PG&E Corporation Reports Third Quarter 2026 Results; On Track to Deliver Solid 2026; Reaffirms 2026 and 2027 Guidance

Nine-month earnings increased despite a weaker third quarter, while PG&E is implementing a $2 billion reduction to its 2027 capital plan.

Rhea-AI Summary

PG&E Corporation (NYSE: PCG) reported third-quarter 2026 core earnings of $0.41 per diluted share and reaffirmed its annual earnings guidance. Core earnings, which exclude non-core items, fell from $0.50 per share a year earlier. GAAP earnings available for common shareholders declined to $749 million from $823 million, with diluted EPS falling to $0.34 from $0.37. Revenue slipped to $6.188 billion from $6.250 billion.

For the first nine months, GAAP EPS rose to $1.06 from $0.89, while core EPS increased to $1.24 from $1.14. PG&E reaffirmed core EPS guidance of $1.64–$1.66 for 2026 and $1.78–$1.82 for 2027. The company expects to meet its 2–4% non-fuel operating and maintenance cost reduction target. It is implementing a previously announced $2 billion reduction to its 2027 capital plan and advancing a strategic review. The utility also filed a 5,000-mile undergrounding plan with California regulators.

10 points · 0 major

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0 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointNine-month GAAP earnings rose to $2,340 million from $1,951 million; EPS increased to $1.06 from $0.89.
• Moderate pointNine-month core earnings increased to $2,831 million from $2,520 million; EPS rose to $1.24 from $1.14.
• Moderate pointNine-month revenue increased to $18,971 million from $18,131 million.
• Moderate pointOperating income rose to $1,249 million from $1,209 million quarterly and $3,982 million from $3,525 million year-to-date.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Non-fuel operating and maintenance savings remain on track for the company's 2–4% reduction target.
• Moderate point. Forward-looking: it has not happened yet and may not happen.5,000-mile undergrounding plan filed; PG&E estimates $117 billion in long-term benefits.

4 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.2026 core EPS guidance reaffirmed at $1.64 to $1.66; 2027 guidance remains $1.78 to $1.82.
• Minor pointQuarterly operating and maintenance expense declined to $2,543 million from $2,641 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Strategic review is advancing toward the company's goal of becoming financially strong and investment-grade.
• Minor point. Forward-looking: it has not happened yet and may not happen.Undergrounding plan targets 98% lower wildfire risk and 90% fewer outages on lines moved underground.

Negative

• Moderate pointQuarterly GAAP earnings fell to $749 million from $823 million; diluted EPS declined to $0.34 from $0.37.
• Moderate pointQuarterly core earnings fell to $928 million from $1,142 million; diluted EPS declined to $0.41 from $0.50.
• Moderate point2027 capital plan is being reduced by the previously announced $2 billion. 5.1% of market cap
• Moderate pointInterest expense rose to $825 million from $770 million quarterly and $2,424 million from $2,296 million year-to-date.
• Moderate pointWildfire Fund expense increased to $141 million from $86 million quarterly and $369 million from $271 million year-to-date.

5 minor points

• Minor pointQuarterly revenue declined to $6,188 million from $6,250 million.
• Minor pointDepreciation, amortization and decommissioning expense rose to $1,206 million from $1,132 million quarterly.
• Minor pointNine-month operating and maintenance expense increased to $8,191 million from $8,147 million.
• Minor pointStrategic repositioning costs totaled $42 million after tax in the third quarter, versus none a year earlier.
• Minor pointQuarterly income tax benefit decreased to $95 million from $220 million.

Key Figures

Q3 GAAP EPS: $0.34 per share vs. $0.37 Nine-month GAAP EPS: $1.06 per share vs. $0.89 Q3 non-GAAP core EPS: $0.41 per share vs. $0.50 +5 more

Q3 GAAP EPS

$0.34 per share vs. $0.37

Third quarter 2026 vs. third quarter 2025

Nine-month GAAP EPS

$1.06 per share vs. $0.89

First nine months of 2026 vs. first nine months of 2025

Q3 non-GAAP core EPS

$0.41 per share vs. $0.50

Third quarter 2026 vs. third quarter 2025

Nine-month non-GAAP core EPS

$1.24 per share vs. $1.14

First nine months of 2026 vs. first nine months of 2025

2026 core EPS guidance

$1.64 to $1.66 per share

Full-year 2026 guidance reaffirmed

2027 core EPS guidance

$1.78 to $1.82 per share

Full-year 2027 guidance reaffirmed

Capital plan reduction

$2 billion

Previously announced reduction to the 2027 capital plan

Non-fuel O&M reduction target

2-4%

On track toward the target

Previous Earnings Reports

2 past events · Latest: Jul 23

Same Type 2 events

1. Jul 23

   Q2 earnings

   24h Move

   -3.1%

   GAAP and core EPS rose year over year; full-year 2026 core EPS guidance was reaffirmed.

2. Apr 23

   Q1 earnings

   24h Move

   -0.3%

   Q1 GAAP and core EPS were reported; full-year 2026 core EPS guidance was reaffirmed.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, non-gaap financial measure, rate base, distributed energy resources

4 terms

gaap financial

"income available for common shareholders ... as reported in accordance with generally accepted"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial measure financial

"a non-GAAP financial measure that excludes non-core items"

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

rate base financial

"earnings on higher rate base and net O&M savings"

Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.

distributed energy resources technical

"12 megawatts of distributed energy resources by 2028"

Small, local sources and devices that generate, store or manage electricity near where it’s used—examples include rooftop solar panels, batteries, electric vehicles, smart thermostats and backup generators. They matter to investors because they reshape how power is produced, sold and paid for: they can lower costs, create new revenue streams, change regulation and require grid upgrades, so they affect company profits, risk profiles and growth opportunities much like dozens of small engines changing how a single factory runs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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OAKLAND, Calif., Oct. 22, 2026 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) is on track to deliver solid financial results in 2026. Progress includes:

• GAAP earnings were $0.34 and $1.06 per share for the third quarter and first nine months of 2026, respectively, compared to $0.37 and $0.89 per share for the same periods in 2025.
• Non-GAAP core earnings were $0.41 and $1.24 per share for the third quarter and first nine months of 2026, compared to $0.50 and $1.14 per share for the same periods in 2025.
• Full year 2026 and 2027 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share and $1.78 to $1.82 per share, respectively.¹
• On track to meet 2-4% non-fuel operating and maintenance (O&M) cost reduction target.
• Implementing previously announced $2 billion reduction to 2027 capital plan.
• Strategic review advancing with the goal of becoming a financially strong, investment-grade company.

"Our PG&E team continues to make meaningful progress delivering safe, affordable, reliable, and clean energy to our customers. While we still believe California needs a durable wildfire liability framework that delivers for customers and investors, safety remains our foundation as we strengthen and build resilient energy infrastructure to support our state's growth," said PG&E Corporation CEO Patti Poppe.

Operational progress during the third quarter of 2026 continued to focus on delivering safe, reliable, affordable, and clean energy to customers. Pacific Gas and Electric Company (PG&E or the Utility):

• Filed a 5,000-mile undergrounding plan with California regulators designed to reduce wildfire risk by 98% and outages by 90% on lines moved underground, which is expected to deliver an estimated $117 billion in long-term benefits.
• Connected over 4,240 electric customers and 3,000 EV charging ports to the grid.
• Launched a first-of-its-kind virtual power plant demonstration with Google and Rewiring America to improve reliability and affordability for customers, targeting over 20,000 new and existing customer energy devices and 12 megawatts of distributed energy resources by 2028.
• Delivered nearly $15 million in energy bill assistance to more than 46,000 low- and moderate-income customers.
• Energized 174 megawatts of new data center projects since 2024. With appropriate pricing, every one gigawatt of new data center load could help customers save 1% or more on their monthly electric bill.

2026 and 2027 Guidance

PG&E Corporation is reaffirming its full year 2026 and 2027 non-GAAP core earnings guidance range of $1.64 to $1.66 per share and $1.78 to $1.82 per share, respectively. Factors expected to drive non-GAAP core earnings in 2026 and 2027 include return on customer capital investment and costs related to unrecoverable net interest expense and other earnings factors, including allowance for funds used during construction, incentive revenues, tax benefits, and cost savings, net of below-the-line costs.

PG&E Corporation uses "non-GAAP core earnings," which is a non-GAAP financial measure that excludes non-core items, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of consolidated income available for common shareholders to non-GAAP core earnings (including non-GAAP core EPS).

Financial Results

PG&E Corporation recorded third-quarter 2026 income available for common shareholders of $749 million, and $0.34 per diluted share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $823 million, and $0.37 per diluted share, for the third quarter of 2025.

The decrease in GAAP earnings was primarily driven by lower CPUC return on equity in effect during 2026 as compared to 2025, the one-time catch-up impacts of the tax methodology change implemented in 2025, and increased Wildfire Fund expense, partially offset by increased customer capital investment due to the earnings on higher rate base and net O&M savings.

Non-GAAP Core Earnings

PG&E Corporation's non-GAAP core earnings were $928 million, and $0.41 per diluted share, for the third quarter of 2026, compared to $1,142 million, and $0.50 per diluted share, for the third quarter of 2025.

The decrease in Non-GAAP core earnings was driven by similar factors to our GAAP earnings except for Wildfire Fund expense.

Non-core items, which management does not consider representative of ongoing earnings, totaled $156 million after tax, and $0.07 per share, for the third quarter of 2026, compared with $295 million after tax, and $0.13 per share, for the third quarter of 2025.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation's website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Earnings Conference Call

PG&E Corporation will hold a conference call on October 22, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its third-quarter 2026 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.

What: Third Quarter 2026 Earnings Call

When: Thursday, October 22, 2026 at 11:00 a.m. Eastern Time

Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

A replay of the conference call will be archived at
http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through October 29, 2026, by dialing (800) 770-2030. The confirmation code 92587 will be required to access the replay.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings with the California Public Utilities Commission and the Federal Energy Regulatory Commission at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the "Wildfire & Safety" and "News & Events" pages, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.  For more information, visit http://www.pgecorp.com.

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, guidance, estimates, future plans and impacts, and strategies of PG&E Corporation and the Utility, including regarding earnings, customer bills, operating and maintenance costs, the previously announced strategic review, system hardening, and load growth. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include factors disclosed in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2025, their most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 (Form 10-Q), and other reports filed with or furnished to the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC's website at www.sec.gov. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

1 PG&E Corporation is unable to provide GAAP guidance or present a quantitative reconciliation of forward-looking non-GAAP core earnings, non-GAAP core EPS, or non-GAAP core EPS growth without unreasonable effort because specific line items, which may be significant, are not estimable. For instance, amortization of the Wildfire Fund contribution asset, the impacts of regulatory decisions, special tax items, and wildfire-related costs, net of recoveries, are difficult to predict due to various factors outside of management's control.

 

PG&E CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
	(Unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating Revenues
Electric	$           4,660		$           4,755		$       14,015		$       13,304
Natural gas	1,528		1,495		4,956		4,827
Total operating revenues	6,188		6,250		18,971		18,131
Operating Expenses
Cost of electricity	904		1,015		2,265		2,013
Cost of natural gas	109		131		694		738
Operating and maintenance	2,543		2,641		8,191		8,147
SB 901 securitization inception charge	36		35		36		35
Wildfire-related claims, net of recoveries	—		1		—		100
Wildfire Fund expense	141		86		369		271
Depreciation, amortization, and decommissioning	1,206		1,132		3,434		3,302
Total operating expenses	4,939		5,041		14,989		14,606
Operating Income	1,249		1,209		3,982		3,525
Interest income	104		94		336		392
Interest expense	(825)		(770)		(2,424)		(2,296)
Other income, net	153		97		366		251
Income Before Income Taxes	681		630		2,260		1,872
Income tax benefit	(95)		(220)		(162)		(161)
Net Income	776		850		2,422		2,033
Preferred stock dividend requirement	27		27		82		82
Income Available for Common Shareholders	$             749		$             823		$         2,340		$         1,951
Weighted Average Common Shares Outstanding, Basic	2,202		2,198		2,201		2,197
Weighted Average Common Shares Outstanding, Diluted	2,285		2,281		2,284		2,202
Net Income Per Common Share, Basic	$            0.34		$            0.37		$          1.06		$          0.89
Net Income Per Common Share, Diluted	$            0.34		$            0.37		$          1.06		$          0.89

 

Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles (GAAP) to Non-GAAP Core Earnings
Third Quarter, 2026 vs. 2025
	Three Months Ended September 30,								Nine Months Ended September 30,
	Earnings				Earnings per Common Share				Earnings				Earnings per Common Share
(in millions, except per share amounts)	2026		2025		2026		2025		2026		2025		2026		2025
PG&E Corporation's GAAP earnings/EPS, basic	$ 749		$       823		$ 0.34		$ 0.37		$       2,340		$       1,951		$ 1.06		$ 0.89
Mandatory convertible preferred stock dividends	24		24		—		—		72		—		—		—
PG&E Corporation's GAAP earnings/EPS, diluted (1)	$ 773		$       847		$ 0.34		$ 0.37		$       2,412		$       1,951		$ 1.06		$ 0.89
Non-core items: (2)
Amortization of Wildfire Fund contribution (3)	102		62		0.04		0.03		265		195		0.12		0.09
Bankruptcy and legal costs (4)	(29)		21		(0.01)		0.01		(29)		36		(0.01)		0.02
Investigation remedies (5)	8		47		—		0.02		56		95		0.02		0.04
Prior period net regulatory impact (6)	—		134		—		0.06		51		122		0.02		0.06
SB 901 securitization (7)	23		18		0.01		0.01		17		29		0.01		0.01
Strategic repositioning (8)	42		—		0.02		—		42		—		0.02		—
Wildfire-related costs, net of recoveries (9)	10		13		—		0.01		17		92		0.01		0.04
PG&E Corporation's non-GAAP core earnings/EPS (10)	$ 928		$    1,142		$ 0.41		$ 0.50		$       2,831		$       2,520		$ 1.24		$ 1.14

All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation's statutory tax rate of 27.98% for 2026 and 2025, except for certain costs that are not tax deductible. Amounts may not sum due to rounding.
(1)	For more information regarding the calculation of GAAP earnings and EPS, see Note 7 of the Notes to the Condensed Consolidated Financial Statements in the Form 10-Q.
(2)	"Non-core items" include items that management does not consider representative of ongoing earnings and that affect comparability of financial results between periods, consisting of the items listed in the table above. See Non-GAAP Financial Measures below.
(3)	The Utility recorded costs of $141 million (before the tax impact of $39 million) and $369 million (before the tax impact of $104 million) during the three and nine months ended September 30, 2026, respectively, associated with the amortization of the Wildfire Fund asset, as well as accretion of the related Wildfire Fund liability. For more information, see Note 2 of the Notes to the Condensed Consolidated Financial Statements in the Form 10-Q.
(4)	PG&E Corporation recorded a benefit of $40 million (before the tax impact of $11 million) during the three and nine months ended September 30, 2026 related to the Wildfire-Related Securities Claims. Separately, 2025 includes costs to resolve proofs of claim filed in PG&E Corporation's and the Utility's Chapter 11 proceeding.
(5)	Includes costs associated with the decision different for the order instituting investigation (OII) related to the 2017 Northern California Wildfires and 2018 Camp Fire (Wildfires OII), the system enhancements related to the locate and mark OII, restoration and rebuilding costs for the town of Paradise, and the settlement agreements resolving the Safety and Enforcement Division's investigations into the 2020 Zogg and 2022 Mosquito fires, as shown below.

 

(in millions)	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
Wildfires OII disallowance and system enhancements	$                       9		$                      25
Locate and mark OII system enhancements	—		2
Paradise restoration and rebuild	—		—
2020 Zogg fire settlement	1		15
2022 Mosquito fire settlement	—		22
Investigation remedies	$                      10		$                       64
Tax impacts	(2)		(8)
Investigation remedies (post-tax)	$                        8		$                       56

(6)	The Utility recorded costs of $1 million (before the tax impact of $0 million) and $70 million (before the tax impact of $20 million) during the three and nine months ended September 30, 2026, respectively, related to an adjustment for potential disallowances associated with a FERC TO20 settlement. Separately, 2025 reflects an adjustment to expenses associated with the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case per the CPUC decision dated July 14, 2022 and the 2022 WMCE decision dated September 18, 2025.
(7)	The Utility recorded costs of $32 million (before the tax impact of $9 million) and $23 million (before the tax impact of $6 million) during the three and nine months ended September 30, 2026, respectively, related to any earnings-impacting investment losses or gains associated with investments related to the contributions to the customer credit trust, as well as the charge related to the establishment of the SB 901 securitization regulatory asset and the SB 901 securitization regulatory liability associated with revenue credits funded by the net operating loss monetization.
(8)	PG&E Corporation and the Utility recorded costs related to repositioning their organizational design as shown below. "Workforce organizational design" includes severance costs related to simplifying the Utility's employee structure, and "corporate organizational design" includes consulting, legal, and financial advisory costs, including those related to the Strategic Review.

 

(in millions)	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
Workforce organizational design	$                      37		$                      37
Corporate organizational design	21		21
Strategic repositioning	$                      58		$                      58
Tax impacts	(16)		(16)
Strategic repositioning (post-tax)	$                      42		$                      42

(9)	Includes costs to resolve third-party claims, net of recoveries, for the 2019 Kincade fire and 2021 Dixie fire, inclusive of outside counsel fees, as shown below.

 

(in millions)	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
2019 Kincade fire	$                       1		$                       4
2021 Dixie fire	12		19
Wildfire-related costs, net of recoveries	$                      14		$                      23
Tax impacts	(4)		(6)
Wildfire-related costs, net of recoveries (post-tax)	$                      10		$                      17

(10)	"Non-GAAP core earnings" and "Non-GAAP core EPS" are non-GAAP financial measures. See Non-GAAP Financial Measures below.
Undefined, capitalized terms have the meanings set forth in the Form 10-Q.

 

Non-GAAP Financial Measures PG&E Corporation and Pacific Gas and Electric Company

Non-GAAP Core Earnings and Non-GAAP Core EPS

"Non-GAAP core earnings" and "Non-GAAP core EPS," also referred to as "non-GAAP core earnings per share," are non-GAAP financial measures. Non-GAAP core earnings is calculated as income available for common shareholders, diluted, less non-core items. "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed above. Non-GAAP core EPS is calculated as non-GAAP core earnings divided by common shares outstanding on a diluted basis.

PG&E Corporation discloses historical financial results and provides guidance based on "non-GAAP core earnings" and "non-GAAP core EPS" in order to provide measures that allow investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes, including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance.

Non-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies.

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SOURCE PG&E Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were PG&E's third-quarter 2026 earnings?

PG&E reported $749 million in GAAP income available for common shareholders and $0.34 per diluted share, down from $823 million and $0.37 a year earlier. Non-GAAP core earnings were $928 million, or $0.41 per diluted share, compared with $1,142 million, or $0.50.

What is PG&E's earnings guidance for 2026 and 2027?

PG&E reaffirmed non-GAAP core EPS guidance of $1.64 to $1.66 for 2026 and $1.78 to $1.82 for 2027. Core earnings exclude items management does not consider representative of ongoing earnings.

Why did PG&E's third-quarter 2026 GAAP earnings decline?

PG&E attributed the decline primarily to a lower regulatory return on equity, the comparison with one-time tax-methodology catch-up impacts in 2025, and increased Wildfire Fund expense. Earnings from higher customer capital investment and net operating and maintenance savings partly offset those factors.