PCG
FY2026 Q2 · Calendar Q3 2026
PG&E Corporation
PG&E's Q2 2026 results beat consensus EPS by approximately 12% ($0.40 vs. $0.36 estimated) despite a revenue miss of roughly 5% ($5.90B vs. $6.20B estimated). Management reaffirmed full-year core EPS guidance of $1.64-$1.66, extending five consecutive years of double-digit earnings growth. The data center load pipeline expanded meaningfully to over 12 GW from 4.6 GW in final engineering last quarter, with 1.8 GW targeted online by 2030. Credit quality is improving, with S&P upgrading to one notch below investment grade following Moody's positive outlook shift in Q1. The principal uncertainty is California's SB 254 wildfire-liability legislation; management signaled readiness to reallocate capital if the framework proves inadequate. The stock underperformed the benchmark by about 70 basis points on the report session but recovered modestly in subsequent days on 2.5x baseline volume.
EPS surprise+11.6%
Market move-3.1%
