PG&E Corporation reported full year (FY) 2025 income available for common shareholders of USD 2.59 billion, or USD 1.18 per diluted share, in accordance with GAAP. This compares to USD 2.48 billion, or USD 1.15 per diluted share, for FY 2024. Electric revenues for the year reached USD 18.32 billion. PG&E stated that GAAP EPS was primarily influenced by increased customer capital investment and net operations and maintenance (O&M) savings, partially offset by a lower return on equity during 2025, the dilutive impact of the company’s 2024 equity offering, cost disallowances in the 2023 Wildfire Mitigation and Catastrophic Events decision, and increased wildfire-related costs. The company continues to provide both GAAP and non-GAAP core earnings and EPS metrics to give additional insight into underlying business trends and facilitate comparison across periods. PG&E noted that non-GAAP core earnings and EPS exclude non-core items not representative of ongoing earnings.

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