Analyst Consensus ?
ConsensusHold30 ratings
Bullish1240.0%
Neutral1756.7%
Bearish13.3%
PG&E Corporation · PCG · FY2026 Q1 · Calendar Q2 2026
PG&E Q1 core EPS beats; FY26 guidance held at $1.64-$1.66
PG&E's investment case rests on steady double-digit core EPS growth supported by rate-reducing demand and disciplined cost control. Q1 2026 delivered a core EPS and revenue beat and a reaffirmed FY2026 range, while a growing data-center large-load pipeline, a ~11,000-mile undergrounding program, and the Diablo Canyon license extension provide multi-year tailwinds. The $73B capital plan requires no new equity through 2030, and a positive credit-outlook action from Moody's underpins the investment-grade trajectory. The main variables are regulatory: the pace of wildfire-liability reform (SB 254) and rate-case outcomes could shift capital allocation and costs.
Reported Before market openNYSEUtilities
$33.02B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.43
Consensus $0.40
EPS surprise
+8.0%
Reported versus consensus
Reported revenue
$6.88B
Consensus $6.26B
Revenue surprise
+10.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.3%
Event window
SPY move
-0.4%
Same window
Abnormal move
+0.1%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
-2.3%
Up to 20 sessions
PCGSPY benchmark
Ask FN2 about PCG FY2026 Q1
Transcript, numbers and history already loaded
Why did PCG fall 0.3% after beating EPS estimates in FY2026 Q1?What changed in PCG's guidance and outlook in FY2026 Q1?Give me the bull and bear case for PCG after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The reported quarter continued the double-digit EPS growth trend set in the prior period. Whereas the prior quarter (FY2025) showed earnings up 10% year over year with guidance raised, Q1 2026 added an EPS and revenue beat versus consensus while guidance was maintained rather than raised. Notable new developments include the Diablo Canyon 20-year NRC license extension in early 2026, a data-center pipeline that grew to 4.6GW in final engineering, and Moody's positive credit-outlook action.
Guidance delta
FY2026 core EPS guidance reaffirmed, unchanged at $1.64-$1.66 per share (maintained). That sustains the roughly 10% year-over-year growth path that management set last quarter, when the outlook had been raised.
Key takeaways
- Q1 2026 core EPS of $0.43 beat the $0.40 consensus, with revenue of $6.88B also surpassing estimates by about 10%.
- Management reaffirmed FY2026 core EPS guidance of $1.64-$1.66, holding a roughly 10% year-over-year growth trajectory.
- Data-center large-load pipeline reached 4.6GW in final engineering, with 1.8GW expected online by 2030.
- Undergrounding and hardening plan targets nearly 11,000 miles by 2037, with 1,200 miles completed and over $100M in avoided maintenance costs.
- Diablo Canyon received a 20-year NRC license extension in early 2026, and Moody's lifted PG&E's credit outlook to positive.
Management priorities
- File the 10-year undergrounding plan with OEIS in Q3
- Advance data-center large-load projects through preliminary and final engineering
- Continue deploying continuous monitoring sensors and analytics
- Maintain a no-new-equity policy through 2030 and target a 20% dividend payout ratio
- Pursue additional $5B in incremental customer investment opportunities
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$12.27Current
$13Low
$19.28Average
$25High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Buy | Downgrade | Sep 23, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 18, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Sep 4, 2026 |
| Truist Securities | Hold | Buy | Downgrade | Sep 3, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Sep 3, 2026 |
| Barclays | Overweight | Overweight | Maintain | Sep 3, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Sep 2, 2026 |
| Wells Fargo | Equal Weight | Overweight | Downgrade | Aug 31, 2026 |
| BMO Capital | Market Perform | Outperform | Downgrade | Aug 31, 2026 |
| Jefferies | Hold | Buy | Downgrade | Mar 23, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Apr 28, 2025 |
| Guggenheim | Neutral | Neutral | Maintain | Apr 25, 2025 |
| Citigroup | Buy | Buy | Maintain | Jun 14, 2024 |
| RBC Capital | Outperform | Outperform | Maintain | May 30, 2023 |
| Ladenburg Thalmann | Buy | Buy | Maintain | Apr 3, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 24, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Nov 12, 2020 |
| Seaport Global | Neutral | Neutral | Maintain | Jun 23, 2020 |
| Citi | Neutral | Sell | Upgrade | Sep 16, 2019 |
| Argus Research | Hold | Sell | Upgrade | Feb 26, 2019 |
| Argus | Hold | Sell | Upgrade | Feb 26, 2019 |
| Macquarie | Neutral | Outperform | Downgrade | Jan 15, 2019 |
| Bank of America | Buy | Buy | Maintain | Jan 9, 2019 |
| Edward Jones | Sell | Hold | Downgrade | Nov 14, 2018 |
| Goldman Sachs | Neutral | Buy | Downgrade | Jan 2, 2018 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 29, 2016 |
| CRT Capital | Buy | Hold | Upgrade | Jan 9, 2015 |
| Bernstein | Outperform | Outperform | Maintain | Aug 1, 2014 |
| ISI Group | Neutral | Buy | Downgrade | Jul 17, 2013 |
| BGC Financial | Buy | Buy | Maintain | Jan 2, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $12.27. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Gregg Orrill | $14 | $12.88 | +14.1% | Sep 22, 2026 |
| Barclays | Analyst unavailable | $18 | $13.33 | +46.7% | Sep 3, 2026 |
| Mizuho Securities | Anthony Crowdell | $14 | $13.33 | +14.1% | Sep 3, 2026 |
| Truist Financial | Analyst unavailable | $17 | $13.33 | +38.5% | Sep 3, 2026 |
| Jefferies | Analyst unavailable | $13 | $13.27 | +5.9% | Sep 1, 2026 |
| Mizuho Securities | Analyst unavailable | $16 | $16.6 | +30.4% | Aug 31, 2026 |
| BMO Capital | Analyst unavailable | $21 | $16.6 | +71.1% | Aug 31, 2026 |
| Industrial Alliance Securities | Analyst unavailable | $21 | $16.6 | +71.1% | Aug 31, 2026 |
| Truist Financial | Analyst unavailable | $21 | $17.43 | +71.1% | Aug 4, 2026 |
| BMO Capital | Analyst unavailable | $28 | $17.54 | +128.2% | Jul 24, 2026 |
| BMO Capital | Analyst unavailable | $27 | $17.68 | +120.0% | Jul 22, 2026 |
| Morgan Stanley | Analyst unavailable | $22 | $16.42 | +79.3% | May 21, 2026 |
| Truist Financial | Analyst unavailable | $22 | $16.13 | +79.3% | May 18, 2026 |
| Wells Fargo | Analyst unavailable | $25 | $17.35 | +103.7% | Apr 21, 2026 |
| Truist Financial | Richard Sunderland | $23 | $17.35 | +87.4% | Apr 20, 2026 |
| UBS | Analyst unavailable | $23 | $18.17 | +87.4% | Mar 9, 2026 |
| Morgan Stanley | Analyst unavailable | $23 | $18.28 | +87.4% | Feb 20, 2026 |
| UBS | Gregg Orrill | $20 | $18.24 | +63.0% | Feb 20, 2026 |
| Barclays | Nicholas Campanella | $23 | $18.02 | +87.4% | Feb 18, 2026 |
| Mizuho Securities | Anthony Crowdell | $21 | $15.25 | +71.1% | Jan 21, 2026 |
| Wells Fargo | Analyst unavailable | $23 | $16.43 | +87.4% | Oct 27, 2025 |
| UBS | Analyst unavailable | $18 | $16.3 | +46.7% | Oct 24, 2025 |
| Morgan Stanley | Analyst unavailable | $21 | $16.68 | +71.1% | Oct 22, 2025 |
| Jefferies | Julien Dumoulin-Smith | $21 | $16.75 | +71.1% | Oct 22, 2025 |
| BMO Capital | Analyst unavailable | $25 | $15.97 | +103.7% | Oct 14, 2025 |
| Jefferies | Analyst unavailable | $20 | $15.9 | +63.0% | Oct 3, 2025 |
| Barclays | Nicholas Campanella | $21 | $15.38 | +71.1% | Oct 1, 2025 |
| UBS | Analyst unavailable | $17 | $15.12 | +38.5% | Sep 18, 2025 |
| Morgan Stanley | Analyst unavailable | $20 | $15.12 | +63.0% | Sep 18, 2025 |
| UBS | Gregg Orrill | $19 | $15.28 | +54.8% | Aug 29, 2025 |
| Morgan Stanley | David Arcaro | $18 | $17.02 | +46.7% | May 22, 2025 |
| Wells Fargo | Analyst unavailable | $24 | $17.14 | +95.6% | Apr 25, 2025 |
| Jefferies | Julien Dumoulin-Smith | $22 | $17.53 | +79.3% | Apr 23, 2025 |
| BMO Capital | Analyst unavailable | $23 | $15.42 | +87.4% | Feb 18, 2025 |
| Barclays | Nicholas Campanella | $25 | $20.38 | +103.7% | Oct 21, 2024 |
| Jefferies | Julian Dumoulin-Smith | $24 | $19.63 | +95.6% | Oct 14, 2024 |
| Barclays | Nicholas Campanella | $22 | $18 | +79.3% | Jul 22, 2024 |
| UBS | Gregg Orrill | $22 | $18.54 | +79.3% | Jun 3, 2024 |
| Mizuho Securities | Anthony Crowdell | $23 | $18.45 | +87.4% | May 17, 2024 |
| UBS | Gregg Orrill | $21 | $17.56 | +71.1% | Aug 7, 2023 |
| Credit Suisse | Analyst unavailable | $16 | $12.7 | +30.4% | Sep 29, 2022 |
| Morgan Stanley | Analyst unavailable | $13 | $10.44 | +5.9% | Jul 21, 2022 |
| Credit Suisse | Analyst unavailable | $15 | $9.89 | +22.2% | Jul 14, 2022 |
| Morgan Stanley | Analyst unavailable | $13.5 | $12 | +10.0% | May 23, 2022 |
| Wells Fargo | Analyst unavailable | $19 | $12.93 | +54.8% | Apr 29, 2022 |
| Credit Suisse | Analyst unavailable | $17 | $11.82 | +38.5% | Apr 26, 2022 |
| Morgan Stanley | Analyst unavailable | $14 | $12.45 | +14.1% | Apr 20, 2022 |
| Mizuho Securities | Paul Fremont | $18 | $12.3 | +46.7% | Apr 16, 2022 |
| Mizuho Securities | Paul Fremont | $17.5 | $12.69 | +42.6% | Jan 28, 2022 |
Track every rating change on PCG the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPG&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 earningsLatest beats and misses
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Get the PCG recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T16:11:18.475053+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T16:11:18.472118+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 2026-09-25. For educational purposes only; not investment advice.