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, with four consecutive years of double-digit core EPS growth and $0.36 for Q4 2025.

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

• Achieved a fourth reduction in bundled residential electric rates in two years, with 2025 rates 11% lower than January 2024.

• Significant safety improvements: 43% reduction in serious injuries and fatalities, and a third consecutive year without major wildfires caused by equipment.

• Advanced wildfire mitigation, reliability, and affordability initiatives, including major progress in undergrounding and joint ventures.

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 was $2.7B, up from $2.5B.

• Adjusted EBITDA reached $10.3B in 2025, with operating cash flow at $8.7B.

• O&M savings contributed $0.20 per share, with cumulative four-year O&M savings exceeding $700 million.

• Over 160 waste elimination initiatives executed in 2025.

• Doubled annual share dividend to $0.20 for 2026, with consistent increases expected.

Outlook and guidance

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

• Customer bill inflation target reduced to 0–3%, with potential for 0% increase.

• O&M savings target increased to 2%-4% annually, after absorbing inflation.

• No new common equity required through 2030; dividend payout targeted at 20% by 2028.

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