PG&E (PCG) Q4 2025 earnings summary

Executive summary

• Reported full-year 2025 non-GAAP core EPS of $1.50, up 10% year-over-year, marking four consecutive years of double-digit core EPS growth.

• Tightened 2026 non-GAAP core EPS guidance to $1.64–$1.66, targeting 9%+ annual growth through 2030.

• Lowered bundled residential electric rates for the fourth time in two years; average bills now 11% lower than January 2024.

• Achieved significant improvements in safety, reliability, and affordability, including a 43% reduction in serious injuries and fatalities and a 19% improvement in system reliability (SAIDI) year-over-year.

• Achieved a third consecutive year of zero major wildfires caused by equipment and advanced wildfire mitigation efforts.

Financial highlights

• Full year 2025 non-GAAP core earnings were $3.3B ($1.50/share), up from $2.9B ($1.36/share) in 2024.

• GAAP net income for 2025 was $2.7B, up from $2.5B in 2024.

• Adjusted EBITDA reached $10.3B in 2025, up from $9.3B in 2024.

• Operating and maintenance (O&M) savings contributed $0.20 per share, with $0.09 redeployed for customer benefit; cumulative four-year O&M savings exceeded $700 million.

• Operating revenues reached $24,935 million in 2025, up from $24,419 million in 2024.

Outlook and guidance

• 2026 non-GAAP core EPS guidance set at $1.64–$1.66, with 9%+ annual EPS growth expected through 2030.

• Updated bill trajectory target to 0%-3% annual increase, with potential for 0% bill inflation.

• No equity issuance anticipated from 2026–2030, supporting double-digit EPS growth.

• Five-year capital plan (2026–2030) includes $73B in investments, with 94% already authorized for 2026.

• Dividend payout ratio targeted to reach 20% by 2028 and held through 2030.