackstone Infrastructure that plans to build power plants for data centers in Pennsylvania.

The market prices PPL as a steady utility whose faster growth depends on data centers and on regulators. On November 6, 2026, PPL raised its EPS growth target to 7% to 9% a year through at least 2030, from the $1.94 midpoint of its 2026 forecast, with growth in the top half of the range, and it set a $25 billion capital plan for 2027 to 2030. Data center demand in its areas is large: PPL Electric has 11.4 gigawatts under signed service agreements, and the Kentucky pipeline is 14.7 gigawatts. But recent rate decisions gave less than PPL asked for.

In August 2026, Rhode Island regulators set a 9.275% return on equity and did not approve a second rate year, and the Kentucky rehearing order added only about $7 million of annual revenue. The investment plan also needs much new debt and about $3.0 billion of new equity. For the gap to close, PPL must earn 2026 ongoing EPS of at least $1.94, the midpoint of its narrowed $1.92 to $1.96 range, and then $2.06 to $2.14 in 2027. LG&E and KU must file for new generation by the end of 2026, as PPL expects, and receive approval.

Invitium Energy must turn its non-binding terms with QTS for about 2 gigawatts into a signed agreement. The Q4 2026 report, expected in February 2027, is the next test. If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is weaker rate decisions, which would lower the return on new investment.

1. Nov 6, 2026Passed

   Q3 2026 earnings: 2026 forecastOngoing EPS on track for the $1.90 to $1.98 forecast passes; a cut to the forecast or the growth target fails.Outcome: Ongoing EPS was $0.54, PPL narrowed its 2026 forecast to $1.92 to $1.96 with at least the $1.94 midpoint, and it raised its growth target to 7% to 9% a year.
2. Dec 2026 · est.Pending

   Invitium Energy supply agreementAt least one signed long-term energy supply agreement by the end of 2026 passes; no agreement fails.
3. Dec 2026 · est.Pending

   LG&E and KU request for new generationA filing for new generation beyond the approved 2.3 gigawatts by the end of 2026 passes; a delay into 2027 fails.
4. Feb 6, 2027 · est.Pending

   Q4 2026 earnings: 2026 result and 2027 forecast2026 ongoing EPS of at least $1.94 and an unchanged 2027 forecast of $2.06 to $2.14 pass; a 2026 result below $1.94 or a lower 2027 forecast fails.

Every passed and failed checkpoint across all picks

• November 6, 2026PPL reported Q3 2026 results. Reported EPS was $0.49, and ongoing EPS was $0.54, up from $0.48. PPL narrowed its 2026 ongoing EPS forecast to $1.92 to $1.96 and expects at least the $1.94 midpoint. It raised its EPS growth target to 7% to 9% a year through at least 2030, in the top half of the range, set a 2027 forecast of $2.06 to $2.14, and set a $25 billion capital plan for 2027 to 2030 with rate base growth of about 10% a year. The plan needs about $3.0 billion of new equity. Invitium Energy agreed non-binding key terms with QTS to supply about 2 gigawatts to a data center in Salem Township, Pennsylvania, for 20 years.
• October 16, 2026Pennsylvania Governor Josh Shapiro asked to take part in a Pennsylvania Public Utility Commission proceeding on rates and protections for large energy users, such as data centers. PPL Electric said that it welcomes the focus on customer protection and that its large-load tariff and a proposed transmission rider already protect other customers.
• October 5, 2026LG&E and KU asked for proposals for firm, dispatchable thermal generation, of at least 50 MW, to serve load growth. Proposals are due on November 6, 2026. Selected resources would add to the generation plans that the Kentucky Public Service Commission already approved.

Last earnings

November 6, 2026 (8-K on sec.gov)

Next earnings

Expected about February 6, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 6, 2026 · ppl-20260930
• 8-KEarnings release and Investor disclosureFiled November 6, 2026 · Press release and exhibits
• 8-KOther company newsFiled August 27, 2026 · ppl-20260827
• 8-KOther company newsFiled August 17, 2026 · ppl-20260814
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 7, 2026 · ppl-20260630
• 8-KEarnings release and Investor disclosureFiled August 7, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled June 30, 2026 · ppl-20260630
• 8-KOther company newsFiled June 4, 2026 · ppl-20260604
• 8-KNew material agreement and New debt or financial obligationFiled May 18, 2026 · ppl-20260513
• 8-KNew debt or financial obligation and Other company newsFiled May 15, 2026 · ppl-20260512

Every filing on SEC EDGAR (CIK 922224)

• Regulators decide the return on investment. The 9.275% return on equity in Rhode Island and the partial Kentucky rehearing order show that decisions can be lower than PPL requests.
• Much of the extra growth depends on data centers. If developers delay their projects, or Invitium Energy signs no supply agreements, the investment upside does not come.
• Debt rose to $21.2 billion at September 30, 2026, and interest expense rose 15% in the first nine months of 2026. The plan also needs about $3.0 billion of new equity. Higher interest rates make the investment plan more costly.
• LG&E and KU still use coal plants. Stricter environmental rules can raise costs or force earlier retirements.

PPL funds its utilities with first mortgage bonds and funds the parent with senior notes, commercial paper and new shares. At September 30, 2026, total debt was $21.25 billion: long-term debt of $20.21 billion, long-term debt due within one year of $358 million and short-term debt of $679 million. Read more

Yield at the current rate

3.2% (current annual rate, at today’s price)

Dividend yield

3.2% (last 12 months, at today’s price of $35.38)

Paid per share

$1.128 in the last 12 months (4 payments)

Current annual rate

$1.14 ($0.285 × 4 a year)

Payout ratio

69% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 10, 2026, $0.285 per share

Dividends per share by year

From 2020 to 2025, the dividend fell by about 8.0% a year. From 2015 to 2025, the dividend fell by about 3.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.