PG&E (PCG) Q1 2025 earnings summary

Executive summary

• Q1 2025 non-GAAP core EPS was $0.33, down from $0.37 in Q1 2024, with GAAP net income of $607 million versus $732 million last year.

• Full-year 2025 non-GAAP core EPS guidance of $1.48–$1.52 is reaffirmed, targeting at least 9% annual growth for 2026–2028.

• Customer bills are down in 2025 versus 2024, with further decreases forecasted for 2026 and a focus on affordability and capital investment.

• The company is actively engaging with policymakers to address wildfire risk and legislative solutions, particularly around AB 1054.

• Significant load growth opportunities, especially from data centers and electrification, are expected to drive further affordability and infrastructure investment.

Financial highlights

• Q1 2025 operating revenues were $5.98 billion, up from $5.86 billion in Q1 2024.

• Q1 2025 non-GAAP core earnings were $728 million ($0.33 per share), down from $800 million ($0.37 per share) in Q1 2024.

• GAAP net income was $607 million ($0.28 per share) in Q1 2025, down from $732 million ($0.34 per share) in Q1 2024.

• Adjusted EBITDA for Q1 2025 was $2.47 billion, up from $2.37 billion in Q1 2024.

• Key drivers included higher customer capital investment, O&M savings, offset by equity dilution and timing factors.

Outlook and guidance

• 2025 non-GAAP core EPS guidance reaffirmed at $1.48–$1.52; GAAP EPS guidance $1.29–$1.35.

• At least 9% annual non-GAAP core EPS growth targeted for 2026–2028.

• Five-year $63 billion capital plan through 2028 remains unchanged, with all equity needs met and potential for at least $5 billion in incremental investment.

• Bill increases are targeted to remain at or below inflation (2%-4%) through 2028.

• The company expects a constructive legislative outcome on AB 1054 in 2025.