PPL Corporation (PPL) Balance Sheet

NYSE: PPLAssets, liabilities, debt and equity over 10 years.

PPL balance sheet, 2025

December 31, 2025 · U.S. dollars

$45.24B assets = $30.36B liabilities + $14.88B equity

Both columns are drawn to the same scale: what PPL owns equals what it owes plus shareholders’ equity. Hover a block for its value.

PPL financial health

Current ratio0.86

Tight · current assets cover current liabilities 0.86×

Debt / equity1.30

Moderate leverage · $1.30 of debt for each $1 of equity

Equity / assets32.9%

Balanced · of assets funded by shareholders

Cash / debt5.5%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles5.7%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

PPL balance sheet trends, 2016–2025

PPL Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$38.31B2016	$45.24B2025	+1.9%/yr
Total liabilities	$28.42B2016	$30.36B2025	+0.7%/yr
Shareholders’ equity	$9.90B2016	$14.88B2025	+4.6%/yr
Cash & short-term investments	$341.0M2016	$1.07B2025	+13.6%/yr
Total debt	$19.25B2016	$19.35B2025	+0.1%/yr
Net cash (debt)	−$18.91B2016	−$18.28B2025	+$629.0M
Working capital	−$1.77B2016	−$615.0M2025	+$1.2B
Book value per share	$14.552016	$20.022025	+3.6%/yr
Current ratio	0.542016	0.862025	+0.33
Debt / equity	1.942016	1.302025	−0.64
Shares outstanding	680.4M2016	743.3M2025	+1.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

PPL assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

PPL liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

PPL debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

PPL balance sheet

PPL Corporation annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$1.07B	$306.0M	$331.0M	$356.0M	$3.57B	$442.0M	$815.0M	$621.0M	$485.0M	$341.0M
Cash & equivalents	$1.07B	$306.0M	$331.0M	$356.0M	$3.57B	$442.0M	$815.0M	$621.0M	$485.0M	$341.0M
Short-term investments	—	—	—	—	—	$94.0M	$147.0M	$109.0M	$49.0M	$63.0M
Receivables	$1.78B	$1.45B	$1.65B	$1.45B	$890.0M	$904.0M	$1.30B	$1.16B	$1.22B	$1.15B
Inventory	$551.0M	$511.0M	$505.0M	$443.0M	$322.0M	$302.0M	$332.0M	$303.0M	$320.0M	$356.0M
Other current assets	$526.0M	$617.0M	$447.0M	$577.0M	$224.0M	$19.25B	$324.0M	$349.0M	$265.0M	$224.0M
Total current assets	$3.93B	$2.88B	$2.93B	$2.82B	$5.01B	$20.90B	$2.77B	$2.43B	$2.29B	$2.07B
Property, plant & equipment (net)	$36.13B	$33.15B	$31.42B	$30.24B	$25.47B	$24.50B	$36.48B	$34.46B	$33.09B	$30.07B
Goodwill & intangible assets	$2.57B	$2.56B	$2.55B	$2.56B	$1.06B	$1.07B	$3.94B	$3.88B	$3.96B	$3.76B
Long-term investments	$0	$0	$0	$0	$0	$52.0M	$149.0M	$228.0M	$215.0M	$336.0M
Other non-current assets	$2.61B	$2.48B	$2.33B	$2.21B	$1.69B	$1.60B	$2.34B	$2.40B	$1.92B	$2.08B
Total assets	$45.24B	$41.07B	$39.24B	$37.84B	$33.22B	$48.12B	$45.68B	$43.40B	$41.48B	$38.31B
Liabilities
Accounts payable	$1.56B	$1.20B	$1.10B	$1.20B	$679.0M	$745.0M	$956.0M	$989.0M	$924.0M	$820.0M
Short-term debt	$1.36B	$854.0M	$993.0M	$1.34B	$543.0M	$2.24B	$2.32B	$1.96B	$1.43B	$1.44B
Deferred revenue	—	$36.0M	−$20.0M	—	—	$300.0M	$261.0M	$257.0M	$292.0M	$276.0M
Total current liabilities	$4.55B	$3.33B	$3.34B	$3.79B	$2.32B	$15.05B	$4.90B	$4.56B	$4.02B	$3.84B
Long-term debt	$17.99B	$15.95B	$14.61B	$12.89B	$10.67B	$21.55B	$20.72B	$20.07B	$19.85B	$17.81B
Other long-term liabilities	$7.83B	$7.71B	$7.35B	$7.24B	$6.51B	$0	$7.07B	$7.11B	$6.85B	$6.77B
Total liabilities	$30.36B	$26.99B	$25.30B	$23.92B	$19.50B	$34.74B	$32.69B	$31.74B	$30.72B	$28.42B
Shareholders' equity
Common stock & paid-in capital	$8.0M	$8.0M	$8.0M	$8.0M	$8.0M	$8.0M	$8.0M	$7.0M	$7.0M	$7.0M
Retained earnings (deficit)	$3.21B	$2.83B	$2.71B	$2.68B	$2.57B	$5.32B	$5.13B	$4.59B	$3.87B	$3.83B
Treasury stock	—	—	—	—	−$1.00B	—	—	—	$0	$0
Accumulated other comprehensive income	−$202.0M	−$184.0M	−$163.0M	−$124.0M	−$157.0M	−$4.22B	−$4.36B	−$3.96B	−$3.42B	−$3.78B
Minority interest	$0	$0	$0	$3.0M	—	—	—	—	$0	$0
Total shareholders' equity	$14.88B	$14.08B	$13.93B	$13.91B	$13.72B	$13.37B	$12.99B	$11.66B	$10.76B	$9.90B
Key figures
Total debt	$19.35B	$16.81B	$15.60B	$14.23B	$11.21B	$15.86B	$23.04B	$22.03B	$21.27B	$19.25B
Net cash (debt)	−$18.28B	−$16.50B	−$15.27B	−$13.87B	−$7.64B	−$15.41B	−$22.23B	−$21.41B	−$20.79B	−$18.91B
Working capital	−$615.0M	−$453.0M	−$408.0M	−$965.0M	$2.68B	$5.84B	−$2.13B	−$2.13B	−$1.73B	−$1.77B
Tangible book value	$12.31B	$11.52B	$11.38B	$11.35B	$12.66B	$12.31B	$9.05B	$7.78B	$6.81B	$6.14B
Book value per share	$20.02	$19.03	$18.88	$18.88	$17.94	$17.38	$17.63	$16.45	$15.66	$14.55
Shares outstanding	743.3M	739.9M	738.2M	736.9M	764.8M	769.4M	736.8M	708.6M	687.3M	680.4M
Current ratio	0.86	0.86	0.88	0.75	2.16	1.39	0.56	0.53	0.57	0.54
Quick ratio	0.63	0.53	0.59	0.48	1.92	0.09	0.43	0.39	0.42	0.39
Debt / equity	1.30	1.19	1.12	1.02	0.82	1.19	1.77	1.89	1.98	1.94
Equity / assets	32.9%	34.3%	35.5%	36.8%	41.3%	27.8%	28.4%	26.9%	25.9%	25.8%

PPL Corporation quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$332.0M	$1.25B	$1.07B	$1.10B	$294.0M	$312.0M	$306.0M	$542.0M	$282.0M	$276.0M	$331.0M	$353.0M
Cash & equivalents	$332.0M	$1.25B	$1.07B	$1.10B	$294.0M	$312.0M	$306.0M	$542.0M	$282.0M	$276.0M	$331.0M	$353.0M
Receivables	$1.16B	$1.84B	$1.78B	$1.46B	$1.54B	$1.58B	$1.45B	$1.26B	$1.29B	$1.37B	$1.65B	$1.35B
Inventory	$597.0M	$536.0M	$551.0M	$517.0M	$504.0M	$476.0M	$511.0M	$517.0M	$502.0M	$477.0M	$505.0M	$488.0M
Other current assets	$1.08B	$698.0M	$526.0M	$555.0M	$587.0M	$723.0M	$617.0M	$657.0M	$724.0M	$914.0M	$447.0M	$566.0M
Total current assets	$3.17B	$4.32B	$3.93B	$3.63B	$2.92B	$3.10B	$2.88B	$2.97B	$2.80B	$3.04B	$2.93B	$2.75B
Property, plant & equipment (net)	$37.77B	$36.74B	$36.13B	$35.15B	$34.36B	$33.64B	$33.15B	$32.63B	$32.17B	$31.75B	$31.42B	$31.07B
Goodwill & intangible assets	$2.58B	$2.57B	$2.57B	$2.56B	$2.56B	$2.56B	$2.56B	$2.56B	$2.56B	$2.55B	$2.55B	$2.55B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$2.79B	$2.67B	$2.61B	$2.60B	$2.52B	$2.51B	$2.48B	$2.31B	$2.31B	$2.30B	$2.33B	$2.25B
Total assets	$46.30B	$46.30B	$45.24B	$43.94B	$42.36B	$41.81B	$41.07B	$40.47B	$39.84B	$39.63B	$39.24B	$38.63B
Liabilities
Accounts payable	$1.36B	$1.40B	$1.56B	$1.19B	$1.14B	$1.10B	$1.20B	$920.0M	$980.0M	$903.0M	$1.10B	$1.18B
Short-term debt	$65.0M	$1.21B	$1.36B	$2.05B	$2.50B	$1.35B	$854.0M	$1.0M	$390.0M	$292.0M	$993.0M	$378.0M
Deferred revenue	—	—	—	—	—	—	—	$35.0M	−$1.04B	$83.0M	$303.0M	—
Total current liabilities	$3.50B	$4.31B	$4.55B	$4.69B	$4.98B	$3.83B	$3.33B	$2.31B	$2.52B	$2.38B	$3.34B	$2.88B
Long-term debt	$19.79B	$19.02B	$17.99B	$16.94B	$15.29B	$15.94B	$15.95B	$16.50B	$15.76B	$15.75B	$14.61B	$14.48B
Other long-term liabilities	$7.97B	$7.95B	$7.83B	$7.90B	$7.81B	$7.75B	$7.71B	$7.58B	$7.50B	$7.45B	$7.35B	$7.25B
Total liabilities	$31.26B	$31.29B	$30.36B	$29.53B	$28.08B	$27.51B	$26.99B	$26.38B	$25.77B	$25.57B	$25.30B	$24.62B
Shareholders' equity
Common stock & paid-in capital	$12.34B	$8.0M	$8.0M	$8.0M	$8.0M	$8.0M	$8.0M	$8.0M	$8.0M	$8.0M	$8.0M	$8.0M
Retained earnings (deficit)	$3.46B	$3.44B	$3.21B	$3.14B	$3.03B	$3.05B	$2.83B	$2.85B	$2.83B	$2.83B	$2.71B	$2.77B
Accumulated other comprehensive income	−$205.0M	−$200.0M	−$202.0M	−$193.0M	−$190.0M	−$184.0M	−$184.0M	−$163.0M	−$160.0M	−$161.0M	−$163.0M	−$142.0M
Minority interest	—	—	$0	—	—	—	—	—	—	—	—	—
Total shareholders' equity	$15.04B	$15.02B	$14.88B	$14.41B	$14.29B	$14.30B	$14.08B	$14.09B	$14.06B	$14.06B	$13.93B	$14.01B
Key figures
Total debt	$19.85B	$20.24B	$19.35B	$18.99B	$17.80B	$17.29B	$16.81B	$16.50B	$16.15B	$16.05B	$15.60B	$14.86B
Net cash (debt)	−$19.52B	−$18.99B	−$18.28B	−$17.88B	−$17.50B	−$16.97B	−$16.50B	−$15.96B	−$15.86B	−$15.77B	−$15.27B	−$14.51B
Working capital	−$332.0M	$14.0M	−$615.0M	−$1.06B	−$2.06B	−$731.0M	−$453.0M	$668.0M	$283.0M	$662.0M	−$408.0M	−$125.0M
Tangible book value	$12.47B	$12.45B	$12.31B	$11.85B	$11.73B	$11.74B	$11.52B	$11.53B	$11.50B	$11.51B	$11.38B	$11.46B
Book value per share	$19.87	$19.84	$19.97	$19.36	$19.24	$19.28	$19.00	$19.04	$19.02	$19.03	$18.86	$18.98
Shares outstanding	757.2M	757.2M	745.1M	744.3M	742.5M	741.4M	741.1M	740.0M	739.6M	738.8M	738.6M	738.2M
Current ratio	0.91	1.00	0.86	0.77	0.59	0.81	0.86	1.29	1.11	1.28	0.88	0.96
Quick ratio	0.43	0.72	0.63	0.55	0.37	0.50	0.53	0.78	0.63	0.69	0.59	0.59
Debt / equity	1.32	1.35	1.30	1.32	1.25	1.21	1.19	1.17	1.15	1.14	1.12	1.06
Equity / assets	32.5%	32.4%	32.9%	32.8%	33.7%	34.2%	34.3%	34.8%	35.3%	35.5%	35.5%	36.3%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.

PPL financial position

At the end of fiscal 2025 (December 31, 2025), PPL had total assets of $45.2 billion (up 10.2% from a year earlier), total liabilities of $30.4 billion and shareholders' equity of $14.9 billion. It held $1.1 billion in cash and short-term investments against $19.4 billion of debt, net debt of $18.3 billion. Its current ratio was 0.86. In the latest quarter (ended June 30, 2026) total assets were $46.3 billion and equity $15.0 billion.

Related: PPL income statement, PPL cash flow statement, PPL key metrics. See the PPL stock overview for the latest quote and news.

PPL balance sheet FAQ

What are PPL's total assets?

PPL reported total assets of $45.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $41.1 billion a year earlier.

How much debt does PPL have?

PPL had $19.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.30.

How much cash does PPL have?

PPL held $1.1 billion in cash and short-term investments at the end of fiscal 2025; with $19.4 billion of debt that is net debt of $18.3 billion.

What is PPL's book value?

PPL's shareholders' equity (book value) was $14.9 billion at the end of fiscal 2025, or $20.02 per share.

What is PPL's current ratio?

PPL had current assets of $3.9 billion and current liabilities of $4.5 billion, a current ratio of 0.86 (current liabilities exceed current assets).

How much goodwill does PPL have?

PPL carried $2.6 billion of goodwill and intangible assets, 5.7% of total assets, at the end of fiscal 2025.