PG&E Reports Strong Q3 2025 Earnings, Outlines $73B Capital Plan Through 2030

Pacific Gas & Electric Co. (PG&E) reported third-quarter 2025 core earnings per share of $0.50, beating expectations and narrowing its full-year guidance to a range of $1.49 to $1.51, with a bias toward the midpoint representing a 10% increase year-over-year. The company projects a 2026 non-GAAP core EPS of $1.62 to $1.66, targeting at least 9% annual core EPS growth from 2026 through 2030, supported by a $73 billion capital plan focusing on an average annual rate base growth of 9%. Operational improvements include a 35% reduction in CPUC reportable wildfire ignitions compared to 2024 and significant progress in undergrounding power lines in high fire-risk areas at reduced costs. PG&E's cost management efforts yielded notable O&M savings contributing to earnings, and the company aims to maintain a 20% dividend payout ratio by 2028. Additionally, PG&E regained investment-grade Fitch credit rating and reported a robust data center pipeline exceeding 9.5 GW, indicating growth in infrastructure projects. The earnings call highlighted strategic initiatives balancing growth, safety, and financial discipline moving forward.