Guidance
Reaffirms 2026 EPS guidance and $73B capital plan
Guidance tone
← Back to feed
01
02
03
04
AI
Demand
Capex
PCG
FY2026 Q2
IMPROVING
Pacific Gas & Electric Co. earnings call
Buzzberg read
Reaffirms 2026 EPS guidance and $73B capital plan
PG&E reported strong Q2 results with core EPS of $0.40, reaffirmed 2026 guidance and long-term growth targets. Management stressed the importance of wildfire liability reform for credit ratings and future capital allocation, while highlighting operational improvements and a growing data center pipeline. Core EPS $0.40 in Q2 and $0.83 in H1 2026; confirms full-year guidance $1.64-$1.66.
Buzzberg read Reaffirms 2026 EPS guidance and $73B capital plan PG&E reported strong Q2 results with core EPS of $0.40, reaffirmed 2026 guidance and long-term growth targets. Management stressed the importance of wildfire liability reform for credit ratings and future capital allocation, while highlighting operational improvements and a growing data center pipeline. Core EPS $0.40 in Q2 and $0.83 in H1 2026; confirms full-year guidance $1.64-$1.66. Read full analysisCollapse analysis
PG&E reported strong Q2 results with core EPS of $0.40, reaffirmed 2026 guidance and long-term growth targets. Management stressed the importance of wildfire liability reform for credit ratings and future capital allocation, while highlighting operational improvements and a growing data center pipeline. Core EPS $0.40 in Q2 and $0.83 in H1 2026; confirms full-year guidance $1.64-$1.66.
- Reaffirmed 9%+ annual EPS growth target from 2027-2030 and $73B capital plan through 2030.
- Data center pipeline expanded to over 12 GW, with focus on rate-reducing load.
- Wildfire liability legislation described as critical for investment-grade credit and affordability; inaction would trigger capital allocation review.
Revenue
$5.902B
-14% QoQ
EPS
$0.40
-7% QoQ
Gross margin
84.5%
reported
Op margin
21.4%
reported
What changed this quarter
Demand
Data center pipeline now over 12 gigawatts
Management expressed confidence in their plan and execution, highlighting strong operational performance and reaffirming guidance, while reiterating the need for a durable wildfire liability framework and noting they would reassess capital allocation if legislation is…
Risk
Would reevaluate capital plan if wildfire liability unresolved
Reaffirmed 9%+ annual EPS growth target from 2027-2030 and $73B capital plan through 2030.
Other
Fourth year with no major fires linked to PG&E equipment
Data center pipeline expanded to over 12 GW, with focus on rate-reducing load.
AI, capex & demand read
Platform & monetization
Management mentioned using AI for operational efficiency, wildfire detection, and O&M savings, but did not discuss AI-driven demand or revenue as a business driver.
Bookings & conversion
Data center pipeline now over 12 gigawatts. Management expressed confidence in their plan and execution, highlighting strong operational performance and reaffirming guidance, while reiterating the need for a durable wildfire liability framework and noting they would reassess capital allocation if legislation is insufficient.
Investment and capacity
Management reaffirmed the $73 billion capital plan through 2030 with no changes, and noted at least $5 billion of additional customer-beneficial investment opportunities outside the plan.
Tone · confident
Management expressed confidence in their plan and execution, highlighting strong operational performance and reaffirming guidance, while reiterating the need for a durable wildfire liability framework and noting they would reassess capital allocation if legislation is insufficient.
Forward guidance
ImprovingGuidance tone · was IN LINE last Q
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $1.64–$1.66 | $1.65 | MAINTAINED |
Guidance credibility
1 / 1met or beat
| Issued | Metric | Target | Guide | Actual | Outcome |
|---|---|---|---|---|---|
| FY2025 Q3 | EPS | FY2025 | $1.49–$1.51 | $1.50 | Met / beat |