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PG&E (PCG) investor relations material
PG&E Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Core and non-GAAP core EPS for Q3 2025 was $0.50, with nine-month EPS at $1.14; 2025 EPS guidance narrowed to $1.49–$1.51, up 10% year-over-year, and 2026 guidance set at $1.62–$1.66, targeting at least 9% annual growth through 2030.
Five-year capital plan extended through 2030, totaling $73 billion, focused on grid safety, reliability, capacity expansion, and no new equity required.
Achieved 1,000 miles of undergrounded power lines in high fire-risk areas, with a 25% cost reduction since inception and over 8,500 sensors installed for fire risk monitoring.
Wildfire risk mitigation remains a top priority, with significant legislative and operational progress, including SB 254 and ongoing collaboration with state agencies.
Operating revenues for Q3 2025 increased 5% year-over-year, driven by higher electric and gas revenues, DCPP operations, and interim rate relief.
Financial highlights
Q3 2025 non-GAAP core EPS was $0.50, up from $0.37 in Q3 2024; nine-month non-GAAP core EPS reached $1.14, up from $1.06.
GAAP net income for Q3 2025 was $847 million ($0.37/share), compared to $576 million ($0.27/share) in Q3 2024.
Total operating revenues for Q3 2025 were $6.25 billion, up from $5.94 billion year-over-year.
O&M cost savings contributed $0.05 in Q3 and $0.08 year-to-date; annual net savings projected at $200M–$300M.
Weighted average rate base for 2025 is $69B, projected to rise to $75B in 2026.
Outlook and guidance
2025 EPS guidance narrowed to $1.49–$1.51, with 2026 guidance at $1.62–$1.66 and at least 9% annual EPS growth targeted through 2030.
$73B capital plan through 2030 supports grid upgrades, wildfire mitigation, and no new equity required.
Dividend payout ratio targeted at 20% by 2028, maintained through 2030.
Customer bills expected to be flat or down in 2027 compared to 2025, with lower electric rates planned for 2026.
Capital expenditures for 2025 estimated at $13.2 billion.
Projected annual undergrounding mileage?
Key drivers for 2026 non-GAAP core EPS growth?
How does new load impact future electricity prices?
What policy reforms are considered in SB 254 Phase 2?
Data center capital allocation strategy.
Implications of 10-year undergrounding decision?
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Frequently asked questions
PG&E Corporation operates through Electric and Natural Gas segments. It generates electricity using nuclear, hydro, natural gas, biomass, solar, and geothermal power sources, as well as purchased power. The firm sells electricity to residential customers; electric service for commercial, industrial and agricultural customers; natural gas to residential customers, small commercial businesses and industrial enterprises; and transportation services for liquid petroleum products, steam and compressed gasses. The company was incorporated in 1905 and is headquartered in San Francisco, California.
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