Analyst Consensus ?
ConsensusHold30 ratings
Bullish1240.0%
Neutral1756.7%
Bearish13.3%
PG&E Corporation · PCG · FY2026 Q3 · Calendar Q4 2026
PG&E Reaffirms EPS Outlook as Review and Wildfire Reform Take Center Stage
PG&E's earnings trajectory remains supported by customer capital investment, data-center load growth, and operating efficiencies, but the investment case depends on resolving wildfire-liability uncertainty and strengthening credit metrics.
Reported Before market openNYSEUtilities
$35.24B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.42
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $6.82B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.3%
Event window
SPY move
-1.5%
Same window
Abnormal move
-0.8%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
PCGSPY benchmark
Ask FN2 about PCG FY2026 Q3
Transcript, numbers and history already loaded
What drove PCG's -2.3% move after FY2026 Q3 earnings?What changed in PCG's guidance and outlook in FY2026 Q3?Give me the bull and bear case for PCG after FY2026 Q3 earnings.
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Transcript intelligence
What changed
The current analysis adds a strategic review targeted for completion by next summer, a $2 billion reduction in the 2027 capital plan to $11.4 billion, and continued emphasis on wildfire-liability reform. Data-center connectivity remains funded, while the proposed undergrounding program awaits regulatory approval.
Guidance delta
Maintained: 2026 core EPS guidance of $1.64-$1.66 and 2027 guidance of $1.78-$1.82 were reaffirmed.
Key takeaways
- PG&E reaffirmed its 2026 and 2027 core EPS guidance.
- Management plans to communicate the strategic review outcome by next summer, with investment-grade credit a stated focus.
- The 2027 capital plan was reduced by $2 billion to $11.4 billion, while data-center connections remain funded.
- Wildfire-liability reform remains unresolved and is central to financing and credit uncertainty.
Management priorities
- Complete the strategic review and communicate its outcome by next summer.
- Pursue wildfire-liability reform and maintain investment-grade credit focus.
- Expand data-center connectivity and advance the proposed 5,000-mile undergrounding plan, subject to regulatory approval.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$12.98Current
$13Low
$19.26Average
$25High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 22, 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 |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 21, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 12, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 12, 2026 |
| UBS | Neutral | Buy | Downgrade | Sep 23, 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 |
| 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 $12.98. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Analyst unavailable | $20 | $13.15 | +54.1% | Oct 15, 2026 |
| Barclays | Analyst unavailable | $17 | $13.13 | +31.0% | Oct 12, 2026 |
| UBS | Gregg Orrill | $14 | $12.88 | +7.9% | Sep 22, 2026 |
| Barclays | Analyst unavailable | $18 | $13.33 | +38.7% | Sep 3, 2026 |
| Mizuho Securities | Anthony Crowdell | $14 | $13.33 | +7.9% | Sep 3, 2026 |
| Truist Financial | Analyst unavailable | $17 | $13.33 | +31.0% | Sep 3, 2026 |
| Jefferies | Analyst unavailable | $13 | $13.27 | +0.2% | Sep 1, 2026 |
| Mizuho Securities | Analyst unavailable | $16 | $16.6 | +23.3% | Aug 31, 2026 |
| BMO Capital | Analyst unavailable | $21 | $16.6 | +61.8% | Aug 31, 2026 |
| Industrial Alliance Securities | Analyst unavailable | $21 | $16.6 | +61.8% | Aug 31, 2026 |
| Truist Financial | Analyst unavailable | $21 | $17.43 | +61.8% | Aug 4, 2026 |
| BMO Capital | Analyst unavailable | $28 | $17.54 | +115.7% | Jul 24, 2026 |
| BMO Capital | Analyst unavailable | $27 | $17.68 | +108.0% | Jul 22, 2026 |
| Morgan Stanley | Analyst unavailable | $22 | $16.42 | +69.5% | May 21, 2026 |
| Truist Financial | Analyst unavailable | $22 | $16.13 | +69.5% | May 18, 2026 |
| Wells Fargo | Analyst unavailable | $25 | $17.35 | +92.6% | Apr 21, 2026 |
| Truist Financial | Richard Sunderland | $23 | $17.35 | +77.2% | Apr 20, 2026 |
| UBS | Analyst unavailable | $23 | $18.17 | +77.2% | Mar 9, 2026 |
| Morgan Stanley | Analyst unavailable | $23 | $18.28 | +77.2% | Feb 20, 2026 |
| UBS | Gregg Orrill | $20 | $18.24 | +54.1% | Feb 20, 2026 |
| Barclays | Nicholas Campanella | $23 | $18.02 | +77.2% | Feb 18, 2026 |
| Mizuho Securities | Anthony Crowdell | $21 | $15.25 | +61.8% | Jan 21, 2026 |
| Wells Fargo | Analyst unavailable | $23 | $16.43 | +77.2% | Oct 27, 2025 |
| UBS | Analyst unavailable | $18 | $16.3 | +38.7% | Oct 24, 2025 |
| Morgan Stanley | Analyst unavailable | $21 | $16.68 | +61.8% | Oct 22, 2025 |
| Jefferies | Julien Dumoulin-Smith | $21 | $16.75 | +61.8% | Oct 22, 2025 |
| BMO Capital | Analyst unavailable | $25 | $15.97 | +92.6% | Oct 14, 2025 |
| Jefferies | Analyst unavailable | $20 | $15.9 | +54.1% | Oct 3, 2025 |
| Barclays | Nicholas Campanella | $21 | $15.38 | +61.8% | Oct 1, 2025 |
| UBS | Analyst unavailable | $17 | $15.12 | +31.0% | Sep 18, 2025 |
| Morgan Stanley | Analyst unavailable | $20 | $15.12 | +54.1% | Sep 18, 2025 |
| UBS | Gregg Orrill | $19 | $15.28 | +46.4% | Aug 29, 2025 |
| Morgan Stanley | David Arcaro | $18 | $17.02 | +38.7% | May 22, 2025 |
| Wells Fargo | Analyst unavailable | $24 | $17.14 | +84.9% | Apr 25, 2025 |
| Jefferies | Julien Dumoulin-Smith | $22 | $17.53 | +69.5% | Apr 23, 2025 |
| BMO Capital | Analyst unavailable | $23 | $15.42 | +77.2% | Feb 18, 2025 |
| Barclays | Nicholas Campanella | $25 | $20.38 | +92.6% | Oct 21, 2024 |
| Jefferies | Julian Dumoulin-Smith | $24 | $19.63 | +84.9% | Oct 14, 2024 |
| Barclays | Nicholas Campanella | $22 | $18 | +69.5% | Jul 22, 2024 |
| UBS | Gregg Orrill | $22 | $18.54 | +69.5% | Jun 3, 2024 |
| Mizuho Securities | Anthony Crowdell | $23 | $18.45 | +77.2% | May 17, 2024 |
| UBS | Gregg Orrill | $21 | $17.56 | +61.8% | Aug 7, 2023 |
| Credit Suisse | Analyst unavailable | $16 | $12.7 | +23.3% | Sep 29, 2022 |
| Morgan Stanley | Analyst unavailable | $13 | $10.44 | +0.2% | Jul 21, 2022 |
| Credit Suisse | Analyst unavailable | $15 | $9.89 | +15.6% | Jul 14, 2022 |
| Morgan Stanley | Analyst unavailable | $13.5 | $12 | +4.0% | May 23, 2022 |
| Wells Fargo | Analyst unavailable | $19 | $12.93 | +46.4% | Apr 29, 2022 |
| Credit Suisse | Analyst unavailable | $17 | $11.82 | +31.0% | Apr 26, 2022 |
| Morgan Stanley | Analyst unavailable | $14 | $12.45 | +7.9% | Apr 20, 2022 |
| Mizuho Securities | Paul Fremont | $18 | $12.3 | +38.7% | Apr 16, 2022 |
| Mizuho Securities | Paul Fremont | $17.5 | $12.69 | +34.8% | 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 earningsUtilities peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| NEE NextEra Energy, Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.3% | -0.7% | NextEra Maintains Guidance as Backlog and Federal Hubs Expand |
Latest beats and misses
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Missed on EPS
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- GGGFY2026 Q3 · October 21, 2026-2.5% EPS-16.6% move
- GL-PDFY2026 Q3 · October 21, 2026-1.2% EPS— move
- GLFY2026 Q3 · October 21, 2026-1.2% EPS-3.8% move
- METAFY2026 Q3 · October 21, 2026-41.4% EPS+0.5% move
- LVSFY2026 Q3 · October 21, 2026-20.9% EPS-1.7% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-22T18:03:11.635730+00:00
- FN2 earnings calendar · 2026-10-22T01:23:13.354406+00:00
- Polygon adjusted daily market bars · 2026-10-22T19:20:41.724338+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T19:20:41.721529+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 2026-10-22. For educational purposes only; not investment advice.