October 25, 2026 - OAKLAND, Calif. - PRNewswire - PG&E Corporation (NYSE: PCG) is on track to deliver solid financial results in 2026. Progress includes:

• GAAP earnings were $0.34 and $1.06 per share for the third quarter and first nine months of 2026, respectively, compared to $0.37 and $0.89 per share for the same periods in 2025.
• Non-GAAP core earnings were $0.41 and $1.24 per share for the third quarter and first nine months of 2026, compared to $0.50 and $1.14 per share for the same periods in 2025.
• Full year 2026 and 2027 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share and $1.78 to $1.82 per share, respectively.¹
• On track to meet 2-4% non-fuel operating and maintenance (O&M) cost reduction target.
• Implementing previously announced $2 billion reduction to 2027 capital plan.
• Strategic review advancing with the goal of becoming a financially strong, investment-grade company.

"Our PG&E team continues to make meaningful progress delivering safe, affordable, reliable, and clean energy to our customers. While we still believe California needs a durable wildfire liability framework that delivers for customers and investors, safety remains our foundation as we strengthen and build resilient energy infrastructure to support our state's growth," said PG&E Corporation CEO Patti Poppe.

Full release with charts

Operational progress during the third quarter of 2026 continued to focus on delivering safe, reliable, affordable, and clean energy to customers. Pacific Gas and Electric Company (PG&E or the Utility):

• Filed a 5,000-mile undergrounding plan with California regulators designed to reduce wildfire risk by 98% and outages by 90% on lines moved underground, which is expected to deliver an estimated $117 billion in long-term benefits.
• Connected over 4,240 electric customers and 3,000 EV charging ports to the grid.
• Launched a first-of-its-kind virtual power plant demonstration with Google and Rewiring America to improve reliability and affordability for customers, targeting over 20,000 new and existing customer energy devices and 12 megawatts of distributed energy resources by 2028.
• Delivered nearly $15 million in energy bill assistance to more than 46,000 low- and moderate-income customers.
• Energized 174 megawatts of new data center projects since 2024. With appropriate pricing, every one gigawatt of new data center load could help customers save 1% or more on their monthly electric bill.

2026 and 2027 Guidance

PG&E Corporation is reaffirming its full year 2026 and 2027 non-GAAP core earnings guidance range of $1.64 to $1.66 per share and $1.78 to $1.82 per share, respectively. Factors expected to drive non-GAAP core earnings in 2026 and 2027 include return on customer capital investment and costs related to unrecoverable net interest expense and other earnings factors, including allowance for funds used during construction, incentive revenues, tax benefits, and cost savings, net of below-the-line costs.

PG&E Corporation uses "non-GAAP core earnings," which is a non-GAAP financial measure that excludes non-core items, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of consolidated income available for common shareholders to non-GAAP core earnings (including non-GAAP core EPS).

Financial Results

PG&E Corporation recorded third-quarter 2026 income available for common shareholders of $749 million, and $0.34 per diluted share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $823 million, and $0.37 per diluted share, for the third quarter of 2025.

The decrease in GAAP earnings was primarily driven by lower CPUC return on equity in effect during 2026 as compared to 2025, the one-time catch-up impacts of the tax methodology change implemented in 2025, and increased Wildfire Fund expense, partially offset by increased customer capital investment due to the earnings on higher rate base and net O&M savings.

Non-GAAP Core Earnings

PG&E Corporation's non-GAAP core earnings were $928 million, and $0.41 per diluted share, for the third quarter of 2026, compared to $1,142 million, and $0.50 per diluted share, for the third quarter of 2025.

The decrease in Non-GAAP core earnings was driven by similar factors to our GAAP earnings except for Wildfire Fund expense.

Non-core items, which management does not consider representative of ongoing earnings, totaled $156 million after tax, and $0.07 per share, for the third quarter of 2026, compared with $295 million after tax, and $0.13 per share, for the third quarter of 2025.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation's website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Earnings Conference Call

 

A replay of the conference call will be archived at
http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings with the California Public Utilities Commission and the Federal Energy Regulatory Commission at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the "Wildfire & Safety" and "News & Events" pages, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.  For more information, visit http://www.pgecorp.com.

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, guidance, estimates, future plans and impacts, and strategies of PG&E Corporation and the Utility, including regarding earnings, customer bills, operating and maintenance costs, the previously announced strategic review, system hardening, and load growth. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include factors disclosed in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2025, their most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 (Form 10-Q), and other reports filed with or furnished to the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC's website at www.sec.gov. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

Source: PG&E