PG&E reported FY2025 core EPS of $1.50 (+10% YoY), in line with guidance. Management raised 2026 EPS guidance low end to $1.64-$1.66 and reaffirmed 9%+ long-term growth. Key cross-company signals: data center pipeline doubled to 3.6 GW in final engineering, Equinix came online as first data center customer, and a new wildfire-solutions venture with Lockheed Martin was launched. The 'simple affordable model' was updated to target 0-3% bill inflation, driven by O&M savings and load growth. FY2025 core EPS $1.50, midpoint of guidance, up 10% YoY; 2026 EPS guidance raised to $1.64-$1.66 (low end +2c).
PG&E reported FY2025 core EPS of $1.50 (+10% YoY), in line with guidance. Management raised 2026 EPS guidance low end to $1.64-$1.66 and reaffirmed 9%+ long-term growth. Key cross-company signals: data center pipeline doubled to 3.6 GW in final engineering, Equinix came online as first data center customer, and a new wildfire-solutions venture with Lockheed Martin was launched. The 'simple affordable model' was updated to target 0-3% bill inflation, driven by O&M savings and load growth. FY2025 core EPS $1.50, midpoint of guidance, up 10% YoY; 2026 EPS guidance raised to $1.64-$1.66 (low end +2c).
PG&E reported FY2025 core EPS of $1.50 (+10% YoY), in line with guidance. Management raised 2026 EPS guidance low end to $1.64-$1.66 and reaffirmed 9%+ long-term growth. Key cross-company signals: data center pipeline doubled to 3.6 GW in final engineering, Equinix came online…
Management struck a confident tone, emphasizing consistent execution, improved safety and reliability, lower rates, and a new target of 0-3% bill inflation, while acknowledging the unresolved wildfire policy as a key variable.
Guidance tone
New EmberPoint joint venture with Lockheed Martin aims to commercialize wildfire detection/suppression technology, potentially a new product for other utilities.
Data center pipeline more than doubles to 3.6 GW in final engineering. Management struck a confident tone, emphasizing consistent execution, improved safety and reliability, lower rates, and a new target of 0-3% bill inflation, while acknowledging the unresolved wildfire policy as a key variable.
Management reaffirmed the $73 billion five-year capital plan and highlighted at least $5 billion of additional capital outside the plan, much of it FERC jurisdictional, which could enable rate-reducing load growth. They emphasized that the plan is built to require no new common equity through 2030 and that capital decisions are tied to progress on wildfire policy reform.
Management struck a confident tone, emphasizing consistent execution, improved safety and reliability, lower rates, and a new target of 0-3% bill inflation, while acknowledging the unresolved wildfire policy as a key variable.
“We've seen significant growth in projects moving into the final engineering stage, which now stands at almost 3.6 gigawatts. That's up two gigawatts, more than doubling from last quarter.”
“Ember Point is intended to integrate next-generation wildfire solutions and set a new standard of wildfire safety... We can accelerate at scale the deployment of technology at the lowest societal cost.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $1.64–$1.66 | $1.65 | RAISED |
| Issued | Metric | Target | Guide | Actual | Outcome |
|---|---|---|---|---|---|
| FY2025 Q3 | EPS | FY2025 | $1.49–$1.51 | $1.50 | Met / beat |
PG&E's data center pipeline in final engineering more than doubled to 3.6 GW in one quarter, indicating accelerating large-load electrification in California. — This confirms that data center demand is converting from applications to real construction, benefiting PG&E's load growth and potentially lowering residential rates via economies of scale.
“Carla Peterman represented us at a ribbon-cutting ceremony at the Equinix Great Oaks South Data Center, the first data center to come online under our joint implementation agreement with the City of San Jose.”
… on slide nine, since our third quarter update, we've seen significant growth in projects moving into the final engineering stage, which now stands at almost 3.6 gigawatts. That's up two gigawatts, more than doubling from last quarter. We're excited by the opportunity to bring on large load and deliver savings to our bundled customer base while enabling growth and economic prosperity for our state. In January, Carla Peterman represented us at a ribbon-cutting ceremony at the Equinix Great Oaks South Data Center, the first data center to come online under our joint implementation agreement with the City of San Jose. This was an opportunity to demonstrate that PG&E is delivering on our promise to provide fast, reliable power to large energy users. For each gigawatt of large load, we see the potential to drive savings of 1% or more on average monthly electric bills. In order to do this, it's actually quite simple. We just need to get the pricing right. And while the relationship between data centers and customer affordability is now receiving a lot of attention at the national level, demonstrating savings for our core customers has been non-negotiable for us from the beginning and …
Joint venture to commercialize next-gen wildfire detection/suppression; could open new revenue stream for Lockheed Martin in utility safety segment.
“In late January, we announced the launch of EmberPoint, a new venture between Lockheed Martin and PG&E Corporation, marking a critical milestone in our mission to end catastrophic wildfires.”