PPL Corp. (NYSE:PPL) reported fourth-quarter earnings that matched Wall Street expectations on Friday while outlining an expanded long-term investment strategy that carries its growth targets through 2029.
Shares fell 3.87% in pre-market trading following the announcement.
For the fourth quarter, earnings from ongoing operations came in at $0.41 per share, in line with analyst projections. Revenue totaled $2.27 billion, falling short of the $2.4 billion consensus estimate. On a GAAP basis, quarterly earnings were $0.36 per share.
For full-year 2025, PPL posted GAAP earnings of $1.59 per share, while earnings from ongoing operations reached $1.81 per share, representing a 7.1% increase compared with 2024. The company said it delivered results at the midpoint of its 2025 guidance range.
“As the energy landscape continues to transform at an unprecedented pace, PPL continues to evolve and adapt to meet challenges and embrace opportunities,” said President and CEO Vincent Sorgi. He noted that the company achieved its targeted earnings and dividend growth in 2025, completed $4.4 billion in infrastructure spending, and surpassed its annual operations and maintenance cost-saving goals.
Looking ahead, PPL projected 2026 earnings between $1.90 and $1.98 per share, with a midpoint of $1.94 — implying 7.2% growth over 2025 ongoing earnings. The company also extended its annual EPS growth target of 6% to 8% through at least 2029 and increased its capital investment plan to $23 billion from 2026 through 2029. The updated plan suggests average annual rate base growth of approximately 10.3%.
In addition, PPL announced a 4.6% increase in its quarterly dividend to $0.2850 per share, underscoring its focus on returning capital to shareholders while investing in grid modernization and power generation initiatives.