PG&E (PCG)
NYSE:PCG
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Earnings Data
Report Date
Jul 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.36Last Year’s EPS
0.31Same Quarter Last Year
Strong Buy
Based on 13 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operational and financial positives: solid Q1 core EPS ($0.43), reaffirmed 2026 guidance (midpoint ~10% growth), continued execution of a $73B capital plan with no equity needs through 2030, meaningful rate reductions (23% for most vulnerable customers; 13% for others), progress on wildfire mitigation (undergrounding plans, continuous monitoring), Diablo Canyon NRC license extension, and momentum toward investment-grade credit. Key risks are concentrated around legislative/regulatory uncertainty on wildfire liability (SB 254 Phase 2), state approval needed for Diablo Canyon beyond 2030, and the conversion risk of the large-load pipeline to construction. Overall, the positives are numerous and operational/financial execution appears strong, while the primary negatives are contingent policy and regulatory risks that management is actively monitoring.Company Guidance
Quarterly Core EPS and Guidance Reaffirmation
Reported Q1 2026 core EPS of $0.43 (up $0.10 YoY). Reaffirmed full-year 2026 core EPS guidance of $1.64–$1.66 (midpoint implies ~10% growth vs. 2025) and maintained 2027–2030 EPS growth guidance of 9%+ annually.
Rate Reductions and Affordability Progress
Implemented fifth electric rate reduction since Jan 2024; bundled rates for the most vulnerable residential customers are down 23% since Jan 2024 and down 13% for other residential customers (~$300/year savings). Company projects customer bill growth of 0%–3% under its 'path to flat' model.
Capital and Financing Plans Intact
Five-year capital plan remains $73 billion through 2030 with no new common equity issuance needed through 2030. Five-year financing plan unchanged, targeting investment-grade ratings (FFO/debt mid-teens) and a 20% dividend payout ratio by 2028.
Executed Opportunistic Financing
In February issued $1.0 billion of parent-level junior subordinated notes and $2.2 billion of first mortgage bonds at the utility to address 2026–2027 funding needs and lock in favorable market conditions.
Diablo Canyon Licensing Milestone
Diablo Canyon received final state permit approvals for extended operations through 2030 and the NRC granted a 20-year license extension, supporting reliability and clean energy goals (further state action required to operate beyond 2030).
Wildfire Mitigation and Undergrounding Progress
Plan to file a 10-year undergrounding request in Q3 for ~5,000 miles (2028–2037). Combined with expected 1,900 miles completed by end-2027 plus 4,000 miles overhead hardening, PG&E plans nearly 11,000 miles of system hardening through 2037. To date >1,200 miles of undergrounding have avoided >$100 million of maintenance spend.
Continuous Monitoring and Operational Savings
Continuous monitoring helped avoid ~12 million unplanned customer outage minutes in 2025 and ~4 million minutes in Q1 2026; 1,484 'good catches' since early 2025 including 23 potential ignitions prevented. Early detection saved an estimated $8 million of capital spend and >$1 million of expense over the five-quarter period.
Nonfuel O&M Efficiency Targets and Technology Savings
Reiterated a path to 2%–4% long-term nonfuel O&M reductions after inflation; technology-driven changes (satellite, LiDAR, inspections) expected to deliver ~$24 million of annual O&M savings this year.
Large-Load Pipeline and Grid Resource Additions
Final engineering stage for large-load projects increased to 4.6 GW; third cluster study showed >10 GW of customer interest. Since 2020 CAISO load-serving entities added >33 GW of new resources (including >7 GW in 2025) and CPUC procurement has ~22 GW under contract through 2029. Company forecasts ~1.8 GW of large load online by 2030, which could reduce rates by ~1%–2% by then.
Progress Toward Investment-Grade Credit
Momentum toward investment-grade ratings continues; Moody's revised outlook to positive. Management reiterated no-equity plan and metrics focus (FFO/debt mid-teens) to support upgrades and reduce future borrowing costs.
PCG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PCG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 23, 2026 | $16.88 | $16.83 | -0.30% |
Feb 12, 2026 | $17.05 | $17.51 | +2.69% |
Oct 23, 2025 | $16.48 | $16.20 | -1.69% |
Jul 31, 2025 | $13.91 | $13.91 | 0.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does PG&E (PCG) report earnings?
PG&E (PCG) is schdueled to report earning on Jul 23, 2026, Before Open (Confirmed).
What is PG&E (PCG) earnings time?
PG&E (PCG) earnings time is at Jul 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PCG EPS forecast?
PCG EPS forecast for the fiscal quarter 2026 (Q2) is 0.36.