PG&E (US:PCG)2025-10-23 00:30Financial Performance - GAAP earnings for Q3 2025 were $0.37 per share, up from $0.27 per share in Q3 2024, while non-GAAP core earnings increased to $0.50 per share from $0.37 per share[3][10] - PG&E Corporation's GAAP earnings for Q3 2025 were $847 million, up 47% from $576 million in Q3 2024, with diluted EPS increasing from $0.27 to $0.37[19] - Non-GAAP core earnings for Q3 2025 reached $1,142 million, a 44% increase compared to $791 million in Q3 2024, with core EPS rising from $0.37 to $0.50[19] - For the nine months ended September 30, 2025, GAAP earnings totaled $1,951 million, compared to $1,828 million in the same period of 2024, with EPS increasing from $0.85 to $0.89[19] - Non-GAAP core earnings for the nine months ended September 30, 2025, were $2,520 million, up from $2,265 million in 2024, with core EPS increasing from $1.06 to $1.14[19] Revenue and Guidance - Operating revenues for Q3 2025 were $6.25 billion, compared to $5.94 billion in Q3 2024, driven by increased electric and natural gas revenues[18] - PG&E Corporation narrowed its 2025 non-GAAP core EPS guidance to a range of $1.49 to $1.51 per share and initiated 2026 guidance at $1.62 to $1.66 per share[3][5] Cost Management and Expenses - Non-core items for Q3 2025 totaled $295 million after tax, or $0.13 per share, compared to $215 million after tax, or $0.10 per share, in Q3 2024[11] - The company is on track to meet or exceed a 2% non-fuel O&M reduction target in 2025[3] - Bankruptcy and legal costs increased to $21 million in Q3 2025 from $9 million in Q3 2024[19] - Investigation remedies costs were $51 million in Q3 2025, compared to $21 million in Q3 2024[21] - Wildfire-related costs, net of recoveries, were $186 million for Q3 2025, compared to $60 million in Q3 2024[22] - The Utility recorded costs of $24 million related to SB 901 securitization during Q3 2025[26] - The company recorded $62 million in amortization of Wildfire Fund contributions in Q3 2025, down from $100 million in Q3 2024[19] Infrastructure and Safety Initiatives - The company achieved a significant milestone by burying 1,000 miles of powerlines in high fire risk areas, the largest undergrounding effort by a utility to reduce wildfire risk[3] - PG&E connected over 3,100 new electric customers and added more than 3,800 electric vehicle charging ports to its grid[4] - The company completed 97 miles of underground powerlines and plans to construct approximately 700 miles of underground powerlines and 500 miles of other wildfire safety upgrades in 2025 and 2026[3] - PG&E announced the successful completion of the world's first ultra-long duration hybrid battery and hydrogen energy storage microgrid in Calistoga, California[3] Rate Changes - PG&E's residential electric rates decreased by about 2.1% in September 2025, with further reductions projected for 2026[3] Reporting Practices - PG&E Corporation emphasizes the use of non-GAAP core earnings and EPS to provide better insight into underlying business trends and performance comparisons[27]