EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

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 March 31,
(in millions, except per share amounts)	2026		2025
Numerator:
Income available for common shareholders, basic	$	858	$	607
Mandatory Convertible Preferred Stock dividends	24		—
Income available for common shareholders, diluted	$	882	$	607
Denominator:
Weighted average common shares outstanding, basic(1)	2,199		2,195
Dilutive effect of Employee stock-based compensation	4		5
Dilutive effect of Mandatory Convertible Preferred Stock	78		—
Weighted average common shares outstanding, diluted	2,281		2,200
Total income per common share:
Basic	$	0.39	$	0.28
Diluted	$	0.39	$	0.28

(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.