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Mar 31
PG&E Q1 2025 Earnings Report
PG&E reported a decline in EPS and net income compared to Q1 2024, while maintaining strong operational safety and infrastructure investment.
Key Takeaways
PG&E's Q1 2025 results showed slightly lower earnings and income year-over-year due to a reduced return on equity and dilutive effects from equity issuance. However, the company continued investing in infrastructure upgrades and customer expansion while managing rate stability and safety improvements.
GAAP EPS was $0.28, down from $0.34 in Q1 2024.
Revenue increased slightly to $5.98 billion compared to $5.86 billion in Q1 2024.
Net income decreased to $607 million from $732 million year-over-year.
PG&E connected over 3,000 new electric customers and expanded EV infrastructure.
PG&E
PG&E
PG&E Revenue by Segment
PG&E Revenue by Geographic Location
Revenue by Segment
Electric Revenue
CapyFin.comNatural Gas Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
PG&E reaffirmed its 2025 non-GAAP core EPS guidance and updated GAAP EPS guidance slightly downward. Strategic infrastructure investments and cost efficiencies support long-term earnings targets.
Positive Outlook
- Non-GAAP core EPS guidance maintained at $1.48 to $1.52.
- GAAP EPS updated to $1.29 to $1.35 range.
- Equity needs for 2025-2028 capital plan fully satisfied.
- Data center load growth continues.
- 2% non-fuel O&M reduction target remains on track.
Challenges Ahead
- GAAP EPS guidance lowered slightly due to unrecoverable interest expense.
- Ongoing amortization of Wildfire Fund assets impacts earnings.
- Costs from wildfire claims and investigation remedies continue.
- Dilution from 2024 equity issuance weighed on EPS.
- Lower return on equity from cost of capital decision reduced income.
Revenue & Expenses
Visualization of income flow from segment revenue to net income