PG&E Corporation Keeps Outlook as Third-Quarter Earnings Decline

PG&E Corporation kept its 2026 and 2027 core earnings outlook unchanged even as third-quarter revenue, GAAP income and core earnings declined from a year earlier, maintaining its annual targets after a weaker quarter.

Revenue totaled $6.188 billion for the quarter ended Sept. 30, compared with $6.250 billion in the same period of 2025. The company released its results Oct. 22 at 6:03 a.m. ET (10:03 UTC).

Income available to common shareholders under generally accepted accounting principles (GAAP) was $749 million, or 34 cents per diluted share. A year earlier, the figures were $823 million and 37 cents per diluted share.

Core earnings, a company-defined measure that excludes non-core items, totaled $928 million, or 41 cents per diluted share. In the third quarter of 2025, core earnings were $1.142 billion, or 50 cents per diluted share.

PG&E Corporation maintained its 2026 core earnings guidance at $1.64 to $1.66 per share and its 2027 range at $1.78 to $1.82. The company said it could not provide GAAP guidance or a quantitative reconciliation of its forward-looking non-GAAP figures without unreasonable effort because some potentially significant line items were not estimable.

The company attributed the year-over-year decline in GAAP earnings to the California Public Utilities Commission’s lower 2026 return on equity compared with 2025, one-time catch-up effects from a 2025 tax-methodology change, and higher Wildfire Fund expense. Earnings on a higher rate base and net operations-and-maintenance savings partly offset those pressures.

PG&E Corporation CEO Patti Poppe said, ‘California needs a durable wildfire liability framework that delivers for customers and investors.’ Its subsidiary, Pacific Gas and Electric Company, provides electricity and natural gas service to more than 16 million people across Northern and Central California.