EarningsQ3 2026 Earnings Report
DE:PCG Q3 2026 EPS Results
Actual EPS€0.37
Consensus EPS€0.37
Beat/MissMissed by -<€0.01
One Year Ago EPS€0.45
DE:PCG Q3 2026 Revenue Results
Actual Revenue€5.56B
Expected Revenue€6.13B
Beat/MissMissed by -€569.90M
YoY Revenue Growth-0.99%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeBefore Open
Conference CallThursday, October 22, 2026
DE:PCG Upcoming Earnings
PG&E's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:PCG Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive: PG&E reported core EPS growth, reaffirmed 2026 and 2027 guidance, highlighted substantial safety and operational improvements, and described multiple avenues to achieve investment-grade status and unlock value. However, the company continues to face significant challenges from the absence of wildfire liability reform, high financing costs, a negative Fitch outlook, a $2 billion 2027 capital-plan reduction, and limited visibility beyond 2027.Company Guidance
Core EPS Growth and Reaffirmed Guidance
Third-quarter core EPS was $0.41 and first-nine-month core EPS was $1.24, compared with $1.14 in the same period last year. PG&E reaffirmed 2026 core EPS guidance of $1.64 to $1.66, up 10% from 2025 at the midpoint, and 2027 core EPS guidance of $1.78 to $1.82, up 9% at the midpoint.
Equity Financing Needs Addressed Through 2030
Management said anticipated equity financing needs have already been addressed through 2030 under the original $73 billion capital program. The company stated that it would not issue equity at the current stock price or valuation.
Wildfire Safety Improvements
PG&E has reached its fourth year without a major wildfire associated with its equipment. Its weather-normalized ignition rate has declined 74% since 2017 to the lowest level since the company began tracking the metric. The company now has more than 700 AI-enabled cameras and 1.6 thousand weather stations providing real-time system visibility.
Gas Safety and Methane Reduction Progress
Aerial and drone inspections have significantly improved leak detection, efficiency, and safety performance in the gas business. PG&E remains first quartile in dig-in performance and emergency response, with first responders arriving on site in an average of 20 minutes. The company is on track to achieve a 62% reduction in annual methane emissions compared with the 2020 CPUC-approved baseline, outperforming its 2030 target.
Transmission and Generation Asset Base
PG&E's electric transmission system spans 18 thousand circuit miles and includes $13 billion of FERC rate base, with significant opportunity to increase investment in the future. Its power generation portfolio includes 7.8 GW of capacity, including its hydro system and Diablo Canyon nuclear power plant.
Data Center Pipeline Expansion
PG&E has brought 174 megawatts of data center projects online since 2024. The company said its previously signaled pipeline of 1.8 GW expected to be online by 2030 remains in the plan. PG&E is focused on connecting the right projects, pricing them appropriately, and requiring large-load customers to make meaningful financial commitments while improving affordability for existing customers.
Customer Capital Investment Driving Earnings
Customer capital investment contributed $0.12 to first-nine-month 2026 core EPS growth and remained the primary earnings-growth driver. PG&E also achieved $0.04 of year-to-date O&M savings, putting it on pace to deliver its savings guidance while redeploying $0.02.
O&M Transformation Continues
PG&E continues to execute its plan to reduce nonfuel O&M by 2% to 4% annually through its performance playbook and elimination of waste.
2027 Capital Plan and Wildfire Mitigation Commitment
Updated 2027 capital guidance is $11.4 billion after the previously announced $2 billion reduction. The company said 2027 rate base guidance remains unchanged because many deferred projects were not expected to enter service until after 2027. PG&E remains committed to executing its wildfire mitigation plan, maintaining its annual safety certificate, and operating the system safely.
Planned Utility Debt Financing
PG&E expects to finance its 2027 capital investments with cash from operations and $4 billion to $5 billion of utility debt financing, including approximately $1 billion of maturities.
Favorable Proposed General Rate Case Decision
In its 2027 general rate case, PG&E received a favorable proposed decision that would authorize interim rate recovery of $456 million over 12 months beginning in January, if approved. Management said this would promote more stable customer bills, better align cash flow with costs, and reduce financing expense.
Long-Term Electric Undergrounding Plan
PG&E filed a 10-year electric undergrounding plan proposing 5 thousand additional miles of undergrounding between 2028 and 2037, building on approximately 1.9 thousand miles expected to be completed by the end of next year. The plan contemplates $16.6 billion of investment, approximately $117 billion of long-term customer benefits, and avoidance of $6 billion of future vegetation management, operations, and maintenance costs.
Strategic Review Focused on Investment-Grade Businesses
PG&E is evaluating regulatory reforms, capital allocation changes, corporate ring fencing, sales, and separations as part of its strategic review. Management's foundational objective is to achieve investment-grade credit ratings and unlock value for customers and investors. The company expects to communicate a more definitive direction no later than next summer and said it is working aggressively rather than waiting for that deadline.
Investment-Grade Financial Target
Management said it is realistic for the business to become investment grade and is targeting mid-teens FFO to debt. The company also stated that its financial metrics are consistent with investment-grade performance according to rating agencies, apart from California policy risk.
Potential Customer Benefits From Business Separation
Management said PG&E's gas customers are paying sub-investment-grade borrowing costs because the gas business is part of the holding company exposed to wildfire risk. The company is evaluating whether a regulatory-approved spin, sale, or separation could unlock value and lower borrowing costs for its 4 million gas customers.
Continued Reinvestment in the System
Since 2020, PG&E has been reinvesting nearly all of its earnings into the system to benefit customers. Management said the previously described $73 billion capital plan could support customer growth, lower bills, jobs, and new tax revenue for California.
Common Dividend Expected to Follow Prior Trajectory for 2027
Although the board will set the dividend in December and everything is under review, management said the 2027 dividend should be in line with its prior trajectory, consistent with the previously stated path toward a 20% payout by 2028.
DE:PCG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed