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PG&E (PCG) investor relations material

PG&E Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

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.

Why did 2025 non-core items significantly increase?
Provide details on 3.6 GW data center projects.
What drove the $700M cumulative O&M savings?
What if SB 254 progress stalls?
Impact of 3.6 GW data center pipeline on bills?
How will the $5B outside plan be utilized?
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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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