PG&E Corporation Earnings Call Transcripts
Fiscal Year 2026
-
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
-
Core EPS grew 10% to $1.50 in 2025, with 2026 guidance raised and a 9%+ annual growth outlook reaffirmed. Safety, reliability, and affordability all improved, with electric rates down 11% year-over-year and major wildfire risk mitigated.
-
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.
-
SB 254 extends wildfire protections and funding, reducing utility contributions and introducing new securitization and liability reforms. The five-year, $73 billion capital plan supports 9% annual EPS growth, with no new equity needed and a focus on operational efficiency, rate stability, and community risk mitigation.
-
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.
-
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.
-
Q1 2025 core EPS was $0.33, with full-year guidance reaffirmed and strong capital investment plans. Data center load growth and ongoing cost savings are expected to drive further affordability, while legislative and regulatory outcomes remain key to future performance.
Fiscal Year 2024
-
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.
-
Core EPS for Q3 2024 reached $0.37, with full-year guidance raised and a five-year CapEx plan increased to $63 billion. Strong load growth, operational efficiencies, and disciplined capital allocation support at least 9% annual EPS growth through 2028.
-
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.
-
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.