PG&E Reports Q3 2026 Results and Reaffirms FY2026/FY2027 Guidance

Executive Summary

On October 22, 2026, PG&E Corporation filed a Current Report on Form 8-K under Items 2.02 (Results of Operations and Financial Condition) and 7.01 (Regulation FD Disclosure) to report its financial results for the third quarter ended September 30, 2026, and reaffirm full-year 2026 and 2027 financial guidance.

Key Financial Highlights

• Earnings Per Share (EPS):
  • Q3 2026 GAAP EPS: $0.34 per share ($749 million net income available for common shareholders), down from $0.37 per share ($823 million) in Q3 2025.
  • Q3 2026 Non-GAAP Core EPS: $0.41 per share ($928 million), down from $0.50 per share ($1,142 million) in Q3 2025.
  • Nine-Month 2026 Results: GAAP EPS rose to $1.06 vs. $0.89 in 9M 2025; non-GAAP core EPS increased to $1.24 vs. $1.14 in 9M 2025.
• Revenues:
  • Total consolidated operating revenue in Q3 2026 was $6.188 billion compared to $6.250 billion in Q3 2025.
  • Electric revenue reached $4.660 billion (vs. $4.755 billion in Q3 2025), and natural gas revenue was $1.528 billion (vs. $1.495 billion in Q3 2025).
• Primary Drivers for the Quarter:
  • Year-over-year decreases in Q3 GAAP and core earnings were driven primarily by lower California Public Utilities Commission (CPUC) authorized return on equity in 2026 relative to 2025, the timing of one-time tax methodology catch-ups recorded in 2025, and higher Wildfire Fund expenses.
  • These headwinds were partially offset by rate base growth from customer capital investments and net non-fuel O&M cost efficiencies.

Guidance and Capital Strategy

• Full-Year 2026 Non-GAAP Core EPS Guidance: Reaffirmed at $1.64 to $1.66 per share.
• Full-Year 2027 Non-GAAP Core EPS Guidance: Reaffirmed at $1.78 to $1.82 per share.
• Cost Reductions & Capex Adjustments: On track to meet its 2–4% non-fuel O&M cost reduction target, alongside implementing a previously announced $2 billion reduction to its 2027 capital expenditure program.
• Strategic Infrastructure Initiatives: Submitted a 5,000-mile system undergrounding plan aimed at mitigating wildfire risk by 98% and outage frequency by 90% across targeted lines.