Pg&e Stock Earnings Reports

PG&E reported a strong Q1 2026 with core EPS of $0.43, putting the company on track to meet its full-year 2026 core EPS guidance of $1.64–$1.66 (midpoint implying ~10% growth vs. 2025). Management reaffirmed its 2027–2030 annual EPS growth target of 9%+ and its five-year $73 billion capital plan through 2030, including no need for new common equity through 2030 under current assumptions. The company highlighted continued progress on affordability (five rate reductions since Jan 2024; bundled rates down 23% for the most vulnerable customers and 13% for other residential customers), operational advances in wildfire mitigation (continuous monitoring, PSPS, EPSS, sensors) and infrastructure hardening (planned undergrounding and overhead hardening aiming to address >75% of high-fire-threat miles by 2037). PG&E emphasized strong demand for rate-reducing large loads (final engineering up to 4.6 GW; cluster study interest >10 GW) and expects roughly 1.8 GW of large load online by 2030, contributing to long-term rate relief. Financial priorities remain disciplined: maintain investment-grade trajectory, sustain FFO/debt in the mid-teens, target a 20% dividend payout ratio by 2028, and keep flexibility to reprioritize capital if wildfire liability reform (SB 254 Phase II) does not materially improve the risk profile. Operational efficiency initiatives (continuous monitoring, LiDAR, satellite inspections) are expected to produce ongoing nonfuel O&M savings and lower maintenance/capital costs.