PG&E Corporation · PCG · FY2025 Q2 · Calendar Q3 2025

PG&E maintains guidance as data-center pipeline and wildfire work expand

The quarter supports a constructive but conditional view: management described resilient demand from data-center projects, ongoing operating efficiencies, and a funded investment program. The case still depends on regulatory and legislative outcomes, wildfire cost recovery, and maintaining balance-sheet flexibility.

Reported Before market openNYSEUtilities $35.19B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.31 Consensus $0.32
EPS surprise -1.9% Reported versus consensus
Reported revenue $5.90B Consensus $6.24B
Revenue surprise -5.5% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move 0.0% Event window
SPY move -0.4% Same window
Abnormal move +0.4% Stock minus SPY
Volume 1.6× Versus trailing sessions
Subsequent drift +6.9% Up to 20 sessions
PCGSPY benchmark

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Transcript intelligence

What changed

Relative to the prior analysis, the data-center pipeline increased from 8.7 GW to 10 GW, wildfire mitigation was broadened with more than 10,000 fast-install sensors, and management stated that no additional equity would be issued to fund the capital plan.

Guidance delta

Maintained: management reaffirmed full-year EPS guidance despite legislative uncertainty.

Key takeaways

  • Management reaffirmed full-year EPS guidance despite legislative uncertainty.
  • The data-center pipeline reached 10 GW and remains a central growth driver.
  • Wildfire mitigation expanded through more than 10,000 fast-install sensors and PSPS capabilities.
  • The $63 billion capital plan remains funded through 2028, with no additional equity planned.
  • AB 1054 and affordability legislation remain the primary uncertainty.

Management priorities

  • Expand wildfire sensor network and PSPS capabilities.
  • Serve upcoming data-center projects, including Microsoft in San Jose.
  • File a 10-year undergrounding plan by year-end.
  • Pursue an investment-grade rating for the parent company.
  • Advocate for affordability legislation and durable wildfire fund solutions.

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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. Q4 '23 estimate $0.45 Q4 '23 actual $0.47, beat 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

$13.13Current
$13Low
$19.28Average
$25High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 10, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
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
Show 25 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $13.13. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSGregg Orrill$14$12.88 +6.6%Sep 22, 2026
BarclaysAnalyst unavailable$18$13.33 +37.1%Sep 3, 2026
Mizuho SecuritiesAnthony Crowdell$14$13.33 +6.6%Sep 3, 2026
Truist FinancialAnalyst unavailable$17$13.33 +29.5%Sep 3, 2026
JefferiesAnalyst unavailable$13$13.27 -1.0%Sep 1, 2026
See 44 more

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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

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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 · 2026-07-26T00:37:55.686058+00:00
  3. Polygon adjusted daily market bars · 2026-10-10T18:50:42.241967+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-10T18:50:42.239227+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 2026-10-10. For educational purposes only; not investment advice.