PG&E Q1 beats operating revenue expectations, reaffirms 2026 core EPS guidance

PG&E

23/04/2026 11:12

Overview

U.S. utility's Q1 operating revenue rose yr/yr, beating analyst expectations

GAAP EPS for Q1 increased to $0.39 from $0.28 yr/yr

Non-GAAP core EPS for Q1 rose to $0.43 from $0.33 yr/yr

Outlook

PG&E reaffirms 2026 non-GAAP core EPS guidance at $1.64 to $1.66 per share

Company expects 2-4% non-fuel O&M cost reduction in 2026

PG&E says financial progress in 2026 driven by capital investment returns and cost savings

Result Drivers

CUSTOMER CAPITAL INVESTMENT - Co said higher customer capital investment and increased rate base drove earnings growth

O&M SAVINGS - Net operating and maintenance savings contributed to improved results

WILDFIRE COSTS - Increased wildfire-related claims and Wildfire Fund expense partially offset earnings growth

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Operating Revenue
Beat
$6.88 bln
$6.21 bln (3 Analysts)
Q1 EPS
$0.39


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the electric utilities peer group is "buy"

Wall Street's median 12-month price target for PG&E Corp is $23.00, about 36.3% above its April 22 closing price of $16.88

The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)