Results were in line with the reaffirmed guidance trajectory. The Pennsylvania rate case settlement and Rhode Island infrastructure approvals remove regulatory overhang and support the 6-8% EPS growth target. Monitor the PUC decision on the Pennsylvania settlement by end of Q2 2026 and the Rhode Island hold-harmless proposal for further upside to bill credits and regulatory clarity.
Price Chart
Executive Summary
PPL Corp reported Q1 2026 ongoing EPS of $0.63, a 5% YoY increase from $0.60, and reaffirmed full-year 2026 guidance of $1.90-$1.98 per share. Revenue rose 10.8% YoY to $2.774B, driven by higher retail rates in Kentucky and transmission investments, though total electricity sales were flat to slightly down. The company also advanced key regulatory processes, including a Pennsylvania rate case settlement and Rhode Island infrastructure plan approval.
Key Financial Metrics
Key Facts
- Q1 2026 ongoing EPS of $0.63 vs $0.60 in Q1 2025, a 5% increase
- Q1 2026 GAAP EPS of $0.60 vs $0.56 in Q1 2025
- Revenue of $2.774B, up 10.8% from $2.504B in Q1 2025
- Reaffirmed 2026 ongoing EPS guidance of $1.90-$1.98 (midpoint $1.94)
- Reaffirmed 6%-8% annual EPS growth target through at least 2029
- Pennsylvania base rate case settlement reached, expected PUC decision by end of Q2 2026
- Rhode Island Energy received approval for annual infrastructure plans supporting over $330M in investments
- Total electricity sales declined 0.6% YoY; Kentucky retail sales down 2.0%
Financial Impact
Q1 2026 ongoing EPS of $0.63 vs $0.60 YoY; revenue $2.774B vs $2.504B YoY
Risk Factors
- Higher interest expense ($224M vs $190M in Q1 2025) could pressure margins
- Lower electricity sales volumes in Kentucky and flat Pennsylvania segment earnings
- Execution risk on $5.1B 2026 capital plan and $23B 2026-2029 infrastructure program
- Pending Pennsylvania PUC decision on base rate case settlement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000922224-26-000024 |
| Document: ppl-20260508.htm | 0000922224-26-000024 |
| Document: 0000922224-26-000024-index-headers.html | 0000922224-26-000024 |
| Document: 0000922224-26-000024-index.html | 0000922224-26-000024 |
| Document: 0000922224-26-000024.txt | 0000922224-26-000024 |
| 8-K Data (Synthetic) | 0000922224-26-000024 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 4, 2026 20w ago | 8-K | $48.05 $46.16 | ▼ −3.93% | ▼ −7.93% | $46.55 (−3.12%) |
May 8, 2026 24w ago | 8-K | $48.27 $46.85 | ▼ −2.94% | ▼ −7.78% | $46.55 (−3.56%) |
US Market Status
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