PG&E Corporation has reported its financial results for the second quarter of 2025, maintaining a steady performance compared to the same period last year. The company remains focused on operational safety and delivering reliable energy services.
“PG&E’s story of progress continues to unfold with another solid quarter of performance. We’re delivering energy safely to our customers every day. We’ve stabilized bills over the past year and expect them to be down in 2026,” said PG&E Corporation CEO Patti Poppe.
For the full year 2025, PG&E has updated its GAAP earnings guidance to a range between $1.26 and $1.32 per share, slightly lower than its previous forecast. The company reaffirmed its non-GAAP core earnings guidance at $1.48 to $1.52 per share for the year. Factors influencing these projections include customer capital investment, unrecoverable interest expenses estimated between $350 million and $400 million after tax, as well as other elements such as cost savings, incentive revenues, tax benefits, amortization of wildfire-related assets and liabilities, and regulatory impacts.
In the second quarter of 2025, PG&E recorded income available for common shareholders of $521 million, or $0.24 per share under GAAP standards—the same figures reported in the second quarter of 2024. This result was attributed mainly to higher customer capital investments offset by a reduced return on equity following a recent cost-of-capital decision that lowered rates from 10.7% to 10.28%, along with dilution from an equity offering in 2024 and increased wildfire-related claims.
Non-GAAP core earnings were also unchanged year-over-year at $674 million or $0.31 per share for both quarters in comparison—excluding non-core items not considered representative of ongoing operations.
Supplemental materials related to this financial report are available on PG&E’s investor website (http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx).
The company will hold an earnings conference call on July 31 at 11:00 a.m. Eastern Time (8:00 a.m Pacific) accessible via webcast (http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx). A replay will be archived online and is also available by phone until August 7 using confirmation code 92587.
PG&E routinely provides links to principal regulatory filings with California Public Utilities Commission and Federal Energy Regulatory Commission at http://investor.pgecorp.com under “Regulatory Filings.” Other investor resources can be found under “Wildfire and Safety Updates” and “News & Events: Events & Presentations.”
PG&E Corporation is based in Oakland, California, serving about 16 million people across Northern and Central California through Pacific Gas and Electric Company (http://www.pgecorp.com).
The release contains forward-looking statements subject to risks detailed in recent filings with the SEC (https://www.sec.gov). Non-GAAP core earnings measures are provided for better comparison but are not alternatives to GAAP metrics.
