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PG&E Corporation

PCG · Utilities

Last earnings Oct 22, 2026

AI analysis

Q3 2025 · reported Oct 23, 2025

Based on: Earnings release + Q3 2025 deck + parent 8-K + 10-Q — transcript not held

No extracted figures held

The event-summary record for this company carries no extracted figures, so the brief and charts cannot be drawn yet. The summary below and the held documents are the record for this event.

Guidance · company-stated

Direction: Reiterated

EPS

“1 Initiating 2026 non-GAAP core EPS guidance in the range of $1.62 to $1.66.”

EPS

“Reaffirming at least 9% annual non-GAAP core EPS growth guidance for 2027-2030.”

Company outlook

“2025 and 2026 Guidance PG E Corporation is narrowing its full year 2025 non-GAAP core earnings guidance to the range of $1.49 to $1.51 per share, from the prior range of $1.48 to $1.52 per share and is initiating full year 2026 non-GAAP core earnings guidance in the range of $1.62 to $1.66 per share.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Capex$5B

Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, and certain other factors, which are inherently uncertain.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Financial progress includes GAAP earnings were $0.37 and $0.89 per share for the third quarter and first nine months of 2025, respectively, compared to $0.27 and $0.85 per share for the same periods in 2024

Based on: Earnings release + Q3 2025 deck + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Reiterated

EPS: “1 Initiating 2026 non-GAAP core EPS guidance in the range of $1.62 to $1.66.”

EPS: “Reaffirming at least 9% annual non-GAAP core EPS growth guidance for 2027-2030.”

Company outlook: “2025 and 2026 Guidance PG E Corporation is narrowing its full year 2025 non-GAAP core earnings guidance to the range of $1.49 to $1.51 per share, from the prior range of $1.48 to $1.52 per share and is initiating full year 2026 non-GAAP core earnings guidance in the range of $1.62 to $1.66 per share.”

Company outlook — Initiated (“Initiates”)
“com October 23, 2025 PG E Corporation Reports Strong Third-Quarter Results Narrows 2025 Guidance Initiates 2026 Guidance OAKLAND PG E Corporation (NYSE PCG) is on track to deliver solid 2025 financial results.”

EPS — Initiated (“Initiating”)
“1 Initiating 2026 non-GAAP core EPS guidance in the range of $1.62 to $1.66.”

EPS — Reiterated (“Reaffirming”)
“Reaffirming at least 9% annual non-GAAP core EPS growth guidance for 2027-2030.”

Company outlook — Initiated (“initiating”)
“2025 and 2026 Guidance PG E Corporation is narrowing its full year 2025 non-GAAP core earnings guidance to the range of $1.49 to $1.51 per share, from the prior range of $1.48 to $1.52 per share and is initiating full year 2026 non-GAAP core earnings guidance in the range of $1.62 to $1.66 per share.”

Classified from the release's primary full-year outlook statement.

Capital allocation

Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, and certain other factors, which are inherently uncertain.

SEC original ↗PG&E Corporation — Earnings release (8-K exhibit)EX-99Oct 23, 2025

Factors that may cause the Utility s actual results to differ materially from its forecasts include the ability of PG&E Corporation and the Utility to access capital markets and other sources of debt and equity financing in a timely manner on acceptable terms; their ability to raise financing through securitization transactions; actions by credit rating agencies to downgrade PG&E Corporation s or the Utility s credit ratings; the supply and price of electricity, natural gas, and nuclear fuel ; and the impact of any changes in federal or state tax laws, policies, regulations, or their interpretation, and PG&E Corporation s and the Utility s ability to obtain efficient tax treatment.

SEC original ↗PG&E Corporation — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025

Rate base point estimates reflect authorized capital expenditures from the 2023 GRC final decision, SB 410, Oakland headquarters Petition for Modification to other CPUC-jurisdictional approvals (including the full amount recoverable through a balancing account where applicable), above-authorized capital spend that will support the Utility's plan, including strategic capital investments in undergrounding, wildfire mitigation, billing modernization, and mobile home parks, along with a forecast of our 2027 GRC filing.

SEC original ↗PG&E Corporation — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025

Percentage already authorized for CPUC-jurisdictional rate base holds constant the 2026 adopted CapEx for 2027 2030, includes SB 410 and Oakland headquarters Petition for Modification, and assumes FERC-jurisdictional rate base is equivalent to amounts requested in the formula rate through Transmission Owner rate proceedings for years 2025 through 2030.

SEC original ↗PG&E Corporation — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025

Investment opportunities of at least $5 billion are not reflected in the CapEx or rate base numbers.

SEC original ↗PG&E Corporation — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025

FFO/Debt is not calculated in accordance with GAAP.

SEC original ↗PG&E Corporation — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025

Strategy & priorities

Operational progress during the third quarter of 2025 continued to focus on physical safety and delivery of affordable and resilient energy.

SEC original ↗PG&E Corporation — Earnings release (8-K exhibit)EX-99Oct 23, 2025

Forward-Looking Statements This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, guidance, estimates, future plans, and strategies of PG E Corporation and the Utility, including regarding earnings, customer bills, and operating and maintenance costs.

SEC original ↗PG&E Corporation — Earnings release (8-K exhibit)EX-99Oct 23, 2025

The Utility s cost reduction strategies include increased efficiency and waste elimination driven by implementing the Lean operating system, improving its work management, identifying additional opportunities to improve its capital-to-expense ratio, and an improved organizational design.

SEC original ↗PG&E Corporation — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025

Rate base point estimates reflect authorized capital expenditures from the 2023 GRC final decision, SB 410, Oakland headquarters Petition for Modification to other CPUC-jurisdictional approvals (including the full amount recoverable through a balancing account where applicable), above-authorized capital spend that will support the Utility's plan, including strategic capital investments in undergrounding, wildfire mitigation, billing modernization, and mobile home parks, along with a forecast of our 2027 GRC filing.

SEC original ↗PG&E Corporation — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025

The Utility s cost reduction strategies include increased efficiency driven by implementing the Lean operating system, improving its work management, identifying additional opportunities to convert expenses to capital expenditures, and an improved organizational design.

SEC original ↗PG&E Corporation — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025

Risks & headwinds

These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties.

SEC original ↗PG&E Corporation — Earnings release (8-K exhibit)EX-99Oct 23, 2025

These statements and other statements that are not purely historical constitute forward-looking statements that are necessarily subject to various risks and uncertainties.

SEC original ↗PG&E Corporation — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025

Factors that may cause customer bills to differ from forecast include risks and uncertainties associated with energy supply costs, emergency response costs, the timing and outcomes of regulatory proceedings, and customer energy usage.

SEC original ↗PG&E Corporation — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025

These forward-looking statements relate to, among other matters, the previously announced strategic review; estimated liabilities; ratemaking and regulatory proceedings; capital expenditures; cost savings; load growth; customer rates; estimates and assumptions used in critical accounting estimates, including those relating to insurance receivables, regulatory assets and liabilities, environmental remediation, litigation, third-party claims, the Wildfire Fund, and other liabilities; and the level of future equity or debt issuances, and dividends.

SEC original ↗PG&E Corporation — 10-Q Quarterly report10-QOct 22, 2026

Key Factors Affecting Financial Results PG&E Corporation and the Utility believe that their financial condition, results of operations, liquidity, and cash flows may be materially affected by the following factors: The Uncertainties in Connection with Wildfires, Wildfire Mitigation, and Associated Cost Recovery.

SEC original ↗PG&E Corporation — 10-Q Quarterly report10-QOct 22, 2026

Each of these mitigations involves uncertainties, and liabilities could exceed available recoveries.

SEC original ↗PG&E Corporation — 10-Q Quarterly report10-QOct 22, 2026

Documents

Earnings deck slides

0 decks with slide view

PG&E Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

PG&E Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

PG&E Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

PG&E Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

PG&E Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

PG&E Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

PG&E Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

PG&E Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

PG&E Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

PG&E Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

PG&E Corporation — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Fortis (FTS) UtilitiesAmerican Water Works (AWK) UtilitiesFirstEnergy (FE) UtilitiesEdison International (EIX) UtilitiesDuke Energy (DUK) UtilitiesPublic Service Enterprise Group (PEG) UtilitiesConstellation Energy (CEG) UtilitiesWEC Energy Group (WEC) Utilities

Filings

61 documents

Earnings releases

11 documents

Presentations

11 documents

Transcripts

0 documents

No transcripts for PG&E Corporation are held in this edition of the library.

Mentioned by

5 companies

Other tracked companies whose held documents mention PG&E Corporation by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.