PG&E Corporation Earnings Recaps
Q2 2026
Jul 25, 2026
PG&E's shares declined 1.4% following the earnings release as the modest negative market reaction suggests investors were cautious despite the company reaffirming guidance and highlighting operational progress.
Key takeaways
- Reported core EPS was $0.40 for Q2 and $0.83 for the first half of 2026, with full-year guidance maintained at $1.64 to $1.66, implying roughly 10% growth.
- The company reiterated its vision for double-digit EPS growth through 2030 and a $73 billion capital plan without additional equity financing.
- Operational improvements included a 23% reduction in residential bundled electric rates for vulnerable customers and a 23% year-to-date improvement in reliability.
- PG&E emphasized zero public safety incidents and no structures destroyed from wildfire events linked to their equipment for the fourth consecutive year.
- Management remained focused on wildfire liability reform as a critical factor for future investment grade credit and capital allocation but cautioned that unresolved regulatory issues could force reassessment of capital plans.
Q1 2026
Apr 23, 2026
PG&E delivered a strong start to 2026 with $0.43 core EPS, reaffirming 10% growth guidance for the year and a durable outlook through 2030, driven by rate reductions, wildfire mitigation, and strategic infrastructure investments.
Key takeaways
- Q1 core EPS of $0.43 sets the company on track for full-year guidance of $1.64–$1.66, marking five consecutive years of double-digit earnings growth.
- Rate reductions of up to 23% for vulnerable customers and 13% for others have significantly improved affordability since January 2024.
- Diablo Canyon received final permits and a 20-year NRC license extension, securing its role in California’s clean energy and reliability goals through 2030.
- Ongoing wildfire mitigation efforts include nearly 11,000 miles of undergrounding planned through 2037, avoiding over $100 million in maintenance costs to date.
- Customer interest in rate-reducing load growth remains healthy, with pipeline projects totaling over 4.6 GW in final engineering, supporting sustainable growth alongside resource additions in California.
Q3 2025
Oct 25, 2025
PG&E Corporation reported strong operational metrics in Q3 2025, with earnings per share at $0.50 and an updated full-year guidance reflecting robust growth momentum. The company continues to advance its capital plan, emphasizing safety and resilience amid ongoing climate challenges.
Key takeaways
- Core EPS for Q3 reached $0.50, with a full-year guidance of $1.49 to $1.51, indicating a 10% increase over 2024.
- The 5-year capital plan has been extended to 2030, totaling $73 billion, aiming for at least 9% annual EPS growth.
- Year-to-date reportable ignitions have decreased over 35% from 2024 levels, with zero structures lost in high-risk areas for a third consecutive year.
- Significant progress in undergrounding power lines, with 1,000 miles completed in high fire-risk areas to enhance safety and reliability.
- Continued growth in the data center pipeline, with a robust 9.5 gigawatts, catering to the technological demands of AI-driven applications in PG&E's service region.