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PCG FY2026 Q1 IMPROVING

Pacific Gas & Electric Co. 실적 발표

Apr 23, 2026 · 07:00 ET Carolyn BurkeJonathan ArnoldPatti Poppe
Buzzberg 분석

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 분석 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). 전체 분석 보기분석 접기

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

이번 분기에 달라진 점

01
Guidance

Reaffirmed 2026 EPS guidance and 9%+ growth through 2030

Guidance tone

02
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).

03
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.

04
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.

수요 및 자본지출

수요

수주 및 전환

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.

자본지출

투자 및 생산능력

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.

톤 · Confident

Management expressed confidence in reaffirming guidance, highlighting progress on affordability, regulatory milestones, and encouraging wildfire reform discussions.

향후 가이던스

ImprovingGuidance tone · was IN LINE last Q
지표기간범위중간값상태
EPSFY2026$1.64–$1.66$1.65MAINTAINED

가이던스 신뢰도

1 / 1달성 또는 상회
제시 시점지표목표 기간가이던스실제결과
FY2025 Q3EPSFY2025$1.49–$1.51$1.50Met / beat