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Get filing alertsPG&E reports Q2 2026 EPS of $0.33 GAAP / $0.40 core, reaffirms guidance and 9%+ growth
Filed July 23, 2026 · Period ending July 23, 2026 · ~2 min read
Key Changes
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Q2 2026 GAAP EPS $0.33 vs. $0.24 prior year; non-GAAP core EPS $0.40 vs. $0.31, driven by capital investment and cost savings. Reaffirmed full-year 2026 guidance of $1.64–$1.66 per share and 2027–2030 annual EPS growth of 9%+.
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Data center interconnection pipeline surged from 5,090 MW in March to 12,710 MW in June 2026. Company estimates each 1 GW of new load reduces electric bills for other customers by 1%+ as incremental revenue exceeds cost to serve.
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Disclosed $73 billion 2026–2030 capital plan driving ~9% annual rate base growth to $106 billion by 2030. Plan is 94% authorized and requires no common equity issuance through 2030, with $20 billion utility debt issuance planned.
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Completed $2.2 billion utility bond issuance in June, bringing 2026 year-to-date utility debt financings to $4.4 billion. Five-year plan projects $52 billion cash from operations and $3 billion SB 254 securitization.
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Achieved 60% methane emissions reduction from natural gas system in 2025 vs. 2015 baseline, exceeding 2030 target five years early. Zero structures destroyed in reportable fires in high-fire-threat districts during red-flag conditions YTD 2026.
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Summary
PG&E reported second-quarter 2026 GAAP earnings of $0.33 per share, up from $0.24 in the prior year, and non-GAAP core earnings of $0.40 per share versus $0.31, reflecting customer capital investment and operating cost savings. The company reaffirmed its full-year 2026 guidance of $1.64–$1.66 per share and its 2027–2030 annual EPS growth target of 9%+, with no common equity issuance required through 2030.
Management disclosed a $73 billion five-year capital plan driving weighted average rate base growth of approximately 9% annually to $106 billion by 2030, with 94% of the plan already authorized by regulators. The most notable development is the data center interconnection pipeline, which more than doubled from 5,090 megawatts in March to 12,710 megawatts in June 2026.
PG&E estimates each gigawatt of new load can reduce electric bills for other customers by 1% or more, as incremental revenue exceeds the cost to serve the new load. The company completed $2.2 billion in utility bond issuances in June and projects $52 billion in cash from operations over the five-year plan period. On the operational front, PG&E achieved a 60% reduction in methane emissions five years ahead of its 2030 target and reported zero structures destroyed in reportable fires in high-fire-threat districts during red-flag conditions year-to-date through 2026, down from 78 in 2025.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
PG&E Corp disclosed Q2 2026 financial results via press release for itself and subsidiary Pacific Gas and Electric Company.
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On July 23, 2026, PG&E Corporation issued a press release reporting its financial results and the financial results of its subsidiary Pacific Gas and Electric Company (the “Utility”) for the quarter ended June 30, 2026.
PG&E Corporation announced its second quarter 2026 financial results through a press release. The disclosure covers both the parent company and its utility subsidiary Pacific Gas and Electric Company for the period ending June 30, 2026.
Event · Item 7.01 — Regulation FD Disclosure
PG&E announces webcast conference call on July 23, 2026 to discuss financial results and business outlook with slide presentation.
Show 1 minor / wording change
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On July 23, 2026, PG&E Corporation will hold a webcast conference call to discuss financial results and management’s business outlook and other topics that may be raised during such discussion. A slide presentation, which includes supplemental information relating to PG&E Corporation and the Utility, will be used by management during the webcast and is attached as Exhibit 99.2 to this Current Report on Form 8-K.
PG&E Corporation is holding a webcast conference call on July 23, 2026 to discuss financial results and management's business outlook. The company will use a slide presentation containing supplemental information during the webcast, which is attached as an exhibit to this filing.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
GAAP earnings were $0.33 and $0.72 per share for the second quarter and first six months of 2026, respectively, compared to $0.24 and $0.51 per share for the same periods in 2025.
PG&E reported GAAP earnings of $0.33 per share for Q2 2026, up from $0.24 in Q2 2025, driven by customer capital investment and operating cost savings, partially offset by a lower CPUC return on equity and increased Wildfire Fund expense. For the first half of 2026, GAAP earnings were $0.72 per share versus $0.51 in the prior year.
Added in current filing · view on EDGAR →
Non-GAAP core earnings were $0.40 and $0.83 per share for the second quarter and first six months of 2026, compared to $0.31 and $0.64 per share for the same periods in 2025.
Non-GAAP core earnings, which exclude non-core items such as Wildfire Fund amortization and investigation remedies, were $0.40 per share in Q2 2026 versus $0.31 in Q2 2025. For the first half, non-GAAP core earnings were $0.83 per share compared to $0.64 in the prior year. Management uses this measure to assess ongoing operational performance.
Added in current filing · view on EDGAR →
Full year 2026 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share.
PG&E reaffirmed its full-year 2026 non-GAAP core earnings guidance of $1.64 to $1.66 per share, indicating confidence in meeting its financial targets. The company is also on track to meet its 2-4% non-fuel operating and maintenance cost reduction target.
Added in current filing · view on EDGAR →
Submitted a report to California regulators, which calculated a 60% reduction in methane emissions from the Utility’s natural gas system in 2025 compared to a 2015 baseline, exceeding its 2030 target five years early.
PG&E achieved a 60% reduction in methane emissions from its natural gas system in 2025 versus a 2015 baseline, surpassing its 2030 target five years ahead of schedule. This demonstrates progress on environmental and regulatory commitments.
Event · Exhibit 99.2
Added in current filing · view on EDGAR → · paraphrased
Non-GAAP Core EPS1 40¢ Second Quarter 2026 Results … Guidance On Track ► On track for 2026 core EPS guidance ► Reaffirming 2027-2030 guidance and $73B capital investment plan … 9%+ Annually 2027-2030 $1.64 - $1.66 2026 +10% No Equity Need 2026-2030 20% by 2028 dividend payout Derisked 83¢ First Half
PG&E reported second-quarter 2026 non-GAAP core earnings per share of $0.40, bringing the first-half total to $0.83. The company reaffirmed its full-year 2026 guidance of $1.64 to $1.66 per share and its 2027–2030 guidance of 9%+ annual EPS growth. Management stated the plan requires no common equity issuance through 2030 and targets a 20% dividend payout ratio by 2028.
Added in current filing · view on EDGAR → · paraphrased
Weighted Average Rate Base ($B)1 $73B 2026-2030 CPUC FERC CapEx ($B)1 … ~9% 12 13 14 17 19 21 57 62 67 72 77 85 69 75 81 89 96 106 2025A 2026F 2027F 2028F 2029F 2030F … 2.5 3.9 4.6 4.9 4.1 9.9 9.5 10.8 11.4 11.9 12.4 13.4 15.4 16.3 16.0 2026F 2027F 2028F 2029F 2030F … 94% Includes $2.9B of SB 254 securitized capitalExcludes $2.9B of SB 254 securitized capital
PG&E disclosed a $73 billion capital expenditure plan for 2026–2030, driving weighted average rate base growth of approximately 9% annually from $69 billion in 2025 to $106 billion in 2030. The plan includes $2.9 billion of SB 254 securitized capital and is 94% already authorized by regulators. The company stated the plan assumes constructive wildfire liability reform and may be revised if such reform is not achieved.
Added in current filing · view on EDGAR → · paraphrased
Amount ($billions) 2026 – 2030 Five-Year Financing Plan1 … (4) (12) 12 20 3 2 0 10 20 30 40 50 60 70 80 Cash from Operations Dividends Paid Utility LT Debt Maturities Utility LT Debt Refinanced Utility LT Debt Issuance SB 254 Securitization Parent Debt and Other Common Equity Issuance CapEx 2 $52 $0.6 $3.82026 Utility Debt (billions) $730
PG&E's five-year financing plan projects $52 billion in cash from operations, $20 billion in new utility long-term debt issuance, and $3 billion from SB 254 securitization, with no common equity issuance required through 2030. The plan includes $12 billion in utility debt refinancing and $4 billion in dividends paid. The company plans to issue approximately $3.8 billion in utility debt in 2026.
Added in current filing · view on EDGAR → · paraphrased
Incidents ≥ 10 Acres in California * (all sources) Structures Destroyed in PG&E Reportable Fires in HFTD/HFRA During R3+ Conditions YTD … 416 301 259 241 180 134 120 594 532 321 2,632 18,804 374 206 1,335 78 0 0 0 0 0 … 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 … Continuous Monitoring Tangible Benefits Realized January 2025 - June 2026 $11.2M Savings Through Lower-Cost Repairs 19.6M Outage Minutes Avoided 5,034 Emergency Response Hours Avoided 28 Ignitions Avoided in HFRA
PG&E reported zero structures destroyed in reportable fires in high-fire-threat districts during red-flag conditions year-to-date through 2026, down from 78 in 2025 and 1,335 in 2024. The company's continuous monitoring program delivered $11.2 million in savings, avoided 19.6 million outage minutes, and prevented 28 ignitions in high-fire-risk areas during the first half of 2026.
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