Ahead of Winter Storm, PG&E Mobilizes Crews, Pre-positions Resources to Support Safe, Efficient Response [Accessibility Statement] Skip NavigationOAKLAND, Calif., Feb. 13, 2026 /PRNewswire/ -- A powerful winter storm is forecast to bring widespread rain, heavy mountain snow including low-elevation snow, as well as wind gusts beginning Monday, February 16, 2026. Pacific Gas and Electric Company (PG&E) is pre- positioning resources to support the safe and efficient response to weather-related damage to electr ...

Operational Performance - The company achieved best-ever safety metrics in 2025, with a 43% reduction in serious injuries and fatalities compared to 2024 and a 30% improvement in serious preventable motor vehicle incidents [1] - System-wide performance measured by SAIDI improved by 19% year-over-year [1] - The company reported full-year 2025 core earnings of $1.50 per share, marking a 10% growth from 2024 and the fourth consecutive year of double-digit core EPS growth [2] Financial Guidance - The company is raising and tightening its 2026 core EPS guidance range, increasing the low end by $0.02 to a new range of $1.64 to $1.66, implying 10% EPS growth at the midpoint [1] - The long-term growth outlook is reaffirmed at 9%+ annually from 2027 through 2030 [1] Affordability and Rate Reductions - Bundled residential electric rates are approximately 11% lower compared to January 2024, translating to about $20 savings per month for a typical customer [3][9] - The company targets a future bill trajectory of 0% to 3%, supported by 2-4% O&M savings and accelerating data-center load [3][10] Wildfire Mitigation and Safety Initiatives - Ignitions were down 43% in 2025, contributing to a third consecutive year without a major fire caused by PG&E equipment [5] - The company launched Emberpoint in collaboration with Lockheed Martin to enhance wildfire detection and mitigation capabilities [6] - PG&E is a main sponsor of XPRIZE Wildfire, focusing on systems designed to detect and suppress high-risk fires [6] Infrastructure and Load Growth - The California Public Utilities Commission approved revised guidelines for utility undergrounding plans, allowing PG&E to file for approximately 5,000 additional miles of undergrounding over 10 years starting in 2028 [7] - Projects in the final engineering stage now total nearly 3.6 gigawatts, with expectations for load growth including 1.8 gigawatts online by 2030 [12][13] Capital Plan and Financing - The company maintains a $73 billion five-year capital plan with no new common equity required through 2030 [14][15] - The annual share dividend is doubled to $0.20 for 2026, with expectations for consistent increases in the next two years [15] - Fitch upgraded PG&E to investment grade, with Moody's and S&P indicating financial metrics are meeting investment-grade criteria [16] Regulatory and Legislative Developments - The company is engaged in wildfire liability reform discussions, with a report and recommendations expected by April 1 [17] - PG&E is seeking review of costs related to wildfire incidents, with claims exceeding $1 billion [19]

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Financial Data and Key Metrics Changes - The company reported full-year 2025 core earnings of $1.50 per share, which is up 10% from 2024, marking the fourth consecutive year of double-digit core EPS growth [5][20] - The 2026 core EPS guidance range has been raised to $1.64-$1.66, implying a 10% growth at the midpoint [5][6] - The company achieved a 43% reduction in serious injuries and fatalities compared to 2024, and a 30% improvement in serious preventable motor vehicle incident rate [6][7] Business Line Data and Key Metrics Changes - Operating and maintenance savings amounted to $0.20 for the year, with $0.09 redeployed back into the system for customer benefits [20] - The company cut application intake time for new connections by 40%, from an average of 76 days to 45 days [20] - The company has seen significant growth in projects moving into the final engineering stage, now standing at almost 3.6 GW, more than doubling from the previous quarter [18] Market Data and Key Metrics Changes - The company delivered its fourth reduction in electric rates in two years, with bundled residential electric rates now 11% lower than in January 2024 [8][15] - The average monthly bill for typical customers is about $20 less than before [8] - The company reported an 18% EV penetration in the final quarter of the year, indicating strong demand for electric vehicle charging [51] Company Strategy and Development Direction - The company aims for a growth outlook of 9%+ annually from 2027 through 2030, focusing on safety, reliability, and affordability [6][10] - The company is committed to addressing California's wildfire challenges and has launched Emberpoint, a venture aimed at integrating next-generation wildfire solutions [12][13] - The company plans to file for approximately 5,000 miles of additional undergrounding over the next 10 years, starting in 2028 [14][15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of legislative progress on wildfire risk and cost allocation, indicating that the current model is regressive and burdensome for customers [36][39] - The company is optimistic about the CEA process and believes that timely legislative action is crucial for addressing affordability issues [36][81] - Management highlighted the need for a sustainable investment model to attract capital for infrastructure improvements [39][63] Other Important Information - The company has a $73 billion five-year capital plan, with no new common equity required through 2030 [21][22] - The company has doubled its annual share dividend to $0.20 for 2026, with expectations for consistent increases in the next two years [22] - The company reduced non-fuel O&M by 2.5% in 2025, exceeding targets for four consecutive years [24] Q&A Session Summary Question: What is the company's view on the CEA process and legislative timing? - Management expressed that the CEA is on track and emphasized the importance of getting the legislative outcomes right, supporting risk reduction and affordability [34][36] Question: How would the company prioritize capital allocation if progress stalls? - Management indicated that all aspects of the plan would be on the table if progress on legislation halts, emphasizing the need for an attractive legislative construct [40] Question: What are the expectations for the Kincade and Dixie cost recovery proceedings? - Management outlined that they are seeking recovery for over $1 billion in claims related to the Kincade and Dixie wildfires, supported by a strong case for prudency [89] Question: How does the company view the data center pipeline and its impact on growth? - Management noted that the data center load growth is incorporated into the 0%-3% bill growth target, with expectations for significant contributions to affordability [57][80]

Financial Data and Key Metrics Changes - The company reported full year 2025 core earnings of $1.50 per share, which is up 10% from 2024, marking the fourth consecutive year of double-digit core EPS growth [5][20] - The 2026 core EPS guidance range has been raised to $1.64-$1.66, implying a 10% EPS growth at the midpoint [5][6] - The company achieved a 43% reduction in serious injuries and fatalities compared to 2024, and a 30% improvement in serious preventable motor vehicle incident rate [6][7] Business Line Data and Key Metrics Changes - Operating and maintenance savings amounted to $0.20 for the year, with $0.09 redeployed back into the system for customer benefits [20] - The company has cut application intake time for new connections by 40%, from an average of 76 days to 45 days [20] - The company has seen significant growth in projects moving into the final engineering stage, now standing at almost 3.6 gigawatts, more than doubling from the previous quarter [18] Market Data and Key Metrics Changes - The company delivered its fourth reduction in electric rates in two years, with bundled residential electric rates now 11% lower than in January 2024 [8][15] - The average monthly bill for typical customers is about $20 less than before, indicating a positive impact on affordability [8][15] - The company reported an 18% EV penetration in the final quarter of the year, indicating strong demand for electric vehicle load [50] Company Strategy and Development Direction - The company aims for a growth outlook of 9%+ annually from 2027 through 2030, focusing on safety, reliability, and affordability [6][10] - The company is committed to addressing California's wildfire challenges and has initiated a new venture, Emberpoint, to integrate next-generation wildfire solutions [12][13] - The company plans to file for approximately 5,000 miles of additional undergrounding over 10 years, starting in 2028, as part of its wildfire mitigation strategy [14][15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of legislative outcomes related to wildfire risk and affordability, indicating that the current model is not sustainable for customers [27][36] - The company is focused on ensuring that the risk associated with the current legal construct is quantifiable and manageable for both customers and investors [36][39] - Management expressed confidence in the ongoing legislative process and the potential for positive outcomes that would benefit both customers and investors [36][81] Other Important Information - The company has a $73 billion 5-year capital plan, with no new common equity required through 2030 [21][22] - The company has doubled its annual share dividend to $0.20 for 2026, with expectations for consistent increases in the next two years [22] - The company reduced non-fuel O&M by 2.5% in 2025, exceeding its target for four consecutive years [24] Q&A Session Summary Question: What is the company's view on the CEA process and legislative timing? - Management indicated that the legislative effort is complex and emphasized the importance of getting it right, expressing hope for timely resolution [33][34] Question: How would the company prioritize capital allocation if progress on legislation stalls? - Management stated that all aspects of the plan would be on the table if progress halts, emphasizing the need for an attractive legislative construct to sustain valuation [37][40] Question: What are the expectations regarding the Kincade and Dixie cost recovery proceedings? - Management outlined the recovery of over $1 billion in claims related to the Kincade and Dixie wildfires, emphasizing the prudency of their actions [90][91]

Financial Data and Key Metrics Changes - The company reported full year 2025 core earnings of $1.50 per share, which is up 10% from 2024, marking the fourth consecutive year of double-digit core EPS growth [4][20] - The 2026 core EPS guidance range has been raised to $1.64-$1.66, implying a 10% growth at the midpoint [4] - Non-fuel O&M costs were reduced by 2.5% in 2025, exceeding targets for four consecutive years [25] Business Line Data and Key Metrics Changes - The company achieved a 43% reduction in serious injuries and fatalities compared to 2024, and a 30% improvement in serious preventable motor vehicle incidents [5][11] - System-wide performance, measured by SAIDI, improved by 19% from 2024 [6] - The company redeployed over $700 million for customer benefits while still delivering for investors [9] Market Data and Key Metrics Changes - The company has 3.6 GW of data center demand in the final engineering stage, which is expected to contribute to rate-reducing load growth [28] - Bundled residential electric rates are now 11% lower than in January 2024, with typical customers paying about $20 less per month [6][15] Company Strategy and Development Direction - The company aims for a growth outlook of 9%+ annually from 2027 through 2030, focusing on safety, reliability, and affordability [5] - The company is committed to addressing California's wildfire challenges and is actively engaged in the legislative process for wildfire policy reform [9][10] - The updated simple, affordable model targets a future bill trajectory of 0%-3% increase, emphasizing O&M savings and electric load growth [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the legislative process regarding wildfire risk and cost allocation, emphasizing the need for a sustainable and affordable model for customers [36][40] - The company is focused on maintaining investment-grade ratings and efficient financing to support its capital plan [22][61] Other Important Information - The company announced a doubling of its annual share dividend to $0.20 for 2026, with expectations for consistent increases in the next two years [22] - The company is actively working on wildfire mitigation strategies, including a new venture with Lockheed Martin to enhance wildfire safety [12] Q&A Session Summary Question: What is the company's view on the CEA process and legislative timing? - Management emphasized the complexity of the legislative effort and the importance of getting it right, expressing hope for timely resolution but prioritizing effective outcomes [35][36] Question: How would the company prioritize capital allocation if progress on legislation stalls? - Management stated that all aspects of the plan would be on the table if progress halts, emphasizing the need for an attractive legislative construct to sustain valuation [38][42] Question: What are the expectations for the Kincade and Dixie cost recovery proceedings? - The company is seeking recovery for over $1 billion in claims related to these wildfires, asserting that they have made a strong case for prudency [92][93]

Core Insights - PG&E Corporation (PCG) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 36 cents, matching the Zacks Consensus Estimate and reflecting a 16.1% increase from the previous year's 31 cents [1][8] - The company reported full-year adjusted earnings of $1.50 per share for 2025, up from $1.36 in the prior year, also in line with the Zacks Consensus Estimate [2] - PG&E's total revenues for 2025 were $24.94 billion, an increase from $24.42 billion in 2024, although it fell short of the Zacks Consensus Estimate of $25.33 billion [3][8] Operational Highlights - Total operating expenses for 2025 were $20.19 billion, a 1.1% increase from the previous year [4] - Operating income rose to $4.75 billion compared to $4.46 billion a year ago [4] - Interest expenses were reported at $3.03 billion, slightly down from $3.05 billion in the previous year [4] Financial Condition - As of December 31, 2025, cash and cash equivalents stood at $0.71 billion, down from $0.94 billion a year earlier [5] - Net cash flow from operating activities was $8.72 billion in 2025, an increase from $8.04 billion at the end of 2024 [5] - Capital expenditures totaled $11.79 billion, up from $10.37 billion in 2024 [5] - Long-term debt as of December 31, 2025, was $57.39 billion, compared to $53.57 billion a year earlier [5] 2026 Guidance - PG&E expects adjusted earnings for 2026 to be in the range of $1.64-$1.66 per share, which is narrower than the previous guidance of $1.62-$1.66 [6] - The Zacks Consensus Estimate for 2026 earnings is $1.63 per share, which is below the company's guided range [6]

2025 FOURTH QUARTER AND FULL YEAR EARNINGS Delivering For Customers AND Investors February 12, 2026 1 Forward-Looking Statements This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2026 non-GAAP core earnings), debt and equity issuances, refinancing activity, rate base growth, capital expe ...

Core Insights - PG&E reported quarterly earnings of $0.36 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.31 per share a year ago, with an earnings surprise of -0.47% [1] - The company posted revenues of $6.8 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 5.66%, compared to $6.63 billion in the same quarter last year [2] - PG&E has surpassed consensus EPS estimates only once in the last four quarters and has not beaten revenue estimates during the same period [2] Financial Performance - The earnings report indicates a mixed trend in estimate revisions ahead of the release, resulting in a Zacks Rank 3 (Hold) for PG&E, suggesting expected performance in line with the market [6] - The current consensus EPS estimate for the upcoming quarter is $0.36 on revenues of $6.38 billion, and for the current fiscal year, it is $1.63 on revenues of $26.97 billion [7] Market Context - PG&E shares have increased by approximately 4.2% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] - The Utility - Electric Power industry, to which PG&E belongs, is currently ranked in the bottom 44% of over 250 Zacks industries, indicating potential challenges ahead [8]

Core Insights - PG&E's fourth-quarter net income decreased compared to the previous year, indicating a decline in profitability for the California power producer [1] - Despite the drop in net income, PG&E has raised the lower end of its projection for adjusted earnings in 2026, suggesting a more optimistic outlook for future performance [1] Financial Performance - The company reported a decline in net income for the fourth quarter, reflecting challenges in the current operating environment [1] - The adjustment to the earnings projection for 2026 indicates a strategic response to market conditions and potential recovery in earnings [1]