PG&E (NYSE:PCG) today reported solid 2025 financial results on Thursday, Feb. 12, 2026, as the utility successfully converted a "mega-pipeline" of AI data center demand into tangible engineering milestones while keeping a lid on wildfire risks.
The Oakland-based utility posted full-year 2025 non-GAAP core earnings of $1.50 per share, up from $1.36 in 2024.
GAAP earnings landed at $1.18 per share.
Despite the legal shadow cast by wildfires in Southern California affecting state-wide insurance sentiment, PG&E achieved its third consecutive year with zero major wildfires caused by its equipment.
The company also reached a major infrastructure milestone, energizing its 1,000th mile of undergrounded power lines in high-risk zones, part of a strategy that has cut wildfire risk for those lines by nearly 99%.
Looking ahead, PG&E is betting on a "Goldilocks" growth scenario driven by Silicon Valley's hunger for power.
The company has advanced 3.6 GW of data center projects into the final engineering phase, with the first of these high-load projects expected to come online later in 2026.
Management also tightened its 2026 core EPS guidance to a range of $1.64 to $1.66, signaling a "simple affordable model" that aims to keep bill inflation below 3% while executing a massive $73 billion capital plan through 2030.