PG&E Corporation's first quarter 2026 revenue grew 15% to $6.9B, beating estimates while reaffirming full-year guidance.

PG&E Corporation reported first quarter 2026 non-GAAP core earnings of $0.43 per share on total operating revenues of $6.88 billion. These results surpassed analyst estimates for both EPS ($0.39) and revenue ($6.31 billion). The company reaffirmed its full-year 2026 non-GAAP core EPS guidance of $1.64 to $1.66.

Key Highlights

• Non-GAAP core EPS of $0.43 increased over 30% from $0.33 in the prior-year quarter, driven by higher rate base and cost savings.
• Management confirmed the company is on track to meet its full-year target of a 2-4% reduction in non-fuel operating and maintenance (O&M) costs.
• The company received approval from the U.S. Nuclear Regulatory Commission for the Diablo Canyon Power Plant's license renewal for extended operations.
• Progress continues on accommodating AI-driven demand, with approximately 4.6 gigawatts of new data center load now in final engineering.