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, and GAAP net income was $607 million, down from $732 million last year.

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

• Customer bills are down in 2025 versus 2024, with residential electric rates lower year-over-year and natural gas delivery rates expected to remain flat.

• The company is focused on stabilizing customer bills, investing in safety, reliability, and supporting California’s decarbonization and load growth, especially from data centers.

• Significant wildfire-related liabilities persist, with ongoing legislative and regulatory engagement to address risk and cost recovery.

Financial highlights

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

• Net income attributable to common shareholders was $607 million ($0.28 per share) in Q1 2025, versus $732 million ($0.34 per share) in Q1 2024.

• Non-GAAP core earnings were $728 million ($0.33 per share) in Q1 2025, down from $800 million ($0.37 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 redeployment, equity dilution, and timing/other factors.

Outlook and guidance

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

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

• Additional customer savings are expected from DOE loan drawdowns and investment-grade credit ratings.