PG&E Q3 2026: revenue $6.19 billion, core EPS $0.41 misses consensus
PG&E's third quarter was a modest step back: revenue fell 1.0% to $6.19 billion, GAAP EPS slipped to $0.34 and core EPS of $0.41 came in below the $0.42 consensus. Guidance for 2026 and 2027 was reaffirmed, so the story is a slower 2026, not a broken one. Read the segments for the mix shift, then the balance sheet for the debt load.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $0.34 compares with $0.37 a year ago, and core EPS of $0.41 compares with $0.50. The $0.41 also lands below the $0.42 consensus estimate, roughly 3.0% short. Management pinned the decline on a lower CPUC return on equity in 2026, the one-time catch-up from a 2025 tax methodology change, and higher Wildfire Fund expense.
Revenue of $6.19 billion fell 1.0% from $6.25 billion a year earlier. Electricity revenue dropped 2.0% to $4.66 billion, or 75.3% of the total, while natural gas rose 2.2% to $1.53 billion. Gross margin of 83.6% comes off a combined cost of electricity and gas of just $1.01 billion.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-10-23
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