Analyst Consensus ?
ConsensusBuy30 ratings
Bullish1860.0%
Neutral1136.7%
Bearish13.3%
PG&E Corporation · PCG · FY2026 Q2 · Calendar Q3 2026
PG&E Q2 Core EPS Beats Estimates, Reaffirms Full-Year Guidance on Data Center Growth
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.
Reported Before market openNYSEUtilities
$47.65B market cap
100quality score
Company 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.
Earnings scorecard
Reported versus consensus
Reported EPS
$0.40
Consensus $0
EPS surprise
+11.6%
Reported versus consensus
Reported revenue
$5.90B
Consensus $6.20B
Revenue surprise
-4.9%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$17.71Current
$16Low
$21.6Average
$28High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 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 |
|---|---|---|---|---|
| BMO Capital | Outperform | Outperform | Maintain | Jul 24, 2026 |
| Truist Securities | Buy | Buy | Maintain | May 18, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 15, 2026 |
| Jefferies | Hold | Buy | Downgrade | Mar 23, 2026 |
| UBS | Buy | Neutral | Upgrade | Mar 9, 2026 |
| Barclays | Overweight | Overweight | Maintain | Feb 18, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jan 20, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 25, 2025 |
| Mizuho | Outperform | Outperform | Maintain | May 19, 2025 |
| 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 |
| B of A Securities | Buy | Buy | Maintain | Jun 5, 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 $17.71. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BMO Capital | Analyst unavailable | $28 | $17.54 | +58.1% | Jul 24, 2026 |
| BMO Capital | Analyst unavailable | $27 | $17.68 | +52.5% | Jul 22, 2026 |
| Morgan Stanley | Analyst unavailable | $22 | $16.42 | +24.2% | May 21, 2026 |
| Truist Financial | Analyst unavailable | $22 | $16.13 | +24.2% | May 18, 2026 |
| Wells Fargo | Analyst unavailable | $25 | $17.35 | +41.2% | Apr 21, 2026 |
| Truist Financial | Richard Sunderland | $23 | $17.35 | +29.9% | Apr 20, 2026 |
| UBS | Analyst unavailable | $23 | $18.17 | +29.9% | Mar 9, 2026 |
| Morgan Stanley | Analyst unavailable | $23 | $18.28 | +29.9% | Feb 20, 2026 |
| UBS | Gregg Orrill | $20 | $18.24 | +12.9% | Feb 20, 2026 |
| Barclays | Nicholas Campanella | $23 | $18.02 | +29.9% | Feb 18, 2026 |
| Mizuho Securities | Anthony Crowdell | $21 | $15.25 | +18.6% | Jan 21, 2026 |
| Wells Fargo | Analyst unavailable | $23 | $16.43 | +29.9% | Oct 27, 2025 |
| UBS | Analyst unavailable | $18 | $16.3 | +1.6% | Oct 24, 2025 |
| Morgan Stanley | Analyst unavailable | $21 | $16.68 | +18.6% | Oct 22, 2025 |
| Jefferies | Julien Dumoulin-Smith | $21 | $16.75 | +18.6% | Oct 22, 2025 |
| BMO Capital | Analyst unavailable | $25 | $15.97 | +41.2% | Oct 14, 2025 |
| Jefferies | Analyst unavailable | $20 | $15.9 | +12.9% | Oct 3, 2025 |
| Barclays | Nicholas Campanella | $21 | $15.38 | +18.6% | Oct 1, 2025 |
| UBS | Analyst unavailable | $17 | $15.12 | -4.0% | Sep 18, 2025 |
| Morgan Stanley | Analyst unavailable | $20 | $15.12 | +12.9% | Sep 18, 2025 |
| UBS | Gregg Orrill | $19 | $15.28 | +7.3% | Aug 29, 2025 |
| Morgan Stanley | David Arcaro | $18 | $17.02 | +1.6% | May 22, 2025 |
| Wells Fargo | Analyst unavailable | $24 | $17.14 | +35.5% | Apr 25, 2025 |
| Jefferies | Julien Dumoulin-Smith | $22 | $17.53 | +24.2% | Apr 23, 2025 |
| BMO Capital | Analyst unavailable | $23 | $15.42 | +29.9% | Feb 18, 2025 |
| Barclays | Nicholas Campanella | $25 | $20.38 | +41.2% | Oct 21, 2024 |
| Jefferies | Julian Dumoulin-Smith | $24 | $19.63 | +35.5% | Oct 14, 2024 |
| Barclays | Nicholas Campanella | $22 | $18 | +24.2% | Jul 22, 2024 |
| UBS | Gregg Orrill | $22 | $18.54 | +24.2% | Jun 3, 2024 |
| Mizuho Securities | Anthony Crowdell | $23 | $18.45 | +29.9% | May 17, 2024 |
| UBS | Gregg Orrill | $21 | $17.56 | +18.6% | Aug 7, 2023 |
| Credit Suisse | Analyst unavailable | $16 | $12.7 | -9.7% | Sep 29, 2022 |
| Morgan Stanley | Analyst unavailable | $13 | $10.44 | -26.6% | Jul 21, 2022 |
| Credit Suisse | Analyst unavailable | $15 | $9.89 | -15.3% | Jul 14, 2022 |
| Morgan Stanley | Analyst unavailable | $13.5 | $12 | -23.8% | May 23, 2022 |
| Wells Fargo | Analyst unavailable | $19 | $12.93 | +7.3% | Apr 29, 2022 |
| Credit Suisse | Analyst unavailable | $17 | $11.82 | -4.0% | Apr 26, 2022 |
| Morgan Stanley | Analyst unavailable | $14 | $12.45 | -20.9% | Apr 20, 2022 |
| Mizuho Securities | Paul Fremont | $18 | $12.3 | +1.6% | Apr 16, 2022 |
| Mizuho Securities | Paul Fremont | $17.5 | $12.69 | -1.2% | Jan 28, 2022 |
Track every rating change on PCG the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-3.1%
Event window
SPY move
-1.2%
Same window
Abnormal move
-1.9%
Stock minus SPY
Volume
2.5×
Versus trailing sessions
Subsequent drift
+1.0%
Up to 20 sessions
PCGSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
The data center pipeline scaled from 4.6 GW in final engineering (Q1) to over 12 GW total, broadening the growth runway. S&P upgraded PG&E's credit rating to one notch below investment grade, complementing Moody's positive outlook from Q1. O&M savings reached $40 million year-to-date, keeping the 2-4% annual reduction target on track. A $2.2 billion utility bond issuance in June brought total utility debt to $4.4 billion for the year. Management reported four consecutive years with zero public safety incidents linked to PG&E equipment and highlighted AI deployment with over 650 HD cameras achieving 18-minute faster wildfire response.
Guidance delta
FY2026 core EPS guidance of $1.64-$1.66 per share was reaffirmed, representing approximately 10% year-over-year growth. The $73 billion capital plan through 2030 is unchanged. The no-new-equity policy through 2030 and 20% dividend payout target by 2028 remain in place. Capex outlook is stable.
Key takeaways
- Core EPS of $0.40 beat consensus by ~12%; full-year guidance of $1.64-$1.66 reaffirmed for fifth consecutive year of double-digit growth
- Data center pipeline grew to over 12 GW from 4.6 GW in final engineering last quarter, with 1.8 GW targeted online by 2030
- S&P upgraded credit rating to one notch below investment grade, building on Moody's positive outlook from Q1
- O&M cost reductions of 2-4% on track with $40 million saved year-to-date
- Four consecutive years with zero public safety incidents linked to PG&E equipment
Management priorities
- Advance data center pipeline and ensure all projects are rate-reducing
- Achieve investment-grade credit rating and 20% dividend payout by 2028
- Keep residential bill growth at 0-3% annually through the simple affordable model
- Pursue interim rate recovery to smooth customer bill spikes
- Expand AI and continuous monitoring for wildfire prevention and grid reliability
Related earnings events
UtilitiesSources
- Earnings call transcript and parsed analysis · 2026-07-23T17:03:34.784853+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-30T01:01:59.310010+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T01:01:59.307356+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 . For educational purposes only; not investment advice.