PG&E reported strong Q1 2026 financial results with revenue and earnings surpassing prior periods and confirmed its full-year 2026 outlook. The company continues to advance safety, wildfire mitigation, and clean energy initiatives, supported by regulatory engagement and capital market activities.

• PG&E reported Q1 2026 revenues of $6.881 billion and basic and diluted EPS of $0.39, with profits advancing compared to prior periods [N2][N3][N4][N7].
• Management confirmed the FY26 outlook during the Q1 earnings call held on April 23, 2026 [N2][N5][N6].
• The company continues to implement safety and wildfire mitigation programs, including enhanced powerline safety settings and public safety power shutoffs [S1].
• PG&E has contracts for more than 4.9 GW of battery energy storage capacity and supports over 820,000 electric vehicles in its service area [S1].
• The number of interconnected private solar customers exceeds 950,000, and methane emission reduction targets have been met ahead of schedule [S1].
• PG&E completed bond issuances totaling several billion dollars in early 2026 to support capital expenditures [S2].
• The company’s liquidity position as of March 31, 2026, includes $1.131 billion in cash and equivalents, a current ratio of 1.2, and a cash ratio of 0.09 [S2].
• PG&E’s capital expenditure plans focus on wildfire mitigation, electrification, grid modernization, and customer-driven investments, with forecasted spending increasing through 2030 [S1].
• The company maintains programs to assist low-income customers, including the CARE program offering monthly discounts on natural gas and electric bills [S1].
• PG&E’s dividend policy targets consistent increases with a payout ratio of approximately 20% of core earnings by 2028 [S1].
• The company’s Lean operating system supports operational efficiency through visual management, operating reviews, problem solving, standard work, and waste elimination [S1].
• PG&E’s safety performance improved in 2025 with no major wildfire ignitions attributed to its equipment and a decreased number of CPUC-reportable ignitions [S1].
• The company is regulated primarily by the CPUC and FERC and is subject to various federal, state, and local regulatory requirements [S1].

PG&E’s continued investments in wildfire mitigation, grid hardening, and clean energy infrastructure support its ability to provide safe, reliable, and sustainable energy services. The company’s adoption of advanced safety technologies and operational improvements reduces risk and enhances reliability. Its leadership in integrating distributed energy resources, battery storage, and electric vehicle support aligns with California’s climate goals. The company’s capital expenditure plans and regulatory engagement aim to balance customer affordability with infrastructure modernization. PG&E’s dividend policy and improving credit ratings reflect financial discipline and shareholder return focus.

PG&E faces risks from regulatory and legal challenges, including potential delays or disallowances in cost recovery for capital expenditures, especially related to wildfire mitigation. The company’s large capital expenditure program may be subject to permitting, construction, and financing risks. Customer rate increases, although targeted to be limited, may face political and regulatory scrutiny. Operational risks include wildfire ignition, safety incidents, and cybersecurity threats. Changes in environmental regulations or energy policy could impact costs and operations. The company’s financial performance is sensitive to regulatory outcomes and market conditions affecting energy demand and costs.

PG&E’s moat is underpinned by its regulated utility status, serving a large and defined geographic area in Northern and Central California. The company benefits from regulatory frameworks that provide cost-of-service ratemaking, enabling recovery of prudent investments and operating costs. Its extensive infrastructure, safety programs, and investments in wildfire mitigation and grid modernization create barriers to entry. The company’s integration of environmental and social governance through its triple bottom line framework and Lean operating system supports operational excellence and stakeholder trust. Regulatory relationships and capital investment plans further reinforce its competitive position in a highly regulated industry.

• Regulatory Risk: PG&E’s earnings and cost recovery depend heavily on regulatory approvals from the CPUC and FERC. Changes in regulatory policies or delays in approvals could impact financial results and capital investment plans.
• Wildfire and Safety Risk: Despite extensive mitigation efforts, wildfire risk remains a significant operational and financial risk, including potential liabilities and reputational damage.
• Capital Expenditure Execution Risk: Large-scale capital projects face risks related to permitting, construction delays, cost overruns, and availability of labor and materials.
• Customer Rate Pressure: Upward pressure on customer rates due to capital investments and regulatory requirements may face resistance, affecting customer satisfaction and regulatory relations.
• Environmental and Climate Policy Risk: Evolving environmental regulations and climate policies may increase compliance costs and require operational adjustments.

• PG&E Corporation is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in Northern and Central California [S1].
• The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers in its service area [S1].
• PG&E Corporation and the Utility employ a Lean operating model to improve decision-making, reduce employee difficulties, and deliver better outcomes for customers and communities [S1].
• The company measures progress using a triple bottom line framework focusing on people, planet, and prosperity, balancing economic value with social and environmental responsibilities [S1].
• PG&E has implemented safety programs including Enhanced Powerline Safety Settings, Public Safety Power Shutoffs, vegetation management, asset inspections, and system hardening to reduce wildfire risks [S1].
• The Utility’s generation operations focus on safety, compliance, environmental stewardship, and asset reliability with continuous improvement and risk-informed decision-making [S1].
• PG&E is regulated primarily by the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC), among other agencies [S1].
• The company’s capital expenditures were $13.4 billion in 2025, with forecasted expenditures of $12.4 billion for 2026 and increasing amounts through 2030, focused on wildfire mitigation, electrification, transmission, energy storage, and grid modernization [S1].
• PG&E aims to limit average annual customer rate increases to 3% and has programs to assist low-income customers, such as the CARE program offering monthly discounts [S1].
• The company’s dividend policy targets consistent increases with a payout ratio of approximately 20% of core earnings by 2028 [S1].
• PG&E reported Q1 2026 revenues of $6.881 billion and basic and diluted EPS of $0.39 for the quarter ended March 31, 2026 [S2].
• As of March 31, 2026, PG&E had cash and equivalents of $1.131 billion, current assets of $14.799 billion, current liabilities of $12.345 billion, a current ratio of 1.2, and a cash ratio of 0.09 [S2].
• PG&E’s Q1 2026 earnings and revenues surpassed prior period levels, with management confirming the FY26 outlook [N2][N3][N4][N5][N7].
• The company continues to advance decarbonization initiatives, including contracts for over 4.9 GW of battery energy storage capacity and supporting over 820,000 electric vehicles in its service area [S1].
• PG&E has more than 950,000 interconnected private solar customers and has met methane emission reduction targets ahead of schedule [S1].
• The company’s recent bond issuances include $1 billion of 6.85% junior subordinated notes due 2056 and multiple first mortgage bonds issued in early 2026 [S2].