Private company

DPL LLC

In its 2026 annual report the company says: “DPL is a holding company organized in 1985 under the laws of Ohio.”3 It is headquartered in Dayton, Ohio.1

Last updated Oct 20, 2026.

Overview

  • IndustryElectric & Other Services Combined1
  • HeadquartersDayton, Ohio1
  • Incorporated inOH2
  • Business address1065 Woodman Drive, Dayton, Oh 454322
  • Filer categoryNon-accelerated filer2

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DPL is a holding company organized in 1985 under the laws of Ohio. DPL has three primary subsidiaries: AES Ohio, MVIC and Miami Valley Lighting. Substantially all of DPL’s business consists of the transmission, distribution and sale of electric energy conducted through its principal indirect subsidiary, AES Ohio. DPL manages its business through one reportable operating segment, the Utility segment. All of our operations are conducted within the U.S. and principally within the state of Ohio. See Note 12. Business Segments to the Financial Statements of this Annual Report on Form 10-K for more information regarding DPL’s reportable segment.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

13.1%Operating margin4
2.0%Net margin4
22.0%Revenue growth, 20254
5.1%Return on equity4
4.35×Debt to equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs96¢$1.0B
  • Income tax2¢$22.9M
  • Profit2¢$21.0M

Out of $1.1B in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$125.3M

Out of $125.3M of cash from operations.4

Financial statements

Revenue56784$1.1B in 2025+46% since 2019
0$500.0M$1.0B$1.5B2019: $720.6M$720.6M20192020: $645.0M$645.0M2020−10%2021: $667.6M$667.6M2021+4%2022: $861.4M$861.4M2022+29%2023: $861.6M$861.6M2023+0%2024: $865.1M$865.1M2024+0%2025: $1.1B$1.1B2025+22%
Operating income56784$138.5M in 2025−11% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $154.9M$154.9M20192020: $89.1M$89.1M2020−42%2021: $85.3M$85.3M2021−4%2022: $49.3M$49.3M2022−42%2023: $99.1M$99.1M2023+101%2024: $91.1M$91.1M2024−8%2025: $138.5M$138.5M2025+52%
Net income56784$21.0M in 2025−80% since 2019
-$50.0M0$50.0M$100.0M$150.0M2019: $105.4M$105.4M20192020: -$1.0M-$1.0M20202021: $22.1M$22.1M20212022: -$4.7M-$4.7M20222023: $35.7M$35.7M20232024: $13.8M$13.8M2024−61%2025: $21.0M$21.0M2025+52%
Fiscal year2019202020212022202320242025
Revenue$720.6M5$645.0M6$667.6M7$861.4M8$861.6M4$865.1M4$1.1B4
Gross profit
Operating expenses$587.4M7$819.7M8$761.9M4$785.4M4$932.1M4
Operating income$154.9M5$89.1M6$85.3M7$49.3M8$99.1M4$91.1M4$138.5M4
Income before tax$22.4M7-$14.3M8$42.3M4$10.8M4$55.9M4
Income tax-$20.3M5-$5.5M6-$500.0K7-$9.6M8$6.6M4-$3.0M4$22.9M4
Net income$105.4M5-$1.0M6$22.1M7-$4.7M8$35.7M4$13.8M4$21.0M4

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What it owns

What DPL LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$205.2M4 Dec 31, 2025$197.7M4 Dec 31, 2024+3.8%
Construction in progress$205.0M4 Dec 31, 2025$165.5M4 Dec 31, 2024+23.9%
Accumulated depreciation$647.3M4 Dec 31, 2025$571.7M4 Dec 31, 2024+13.2%
Property and equipment, net$2.9B4 Dec 31, 2025$2.6B4 Dec 31, 2024+12.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$82.9M4 Dec 31, 2025$54.0M4 Dec 31, 2024+53.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$166.9M4 Dec 31, 2025$175.1M4 Dec 31, 2024−4.7%

Inventory

ItemLatestA year beforeChange
Inventory, total$70.3M4 Dec 31, 2025$70.5M4 Dec 31, 2024−0.3%

Properties, in its own words

Information relating to our properties is contained in Note 3. Property, Plant and Equipment of the Financial Statements included in Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K.

Our executive offices are located at 1065 Woodman Drive, Dayton, Ohio. This facility and the remainder of our material properties are owned directly by AES Ohio. These properties include our distribution service center in Dayton, Ohio, various substations and other transmission and distribution equipment and property.

The rest of Item 2

Substantially all property, plant and equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage. See Note 6. Debt included in Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K for more information.

Item 2 of the 10-K filed Mar 2, 2026.3

Leadership

Who has led DPL LLC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Paul M. Barbas2006–2011

President

  1. Paul M. Barbas2006–2011
  2. W. Steven Wolff2007

Chief financial officer

  1. Frederick J. Boyle2009–2011
2010201520202025
Board members and other officers (22)

Former names

  • DPL INCFeb 14, 1994 to Mar 27, 20252

Timeline

  1. Jul 27, 20268-K Change of auditor40
  2. Jul 21, 20268-K Entered a material agreement41
  3. Mar 19, 20268-K Entered a material agreement42
  4. Nov 5, 20258-K Other events43
  5. Aug 19, 20258-K Entered a material agreement; New debt or obligation44
  6. Aug 14, 20258-K Entered a material agreement45
  7. Aug 14, 20258-K Other events46
  8. Apr 4, 20258-K Entered a material agreement; Bylaws or fiscal year changed47
  9. Mar 27, 20258-K Entered a material agreement; New debt or obligation48
  10. Sep 17, 20248-K Entered a material agreement; Regulation FD disclosure49
  11. Aug 14, 20248-K Entered a material agreement; New debt or obligation50
  12. Dec 28, 20238-K Entered a material agreement; New debt or obligation51
  13. Oct 5, 2006New chief executive Paul M. Barbas becomes CEO15

Filings

40 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 20 major events. The latest 20:

  1. Aug 4, 202610-Q EDGAR
  2. Jul 27, 20268-K EDGAR
  3. Jul 21, 20268-K EDGAR
  4. May 5, 202610-Q EDGAR
  5. Mar 19, 20268-K EDGAR
  6. Mar 2, 202610-K EDGAR
  7. Nov 5, 20258-K EDGAR
  8. Nov 4, 202510-Q EDGAR
  9. Aug 19, 20258-K EDGAR
  10. Aug 14, 20258-K EDGAR
  11. Aug 14, 20258-K EDGAR
  12. Aug 1, 202510-Q EDGAR
  13. May 1, 202510-Q EDGAR
  14. Apr 4, 20258-K EDGAR
  15. Mar 27, 20258-K EDGAR
  16. Mar 5, 202510-K EDGAR
  17. Nov 1, 202410-Q EDGAR
  18. Sep 17, 20248-K EDGAR
  19. Aug 14, 20248-K EDGAR
  20. Aug 1, 202410-Q EDGAR

The 40 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How DPL LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDPL LLC1
  • CIK0000787250
  • Employer ID (EIN)31-11631363
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inOhio3
  • Fiscal year endsDecember 311
  • Industry code (SIC)4931 Electric & Other Services Combined1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address1065 Woodman Drive, Dayton, OH 454321
  • Phone937-259-72151
  • Shares outstanding0 shares as of Mar 2, 20263
  • Public float$0 as of Dec 31, 20254
  • AuditorErnst & Young LLP, Indianapolis, Indiana PCAOB ID 42; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceFeb 14, 19941
  • Filings953 in all: 8-K (289), 4 (274), 10-Q (98), 10-K (30), 3 (22), DEFA14A (19), CORRESP (18), DEF 14A (18)1
    All 52 form types

    11-K (17), UPLOAD (17), 5 (15), U-3A-2 (11), SC 13G (9), 4/A (8), 8-K/A (8), S-4 (8), 424B3 (7), SC 13G/A (7), EFFECT (6), NO ACT (6), SC TO-I/A (6), S-8 (4), S-8 POS (4), SC 13D/A (4), 10-K/A (3), 10-K405 (3), S-4/A (3), 10-Q/A (2), 11-K/A (2), 15-12B (2), 25-NSE (2), 424B2 (2), 8-A12B/A (2), ARS (2), NT 10-Q (2), NT 11-K (2), PRE 14A (2), S-3 (2), SC 13D (2), SC TO-C (2), U-3A-2/A (2), 10-KT (1), 10-QT (1), 15-12B/A (1), 424B1 (1), 5/A (1), 8-A12B (1), DEFM14A (1), POS AM (1), PREM14A (1), SC TO-I (1), U-1 (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Mar 18, 2011
    Latest 8-K (8-K) Jul 27, 2026

Risk factors and legal proceedings

The risks DPL LLC names in Item 1A of its 10-K filed Mar 2, 2026: 28 risks under these headings, as written.3

  • RISKS ASSOCIATED WITH OUR OPERATIONS
  • Our business is sensitive to weather and seasonal variations.
  • Our transmission and distribution system is subject to operational, reliability, capacity and development risks.
  • Our membership in an RTO presents risks that could have a material adverse effect on our results of operations, financial condition and cash flows.
  • Costs associated with new transmission projects could have a material adverse effect on our results of operations, financial condition and cash flows.
  • Severe weather or catastrophic events could adversely affect our facilities, systems and operations.
  • Current and future conditions in the economy may adversely affect our customers, suppliers and other counterparties in a way which could materially and adversely affect our results of operations, financial condition and cash flows.
  • Economic conditions relating to the asset performance and interest rates of our pension and postemployment benefit plans could materially and adversely impact our results of operations, financial condition and cash flows.
  • Counterparties providing materials or services may fail to perform their obligations, which could materially and adversely impact our results of operations, financial condition and cash flows.
  • We may be negatively affected by a lack of growth or a decline in the number of customers.
  • Highly infectious or contagious disease outbreaks could impact our business and operations.
  • Failure to maintain an effective system of internal controls over financial reporting could result in material misstatements in our financial statements, the disallowance of cost recovery, or incorrect payment processing.
The other 17 risks
  • If we are unable to maintain a qualified and properly motivated workforce, it could have a material adverse effect on our results of operations, financial condition and cash flows.
  • We are subject to collective bargaining agreements that could adversely affect our business, results of operations, financial condition and cash flows.
  • The use of non-derivative and derivative instruments in the normal course of business could result in losses that could materially and adversely impact our results of operations, financial position and cash flows.
  • Cyber-attacks and data security breaches could harm our business.
  • Failure or disruption in our information systems or those of businesses we rely on, or implementation of new processes and information systems could, if significant, interrupt our operations and adversely affect our business, results of operations, financial condition and cash flows in a material manner.
  • RISKS ASSOCIATED WITH GOVERNMENTAL REGULATION AND LAWS
  • We may not always be able to recover our costs to deliver electricity to our retail customers. The costs we can recover and the return on capital we are permitted to earn for the most substantial part of our business are regulated and governed by the laws of Ohio and the rules, policies and procedures of the PUCO.
  • Our increased costs due to renewable energy requirements may not be fully recoverable in the future.
  • We are subject to numerous environmental laws, rules and regulations that require capital expenditures, increase our cost of operations and may expose us to environmental liabilities.
  • Concerns about GHG emissions and the potential risks associated with climate change have led to increased regulation and other actions that could impact our business.
  • If we were found not to be in compliance with the mandatory reliability standards, we could be subject to sanctions, including substantial monetary penalties, which likely would not be recoverable from customers through regulated rates.
  • We are subject to extensive laws and local, state and federal regulation, as well as litigation and other proceedings that affect our operations and costs.
  • Concerns about data privacy have led to increased regulation in certain markets and other actions that could impact our businesses.
  • Tax legislation initiatives or challenges to our tax positions could adversely affect our operations and financial condition.
  • RISKS RELATED TO OUR INDEBTEDNESS AND FINANCIAL CONDITION
  • The level of our indebtedness, and the security provided for this indebtedness, could adversely affect our financial flexibility, and a material change in market interest rates could adversely affect our results of operations, financial condition and cash flows.
  • We rely on access to the financial markets. General economic conditions and disruptions in the financial markets could adversely affect our ability to raise capital on favorable terms, or at all, and cause increases in our interest expense.
  • DPL is a holding company and parent of AES Ohio and other subsidiaries. DPL’s cash flow is dependent on the cash flows of AES Ohio and its other subsidiaries and their ability to pay cash to DPL.
  • Our ownership by AES subjects us to potential risks that are beyond our control.

Legal proceedings

In the normal course of business, we are subject to various lawsuits, actions, claims, and other proceedings. We are also from time to time involved in other reviews, investigations and proceedings by governmental and regulatory agencies regarding our business, certain of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. We have accrued in our Financial Statements for litigation and claims where it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. We believe the amounts provided in our Financial Statements, as prescribed by GAAP, for these matters are adequate in light of the probable and estimable contingencies. However, there can be no assurances that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims and other matters (including those matters noted below), and to comply with applicable laws and regulations will not exceed the amounts reflected in our Financial Statements. As such, costs, if any, that may be incurred in excess of those amounts provided for in our Financial Statements, cannot be reasonably determined, but could be material. For more information, see Note 2. Regulatory Matters and Note 10. Contractual Obligations, Commercial Commitments and Contingencies included in Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K.

The following additional information is incorporated by reference into this Item: information about the legal proceedings contained in Regulation And Market Structure and Environmental Matters in Item 1. Business of this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.3

Sources

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