How does PPL (PPL) make money?

PPL (PPL) generates revenue primarily from Kentucky Regulated, which accounted for 41.4% of total revenue in TTM through Q1 2026. The company reported $9.31B in revenue and converted 13.1% of it into net profit, equivalent to roughly $1.22B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of PPL (PPL)?

PPL (PPL) reported a gross profit margin of 35.3% in TTM through Q1 2026, equivalent to $3.29B in gross profit on $9.31B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of PPL (PPL)?

PPL (PPL) reported an operating profit margin of 23.5% in TTM through Q1 2026, equivalent to $2.19B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of PPL (PPL)?

PPL (PPL) reported a net profit margin of 13.1% in TTM through Q1 2026, equivalent to $1.22B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is PPL (PPL) profitable?

Yes. PPL (PPL) reported $1.22B in net income for TTM through Q1 2026, with a net profit margin of 13.1%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does PPL (PPL) spend on capital expenditures?

PPL (PPL) spent $4.3B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 46.1% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does PPL (PPL) generate?

PPL (PPL) generated -$1.62B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of -17.4%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of PPL (PPL)?

PPL (PPL) had an effective tax rate of 19.6% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of PPL (PPL)?

PPL (PPL) reports revenue across 3 reportable product segments, led by Kentucky Regulated at 41.4% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does PPL (PPL) generate most of its revenue?

Kentucky Regulated is the largest geographic market for PPL (PPL), accounting for 41.4% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How PPL Makes Money: 2026 Visual Revenue Map

PPL (PPL) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported March 31, 2026).

PPL (PPL) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for PPL (PPL), TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Kentucky Regulated	$3.86B	41.4%
Pennsylvania Regulated	$3.23B	34.7%
Rhode Island Regulated	$2.22B	23.9%
Total	$9.31B	100%

Kentucky Regulated$3.86B
Pennsylvania Regulated$3.23B
Rhode Island Regulated$2.22B
Total$9.31B

PPL (PPL) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for PPL (PPL), TTM through Q1 2026
Region	Revenue (USD)	% of total
Kentucky Regulated	$3.91B	41.4%
Pennsylvania Regulated	$3.27B	34.7%
Rhode Island Regulated	$2.25B	23.9%
Total	$9.42B	100%

Kentucky Regulated
Pennsylvania Regulated
Rhode Island Regulated
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, PPL (PPL) reports revenue across 3 reportable product segments; the largest segment was Kentucky Regulated at 41.4%, followed by Pennsylvania Regulated (34.7%) and Rhode Island Regulated (23.9%). Geographically, Kentucky Regulated accounted for 41.4% of revenue, followed by Pennsylvania Regulated (34.7%) and Rhode Island Regulated (23.9%).

Frequently asked questions

Data & methodology

PPL (PPL) Key Financials

Charts, filings, and peer comparison for every metric

Trains Company Knowledge

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

PPL Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation