Key Highlights

● Second-quarter ongoing earnings were $0.33 per share, up from $0.32.

● GAAP earnings were $0.30 per share, up from $0.25.

● PPL Electric Utilities reports 31.8 gigawatts of data center demand in advanced planning.

● The board declared a quarterly dividend of $0.285 per share.

PPL Corporation (NYSE:PPL) is a US energy holding company whose regulated utilities serve customers in Kentucky, Pennsylvania and Rhode Island. Its common stock trades on the New York Stock Exchange.

Because rates are set by regulators, earnings growth depends on capital investment being approved for recovery.

Second-quarter results, reported August 7, 2026

PPL reported second-quarter GAAP earnings of $0.30 per share, up from $0.25, and ongoing earnings of $0.33 per share, up from $0.32. Net income was $230 million against $183 million. For the first half, GAAP earnings were $0.90 per share (2025: $0.80) and ongoing earnings were $0.96 (2025: $0.92).

By segment, ongoing earnings per share were $0.18 in Kentucky (unchanged), $0.18 in Pennsylvania (from $0.19) and $0.03 in Rhode Island (from $0.01), with corporate and other at a loss of $0.06. According to market data, ongoing earnings were below the $0.35 consensus and revenue of $2.11 billion trailed an expected $2.18 billion, though revenue was 4.2% higher than a year earlier. Electricity sales fell 1.6%.

Management reaffirmed 2026 ongoing earnings guidance of $1.90 to $1.98 per share and said it expects stronger growth in the second half. The long-term target is 6% to 8% annual earnings growth through at least 2029, with compound growth near the top of that range.

Data center pipeline and investment

The headline theme is demand from data centers. In Pennsylvania, PPL Electric Utilities reports 31.8 gigawatts in advanced planning, more than 11 gigawatts under signed service agreements and more than 6.5 gigawatts under construction. In Kentucky, the pipeline is 13.7 gigawatts, of which 11.6 gigawatts relates to data centers and 1.3 gigawatts is under signed agreements. The company also described Invitium Energy, a 51% joint venture with Blackstone (NYSE:BX), as having sites for 8 to 14 gigawatts and expecting one or more commercial agreements by the end of 2026. The venture is not expected to be material to earnings through 2030.

Spending is rising accordingly. First-half capital expenditure was $2,339 million versus $1,723 million a year earlier, and construction work in progress stood at $4,149 million at June 30. Management also pointed to potential generation investment of $10 billion to $12 billion through 2032, and expects LG&E and KU to file a request for additional generation by the end of 2026.

Dividend and funding

PPL declared a quarterly dividend of $0.285 per share on August 21, 2026, equal to $1.14 annualized, payable on October 1, 2026 to holders of record on September 10. Common dividends paid in the first half were $416 million, compared with $392 million a year earlier.

Funding needs are significant. According to the company's balance sheet, cash fell to $332 million from $1.07 billion at the end of 2025, while long-term debt rose to $19.79 billion from $17.99 billion.

Load Growth Conversion and Interest Costs

PPL is an S&P 500 constituent, and sector investors are currently focused on whether load growth from data centers converts into approved, financed projects.

Risks include regulatory outcomes, delays or cancellations among data center customers, rising interest costs, and execution on large generation projects. The reported fall in electricity sales and the modest ongoing earnings growth show that results remain tied to timing of recovery rather than volume alone.