PG&E Corporation · PCG · FY2025 Q1 · Calendar Q2 2025

PG&E maintains guidance as data-center growth and wildfire policy remain central

The quarter supports a constructive operating narrative around load growth, capital investment, and cost-of-capital progress, but the case remains dependent on regulatory execution, wildfire outcomes, and conversion of planned investment into rate-base growth.

Reported Before market openNYSEUtilities $35.73B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $0.40
EPS surprise — Reported versus consensus
Reported revenue — Consensus $6.23B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -0.9% Event window
SPY move +2.1% Same window
Abnormal move -3.0% Stock minus SPY
Volume 0.8× Versus trailing sessions
Subsequent drift -2.1% Up to 20 sessions
PCGSPY benchmark

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Transcript intelligence

What changed

Relative to the prior-quarter analysis, management continued to emphasize load growth and increasing capital spending, while the current analysis kept guidance unchanged and added focus on the upcoming GRC, undergrounding plan, cost of capital, and investment-grade objectives.

Guidance delta

Management maintained its 2025 earnings guidance and 2026-2028 EPS growth guidance.

Key takeaways

  • Management maintained its earnings outlook and highlighted data-center, EV, and building-electrification load growth.
  • The $63 billion capital plan remains unchanged, with potential upside capex under evaluation.
  • Wildfire mitigation, AB 1054 reform, cost of capital, and regulatory filings remain key to the thesis.

Management priorities

  • File the General Rate Case covering 2027-2030.
  • Advance the ten-year undergrounding plan and cost-of-capital application.
  • Continue wildfire mitigation and pursue investment-grade credit ratings.

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Earnings History

Estimate Beat Miss Match
PCG EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $0.35 Q1 '24 actual $0.37, beat Q2 '24 estimate $0.30 Q2 '24 actual $0.31, match Q3 '24 estimate $0.33 Q3 '24 actual $0.37, beat Q2 '25 estimate $0.32 Q2 '25 actual $0.31, match Q3 '25 estimate $0.42 Q3 '25 actual $0.50, beat Q4 '25 estimate $0.36 Q4 '25 actual $0.36, match Q1 '26 estimate $0.40 Q1 '26 actual $0.43, beat Q2 '26 estimate $0.36 Q2 '26 actual $0.40, beat Q3 '26 estimate $0.42 Q4 '26 estimate $0.39 Q1 '27 estimate $0.46 Q2 '27 estimate $0.40
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Analyst Consensus ?

ConsensusHold30 ratings
Bullish1240.0%
Neutral1756.7%
Bearish13.3%

Analyst 52W Price Targets

$12.9Current
$13Low
$19.22Average
$25High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 14, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
JP Morgan Overweight OverweightMaintainOct 12, 2026
Barclays Overweight OverweightMaintainOct 12, 2026
UBS Neutral BuyDowngradeSep 23, 2026
Morgan Stanley Equal Weight Equal WeightMaintainSep 18, 2026
B of A Securities Neutral NeutralMaintainSep 4, 2026
Truist Securities Hold BuyDowngradeSep 3, 2026
Mizuho Neutral NeutralMaintainSep 3, 2026
Wells Fargo Equal Weight OverweightDowngradeAug 31, 2026
BMO Capital Market Perform OutperformDowngradeAug 31, 2026
Jefferies Hold BuyDowngradeMar 23, 2026
Evercore ISI Group In Line In LineMaintainApr 28, 2025
Guggenheim Neutral NeutralMaintainApr 25, 2025
Citigroup Buy BuyMaintainJun 14, 2024
RBC Capital Outperform OutperformMaintainMay 30, 2023
Ladenburg Thalmann Buy BuyMaintainApr 3, 2023
Credit Suisse Outperform OutperformMaintainFeb 24, 2023
Wolfe Research Outperform Peer PerformUpgradeNov 12, 2020
Seaport Global Neutral NeutralMaintainJun 23, 2020
Citi Neutral SellUpgradeSep 16, 2019
Argus Research Hold SellUpgradeFeb 26, 2019
Argus Hold SellUpgradeFeb 26, 2019
Macquarie Neutral OutperformDowngradeJan 15, 2019
Bank of America Buy BuyMaintainJan 9, 2019
Edward Jones Sell HoldDowngradeNov 14, 2018
Goldman Sachs Neutral BuyDowngradeJan 2, 2018
Deutsche Bank Buy BuyMaintainJul 29, 2016
CRT Capital Buy HoldUpgradeJan 9, 2015
Bernstein Outperform OutperformMaintainAug 1, 2014
ISI Group Neutral BuyDowngradeJul 17, 2013
BGC Financial Buy BuyMaintainJan 2, 2013
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Named analyst price targets

Upside is calculated against the persisted current price $12.9. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BarclaysAnalyst unavailable$17$13.13 +31.7%Oct 12, 2026
UBSGregg Orrill$14$12.88 +8.5%Sep 22, 2026
BarclaysAnalyst unavailable$18$13.33 +39.5%Sep 3, 2026
Mizuho SecuritiesAnthony Crowdell$14$13.33 +8.5%Sep 3, 2026
Truist FinancialAnalyst unavailable$17$13.33 +31.7%Sep 3, 2026
JefferiesAnalyst unavailable$13$13.27 +0.7%Sep 1, 2026
Mizuho SecuritiesAnalyst unavailable$16$16.6 +24.0%Aug 31, 2026
BMO CapitalAnalyst unavailable$21$16.6 +62.7%Aug 31, 2026
Industrial Alliance SecuritiesAnalyst unavailable$21$16.6 +62.7%Aug 31, 2026
Truist FinancialAnalyst unavailable$21$17.43 +62.7%Aug 4, 2026
BMO CapitalAnalyst unavailable$28$17.54 +117.0%Jul 24, 2026
BMO CapitalAnalyst unavailable$27$17.68 +109.2%Jul 22, 2026
Morgan StanleyAnalyst unavailable$22$16.42 +70.5%May 21, 2026
Truist FinancialAnalyst unavailable$22$16.13 +70.5%May 18, 2026
Wells FargoAnalyst unavailable$25$17.35 +93.7%Apr 21, 2026
Truist FinancialRichard Sunderland$23$17.35 +78.2%Apr 20, 2026
UBSAnalyst unavailable$23$18.17 +78.2%Mar 9, 2026
Morgan StanleyAnalyst unavailable$23$18.28 +78.2%Feb 20, 2026
UBSGregg Orrill$20$18.24 +55.0%Feb 20, 2026
BarclaysNicholas Campanella$23$18.02 +78.2%Feb 18, 2026
Mizuho SecuritiesAnthony Crowdell$21$15.25 +62.7%Jan 21, 2026
Wells FargoAnalyst unavailable$23$16.43 +78.2%Oct 27, 2025
UBSAnalyst unavailable$18$16.3 +39.5%Oct 24, 2025
Morgan StanleyAnalyst unavailable$21$16.68 +62.7%Oct 22, 2025
JefferiesJulien Dumoulin-Smith$21$16.75 +62.7%Oct 22, 2025
BMO CapitalAnalyst unavailable$25$15.97 +93.7%Oct 14, 2025
JefferiesAnalyst unavailable$20$15.9 +55.0%Oct 3, 2025
BarclaysNicholas Campanella$21$15.38 +62.7%Oct 1, 2025
UBSAnalyst unavailable$17$15.12 +31.7%Sep 18, 2025
Morgan StanleyAnalyst unavailable$20$15.12 +55.0%Sep 18, 2025
UBSGregg Orrill$19$15.28 +47.2%Aug 29, 2025
Morgan StanleyDavid Arcaro$18$17.02 +39.5%May 22, 2025
Wells FargoAnalyst unavailable$24$17.14 +86.0%Apr 25, 2025
JefferiesJulien Dumoulin-Smith$22$17.53 +70.5%Apr 23, 2025
BMO CapitalAnalyst unavailable$23$15.42 +78.2%Feb 18, 2025
BarclaysNicholas Campanella$25$20.38 +93.7%Oct 21, 2024
JefferiesJulian Dumoulin-Smith$24$19.63 +86.0%Oct 14, 2024
BarclaysNicholas Campanella$22$18 +70.5%Jul 22, 2024
UBSGregg Orrill$22$18.54 +70.5%Jun 3, 2024
Mizuho SecuritiesAnthony Crowdell$23$18.45 +78.2%May 17, 2024
UBSGregg Orrill$21$17.56 +62.7%Aug 7, 2023
Credit SuisseAnalyst unavailable$16$12.7 +24.0%Sep 29, 2022
Morgan StanleyAnalyst unavailable$13$10.44 +0.7%Jul 21, 2022
Credit SuisseAnalyst unavailable$15$9.89 +16.2%Jul 14, 2022
Morgan StanleyAnalyst unavailable$13.5$12 +4.6%May 23, 2022
Wells FargoAnalyst unavailable$19$12.93 +47.2%Apr 29, 2022
Credit SuisseAnalyst unavailable$17$11.82 +31.7%Apr 26, 2022
Morgan StanleyAnalyst unavailable$14$12.45 +8.5%Apr 20, 2022
Mizuho SecuritiesPaul Fremont$18$12.3 +39.5%Apr 16, 2022
Mizuho SecuritiesPaul Fremont$17.5$12.69 +35.6%Jan 28, 2022
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Company context

Snapshot as of publication

PG&E Corporation operates as a holding company, overseeing the generation, transmission, and distribution of electricity and natural gas to its clientele. The firm's expertise spans a broad range of energy-related services, including general utilities, power provision, gas supply, electrical grids, solar solutions, and sustainability initiatives. Established in 1995, the company maintains its corporate headquarters in Oakland, California.

Historical context

All PCG earnings

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-04-10T00:01:43.729046+00:00
  3. Polygon adjusted daily market bars · 2026-10-14T12:50:42.029585+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-14T12:50:42.026443+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-14. For educational purposes only; not investment advice.