PG&E Corporation

Latest Results (03.06.2026):

PG&E Corporation's first quarter 2026 results show improving earnings and reaffirmed full‑year outlook: GAAP diluted earnings of $0.39 per share (income available for common shareholders $858 million) and non‑GAAP core EPS of $0.43 per share (non‑GAAP core earnings $982 million). The company reaffirmed 2026 non‑GAAP core EPS guidance of $1.64–$1.66, is on track for targeted O&M cost reductions, and reported several operational milestones including lower residential bundled rates and Diablo Canyon license renewal.

Earnings (GAAP & Non‑GAAP)

Q1 2026 GAAP diluted EPS was $0.39 vs $0.28 in Q1 2025; income available for common shareholders was $858M (vs $607M). Non‑GAAP core EPS was $0.43 (non‑GAAP core earnings $982M) vs $0.33 ($728M) a year earlier.

Guidance

PG&E Corporation reaffirmed full‑year 2026 non‑GAAP core EPS guidance of $1.64–$1.66 per share and notes it cannot reasonably provide GAAP guidance due to unpredictable items (Wildfire Fund amortization, regulatory outcomes, wildfire costs, etc.).

Key drivers of results

Earnings were driven by higher rate base and customer capital investment, the 2023 WMCE final decision, and net O&M savings; partly offset by a lower authorized return on equity in 2026 versus 2025, higher wildfire‑related claims net of recoveries, and Wildfire Fund expense. Total operating revenues were $6,881M (Electric $4,967M; Natural gas $1,914M).

Non‑core items

Non‑core items totaled $100M after tax ($0.04/share) in Q1 2026 vs $120M after tax ($0.05/share) in Q1 2025. Major non‑core components include amortization of the Wildfire Fund contribution, investigation remedies, prior‑period regulatory adjustments, and wildfire‑related costs net of recoveries; full reconciliation provided in the release.

Cost reductions & operational progress

The company is on track to meet a 2–4% non‑fuel O&M reduction target for 2026. Operational accomplishments in Q1 included 31 miles of undergrounding, 44 miles of strengthened poles/covered lines in high fire‑risk areas, and ongoing system hardening work toward multi‑year targets.

Customer impact & clean‑energy initiatives

PG&E lowered bundled residential electric rates (down 23% since Jan 2024 for CARE customers; 13% for other customers), received NRC license renewal for Diablo Canyon (extended operations approved April 2, 2026), connected its 8th renewable natural gas facility and plans five more by end of 2027, and added over 3,100 electric customers plus ~1,500 EV charging ports to the grid.