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PG&E 8-K Report, Financial Results (Feb 12, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 12, 2026
Period End
February 12, 2026
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. Material agreement8-K · Feb ’19Feb ’19
  2. Leadership change8-K · Mar ’21Mar ’21
  3. Leadership change8-K · Feb ’23Feb ’23
  4. Material agreement8-K · Jan ’25Jan ’25

01—Abstract

Summary

Summary of the 8-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.

PG&E Corporation reported solid results for 2025, with GAAP earnings of $1.18a per diluted share for the full year, compared with $1.15 for 2024, and GAAP earnings of $0.29 per share for the fourth quarter versus $0.30 a year earlier.

Non-GAAP core earnings were $3,307 millionb, or $1.50 per diluted share, for 2025, up from $2,923 million, or $1.36 per share, in 2024, and $0.36 per share for the fourth quarter compared with $0.31. Non-core items totaled $714 million after tax ($0.32 per share) for 2025, versus $448 million ($0.21 per share) in 2024. Management is tightening its 2026 non-GAAP core EPS guidance to $1.64 to $1.66 per share from $1.62 to $1.66.

The company also updated its affordability and growth framework. It now targets customer bill inflation of 0-3%, versus 2-4% previously, and reported a 2.5% reduction in non-fuel O&M costs for 2025, with cumulative redeployed O&M savings of over $700 millionc over four years. The Utility cut residential bundled electric rates for the fourth time in two years, and residential electric rates are 11% lower than in January 2024.

The accompanying slide presentation describes a five-year 2026-2030 capital plan of $73 billiond and a five-year financing plan, and states that the company has no equity need over 2026-2030. Data center pipeline progress was notable, with approximately 3.6 GW now in final engineering after 2 GW of advancement since the third-quarter update.

Investors should weigh continued wildfire-related exposure, including the Wildfire Fund expense of $352 million and wildfire-related claims, net of recoveries, of $100 million in 2025, along with the pending wildfire policy process in California described in the presentation. The filing itself is a furnished (not filed) Form 8-K covering the earnings press release and slide deck.

02—Key points

Key Highlights

  1. GAAP EPS of $1.18 for 2025 (diluted), up from $1.15 in 2024; income available for common shareholders of $2,593 million versus $2,475 million.
  2. Non-GAAP core EPS of $1.50 for 2025, up from $1.36 in 2024; non-GAAP core earnings of $3,307 million versus $2,923 million.
  3. 2026 non-GAAP core EPS guidance tightened to $1.64-$1.66 from $1.62-$1.66 previously.
  4. Customer bill inflation target narrowed to 0-3% from 2-4%; 2025 non-fuel O&M costs reduced by 2.5%, with over $700 million of cumulative O&M savings redeployed over four years.
  5. Residential bundled electric rates lowered for the fourth time in two years and are 11% lower than January 2024.
  6. Data center pipeline: approximately 3.6 GW now in final engineering, with 2 GW advanced since the third-quarter update.
  7. Slide presentation outlines a $73 billion 2026-2030 capital plan and a five-year financing plan with no common equity need in 2026-2030.

03—Questions

Frequently Asked Questions

  1. How did PG&E perform financially in 2025?

    GAAP diluted EPS was $1.18 for 2025, compared with $1.15 in 2024, and income available for common shareholders rose to $2,593 million from $2,475 million. Non-GAAP core EPS was $1.50 versus $1.36, with non-GAAP core earnings of $3,307 million. Non-core items totaled $714 million after tax, or $0.32 per share, compared with $448 million, or $0.21 per share, in 2024.

  2. What changed in the 2026 guidance?

    PG&E tightened its 2026 non-GAAP core EPS guidance to $1.64 to $1.66 per share, from the prior range of $1.62 to $1.66. The company states that it cannot provide GAAP guidance or a quantitative reconciliation for this forward-looking measure without unreasonable effort, because items such as Wildfire Fund amortization, regulatory decisions, special tax items, and wildfire-related costs are difficult to predict.

  3. What drove the earnings growth?

    The slide presentation attributes the 2025 non-GAAP core EPS increase of $0.14 to customer capital investment (+$0.07) and operating and maintenance savings (+$0.20), offset by redeployment (-$0.09), equity dilution (-$0.08) and other items (+$0.04). The press release cites an increase in customer capital investment and net O&M savings, partly offset by a lower return on equity in effect during 2025 and dilution from the 2024 equity offering.

  4. What does the filing say about affordability and customer bills?

    The company is amplifying its Simple Affordable Model and now targets customer bill inflation of 0-3%, versus 2-4% previously. Residential bundled electric rates were lowered for the fourth time in two years and are 11% lower than in January 2024, and the combined bill share of wallet is shown as 2.6% for PG&E versus a 3.0% national average.

  5. What are the key growth and financing plans?

    The slide presentation describes a 2026-2030 capital plan of $73 billion, with weighted average rate base growing to $106 billion by 2030 and a commitment to 9%+ annual non-GAAP core EPS growth for 2027-2030. The financing plan states no common equity issuance is needed over 2026-2030, and a 20% dividend payout ratio is targeted by 2028. Data center projects with approximately 3.6 GW in final engineering are also highlighted.

04—Continue

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