PPL Lifts Q3 Revenue, Narrows 2026 Earnings Outlook
The Allentown utility posted higher third-quarter revenue and operating income and introduced 2027 earnings guidance.
Updated on Nov. 13, 2026 in Utilities
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PPL Corporation reported third-quarter 2026 revenue of $2.50 billion, up 11.5% year-over-year and above analyst expectations of $2.44 billion. Ongoing earnings rose 12.5% to $0.54 per share, and the company narrowed its 2026 ongoing EPS guidance to $1.92-$1.96.
Why it matters
Higher electricity sales volumes, customer rate increases and improved transmission revenues drove the quarter, while higher fuel, energy procurement, depreciation and interest costs partly offset those gains. The company's 2027 guidance of $2.06-$2.14 per share signals its planned earnings trajectory for United States utility investors.
PPL's third-quarter 2026 revenue of $2.50 billion rose 11.5% year-over-year and operating income reached $665 million, up 16.9%. The company's $25 billion capital investment plan for 2027-2030 and its 7%-9% long-term EPS growth target remain the stated framework, though the stub does not detail quarterly cost breakdowns beyond fuel, procurement, depreciation and interest.
The players
PPL Corporation
PPL Corporation is an American energy utility holding company headquartered in Allentown, Pennsylvania, with a market capitalization of $26.6 billion.
The details
PPL Corporation, an Allentown, Pennsylvania-based energy utility holding company, reported third-quarter 2026 results on Nov. 6, 2026, with earnings from ongoing operations of $0.54 per share. The company operates Kentucky, Pennsylvania and Rhode Island regulated segments, and its investments are expected to support roughly 10% average annual rate base growth.
Timeline
Nov. 6, 2026: PPL reports third-quarter 2026 results.
Nov. 9, 2026: BMO Capital raises its PPL price target to $40.
2027-2030: PPL's $25 billion capital investment plan period.
Through 2030: PPL's 7%-9% long-term EPS growth target period.
Market Landscape
PPL shares fell 4.5% over the past year while the S&P 500 rose 10.8%, and the Utilities Select Sector SPDR ETF (XLU) fell 2.6%, placing the company's results against a sector that has trailed the broader market. Its investment-led growth plan positions it to compete for investor capital on rate base expansion rather than on near-term share price momentum.
For electricity customers served by PPL's regulated Kentucky, Pennsylvania and Rhode Island operations, the company's investment plan and rate base growth shape the rates they pay over time. Investors in the stock should note that the company's guidance points to continued earnings growth through 2027 and beyond.
The takeaway
PPL's results show that regulated utilities can grow earnings through investment in infrastructure and rate base, even when their shares lag the broader market. Readers tracking the sector should watch whether the company meets its 2027 guidance and its 7%-9% long-term growth target.
Further reading
For broader context on the sector, see Utilities coverage across the United States.
Source note: This article includes information reported by Barchart.
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