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Jun 30, 2025
PG&E Q2 2025 Earnings Report
PG&E reported flat earnings in Q2 2025, with EPS unchanged from the prior year and steady non-GAAP core performance.
Key Takeaways
PG&E delivered consistent financial performance in Q2 2025 with stable EPS, steady core earnings, and continued investments in infrastructure and safety upgrades.
GAAP EPS held steady at $0.24, matching the same period in 2024.
Non-GAAP core EPS remained flat at $0.31 year-over-year.
Net income was $521 million for the quarter.
Revenue came in at $5.898 billion, slightly down from last year.
Revenue by Segment
Forward Guidance
PG&E reaffirmed its non-GAAP EPS guidance for 2025 while lowering its GAAP EPS outlook slightly, emphasizing capital investments and safety upgrades.
Positive Outlook
- 2025 GAAP EPS guidance updated to $1.26–$1.32.
- Non-GAAP core EPS guidance reaffirmed at $1.48–$1.52.
- Equity needs fully satisfied to fund $63 billion capital plan through 2028.
- On track for 2% non-fuel O&M reduction target.
- Continued safety investments including 700 miles of underground lines planned.
Challenges Ahead
- Lower GAAP EPS guidance compared to previous quarter.
- Return on equity reduced from 10.7% to 10.28%.
- Dilution from 2024 equity offering affecting EPS.
- Ongoing wildfire-related claims continue to impact results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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