PG & E

Q2 FY2026 EarningsQ2 FY26 results missed consensus across all key financial metrics, with revenue of $5.90B falling 4.87% short of the $6.20B expected. Operating income (EBIT) of $1.26B missed by 13.91%, pressured by a 34% YoY surge in electricity costs and accelerated Wildfire Fund amortization. Diluted GAAP EPS of $0.33 missed the $0.35 estimate, despite a significant income tax benefit of $87M (-7.8% effective rate) driven by electric generation deductions. Management reiterated its dividend growth target of a 20% payout ratio by 2028, though wildfire-related liability adjustments for the 2021 Dixie Fire (+100M) remain a focus.