KENTUCKY UTILITIES CO
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Table of Contents
PPL CORPORATION
PPL ELECTRIC UTILITIES CORPORATION
LOUISVILLE GAS AND ELECTRIC COMPANY
KENTUCKY UTILITIES COMPANY
FORM 10-K ANNUAL REPORT TO
THE SECURITIES AND EXCHANGE COMMISSION
FOR THE YEAR ENDED DECEMBER 31, 2025
TABLE OF CONTENTS
This combined Form 10-K is separately filed by the following Registrants in their individual capacity: PPL Corporation, PPL Electric Utilities Corporation, Louisville Gas and Electric Company and Kentucky Utilities Company. Information contained herein relating to any individual Registrant is filed by such Registrant solely on its own behalf and no Registrant makes any representation as to information relating to any other Registrant, except that information under "Forward-Looking Information" relating to subsidiaries of PPL Corporation is also attributed to PPL Corporation.
Unless otherwise specified, references in this Report, individually, to PPL Corporation, PPL Electric Utilities Corporation, Louisville Gas and Electric Company and Kentucky Utilities Company are references to such entities directly or to one or more of their subsidiaries, as the case may be, the financial results of which subsidiaries are consolidated into such Registrants' financial statements in accordance with GAAP. This presentation has been applied where identification of particular subsidiaries is not material to the matter being disclosed, and to conform narrative disclosures to the presentation of financial information on a consolidated basis.
| Item · Page | ||
|---|---|---|
| PART I | ||
| Glossary of Terms and Abbreviations · i | ||
| Forward-Looking Information | 1 | |
| 1. | Business | 3 |
| 1A. | Risk Factors | 18 |
| 1B. | Unresolved Staff Comments | 26 |
| 1C. | Cybersecurity | 26 |
| 2. | Properties | 28 |
| 3. | Legal Proceedings | 29 |
| 4. | Mine Safety Disclosures | 29 |
| PART II | ||
| 5. | Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 30 |
| 6. | Reserved | 30 |
| 7. | Combined Management's Discussion and Analysis of Financial Condition and Results of Operations | 31 |
| Overview | 31 | |
| Business Strategy | 31 | |
| Financial and Operational Developments | 32 | |
| Results of Operations | 37 | |
| PPL Corporation and Subsidiaries - Statement of Income Analysis and Segment Earnings | 38 | |
| PPL Electric Utilities Corporation and Subsidiaries - Statement of Income Analysis | 46 | |
| Louisville Gas and Electric Company - Statement of Income Analysis | 48 | |
| Kentucky Utilities Company - Statement of Income Analysis | 49 | |
| Item · Page | ||
|---|---|---|
| Financial Condition | 49 | |
| Liquidity and Capital Resources | 50 | |
| Risk Management | 58 | |
| Related Party Transactions | 60 | |
| Acquisitions, Developments and Divestitures | 60 | |
| Environmental Matters | 60 | |
| Sustainability | 61 | |
| Cybersecurity | 61 | |
| Competition | 61 | |
| New Accounting Guidance | 61 | |
| Application of Critical Accounting Policies | 61 | |
| Other Information | 65 | |
| 7A. | Quantitative and Qualitative Disclosures About Market Risk | 65 |
| Reports of Independent Registered Public Accounting Firms (PCAOB ID No. 34) | 66 | |
| 8. | Financial Statements and Supplementary Data | |
| FINANCIAL STATEMENTS | ||
| PPL Corporation and Subsidiaries | ||
| Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023 | 75 | |
| Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 | 76 | |
| Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 | 77 | |
| Consolidated Balance Sheets at December 31, 2025 and 2024 | 78 | |
| Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023 | 80 | |
| PPL Electric Utilities Corporation and Subsidiaries | ||
| Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023 | 82 | |
| Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 | 83 | |
| Consolidated Balance Sheets at December 31, 2025 and 2024 | 84 | |
| Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023 | 86 | |
| Louisville Gas and Electric Company | ||
| Statements of Income for the years ended December 31, 2025, 2024 and 2023 | 88 | |
| Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 | 89 | |
| Balance Sheets at December 31, 2025 and 2024 | 90 | |
| Statements of Equity for the years ended December 31, 2025, 2024 and 2023 | 92 | |
| Kentucky Utilities Company | ||
| Statements of Income for the years ended December 31, 2025, 2024 and 2023 | 94 | |
| Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 | 95 | |
| Balance Sheets at December 31, 2025 and 2024 | 96 | |
| Statements of Equity for the years ended December 31, 2025, 2024 and 2023 | 98 | |
| Item · Page | ||
|---|---|---|
| COMBINED NOTES TO FINANCIAL STATEMENTS | ||
| Index to Combined Notes to Consolidated Financial Statements | 99 | |
| 1. Summary of Significant Accounting Policies | 99 | |
| 2. Segment and Related Information | 109 | |
| 3. Revenue from Contracts with Customers | 113 | |
| 4. Preferred Securities | 117 | |
| 5. Earnings Per Share | 117 | |
| 6. Income and Other Taxes | 118 | |
| 7. Utility Rate Regulation | 126 | |
| 8. Financing Activities | 139 | |
| 9. Acquisitions, Development and Divestitures | 144 | |
| 10. Retirement and Postemployment Benefits | 145 | |
| 11. Jointly Owned Facilities | 155 | |
| 12. Commitments and Contingencies | 156 | |
| 13. Related Party Transactions | 164 | |
| 14. Other Income (Expense) - net | 165 | |
| 15. Fair Value Measurements | 166 | |
| 16. Derivative Instruments and Hedging Activities | 169 | |
| 17. Goodwill and Other Intangible Assets | 175 | |
| 18. Asset Retirement Obligations | 177 | |
| 19. Accumulated Other Comprehensive Income (Loss) | 178 | |
| 20. New Accounting Guidance Pending Adoption | 179 | |
| 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 180 |
| 9A. | Controls and Procedures | 180 |
| 9B. | Other Information | 183 |
| 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 183 |
| PART III | ||
| 10. | Directors, Executive Officers and Corporate Governance | 184 |
| 11. | Executive Compensation | 187 |
| 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 187 |
| 13. | Certain Relationships and Related Transactions, and Director Independence | 189 |
| 14. | Principal Accounting Fees and Services | 189 |
| PART IV | ||
| 15. | Exhibits, Financial Statement Schedules | 191 |
| Shareowner and Investor Information | 192 | |
| Exhibit Index | 194 | |
| Signatures | 208 | |
| Certifications of Principal Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
| Certificates of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
| PPL Corporation and Subsidiaries Long-term Debt Schedule | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.