PG&E Corporation Reports Solid 2025 Results, Tightens 2026 Earnings Guidance

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

PG&E Corporation (NYSE: PCG) reported 2025 GAAP EPS of $1.18 and non-GAAP core EPS of $1.50, and tightened 2026 non-GAAP core EPS guidance to $1.64–$1.66. The company cut non-fuel O&M by 2.5%, advanced ~3.6 GW of data center projects into final engineering, and continued wildfire mitigation progress.

Operational highlights include a third consecutive year with zero major wildfires caused by utility equipment, 334 miles of undergrounded lines completed in 2025, and residential electric rates down 11% since January 2024.

Positive

Non-GAAP core EPS of $1.50 for 2025
Tightened 2026 guidance to $1.64–$1.66 per share
O&M costs reduced by 2.5% in 2025
334 miles of powerlines undergrounded in 2025
Zero major wildfires caused by utility equipment in 2023–2025

Negative

Non-core items totaled $714 million after tax in 2025
Lower return on equity reduced GAAP EPS drivers in 2025
Dilution from 2024 equity offering impacted EPS
Cost disallowances from the 2023 WMCE decision affected results

Market Reaction

+4.01% $17.78

15m delay 11 alerts

+4.01% Since News

$17.78 Last Price

$17.10 $17.89 Day Range

+$1.51B Valuation Impact

$39.08B Market Cap

0.7x Rel. Volume

Following this news, PCG has gained 4.01%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 11 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $17.78. This price movement has added approximately $1.51B to the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

GAAP EPS (FY 2025): $1.18 per share Non-GAAP core EPS (FY 2025): $1.50 per share GAAP EPS (Q4 2025): $0.29 per share +5 more

8 metrics

GAAP EPS (FY 2025) $1.18 per share Full year 2025 vs $1.15 in 2024

Non-GAAP core EPS (FY 2025) $1.50 per share Full year 2025 vs $1.36 in 2024

GAAP EPS (Q4 2025) $0.29 per share Q4 2025 vs $0.30 in Q4 2024

Non-GAAP core EPS (Q4 2025) $0.36 per share Q4 2025 vs $0.31 in Q4 2024

2026 core EPS guidance $1.64–$1.66 per share Tightened from prior $1.62–$1.66 range

Non-fuel O&M reduction 2.5% Non-fuel operating and maintenance cost cut in 2025

O&M redeployment Over $700 million Cumulative four-year redeployment of O&M savings

Residential electric rate change 11% lower Residential electric rates vs January 2024

Market Reality Check

Price: $17.10 Vol: Volume 23,577,929 vs 20-d...

normal vol

$17.10 Last Close

Volume Volume 23,577,929 vs 20-day average 22,800,526 (relative volume 1.03x). normal

Technical Price 17.10 is trading above 200-day MA at 15.49, reflecting a sustained uptrend.

Peers on Argus

PCG gained 2.09% as several regulated electric peers also traded higher (ED, WEC...

PCG gained 2.09% as several regulated electric peers also traded higher (ED, WEC, DTE, PEG), while ETR was slightly negative. Momentum scanners did not flag a broad sector move, suggesting the earnings and guidance update were the primary driver.

Historical Context

5 past events · Latest: Feb 09 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 09	Safety advisory	Neutral	-0.3%	Customer warning on metallic balloons causing outages and safety issues.
Feb 09	RNG partnership	Positive	-0.3%	New dairy biomethane RNG interconnection supporting emissions-reduction goals.
Feb 05	Community support	Positive	+0.7%	Support for Super Schools initiative expanding meals and activity for students.
Feb 05	Electrification program	Positive	+0.3%	SPAN collaboration to cut panel-upgrade costs and enable home electrification.
Feb 03	Scholarship awards	Positive	+1.7%	College scholarships and financial education support for Oakland-area seniors.

Pattern Detected

Recent headlines have been mostly operational or community-focused, with generally modest positive price alignment and only one divergence on environmentally positive partnership news.

Recent Company History

Over the past weeks, PCG news has centered on safety, community programs, and clean energy initiatives. Items ranged from public safety reminders about metallic balloons affecting power reliability to a renewable natural gas interconnection and home electrification collaboration. Community support stories, such as school nutrition and scholarship programs, often coincided with small positive moves. Today’s earnings and guidance update adds a financial-performance layer on top of this operational and ESG-focused narrative.

Market Pulse Summary

This announcement highlights PCG’s 2025 performance, with GAAP EPS of $1.18 and non-GAAP core EPS of...

Analysis

This announcement highlights PCG’s 2025 performance, with GAAP EPS of $1.18 and non-GAAP core EPS of $1.50, both above 2024 levels, and a tightened 2026 non-GAAP core EPS guidance range of $1.64–$1.66. Management emphasized O&M efficiencies, including a 2.5% non-fuel O&M reduction and over $700 million redeployed over four years, alongside 11% lower residential electric rates. Investors may track future cost trends, wildfire-related items, and execution against the revised guidance.

Key Terms

non-gaap core earnings, gaap, eps, allowance for funds used during construction, +2 more

6 terms

non-gaap core earnings financial

"Non-GAAP core earnings were $0.36 and $1.50 per share for the fourth quarter..."

Non-GAAP core earnings are an adjusted profit figure companies report that strips out one-time costs, unusual gains, and other items management says obscure the business’s regular performance. Investors use it like a cleaned-up scorecard to judge how the company’s main operations are doing — similar to comparing a car’s typical fuel economy rather than a number skewed by a single long trip — but it should be compared with standard accounting measures because adjustments vary by company.

gaap financial

"GAAP earnings were $0.29 and $1.18 per share for the fourth quarter..."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

eps financial

"Tightening 2026 non-GAAP core EPS guidance to $1.64 to $1.66 per share..."

Earnings per share (EPS) measures how much profit a company makes for each outstanding share of its stock by dividing the company’s profit after expenses by the number of shares. It matters to investors because it shows how much of the company’s “pie” each share represents—higher EPS usually signals greater profitability per share, helps compare companies of different sizes, and influences stock valuations and investor decisions.

allowance for funds used during construction financial

"including allowance for funds used during construction, incentive revenues..."

Allowance for funds used during construction (AFUDC) is the accounting practice of adding the cost of borrowing money and using company funds while building long-term assets to the value of that asset instead of treating it as an immediate expense. For investors, AFUDC matters because it boosts reported profits and increases the company’s asset base today while deferring financing costs to future periods, similar to adding construction loan interest to the price of a house under renovation.

federal energy regulatory commission regulatory

"with the California Public Utilities Commission and the Federal Energy Regulatory Commission at..."

A U.S. federal agency that acts like a referee for the large-scale flow and sale of electricity and natural gas across state lines, setting rules, approving rates and licenses, and reviewing major projects and market changes. Investors care because its decisions — on things like transmission rules, pipeline approvals and market structure — can change company profits, project timelines and the price and reliability of energy, similar to how a traffic controller affects delivery routes and costs.

california public utilities commission regulatory

"principal regulatory proceedings with the California Public Utilities Commission and the Federal..."

The California Public Utilities Commission (CPUC) is the state agency that sets rates, enforces safety and service standards, and approves major projects for investor-owned utilities like electric, gas and telecommunications companies in California. Its decisions are like a referee’s calls for utilities—shaping how much companies can charge, what investments they can make, and how costs are allocated—so commission rulings directly affect utility revenues, profits, and investment risk for shareholders.

AI-generated analysis. Not financial advice.

02/12/2026 - 06:00 AM

OAKLAND, Calif., Feb. 12, 2026 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) delivered solid financial results in 2025 and is on track to deliver in 2026 and beyond:

GAAP earnings were $0.29 and $1.18 per share for the fourth quarter and full year 2025, respectively, compared to $0.30 and $1.15 for the same periods in 2024.
Non-GAAP core earnings were $0.36 and $1.50 per share for the fourth quarter and full year 2025, respectively, compared to $0.31 and $1.36 per share for the same periods in 2024.
Tightening 2026 non-GAAP core EPS guidance to $1.64 to $1.66 per share versus $1.62 to $1.66 per share previously.[1]
Amplifying the Simple Affordable Model, targeting customer bill inflation of 0-3% versus 2-4% previously.
Reduced non-fuel operating and maintenance (O&M) costs in 2025 by 2.5%.
Continued redeployment of O&M savings, bringing cumulative four-year total to over $700 million.
Advanced 2 gigawatts (GW) of data center projects into final engineering since third quarter update, with approximately 3.6 GW now in final engineering.

Operational progress during 2025 continued to focus on delivering safe, reliable, affordable, and clean energy to customers. Pacific Gas and Electric Company (the Utility):

Delivered the fourth reduction in residential bundled electric rates in two years with natural gas rates also going down. Combined with previous decreases, residential electric rates are 11% lower than in January 2024.
Achieved a third consecutive year of zero major wildfires caused by the Utility's equipment.
Completed 334 miles of undergrounded powerlines and installed 207 miles of strengthened poles and covered powerlines in high wildfire-risk areas. Since 2021, the Utility has buried over 1,210 miles of powerlines, nearly eliminating wildfire risk for those lines and improving reliability for customers.
Delivered over 99% reliability for natural gas customers and improved systemwide reliability for electric customers by 19% compared to 2024.
Connected over 12,730 electric customers and over 18,750 new electric vehicle charging ports to the Utility's grid. New load growth in the years ahead can help reduce electricity prices for all customers.

"In 2025, our PG&E team made real progress delivering safe, reliable, affordable, and clean energy to customers. We lowered electric prices four times in two years—bucking a national trend—and we achieved a third consecutive year of preventing major wildfires. We also know we're not done yet. Safety, reliability, and affordability will continue to be at the heart of every decision we make," said PG&E Corporation CEO Patti Poppe.


[1] PG&E Corporation is unable to provide GAAP guidance or present a quantitative reconciliation of forward-looking non-GAAP core earnings, non-GAAP core EPS, or non-GAAP core EPS growth without unreasonable effort because specific line items, which may be significant, are not estimable. For instance, amortization of the Wildfire Fund contribution asset, the impacts of regulatory decisions, special tax items, and wildfire-related costs, net of recoveries, are difficult to predict due to various factors outside of management's control.

2026 Guidance

PG&E Corporation is tightening its full year 2026 non-GAAP core earnings guidance to the range of $1.64 to $1.66 per share, from the prior range of $1.62 to $1.66 per share. Factors expected to drive non-GAAP core earnings include return on customer capital investment and costs related to unrecoverable interest expense and other earnings factors, including allowance for funds used during construction, incentive revenues, tax benefits, and cost savings, net of below-the-line costs.

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.

Financial Results

PG&E Corporation recorded annual income available for common shareholders of $2,593 million, or $1.18 per diluted share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $2,475 million, or $1.15 per diluted share, for 2024.

GAAP EPS were primarily driven by an increase in customer capital investment and net O&M savings, partially offset by a lower return on equity in effect during 2025 as compared to 2024, the dilutive impact of PG&E Corporation's 2024 equity offering, cost disallowances in the recent 2023 Wildfire Mitigation and Catastrophic Events (WMCE) decision, increased wildfire-related claims, net of recoveries, and Wildfire Fund expense.

Non-GAAP Core Earnings

PG&E Corporation's non-GAAP core earnings, which exclude non-core items, were $3,307 million, or $1.50 per diluted share, for 2025, compared to $2,923 million, or $1.36 per diluted share, for 2024.

Non-GAAP core EPS were driven by an increase in customer capital investment and net O&M savings, partially offset by a lower return on equity in effect during 2025 as compared to 2024, and the dilutive impact of PG&E Corporation's 2024 equity offering.

Non-core items, which management does not consider representative of ongoing earnings, totaled $714 million after tax, or $0.32 per share, for the full year 2025, compared with $448 million after tax, or $0.21 per share, for the full year 2024.

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 February 12, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its fourth quarter and full year 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: Fourth Quarter and Full Year 2025 Earnings Call

When: Thursday, February 12, 2026 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 February 19, 2026, 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 Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com.

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, 2025 (the "Form-10-K") and other reports filed with the SEC, which is 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
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)

	Year ended December 31,
	2025	2024	2023
Operating Revenues
Electric	$ 18,318	$ 17,811	$ 17,424
Natural gas	6,617	6,608	7,004
Total operating revenues	24,935	24,419	24,428
Operating Expenses
Cost of electricity	2,609	2,261	2,443
Cost of natural gas	1,107	1,192	1,754
Operating and maintenance	11,349	11,808	11,924
SB 901 securitization charges, net	35	33	1,267
Wildfire-related claims, net of recoveries	100	94	64
Wildfire Fund expense	352	383	567
Depreciation, amortization, and decommissioning	4,634	4,189	3,738
Total operating expenses	20,186	19,960	21,757
Operating Income	4,749	4,459	2,671
Interest income	520	604	606
Interest expense	(3,028)	(3,051)	(2,850)
Other income, net	182	300	272
Income Before Income Taxes	2,423	2,312	699
Income tax benefit	(280)	(200)	(1,557)
Net Income	2,703	2,512	2,256
Preferred stock dividend requirement	110	37	14
Income Available for Common Shareholders	$ 2,593	$ 2,475	$ 2,242
Weighted Average Common Shares Outstanding, Basic	2,197	2,141	2,064
Weighted Average Common Shares Outstanding, Diluted	2,202	2,147	2,138
Net Income Per Common Share, Basic	$ 1.18	$ 1.16	$ 1.09
Net Income Per Common Share, Diluted	$ 1.18	$ 1.15	$ 1.05

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
Fourth Quarter and Full Year, 2025 vs. 2024

	Three Months Ended December 31,				Year Ended December 31,
	Earnings		Earnings per Common Share		Earnings		Earnings per Common Share
(in millions, except per share amounts)	2025	2024	2025	2024	2025	2024	2025	2024
PG&E Corporation's GAAP earnings/EPS, diluted	$ 642	$ 647	$ 0.29	$ 0.30	$ 2,593	$ 2,475	$ 1.18	$ 1.15
Non-core items: ⁽¹⁾
Amortization of Wildfire Fund contribution ⁽²⁾	58	63	0.03	0.03	253	276	0.11	0.13
Bankruptcy and legal costs ⁽³⁾	6	2	—	—	41	35	0.02	0.02
Investigation remedies ⁽⁴⁾	16	14	0.01	0.01	112	55	0.05	0.03
Prior period net regulatory impact ⁽⁵⁾	68	45	0.03	0.02	190	28	0.09	0.01
SB 901 securitization ⁽⁶⁾	(3)	(7)	—	—	26	24	0.01	0.01
StanPac settlement ⁽⁷⁾	—	84	—	0.04	—	84	—	0.04
Tax-related adjustments ⁽⁸⁾	(5)	(213)	—	(0.10)	(5)	(143)	—	(0.07)
Wildfire-related costs, net of recoveries ⁽⁹⁾	5	22	—	0.01	97	89	0.04	0.04
PG&E Corporation's non-GAAP core earnings/EPS ⁽¹⁰⁾	$ 787	$ 658	$ 0.36	$ 0.31	$ 3,307	$ 2,923	$ 1.50	$ 1.36


All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation's statutory tax rate of 27.98% for 2025 and 2024, except for certain costs that are not tax deductible. Amounts may not sum due to rounding.

(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 $81 million (before the tax impact of $23 million) and $352 million (before the tax impact of $98 million) during the three months and year ended December 31, 2025, respectively, associated with the amortization of the Wildfire Fund asset and 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-K.

(3)	PG&E Corporation and the Utility recorded costs of $8 million (before the tax impact of $2 million) and $57 million (before the tax impact of $16 million) during the three months and year ended December 31, 2025, respectively, related to costs to resolve proof of claims filed in PG&E Corporation's and the Utility's Chapter 11 filing.

(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 December 31, 2025	Year Ended December 31, 2025
Wildfires OII disallowance and system enhancements	$ 7	$ 40
Locate and mark OII system enhancements	—	1
Paradise restoration and rebuild	(1)	2
2020 Zogg fire settlement	8	74
Investigation remedies	$ 14	$ 117
Tax impacts	2	(6)
Investigation remedies (post-tax)	$ 16	$ 112

(5)

Includes adjustments to expenses (revenues) associated with the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case per the CPUC decision dated July 14, 2022, the 2022 WMCE decision dated September 18, 2025, and the 2023 WMCE decision dated February 5, 2026 as well as adjustments to interest associated with transmission right of way (TROW) costs incurred between 2017 and 2024 as shown below.

(in millions)	Three Months Ended December 31, 2025	Year Ended December 31, 2025
2011 GT&S rate case	$ —	$ (19)
TROW adjustment	$ (59)	$ (59)
2022 WMCE decision	—	188
2023 WMCE decision	153	153
Prior period net regulatory impact	$ 94	$ 263
Tax impacts	(26)	(73)
Prior period net regulatory impact (post-tax)	$ 68	$ 190


(6)	The Utility recorded benefits of $4 million (before the tax impact of $1 million) and costs of $36 million (before the tax impact of $10 million) during the three months and year ended December 31, 2025, respectively, related to the charge for the establishment of the SB 901 securitization regulatory asset and the SB 901 securitization regulatory liability associated with revenue credits funded by the net operating loss monetization, as well as any earnings-impacting investment losses or gains associated with investments related to the contributions to the Customer Credit Trust and additional contributions to the Customer Credit Trust as a result of the decision voted out on July 24, 2025.

(7)	Includes probable costs to resolve legacy gas transportation issues related to its affiliate Standard Pacific Gas Line Incorporated.

(8)	The Utility recorded tax benefits of $5 million during the three months and year ended December 31, 2025 associated with certain customer bill credits issued in connection with the San Bruno natural gas explosion that occurred in 2010.

(9)	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 December 31, 2025	Year Ended December 31, 2025
2019 Kincade fire	$ 1	$ 117
2021 Dixie fire	6	18
Wildfire-related costs, net of recoveries	$ 7	$ 135
Tax impacts	(2)	(38)
Wildfire-related costs, net of recoveries (post-tax)	$ 5	$ 97


(10)	"Non-GAAP core earnings" and "Non-GAAP core EPS" are non-GAAP financial measures. See Non-GAAP Financial Measures below.

Undefined, capitalized terms have the meanings set forth in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K.

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, diluted, 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 measures that allow 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

What is PG&E's updated 2026 non-GAAP core EPS guidance (PCG)?

PG&E narrowed full-year 2026 non-GAAP core EPS guidance to $1.64–$1.66 per share. According to the company, drivers include return on customer capital, unrecoverable interest expense, AFUDC, incentive revenues, tax benefits, and net cost savings.

How did PG&E perform on safety and wildfires in 2025 (PCG)?

PG&E reported a third consecutive year with zero major wildfires caused by its equipment. According to the company, mitigation work included 334 miles undergrounded in 2025 and over 1,210 miles buried since 2021.

What were PG&E's 2025 earnings per share results (PCG)?

PG&E posted 2025 GAAP EPS of $1.18 and non-GAAP core EPS of $1.50 per share. According to the company, non-GAAP results exclude $714 million of non-core after-tax items in 2025.

How did PG&E change customer rates and affordability in 2025 (PCG)?

Residential electric rates are 11% lower than January 2024 after four reductions in two years. According to the company, it now targets customer bill inflation of 0–3% under its Simple Affordable Model.

What operational progress did PG&E report on grid upgrades and EV charging (PCG)?

PG&E completed 334 miles of undergrounding and connected over 18,750 new EV charging ports in 2025. According to the company, approximately 3.6 GW of data center projects are in final engineering.

PG&E Corporation Reports Solid 2025 Results, Tightens 2026 Earnings Guidance