PPL US S&P 500Russell 1000 Earnings call
PPL Corporation (PPL) · Q2 2026 results and valuation
Share price: $35.38 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 7 Aug 2026 and 8 May 2026
Net income down 49.1% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−49.1%
Net income vs Q1 2026
Outlook given
Net income 230.0M vs 452.0M
Revenue −23.9%
Against the same quarter last year (Q2 2025) it is +25.7%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
PPL is on pace to deploy approximately $5 billion of capital investments in 2026 to support the delivery of safe operations.
Valuation
Is PPL Corporation undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$35.38
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+16.7% for 10 yrs
Fair value / share
$-0.31
Buy below
$-0.23
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
-
Guidance
Expected stronger second-half earnings are driven by rate case outcomes in Pennsylvania and Rhode Island, with Pennsylvania rates starting in July.
Source quote
“We expect stronger earnings growth in the second half of the year, supported by rate case outcomes in both Pennsylvania and Rhode Island, with Pennsylvania rates effective July...”
-
Guidance
PPL reaffirmed its ongoing earnings of $0.33 per share and expects growth in the second half of 2026 due to rate case outcomes in Pennsylvania and Rhode Island.
Source quote
“Based on our results through the first half of the year and our expectations for the remainder of 2026, we are reaffirming... Today, we reported ongoing earnings of $0.33 per share. We expect stronger earnings growth in the second half of the year, supported by rate case outcomes in both Pennsylvania and Rhode Island, with Pennsylvania rates effective July 1, and Rhode Island...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We're executing a strong base plan today while building additional strong growth opportunities for tomorrow.”
“Lastly, we continue to maintain a strong balance sheet supported by an improving credit profile with enhanced cash flows following our base rate cases and the settlement of previously priced...”
“We also reaffirmed our long-term financial targets, including 6% to 8% annual EPS growth through at least 2029 with compound annual growth expected to be near the top end of...”
Full figures
USD · ROIC.AI fundamentals (NYSE:PPL, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.11B | 2.77B | −23.9% | 2.02B | +4.2% |
| Gross profit | 941.0M | — | — | ||
| Operating income | 475.0M | 745.0M | −36.2% | 406.0M | +17.0% |
| Net income | 230.0M | 452.0M | −49.1% | 183.0M | +25.7% |
| EPS | 0.31 | 0.60 | −49.0% | 0.25 | +22.3% |
| P/E today 20.7 | — | — | — | 25.5 | — |
Topics
Most discussed now
- PPL is actively negotiating bilaterally, and it has been doing that way before the PJM RBP process, Michael.
- It will be whatever suite of assets that PPL ultimately agree with the hyperscaler for or the third-party data center...
- Longer term, PPL continues to project $23 billion of capital investment needs through 2029, supporting average annual rate base growth...
- PPL continues to maintain a strong balance sheet supported by an improving credit profile with enhanced cash flows following...
- PPL has made great progress in achieving constructive outcomes in its base rate cases, supporting timely recovery of critical investments…
Faded since Q1 2026
- Fading PPL also continues to target annual dividend growth of 4% to 6%, along with strong credit metrics throughout its plan...
- Fading PPL also continues to maintain one of the strongest credit ratings in its sector, with a balance sheet that provides...
- Fading In going from wood to steel and other upgrades, PPL upsized lines, creating additional capacity that enables us to connect...
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Latest announcements
Official filings, newest first.
- Other events · SEC 8-K
- Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- New financial obligation; Other events · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K