KENTUCKY UTILITIES CO
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 7, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Kentucky Utilities Company - Statement of Income Analysis
KU: Statement of Income Analysis
| Three Months | Six Months | |||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | $ Change | 2026 | 2025 | $ Change | |
| Operating Revenues | ||||||
| Retail and wholesale | $493 | $465 | $28 | $1,112 | $1,024 | $88 |
| Electric revenue from affiliate | 12 | 7 | 5 | 18 | 12 | 6 |
| Total Operating Revenues | 505 | 472 | 33 | 1,130 | 1,036 | 94 |
| Operating Expenses | ||||||
| Operation | ||||||
| Fuel | 128 | 117 | 11 | 301 | 269 | 32 |
| Energy purchases | 7 | 7 | — | 13 | 14 | (1) |
| Energy purchases from affiliate | 2 | 5 | (3) | 11 | 10 | 1 |
| Other operation and maintenance | 108 | 102 | 6 | 209 | 202 | 7 |
| Depreciation | 114 | 101 | 13 | 224 | 203 | 21 |
| Taxes, other than income | 14 | 13 | 1 | 27 | 25 | 2 |
| Total Operating Expenses | 373 | 345 | 28 | 785 | 723 | 62 |
| Operating Income | 132 | 127 | 5 | 345 | 313 | 32 |
| Other Income (Expense) - net | 6 | 5 | 1 | 13 | 10 | 3 |
| Interest Expense | 40 | 35 | 5 | 80 | 70 | 10 |
| Income Before Income Taxes | 98 | 97 | 1 | 278 | 253 | 25 |
| Income Taxes | 19 | 19 | — | 55 | 50 | 5 |
| Net Income | $79 | $78 | $1 | $223 | $203 | $20 |
| Three Months | Six Months | |
|---|---|---|
| Retail rates (a) | $28 | $64 |
| Fuel and other energy purchases (b) | 10 | 34 |
| Off-system sales (c) | (4) | (5) |
| Other | (1) | 1 |
| Total | $33 | $94 |
(a)The increases were due to new base rates approved by the KPSC effective January 1, 2026.
(b)The increases were primarily due to higher recoveries of fuel expenses.
(c)The decrease for the three months ended June 30, 2026 was primarily due to lower volumes.
Fuel
Fuel expense increased $11 million for the three months ended June 30, 2026 compared with 2025, primarily due to a $6 million increase in commodity costs and a $5 million increase in volumes due to weather.
Fuel expense increased $32 million for the six months ended June 30, 2026 compared with 2025, primarily due to an increase in commodity costs.
The increase (decrease) in other operation and maintenance was due to:
| Three Months | Six Months | |
|---|---|---|
| IT regulatory assets (a) | $(3) | $(12) |
| Vegetation management expenses | 1 | 4 |
| Regulatory asset amortization | 1 | 4 |
| Generation maintenance expenses | 2 | 4 |
| Regulatory mechanism expenses | 2 | 3 |
| Meter reading expenses | 2 | — |
| Bad debt expense | (3) | 1 |
| Other | 4 | 3 |
| Total | $6 | $7 |
(a)The decrease for the six months ended June 30, 2026 was due to the reclassification of 2025 costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems to a regulatory asset. See Note 6 to the Financial Statements for additional information.
Depreciation increased $13 million for the three months ended June 30, 2026 compared with 2025, primarily due to a $7 million increase from PP&E additions, net of retirements and a $6 million increase due to higher depreciation rates effective March 1, 2026.
Depreciation increased $21 million for the six months ended June 30, 2026 compared with 2025, primarily due to a $12 million increase from PP&E additions, net of retirements and an $8 million increase due to higher depreciation rates effective March 1, 2026.
Interest expense increased $5 million for the three months ended June 30, 2026 compared with 2025, primarily due to an increase in long-term debt borrowings.
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