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PG&E Quarterly Report for Q3 Ended Sep 30, 2025

Filing Date
Filed October 23, 2025
Period End
September 30, 2025
In the record · 2016–202610-K1310-Q338-K367

PCG filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 367 current reports (8-K) between 2016 and 2026.

  1. Bankruptcy8-K · Jan ’19Jan ’19
  2. Material agreement8-K · Oct ’20Oct ’20
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 10-Q filed October 23, 2025. Cited figures are marked; the original filing is the authoritative source.

PG&E Corporation and Pacific Gas and Electric Company filed a combined Form 10-Q for the quarter ended September 30, 2025.

Consolidated net income for the nine months ended September 30, 2025 was $2.03 billiona, compared with $1.84 billion a year earlier, and income available for common shareholders was $1.95 billion, or $0.89 diluted EPS, versus $0.85 in the prior-year period. For the three months ended September 30, 2025, PG&E Corporation reported income available for common shareholders of $823 million, or $0.37 diluted EPS. The Utility's operating revenues rose $309 million in the quarter, driven by DCPP extended operations and interim rate relief in the 2023 WMCE proceeding, partly offset by lower WGSC interim rate relief.

Wildfire exposure remains the dominant investor issue. As of September 30, 2025, the Utility carried aggregate wildfire liabilities of $1.325 billionb for the 2019 Kincade fire, $2.125 billion for the 2021 Dixie fire, and $250 million for the 2022 Mosquito fire, before insurance and other recoveries. Recorded recoveries include a $1.125 billion Wildfire Fund receivable for the Dixie fire, of which $609 million had been received, along with insurance receivables of $523 million and $256 million for the Dixie and Mosquito fires.

The filing also notes that SB 254 became law on September 19, 2025, creating a Continuation Account with up to $18 billionc of liquidity, and that the Utility's share of contributions is 47.85%. On the financing side, the Utility completed several first mortgage bond sales in 2025, including an October 2, 2025 offering totaling $2.0 billion, and entered into a $500 million term loan in September 2025.

As of September 30, 2025, PG&E Corporation and the Utility had about $6.1 billiond of total liquidity. The filing states that PG&E Corporation has completed the planned equity financing for its $73 billion capital expenditure plan for 2026 through 2030, and that the Utility's 2027 GRC requests a revenue requirement of $16.64 billion for 2027.

02—Key points

Key Highlights

  1. Nine-month income available for common shareholders was $1.95 billion ($0.89 diluted EPS), up from $1.83 billion ($0.85 diluted EPS) a year earlier; third-quarter income was $823 million ($0.37 diluted EPS) versus $576 million ($0.27) in 2024.
  2. Aggregate wildfire liabilities as of September 30, 2025 were $1.325 billion (Kincade), $2.125 billion (Dixie) and $250 million (Mosquito), before insurance and other recoveries.
  3. Probable recoveries for the Dixie and Mosquito fires total $2.274 billion and $317 million, including a $1.125 billion Wildfire Fund receivable for Dixie, of which $609 million had been received.
  4. SB 254 became law on September 19, 2025, establishing a Continuation Account providing up to $18 billion of liquidity, with an additional $3.9 billion contingent utility contribution; the Utility's allocation is 47.85%.
  5. The CPUC issued a final decision on August 28, 2025 increasing the 2025 and 2026 energization cost caps by $2.38 billion, and on September 26, 2025 approved $1.06 billion of 2022 WMCE cost recovery.
  6. Liquidity of about $6.1 billion as of September 30, 2025, including $5.7 billion of revolving credit facility availability; the Utility's 2027 GRC requests a $16.64 billion revenue requirement for 2027 and a $45.0 billion investment plan for 2027–2030.
  7. PG&E Corporation has completed the planned equity financing for its $73 billion capital expenditure plan for 2026 through 2030.

03—One dollar

04—Financials

Financial Highlights

Figures from 10-QQ3 FY2025filed October 23, 2025
Revenue$6.25BNet Income$850.00M13.6% Net MarginEPS (Diluted)$0.37Total Assets$138.25BCash & Equivalents$404.00MFree Cash Flow-$80.00M

Financial Statements

Q3 FY2025 against Q3 FY2024

Line itemQ3 FY2025Q3 FY2024Change
Revenue$6.25B$5.94B+5.2%
Operating Income$1.21B$1.03B+17.5%
Net Income$850.00M$579.00M+46.8%
EPS (Basic)$0.37$0.27+37.0%
EPS (Diluted)$0.37$0.27+37.0%
Shares Outstanding (Basic)2.20B2.14B+2.9%
Shares Outstanding (Diluted)2.28B2.14B+6.4%

05—Questions

Frequently Asked Questions

  1. How did PG&E's earnings change in the third quarter and first nine months of 2025?

    Income available for common shareholders was $823 million ($0.37 diluted EPS) for the third quarter of 2025, versus $576 million ($0.27) a year earlier. For the nine months, it was $1.95 billion ($0.89 diluted EPS) versus $1.83 billion ($0.85). The Utility's operating revenues rose $309 million in the quarter, primarily from DCPP extended operations and 2023 WMCE interim rate relief, partly offset by lower WGSC interim rate relief and a $60 million expense disallowance under the 2022 WMCE final decision.

  2. What are the company's remaining wildfire liabilities and how are they being offset?

    As of September 30, 2025, aggregate liabilities before insurance and other recoveries were $1.325 billion for the 2019 Kincade fire, $2.125 billion for the 2021 Dixie fire, and $250 million for the 2022 Mosquito fire. Offsetting recoveries include insurance receivables of $523 million (Dixie) and $256 million (Mosquito), Wildfire Fund receivables of $1.125 billion for Dixie (of which $609 million was received), and regulatory recovery receivables. The filing notes that recoveries are uncertain and that liabilities could exceed available recoveries.

  3. What did SB 254 change for wildfire cost recovery?

    SB 254 became law on September 19, 2025. It created a Continuation Account designed to provide up to $18 billion of additional liquidity for catastrophic wildfire claims if the Wildfire Fund is depleted. It also set a disallowance cap equal to 20% of the equity portion of the utility's electric transmission and distribution rate base, and it prohibits the Utility from including in equity rate base the first $2.9 billion of approved fire risk mitigation capital expenditures on or after January 1, 2026, which the Utility expects to finance with securitization.

  4. How is the company funding its capital program and what debt was issued?

    The Utility expects to spend $13.2 billion of capital expenditures in 2025 and has completed the planned equity financing for PG&E Corporation's $73 billion 2026–2030 capital plan. In 2025 the Utility issued first mortgage bonds in February, June and October, including an October 2, 2025 sale of $2.0 billion in total principal, and entered into a $500 million term loan on September 24, 2025. As of September 30, 2025, cash and credit facility availability totaled about $6.1 billion.

  5. What regulatory decisions and upcoming proceedings matter most to investors?

    The CPUC approved $1.06 billion of 2022 WMCE cost recovery on September 26, 2025, and the FERC approved a settlement in the TO21 transmission rate case that reduces the 2024 revenue requirement from $2.78 billion to $2.55 billion with a 10.38% base ROE. The Utility's 2026 cost of capital request seeks an 11.30% return on common equity, and its 2027 GRC requests a $16.64 billion revenue requirement for 2027, with a proposed PD expected by March 2027 and a final decision by May 2027.

06—Continue

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