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PG&E 8-K Report, Financial Results (Apr 24, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed April 24, 2025
Period End
April 24, 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. Leadership change8-K · Jul ’18Jul ’18
  2. Bankruptcy8-K · Jun ’20Jun ’20
  3. Material agreement8-K · Apr ’22Apr ’22
  4. Material agreement8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed April 24, 2025. Cited figures are marked; the original filing is the authoritative source.

PG&E Corporation and Pacific Gas and Electric Company reported first-quarter 2025 results on April 24, 2025, per Exhibit 99.1.

GAAP earnings were $0.28a per share ($607 million of income available for common shareholders), compared with $0.34 per share in the first quarter of 2024. Non-GAAP core earnings were $0.33 per share ($728 million), compared with $0.37 per share ($800 million) a year earlier. The company attributed the decline primarily to a lower return on equity following the most recent cost of capital decision (reduced from 10.7% to 10.28%) and dilution from its 2024 equity offering.

Non-core items totaled $120 millionb after tax, or $0.05 per share. Management updated 2025 GAAP EPS guidance to $1.29 to $1.35 per share and reaffirmed 2025 non-GAAP core EPS guidance of $1.48 to $1.52. The estimated non-core items range was updated to $400 million to $430 million after tax.

Key factors include unrecoverable interest expense of $350 million to $400 millionc after tax and amortization of the Wildfire Fund asset. The presentation states that equity needs are fully satisfied to fund the five-year capital plan of $63 billion through 2028. Operationally, the Utility reported that average residential electric rates were lower in March 2025 than a year earlier, and it expects natural gas delivery rates to remain flat in 2025.

The presentation notes a data center pipeline of 8,700 MW as of March 2025, and the company is on track to meet its 2%d non-fuel O&M reduction target. The 2027 to 2030 General Rate Case filing is due May 15, 2025.

02—Key points

Key Highlights

  1. GAAP EPS of $0.28 for Q1 2025, down from $0.34 in Q1 2024; net income available for common shareholders of $607 million versus $732 million.
  2. Non-GAAP core EPS of $0.33 for Q1 2025, down from $0.37 in Q1 2024; non-GAAP core earnings of $728 million versus $800 million.
  3. 2025 GAAP EPS guidance updated to $1.29 to $1.35 per share; 2025 non-GAAP core EPS guidance reaffirmed at $1.48 to $1.52 per share.
  4. Equity needs fully satisfied to fund the five-year capital plan of $63 billion through 2028, per the company's results release.
  5. Average residential electric rates in March 2025 were lower than a year earlier; natural gas delivery rates expected to remain flat in 2025.
  6. Data center pipeline totaled 8,700 MW as of March 2025, with 1,400 MW in final engineering and 50 MW under construction according to the presentation.
  7. Q1 2025 operating revenues were $5,983 million, up from $5,861 million, while operating income declined to $1,220 million from $1,276 million.

03—Questions

Frequently Asked Questions

  1. Why did PG&E's earnings decline in the first quarter of 2025?

    The company attributed the decrease in GAAP results primarily to a lower return on equity from the most recent cost of capital decision, which reduced the authorized return from 10.7% to 10.28%, and to the dilutive impact of its 2024 equity offering. Non-GAAP core earnings declined for similar reasons.

  2. What changed in PG&E's 2025 earnings guidance?

    GAAP EPS guidance was updated to $1.29 to $1.35 per share. Non-GAAP core EPS guidance was reaffirmed at $1.48 to $1.52 per share. The estimated non-core items range was updated to $400 million to $430 million after tax.

  3. What are the main non-core items affecting PG&E's results?

    Non-core items totaled $120 million after tax, or $0.05 per share, in Q1 2025. The largest components included $55 million of wildfire-related costs, net of recoveries (after tax $40 million), $55 million of amortization of Wildfire Fund contribution (after tax), and $19 million of investigation remedies after tax.

  4. How is PG&E funding its capital plan?

    The company stated that its equity needs are fully satisfied to fund the five-year capital plan of $63 billion through 2028. The presentation also lists a 2024 to 2028 financing plan that includes cash from operations and common equity issuance.

04—Continue

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