PG&E Surpasses Expectations with Strong Q1 2026 Results
PG&E Corporation has reported strong first-quarter results for 2026, beating expectations and solidifying its position as a leader in California's energy landscape. The company announced core earnings per share (EPS) of $0.43, exceeding the market's forecast and putting it firmly on track to deliver on its full-year guidance.
CEO Patti Poppe was pleased to report another quarter of progress, saying: "I'm pleased to be with you this morning to report another quarter of strong progress on multiple fronts." The company reaffirmed its full-year 2026 core EPS guidance of $1.64-$1.66, indicating a 10% growth over the previous year and marking its fifth consecutive year of double-digit core earnings growth.
PG&E's focus on affordability has yielded significant results, with electric rates lowered for the fifth time since January 2024. For most vulnerable residential customers, bundled rates are now down 23%, while other residential customers have seen a 13% reduction over the same period.
The company's Diablo Canyon Nuclear Power Plant has received crucial permits and approvals, including a 20-year license extension from the Nuclear Regulatory Commission. This development underscores its importance in supporting California's reliability and clean energy goals.
PG&E remains committed to finding a long-term solution to wildfires, with CEO Patti Poppe emphasizing the need for action: "The status quo is neither sustainable nor affordable, and California needs a model that works for all stakeholders." The company continues to focus on wildfire mitigations, including operational measures like PSPS and EPSS, which are making it safer every day.
The company's forward-looking statements and guidance for future financial results are based on information currently available to management. Some of the important factors affecting its actual financial results are described in detail in the Q1 2026 earnings presentation and quarterly report on Form 10-Q.
PG&E's progress is a testament to its commitment to delivering value for customers, investors, and stakeholders alike. With a clear focus on affordability, reliability, and clean energy, the company remains poised to drive growth and innovation in California's energy landscape.
