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Sep 30
PG&E Q3 2025 Earnings Report
PG&E Corporation reported strong third-quarter 2025 results, narrowing its 2025 guidance and initiating 2026 guidance.
Key Takeaways
PG&E Corporation delivered solid financial results in the third quarter of 2025, with significant increases in both GAAP and non-GAAP core earnings compared to the previous year. The company's operational focus on safety and affordable, resilient energy continued, with residential electric rates decreasing in 2025 and further reductions expected in 2026. The strong performance was primarily driven by increased customer capital investment and net O&M savings.
GAAP income available for common shareholders increased to $847 million, up from $576 million in Q3 2024.
Non-GAAP core earnings rose to $1,142 million, compared to $791 million in the same period last year.
Diluted GAAP EPS was $0.37, while non-GAAP core EPS reached $0.50.
The company narrowed its full-year 2025 non-GAAP core earnings guidance to $1.49 to $1.51 per share and initiated 2026 guidance at $1.62 to $1.66 per share.
PG&E
PG&E
PG&E Revenue by Segment
Revenue by Segment
Electric Revenue
CapyFin.comNatural Gas Revenue
CapyFin.com Forward Guidance
PG&E Corporation is narrowing its full-year 2025 non-GAAP core earnings guidance and initiating full-year 2026 non-GAAP core earnings guidance, driven by customer capital investment, cost savings, and other earnings factors.
Positive Outlook
- Narrowed full-year 2025 non-GAAP core earnings guidance to a favorable range of $1.49 to $1.51 per share.
- Initiated strong full-year 2026 non-GAAP core earnings guidance in the range of $1.62 to $1.66 per share.
- Expected return on customer capital investment to drive non-GAAP core earnings.
- Anticipated cost savings contributing to future earnings.
- Residential electric rates are expected to go down further in 2026.
Challenges Ahead
- GAAP guidance is not provided due to the difficulty in estimating specific line items.
- Amortization of the Wildfire Fund contribution asset is difficult to predict.
- Impacts of regulatory decisions are uncertain.
- Special tax items are not easily estimable.
- Wildfire-related costs, net of recoveries, are difficult to predict due to factors outside of management's control.