PCG · Pacific Gas and Electric Company

PG&E Corporation reported strong first-quarter 2026 results, with GAAP earnings per share of $0.39, up from $0.28 in the same period last year, and non-GAAP core earnings per share of $0.43, up from $0.33. The improvement was primarily driven by customer capital investment due to higher rate base, the 2023 Wildfire Mitigation and Catastrophic Events final decision, and net operating and maintenance (O&M) savings. These were partially offset by a lower return on equity in effect during 2026 compared to 2025, increased wildfire-related claims net of recoveries, and higher Wildfire Fund expense. Management reaffirmed full-year 2026 non-GAAP core EPS guidance of $1.64 to $1.66, implying approximately 10% growth from 2025's core EPS of $1.50. The company also highlighted operational progress, including a 23% reduction in residential bundled electric rates for CARE customers since January 2024, the Diablo Canyon license renewal, and a data center pipeline of 4.6 GW in final engineering. The company remains on track to meet its 2-4% non-fuel O&M cost reduction target. The earnings release and slide presentation were furnished as exhibits to the 8-K.