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OAKLAND - PG&E Corporation (NYSE:PCG) reaffirmed its full-year earnings guidance despite missing analyst expectations for the second quarter of 2025.
The utility company’s shares rose 1.64% in pre-market trading after the earnings release.
The Oakland-based utility reported adjusted earnings of $0.31 per share for the second quarter, falling short of the $0.34 analyst consensus. Revenue came in at $5.9 billion, below the $6.26 billion consensus estimate. Both adjusted earnings and revenue were flat compared to the same period in 2024.
Despite the quarterly miss, PG&E reaffirmed its full-year 2025 non-GAAP core earnings guidance of $1.48 to $1.52 per share, in line with analyst expectations of $1.50. The company did update its GAAP earnings guidance to $1.26 to $1.32 per share, down from the previous range of $1.29 to $1.35 per share.
"PG&E’s story of progress continues to unfold with another solid quarter of performance. We’re delivering energy safely to our customers every day. We’ve stabilized bills over the past year and expect them to be down in 2026," said PG&E Corporation CEO Patti Poppe.
The company highlighted operational progress during the quarter, including submitting its "smallest General Rate Case percentage increase in a decade" to California regulators. PG&E noted that if the proposal is fully approved, total residential combined gas and electric bills in 2027 are expected to be flat compared to 2025 bills.
PG&E also reported an increase in its data center pipeline to 10 gigawatts and said it remains on track to meet or exceed its 2% non-fuel operations and maintenance reduction target. The company has fully satisfied its equity needs to fund its five-year capital plan of $63 billion through 2028.
During the quarter, PG&E constructed 32 miles of underground powerlines and 103 miles of strengthened poles and covered powerlines in high wildfire-risk areas as part of its ongoing safety initiatives.
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