PG&E CorpPCG

PG&E Corp Earnings Per Share Disclosure

10-KFiled Feb 12, 20262 min read
EARNINGS PER SHARE
PG&E Corporation’s basic EPS is calculated by dividing the income available for common shareholders by the weighted average number of common shares outstanding.  PG&E Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding share-based compensation in the calculation of diluted EPS.  The following is a reconciliation of PG&E Corporation’s income (loss) available for common shareholders and weighted average common shares outstanding for calculating diluted EPS for 2025, 2024, and 2023.
 Year Ended December 31,
(in millions, except per share amounts)202520242023
Income available for common shareholders$2,593 $2,475 $2,242 
Weighted average common shares outstanding, basic (1)
2,197 2,141 2,064 
Add incremental shares from assumed conversions:
Employee share-based compensation
5 6 6 
Equity Units— — 68 
Weighted average common shares outstanding, diluted2,202 2,147 2,138 
Total earnings per common share, diluted$1.18 $1.15 $1.05 
(1) Excludes 477,743,590 shares of PG&E Corporation common stock held by the Utility.

For each of the periods presented above, the calculation of outstanding common shares on a diluted basis excluded an insignificant number of options and securities that were antidilutive. For the year ended December 31, 2025, the calculation of outstanding common shares on a diluted basis excluded the impacts of the Mandatory Convertible Preferred Stock (see Note 7 above), which were antidilutive. In addition, as a result of an irrevocable election made on December 8, 2023 to fix the settlement method to Combination Settlement, the Convertible Notes (as defined in Note 4) did not have a material impact on the calculation of diluted EPS.

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 13, 2025
2023Feb 22, 2024
2022Feb 23, 2023
2021Feb 10, 2022
2020Feb 25, 2021
2019Feb 18, 2020
2018Feb 28, 2019
2017Feb 9, 2018
2016Feb 16, 2017
2015Feb 18, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueFair ValueDebtCommitmentsStock CompensationNew Standards