PPL Corporation (PPL)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Long-term debt	US$ in thousands	15,952,000	16,499,000	15,756,000	15,753,000	14,611,000	14,484,000	14,481,000	14,481,000	12,889,000	12,977,000	12,153,000	10,668,000	10,666,000	10,665,000	11,095,000	13,715,000	13,615,000	21,243,000	21,098,000	20,670,000
Total stockholders’ equity	US$ in thousands	14,077,000	14,092,000	14,065,000	14,058,000	13,933,000	14,012,000	13,959,000	14,033,000	13,915,000	13,881,000	13,870,000	13,865,000	13,723,000	14,576,000	14,952,000	11,554,000	13,373,000	13,686,000	13,044,000	13,241,000
Debt-to-capital ratio		0.53	0.54	0.53	0.53	0.51	0.51	0.51	0.51	0.48	0.48	0.47	0.43	0.44	0.42	0.43	0.54	0.50	0.61	0.62	0.61

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $15,952,000K ÷ ($15,952,000K + $14,077,000K)
= 0.53

The debt-to-capital ratio of PPL Corporation has shown fluctuations over the years from March 31, 2020, to December 31, 2024. The ratio started at 0.61 in March 2020, increased to 0.62 in June 2020, and then slightly decreased to 0.61 in September 2020. However, by December 2020, there was a significant drop to 0.50.

Subsequently, the debt-to-capital ratio started to increase gradually, reaching 0.54 in March 2021 and experiencing a notable decrease to 0.43 by June 2021. The ratio continued to decline to 0.42 in September 2021, then increased slightly to 0.44 by December 2021.

From March 2022 to December 2024, the debt-to-capital ratio fluctuated between 0.43 and 0.54, with the ratio stabilizing around 0.51 in the most recent quarters. This indicates that PPL Corporation has maintained a moderate level of leverage relative to its capital structure over the period under review.