PG&E Corporation reported stronger first quarter 2026 results and reaffirmed its 2026 outlook. GAAP earnings were $0.39 per diluted share, up from $0.28 a year earlier, on income available for common shareholders of $858 million versus $607 million. Non-GAAP core earnings were $0.43 per share, compared with $0.33, and full-year 2026 non-GAAP core EPS guidance was reaffirmed at $1.64 to $1.66.
Total operating revenues rose to $6.881 billion from $5.983 billion, with higher electric and natural gas revenues. Management highlighted progress on costs, remaining on track for a 2–4% non-fuel operating and maintenance cost reduction target. PG&E also emphasized customer affordability, noting bundled residential electric rates are down 23% for vulnerable CARE customers and 13% for other customers since January 2024.
Operationally, PG&E received U.S. Nuclear Regulatory Commission approval to renew Diablo Canyon Power Plant’s license for extended operations, continued wildfire risk mitigation through undergrounding and system hardening, expanded renewable natural gas connections, and advanced data center interconnection projects totaling about 4.6 gigawatts in final engineering, which the company says can support long-term bill savings under appropriate conditions.
PG&E Corporation and Pacific Gas and Electric Company are asking shareholders to vote at their virtual joint 2026 annual meetings on May 21, 2026. Proposals include electing directors, an advisory vote on executive compensation, and ratifying Deloitte & Touche LLP as independent auditor.
The proxy highlights operational progress: CPUC-reportable ignitions fell over 40%, residential bundled electric rates are 13% lower than January 2024, and electric reliability improved 19% from 2024 with over 99% gas reliability. The companies extended a $73 billion investment plan through 2030, targeting “9% plus” annual non‑GAAP core EPS growth and an average annual bill trajectory of 0–3%.
PG&E reports more than 1,200 miles of powerlines undergrounded since 2021, sustained 69% reductions in serious ignitions on circuits with enhanced safety settings, and meeting all 55 Wildfire Mitigation Plan commitments in 2025. The dividend was doubled from $0.10 to $0.20 per share, equal to a 13% payout of 2025 non‑GAAP core EPS, with a goal of 20% by 2028. The proxy also emphasizes board independence, skills in wildfire safety, risk management, and clean energy, and detailed governance, risk, safety, and sustainability oversight frameworks.
PG&E Corp director Leo P. Denault reported an acquisition of phantom stock units as deferred compensation. He received 1,849.74 phantom stock units tied to PG&E common stock at an indicated value of $17.57 per unit, increasing his phantom stock balance to 9,012.03 units. Each phantom share is economically equivalent to one share of common stock and will be paid in cash when his board service ends. The award was made under the Deferred Compensation Plan for Non-Employee Directors and includes 22.62 units credited on January 15, 2026 through a dividend reinvestment feature.
The Vanguard Group amended its Schedule 13G filing for PG&E Corp. The amendment (Amendment No. 14) states Vanguard's reported beneficial ownership in PG&E Common Stock is 0 shares, or 0%, following an internal realignment. The filing explains certain Vanguard subsidiaries and business divisions will report ownership separately in accordance with SEC Release No. 34-39538 (January 12, 1998), and that Vanguard no longer is deemed to beneficially own securities held by those subsidiaries.
PG&E Corp EVP and Chief People Officer Alejandro T. Vallejo reported routine compensation-related grants of phantom stock. He acquired 1,588.050 phantom stock units on March 13, 2026 at an equivalent price of $18.14 per unit and 425.800 units on March 23, 2026 at $17.39 per unit.
Each phantom stock unit is economically equal to one share of PG&E common stock but is payable in cash after his service as an officer ends, under the company’s supplemental retirement plans. Following these grants, Vallejo directly holds 32,566.440 phantom stock units, reflecting deferred compensation rather than open-market share purchases or sales.
PG&E Corporation EVP and CFO Carolyn Jeanne Burke reported compensation-related stock transactions. She acquired 144,806 shares of PG&E common stock at $0.00 per share as vested performance shares under the PG&E Corporation 2021 Long-Term Incentive Plan for the performance cycle ended 12/31/2025.
To cover tax withholding obligations tied to this vesting, 80,049 shares of common stock were forfeited at a value of $18.14 per share. After these transactions, Burke directly owned 149,511 shares of PG&E common stock. The filing reflects equity compensation and associated tax withholding, not open-market buying or selling.
PG&E Corp director Cooper Kerry Whorton sold 2,500 shares of Common Stock in an open-market transaction at $18.68 per share. The trade occurred on March 17, 2026 under a pre-arranged Rule 10b5-1 trading plan adopted on November 25, 2025.
After this sale, Whorton directly holds 73,140.78 shares of PG&E Corp common stock. This total includes restricted stock units accumulated through dividend reinvestment under the PG&E Corporation 2021 Long-Term Incentive Plan.
PG&E Corp executive Carla J. Peterman, President and EVP, Customer & Corporate Affairs, reported an open-market sale of 31,786 shares of common stock on March 16, 2026 at a weighted average price of $18.31 per share. The sale was made under a pre-arranged trading plan intended to comply with Rule 10b5-1(c), adopted on December 11, 2025. Following this transaction, she directly holds 195,091 shares of PG&E common stock.