PG&E Corporation Reports Second-Quarter Results; On Track to Deliver Solid 2025
PG&E Corporation (NYSE: PCG) reported second-quarter 2025 results with GAAP earnings of $0.24 per share, matching Q2 2024, and non-GAAP core earnings of $0.31 per share. The company updated its 2025 GAAP EPS guidance to $1.26-$1.32 and reaffirmed non-GAAP core EPS guidance at $1.48-$1.52.
Key operational highlights include submitting the smallest General Rate Case increase in a decade, expanding data center pipeline to 10 gigawatts, and achieving a 42% reduction in methane emissions. The company completed 32 miles of underground powerlines and 103 miles of strengthened poles in high wildfire-risk areas. PG&E's five-year $63 billion capital plan through 2028 is fully funded with equity needs satisfied.
The company connected over 3,300 electric customers and 2,000 new EV charging ports, while receiving positive assessment for Diablo Canyon Power Plant's 20-year operating extension.
PG&E Corporation (NYSE: PCG) ha comunicato i risultati del secondo trimestre 2025 con utili GAAP di 0,24 dollari per azione, in linea con il secondo trimestre 2024, e utili core non-GAAP di 0,31 dollari per azione. La società ha aggiornato la guidance per l'EPS GAAP 2025 a 1,26-1,32 dollari e ha confermato la guidance per l'EPS core non-GAAP a 1,48-1,52 dollari.
Tra i principali risultati operativi si segnalano la presentazione dell'aumento della tariffa generale più contenuto in un decennio, l'espansione del portafoglio di data center a 10 gigawatt e la riduzione del 42% delle emissioni di metano. La società ha completato 32 miglia di linee elettriche sotterranee e 103 miglia di pali rinforzati in aree ad alto rischio di incendi boschivi. Il piano quinquennale di investimenti da 63 miliardi di dollari fino al 2028 è completamente finanziato con le esigenze di capitale azionario soddisfatte.
La società ha collegato oltre 3.300 clienti elettrici e 2.000 nuove postazioni di ricarica per veicoli elettrici, ricevendo inoltre una valutazione positiva per l'estensione ventennale dell'operatività della centrale nucleare Diablo Canyon.
PG&E Corporation (NYSE: PCG) reportó resultados del segundo trimestre de 2025 con ganancias GAAP de 0,24 dólares por acción, igualando el segundo trimestre de 2024, y ganancias core no-GAAP de 0,31 dólares por acción. La compañía actualizó su guía de EPS GAAP 2025 a 1,26-1,32 dólares y reafirmó la guía de EPS core no-GAAP en 1,48-1,52 dólares.
Entre los aspectos operativos clave se incluyen la presentación del aumento más pequeño en la tarifa general en una década, la expansión del pipeline de centros de datos a 10 gigavatios y la reducción del 42% en las emisiones de metano. La empresa completó 32 millas de líneas eléctricas subterráneas y 103 millas de postes reforzados en áreas de alto riesgo de incendios forestales. El plan de capital quinquenal de 63 mil millones de dólares hasta 2028 está completamente financiado con las necesidades de capital de acciones cubiertas.
La compañía conectó a más de 3,300 clientes eléctricos y 2,000 nuevos puntos de carga para vehículos eléctricos, además de recibir una evaluación positiva para la extensión operativa de 20 años de la planta nuclear Diablo Canyon.
PG&E Corporation (NYSE: PCG)는 2025년 2분기 실적을 발표하며 주당 GAAP 수익 0.24달러를 기록해 2024년 2분기와 동일한 수준을 유지했고, 비GAAP 핵심 수익은 주당 0.31달러를 보고했습니다. 회사는 2025년 GAAP 주당순이익 가이던스를 1.26~1.32달러로 상향 조정하고, 비GAAP 핵심 주당순이익 가이던스는 1.48~1.52달러로 재확인했습니다.
주요 운영 성과로는 10년 만에 가장 적은 일반 요금 인상 제출, 데이터 센터 파이프라인을 10기가와트로 확장, 메탄 배출량 42% 감축이 포함됩니다. 회사는 고화재 위험 지역에 32마일의 지중 전력선과 103마일의 보강된 전신주를 완공했습니다. PG&E의 2028년까지 5년간 630억 달러 규모의 자본 계획은 완전히 자금이 조달되었으며, 주식 자본 필요도 충족되었습니다.
회사는 3,300명 이상의 전기 고객과 2,000개의 신규 전기차 충전소를 연결했으며, Diablo Canyon 원자력 발전소의 20년 운영 연장에 대해 긍정적인 평가를 받았습니다.
PG&E Corporation (NYSE : PCG) a publié ses résultats du deuxième trimestre 2025 avec un bénéfice GAAP de 0,24 $ par action, identique au T2 2024, et un bénéfice core non-GAAP de 0,31 $ par action. La société a mis à jour ses prévisions de BPA GAAP pour 2025 à 1,26-1,32 $ et a confirmé ses prévisions de BPA core non-GAAP à 1,48-1,52 $.
Parmi les faits marquants opérationnels, on note le dépôt de la plus faible augmentation du tarif général depuis une décennie, l'expansion du pipeline de centres de données à 10 gigawatts et une réduction de 42 % des émissions de méthane. La société a achevé 32 miles de lignes électriques souterraines et 103 miles de poteaux renforcés dans des zones à haut risque d'incendie de forêt. Le plan d'investissement quinquennal de 63 milliards de dollars jusqu'en 2028 est entièrement financé, les besoins en fonds propres étant couverts.
La société a connecté plus de 3 300 clients électriques et 2 000 nouvelles bornes de recharge pour véhicules électriques, tout en recevant une évaluation positive pour la prolongation de 20 ans de l'exploitation de la centrale nucléaire Diablo Canyon.
PG&E Corporation (NYSE: PCG) meldete die Ergebnisse für das zweite Quartal 2025 mit GAAP-Gewinnen von 0,24 US-Dollar je Aktie, was dem zweiten Quartal 2024 entspricht, sowie non-GAAP Kerngewinnen von 0,31 US-Dollar je Aktie. Das Unternehmen aktualisierte seine GAAP-Gewinnprognose für 2025 auf 1,26 bis 1,32 US-Dollar und bestätigte die non-GAAP-Kerngewinnprognose bei 1,48 bis 1,52 US-Dollar.
Wichtige operative Highlights umfassen die Einreichung der kleinsten allgemeinen Tariferhöhung seit einem Jahrzehnt, die Erweiterung der Rechenzentrumspipeline auf 10 Gigawatt und eine 42%ige Reduzierung der Methanemissionen. Das Unternehmen hat 32 Meilen unterirdische Stromleitungen und 103 Meilen verstärkte Masten in Gebieten mit hohem Waldbrandrisiko fertiggestellt. Der fünfjährige 63-Milliarden-Dollar-Kapitalplan bis 2028 ist vollständig finanziert und der Eigenkapitalbedarf gedeckt.
Das Unternehmen hat über 3.300 Stromkunden und 2.000 neue Ladestationen für Elektrofahrzeuge angeschlossen und erhielt eine positive Bewertung für die 20-jährige Betriebserweiterung des Kernkraftwerks Diablo Canyon.
- Stable financial performance with Q2 earnings matching previous year
- Data center pipeline increased to 10 gigawatts
- 42% reduction in methane emissions, exceeding 20% target
- Smallest General Rate Case percentage increase in a decade
- Five-year $63 billion capital plan fully funded through 2028
- Nuclear plant received approval for 20-year operation extension
- Significant progress in wildfire safety infrastructure
- Lower return on equity from 10.7% to 10.28%
- Increased wildfire-related claims year-over-year
- Dilutive impact from 2024 equity offering
- Unrecoverable interest expense of $350-400 million after tax
Insights
PG&E reports flat Q2 earnings with stable financial outlook while advancing infrastructure projects and moderating future rate increases.
PG&E's Q2 2025 results demonstrate financial stability with earnings matching the prior year at
A notable positive is PG&E's data center pipeline increasing to 10 gigawatts, positioning the utility to capitalize on AI infrastructure growth in California. This represents significant potential future revenue as data centers require substantial power capacity and typically have high utilization rates.
The company's operational achievements are material, including underground powerline construction (32 miles completed, with 700 miles planned by 2026) and a
Financially, PG&E has fully satisfied equity needs for its
Perhaps most significant for both customers and investors is PG&E's rate case submission, described as its "smallest percentage increase in a decade," projecting flat residential bills in 2027 compared to 2025. This suggests the company is finding balance between necessary infrastructure investments and rate affordability, which could reduce regulatory and political pressure.
The successful milestones in relicensing Diablo Canyon Nuclear Plant for 20 additional years provides long-term baseload generation capacity that's both carbon-free and reliable - increasingly valuable attributes in California's energy transition.
- GAAP earnings were
$0.24 $0.24 - Non-GAAP core earnings were
$0.31 $0.31 - 2025 GAAP EPS guidance updated to
$1.26 $1.32 - 2025 non-GAAP core EPS guidance reaffirmed at
$1.48 $1.52 - Data center pipeline increases to 10 gigawatts.
- On track to meet or exceed
2% non-fuel O&M reduction target. - Equity needs fully satisfied to fund the five-year capital plan of
$63 billion
Operational progress during the second quarter of 2025 continued to focus on physical safety and delivery of affordable and resilient energy. Pacific Gas and Electric Company (the Utility):
- Submitted its smallest General Rate Case percentage increase in a decade to
California regulators. If the proposal is fully approved, and based on current information and other assumptions, the Utility expects total residential combined gas and electric bills in 2027 to be flat compared to 2025 bills. - Connected over 3,300 electric customers and over 2,000 new electric vehicle charging ports to the Utility's grid. More beneficial new load in the years ahead can help reduce electricity prices for all customers.
- Achieved additional milestones in relicensing its nuclear power plant. The
U.S. Nuclear Regulatory Commission found Diablo Canyon Power Plant to be safe and environmentally sound to continue to operate for 20 more years. - Constructed 32 miles of underground powerlines and 103 miles of strengthened poles and covered powerlines in high wildfire-risk areas. In 2025 and 2026, the Utility plans to construct approximately 700 miles of underground powerlines and 500 miles of other wildfire safety system upgrades.
- Submitted a report to
California regulators calculating a42% reduction of methane emissions in 2024 from its gas pipeline system compared to a 2015 baseline, surpassing its20% commitment.
"PG&E's story of progress continues to unfold with another solid quarter of performance. We're delivering energy safely to our customers every day. We've stabilized bills over the past year and expect them to be down in 2026," said PG&E Corporation CEO Patti Poppe.
2025 Guidance
PG&E Corporation is updating its full year 2025 GAAP earnings guidance to the range of
PG&E Corporation is reaffirming guidance for its full year 2025 non-GAAP core earnings of
Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, and certain other factors, which are inherently uncertain. See "Forward-Looking Statements" below.
Financial Results
PG&E Corporation recorded second-quarter 2025 income available for common shareholders of
Second-quarter 2025 GAAP results, flat to 2024, are primarily driven by an increase in customer capital investment, offset by the lower return on equity related to the most recent cost of capital decision that saw a reduction from
PG&E Corporation uses "non-GAAP core earnings," which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings (including non-GAAP core EPS) to consolidated earnings available for common shareholders.
Non-GAAP Core Earnings
PG&E Corporation's non-GAAP core earnings, which exclude non-core items, were
Non-GAAP core earnings are driven by similar factors to the GAAP results as described above, except for non-core items.
Non-core items, which management does not consider representative of ongoing earnings, totaled
Supplemental Financial Information
In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation's website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.
Earnings Conference Call
PG&E Corporation will also hold a conference call on July 31, 2025, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its second-quarter 2025 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.
What: Second-Quarter 2025 Earnings Call
When: Thursday, July 31, 2025 at 11:00 a.m. Eastern Time
Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx
A replay of the conference call will be archived at
http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx
Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through August 7, 2025, by dialing (800) 770-2030. The confirmation code 92587 will be required to access the replay.
Public Dissemination of Certain Information
PG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings with the California Public Utilities Commission and the Federal Energy Regulatory Commission at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the "Wildfire and Safety Updates" and "News & Events: Events & Presentations" tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a holding company headquartered in
Forward-Looking Statements
This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, guidance, estimates, future plans, and strategies of PG&E Corporation and the Utility, including regarding earnings, customer bills, operating and maintenance costs, and load growth. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include factors disclosed in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2024 and their most recent Quarterly Report on the Form 10-Q, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC's website at www.sec.gov. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
PG&E CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
(in millions, except per share amounts) | |||||||
(Unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Operating Revenues | |||||||
Electric | $ 4,414 | $ 4,458 | $ 8,549 | $ 8,510 | |||
Natural gas | 1,484 | 1,528 | 3,332 | 3,337 | |||
Total operating revenues | 5,898 | 5,986 | 11,881 | 11,847 | |||
Operating Expenses | |||||||
Cost of electricity | 599 | 763 | 998 | 1,084 | |||
Cost of natural gas | 111 | 204 | 607 | 733 | |||
Operating and maintenance | 2,860 | 2,757 | 5,506 | 5,393 | |||
Wildfire-related claims, net of recoveries | 50 | (3) | 99 | (4) | |||
Wildfire Fund expense | 109 | 78 | 185 | 156 | |||
Depreciation, amortization, and decommissioning | 1,073 | 1,053 | 2,170 | 2,075 | |||
Total operating expenses | 4,802 | 4,852 | 9,565 | 9,437 | |||
Operating Income | 1,096 | 1,134 | 2,316 | 2,410 | |||
Interest income | 181 | 202 | 298 | 339 | |||
Interest expense | (792) | (812) | (1,526) | (1,527) | |||
Other income, net | 84 | 82 | 154 | 158 | |||
Income Before Income Taxes | 569 | 606 | 1,242 | 1,380 | |||
Income tax provision | 20 | 82 | 59 | 121 | |||
Net Income | 549 | 524 | 1,183 | 1,259 | |||
Preferred stock dividend requirement | 28 | 4 | 55 | 7 | |||
Income Available for Common Shareholders | $ 521 | $ 520 | $ 1,128 | $ 1,252 | |||
Weighted Average Common Shares Outstanding, Basic | 2,198 | 2,137 | 2,196 | 2,136 | |||
Weighted Average Common Shares Outstanding, Diluted | 2,203 | 2,142 | 2,201 | 2,141 | |||
Net Income Per Common Share, Basic | $ 0.24 | $ 0.24 | $ 0.51 | $ 0.59 | |||
Net Income Per Common Share, Diluted | $ 0.24 | $ 0.24 | $ 0.51 | $ 0.58 | |||
Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles ("GAAP") to Non-GAAP Core Earnings | |||||||||||||||
Second Quarter, 2025 vs. 2024 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Earnings | Earnings per | Earnings | Earnings per | ||||||||||||
(in millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||
PG&E Corporation's earnings/EPS on a GAAP basis | $ 521 | $ 520 | $ 1,128 | $ 1,252 | |||||||||||
Non-core items: (1) | |||||||||||||||
Amortization of Wildfire Fund contribution (2) | 77 | 56 | 0.04 | 0.03 | 133 | 112 | 0.06 | 0.05 | |||||||
Bankruptcy and legal costs (3) | 10 | 13 | — | 0.01 | 15 | 25 | 0.01 | 0.01 | |||||||
Investigation remedies (4) | 30 | 15 | 0.01 | 0.01 | 48 | 19 | 0.02 | 0.01 | |||||||
Prior period net regulatory impact (5) | (6) | (6) | — | — | (12) | (12) | (0.01) | (0.01) | |||||||
SB 901 securitization (6) | 3 | 3 | — | — | 11 | 1 | — | — | |||||||
Tax-related adjustments (7) | — | 70 | — | 0.03 | — | 70 | — | 0.03 | |||||||
Wildfire-related costs, net of recoveries (8) | 40 | 4 | 0.02 | — | 79 | 8 | 0.04 | — | |||||||
PG&E Corporation's non-GAAP core earnings/EPS (9) | $ 674 | $ 674 | $ 1,402 | $ 1,474 | |||||||||||
All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation's statutory tax rate of | |
(1) | "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in the table above. See Non-GAAP Financial Measures below. |
(2) | The Utility recorded costs of |
(3) | PG&E Corporation and the Utility recorded costs of |
(4) | Includes costs associated with the decision different for the order instituting investigation ("OII") related to the 2017 Northern California Wildfires and 2018 Camp Fire ("Wildfires OII"), the system enhancements related to the locate and mark OII, restoration and rebuilding costs for the town of Paradise, and the settlement agreement resolving the Safety and Enforcement Division's investigation into the 2020 Zogg fire, as shown below. |
(in millions) | Three Months Ended | Six Months Ended | |
Wildfires OII disallowance and system enhancements | $ 14 | $ 18 | |
Locate and mark OII system enhancements | 1 | 1 | |
Paradise restoration and rebuild | 1 | 2 | |
2020 Zogg fire settlement | 17 | 31 | |
Investigation remedies | $ 32 | $ 53 | |
Tax impacts | (2) | (5) | |
Investigation remedies (post-tax) | $ 30 | $ 48 |
(5) | The Utility recorded benefits of |
(6) | The Utility recorded costs of |
(7) | "Tax-related adjustments" includes tax expense costs associated with the deductibility of certain customer bill credits issued in connection with the |
(8) | Includes costs to resolve third-party claims, net of recoveries, for the 2019 Kincade fire and 2021 Dixie fire, inclusive of outside counsel fees, as shown below. |
(in millions) | Three Months Ended | Six Months Ended | |
2019 Kincade fire | $ 52 | $ 104 | |
2021 Dixie fire | 3 | 7 | |
Wildfire-related costs, net of recoveries | $ 55 | $ 110 | |
Tax impacts | (15) | (31) | |
Wildfire-related costs, net of recoveries (post-tax) | $ 40 | $ 79 |
(9) | "Non-GAAP core earnings" is a non-GAAP financial measure. See Non-GAAP Financial Measures below. |
Undefined, capitalized terms have the meanings set forth in the Form 10-Q. | |
PG&E Corporation's 2025 Earnings Guidance | ||||||
2025 | ||||||
EPS guidance | Low | High | ||||
Estimated EPS on a GAAP basis | ~ | $ 1.26 | ~ | $ 1.32 | ||
Estimated non-core items: (1) | ||||||
Amortization of Wildfire Fund contribution (2) | ~ | 0.11 | ~ | 0.11 | ||
Bankruptcy and legal costs (3) | ~ | 0.02 | ~ | 0.01 | ||
Investigation remedies (4) | ~ | 0.04 | ~ | 0.04 | ||
Prior period net regulatory impact (5) | ~ | (0.01) | ~ | (0.01) | ||
SB 901 securitization (6) | ~ | 0.02 | ~ | 0.02 | ||
Wildfire-related costs, net of recoveries (7) | ~ | 0.04 | ~ | 0.04 | ||
Estimated EPS on a non-GAAP core earnings basis | ~ | $ 1.48 | ~ | $ 1.52 | ||
All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation's statutory tax rate of | |
(1) | "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods. See Non-GAAP Financial Measures below. All adjustments related to such non-core items in the table above are presented on a diluted per-share basis. |
(2) | "Amortization of Wildfire Fund contribution" represents the amortization of the Wildfire Fund asset, as well as accretion of the related Wildfire Fund liability. For more information, see Note 2 of the Notes to the Condensed Consolidated Financial Statements in the Form 10-Q. |
2025 | ||||||
(in millions) | Low | High | ||||
Amortization of Wildfire Fund contribution | ~ | $ 340 | ~ | $ 340 | ||
Amortization of Wildfire Fund contribution | ~ | $ 340 | ~ | $ 340 | ||
Tax impacts | ~ | (95) | ~ | (95) | ||
Amortization of Wildfire Fund contribution (post-tax) | ~ | $ 245 | ~ | $ 245 | ||
(3) | "Bankruptcy and legal costs" consists of costs to resolve proof of claims filed in PG&E Corporation's and the Utility's Chapter 11 filing. |
2025 | ||||||
(in millions) | Low | High | ||||
Legal and other costs | ~ | $ 65 | ~ | $ 20 | ||
Bankruptcy and legal costs | ~ | $ 65 | ~ | $ 20 | ||
Tax impacts | ~ | (18) | ~ | (6) | ||
Bankruptcy and legal costs (post-tax) | ~ | $ 47 | ~ | $ 14 | ||
(4) | "Investigation remedies" includes the settlement agreement resolving the Safety and Enforcement Division's investigation into the 2020 Zogg fire, the Wildfires OII decision different, and costs related to the Paradise restoration and rebuild. |
2025 | |||||
(in millions) | Low | High | |||
2020 Zogg fire settlement | ~ | $ 60 | ~ | $ 60 | |
Wildfires OII disallowance and system enhancements | ~ | 30 | ~ | 30 | |
Paradise restoration and rebuild | ~ | 5 | ~ | 5 | |
Investigation remedies | ~ | $ 95 | ~ | $ 95 | |
Tax impacts | ~ | (7) | ~ | (7) | |
Investigation remedies (post-tax) | ~ | $ 88 | ~ | $ 88 | |
(5) | "Prior period net regulatory impact" represents the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case. |
2025 | |||||
(in millions) | Low | High | |||
2011-2014 GT&S capital audit | ~ | $ (20) | ~ | $ (20) | |
Prior period net regulatory impact | ~ | $ (20) | ~ | $ (20) | |
Tax impacts | ~ | 6 | ~ | 6 | |
Prior period net regulatory impact (post-tax) | ~ | $ (14) | ~ | $ (14) | |
(6) | "SB 901 securitization" includes the establishment of the SB 901 securitization regulatory asset and the SB 901 regulatory liability associated with revenue credits funded by net operating loss monetization. Also included are additional contributions to the Customer Credit Trust as a result of the decision voted out on July 24, 2025. |
2025 | |||||
(in millions) | Low | High | |||
SB 901 securitization charge | ~ | $ 35 | ~ | $ 35 | |
Customer Credit Trust contributions | ~ | $ 25 | ~ | $ 25 | |
SB 901 securitization | ~ | $ 60 | ~ | $ 60 | |
Tax impacts | ~ | (17) | ~ | (17) | |
SB 901 securitization (post-tax) | ~ | $ 43 | ~ | $ 43 | |
(7) | "Wildfire-related costs, net of recoveries" includes costs to resolve third-party claims, net of recoveries, for the 2019 Kincade fire and 2021 Dixie fire, inclusive of outside counsel fees. |
2025 | |||||
(in millions) | Low | High | |||
2019 Kincade fire | ~ | 107 | ~ | 107 | |
2021 Dixie fire | ~ | 18 | ~ | 18 | |
Wildfire-related costs, net of recoveries | ~ | $ 125 | ~ | $ 125 | |
Tax impacts | ~ | (35) | ~ | (35) | |
Wildfire-related costs, net of recoveries (post-tax) | ~ | $ 90 | ~ | $ 90 | |
Undefined, capitalized terms have the meanings set forth in the Form 10-Q.
Non-GAAP Financial Measures PG&E Corporation and Pacific Gas and Electric Company |
Non-GAAP Core Earnings and Non-GAAP Core EPS
"Non-GAAP core earnings" and "Non-GAAP core EPS," also referred to as "non-GAAP core earnings per share," are non-GAAP financial measures. Non-GAAP core earnings is calculated as income available for common shareholders less non-core items. "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed above. Non-GAAP core EPS is calculated as non-GAAP core earnings divided by common shares outstanding on a diluted basis.
PG&E Corporation discloses historical financial results and provides guidance based on "non-GAAP core earnings" and "non-GAAP core EPS" in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance.
Non-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies.
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SOURCE PG&E Corporation
FAQ
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