PG&E Corporation Q3 2026 Earnings Recap

PG&E shares fell 1.3% after earnings, a roughly flat reaction. The company reaffirmed 2026 and 2027 EPS guidance, but wildfire-policy uncertainty remains unresolved, and PG&E is no longer providing guidance beyond 2027 while its strategic review continues.

Key Takeaways

• Third-quarter core EPS was $0.41; nine-month core EPS was $1.24. PG&E reaffirmed 2026 core EPS guidance of $1.64–$1.66 and 2027 guidance of $1.78–$1.82.
• The company said comprehensive wildfire-policy reform has not been enacted. It is seeking changes to address what it called the current framework’s tail risk.
• PG&E reduced its 2027 capital plan by $2 billion, citing high financing costs, and has begun notifying customers whose projects may be delayed.
• The strategic review is assessing regulatory, capital-allocation, and structural options, including ring-fencing, sales, or separations; PG&E expects to share its outcome no later than next summer.
• On safety, PG&E reported a 74% decline in its weather-normalized ignition rate since 2017 and said it is in its fourth year without a major wildfire associated with its equipment.