Jun 2026 (Q2 FY26) — Jul 23, 2026
PG&E Corporation Q2 FY26 — Strong Operational Performance and Reaffirmed Guidance
Read the full callPG&E (PCG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
PG&E earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 5,902 | +0.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 21.4 | +2.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
7 of 9 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| 5-year capital investment plan | $73 billion through 2030 | Sep 2025 | there is no change to our 5-year $73 billion capital plan through 2030 | On Track |
| GRC-approved undergrounding miles completed | 1,200 miles, on track through 2026 | Sep 2024 | in the meantime, we calculate that our undergrounding to date, over 1,200 miles has already allowed us to avoid more than $100 million of maintenance spend | Achieved |
2 of PG&E Corp's 26 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 24 more targets are in the full ledger.
Claimed
- Core EPS of $0.40 for Q2 FY26 and $0.83 for H1 FY26, reflecting consistent execution.
- Reaffirmed full-year core EPS guidance of $1.64 to $1.66, with the midpoint up 10% over 2025.
- Data center pipeline expanded to over 12 gigawatts, indicating strong load growth opportunities.
- Reliability improved 23% year-to-date versus last year, driven by fewer outages and faster restoration.
- Achieved over $40 million in O&M savings year-to-date through targeted sourcing and procurement.
Qualified
- Wildfire liability framework remains unresolved, posing a risk to capital allocation and long-term investment plans if not addressed durably.
- Wildfire-related charges account for approximately $20 to $40 per month, or 14% to 19% of monthly bills, highlighting the cost of inaction on liability reform.
Price
$13.13 +0.31% · +$0.04
Performance −20.0% 1Y
1Y: $16.42 on 17 Oct 2025 → $13.13. High $19.11 (2 Mar 2026), low $11.95 (28 Sept 2026).
- Previous close
- $13.09
- 52-week range
- $11.95 – $19.11
- One year
- −21.28%
Overview
- Symbol
- PCG
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 9 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| 5-year capital investment plan | $73 billion through 2030 | Sep 2025 | there is no change to our 5-year $73 billion capital plan through 2030 | On Track |
| GRC-approved undergrounding miles completed | 1,200 miles, on track through 2026 | Sep 2024 | in the meantime, we calculate that our undergrounding to date, over 1,200 miles has already allowed us to avoid more than $100 million of maintenance spend | Achieved |
Claimed
- Core EPS of $0.40 for Q2 FY26 and $0.83 for H1 FY26, reflecting consistent execution.
- Reaffirmed full-year core EPS guidance of $1.64 to $1.66, with the midpoint up 10% over 2025.
- Data center pipeline expanded to over 12 gigawatts, indicating strong load growth opportunities.
- Reliability improved 23% year-to-date versus last year, driven by fewer outages and faster restoration.
- Achieved over $40 million in O&M savings year-to-date through targeted sourcing and procurement.
Qualified
- Wildfire liability framework remains unresolved, posing a risk to capital allocation and long-term investment plans if not addressed durably.
- Wildfire-related charges account for approximately $20 to $40 per month, or 14% to 19% of monthly bills, highlighting the cost of inaction on liability reform.
The full ledger
Open PG&E Corp’s full ledger
A free account opens 5 company ledgers a month. All 26 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
PG&E Corporation Q1 FY26 — Strong Start, Reaffirmed Guidance, and Wildfire Reform Focus
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
PG&E Corporation Q4 FY25 — Fourth Consecutive Year of Double-Digit Core EPS Growth and Lowered Customer Bills
Read the full callEvery analysed call
PG&E earnings calls (PCG)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,941 | 6,631 | 5,983 | 5,898 | 6,250 | 6,804 | 6,881 | 5,902 |
| Operating profit | 1,029 | 1,020 | 1,220 | 1,096 | 1,209 | 1,224 | 1,470 | 1,263 |
| Operating margin | 17.3% | 15.4% | 20.4% | 18.6% | 19.3% | 18.0% | 21.4% | 21.4% |
| Interest | 795 | 729 | 734 | 792 | 770 | 732 | 803 | 796 |
| Profit before tax | 473 | 459 | 673 | 569 | 630 | 551 | 905 | 674 |
| Tax rate | −22.4% | −46.8% | 5.8% | 3.5% | −34.9% | −21.6% | 2.2% | −12.9% |
| EPS ($ per share) | 0.27 | — | 0.28 | 0.24 | 0.37 | — | 0.39 | 0.33 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 12,910 | 13,038 | 30,224 | 35,129 | 32,887 | 30,374 | 31,555 | 31,636 |
| Reserves | -250 | -7,892 | -9,196 | -9,284 | -7,542 | -5,321 | -2,966 | -650 |
| Total liabilities | 64,092 | 79,808 | 76,603 | 82,104 | 95,569 | 100,406 | 103,259 | 108,819 |
| Fixed assets | 58,557 | 61,635 | 66,136 | 69,826 | 76,208 | 82,321 | 88,229 | 96,348 |
| Total assets | 76,995 | 85,196 | 97,856 | 103,327 | 118,644 | 125,698 | 133,660 | 141,611 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 4,752 | 4,816 | -19,130 | 2,262 | 3,721 | 4,747 | 8,035 | 8,716 |
| Cash from investing | -6,564 | -6,378 | -7,748 | -6,905 | -10,214 | -9,162 | -11,375 | -12,316 |
| Cash from financing | 3,031 | 1,464 | 25,928 | 4,323 | 7,133 | 4,400 | 3,621 | 3,359 |
| Net cash flow | 1,219 | -98 | -950 | -320 | 640 | -15 | 281 | -241 |
| Capital expenditure | -6,514 | -6,313 | -7,690 | -7,689 | -9,584 | -9,714 | -10,369 | -11,787 |
| Free cash flow | -1,762 | -1,497 | -26,820 | -5,427 | -5,863 | -4,967 | -2,334 | -3,071 |
PCG revenue by segment
Electricity shrank from 76% to 74% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Electricity | 76% | 72% | 69% | 75% | 76% | 74% | 72% | 74% | -0.6% |
| Natural Gas Us Regulated | 24% | 28% | 31% | 25% | 24% | 26% | 28% | 26% | +2.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
83 filings between Oct 28, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
$211.2K
2 purchases by 1 insider
Sales
$8.37M
14 sales by 8 insiders
86% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 38
- Award — granted as compensation
- 21
- Tax withheld — shares kept back by the company to cover tax
Also filed: 8 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Santos Marlene | — | $2.85M | Jul 22, 2026 |
| Glickman Jason M | — | $1.24M | Apr 28, 2026 |
| Peterman Carla J | — | $1.11M | Jun 15, 2026 |
| Poppe Patricia K | — | $1.07M | Apr 28, 2026 |
| Singh Sumeet | — | $1.02M | Mar 5, 2026 |
| SIMON JOHN R | — | $900.0K | Feb 19, 2026 |
| LARSEN JOHN O | $211.2K | — | Sep 30, 2026 |
| Cooper Kerry Whorton | — | $89.8K | Jul 22, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | LARSEN JOHN O Director | Purchase | 7,500 | $91.5K |
| Sep 4, 2026 | Fugate William Craig Director | Sale 10b5-1 plan | 6,500 | $89.4K |
| Aug 1, 2026 | Vallejo Alejandro T EVP, Chief People Officer | Tax withheld | 5,086 | $88.4K |
| Aug 1, 2026 | Vallejo Alejandro T EVP, Chief People Officer | Award | 11,240 | $0 |
| Jul 22, 2026 | Santos Marlene Insider | Sale 10b5-1 plan | 158,250 | $2.85M |
| Jul 22, 2026 | Cooper Kerry Whorton Director | Sale 10b5-1 plan | 1,250 | $22.5K |
| Jun 15, 2026 | Peterman Carla J President, EVP Cust&Corp Afrs | Sale 10b5-1 plan | 31,786 | $530.2K |
| Jun 5, 2026 | FERGUSON III MARK E Director | Gift | 10,675 | $0 |
| Jun 5, 2026 | FERGUSON III MARK E Director | Gift | 10,675 | $0 |
| Jun 2, 2026 | Cooper Kerry Whorton Director | Sale 10b5-1 plan | 1,250 | $20.6K |
| May 21, 2026 | Smith William Lloyd Director | Award | 10,948 | $0 |
| May 21, 2026 | LARSEN JOHN O Director | Award | 10,948 | $0 |
| May 21, 2026 | FERGUSON III MARK E Director | Award | 10,948 | $0 |
| May 21, 2026 | Harris Arno Lockheart Director | Award | 10,948 | $0 |
| May 21, 2026 | Bahri Rajat Director | Award | 10,948 | $0 |
| May 21, 2026 | Cooper Kerry Whorton Director | Award | 17,639 | $0 |
| May 21, 2026 | Campbell Cheryl F. Director | Award | 10,948 | $0 |
| May 21, 2026 | Cannizzaro Edward G Director | Award | 10,948 | $0 |
| May 21, 2026 | DENAULT LEO P Director | Award | 10,948 | $0 |
| May 21, 2026 | HERNANDEZ CARLOS M Director | Award | 10,948 | $0 |
| May 21, 2026 | Fugate William Craig Director | Award | 10,948 | $0 |
| May 21, 2026 | Denecour Jessica Director | Award | 10,948 | $0 |
| May 21, 2026 | Wilson Benjamin Francis Director | Award | 10,948 | $0 |
| Apr 28, 2026 | Poppe Patricia K Chief Executive Officer | Sale 10b5-1 plan | 31,250 | $512.2K |
| Apr 28, 2026 | Glickman Jason M EVP, Strategy and Growth | Sale | 47,264 | $772.8K |
| Mar 17, 2026 | Cooper Kerry Whorton Director | Sale 10b5-1 plan | 2,500 | $46.7K |
| Mar 16, 2026 | Burke Carolyn Jeanne EVP and CFO | Award | 144,806 | $0 |
| Mar 16, 2026 | Burke Carolyn Jeanne EVP and CFO | Tax withheld | 80,049 | $1.45M |
| Mar 16, 2026 | Peterman Carla J President, EVP Cust&Corp Afrs | Sale 10b5-1 plan | 31,786 | $582.0K |
| Mar 5, 2026 | Singh Sumeet CEO and EVP at PG&E Company | Sale 10b5-1 plan | 55,698 | $1.02M |
| Mar 4, 2026 | Poppe Patricia K Chief Executive Officer | Award | 3,973 | $0 |
| Mar 3, 2026 | Peterman Carla J President, EVP Cust&Corp Afrs | Tax withheld | 5,888 | $112.5K |
| Mar 3, 2026 | Poppe Patricia K Chief Executive Officer | Award | 32,335 | $0 |
| Mar 3, 2026 | Poppe Patricia K Chief Executive Officer | Gift | 32,335 | $0 |
| Mar 3, 2026 | Poppe Patricia K Chief Executive Officer | Tax withheld | 39,972 | $763.9K |
| Mar 3, 2026 | Waghray Ajay EVP & Chf Information Ofc | Tax withheld | 3,143 | $60.1K |
| Mar 3, 2026 | Williams Stephanie N VP and Controller | Tax withheld | 1,104 | $21.1K |
| Mar 3, 2026 | Vallejo Alejandro T EVP, Chief People Officer | Tax withheld | 1,104 | $21.1K |
| Mar 3, 2026 | SIMON JOHN R EVP, GC, Chief E&C Officer | Tax withheld | 5,500 | $105.1K |
| Mar 3, 2026 | Burke Carolyn Jeanne EVP and CFO | Tax withheld | 4,067 | $77.7K |
| Mar 3, 2026 | Singh Sumeet CEO and EVP at PG&E Company | Tax withheld | 8,749 | $167.2K |
| Mar 3, 2026 | Santos Marlene Insider | Tax withheld | 8,749 | $167.2K |
| Mar 3, 2026 | Glickman Jason M EVP, Strategy and Growth | Tax withheld | 5,888 | $112.5K |
| Mar 2, 2026 | Glickman Jason M EVP, Strategy and Growth | Award | 27,473 | $0 |
| Mar 2, 2026 | Poppe Patricia K Chief Executive Officer | Award | 200,157 | $0 |
| Mar 2, 2026 | Waghray Ajay EVP & Chf Information Ofc | Award | 15,699 | $0 |
| Mar 2, 2026 | Williams Stephanie N VP and Controller | Award | 7,379 | $0 |
| Mar 2, 2026 | Vallejo Alejandro T EVP, Chief People Officer | Award | 11,774 | $0 |
| Mar 2, 2026 | SIMON JOHN R EVP, GC, Chief E&C Officer | Award | 5,151 | $0 |
| Mar 2, 2026 | SIMON JOHN R EVP, GC, Chief E&C Officer | Gift | 5,151 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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