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Financial Data and Key Metrics Changes - The company reported full-year 2025 core earnings of $1.50 per share, which is up 10% from 2024, marking the fourth consecutive year of double-digit core EPS growth [5][20] - The 2026 core EPS guidance range has been raised to $1.64-$1.66, implying a 10% growth at the midpoint [5][6] - The company achieved a 43% reduction in serious injuries and fatalities compared to 2024, and a 30% improvement in serious preventable motor vehicle incident rate [6][7] Business Line Data and Key Metrics Changes - Operating and maintenance savings amounted to $0.20 for the year, with $0.09 redeployed back into the system for customer benefits [20] - The company cut application intake time for new connections by 40%, from an average of 76 days to 45 days [20] - The company has seen significant growth in projects moving into the final engineering stage, now standing at almost 3.6 GW, more than doubling from the previous quarter [18] Market Data and Key Metrics Changes - The company delivered its fourth reduction in electric rates in two years, with bundled residential electric rates now 11% lower than in January 2024 [8][15] - The average monthly bill for typical customers is about $20 less than before [8] - The company reported an 18% EV penetration in the final quarter of the year, indicating strong demand for electric vehicle charging [51] Company Strategy and Development Direction - The company aims for a growth outlook of 9%+ annually from 2027 through 2030, focusing on safety, reliability, and affordability [6][10] - The company is committed to addressing California's wildfire challenges and has launched Emberpoint, a venture aimed at integrating next-generation wildfire solutions [12][13] - The company plans to file for approximately 5,000 miles of additional undergrounding over the next 10 years, starting in 2028 [14][15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of legislative progress on wildfire risk and cost allocation, indicating that the current model is regressive and burdensome for customers [36][39] - The company is optimistic about the CEA process and believes that timely legislative action is crucial for addressing affordability issues [36][81] - Management highlighted the need for a sustainable investment model to attract capital for infrastructure improvements [39][63] Other Important Information - The company has a $73 billion five-year capital plan, with no new common equity required through 2030 [21][22] - The company has doubled its annual share dividend to $0.20 for 2026, with expectations for consistent increases in the next two years [22] - The company reduced non-fuel O&M by 2.5% in 2025, exceeding targets for four consecutive years [24] Q&A Session Summary Question: What is the company's view on the CEA process and legislative timing? - Management expressed that the CEA is on track and emphasized the importance of getting the legislative outcomes right, supporting risk reduction and affordability [34][36] Question: How would the company prioritize capital allocation if progress stalls? - Management indicated that all aspects of the plan would be on the table if progress on legislation halts, emphasizing the need for an attractive legislative construct [40] Question: What are the expectations for the Kincade and Dixie cost recovery proceedings? - Management outlined that they are seeking recovery for over $1 billion in claims related to the Kincade and Dixie wildfires, supported by a strong case for prudency [89] Question: How does the company view the data center pipeline and its impact on growth? - Management noted that the data center load growth is incorporated into the 0%-3% bill growth target, with expectations for significant contributions to affordability [57][80]

Financial Data and Key Metrics Changes - The company reported full year 2025 core earnings of $1.50 per share, which is up 10% from 2024, marking the fourth consecutive year of double-digit core EPS growth [5][20] - The 2026 core EPS guidance range has been raised to $1.64-$1.66, implying a 10% EPS growth at the midpoint [5][6] - The company achieved a 43% reduction in serious injuries and fatalities compared to 2024, and a 30% improvement in serious preventable motor vehicle incident rate [6][7] Business Line Data and Key Metrics Changes - Operating and maintenance savings amounted to $0.20 for the year, with $0.09 redeployed back into the system for customer benefits [20] - The company has cut application intake time for new connections by 40%, from an average of 76 days to 45 days [20] - The company has seen significant growth in projects moving into the final engineering stage, now standing at almost 3.6 gigawatts, more than doubling from the previous quarter [18] Market Data and Key Metrics Changes - The company delivered its fourth reduction in electric rates in two years, with bundled residential electric rates now 11% lower than in January 2024 [8][15] - The average monthly bill for typical customers is about $20 less than before, indicating a positive impact on affordability [8][15] - The company reported an 18% EV penetration in the final quarter of the year, indicating strong demand for electric vehicle load [50] Company Strategy and Development Direction - The company aims for a growth outlook of 9%+ annually from 2027 through 2030, focusing on safety, reliability, and affordability [6][10] - The company is committed to addressing California's wildfire challenges and has initiated a new venture, Emberpoint, to integrate next-generation wildfire solutions [12][13] - The company plans to file for approximately 5,000 miles of additional undergrounding over 10 years, starting in 2028, as part of its wildfire mitigation strategy [14][15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of legislative outcomes related to wildfire risk and affordability, indicating that the current model is not sustainable for customers [27][36] - The company is focused on ensuring that the risk associated with the current legal construct is quantifiable and manageable for both customers and investors [36][39] - Management expressed confidence in the ongoing legislative process and the potential for positive outcomes that would benefit both customers and investors [36][81] Other Important Information - The company has a $73 billion 5-year capital plan, with no new common equity required through 2030 [21][22] - The company has doubled its annual share dividend to $0.20 for 2026, with expectations for consistent increases in the next two years [22] - The company reduced non-fuel O&M by 2.5% in 2025, exceeding its target for four consecutive years [24] Q&A Session Summary Question: What is the company's view on the CEA process and legislative timing? - Management indicated that the legislative effort is complex and emphasized the importance of getting it right, expressing hope for timely resolution [33][34] Question: How would the company prioritize capital allocation if progress on legislation stalls? - Management stated that all aspects of the plan would be on the table if progress halts, emphasizing the need for an attractive legislative construct to sustain valuation [37][40] Question: What are the expectations regarding the Kincade and Dixie cost recovery proceedings? - Management outlined the recovery of over $1 billion in claims related to the Kincade and Dixie wildfires, emphasizing the prudency of their actions [90][91]

PG&E (NYSE:PCG) Q4 2025 Earnings call February 12, 2026 11:00 AM ET Speaker8Good morning, ladies and gentlemen, and thank you for standing by. My name is Calvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the PG&E Corporation Fourth Quarter 2025 Earnings Release. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, ...

Key Takeaways PG&E Q4 2025 adjusted EPS of 36 cents matched estimates and rose 16.1% Y/Y.PG&E 2025 revenues rose to $24.94B, while operating income increased to $4.75B.PG&E narrowed 2026 EPS guidance to $1.64-$1.66, above consensus of $1.63.PG&E Corporation (PCG) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 36 cents, which were in line with the Zacks Consensus Estimate. The bottom line increased 16.1% from the year-ago quarter’s figure of 31 cents.The company reported GAAP earnings of 2 ...

2025 FOURTH QUARTER AND FULL YEAR EARNINGS Delivering For Customers AND Investors February 12, 2026 1 Forward-Looking Statements This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2026 non-GAAP core earnings), debt and equity issuances, refinancing activity, rate base growth, capital expe ...

PG&E (PCG) came out with quarterly earnings of $0.36 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -0.47%. A quarter ago, it was expected that this utility holding company would post earnings of $0.44 per share when it actually produced earnings of $0.5, delivering a surprise of +13.64%.Over the last four quarters, the company has surpa ...

Core Insights - PG&E's fourth-quarter net income decreased compared to the previous year, indicating a decline in profitability for the California power producer [1] - Despite the drop in net income, PG&E has raised the lower end of its projection for adjusted earnings in 2026, suggesting a more optimistic outlook for future performance [1] Financial Performance - The company reported a decline in net income for the fourth quarter, reflecting challenges in the current operating environment [1] - The adjustment to the earnings projection for 2026 indicates a strategic response to market conditions and potential recovery in earnings [1]

While reporting financial results for the fourth quarter on Thursday, utility PG&E Corp. (PCG) said it now expects core earnings for the full-year 2026 in the range of $1.64 to $1.66 per share, compared to the prior forecast range of $1.62 to $1.66 per share.On average, 16 analysts polled by Thomson Reuters expect the company to report earnings of $1.50 per share for the year. Analysts' estimates typically exclude special items.For the fourth quarter, the company reported net income of $642 million or $0.2 ...

Core Insights - PG&E Corporation reported solid financial results for 2025, with a focus on operational improvements and cost reductions, while tightening its earnings guidance for 2026 [1][2] Financial Performance - PG&E Corporation's non-GAAP core earnings for 2025 were $3,307 million, or $1.50 per diluted share, compared to $2,923 million, or $1.36 per diluted share in 2024, reflecting a significant increase [1] - GAAP earnings available for common shareholders were $2,593 million, or $1.18 per diluted share for 2025, up from $2,475 million, or $1.15 per diluted share in 2024 [2] - The company reduced non-fuel operating and maintenance (O&M) costs by 2.5% in 2025, contributing to overall financial performance [1] Operational Highlights - PG&E advanced 2 gigawatts of data center projects into final engineering, bringing the total to approximately 3.6 GW [1] - The utility connected over 12,730 new electric customers and more than 18,750 electric vehicle charging ports to its grid, which is expected to help reduce electricity prices for all customers [1] - The company achieved over 99% reliability for natural gas customers and improved systemwide reliability for electric customers by 19% compared to 2024 [1] Cost Management - PG&E has redeployed O&M savings, accumulating over $700 million over four years, which has positively impacted its financial results [1] - The company has implemented a Simple Affordable Model, targeting customer bill inflation of 0-3%, down from a previous target of 2-4% [1] Wildfire Mitigation Efforts - PG&E completed 334 miles of underground powerlines and installed 207 miles of strengthened poles and covered powerlines in high wildfire-risk areas, significantly reducing wildfire risk [1] - The utility reported zero major wildfires caused by its equipment for the third consecutive year [1] 2026 Guidance - PG&E Corporation tightened its full-year 2026 non-GAAP core earnings guidance to a range of $1.64 to $1.66 per share, from a prior range of $1.62 to $1.66 per share [1]