PG&E Corporation's third quarter 2026 core earnings met expectations at $0.41 while revenue reached $6.19B

PG&E Corporation reported third quarter 2026 revenue of $6.19 billion, slightly missing analyst estimates of $6.38 billion. Non-GAAP core earnings per share of $0.41 met the consensus estimate, even as GAAP earnings declined to $0.34 per share from $0.37 in the prior year period. Management reaffirmed its full-year 2026 non-GAAP core EPS guidance of $1.64 to $1.66 and its 2027 guidance of $1.78 to $1.82.

Key Highlights

• Non-GAAP core earnings decreased to $0.41 per share from $0.50 in Q3 2025, primarily impacted by lower CPUC authorized return on equity and one-time tax methodology changes from the previous year.
• The company remains on track to achieve its 2-4% non-fuel operating and maintenance cost reduction target and is implementing a $2 billion reduction to its 2027 capital plan.
• Data center demand remains a significant growth driver, with 174 megawatts of new projects energized since 2024 and a total pipeline of nearly 12.9 gigawatts.