EarningsQ2 2026 Earnings Report
MX:PCG Q2 2026 EPS Results
Actual EPS$6.76
Consensus EPS$6.05
Beat/MissBeat by +$0.71
One Year Ago EPS$5.24
MX:PCG Q2 2026 Revenue Results
Actual Revenue$99.78B
Expected Revenue$104.89B
Beat/MissMissed by -$5.11B
YoY Revenue Growth+0.07%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:PCG Upcoming Earnings
PG&E's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PCG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong operational and financial execution: reaffirmed 2026 guidance, continued O&M savings, safety and reliability improvements, a growing and more rigorously vetted data center pipeline, recent debt financing, and progress toward investment-grade credit. Major headwinds are policy and legal rather than operational — the outcome of wildfire liability reform (SB 254 Phase 2), interconnection and regulatory processes, and recovery decisions remain key risks that could force capital plan adjustments and raise customer costs. On balance, the company presented multiple concrete performance wins while also warning of material legislative and regulatory uncertainties.Company Guidance
Solid Quarterly and Year-to-Date Earnings
Core EPS of $0.40 for Q2 and $0.83 for the first half of 2026 (first half up $0.19 vs. prior year). Reaffirmed full-year core EPS guidance of $1.64–$1.66 (midpoint +10% vs. 2025) and reiterated 9%+ annual EPS growth target for 2027–2030.
Affordability and Customer Bill Progress
Reiterated path to flat customer bill growth (targeting 0%–3% annual growth). Residential bundled electric rates for most vulnerable customers down 23% since January 2024; five rate reductions implemented over the past two years.
Operational Safety and Reliability Improvements
Fourth consecutive year with zero public safety incidents from asset failures and zero structures destroyed linked to PG&E equipment; reliability improved 23% year-to-date vs. same period last year.
Continuous Monitoring and Operational Benefits
Continuous monitoring (since Jan 2025) helped avoid nearly 20 million outage minutes, prevented 28 ignitions in high fire risk areas, saved over 5,000 emergency response hours, and reduced repair costs by more than $11 million.
Data Center Pipeline Expansion and Quality Focus
Pipeline updated to over 12 GW (up from >10 GW previously). Refined project categorization and raised prerequisites for final engineering (signed work performance agreement and ~10% financial commitment). Planning assumption: ~1.8 GW from the pipeline online by 2030.
Capital Plan, Financing and Liquidity
Five-year $73 billion capital plan through 2030 unchanged and stated to not require additional equity financing. June utility bond issuance of $2.2 billion brought total utility debt financing to $4.4 billion for the year; equity needs asserted as fully funded through 2030.
Cost Discipline and O&M Savings
Reaffirmed target of 2%–4% annual nonfuel O&M reductions and reported more than $40 million in sourcing/procurement savings year-to-date. Management sees ongoing opportunities (strategic sourcing, AI) to sustain savings.
Credit Progress
S&P upgraded PG&E one notch; company sits one notch below investment grade. Management highlighted progress on wildfire risk reduction (PSPS, EPSS, system hardening, vegetation management, continuous monitoring) and continued focus on achieving investment grade to lower financing costs.
MX: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