The reaffirmed guidance provides a floor, but the YoY earnings decline and regulatory headwinds (lower CPUC ROE, rising Wildfire Fund costs) cap upside. Watch for updates on the strategic review and any CPUC rate case developments that could reset earnings trajectory.
Price Chart
Executive Summary
PG&E reported Q3 2026 non-GAAP core EPS of $0.41, a 2.4% miss vs the $0.42 consensus, and GAAP EPS of $0.34 (down from $0.37 YoY). Full-year 2026 and 2027 core EPS guidance was reaffirmed at $1.64-$1.66 and $1.78-$1.82, respectively. The earnings decline reflects a lower authorized CPUC ROE and higher Wildfire Fund expense, partially offset by rate base growth and O&M savings.
Key Financial Metrics
Key Facts
- Q3 2026 non-GAAP core EPS $0.41 vs consensus $0.42 (2.4% miss)
- GAAP EPS $0.34 vs $0.37 YoY (down 8.1%)
- Non-GAAP core EPS $0.41 vs $0.50 YoY (down 18%)
- Full-year 2026 core EPS guidance reaffirmed at $1.64-$1.66
- Full-year 2027 core EPS guidance reaffirmed at $1.78-$1.82
- Total operating revenues $6.188B vs $6.250B YoY (down 1%)
- Operating income $1.249B vs $1.209B YoY (up 3.3%)
- Wildfire Fund expense increased to $141M from $86M YoY
- Strategic review advancing; $2B reduction to 2027 capital plan being implemented
Financial Impact
Q3 EPS miss of ~$0.01 vs consensus; YoY core EPS decline of $0.09 per share (18%)
Risk Factors
- Lower authorized CPUC ROE continues to pressure earnings
- Wildfire Fund expense rising YoY ($141M vs $86M)
- Regulatory uncertainty around California wildfire liability framework
- $2B capital plan reduction may temper rate base growth
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302916185 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | Press Release | $12.98 $12.63 | ▲ +2.70% | ▲ +2.17% | $12.85 (+1.00%) |
Oct 21, 2026 5d ago | 8-K | $12.98 $12.63 | ▼ −2.70% | ▼ −2.17% | $12.85 (−1.00%) |
Oct 16, 2026 10d ago | Institutional Cluster | $13.13 $13.18 | ▼ −0.38% | ▼ −0.05% | $12.85 (+2.13%) |
Oct 1, 2026 25d ago | Insider Buy | $12.32 $12.35 | ▲ +0.24% | ▼ −0.43% | $12.85 (+4.30%) |
Sep 24, 2026 4w ago | Press Release | $12.29 | awaiting T+1 | — | $12.85 (+4.56%) |
Sep 18, 2026 5w ago | Press Release | $13.20 $12.94 | ▼ −1.97% | ▼ −3.52% | $12.85 (−2.65%) |
Aug 31, 2026 8w ago | 8-K | $13.27 $14.06 | ▲ +5.95% | ▲ +6.64% | $12.85 (−3.17%) |
Jul 24, 2026 13w ago | Insider Cluster | $17.60 $17.78 | ▲ +1.02% | ▲ +0.78% | $12.85 (−26.99%) |
Jul 24, 2026 13w ago | Insider Cluster | $17.60 $17.78 | ▲ +1.02% | ▲ +0.78% | $12.85 (−26.99%) |
Jun 23, 2026 17w ago | 8-K | $17.12 $17.08 | ▼ −0.23% | ▼ −0.38% | $12.85 (−24.94%) |
US Market Status
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