PG&E Corporation has reported its financial results for the second quarter of 2025, indicating that it remains on course to achieve its targets for the year. The company emphasized ongoing efforts to ensure physical safety and provide affordable, resilient energy through its utility subsidiary, Pacific Gas and Electric Company.
“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.
The company updated its full-year 2025 GAAP earnings guidance, now expecting earnings per share between $1.26 and $1.32, slightly lower than the previous range of $1.29 to $1.35 per share issued last quarter. This adjustment reflects factors such as customer capital investment and unrecoverable interest expenses projected at $350 million to $400 million after tax, along with other items including allowance for funds used during construction, incentive revenues, tax benefits, cost savings net of below-the-line costs, amortization of the Wildfire Fund asset, accretion of related liabilities, impacts from SB 901 legislation, costs tied to reorganization cases under Chapter 11, wildfire-related expenses and investigation remedies.
Non-GAAP core earnings guidance for the full year remains unchanged at a range between $1.48 and $1.52 per share. The estimate for non-core items was revised to between $470 million and $510 million after tax.
For the second quarter of 2025, PG&E Corporation reported income available for common shareholders under generally accepted accounting principles (GAAP) of $521 million or $0.24 per share—the same as in the second quarter of 2024. According to the company, these flat results were primarily due to increased customer capital investment offset by a lower return on equity following a reduction from 10.7% to 10.28% in the most recent cost-of-capital decision and dilution from an equity offering completed in 2024; there was also an increase in wildfire-related claims net of recoveries and wildfire fund expenses compared with last year.
Non-GAAP core earnings—which exclude non-core items—were also unchanged at $674 million or $0.31 per share compared with last year’s figures for the same period.
Management noted that non-core items totaled $154 million after tax or $0.07 per share in both Q2 2025 and Q2 2024.
Supplemental financial materials are available on PG&E Corporation’s website (http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx).
An earnings conference call is scheduled for July 31 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; a replay will be archived online or can be accessed toll-free through August 7 by calling (800)770-2030 using confirmation code 92587.
PG&E Corporation routinely provides regulatory filings information through links on its investor relations site (http://investor.pgecorp.com), where updates related to regulatory proceedings before California Public Utilities Commission or Federal Energy Regulatory Commission are posted under “Regulatory Filings.” Other presentations and documents are also made available under “Wildfire and Safety Updates” as well as “News & Events: Events & Presentations.”
PG&E Corporation is based in Oakland, California; it is the parent company of Pacific Gas and Electric Company which serves approximately sixteen million people across seventy thousand square miles in Northern and Central California (http://www.pgecorp.com).
The release contains forward-looking statements about expectations regarding earnings performance, operating costs, customer bills and other matters subject to risks detailed in filings with the Securities and Exchange Commission available at www.sec.gov.
