Direct Answer
PPL Corporation reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Kentucky Regulated is the largest, with $3.8 billion of revenue (42% of the total), followed by Pennsylvania Regulated at $3.1 billion (34%).
How Does PPL Corporation Make Money?
No single line supplies a majority of revenue: the largest, Kentucky Regulated, is 42%, which spreads PPL Corporation's exposure across several demand drivers. Between fiscal 2024 and 2025, Pennsylvania Regulated grew fastest (+8.2%) and Kentucky Regulated slowest (+5.6%), so the revenue mix tilts toward Pennsylvania Regulated while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Kentucky Regulated | $3.8 billion | $3.6 billion | 41.6% | 5.6% |
| Pennsylvania Regulated | $3.1 billion | $2.9 billion | 34.4% | 8.2% |
| Rhode Isl and Regulated | $2.2 billion | $2.0 billion | 24.0% | 7.1% |
| Corporate | $1 million | $0 | 0.0% | n/a |
What the Segment Figures Do Not Show
The rows above add up to 100% of PPL Corporation's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value PPL Corporation reported in the segment note and revenue disclosures of its Form 10-K filed February 20, 2026 (accession 0000922224-26-000008), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are PPL Corporation's business segments?
In its fiscal 2025 Form 10-K, PPL Corporation reports revenue for Kentucky Regulated, Pennsylvania Regulated, Rhode Isl and Regulated and Corporate.
Which part of PPL Corporation brings in the most revenue?
Kentucky Regulated, with $3.8 billion of revenue in fiscal 2025, or 42% of the total.
Where does PPL Corporation report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 20, 2026, alongside management's discussion of each segment's results.