PG&E (PCG) Q2 2026 earnings summary

Executive summary

• Non-GAAP core EPS for Q2 2026 was $0.40 and $0.83 for the first half, with GAAP EPS at $0.33 and $0.72, respectively, reflecting disciplined execution and operational improvements.

• Full-year 2026 non-GAAP core EPS guidance reaffirmed at $1.64–$1.66, with a five-year plan targeting double-digit EPS growth and a $73B capital plan through 2030.

• Net income for H1 2026 rose 37% year-over-year to $1.59B, with operating revenues up 8% to $12.78B and operating income up 18%.

• Focus remains on customer affordability, operational efficiency, and wildfire risk mitigation, with significant load growth from data centers.

• Safety and reliability improved, with no major wildfires linked to equipment for four years and a 23% YTD reliability improvement.

Financial highlights

• Q2 2026 non-GAAP core earnings were $920M ($0.40/share), up from $674M ($0.31/share) in Q2 2025; GAAP net income for Q2 2026 was $761M.

• First half 2026 non-GAAP core earnings reached $1,902M ($0.83/share), up from $1,402M ($0.64/share) year-over-year.

• Operating revenues for Q2 2026 were $5.90B, nearly flat year-over-year; operating income for Q2 2026 was $1.26B, up from $1.10B.

• $2.2B utility bond issued in June, totaling $4.4B in utility debt financings for the year.

• Residential bundled electric rates for vulnerable customers down 23% since January 2024.

Outlook and guidance

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

• No equity issuance anticipated through 2030; dividend payout ratio targeted at 20% by 2028.

• Capital expenditures for 2026 estimated at $12.4B, with a $73B capital plan through 2030 and at least $5B in additional customer-beneficial opportunities.

• Plan contingent on constructive legislative outcome for wildfire liability reform.

• Consistent dividend increases planned, with payout ratio at 12% in 2026, rising to 20% by 2028.