What factors drove the changes in PG&E's revenue and profit?

What were the key takeaways from PG&E's earnings call?

What were the key takeaways from PG&E’s earnings call?

What guidance did PG&E's management provide for the next earnings period?

What is the revenue and EPS growth rate for PG&E year over year?

What is PG&E's gross profit margin?

What is PG&E's latest dividend and current dividend yield?

What does PG&E do and what are its main business segments?

- **EPS Growth**: 2025 core EPS guidance narrowed to $1.49-$1.51 (midpoint +10% YoY); 2026 guidance of $1.62-$1.66 signals 9%+ annual growth.
- **Safety Success**: 35% YoY reduction in ignitions; 1,000 miles of undergrounding completed at 25% lower cost.
- **Affordability**: O&M savings, tax benefits, and data center load growth driving bill reductions.
- **Credit Strength**: Fitch upgrade to investment grade; 20% dividend payout ratio supports customer affordability.

**【CEO Summary Section】**
- **EPS Guidance Update**: Narrowed 2025 core EPS range to $1.49-$1.51 (midpoint up 10% vs. 2024) and introduced 2026 guidance of $1.62-$1.66 (midpoint +9% YoY). 
- **Safety Milestones**: 35% YoY reduction in CPUC reportable ignitions; 1,000 miles of undergrounding completed at 25% lower cost than initial estimates.
- **Data Center Pipeline**: 1.6 GW in final engineering phase, 95% expected online by 2030; new load growth offsets capital costs, reducing customer bills.

**【CFO Financial Commentary】**
- **Cost Efficiency**: Achieved $0.05/Q3 O&M savings (vs. $0.08 YTD), with 2%+ annualized savings target on track.
- **Tax Benefits**: Accelerated tax deductions added $0.10/Q3 EPS; redeploying savings to reduce customer bills.
- **Capital Plan**: $73B 5-year capital program (9%+ rate base growth) with no new equity needed; 20% dividend payout ratio by 2028.

**【Q&A Key Highlights】**
- **Phase 2 SB 254 Progress**: CEA report due April 2026; governor's whole-of-government approach signals potential legislative action.
- **Undergrounding Timeline**: 300 miles/year undergrounding target; 10-year plan PUC filing expected Q4 2025.
- **Credit Metrics**: Fitch upgraded parent company to investment grade; Moody's/S&P reviews pending regulatory clarity.
- **Dividend Policy**: 20% payout ratio maintained through 2030; prioritizing affordability over shareholder returns.

PG&E Corporation (PCG) Q3 2025 Earnings Call Transcript

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