PG&E Corporation Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 core EPS rose to $0.43, up $0.10 year-over-year, with full-year guidance reaffirmed and five consecutive years of double-digit earnings growth expected. Electric rates have been reduced five times since 2024, and major investments in wildfire mitigation, grid hardening, and data center load growth continue to support affordability and reliability.
Fiscal Year 2025
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Core EPS grew 10% to $1.50 in 2025, with guidance raised for 2026 and a 9%+ annual growth outlook through 2030. Safety, reliability, and affordability improved, with bills down 11% year-over-year and strong load growth from data centers and EVs.
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Core EPS for Q3 2025 was $0.50, with full-year guidance narrowed to $1.49–$1.51 and 2026 guidance set at $1.62–$1.66. A $73B capital plan through 2030 supports 9% annual EPS and rate base growth, with no new equity needed. Wildfire mitigation, O&M savings, and data center load growth drive performance.
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Senate Bill 254 extends wildfire fund protections and introduces new financial safeguards, supporting a $73 billion five-year capital plan with no new equity needed through 2030. Core EPS growth of at least 9% annually is targeted, with a focus on investment-grade credit and disciplined capital allocation.
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Core EPS for Q2 2025 was $0.31, with full-year guidance reaffirmed at $1.48-$1.52, up 10% over 2024. A $63B capital plan is fully funded through 2028, with no further equity needs, and strong data center load growth is expected to benefit customer bills and earnings.
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The meeting highlighted strong safety performance, major wildfire risk reduction, and a focus on clean, affordable energy. Strategic plans aim to stabilize customer bills, enhance governance, and foster inclusion, with ongoing investments in infrastructure and technology.
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Q1 2025 core EPS was $0.33, with full-year guidance reaffirmed and strong EPS growth targeted through 2028. Customer bills are down year-over-year, and significant data center load growth is expected to further drive affordability and capital investment.
Fiscal Year 2024
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Core EPS grew 11% to $1.36 in 2024, with 2025 guidance raised and a $63B capital plan reaffirmed. O&M savings, strong load growth from data centers, and a completed equity raise support financial strength, while wildfire risk and regulatory reforms remain key watch items.
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Core EPS for Q3 reached $0.37, with 2024 guidance narrowed and 2025 EPS growth raised to 10%. The five-year capital plan increased to $63 billion, driven by strong customer demand and regulatory approvals. O&M savings, robust cash flow, and disciplined financing support continued growth and investment.
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Q2 2024 core EPS reached $0.31, with first-half EPS at $0.69 and 2024 guidance reaffirmed. Regulatory approvals support $2.3B in new CapEx and a 10.7% ROE, while wildfire risk mitigations and O&M savings continue to drive performance.
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Leadership highlighted operational improvements, regulatory alignment, and robust wildfire mitigation, resulting in a 68% reduction in fire ignitions. The capital plan targets 9.5% rate base growth, with strong O&M savings, flexible financing, and significant load growth from EVs and data centers. 2024 guidance and long-term growth targets were reaffirmed.