PG&E Corp (PCG) Q4 2025 Earnings Call Highlights: Strong EPS Growth and Strategic …

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Fri, February 13, 2026 at 8:01 AM GMT+9 4 min read

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**Core Earnings Per Share (EPS):** $1.50 at the midpoint, up 10% from 2024.

**2026 Core EPS Guidance:** Raised to $1.64 to $1.66, implying 10% growth.

**Revenue from Customer Capital Investment:** Added $0.07 to EPS.

**Operating and Maintenance Savings:** Contributed $0.20 to EPS.

**Non-Fuel Operating and Maintenance Reduction:** 2.5% reduction in 2025.

**Capital Plan:** $73 billion five-year capital plan with $5 billion outside the plan.

**Utility Debt Issuance for 2026:** Up to $4.6 billion expected.

**Dividend:** Doubled annual share dividends to $0.20 for 2026.

**Electric Rate Reduction:** 11% lower than January 2024 for bundled residential rates.

**Data Center Load Growth:** 3.6 gigawatts in final engineering stage.

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Release Date: February 12, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

PG&E Corp (NYSE:PCG) reported a 10% increase in core earnings per share for 2025, marking the fourth consecutive year of double-digit growth.

The company has reduced serious injuries and fatalities by 43% and improved its serious preventable motor vehicle incident rate by 30% in 2025.

PG&E Corp (NYSE:PCG) achieved a 19% improvement in system-wide reliability performance and reduced electric rates for the fourth time in two years.

The company has successfully lowered bundled residential electric rates by 11% since January 2024, saving typical customers about $20 per month.

PG&E Corp (NYSE:PCG) has a strong pipeline of data center projects, with 3.6 gigawatts in the final engineering stage, which is expected to drive future growth and affordability.

Negative Points

The legislative process for wildfire policy reform remains complex and uncertain, with potential impacts on PG&E Corp (NYSE:PCG)'s operations and financials.

The company faces ongoing challenges in addressing the open-ended and unknown risks associated with California's current wildfire risk construct.

PG&E Corp (NYSE:PCG) must navigate regulatory hurdles, including the CPUC's revised guidelines for utility undergrounding plans.

The company is reliant on the successful passage of SB 254 phase 2 to ensure a sustainable and affordable future for its customers and investors.

PG&E Corp (NYSE:PCG) continues to face pressure to maintain investment-grade credit ratings, which are contingent on legislative progress and financial performance.

Q & A Highlights

Q: Can you reflect on the CEA process and the timing for legislative action? A: Patricia Poppe, CEO, emphasized the complexity of the legislative effort and the importance of getting it right. She noted that while sooner is better, the focus is on achieving the right outcomes this year. The CEA process is on track, and they are focused on actionable, viable, and durable solutions. The current model is regressive, and affordability needs to be a key component of any solution.

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Q: If legislative progress doesn’t go as planned, how will you prioritize capital allocation? A: Patricia Poppe stated that if progress on SB 254 stops or derails, all aspects of their plan will be on the table. Currently, they are encouraged by the progress and are focused on delivering improved safety, reliability, and customer satisfaction. However, if necessary, they will consider various options to address the situation.

Q: What is your take on the CPUC’s view and its influence on the legislative process? A: Patricia Poppe acknowledged that the CPUC sees the current model as regressive and supports a whole-of-society approach. The CPUC’s role is to ensure financially healthy utilities and affordable rates, and their support for reforms in SB 254 phase 2 is crucial.

Q: How does the updated simple affordable model reflect growth from data centers? A: Patricia Poppe confirmed that they see real load growth from data centers, with 3.6 gigawatts in final engineering. They expect about 1.8 gigawatts to be online by 2030, contributing to the 2-4% load growth in their model. Additionally, they are seeing increased EV demand, which is another load driver.

Q: What are your expectations from the Kincaid and Dixie cost recovery proceedings? A: Carolyn Burke, CFO, explained that they filed for recovery of costs associated with Dixie and Kincaid, including claims paid by the Wild Fund, WEMA costs, and FEMA costs. They believe they have made a strong case for recovery, supported by valid safety certificates for both incidents.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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