PG&E Corporation Q1 2026 Earnings Recap

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.