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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
PG&E
PG&E (PCG) investor relations material
PG&E Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 Core EPS was $0.41 and 9M Core EPS was $1.24; 2026 and 2027 Core EPS guidance was reaffirmed at $1.64–$1.66 and $1.78–$1.82.
Strategic review is evaluating regulatory, financial, operational and structural alternatives to unlock value and achieve investment-grade strength; a direction is expected by summer 2027.
Safety and reliability advanced, including a fourth year without a major equipment-associated wildfire and a 74% decline in weather-normalized ignitions since 2017.
2027 capital guidance was reduced by $2B to $11.4B amid high financing costs; safety, compliance and wildfire mitigation remain priorities.
Financial highlights
Q3 operating revenue was $6.188B vs. $6.250B YoY; 9M revenue was $18.971B vs. $18.131B. Q3 operating income was $1.249B vs. $1.209B; 9M was $3.982B vs. $3.525B.
Q3 net income was $776M vs. $850M YoY and income available to common shareholders was $749M vs. $823M; 9M net income was $2.422B vs. $2.033B.
Core EPS was $0.41 in Q3 vs. $0.50 YoY and $1.24 for 9M vs. $1.14; Q3 GAAP diluted EPS was $0.34 vs. $0.37.
Customer capital investment added $0.12 to 9M earnings and O&M savings added $0.04; timing and other items reduced earnings by $0.04, mainly from a prior-year tax-method change catch-up.
9M operating cash flow was $6.26B, down 11%; investing cash use was $9.30B and financing cash inflow was $3.17B.
Outlook and guidance
2026 Core EPS guidance remains $1.64–$1.66, up 10% at the midpoint YoY; 2027 guidance remains $1.78–$1.82, up 9% at the midpoint.
Weighted-average rate base forecasts are $75B for 2026 and $81B for 2027; 2027 rate base guidance is unchanged.
2026 capital expenditure forecast is $12.4B; 2027 capital guidance is $11.4B, down from $13.4B, and 2028–2030 capital, rate base and earnings growth forecasts were withdrawn pending the strategic review.
Dividend growth is expected to follow the prior trajectory toward a ~20% Core EPS payout ratio by 2028; annual declarations remain subject to Board discretion.
The non-fuel O&M plan targets annual reductions of 2%–4%; execution remains on pace to meet savings guidance.
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Latest events from PG&E
- Wildfire reform remains pivotal to credit quality, affordability and investment-grade access.PCG
Virtual Webinar Series with CFOs – Featuring PG&E Corp - Strategic review and $2B 2027 capex cut target credit, affordability, and wildfire risk.PCGStatus update
- Q2 2026 non-GAAP core EPS rose to $0.40, with guidance reaffirmed and strong capital discipline.PCGQ2 2026
- Q1 2026 EPS up 30%, net income up 41%, rates cut for vulnerable customers, and guidance reaffirmed.PCGQ1 2026
- Shareholders will vote virtually in May 2026 on directors, pay, and auditor ratification.PCGProxy filing
- 2025 non-GAAP core EPS up 10%, bills down 11%, and guidance raised amid strong operational gains.PCGQ4 2025
- Wildfire fund reforms, strong EPS growth, and major capital plans drive improved outlook.PCGInvestor Update
- Q3 earnings rose, 2024 guidance and CapEx increased, but wildfire and regulatory risks remain.PCGQ3 2024
- Q1 2025 EPS declined, but guidance and capital plan funding remain strong as bills fall.PCGQ1 2025
Next PG&E earnings date
Q4 202611 Feb, 2027
PG&E
Next PG&E earnings date
Q4 202611 Feb, 2027
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Frequently asked questions
PG&E Corporation operates through Electric and Natural Gas segments. It generates electricity using nuclear, hydro, natural gas, biomass, solar, and geothermal power sources, as well as purchased power. The firm sells electricity to residential customers; electric service for commercial, industrial and agricultural customers; natural gas to residential customers, small commercial businesses and industrial enterprises; and transportation services for liquid petroleum products, steam and compressed gasses. The company was incorporated in 1905 and is headquartered in San Francisco, California.