PG&E Corp Q2 Earnings Jump 41%

By Bobby Samwell • Thursday, July 23 11:13 • Permanent Link

PG&E Corp. reported second-quarter 2026 income available for common shareholders of $733 million, or $0.33 per diluted share, up from $521 million, or $0.24 a share, a year earlier. For the first six months of 2026, earnings reached $1.6 billion, or $0.72 per share, compared with $1.1 billion, or $0.51 per share, in the same period of 2025.

On a core basis, second-quarter earnings rose to $920 million, or $0.40 per share, from $674 million, or $0.31 per share a year ago. First-half core earnings increased to $1.8 billion, or $0.83 per share, from $1.4 billion, or $0.64 per share.

The company reaffirmed full-year 2026 core EPS guidance at $1.64 to $1.66 per share.

PG&E said it is on track to meet its 2% to 4% non-fuel operating and maintenance cost reduction target. It also completed a $2.2 billion utility bond issuance in June, bringing total utility debt financings this year to $4.4 billion.

Operationally, PG&E said its continuous monitoring capabilities helped avoid 28 potential ignitions in high fire-risk areas from January 2025 through June 2026, while also preventing 19.6 million outage minutes and generating $11.2 million in lower-cost repair savings.

In the second quarter, the utility constructed 37 miles of underground power lines and installed 100 miles of strengthened poles and covered power lines in high fire-risk areas. By the end of 2027, it plans to complete more than 1,900 miles of undergrounding and more than 2,000 miles of strengthened poles and covered power lines.

PG&E also said a report to California regulators showed a 60% reduction in methane emissions from its natural gas system in 2025 versus a 2015 baseline, reaching its 2030 target five years early.

Customer growth continued as well, with more than 3,930 electric customers connected and more than 2,460 new electric vehicle charging ports added to the grid. The company delivered $15 million in assistance to more than 47,000 low* and moderate-income customers through its relief and payment match programs.

PG&E said its data center pipeline now exceeds 12 gigawatts. The market has reacted to these announcements by moving the company's shares -1.96% to a price of $17.755. For more information, read the company's full 8-K submission here.

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