EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2025

PG&E Corporation’s basic EPS is calculated by dividing the Income available for common shareholders, basic, by the weighted average number of common shares outstanding, basic. PG&E Corporation’s diluted EPS is calculated by dividing the income available for common shareholders, diluted, by the weighted average number of common shares outstanding, diluted. 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 available for common shareholders and weighted average common shares outstanding for calculating diluted EPS:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2025		2024		2025		2024
Numerator:
Income available for common shareholders, basic	$	823	$	576	$	1,951	$	1,828
Mandatory Convertible Preferred Stock dividends	24		—		—		—
Income available for common shareholders, diluted	$	847	$	576	$	1,951	$	1,828

Denominator:
Weighted average common shares outstanding, basic(1)	2,198		2,137		2,197		2,136
Dilutive effect of Employee stock-based compensation	5		6		5		6
Dilutive effect of Mandatory Convertible Preferred Stock	78		—		—		—
Weighted average common shares outstanding, diluted	2,281		2,143		2,202		2,142

Total income per common share:
Basic	$	0.37	$	0.27	$	0.89	$	0.86
Diluted	$	0.37	$	0.27	$	0.89	$	0.85

(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 amount of options and securities that were antidilutive. For the nine months ended September 30, 2025, the calculation of outstanding common shares on a diluted basis excluded the impacts of the mandatory convertible preferred stock, which was antidilutive.