2026 EPS guidance of $1.62-$1.66 introduced, up 9% at midpoint
PG&E reported a solid Q3 2025 with core EPS of $0.50, narrowed full-year guidance to $1.49-$1.51, and introduced initial 2026 EPS guidance of $1.62-$1.66. Management emphasized strong wildfire safety performance, a robust data center pipeline (9.5 GW), continued O&M cost reductions, and progress on California's SB 254 policy process. The tone was confident and forward-looking, with no major negative cross-company signals. Core EPS Q3 2025: $0.50; YTD $1.14; 2025 guidance narrowed to $1.49-$1.51; 2026 guidance initiated at $1.62-$1.66.
Buzzberg read2026 EPS guidance of $1.62-$1.66 introduced, up 9% at midpointPG&E reported a solid Q3 2025 with core EPS of $0.50, narrowed full-year guidance to $1.49-$1.51, and introduced initial 2026 EPS guidance of $1.62-$1.66. Management emphasized strong wildfire safety performance, a robust data center pipeline (9.5 GW), continued O&M cost reductions, and progress on California's SB 254 policy process. The tone was confident and forward-looking, with no major negative cross-company signals. Core EPS Q3 2025: $0.50; YTD $1.14; 2025 guidance narrowed to $1.49-$1.51; 2026 guidance initiated at $1.62-$1.66.Read full analysisCollapse analysis
PG&E reported a solid Q3 2025 with core EPS of $0.50, narrowed full-year guidance to $1.49-$1.51, and introduced initial 2026 EPS guidance of $1.62-$1.66. Management emphasized strong wildfire safety performance, a robust data center pipeline (9.5 GW), continued O&M cost reductions, and progress on California's SB 254 policy process. The tone was confident and forward-looking, with no major negative cross-company signals. Core EPS Q3 2025: $0.50; YTD $1.14; 2025 guidance narrowed to $1.49-$1.51; 2026 guidance initiated at $1.62-$1.66.
Wildfire ignitions down 35% YoY; third consecutive year with zero structures destroyed in high-risk conditions.
Completed 1,000 miles of undergrounding at 25% lower cost than program start, with 300 miles/year pace continuing.
Data center pipeline of 9.5 GW, with 1.6 GW in final engineering; 95% of that expected online by 2030.
Revenue$6.25B
reported
EPS$0.50
reported
Gross margin39.41%
reported
Op margin19.34%
reported
What changed this quarter
01
Guidance
2026 EPS guidance of $1.62-$1.66 introduced, up 9% at midpoint
Guidance tone
02
Capital Allocation
Capital plan requires no new equity through 2030
Core EPS Q3 2025: $0.50; YTD $1.14; 2025 guidance narrowed to $1.49-$1.51; 2026 guidance initiated at $1.62-$1.66.
03
Operations
Wildfire ignitions down 35% year-to-date, lowest since 2015
Wildfire ignitions down 35% YoY; third consecutive year with zero structures destroyed in high-risk conditions.
04
Demand
Data center pipeline robust at 9.5 GW, final engineering growing
Management expressed confidence in operational performance, safety improvements, and the policy process, highlighting strong execution and forward progress on key initiatives.
Demand & capex
Demand
Bookings & conversion
Data center pipeline robust at 9.5 GW, final engineering growing. Management expressed confidence in operational performance, safety improvements, and the policy process, highlighting strong execution and forward progress on key initiatives.
Capex
Investment and capacity
The company reaffirmed its extended five-year capital plan of $73 billion through 2030, supporting average annual rate base growth of approximately 9% and at least 9% EPS growth each year from 2026 to 2030. The plan funds a 'no-big-bets' portfolio including undergrounding, substation upgrades, grid edge meters, and capacity upgrades for data center load. Management emphasized a conservative plan t
Tone · Confident
Management expressed confidence in operational performance, safety improvements, and the policy process, highlighting strong execution and forward progress on key initiatives.
Supply-chain alpha
A1
PG&E completed 1,000 miles of undergrounding at 25% lower cost than when the program started, making the mitigation more affordable and likely accelerating deployment.
“we did hit a key milestone of 1,000 miles underground, and we've done that at a 25% lower cost than when we started.”
PG&E's data center pipeline is 9.5 GW with modest net attrition in early stages, but final engineering stage grew to 1.6 GW, 95% expected online by 2030 - strong conviction on near-term load growth.
“projects in the final engineering stage continue to grow and advance... of that 1.6 gigawatts in final engineering, about 95% to be online by the end of 2030.”
PG&E expects to achieve customer bills flat to down in 2027, driven by O&M savings, rate-reducing load growth, and improved credit ratings lowering interest costs.
“we expect customer bills in 2027 to be flat to down to where they are this year.”
PG&E sees the Energy Vault microgrid as a blueprint for other high-risk communities, potentially leading to more deployments of the partner's storage technology.
“completion of the CRC energy storage microgrid with energy vault last month”
Got it. That's clear. And then on the storage front, I guess, looks like some positive momentum here for commerciality with your completion of the CRC energy storage microgrid with energy vault last month. Just curious to what extent you see this project as like a blueprint for other high-risk communities as you kind of think about reliability concerns during safety shutoffs.
🍪 Cookies
We use cookies to operate this site and for analytics. Declining won't affect your access to content.