PPL Corporation (PPL) Cash Flow Statement
Where PPL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.63B +12.4% vs 2024
- Capital expenditures
- $4.03B 44.6% of revenue
- Free cash flow
- −$1.40B −15.5% margin
- Returned to shareholders
- $794.0M
- Change in cash
- $747.0M cash at year-end $1.09B
Cash from operations
$2.63B
Capital expenditures
−$4.03B
Acquisitions & other
+$26.0M
Dividends
−$794.0M
Share buybacks (net)
+$401.0M
Net borrowing (repayment)
+$2.58B
Shares issued
+$401.0M
Other financing
−$468.0M
Change in cash
$747.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PPL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PPL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.89B2016 | $2.63B2025 | −1.0%/yr | |
| Capital expenditures | $2.92B2016 | $4.03B2025 | +3.6%/yr | |
| Free cash flow | −$67.0M2016 | −$1.40B2025 | — | |
| Free cash flow margin | −0.9%2016 | −15.5%2025 | −14.6 pts | |
| Operating cash flow / net income | 1.522016 | 2.232025 | +0.71 | |
| Stock-based compensation | $28.0M2016 | $49.0M2025 | +6.4%/yr | |
| Dividends paid | $1.03B2016 | $794.0M2025 | −2.9%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 38.8%2016 | 44.6%2025 | +5.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PPL cash flow by activity
OperatingInvestingFinancingChange in cash
PPL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PPL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.18B | $888.0M | $740.0M | $714.0M | $18.0M | $1.47B | $1.75B | $1.83B | $1.13B | $1.90B |
| Depreciation & amortization | $1.42B | $1.36B | $1.33B | $1.23B | $1.12B | $1.36B | $1.28B | $1.17B | $1.10B | $1.01B |
| Stock-based compensation | $49.0M | $46.0M | $33.0M | $37.0M | $1.12B | $29.0M | $36.0M | $26.0M | $38.0M | $28.0M |
| Change in working capital | $6.0M | −$7.0M | −$139.0M | −$392.0M | $22.0M | −$166.0M | −$298.0M | $153.0M | −$46.0M | −$84.0M |
| Other non-cash items | −$23.0M | $56.0M | −$211.0M | $138.0M | −$12.0M | $55.0M | −$337.0M | −$357.0M | $236.0M | $38.0M |
| Cash from operating activities | $2.63B | $2.34B | $1.76B | $1.73B | $2.27B | $2.75B | $2.43B | $2.82B | $2.46B | $2.89B |
| Investing activities | ||||||||||
| Capital expenditures | −$4.03B | −$2.81B | −$2.39B | −$2.15B | −$1.97B | −$3.25B | −$3.08B | −$3.24B | −$3.13B | −$2.92B |
| Investments (net) | — | −$2.82B | −$2.21B | $146.0M | $7.96B | $9.0M | $14.0M | $65.0M | −$3.16B | $2.0M |
| Acquisitions & other investing | $26.0M | $2.81B | $2.21B | −$3.65B | $1.97B | −$18.0M | −$11.0M | −$188.0M | $3.13B | −$8.0M |
| Cash from investing activities | −$4.00B | −$2.82B | −$2.38B | −$5.65B | $7.96B | −$3.26B | −$3.08B | −$3.36B | −$3.16B | −$2.93B |
| Financing activities | ||||||||||
| Dividends paid | −$794.0M | −$747.0M | −$704.0M | −$787.0M | −$1.28B | −$1.27B | −$1.19B | −$1.13B | −$1.07B | −$1.03B |
| Share repurchases & issuance (net) | $401.0M | — | $0 | −$721.0M | −$1.00B | $2.67B | $1.19B | $1.42B | $1.63B | $1.37B |
| Net borrowing (repayment) | $2.58B | $1.21B | $1.41B | $1.50B | −$5.05B | $1.12B | $887.0M | $1.15B | $1.46B | $487.0M |
| Shares issued | $401.0M | $2.0M | $5.0M | $0 | $9.0M | $34.0M | $1.17B | $698.0M | $0 | $0 |
| Other financing | −$468.0M | −$25.0M | −$56.0M | $715.0M | −$62.0M | −$2.16B | −$1.21B | −$1.44B | −$1.20B | −$1.27B |
| Cash from financing activities | $2.12B | $435.0M | $650.0M | $709.0M | −$7.39B | $386.0M | $836.0M | $690.0M | $824.0M | −$439.0M |
| Summary | ||||||||||
| Net change in cash | $747.0M | −$43.0M | $25.0M | −$3.21B | $3.13B | −$109.0M | $193.0M | $132.0M | $144.0M | −$495.0M |
| Cash at end of period | $1.09B | $339.0M | $382.0M | $357.0M | $3.57B | $727.0M | $836.0M | $643.0M | $485.0M | $341.0M |
| Free cash flow | −$1.40B | −$465.0M | −$632.0M | −$425.0M | $297.0M | −$503.0M | −$656.0M | −$417.0M | −$710.0M | −$67.0M |
| Free cash flow margin | −15.5% | −5.5% | −7.6% | −5.4% | 5.1% | −9.2% | −11.7% | −5.4% | −9.5% | −0.9% |
| Capex / revenue | 44.6% | 33.1% | 28.8% | 27.3% | 34.1% | 59.4% | 55.0% | 41.6% | 42.1% | 38.8% |
| Operating cash flow / net income | 2.23 | 2.64 | 2.38 | 2.42 | 126.11 | 1.87 | 1.39 | 1.54 | 2.18 | 1.52 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $231.0M | $451.0M | $266.0M | $318.0M | $183.0M | $414.0M | $177.0M | $214.0M | $190.0M | $307.0M | $113.0M | $230.0M |
| Depreciation & amortization | $389.0M | $391.0M | $366.0M | $355.0M | $353.0M | $342.0M | $339.0M | $336.0M | $342.0M | $340.0M | $334.0M | $336.0M |
| Stock-based compensation | $8.0M | $23.0M | — | — | $7.0M | $19.0M | — | — | — | — | $11.0M | $3.0M |
| Change in working capital | −$57.0M | −$353.0M | −$65.0M | $235.0M | $42.0M | −$233.0M | −$19.0M | $177.0M | $270.0M | −$435.0M | −$189.0M | $241.0M |
| Other non-cash items | $12.0M | $45.0M | −$19.0M | $58.0M | $17.0M | −$29.0M | $14.0M | $54.0M | −$36.0M | $70.0M | −$159.0M | −$4.0M |
| Cash from operating activities | $583.0M | $557.0M | $548.0M | $966.0M | $602.0M | $513.0M | $511.0M | $781.0M | $766.0M | $282.0M | $110.0M | $806.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.06B | −$1.06B | −$1.16B | −$1.15B | −$930.0M | −$793.0M | −$860.0M | −$679.0M | −$670.0M | −$596.0M | −$649.0M | −$651.0M |
| Investments (net) | — | — | — | −$1.15B | −$930.0M | −$783.0M | −$874.0M | −$683.0M | −$79.0M | −$1.18B | −$644.0M | −$643.0M |
| Acquisitions & other investing | −$303.0M | $12.0M | $18.0M | $1.15B | $930.0M | $793.0M | $860.0M | $679.0M | $79.0M | $1.19B | $649.0M | −$445.0M |
| Cash from investing activities | −$1.36B | −$1.05B | −$1.14B | −$1.15B | −$930.0M | −$783.0M | −$874.0M | −$683.0M | −$670.0M | −$591.0M | −$644.0M | −$1.74B |
| Financing activities | ||||||||||||
| Dividends paid | −$214.0M | −$202.0M | −$201.0M | −$201.0M | −$202.0M | −$190.0M | −$190.0M | −$190.0M | −$190.0M | −$177.0M | −$178.0M | −$178.0M |
| Share repurchases & issuance (net) | — | — | $401.0M | — | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | $91.0M | $896.0M | $395.0M | $1.20B | $508.0M | $475.0M | $303.0M | $357.0M | — | — | — | $44.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$11.0M | −$40.0M | −$32.0M | −$21.0M | $0 | −$14.0M | $6.0M | −$6.0M | $97.0M | $425.0M | $740.0M | −$2.0M |
| Cash from financing activities | −$134.0M | $654.0M | $563.0M | $982.0M | $306.0M | $271.0M | $119.0M | $161.0M | −$93.0M | $248.0M | $562.0M | −$136.0M |
| Summary | ||||||||||||
| Net change in cash | −$912.0M | $165.0M | −$33.0M | $801.0M | −$22.0M | $1.0M | −$244.0M | $259.0M | $3.0M | −$61.0M | $28.0M | $27.0M |
| Cash at end of period | $339.0M | $1.25B | $1.09B | $1.12B | $318.0M | $340.0M | $339.0M | $583.0M | $324.0M | $321.0M | $382.0M | $354.0M |
| Free cash flow | $1.64B | −$501.0M | −$614.0M | −$179.0M | −$328.0M | −$280.0M | −$349.0M | $102.0M | $96.0M | −$314.0M | −$539.0M | $155.0M |
| Free cash flow margin | 77.7% | −18.1% | −27.0% | −8.0% | −16.2% | −11.2% | −15.8% | 4.9% | 5.1% | −13.6% | −26.5% | 7.6% |
| Capex / revenue | 50.1% | 38.1% | 51.1% | 51.1% | 45.9% | 31.7% | 38.9% | 32.9% | 35.6% | 25.9% | 32.0% | 31.9% |
| Operating cash flow / net income | 2.52 | 1.24 | 2.06 | 3.04 | 3.29 | 1.24 | 2.89 | 3.65 | 4.03 | 0.92 | 0.97 | 3.50 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PPL cash generation
In fiscal 2025 (ended December 31, 2025), PPL generated $2.6 billion of cash from operations (up 12.4%) and spent $4.0 billion on capital expenditures, leaving free cash flow of -$1.4 billion, −15.5% of revenue. It returned $794.0 million to shareholders through dividends ($794.0 million) and net share buybacks ($0). Cash and equivalents rose by $747.0 million over the year.
Related: PPL income statement, PPL balance sheet, PPL dividend history. See the PPL stock overview for the latest quote and news.
PPL cash flow FAQ
What is PPL's free cash flow?
PPL's free cash flow was -$1.4 billion in fiscal 2025: $2.6 billion of operating cash flow minus $4.0 billion of capital expenditures It was -$465.0 million a year earlier..
How much cash does PPL generate from operations?
PPL generated $2.6 billion of cash from operating activities in fiscal 2025, 2.23 times its net income of $1.2 billion.
How much does PPL spend on capital expenditures?
PPL spent $4.0 billion on capital expenditures in fiscal 2025, 44.6% of revenue, compared with $2.8 billion the year before.
How much does PPL pay in dividends?
PPL paid $794.0 million in dividends in fiscal 2025.
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