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

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed July 23, 2026
Period End
July 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. Material agreement8-K · Nov ’17Nov ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Sep ’25Sep ’25

01—Abstract

Summary

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

PG&E Corporation reported second-quarter 2026 results on July 23, 2026, with GAAP earnings of $0.33a per diluted share ($733 million of income available for common shareholders) for the quarter and $0.72 per share for the first six months, compared with $0.24 and $0.51 per share in the same periods of 2025.

Non-GAAP core earnings were $920 millionb, or $0.40 per diluted share, for the second quarter of 2026, versus $674 million, or $0.31 per share, a year earlier. For the first six months, non-GAAP core EPS was $0.83 compared with $0.64 in 2025. 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 meet its 2% to 4% non-fuel O&M cost reduction target.

Management highlighted that the GAAP increase was driven mainly by customer capital investment from higher rate base and net O&M savings, partly offset by a lower CPUC return on equity in effect during 2026 and higher Wildfire Fund expense. The company also reported that it completed a $2.2 billionc Utility bond issuance in June, bringing total Utility debt financings to $4.4 billion for the year. The slide presentation reaffirms 2027-2030 guidance and the $73 billion capital investment plan, and notes that the plan assumes constructive wildfire liability reform and may be revised if such reform is not achieved.

The filing also notes that the company's 2026 guidance excludes GAAP reconciliation because certain items, including Wildfire Fund amortization, regulatory decisions, special tax items, and wildfire-related costs, are not estimable. The company disclosed a pipeline of over 12 gigawatts of data center projects in its service area, and said the outcome of California wildfire liability reform remains a key factor it is monitoring.

02—Key points

Key Highlights

  1. GAAP EPS of $0.33 for Q2 2026 (vs. $0.24 in Q2 2025) and $0.72 for the first six months (vs. $0.51).
  2. Non-GAAP core EPS of $0.40 for Q2 2026 (vs. $0.31) and $0.83 for the first six months (vs. $0.64).
  3. Full-year 2026 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share.
  4. Completed $2.2 billion Utility bond issuance in June; total Utility debt financings of $4.4 billion for 2026 to date.
  5. Reaffirmed 2027-2030 non-GAAP core EPS guidance and $73 billion capital investment plan; the plan assumes constructive wildfire liability reform.
  6. Q2 2026 operating revenues of $5.90 billion, flat versus $5.90 billion a year earlier; operating and maintenance expense fell to $2.54 billion from $2.86 billion.
  7. Data center pipeline of over 12 gigawatts in the Utility's service area; the filing states that every one GW of new data center load could help customers save 1% or more on their monthly electric bill with appropriate pricing.

03—Questions

Frequently Asked Questions

  1. Did PG&E's earnings improve in the second quarter of 2026?

    Yes. GAAP income available for common shareholders rose to $733 million, or $0.33 per diluted share, from $521 million, or $0.24 per share, in Q2 2025. Non-GAAP core earnings rose to $920 million, or $0.40 per share, from $674 million, or $0.31 per share. The filing attributes the GAAP increase mainly to higher rate base and net O&M savings, partly offset by a lower CPUC return on equity and higher Wildfire Fund expense.

  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 for that range. It also reaffirmed 2027-2030 guidance and the $73 billion capital plan.

  3. What are the key risks to the long-term plan?

    The slide presentation states that the five-year plan assumes constructive wildfire liability reform and may be revised if such reform is not achieved. The company said it is resolute on revisiting its capital allocation plans if reforms fall short. The forward-looking statements also cite wildfire risk, regulatory proceedings, and litigation.

  4. How is PG&E financing its capital plan?

    The company completed a $2.2 billion Utility bond issuance in June, bringing total Utility debt financings to $4.4 billion for 2026. The slides state that the five-year financing plan supports customer capital investment without common equity issuance, and that the company aims to reach a 20% dividend payout by 2028.

  5. What drove the increase in GAAP earnings?

    The filing says the increase was primarily driven by customer capital investment from higher rate base and net O&M savings. These were partly offset by a lower CPUC return on equity in effect during 2026 compared with 2025, and by increased Wildfire Fund expense.

04—Continue

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