Every material Form 8-K PG&E has filed with the SEC since December 05, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
PG&E Corporation reported third-quarter 2026 results, with GAAP earnings of $0.34 per share and non-GAAP core earnings of $0.41 per share, both down from the third quarter of 2025. The company reaffirmed its 2026 and 2027 non-GAAP core EPS guidance, while nine-month results improved year over year, which may matter to shareholders weighing near-term earnings against the company's long-range outlook.
Q3 2026 income available for common shareholders was $749 million, or $0.34 per diluted share, versus $823 million, or $0.37, in Q3 2025
Q3 2026 non-GAAP core EPS was $0.41 versus $0.50 a year earlier; nine-month core EPS was $1.24 versus $1.14
Nine-month 2026 GAAP EPS was $1.06 versus $0.89 in the same period of 2025
2026 core EPS guidance reaffirmed at $1.64 to $1.66; 2027 guidance reaffirmed at $1.78 to $1.82
PG&E Corporation reported second-quarter 2026 GAAP income available for common shareholders of $733 million, or $0.33 per diluted share, up from $521 million, or $0.24, a year earlier. The company reaffirmed its full-year 2026 non-GAAP core EPS guidance of $1.64 to $1.66 per share, so earnings rose and the outlook was unchanged.
Non-GAAP core earnings were $920 million, or $0.40 per diluted share, for Q2 2026, versus $674 million, or $0.31, in Q2 2025.
First-half 2026 GAAP EPS was $0.72 versus $0.51, and non-GAAP core EPS was $0.83 versus $0.64.
Non-core items totaled $164 million after tax, or $0.07 per share, in Q2 2026.
The Utility completed a $2.2 billion bond issuance in June, bringing 2026 Utility debt financings to $4.4 billion.
PG&E Corporation and Pacific Gas and Electric Company amended their credit agreements on June 22, 2026. The utility facility's maturity was extended to June 20, 2031, and lender commitments rose from $5.4 billion to $6.25 billion, while the parent facility's maturity moved to June 22, 2029 and gained collateral release terms.
Utility revolving credit commitments increased from $5.4 billion to $6.25 billion, with maturity extended to June 20, 2031
Parent company facility, administered by JPMorgan Chase Bank, N.A., extended to June 22, 2029
Parent facility lien is released if PG&E Corporation holds investment grade ratings from at least two agencies, has no Event of Default, and has no more than $250 million of secured debt, and is reinstated if those conditions fail
Both facilities' interest rate and commitment fee pricing grids were modified
PG&E Corporation reported first quarter 2026 results on April 23, 2026. GAAP earnings were $0.39 per share, up from $0.28 a year earlier, and non-GAAP core earnings were $0.43 per share, up from $0.33, with income available for common shareholders of $858 million versus $607 million. The company reaffirmed its full-year 2026 non-GAAP core EPS guidance of $1.64 to $1.66 per share.
GAAP EPS of $0.39 vs. $0.28 in Q1 2025; income available for common shareholders of $858 million vs. $607 million
Non-GAAP core EPS of $0.43 vs. $0.33; non-GAAP core earnings of $982 million vs. $728 million
Full-year 2026 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share
Non-core items totaled $100 million after tax ($0.04 per share) in Q1 2026, vs. $120 million ($0.05 per share) in Q1 2025
PG&E Corporation reported fourth-quarter and full-year 2025 results, with full-year GAAP EPS of $1.18 versus $1.15 in 2024 and non-GAAP core EPS of $1.50 versus $1.36. The company narrowed its 2026 non-GAAP core EPS guidance to $1.64-$1.66 per share from $1.62-$1.66, raising the low end, and lowered its customer bill inflation target to 0-3% from 2-4%.
Full-year 2025 GAAP income available for common shareholders was $2,593 million, or $1.18 per diluted share, versus $2,475 million, or $1.15, in 2024.
Full-year 2025 non-GAAP core earnings were $3,307 million, or $1.50 per diluted share, versus $2,923 million, or $1.36, in 2024; fourth-quarter core EPS was $0.36 versus $0.31.
Fourth-quarter 2025 GAAP EPS was $0.29 versus $0.30 a year earlier; non-core items totaled $714 million after tax, or $0.32 per share, for the full year.
PG&E Corporation and Pacific Gas and Electric Company announced leadership changes approved by their boards on December 11, 2025, effective January 1, 2026. Sumeet Singh will become CEO of the Utility, and Carla Peterman will become President of PG&E Corporation, and the Utility's bylaws were amended to clarify the CEO role.
Sumeet Singh, currently EVP, Operations and COO of the Utility, becomes CEO of Pacific Gas and Electric Company and EVP, Energy Delivery, effective January 1, 2026
Carla Peterman is elected President of PG&E Corporation and EVP, Customer and Corporate Affairs, effective January 1, 2026
Marlene Santos and Jason Glickman take new EVP roles in enterprise transformation and strategy and growth
Utility's Amended and Restated Bylaws took effect December 11, 2025; the filing describes the changes as clarifying and largely non-substantive
PG&E Corporation reported third-quarter 2025 results that were higher than a year earlier, with GAAP earnings of $0.37 per diluted share and non-GAAP core earnings of $0.50 per share. The company narrowed its 2025 non-GAAP core EPS guidance to $1.49 to $1.51 and initiated 2026 guidance of $1.62 to $1.66 per share, which gives shareholders a first look at next year's expected earnings range.
Q3 2025 GAAP EPS was $0.37 per diluted share, up from $0.27 in Q3 2024; operating revenues were $6.25 billion, up from $5.94 billion.
Q3 2025 non-GAAP core EPS was $0.50, compared with $0.37 in Q3 2024; non-core items totaled $295 million after tax, or $0.13 per share.
2025 non-GAAP core EPS guidance was narrowed to $1.49 to $1.51 from $1.48 to $1.52 per share.
2026 non-GAAP core EPS guidance was initiated at $1.62 to $1.66 per share, and at least 9% annual core EPS growth was reaffirmed for 2027 to 2030.
Pacific Gas and Electric Company, the utility unit of PG&E Corp, entered a $500 million term loan with Wells Fargo as administrative agent and borrowed the full amount on September 24, 2025. The loan is secured by a first mortgage bond, which adds debt backed by the utility's real property and facilities.
Term loan of $500 million, maturing September 23, 2026; fully borrowed on September 24, 2025
Interest at Term SOFR plus 1.25%, or an alternative base rate plus 0.25%
Secured by a first mortgage bond issued under a Thirtieth Supplemental Indenture with The Bank of New York Mellon Trust Company
Requires total consolidated debt to consolidated capitalization of no greater than 65% at each fiscal quarter end
PG&E Corporation disclosed that Kaled H. Awada, Executive Vice President and Chief People Officer, informed the company on September 12, 2025 that he is resigning from his positions effective September 30, 2025, to pursue another opportunity. The filing does not name a successor or describe any financial terms, so its direct effect on shareholders is limited to a senior executive transition.
Kaled H. Awada, Executive Vice President and Chief People Officer, is resigning from PG&E Corporation and Pacific Gas and Electric Company.
Resignation notice was given on September 12, 2025; the departure is effective September 30, 2025.
Awada is leaving to pursue another opportunity, per the filing.
The filing does not name a replacement or disclose compensation arrangements.
PG&E Corporation reported second-quarter 2025 results on July 31, 2025. GAAP and non-GAAP core earnings were each $0.24 and $0.31 per share, flat with a year earlier, while total operating revenues fell to $5.9 billion from $6.0 billion. The company lowered its full-year 2025 GAAP EPS guidance to $1.26 to $1.32 from $1.29 to $1.35 but reaffirmed non-GAAP core EPS guidance of $1.48 to $1.52, so shareholders face a lower GAAP outlook while the core measure is unchanged.
Q2 2025 income available for common shareholders was $521 million, or $0.24 per share, versus $520 million, or $0.24 per share, in Q2 2024.
Total operating revenues were $5,898 million for Q2 2025, compared with $5,986 million a year earlier.
2025 GAAP EPS guidance was updated to $1.26 to $1.32 from $1.29 to $1.35; non-GAAP core EPS guidance was reaffirmed at $1.48 to $1.52.
Non-core items totaled $154 million after tax, or $0.07 per share, in Q2 2025, the same as in Q2 2024.
PG&E Corporation and its utility, Pacific Gas and Electric Company, amended their revolving credit agreements on June 23, 2025. The utility facility commitments rise from $4.4 billion to $5.4 billion, and the holding company facility rises from $500 million to $650 million, with both maturities extended. The filing describes the changes as financing arrangements without stating any use of proceeds or new borrowings.
Utility revolving credit commitments increased from $4,400,000,000 to $5,400,000,000, with maturity extended to June 21, 2030
PG&E Corporation revolving credit commitments increased from $500 million to $650 million, with maturity extended to June 22, 2028
Both amendments also modify interest rate and commitment fee pricing grids
PG&E reported first-quarter 2025 GAAP earnings of $0.28 per share, down from $0.34 a year earlier, while total operating revenues rose to $5,983 million from $5,861 million. The company updated its 2025 GAAP EPS guidance to $1.29 to $1.35 and reaffirmed non-GAAP core EPS guidance of $1.48 to $1.52, and said the GAAP decline was driven mainly by a lower return on equity from a cost of capital decision and dilution from a 2024 equity offering. For shareholders, the lower quarterly profit and the new GAAP range sit alongside a reaffirmed core outlook.
Q1 2025 GAAP EPS was $0.28 versus $0.34 in Q1 2024; income available for common shareholders was $607 million versus $732 million.
Non-GAAP core EPS was $0.33 versus $0.37 a year earlier; core earnings were $728 million versus $800 million.
Total operating revenues were $5,983 million, up from $5,861 million in the prior-year quarter.
2025 GAAP EPS guidance is $1.29 to $1.35; non-GAAP core EPS guidance of $1.48 to $1.52 was reaffirmed.
PG&E Corporation reported full-year 2024 GAAP earnings of $1.15 per share, up from $1.05 in 2023, and non-GAAP core earnings of $1.36 per share, up from $1.23. Fourth-quarter GAAP earnings fell to $0.30 per share from $0.43 a year earlier, and total operating revenues were essentially flat at $24.4 billion. The company raised its 2025 non-GAAP core EPS guidance to $1.48 to $1.52 per share and reaffirmed 2025 GAAP EPS guidance of $1.30 to $1.36.
Full-year 2024 GAAP EPS of $1.15 and non-GAAP core EPS of $1.36, compared with $1.05 and $1.23 in 2023
Fourth-quarter 2024 GAAP EPS of $0.30 versus $0.43 and non-GAAP core EPS of $0.31 versus $0.47 a year earlier
2025 non-GAAP core EPS guidance raised to $1.48 to $1.52 from $1.47 to $1.51; GAAP guidance reaffirmed at $1.30 to $1.36
Operating cash flow was $8.0 billion in 2024, up from $4.7 billion in 2023
On January 17, 2025, Pacific Gas and Electric Company entered into agreements with the U.S. Department of Energy and the Federal Financing Bank for a multi-advance term loan facility of up to $15 billion. The DOE guarantees the loan, and advances can reimburse eligible project costs that the DOE has approved, subject to conditions including credit ratings at least investment grade. The facility is secured by first mortgage bonds and carries covenants and prepayment terms that shareholders may want to review in the company's full filings.
Facility allows up to $15 billion in advances, with no more than $10 billion in any calendar year and no more than $5 billion in 2028.
Borrowings bear interest at the Treasury rate plus 0.375%, rising by 300 basis points after a Guarantee Trigger Event.
Advances are secured by first mortgage bonds and have a final maturity no later than January 17, 2055.
Borrowing ends on the earliest of the $15 billion limit, September 15, 2031, or other specified events.
PG&E Corporation and its utility, Pacific Gas and Electric Company, elected Leo P. Denault, former Chairman and CEO of Entergy Corporation, to both boards, effective February 19, 2025. The companies also adopted amended and restated bylaws effective December 12, 2024, removing classified board provisions and clarifying how directors and certain officers are elected and removed.
Denault was elected December 12, 2024, and joins the PG&E Corporation board (14 members) and the Utility board (15 members) on February 19, 2025.
Denault will serve on both Audit Committees and the PG&E Corporation Finance and Innovation Committee.
Denault served as Chairman and CEO of Entergy Corporation from 2013 through 2022.
Amended bylaws remove provisions for classified boards and specify that certain officers may be elected and removed only by the Board.
PG&E Corporation closed an offering of 6.000% Series A Mandatory Convertible Preferred Stock on December 5, 2024, after underwriters exercised their option in full for 4,200,000 additional shares. The preferred stock pays cumulative dividends when declared and converts automatically into common stock around December 1, 2027, at a ratio of between 1.9465 and 2.4331 common shares per preferred share, which could dilute existing common shareholders.
Underwriters agreed to buy 28,000,000 preferred shares with a $50.00 liquidation preference each, and exercised the 4,200,000-share option in full on December 3, 2024.
Dividends accrue at 6.000% annually on the $50.00 preference and are payable quarterly from March 1, 2025 through December 1, 2027.
Preferred holders receive $50.00 per share plus unpaid dividends before common shareholders in a liquidation.
While preferred shares are outstanding, PG&E cannot pay common dividends or repurchase common stock unless all accrued preferred dividends have been paid.
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