--- title: "PG & E | 8-K: FY2026 Q2 Revenue: USD 5.902 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/293693168.md" datetime: "2026-07-24T02:46:41.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293693168.md) - [en](https://longbridge.com/en/news/293693168.md) - [zh-HK](https://longbridge.com/zh-HK/news/293693168.md) --- # 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) . ### Related Stocks - [PCG.US](https://longbridge.com/en/quote/PCG.US.md) ## Related News & Research - [Pacific Gas & Electric (NYSE:PCG) Updates FY 2026 Earnings Guidance](https://longbridge.com/en/news/293605010.md) - [Analyst Warns PG&E’s Single-Segment Reporting Under ASC 280 Masks Key Risks and Distorts Profitability Insights](https://longbridge.com/en/news/293710761.md) - [PG&E EVP Enterprise Transformation Marlene Santos sells 158,250 shares worth $2.85 million](https://longbridge.com/en/news/293794092.md) - [PG&E Says It Has 12.7 GW In Data Center Pipeline As It Courts Smaller Loads](https://longbridge.com/en/news/294092606.md) - [Pacific Gas and Electric Company Announces Upsizing of Cash Tender Offers | PCG Stock News](https://longbridge.com/en/news/293968603.md)