PPL Corporation (NYSE:PPL) filed an earnings announcement on November 6, 2026, reporting third-quarter 2026 ongoing earnings per share of $0.54 and unveiling a $25 billion capital plan for 2027 through 2030, alongside a raised long-term EPS growth target and a commercial agreement through its Invitium Energy joint venture.

Key Highlights

  • Q3 2026 reported earnings (GAAP): $367 million, or $0.49 per share, up from $318 million, or $0.43 per share, in Q3 2025.
  • Q3 2026 ongoing EPS (non-GAAP): $0.54, compared with $0.48 in Q3 2025, on ongoing earnings of $411 million versus $355 million a year ago.
  • 2026 ongoing earnings forecast narrowed: Range tightened to $1.92 to $1.96 per share; the company stated it is on track to achieve at least the midpoint of $1.94 per share.
  • Raised long-term EPS growth target: Annual EPS growth target increased to 7% to 9% through at least 2030, up from a prior target of 6% to 8%, with growth expected in the top half of the range.
  • $25 billion capital plan (2027-2030): The plan is $2 billion higher than the prior 2026-2029 plan and is projected to drive average annual rate base growth of 10% over the period.
  • 2027 earnings forecast: Range of $2.06 to $2.14 per share, with a midpoint of $2.10, representing an 8.2% increase over PPL's projected 2026 ongoing earnings midpoint.
  • Invitium Energy commercial terms: Invitium Energy agreed to key commercial terms with QTS for approximately 2 GW of generation capacity to support the QTS Salem Township, Pennsylvania data center project, with a 20-year initial term and provisions for multiple five-year renewals.

PPL Corporation Reports Q3 2026 Results and Raises Long-Term Growth Targets

According to the filing, PPL Corporation reported third-quarter 2026 GAAP earnings of $367 million, or $0.49 per share, compared with $318 million, or $0.43 per share, for the same period in 2025. For the first nine months of 2026, the company reported earnings of $1.05 billion, or $1.38 per share, versus $915 million, or $1.23 per share, for the first nine months of 2025. Adjusting for special items, ongoing earnings from operations for the first nine months of 2026 were $1.14 billion, or $1.50 per share, compared with $1.04 billion, or $1.40 per share, for the same period in 2025.

The filing disclosed that PPL's updated $25 billion capital plan for 2027 through 2030 is primarily driven by an additional natural gas combined-cycle unit to support large-load growth in Kentucky. The company projects approximately $3.0 billion of equity financing needs under the updated plan, in addition to more than $1.5 billion already executed through forward sales agreements during 2025 and 2026. PPL said it continues to target a Funds from Operations (FFO) / Cash Flow from Operations (CFO) to debt ratio of 16% to 18%, with the ratio expected to improve toward the midpoint of the range over the plan period. Annual dividend per share growth is targeted at approximately 4% to 6%, with growth expected at the low end of the range.

Beyond its updated capital plan, the filing identified $12 billion to $16 billion of potential additional generation investment through 2032, encompassing regulated generation in Kentucky and PPL's 51% ownership interest in Invitium Energy. In Kentucky, the economic development pipeline grew to approximately 14.7 GW through 2032, including 12.8 GW associated with data center opportunities, with approximately 2.3 GW now under signed reimbursement agreements. In Pennsylvania, PPL Electric Utilities' data center pipeline grew for the 11th consecutive quarter to approximately 35.3 GW in advanced stages of planning. The filing noted that the term sheet between Invitium Energy and QTS is nonbinding and subject to customary conditions precedent, and that Invitium's updated business plan does not include potential capital investments or earnings contributions associated with Invitium Energy.

What Was Disclosed

PPL Corporation disclosed Q3 2026 GAAP and non-GAAP earnings results, narrowed its 2026 ongoing EPS forecast, raised its long-term EPS growth target to 7% to 9% through at least 2030, announced a $25 billion capital plan for 2027-2030, provided a 2027 EPS forecast range, and announced commercial terms between Invitium Energy and QTS for approximately 2 GW of generation capacity in Pennsylvania.