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

What is the market's earnings forecast for PG&E next quarter?

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

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

What is PG&E's gross profit margin?

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?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PCG

PCG fundamentals

You can ask Aime