PG&E sets 2025 GAAP EPS guidance at $1.29-$1.35; Q1 GAAP EPS fell to $0.28
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.
Key points
- 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.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:30 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 23, 2025.
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