PG&E Corporation Reports Second-Quarter Results; On Track to Deliver Solid 2025

OAKLAND, Calif., July 31, 2025 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) is on track to deliver solid 2025 financial results. Financial progress includes:

• GAAP earnings were $0.24 per share for the second quarter of 2025, compared to earnings of $0.24 per share for the same period in 2024.
• Non-GAAP core earnings were $0.31 per share for the second quarter of 2025, compared to earnings of $0.31 per share for the same period in 2024.
• 2025 GAAP EPS guidance updated to $1.26 to $1.32 per share.
• 2025 non-GAAP core EPS guidance reaffirmed at $1.48 to $1.52 per share.
• Data center pipeline increases to 10 gigawatts.
• On track to meet or exceed 2% non-fuel O&M reduction target.  
• Equity needs fully satisfied to fund the five-year capital plan of $63 billion through 2028.

Operational progress during the second quarter of 2025 continued to focus on physical safety and delivery of affordable and resilient energy. Pacific Gas and Electric Company (the Utility):

• Submitted its smallest General Rate Case percentage increase in a decade to California regulators. If the proposal is fully approved, and based on current information and other assumptions, the Utility expects total residential combined gas and electric bills in 2027 to be flat compared to 2025 bills.
• Connected over 3,300 electric customers and over 2,000 new electric vehicle charging ports to the Utility's grid. More beneficial new load in the years ahead can help reduce electricity prices for all customers.
• Achieved additional milestones in relicensing its nuclear power plant. The U.S. Nuclear Regulatory Commission found Diablo Canyon Power Plant to be safe and environmentally sound to continue to operate for 20 more years.
• Constructed 32 miles of underground powerlines and 103 miles of strengthened poles and covered powerlines in high wildfire-risk areas. In 2025 and 2026, the Utility plans to construct approximately 700 miles of underground powerlines and 500 miles of other wildfire safety system upgrades.
• Submitted a report to California regulators calculating a 42% reduction of methane emissions in 2024 from its gas pipeline system compared to a 2015 baseline, surpassing its 20% commitment. 

"PG&E's story of progress continues to unfold with another solid quarter of performance. We're delivering energy safely to our customers every day. We've stabilized bills over the past year and expect them to be down in 2026," said PG&E Corporation CEO Patti Poppe.

2025 Guidance

PG&E Corporation is updating its full year 2025 GAAP earnings guidance to the range of $1.26 to $1.32 per share, from the range of $1.29 to $1.35 per share provided last quarter. Factors expected to drive GAAP earnings include customer capital investment and costs related to unrecoverable interest expense of $350 million to $400 million after tax and other earnings factors, including allowance for funds used during construction, incentive revenues, tax benefits, and cost savings, net of below-the-line costs. Additional factors include the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability, SB 901 impacts, costs related to PG&E Corporation's and the Utility's reorganization cases under Chapter 11, wildfire-related costs, and investigation remedies, partially offset by prior period net regulatory impact.

PG&E Corporation is reaffirming guidance for its full year 2025 non-GAAP core earnings of $1.48 to $1.52 per share. The guidance range for non-core items, which management does not consider representative of ongoing earnings, is updated to $470 million to $510 million after tax.

Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, and certain other factors, which are inherently uncertain. See "Forward-Looking Statements" below.

Financial Results

PG&E Corporation recorded second-quarter 2025 income available for common shareholders of $521 million, or $0.24 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $520 million, or $0.24 per share, for second quarter 2024.

Second-quarter 2025 GAAP results, flat to 2024, are primarily driven by an increase in customer capital investment, offset by the lower return on equity related to the most recent cost of capital decision that saw a reduction from 10.7% to 10.28%, and the dilutive impact of PG&E Corporation's 2024 equity offering. Additionally, wildfire-related claims, net of recoveries and the Utility's wildfire Fund expense increased year-over-year.

PG&E Corporation uses "non-GAAP core earnings," which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings (including non-GAAP core EPS) to consolidated earnings available for common shareholders.

Non-GAAP Core Earnings 

PG&E Corporation's non-GAAP core earnings, which exclude non-core items, were $674 million, or $0.31 per share, for second quarter 2025, compared to earnings of $674 million, or $0.31 per share, for second quarter 2024.

Non-GAAP core earnings are driven by similar factors to the GAAP results as described above, except for non-core items.

Non-core items, which management does not consider representative of ongoing earnings, totaled $154 million after tax, or $0.07 per share, for second quarter 2025, compared with $154 million after tax, or $0.07 per share, for second quarter 2024.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation's website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Earnings Conference Call 

PG&E Corporation will also hold a conference call on July 31, 2025, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its second-quarter 2025 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.

What: Second-Quarter 2025 Earnings Call

When: Thursday, July 31, 2025 at 11:00 a.m. Eastern Time

Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

A replay of the conference call will be archived at
http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through August 7, 2025, by dialing (800) 770-2030. The confirmation code 92587 will be required to access the replay.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings with the California Public Utilities Commission and the Federal Energy Regulatory Commission at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the "Wildfire and Safety Updates" and "News & Events: Events & Presentations" tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.  For more information, visit http://www.pgecorp.com.

Forward-Looking Statements 

This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, guidance, estimates, future plans, and strategies of PG&E Corporation and the Utility, including regarding earnings, customer bills, operating and maintenance costs, and load growth. 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 and their most recent Quarterly Report on the Form 10-Q, 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.

Undefined, capitalized terms have the meanings set forth in the Form 10-Q.

Non-GAAP Core Earnings and Non-GAAP Core EPS

"Non-GAAP core earnings" and "Non-GAAP core EPS," also referred to as "non-GAAP core earnings per share," are non-GAAP financial measures. Non-GAAP core earnings is calculated as income available for common shareholders less non-core items. "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed above. Non-GAAP core EPS is calculated as non-GAAP core earnings divided by common shares outstanding on a diluted basis.

PG&E Corporation discloses historical financial results and provides guidance based on "non-GAAP core earnings" and "non-GAAP core EPS" in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance.

Non-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pge-corporation-reports-second-quarter-results-on-track-to-deliver-solid-2025-302518378.html

SOURCE PG&E Corporation