PPL Corp FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$9.2B
Gross margin	— not reported
Operating income	$2.1B
Net income	$1.2B
Diluted EPS	$1.59
Cash & equivalents	$1.1B
Total assets	$45.2B
Long-term debt	$18.9B

Key takeaway

PPL reported $9.17 billion in revenue and $1.18 billion in net income for 2025, with diluted EPS of $1.59.

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Beneath the surface

Net debt is substantial: with only $1.07 billion cash against $18.9 billion long-term debt (and $19.09 billion total debt instrument carrying amount per XBRL), net debt approximates $18 billion, underscoring high leverage typical of a capital-intensive utility holding company.

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