PG&E (PCG) Q1 2026 earnings summary

Executive summary

• Q1 2026 non-GAAP core EPS rose to $0.43 from $0.33 year-over-year, with GAAP EPS at $0.39, and net income up 41% to $858 million, driven by higher authorized revenues and lower wildfire claims.

• Full-year 2026 core EPS guidance reaffirmed at $1.64–$1.66, with 9%+ annual EPS growth targeted through 2030 and no new equity issuance needed.

• Residential bundled electric rates for CARE/vulnerable customers have dropped 23% since January 2024, with five rate reductions since then.

• NRC approved a 20-year license renewal for Diablo Canyon Power Plant, securing nuclear generation and cost recovery through 2030.

• Major investments continue in wildfire mitigation, grid hardening, and data center load growth, supporting affordability and reliability.

Financial highlights

• Q1 2026 non-GAAP core earnings were $982 million, up from $728 million in Q1 2025; GAAP net income was $858 million, up from $607 million.

• Total operating revenues for Q1 2026 were $6.88 billion, up 15% year-over-year.

• Operating income rose 20% to $1.47 billion, with non-GAAP adjusted EBITDA at $2.77 billion.

• Customer capital investments and favorable commission decisions contributed to EPS growth.

• Cash and cash equivalents at quarter-end totaled $1.13 billion.

Outlook and guidance

• Full-year 2026 non-GAAP core EPS guidance reaffirmed at $1.64–$1.66, with 9%+ annual EPS growth targeted for 2027–2030.

• No new equity issuance expected through 2030; financing needs to be met through debt and retained earnings.

• Five-year $73 billion capital plan and financing plan unchanged, with at least $5 billion in additional customer-beneficial investments identified.

• Dividend payout ratio targeted at 20% by 2028, subject to board approval.

• Estimated capital expenditures for 2026 are $12.4 billion, focused on wildfire mitigation and infrastructure.