PG&E Q3 core earnings drop 18% as revenue slips to $6.19B

• PG&E reported third-quarter 2026 core earnings of $0.41 per diluted share, down from $0.50 a year earlier, while revenue declined to $6.188 billion.
• GAAP net income available to common shareholders fell to $749 million from $823 million, with diluted earnings per share declining to $0.34 from $0.37.
• PG&E reaffirmed core earnings guidance of $1.64–$1.66 per share for 2026 and $1.78–$1.82 for 2027, while reducing planned capital spending.

PG&E Corporation (NYSE:PCG) reported third-quarter 2026 core earnings of $0.41 per diluted share, down from $0.50 a year earlier.

Revenue declined to $6.188 billion from $6.250 billion, while GAAP earnings fell to $749 million from $823 million.

For the first nine months, GAAP earnings per share increased to $1.06 from $0.89, while core EPS rose to $1.24.

PG&E reaffirmed its 2026 core EPS forecast of $1.64–$1.66 and 2027 guidance of $1.78–$1.82, despite weaker quarterly earnings.

The company expects to meet its 2%–4% operating cost reduction target while implementing a previously announced $2 billion capital spending cut.

PG&E's strategic review includes reducing planned 2027 capital investment while maintaining funding for critical safety programs and regulatory obligations.

The utility also filed a 5,000-mile power line undergrounding plan with California regulators as part of its infrastructure investment strategy.