PG&E Corporation reported third-quarter and first-nine-month 2026 financial results, alongside results for its subsidiary Pacific Gas and Electric Company. Third-quarter GAAP income available to common shareholders was $749 million ($0.34 per diluted share), versus $823 million ($0.37 per diluted share) in 2025; non-GAAP core earnings were $928 million ($0.41 per diluted share), versus $1,142 million ($0.50 per diluted share). For the first nine months, GAAP income available to common shareholders was $2,340 million ($1.06 per diluted share), compared with $1,951 million ($0.89 per diluted share); non-GAAP core earnings were $2,831 million ($1.24 per diluted share), compared with $2,520 million ($1.14 per diluted share).
The company reaffirmed non-GAAP core EPS guidance of $1.64–$1.66 per share for 2026 and $1.78–$1.82 per share for 2027. It said it is on track for a 2–4% non-fuel O&M cost-reduction target and is implementing a previously announced $2 billion reduction to its 2027 capital plan. PG&E Corporation said its strategic review is advancing, with the stated goal of becoming a financially strong, investment-grade company. The company attributed the quarterly GAAP earnings decrease primarily to lower CPUC return on equity, the 2025 tax-methodology catch-up, and increased Wildfire Fund expense, partly offset by increased customer capital investment and net O&M savings.
PG&E Corp reported income available to common shareholders of $749 million for the third quarter of 2026 and $2.34 billion for the first nine months. Quarterly income fell 9% from $823 million a year earlier, while nine-month income rose 20% from $1.951 billion. Pacific Gas and Electric Company reported nine-month operating revenue of $18.971 billion, up 5%, and operating income of $3.991 billion, up 13%.
Following the strategic review announced September 2, 2026, PG&E Corp and the Utility reduced planned 2027 capital expenditures from $13.4 billion to $11.4 billion and withdrew their previously disclosed 2028–2030 capital expenditure forecast. The Utility forecasts $12.4 billion of 2026 capital expenditures. Its proposed 2028–2037 undergrounding plan calls for 5,000 miles of conduit and estimates $16.6 billion in capital expenditures if fully approved.
A CPUC proposed decision would authorize approximately $1.8 billion of wildfire-mitigation cost recovery and disallow approximately $477 million of requested costs. Another proposed decision would authorize $456 million in interim rate recovery effective January 1, 2027. PG&E Corp and the Utility could incur up to $3.7 billion of accelerated amortization of the Wildfire Fund asset based on reliable, publicly available information about the Eaton fire.
PG&E Corp (symbol: PCG) is the issuer of record for a Form 4 filing submitted to the SEC. PG&E Corp director Leo P. Denault acquired 2,653.06 phantom stock units on September 30, 2026, through compensation deferral under the Deferred Compensation Plan for Non-Employee Directors. Each unit is economically equivalent to one share of common stock and becomes payable in cash when his director service ends. The reported price was $12.25 per share, and his reported balance after the transaction was 13,654.55 units.
PG&E Corp (symbol: PCG) is the issuer of record for a Form 4 filing submitted to the SEC. PG&E Corp director John O. Larsen purchased 7,500 shares of common stock on September 30, 2026, at $12.20 per share. He directly held 36,685 shares after the transaction. The reported post-transaction total includes 61.75 Restricted Stock Units acquired on July 15, 2026, through the dividend reinvestment feature of the PG&E Corporation 2021 Long-Term Incentive Plan. No Rule 10b5-1 plan is reported.
PG&E Corp (symbol: PCG) is the issuer of record for a Form 4 filing submitted to the SEC. PG&E Corp EVP, Chief People Officer Alejandro T. Vallejo acquired 596.66 phantom stock units on September 23, 2026, through compensation deferral and credits to his plan accounts; the reported price was $12.41 per share. His direct balance after the transaction was 35,527.20 phantom stock units. Each unit is economically equivalent to one common share and becomes payable in cash after his service as an officer ends. No Rule 10b5-1 plan is reported.
PG&E Corp (PCG) director William Craig Fugate reported selling 6,500 shares of common stock on September 4, 2026, at $13.76 per share in an open-market or private transaction. The sale was made under a Rule 10b5-1(c) trading plan adopted on June 5, 2026, and left him with 73,530.26 shares held directly, a total that includes 31.26 Restricted Stock Units acquired on July 15, 2026 through a dividend reinvestment feature of the PG&E Corporation 2021 Long-Term Incentive Plan.
PG&E Corp (PCG) received a notice that director Craig Fugate intends to sell common stock under Rule 144. The planned transaction covers 6,500 shares of common stock, acquired through a restricted stock lapse on May 22, 2026, with the shares held at Charles Schwab & Co., Inc. The filing indicates an approximate transaction value of $89,440 and lists the New York Stock Exchange as the trading venue.
PG&E Corp (PCG) received a Schedule 13G reporting that SteelMill Master Fund LP and affiliated investment entities advised by PointState Capital beneficially own 112,703,834 shares of its common stock, representing 5.1% of the class. The reporting persons disclose no sole voting or dispositive power and instead report shared voting and shared dispositive power over all 112,703,834 shares. The filing states that the reporting persons are filing jointly with respect to the same securities pursuant to Rule 13d-1(k)(1) and that they are not acting as members of a group.
PG&E Corporation (PCG) reports that it will hold an investor webcast and conference call on September 2, 2026, at 8:30 AM Eastern Time to provide an investor update, including its response to California Senate Bill 492. The company states that it does not believe Senate Bill 492 adequately addresses financing risks created by the current wildfire liability framework and therefore believes the bill falls short of creating the long-term durability needed to attract affordable investment to support a safer, more reliable energy system and help keep customer costs down. The update will be accessible via PG&E Corporation’s investor relations website, with an audio replay available online and via a toll-free dial-in through September 9, 2026.
PG&E Corp (PCG) reported that officer Alejandro T. Vallejo, EVP and Chief People Officer, acquired 420.710 units of Phantom Stock on 2026-08-21 as a grant/award. Each phantom stock unit is economically equivalent to one share of common stock and is payable in cash after his service as an officer ends. Following this award, Vallejo holds a total of 34,930.540 phantom stock units, which arise from deferred compensation under the SRSP and credits under the DC-ESRP, each exempt under Rule 16b-3(d).