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PG&E Corporation and Pacific Gas and Electric Company reported much stronger results for the quarter and six months ended June 30, 2026. Income available for PG&E Corporation common shareholders rose to $733 million in the quarter and $1,591 million year‑to‑date, both up 41% from 2025, driven mainly by higher authorized revenues from the 2023 Wildfire Mitigation and Catastrophic Events (WMCE) decision, higher recovery of electricity costs, lower quarterly operating and maintenance expense, and the absence of 2019 Kincade fire charges.
Utility operating revenues were $5,902 million for the quarter and $12,783 million for the first half, while net income available for Utility common stock increased 36% and 37%, respectively. Wildfire Fund expense rose to $228 million year‑to‑date due to accelerated amortization linked to another utility’s Wildfire Fund usage, and long‑term debt increased to $61.8 billion. Liquidity remained solid at about $6.5 billion, and 2026 capital expenditures are estimated at $12.4 billion, largely for electric distribution, undergrounding, and wildfire‑risk mitigation. PG&E highlights ongoing wildfire and regulatory risks, including $638 million and $61 million in regulatory recovery receivables for the 2021 Dixie and 2022 Mosquito fires, and multiple pending CPUC cost‑recovery and rate‑case proceedings. The NRC also approved a 20‑year license renewal for Diablo Canyon Power Plant.
PG&E Corporation reported higher results for the quarter ended June 30, 2026. Net income was $761 million and diluted GAAP EPS was $0.33, compared with $549 million and $0.24 a year earlier. Total operating revenues were $5,902 million, essentially flat with $5,898 million in the prior-year quarter.
Non-GAAP core earnings were $920 million, or $0.40 per diluted share, up from $674 million and $0.31. Non-core items totaled $164 million after tax. For the first six months, non-GAAP core EPS was $0.83 versus $0.64. The company reaffirmed full-year 2026 non-GAAP core EPS guidance of $1.64–$1.66 per share and continues to target 2–4% non-fuel O&M cost reductions.
PG&E completed a $2.2 billion Utility bond issuance in June, bringing year-to-date Utility debt financings to $4.4 billion, and outlined a $73 billion 2026–2030 capital plan with no expected common equity issuance. Operational highlights included wildfire mitigation work (37 miles of undergrounding and 100 miles of strengthened lines in high fire-risk areas), a reported 60% reduction in 2025 methane emissions versus 2015, and a data center load pipeline of about 12,710 MW.