[8-K] PG&E Corp Reports Material Event
Rhea-AI Filing Summary
PG&E Corp (PCG) disclosed a multi-year non-GAAP performance plan that targets 2025 non-GAAP Core EPS of $1.48–$1.52 and annual non-GAAP Core EPS growth of at least 9% from 2026–2028. The company also targets 2023–2028 compound annual rate base growth of 10%, and states that common equity issuance for the 2024–2028 plan is complete.
The filing includes a non-GAAP reconciliation (Exhibit 99.1) and an Inline XBRL cover page (Exhibit 104). These items provide the company’s performance targets and the reconciliation needed to understand how the non-GAAP Core EPS measures are derived.
Positive
- 2025 non-GAAP Core EPS guidance provided as a clear range ($1.48–$1.52)
- Medium-term EPS growth goal of at least 9% annually for 2026–2028
- Rate-base growth target of 10% CAGR for 2023–2028
- Common equity issuance for 2024–2028 plan completed, reducing funding execution uncertainty
- Non-GAAP reconciliation included (Exhibit 99.1) to explain adjusted metrics
Negative
- None.
Insights
TL;DR: Management set explicit EPS and rate-base growth targets and completed planned equity issuance, providing clear financial milestones.
The plan outlines concrete medium-term targets: a 2025 non-GAAP Core EPS range of $1.48–$1.52, plus a commitment to at least 9% non-GAAP Core EPS growth annually from 2026 to 2028, and 10% compound annual rate-base growth from 2023–2028. Completion of the common equity issuance for the 2024–2028 plan reduces uncertainty about planned capital raise execution. The inclusion of a non-GAAP reconciliation is useful for analysts to map company-adjusted metrics to GAAP.
TL;DR: Targets provide measurable goals but rely on non-GAAP metrics and future performance, which carry execution risk.
The filing communicates forward-looking targets expressed on a non-GAAP Core EPS basis and a specified rate-base growth trajectory. While the completed equity issuance addresses near-term funding needs, the targets remain contingent on future operational performance and regulatory outcomes. The provided non-GAAP reconciliation (Exhibit 99.1) will be important to assess adjustments and comparability to GAAP results.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report:
(Date of earliest event reported)
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| (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) | |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) |
Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | PG&E Corporation | |
| Emerging growth company | Pacific Gas and Electric Company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| PG&E Corporation | ☐ |
| Pacific Gas and Electric Company | ☐ |
Item 7.01 Regulation FD Disclosure.
On September 15, 2025, PG&E Corporation made available a presentation on its website at http://investor.pgecorp.com, under the “News & Events: Events & Presentations” tab.
Additionally, PG&E Corporation is reaffirming its guidance as follows:
| · | 2025 non-GAAP Core Earnings Per Share (“EPS”) of $1.48-$1.52; |
| · | 2026-2028 non-GAAP Core EPS growth of at least 9%; |
| · | 2023-2028 compound annual rate base growth of 10%; and |
| · | Common equity issuance for 2024-2028 plan completed. |
Non-GAAP Core EPS is a non-GAAP financial measure. Non-GAAP core EPS is not a substitute or alternative for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies. Please refer to the reconciliation of non-GAAP core EPS to earnings per share, which is the most directly comparable GAAP measure, provided in Exhibit 99.1.
The information set forth in this Item 7.01 and in Exhibit 99.1 of this Current Report on Form 8-K is being furnished hereby and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the filings of PG&E Corporation or the Utility under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such filings. The filing of this Current Report on Form 8-K (including the exhibit hereto or any information included herein or therein) shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description |
| 99.1 | Non-GAAP Reconciliation |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
Cautionary Statement Concerning Forward-Looking Statements
This current report on Form 8-K contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility, as well as forecasts and estimates regarding PG&E Corporation’s earnings, rate base, and equity issuances. 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, their most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and other reports filed with the SEC 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
| PG&E CORPORATION | |||
| Date: September 15, 2025 | By: | /s/ JOHN R. SIMON | |
| Name: John R. Simon | |||
| Title: Executive Vice President, General Counsel and Chief Ethics & Compliance Officer | |||
| PACIFIC GAS AND ELECTRIC COMPANY | |||
| Date: September 15, 2025 | By: | /s/ BRIAN M. WONG | |
| Name: Brian M. Wong | |||
| Title: Vice President, General Counsel and Corporate Secretary | |||
FAQ
What 2025 non-GAAP Core EPS does PG&E (PCG) target?
What EPS growth rate does PG&E forecast for 2026–2028?
What rate-base growth does PG&E target for 2023–2028?
Has PG&E completed planned equity issuance tied to this plan?
Where can I find the reconciliation of non-GAAP Core EPS to GAAP?
