PG&E reports strong second-quarter earnings and reaffirms full-year guidance

• PG&E (NYSE:PCG) reported second-quarter 2026 GAAP earnings of $733 million, or 33 cents per diluted share, representing a year-over-year increase.
• The utility provider reaffirmed its full-year non-GAAP core earnings guidance while reporting steady progress toward reducing non-fuel operational costs.
• Management highlighted the completion of a $2.2 billion utility bond issuance in June alongside the advancement of over 12 gigawatts of data center projects.

PG&E (NYSE:PCG) reported robust second-quarter 2026 financial results, generating GAAP earnings of $733 million, or $0.33 per diluted share.

This represents a solid increase from $521 million, or $0.24 per share, recorded in 2025.

The utility company also posted non-GAAP core earnings of $920 million, or $0.40 per share, climbing from $674 million, or $0.31 per share, in the prior year.

For the first six months of the year, GAAP earnings per share increased to $0.72 from $0.51, while non-GAAP core earnings per share reached $0.83 compared to $0.64.

Management reaffirmed its full-year 2026 non-GAAP core earnings guidance of $1.64 to $1.66 per share and reported continued progress toward achieving a targeted 2 to 4 percent reduction in non-fuel operations and maintenance expenses.

Following the earnings announcement, PG&E's share price traded at $18.35.

The business successfully strengthened its balance sheet by completing a $2.2 billion utility bond issuance in June, bringing its total year-to-date utility debt financings to $4.4 billion.

Operationally, the organization expanded its wildfire risk mitigation efforts and reported a 60 percent reduction in 2025 methane emissions relative to its 2015 baseline levels.

The company maintained its focus on comprehensive customer support and regional electrification initiatives while advancing over 12 gigawatts of data center infrastructure projects.