PG&E Corporation (PCG) Research

Forward Estimates

EPS Estimates

Current Qtr

$0.36

$0.30$0.41

vs $0.31+16.3%

10 analysts

Next Qtr

$0.45

$0.38$0.51

vs $0.50-10.2%

10 analysts

Current Yr

$1.65

$1.64$1.65

vs $1.50+9.8%

17 analysts

Next Yr

$1.80

$1.78$1.85

vs $1.65+9.4%

17 analysts

Revenue Estimates

Current Qtr

$6.18B

$6.07B$6.27B

vs $5.90B+4.8%

3 analysts

Next Qtr

$6.65B

$6.38B$7.03B

vs $6.25B+6.4%

3 analysts

Current Yr

$26.42B

$24.87B$27.49B

vs $24.93B+6.0%

13 analysts

Next Yr

$27.33B

$25.85B$28.62B

vs $26.42B+3.4%

13 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for PCG on EDGAR.

PCG filing events and research context
Filed	Item	Context
Apr 23, 2026	mda_quarterly	PG&E Corporation reported consolidated net income of $858 million for the first quarter of 2026, with Utility net income rising to $951 million. Operating revenues increased 15% to $6.88 billion, primarily driven by the 2023 WMCE final decision and extended operations at the Diablo Canyon Power Plant, which secured a 20-year license renewal in April 2026. The company continues to manage substantial wildfire liabilities, including $2.15 billion for the Dixie fire, $1.325 billion for the Kincade fire, and $400 million for the Mosquito fire. Financial mitigation relies on the AB 1054 Wildfire Fund, the SB 254 Continuation Account, and insurance, alongside aggressive mitigation initiatives such as undergrounding and Public Safety Power Shutoffs. Liquidity totals $6.3 billion, bolstered by $2.2 billion in First Mortgage Bonds issued in February 2026. Planned 2026 capital expenditures are $12.4 billion, focused on electric transmission and distribution hardening. Key regulatory priorities include the 2027 GRC, with a requested revenue requirement of $16.64 billion, and a potential $1 billion investment from Citizens Energy Corporation via transmission asset leases.
Feb 12, 2026	business	PG&E Corporation is a holding company for Pacific Gas and Electric Company, a regulated utility providing electricity and natural gas to northern and central California. Regulated primarily by the CPUC and FERC, the company employs a cost-of-service ratemaking model decoupled from sales volumes. Financial stability is heavily tied to the management of wildfire-related contingencies, utilizing the AB 1054 Wildfire Fund and SB 901 securitization mechanisms to recover costs. As of December 31, 2025, the company held $22.6 billion in regulatory assets and $24.3 billion in regulatory liabilities. Key financial risks include commodity price volatility in energy procurement, mitigated through non-speculative derivatives such as swaps and forwards, and interest rate sensitivity, where a 1% rate shift would impact pre-tax net income by $37 million. Long-term liabilities are significant, including $5.4 billion in asset retirement obligations for nuclear decommissioning and $1.2 billion in undiscounted environmental remediation costs. The company maintains an aggressive investment cycle, with 2025 capital expenditures totaling approximately $11.8 billion. These activities are supported by a complex debt structure comprising First Mortgage Bonds and recovery bonds.
Feb 12, 2026	risk_factors	PG&E Corporation’s financial stability is primarily threatened by catastrophic wildfire risks exacerbated by climate change and severe weather. While the company employs mitigation strategies—including Public Safety Power Shutoffs (PSPS), Enhanced Powerline Safety Settings (EPSS), and system hardening—future ignitions remain possible. Significant liabilities persist from the Kincade, Dixie, and Mosquito fires. Recovery depends on insurance, the AB 1054 Wildfire Fund, and the SB 254 Continuation Account, though the longevity of these funds is uncertain and subject to claims from other utilities, such as SCE. Regulatory risk is central, as the CPUC’s interpretation of prudency standards determines the recovery of billions in recorded expenses. Additionally, the company manages substantial federal and California net operating loss carryforwards, which are subject to Section 382 ownership change restrictions. Financial performance is further sensitive to capital market volatility, elevated interest rates, and commodity price fluctuations in electricity and natural gas procurement. Environmental violations, such as those stemming from the Butte Canal breach and CZU Lightning Complex fire, present additional potential penalties and remediation costs.

Filed

Item

Context

Apr 23, 2026

mda_quarterly

PG&E Corporation reported consolidated net income of $858 million for the first quarter of 2026, with Utility net income rising to $951 million. Operating revenues increased 15% to $6.88 billion, primarily driven by the 2023 WMCE final decision and extended operations at the Diablo Canyon Power Plant, which secured a 20-year license renewal in April 2026. The company continues to manage substantial wildfire liabilities, including $2.15 billion for the Dixie fire, $1.325 billion for the Kincade fire, and $400 million for the Mosquito fire. Financial mitigation relies on the AB 1054 Wildfire Fund, the SB 254 Continuation Account, and insurance, alongside aggressive mitigation initiatives such as undergrounding and Public Safety Power Shutoffs. Liquidity totals $6.3 billion, bolstered by $2.2 billion in First Mortgage Bonds issued in February 2026. Planned 2026 capital expenditures are $12.4 billion, focused on electric transmission and distribution hardening. Key regulatory priorities include the 2027 GRC, with a requested revenue requirement of $16.64 billion, and a potential $1 billion investment from Citizens Energy Corporation via transmission asset leases.

Feb 12, 2026

business

PG&E Corporation is a holding company for Pacific Gas and Electric Company, a regulated utility providing electricity and natural gas to northern and central California. Regulated primarily by the CPUC and FERC, the company employs a cost-of-service ratemaking model decoupled from sales volumes. Financial stability is heavily tied to the management of wildfire-related contingencies, utilizing the AB 1054 Wildfire Fund and SB 901 securitization mechanisms to recover costs. As of December 31, 2025, the company held $22.6 billion in regulatory assets and $24.3 billion in regulatory liabilities. Key financial risks include commodity price volatility in energy procurement, mitigated through non-speculative derivatives such as swaps and forwards, and interest rate sensitivity, where a 1% rate shift would impact pre-tax net income by $37 million. Long-term liabilities are significant, including $5.4 billion in asset retirement obligations for nuclear decommissioning and $1.2 billion in undiscounted environmental remediation costs. The company maintains an aggressive investment cycle, with 2025 capital expenditures totaling approximately $11.8 billion. These activities are supported by a complex debt structure comprising First Mortgage Bonds and recovery bonds.

Feb 12, 2026

risk_factors

PG&E Corporation’s financial stability is primarily threatened by catastrophic wildfire risks exacerbated by climate change and severe weather. While the company employs mitigation strategies—including Public Safety Power Shutoffs (PSPS), Enhanced Powerline Safety Settings (EPSS), and system hardening—future ignitions remain possible. Significant liabilities persist from the Kincade, Dixie, and Mosquito fires. Recovery depends on insurance, the AB 1054 Wildfire Fund, and the SB 254 Continuation Account, though the longevity of these funds is uncertain and subject to claims from other utilities, such as SCE. Regulatory risk is central, as the CPUC’s interpretation of prudency standards determines the recovery of billions in recorded expenses. Additionally, the company manages substantial federal and California net operating loss carryforwards, which are subject to Section 382 ownership change restrictions. Financial performance is further sensitive to capital market volatility, elevated interest rates, and commodity price fluctuations in electricity and natural gas procurement. Environmental violations, such as those stemming from the Butte Canal breach and CZU Lightning Complex fire, present additional potential penalties and remediation costs.

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