01—Abstract
Summary
Summary of the 8-K filed September 15, 2025. Cited figures are marked; the original filing is the authoritative source.
PG&E Corporation's 8-K filed September 15, 2025 furnishes under Item 7.01 (Regulation FD) a presentation made available on its website, and reaffirms its guidance.
The company reaffirmed 2025 non-GAAP Core EPS of $1.48a-$1.52, 2026-2028 non-GAAP Core EPS growth of at least 9%, 2023-2028 compound annual rate base growth of 10%, and completion of the common equity issuance for the 2024-2028 plan. The filing is a joint filing by PG&E Corporation and Pacific Gas and Electric Company (the Utility). The reconciliation in Exhibit 99.1 bridges 2025 GAAP EPS guidance of $1.26-$1.32 to non-GAAP Core EPS of $1.48-$1.52.
The gap is driven by non-core items, the largest being amortization of the Wildfire Fund contribution at $0.11b per share (about $340 million pre-tax, $245 million post-tax). Other items include investigation remedies ($0.04), wildfire-related costs net of recoveries ($0.04, covering the 2019 Kincade and 2021 Dixie fires), SB 901 securitization ($0.02), and bankruptcy and legal costs ($0.02 low end, $0.01 high end), partly offset by a prior period net regulatory impact of $(0.01). Tax adjustments use a 27.98% statutory rate for 2025.
For investors, the filing is primarily a reaffirmation of existing targets with no change to guidance. The reconciliation shows how much of reported earnings is excluded from the non-GAAP measure, which is useful for comparing GAAP and core results.
02—Key points
Key Highlights
- Reaffirmed 2025 non-GAAP Core EPS guidance of $1.48-$1.52.
- Reaffirmed 2026-2028 non-GAAP Core EPS growth of at least 9%.
- Reaffirmed 2023-2028 compound annual rate base growth of 10%.
- Stated that the common equity issuance for the 2024-2028 plan has been completed.
- 2025 GAAP EPS guidance of $1.26-$1.32 is adjusted upward by non-core items, led by a $0.11 per share Wildfire Fund amortization charge.
- Other non-core items include investigation remedies ($0.04), wildfire-related costs net of recoveries ($0.04), SB 901 securitization ($0.02), and bankruptcy and legal costs ($0.01-$0.02).
- The information is furnished under Item 7.01 and is not deemed filed under Section 18 of the Exchange Act.
03—Questions
Frequently Asked Questions
Did PG&E change its earnings or growth guidance in this filing?
No. The filing reaffirms existing guidance: 2025 non-GAAP Core EPS of $1.48-$1.52, 2026-2028 non-GAAP Core EPS growth of at least 9%, and 2023-2028 compound annual rate base growth of 10%.
How does 2025 GAAP EPS compare with non-GAAP Core EPS?
Estimated 2025 GAAP EPS is $1.26-$1.32, compared with non-GAAP Core EPS of $1.48-$1.52. The difference reflects non-core items that management does not consider representative of ongoing earnings, which are added back in the Core EPS measure.
What is the largest non-core item affecting 2025 earnings?
Amortization of the Wildfire Fund contribution, which is $0.11 per share in both the low and high guidance ranges. The filing shows this as $340 million pre-tax and $245 million after tax.
Is the equity financing for the 2024-2028 plan complete?
Yes. The filing states that the common equity issuance for the 2024-2028 plan has been completed.
Is this information considered filed with the SEC?
No. The information in Item 7.01 and Exhibit 99.1 is furnished, not filed, for purposes of Section 18 of the Exchange Act, and is not incorporated by reference into other filings unless specifically referenced.
04—Continue