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Get filing alertsPPL reports Q2 EPS of $0.33, sees $10B–$12B generation upside from data center demand
Filed August 7, 2026 · Period ending August 7, 2026 · ~2 min read
Key Changes
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PPL disclosed $10B–$12B potential generation investment through 2032 driven by data center demand; Pennsylvania pipeline grew to 31.8 GW (11 GW under signed agreements, 6.5 GW under construction), Kentucky to 13.7 GW (1.3 GW signed); expects to file CPCN for $3.5B–$4.0B Kentucky generation by year-end 2026.
Exhibit 99.1 view on EDGAR → -
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Invitium Energy (PPL's 51% JV with Blackstone) secured PJM acceptance for over 5 GW interconnection, reservation agreements for over 5 GW combined-cycle gas turbines (representing $12.5B–$15.0B potential investment through 2032); expects to sign commercial energy supply agreements by year-end 2026, with batteries online 2029–2030 and gas turbines as early as 2031–2032.
Exhibit 99.1 view on EDGAR → -
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Q2 2026 ongoing EPS of $0.33, up from $0.32 in Q2 2025, driven by higher Kentucky retail rates (effective January 1, 2026) and increased Pennsylvania transmission revenue, partially offset by higher operating costs, depreciation, and interest expense.
Exhibit 99.1 view on EDGAR → -
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PPL reaffirmed full-year 2026 ongoing EPS guidance of $1.90–$1.98 (midpoint $1.94) and 6%–8% annual EPS growth target through at least 2029, with compound annual growth expected near the top end of the range; expects stronger earnings growth in second half 2026 and continuing through 2029.
Exhibit 99.1 view on EDGAR → -
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PPL issued $2,046 million of long-term debt and retired $668 million in the first six months of 2026; long-term debt increased from $17,990 million at year-end 2025 to $19,789 million at June 30, 2026.
Exhibit 99.1 view on EDGAR →
Summary
PPL delivered a solid second quarter with ongoing EPS of $0.33, up a penny year-over-year, and reaffirmed its full-year 2026 guidance of $1.90–$1.98 per share. The company expects stronger earnings growth in the second half of 2026 and through 2029, targeting 6%–8% annual EPS growth with compound growth near the top end of that range. The headline story is PPL's expanding data center opportunity.
The company disclosed $10 billion to $12 billion of potential generation investment through 2032 across its Pennsylvania and Kentucky service territories. Pennsylvania's data center pipeline has grown to 31.8 GW in advanced planning stages, with over 11 GW under signed agreements and more than 6.5 GW already under construction.
Kentucky's pipeline stands at 13.7 GW (11.6 GW data center-related), with 1.3 GW under signed agreements. PPL expects to file a certificate request by year-end 2026 for additional Kentucky generation representing $3.5 billion to $4.0 billion of incremental investment. PPL's Invitium Energy joint venture with Blackstone is also advancing rapidly. The venture has secured PJM acceptance for over 5 GW of interconnection requests and reservation agreements for over 5 GW of combined-cycle gas turbines, representing $12.5 billion to $15.0 billion of potential investment through 2032. PPL expects to sign commercial energy supply agreements by year-end 2026, with batteries or other shorter-lead-time technologies potentially contributing earnings in 2029–2030 and combined-cycle gas turbines online as early as 2031–2032. For retail holders, the data center pipeline represents a multi-year growth catalyst that could materially expand PPL's rate base and earnings power beyond the current 2029 forecast horizon.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
PPL Corp disclosed Q2 2026 financial results via press release.
Added in current filing · verify on EDGAR →
On August 7, 2026, PPL Corporation ("PPL") issued a press release announcing its financial results for the quarter ended June 30, 2026 and other business matters.
PPL announced second quarter 2026 financial results. The 8-K references a press release (Exhibit 99.1) containing the detailed results and other business matters, but does not include quantitative figures in the body of the filing itself.
Event · Item 7.01 — Regulation FD Disclosure
PPL scheduled an earnings call for August 7, 2026 to discuss Q2 2026 results with analysts.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On August 7, 2026, at 11:00 a.m. (Eastern Time), members of PPL's senior management will hold a teleconference and webcast with financial analysts to discuss PPL's financial results for the quarter ended June 30, 2026, and other business matters.
PPL announced a teleconference and webcast scheduled for August 7, 2026 at 11:00 a.m. Eastern Time to discuss second quarter 2026 financial results and other business matters. The event will be accessible live via the company's investor relations website with slides, and a replay will be available for 90 days.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 10, 2026 · How we verify