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PG&E 8-K Report, Financial Results (Apr 23, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed April 23, 2026
Period End
April 23, 2026
In the record · 2016–202610-K1310-Q338-K367

PCG filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 367 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jun ’17Jun ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Material agreement8-K · Jun ’25Jun ’25

01—Abstract

Summary

Summary of the 8-K filed April 23, 2026. Cited figures are marked; the original filing is the authoritative source.

PG&E Corporation and its subsidiary Pacific Gas and Electric Company furnished this Form 8-K on April 23, 2026 to report first quarter 2026 results for the quarter ended March 31, 2026, via a press release (Exhibit 99.1) and a slide presentation (Exhibit 99.2) for the earnings webcast.

GAAP income available for common shareholders was $858 milliona, or $0.39 per diluted share, versus $607 million, or $0.28 per share, a year earlier. Non-GAAP core earnings were $982 million, or $0.43 per diluted share, compared with $728 million, or $0.33 per share, in the first quarter of 2025. Non-core items totaled $100 million after tax, or $0.04 per share.

Management reaffirmed full-year 2026 non-GAAP core EPS guidance of $1.64 to $1.66b per share and said it is on track to meet its 2-4% non-fuel operating and maintenance cost reduction target. The filing also states that the Nuclear Regulatory Commission approved Diablo Canyon's license renewal for extended operations on April 2, 2026, and that residential bundled electric rates have been lowered five times since January 2024, reducing them 23% for CARE customers and 13% for other customers. The presentation references a 2027-2030 non-GAAP core EPS growth outlook of 9%+ annually, a 2026-2030 five-year capital plan of $73 billion, and approximately 4.6 gigawatts of customer data center projects in final engineering.

Operating income for the quarter was $1,470 millionc, up from $1,220 million, and interest expense was $803 million, up from $734 million. Operating and maintenance expense rose to $3,112 million from $2,646 million. The filing cautions that forward-looking statements are subject to risks including wildfire liability, regulatory outcomes, and litigation, as described in the company's 2025 Form 10-K and first quarter 2026 Form 10-Q.

02—Key points

Key Highlights

  1. GAAP EPS of $0.39 per diluted share for Q1 2026, up from $0.28 in Q1 2025; GAAP income available for common shareholders of $858 million versus $607 million.
  2. Non-GAAP core EPS of $0.43 per diluted share for Q1 2026, up from $0.33 in Q1 2025; non-GAAP core earnings of $982 million versus $728 million.
  3. Full-year 2026 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share; company remains on track for 2-4% non-fuel O&M cost reduction.
  4. Total operating revenues rose to $6,881 million from $5,983 million, with electric revenues of $4,967 million versus $4,135 million.
  5. Operating and maintenance expense increased to $3,112 million from $2,646 million, while operating income rose to $1,470 million from $1,220 million.
  6. NRC approved Diablo Canyon's license renewal for extended operations on April 2, 2026.
  7. Residential bundled electric rates lowered for the fifth time since January 2024, down 23% for CARE customers and 13% for other customers; company cites 9%+ annual non-GAAP core EPS growth for 2027-2030.

03—Questions

Frequently Asked Questions

  1. How did PG&E perform in the first quarter of 2026?

    GAAP earnings were $0.39 per diluted share, compared with $0.28 in the first quarter of 2025. Non-GAAP core earnings were $0.43 per diluted share, compared with $0.33 a year earlier. The filing attributes the growth primarily to customer capital investment from higher rate base, the 2023 Wildfire Mitigation and Catastrophic Events final decision, and net O&M savings.

  2. Is PG&E maintaining its 2026 earnings guidance?

    Yes. The company reaffirmed full-year 2026 non-GAAP core EPS guidance of $1.64 to $1.66 per share and said it is on track to deliver that range. It noted it cannot provide GAAP guidance or a quantitative reconciliation for forward-looking non-GAAP core earnings without unreasonable effort, because items such as Wildfire Fund amortization and wildfire-related costs are difficult to predict.

  3. What non-core items affected first quarter 2026 results?

    Non-core items totaled $100 million after tax, or $0.04 per share. The largest was amortization of the Wildfire Fund contribution, at $74 million after tax, or $0.03 per share. Other items included investigation remedies of $13 million, a prior period net regulatory impact of $15 million, and wildfire-related costs, net of recoveries, of $3 million.

  4. What wildfire-related and regulatory developments does the filing highlight?

    The filing notes the Wildfire Fund expense rose to $102 million from $76 million, and wildfire-related claims, net of recoveries, were nil compared with $49 million a year earlier. The presentation references a California Earthquake Authority report on wildfire policy reform, the 2027 General Rate Case with evidentiary hearings scheduled for April 27 to May 15, 2026, and a planned 10-year undergrounding plan filing in the third quarter of 2026.

04—Continue

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