PG&E Narrows 2026 EPS Guidance to $1.64–$1.66 After 2025 EPS Rise
PG&E reported 2025 non-GAAP EPS of $1.50, up from $1.36 in 2024, and narrowed its 2026 non-GAAP guidance to $1.64–$1.66 per share. The utility cut non-fuel O&M costs by 2.5%, lowered residential electric rates by 11% since January 2024, and topped three years without major wildfires.
1. Strong 2025 Financial Performance
PG&E recorded 2025 non-GAAP EPS of $1.50 per share, up from $1.36 in 2024, while GAAP EPS reached $1.18 versus $1.15 a year earlier. Fourth-quarter non-GAAP EPS rose to $0.36 from $0.31, driven by higher customer capital investment and O&M savings.
2. Tightened 2026 Guidance and Cost Reductions
Management narrowed its 2026 non-GAAP EPS guidance to $1.64–$1.66 per share from $1.62–$1.66, reflecting expected returns on customer capital and continued O&M reductions. The company cut non-fuel O&M costs by 2.5% in 2025, contributing to over $700 million in cumulative savings since 2021.
3. Reliability Improvements and Wildfire Mitigation
The utility lowered residential electric rates by 11% since January 2024 through four rate cuts in two years and maintained over 99% natural gas reliability. It achieved a third straight year without major wildfires, completed 334 miles of undergrounding, strengthened 207 miles of poles and covered lines in high-risk areas, and added more than 31,000 new grid connections.