PG&E Corporation has reported its financial results for the second quarter of 2025, indicating that it remains on track to meet its full-year targets. The company continues to focus on operational safety and providing 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 updated its GAAP earnings guidance to a range of $1.26 to $1.32 per share, slightly lower than the previous range of $1.29 to $1.35 per share announced last quarter. The company reaffirmed its non-GAAP core earnings guidance at $1.48 to $1.52 per share.
The company attributed changes in earnings expectations to factors such as customer capital investment, unrecoverable interest expenses estimated between $350 million and $400 million after tax, as well as other elements including allowance for funds used during construction, incentive revenues, tax benefits, cost savings, amortization related to wildfire liabilities, impacts from state legislation SB 901, costs tied to reorganization under Chapter 11 bankruptcy proceedings, wildfire-related expenses and investigation remedies.
For the second quarter of 2025, PG&E recorded income available for common shareholders of $521 million ($0.24 per share) under generally accepted accounting principles (GAAP), which is nearly unchanged from the same period in 2024 when it reported $520 million ($0.24 per share). Non-GAAP core earnings were also flat compared with last year at $674 million ($0.31 per share).
The company noted that an increase in customer capital investment was offset by a lower return on equity following a recent cost of capital decision that reduced the rate from 10.7% to 10.28%. There was also a dilutive effect from PG&E’s equity offering in 2024 and increased wildfire-related claims net of recoveries.
Non-core items totaled $154 million after tax ($0.07 per share) for both the second quarters of 2025 and 2024.
PG&E provides supplemental financial information on its website at http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.
The company will hold an earnings conference call on July 31, 2025 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time), accessible via webcast at http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx or by phone replay until August 7 using confirmation code 92587.
PG&E routinely posts regulatory filings and updates regarding safety and wildfires on its investor website at http://investor.pgecorp.com under “Regulatory Filings,” “Wildfire and Safety Updates,” and “News & Events: Events & Presentations.”
Based in Oakland, California, PG&E Corporation is the parent company of Pacific Gas and Electric Company, which serves about 16 million people across Northern and Central California within a service area covering approximately 70,000 square miles.
The release includes forward-looking statements based on current assumptions that are subject to risks detailed in filings with the Securities and Exchange Commission (SEC), available at www.pgecorp.com or www.sec.gov.
