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PPL Corporation Delivers Strong Third-Quarter 2026 Earnings; Raises Long‑Term EPS Growth Outlook

PPL
  • PPL reported third-quarter 2026 GAAP earnings of $0.49 per share, while ongoing earnings per share reached $0.54 compared to $0.48 in the prior year.
  • The company narrowed its 2026 ongoing earnings forecast range to $1.92 to $1.96 per share, aiming to meet the midpoint of $1.94.
  • PPL raised its long-term annual EPS growth target to 7% to 9% through at least 2030, based on the 2026 ongoing earnings midpoint.
  • A $25 billion capital plan for 2027 to 2030 was announced, driving average annual rate base growth of 10% over the period.
  • The 2027 earnings forecast range was set at $2.06 to $2.14 per share, with a midpoint of $2.10 representing an 8.2% increase over the 2026 projected midpoint.
  • Potential additional generation investments of $12 billion to $16 billion through 2032 were highlighted, with Kentucky opportunities potentially pushing EPS CAGR to 9%+.
  • Invitium Energy agreed to terms for approximately 2 GW of generation capacity to supply the QTS Salem Township data center project in Pennsylvania.
  • Kentucky's large-load pipeline grew to approximately 14.7 GW through 2032, including 12.8 GW from data center opportunities, with 2.3 GW under signed reimbursement agreements.
  • Pennsylvania's data center pipeline expanded to approximately 35.3 GW in advanced planning stages, supporting new generation opportunities via Invitium Energy.
  • The updated business plan includes approximately $3.0 billion in equity financing needs, while targeting an FFO/CFO to debt ratio of 16% to 18%.
  • PPL plans to maintain annual dividend per share growth of 4% to 6%, expected at the low end of the range to support reinvestment.
  • Rhode Island Regulated reported a decrease in third-quarter reported earnings per share of $0.04 year-over-year, while earnings from ongoing operations remained flat.
  • Kentucky Regulated segment earnings increased due to higher retail rates effective January 1, 2026, partially offset by higher operating costs.
  • Pennsylvania Regulated segment earnings rose driven by new distribution base rates effective July 1, 2026, alongside higher transmission revenue.
  • The company projects that realizing additional generation investments in Kentucky could raise projected compound annual EPS growth to 9%+ from 2026 to 2030.
Company
PPL Services Corporation
Keywords
PPL Services Corporation