PG&E Corporation reported higher earnings for the third quarter of 2025 and updated its financial guidance for the coming years. The company said it is on track to meet its 2025 financial targets, with a continued focus on operational safety and providing reliable energy.
PG&E Corporation CEO Patti Poppe stated, “PG&E continues our progress delivering safe and affordable energy to our customers. Our system has never been safer from wildfire risk, and we continue to stabilize our customers’ bills. Residential electric rates are down in 2025 and expected to go down further in 2026.”
The company narrowed its full-year 2025 non-GAAP core earnings guidance to between $1.49 and $1.51 per share, compared to its previous range of $1.48 to $1.52 per share. PG&E also initiated its full-year 2026 non-GAAP core earnings guidance at $1.62 to $1.66 per share.
For the third quarter of 2025, PG&E reported income available for common shareholders of $847 million, or $0.37 per diluted share under GAAP standards, up from $576 million, or $0.27 per diluted share in the same period last year. The increase was attributed mainly to greater customer capital investment and operational savings, though partially offset by a lower return on equity compared with 2024 and dilution from an equity offering made that year.
Non-GAAP core earnings—which exclude certain items not considered representative of ongoing operations—were reported at $1,142 million, or $0.50 per diluted share for the third quarter of 2025, compared with $791 million, or $0.37 per diluted share in the prior year’s quarter.
Non-core items totaled $295 million after tax ($0.13 per share) for the third quarter of 2025, compared with $215 million after tax ($0.10 per share) in the same period last year.
The company will hold an earnings conference call on October 23, 2025 at 11:00 a.m. Eastern Time (8:00 a.m Pacific Time). A webcast will be available through PG&E’s investor relations website at http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx, where a replay will also be archived after the event.
PG&E regularly posts regulatory filings and other information relevant to investors on its website at http://investor.pgecorp.com under several tabs including “Regulatory Filings,” “Wildfire and Safety Updates,” and “News & Events: Events & Presentations.” These postings may include material information about the company.
PG&E Corporation is headquartered in Oakland, California and is the parent company of Pacific Gas and Electric Company, which provides energy services across Northern and Central California.
Forward-looking statements in this release are based on current expectations but subject to risks described in PG&E’s latest annual report filed with the SEC (www.sec.gov) as well as updates posted on www.pgecorp.com.
Further details including reconciliations between GAAP results and non-GAAP measures can be found in presentation slides furnished with the Securities and Exchange Commission (SEC) available at http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.
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