[8-K] PG&E Corp Reports Material Event
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.
PG&E Corp (PCG) ha reso noto un piano di performance non-GAAP pluriennale che punta a un utile per azione non-GAAP Core nel 2025 tra 1,48 e 1,52 dollari e a una crescita annua dell'utile per azione non-GAAP Core di almeno il 9% dal 2026 al 2028. L'azienda punta inoltre a una crescita annua composta del base rate di 10% per il periodo 2023–2028 e afferma che l’emissione di azioni ordinarie per il piano 2024–2028 è completa.
La dichiarazione include una riconciliazione non-GAAP (Esibizione 99.1) e una pagina di copertina Inline XBRL (Esibizione 104). Questi elementi forniscono gli obiettivi delle performance dell’azienda e la riconciliazione necessaria per capire come vengono derivati i metodi non-GAAP Core EPS.
PG&E Corp (PCG) anunció un plan de rendimiento plurianual no-GAAP que apunta a un EPS Core no-GAAP de 2025 entre 1,48 y 1,52 dólares y a un crecimiento anual del EPS Core no-GAAP de al menos el 9% desde 2026 hasta 2028. La empresa también apunta a un crecimiento anual compuesto de la base de tasas (rate base) del 10% para el periodo 2023–2028, y afirma que la emisión de acciones comunes para el plan 2024–2028 está completada.
La presentación incluye una reconciliación no-GAAP (Exhibit 99.1) y una página de portada Inline XBRL (Exhibit 104). Estos elementos proporcionan los objetivos de rendimiento de la empresa y la reconciliación necesaria para entender cómo se derivan las medidas de EPS Core no-GAAP.
PG&E Corp (PCG)은 2025년 비-GAAP 핵심 주당순이익(EPS) 1.48–1.52달러, 2026–2028년부터의 연간 비-GAAP 핵심 EPS 성장률 최소 9%를 목표로 하는 다년간 비-GAAP 성과 계획을 공개했습니다. 또한 2023–2028년 기간의 복합연간 성장률(CAGR) 기반의 수익 증가 10%를 목표로 하며, 2024–2028 계획을 위한 일반주 발행이 완료되었다고 밝힙니다.
공시는 비-GAAP 조정표(Exhibit 99.1)와 Inline XBRL 커버 페이지(Exhibit 104)를 포함합니다. 이 항목들은 회사의 실적 목표와 비-GAAP Core EPS 측정값이 어떻게 도출되는지 이해하는 데 필요한 조정을 제공합니다.
PG&E Corp (PCG) a dévoilé un plan de performance non-GAAP pluriannuel qui vise un BPA Core non-GAAP 2025 entre 1,48 et 1,52 dollars et une croissance annuelle du BPA Core non-GAAP d’au moins 8–9% de 2026 à 2028. L’entreprise vise également une croissance annuelle composée de sa base de taux de 10% pour 2023–2028 et indique que l’émission d’actions ordinaires pour le plan 2024–2028 est achevée.
Le dépôt comprend une réconciliation non-GAAP (Exhibit 99.1) et une page de couverture Inline XBRL (Exhibit 104). Ces éléments fournissent les objectifs de performance de la société et la réconciliation nécessaire pour comprendre comment les mesures EPS Core non-GAAP sont dérivées.
PG&E Corp (PCG) hat einen mehrjährigen Non-GAAP-Leistungsplan offengelegt, der für 2025 ein Non-GAAP Core EPS von 1,48–1,52 USD anstrebt und ein jährliches Wachstum des Non-GAAP Core EPS von mindestens 9% in den Jahren 2026–2028 vorsieht. Das Unternehmen zielt außerdem auf ein 2023–2028 jährliches Wachstum der Rate Base von 10% und erklärt, dass die Emission von Stammaktien für den Plan 2024–2028 abgeschlossen ist.
Das Filing enthält eine Non-GAAP-Rückführung (Exhibit 99.1) und eine Inline XBRL-Titelseite (Exhibit 104). Diese Punkte geben die Leistungsziele des Unternehmens und die notwendige Reconciling an, wie die Non-GAAP Core EPS-Messgrößen abgeleitet werden.
أعلنت شركة PG&E Corp (PCG) عن خطة أداء غير GAAP متعددة السنوات تستهدف ربحية السهم الأساسية غير GAAP لعام 2025 بين 1.48 و1.52 دولاراً، ونموًا سنويًا في ربحية السهم الأساسية غير GAAP لا يقل عن 9% من 2026 إلى 2028. كما تستهدف نمو معدل الأساس السنوي المركب (rate base) بنسبة 10% للفترة من 2023 إلى 2028، وتذكر أن إصدار الأسهم الشائعة للخطة 2024–2028 قد اكتمل.
يتضمن التقرير ملف تعريف non-GAAP reconciliation (Exhibit 99.1) و صفحة غلاف Inline XBRL (Exhibit 104). وتوفر هذه العناصر أهداف أداء الشركة والالتقاط اللازم لفهم كيفية اشتقاق مقاييس EPS Core غير GAAP.
PG&E Corp (PCG) 披露了一项多年期非GAAP业绩计划，目标是在2025年实现非GAAP Core每股收益为1.48–1.52美元，并且2026–2028年间非GAAP Core每股收益的年增长率至少为9%。公司还设定了2023–2028年的基准资本增长（rate base）年复合增速为10%，并表示用于2024–2028计划的普通股发行已完成。
该披露包含非GAAP对账(Exhibit 99.1)和Inline XBRL封面页(Exhibit 104)。这些内容提供了公司的业绩目标以及理解非GAAP Core EPS测算方式所需的对账。
- 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
- 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.
PG&E Corp (PCG) ha reso noto un piano di performance non-GAAP pluriennale che punta a un utile per azione non-GAAP Core nel 2025 tra 1,48 e 1,52 dollari e a una crescita annua dell'utile per azione non-GAAP Core di almeno il 9% dal 2026 al 2028. L'azienda punta inoltre a una crescita annua composta del base rate di 10% per il periodo 2023–2028 e afferma che l’emissione di azioni ordinarie per il piano 2024–2028 è completa.
La dichiarazione include una riconciliazione non-GAAP (Esibizione 99.1) e una pagina di copertina Inline XBRL (Esibizione 104). Questi elementi forniscono gli obiettivi delle performance dell’azienda e la riconciliazione necessaria per capire come vengono derivati i metodi non-GAAP Core EPS.
PG&E Corp (PCG) anunció un plan de rendimiento plurianual no-GAAP que apunta a un EPS Core no-GAAP de 2025 entre 1,48 y 1,52 dólares y a un crecimiento anual del EPS Core no-GAAP de al menos el 9% desde 2026 hasta 2028. La empresa también apunta a un crecimiento anual compuesto de la base de tasas (rate base) del 10% para el periodo 2023–2028, y afirma que la emisión de acciones comunes para el plan 2024–2028 está completada.
La presentación incluye una reconciliación no-GAAP (Exhibit 99.1) y una página de portada Inline XBRL (Exhibit 104). Estos elementos proporcionan los objetivos de rendimiento de la empresa y la reconciliación necesaria para entender cómo se derivan las medidas de EPS Core no-GAAP.
PG&E Corp (PCG)은 2025년 비-GAAP 핵심 주당순이익(EPS) 1.48–1.52달러, 2026–2028년부터의 연간 비-GAAP 핵심 EPS 성장률 최소 9%를 목표로 하는 다년간 비-GAAP 성과 계획을 공개했습니다. 또한 2023–2028년 기간의 복합연간 성장률(CAGR) 기반의 수익 증가 10%를 목표로 하며, 2024–2028 계획을 위한 일반주 발행이 완료되었다고 밝힙니다.
공시는 비-GAAP 조정표(Exhibit 99.1)와 Inline XBRL 커버 페이지(Exhibit 104)를 포함합니다. 이 항목들은 회사의 실적 목표와 비-GAAP Core EPS 측정값이 어떻게 도출되는지 이해하는 데 필요한 조정을 제공합니다.
PG&E Corp (PCG) a dévoilé un plan de performance non-GAAP pluriannuel qui vise un BPA Core non-GAAP 2025 entre 1,48 et 1,52 dollars et une croissance annuelle du BPA Core non-GAAP d’au moins 8–9% de 2026 à 2028. L’entreprise vise également une croissance annuelle composée de sa base de taux de 10% pour 2023–2028 et indique que l’émission d’actions ordinaires pour le plan 2024–2028 est achevée.
Le dépôt comprend une réconciliation non-GAAP (Exhibit 99.1) et une page de couverture Inline XBRL (Exhibit 104). Ces éléments fournissent les objectifs de performance de la société et la réconciliation nécessaire pour comprendre comment les mesures EPS Core non-GAAP sont dérivées.
PG&E Corp (PCG) hat einen mehrjährigen Non-GAAP-Leistungsplan offengelegt, der für 2025 ein Non-GAAP Core EPS von 1,48–1,52 USD anstrebt und ein jährliches Wachstum des Non-GAAP Core EPS von mindestens 9% in den Jahren 2026–2028 vorsieht. Das Unternehmen zielt außerdem auf ein 2023–2028 jährliches Wachstum der Rate Base von 10% und erklärt, dass die Emission von Stammaktien für den Plan 2024–2028 abgeschlossen ist.
Das Filing enthält eine Non-GAAP-Rückführung (Exhibit 99.1) und eine Inline XBRL-Titelseite (Exhibit 104). Diese Punkte geben die Leistungsziele des Unternehmens und die notwendige Reconciling an, wie die Non-GAAP Core EPS-Messgrößen abgeleitet werden.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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?
