PG & E | 8-K: FY2026 Q2 Revenue: USD 5.902 B

Revenue: As of FY2026 Q2, the actual value is USD 5.902 B.

EPS: As of FY2026 Q2, the actual value is USD 0.33, missing the estimate of USD 0.35.

EBIT: As of FY2026 Q2, the actual value is USD 1.47 B.

Business Outlook and Guidance

PG&E Corporation is on track for its 2026 core EPS guidance of $1.64 - $1.66 and reaffirms its 2027-2030 guidance, anticipating 9%+ annual growth in non-GAAP core EPS for this period . The company reaffirms its $73 billion capital investment plan for 2026-2030 and aims to maintain “Path to Flat” customer bills, targeting a 20% dividend payout by 2028 with no equity need for 2026-2030 . Operating cash flow is projected to exceed $10 billion .

Non-GAAP Core EPS

• Second Quarter 2026: $0.40
• First Half 2026: $0.83
• 2026 Guidance: $1.64 - $1.66
• 2027-2030 Growth: 9%+ Annually
• 2025 (Q2 / YTD): $0.31 / $0.64
• Key Drivers (2026 vs. 2025):
  • Customer capital investment increased earnings by $0.03 (Q2) and $0.09 (YTD) .
  • Operating & maintenance savings increased earnings by $0.02 (Q2) and $0.04 (YTD) .
  • Redeployment decreased earnings by -$0.00 (Q2) and -$0.01 (YTD) .
  • Timing and other factors increased earnings by $0.04 (Q2) and $0.07 (YTD) .

Operating & Maintenance (O&M) Cost Reduction (Non-Fuel)

• January 2025 - June 2026: $11.2 million savings through lower-cost repairs .
• Year-to-date through June: Over $40 million savings achieved .
• Forecasted for second half of year: Approximately $60 million additional savings .
• Historical Performance: $90 million (5.5% savings) in 2023, $60 million (4% savings) in 2024, $85 million (2.5% savings) in 2025 .
• Long-Term Plan: $45 million - $70 million (2% - 4% savings) .

Capital Investment Plan

• 2026-2030 Total: $73 billion .
• Additional Opportunities: At least $5 billion in customer beneficial investment opportunities (not reflected in CapEx or rate base) .
• 2026-2030 CapEx By Functional Area: Electric Distribution: $38 billion; Electric Transmission: $20 billion; Technology & Other: $8 billion; Gas T&D: $4 billion; Power Generation: $3 billion .
• 2026-2030 CapEx By Customer Benefits: Safety: $20 billion; Capacity & New Business: $16 billion; Reliability: $23 billion; Resiliency: $14 billion .

Rate Base (Weighted Average)

• 2025A: $57 billion .
• 2026F: $62 billion .
• 2027F: $67 billion .
• 2028F: $72 billion .
• 2029F: $77 billion .
• 2030F: $85 billion .
• 2026 Total Rate Base: $75 billion (CPUC $62 billion, FERC $13 billion) .
• Historical: $58 billion (2023A), $63 billion (2024A), $69 billion (2025A) .

Credit Ratings (as of April 23, 2026)

• PG&E Corporation Secured Debt Rating: Moody’s Ba2 (Stable), S&P/Fitch BB (Stable) .
• Utility Secured Debt Rating: Moody’s Baa2 (Positive, Upgraded), S&P/Fitch BBB (Stable) .
• 2020 Ratings: PG&E Corporation Secured Debt Rating: Moody’s B1, S&P/Fitch B+; Utility Secured Debt Rating: Moody’s Ba3, S&P/Fitch BB- .

Dividend Payout Ratio

• Historical: 0% (2023), 3% (2024), 7% (2025) .
• Target: 20% by 2028 .

Funds From Operations (FFO) to Debt Ratio

• 2025: 14.0% .
• Target: Mid-teens .

Operating Cash Flow

• Historical: $4.7 billion (2023), $8.0 billion (2024), $8.7 billion (2025) .
• Forecast: Over $10 billion .

Wildfire Mitigation Metrics (January 2025 - June 2026)

• Outage Minutes Avoided: 19.6 million .
• Emergency Response Hours Avoided: 5,034 .
• Ignitions Avoided in High Fire-Threat District (HFTD) / High Fire-Risk Area (HFRA): 28 .
• Ignition Rate (Weather-Normalized R3+ per 100k Circuit Mile Days): Decreased from 3.23 (2017) to 1.05 (2026 YTD) .
• PG&E R3+ Ignitions > 10 Acres in HFTD + HFRA: Decreased from 24 (2017) to 2 (2026 YTD) .

Data Center Pipeline (MWs)

• Total (June 2026): 12,710 MWs .
  • Application & Preliminary Engineering: 8,200 MWs (26 projects) .
  • Final Engineering: 3,880 MWs (23 projects) .
  • Interconnection Construction Agreement: 490 MWs (4 projects) .
  • Construction: 140 MWs .
• Total (March 2026): 5,090 MWs .

Wildfire Fund and SB 254

• Wildfire Fund Continuation Account: Provides $18 billion for future wildfires .
• PG&E’s Share: Lowered by 25% to 47.85% (from 64.20%) .
• Utility Annual Funding (2029-2045): $300 million per year .
• Customer Annual Charge (2036-2045): Approximately $900 million per year (approximately $3 per monthly bill) .
• SB 254 Securitization: Includes $2.9 billion of securitized capital .

SB 846 Diablo Canyon Legislation

• State Funding: $1.4 billion available to support extended operations, including up to $1.1 billion from DOE Civil Nuclear Credit program .
• Cost Recovery (2025-2030): $100 million/year in lieu of traditional rate base return, with an annual automatic true-up mechanism for costs .
• Performance Fee: $13/MWh performance fee upside to be deployed for customer benefit .

Non-GAAP Adjustments (Q2 2026 vs. Q2 2025)

• GAAP Earnings: $733 million (2026) vs. $521 million (2025) .
• Amortization of Wildfire Fund contribution: $91 million (2026) vs. $77 million (2025) .
• Investigation remedies: $35 million (2026) vs. $30 million (2025) .
• Prior period net regulatory impact: $35 million (2026) vs. -$6 million (2025) .
• Wildfire-related costs, net of recoveries: $4 million (2026) vs. $40 million (2025) .
• Non-GAAP Core Earnings: $920 million (2026) vs. $674 million (2025) .

Non-GAAP Adjusted EBITDA (Q2 2026 vs. Q2 2025)

• Net Income (GAAP basis): $761 million (2026) vs. $549 million (2025) .
• Operating Income: $1,263 million (2026) vs. $1,096 million (2025) .
• Depreciation, amortization, and decommissioning: $1,062 million (2026) vs. $1,073 million (2025) .
• Non-GAAP Adjusted EBITDA: $2,542 million (2026) vs. $2,362 million (2025) .