PG&E Corporation reported increased income for the third quarter of 2025, as well as updated guidance for 2025 and initial guidance for 2026. The company’s financial performance showed improvement over the same period last year.
PG&E Corporation, headquartered in Oakland, California, is the parent company of Pacific Gas and Electric Company, which serves approximately 16 million customers across Northern and Central California.
For the third quarter of 2025, PG&E Corporation recorded income available for common shareholders of $847 million, or $0.37 per diluted share under generally accepted accounting principles (GAAP). This represents an increase from $576 million, or $0.27 per diluted share, reported for the same period in 2024. The company attributed this growth primarily to increased customer capital investment and operational and maintenance savings. These were partially offset by a lower return on equity compared to the previous year and dilution related to a 2024 equity offering. GAAP results also reflected higher wildfire-related claims net of recoveries and Wildfire Fund expenses.
Non-GAAP core earnings for the third quarter were $1,142 million, or $0.50 per diluted share. This compares to non-GAAP core earnings of $791 million, or $0.37 per diluted share, for the third quarter of 2024. Non-core items excluded from these figures totaled $295 million after tax for the latest quarter.
Looking ahead, PG&E has narrowed its full-year 2025 non-GAAP core earnings guidance to a range of $1.49 to $1.51 per share—slightly adjusting its previous range—and initiated guidance for 2026 at between $1.62 and $1.66 per share. The outlook depends on various factors such as authorized revenues, expenses, capital expenditures, rate base changes, equity issuances, and other variables that may affect results.
“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,” said PG&E Corporation CEO Patti Poppe.
The company highlighted its ongoing focus on physical safety and providing reliable energy service during the third quarter of 2025.
A conference call discussing these results will be held on October 23, 2025 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time), accessible via webcast through PG&E’s investor relations site at http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx.
Presentation slides supporting the financial results have also been made available through the company’s website at http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.
The company noted that it regularly posts regulatory filings with both the California Public Utilities Commission and Federal Energy Regulatory Commission at http://investor.pgecorp.com under “Regulatory Filings.” Additional information can be found under “Wildfire and Safety Updates” as well as “News & Events: Events & Presentations” tabs on their website.
PG&E stated that forward-looking statements in this release are subject to risks detailed in recent filings with the Securities and Exchange Commission (SEC), including their joint Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q available at www.pgecorp.com and www.sec.gov.
For more details about PG&E Corporation’s operations or investor information visit http://www.pgecorp.com or view the original release at https://www.prnewswire.com/news-releases/pge-corporation-reports-strong-third-quarter-results-narrows-2025-guidance-initiates-2026-guidance-302592287.html.
