Guidance
Reaffirmed 2026 EPS guidance and 9%+ growth through 2030
Guidance tone
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Demand
Capex
PCG
FY2026 Q1
IMPROVING
Pacific Gas & Electric Co. earnings call
Buzzberg read
Reaffirmed 2026 EPS guidance and 9%+ growth through 2030
PG&E reported Q1 2026 core EPS of $0.43, in line with its growth trajectory, and reaffirmed full-year guidance of $1.64-$1.66. Management emphasized affordability improvements (electric rates down 13-23% since Jan 2024), progress on wildfire reform legislation, and a growing pipeline of rate-reducing data center load. Q1 core EPS of $0.43, up $0.10 YoY; FY2026 EPS guidance reaffirmed at $1.64-$1.66 (10% growth).
Buzzberg read Reaffirmed 2026 EPS guidance and 9%+ growth through 2030 PG&E reported Q1 2026 core EPS of $0.43, in line with its growth trajectory, and reaffirmed full-year guidance of $1.64-$1.66. Management emphasized affordability improvements (electric rates down 13-23% since Jan 2024), progress on wildfire reform legislation, and a growing pipeline of rate-reducing data center load. Q1 core EPS of $0.43, up $0.10 YoY; FY2026 EPS guidance reaffirmed at $1.64-$1.66 (10% growth). Read full analysisCollapse analysis
PG&E reported Q1 2026 core EPS of $0.43, in line with its growth trajectory, and reaffirmed full-year guidance of $1.64-$1.66. Management emphasized affordability improvements (electric rates down 13-23% since Jan 2024), progress on wildfire reform legislation, and a growing pipeline of rate-reducing data center load. Q1 core EPS of $0.43, up $0.10 YoY; FY2026 EPS guidance reaffirmed at $1.64-$1.66 (10% growth).
- Electric rates reduced five times in two years; bundled rates down 13-23% for residential customers.
- Large load pipeline: 4.6 GW in final engineering; 10+ GW new interest in cluster study.
- Undergrounding plan: 1,200+ miles completed, saving $100M in maintenance; 10-year plan for 5,000 more miles to be filed in Q3.
Revenue
$6.881B
+1% QoQ
EPS
$0.43
+19% QoQ
Gross margin
85.02%
reported
Op margin
21.36%
reported
What changed this quarter
Regulatory
Wildfire reform progress encouraging but capital plan conditional
Q1 core EPS of $0.43, up $0.10 YoY; FY2026 EPS guidance reaffirmed at $1.64-$1.66 (10% growth).
Demand
Data center demand strong with 10+ GW interest in cluster study
Management expressed confidence in reaffirming guidance, highlighting progress on affordability, regulatory milestones, and encouraging wildfire reform discussions.
Operations
Diablo Canyon gets 20-year license extension, operational through 2030
Large load pipeline: 4.6 GW in final engineering; 10+ GW new interest in cluster study.
Demand & capex
Bookings & conversion
Data center demand strong with 10+ GW interest in cluster study. Management expressed confidence in reaffirming guidance, highlighting progress on affordability, regulatory milestones, and encouraging wildfire reform discussions.
Investment and capacity
Management reaffirmed the $73 billion five-year capital plan through 2030, with at least $5 billion of incremental investment opportunities. They are prioritizing investments that enable beneficial load growth and lower rates, and the plan requires no new common equity through 2030.
Tone · Confident
Management expressed confidence in reaffirming guidance, highlighting progress on affordability, regulatory milestones, and encouraging wildfire reform discussions.
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 |