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Dec 31, 2025
PG&E Q4 2025 Earnings Report
PG&E reported stable GAAP earnings and higher non-GAAP core earnings in Q4 2025, supported by customer capital investment and operating efficiencies.
Key Takeaways
PG&E generated 7040000000 in revenue in Q4 2025, with income available for common shareholders of 642000000 and GAAP EPS of 0.29. Non-GAAP core EPS increased to 0.36, reflecting capital investment growth and O&M savings.
Total Q4 revenue was 7040000000.
GAAP earnings per diluted share were 0.29.
Non-GAAP core EPS increased to 0.36 from 0.31 year over year.
Income available for common shareholders was 642000000.
Revenue by Segment
Forward Guidance
PG&E tightened its 2026 non-GAAP core EPS guidance range to 1.64 to 1.66 per share.
Positive Outlook
- 2026 non-GAAP core EPS guidance raised to 1.64–1.66.
- Delivered fourth consecutive year of double-digit EPS growth.
- Reduced non-fuel O&M costs by 2.5% in 2025.
- Advanced 3.6 GW of data center projects into final engineering.
- Targeting 20% dividend payout ratio by 2028.
Challenges Ahead
- Lower authorized return on equity versus prior year.
- Equity dilution from 2024 issuance.
- Wildfire-related claims and fund amortization costs.
- Regulatory disallowances from WMCE decisions.
- Exposure to wildfire and regulatory risk.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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