$PCG · PG&E Corp

PG&E Corporation filed its Q3 FY2026 10-Q, reporting consolidated net income of $776M ($0.34 diluted EPS) on $6.188B in operating revenues, down 1% YoY. Utility net income available for common stock fell 10% to $817M, pressured by a 64% surge in Wildfire Fund expense to $141M and a 5% increase in interest expense to $729M. For the nine-month period, income available to common shareholders rose 20% to $2.34B, supported by rate increases and lower pass-through costs.

Extended-hours trading shows PCG at $13.10, down 0.38% from the regular close and 0.53% below the filing-time price — a modest negative drift consistent with the Q3 earnings decline and Wildfire Fund cost escalation.

The 64% spike in Wildfire Fund expense signals growing climate-liability cost pressure even as nine-month earnings remain up 20%, highlighting the precarious balance in California's utility regulatory

PG&E's results reflect the ongoing tension for California IOUs between rate-base growth and escalating wildfire-related costs. The 64% jump in Wildfire Fund expense mirrors broader sector pressure as climate-driven fire risk continues to reshape the regulatory and cost landscape for Western electric

Wildfire Fund expense rose 64% YoY to $141M in Q3, and the filing warns that the Fund's remaining balance could be insufficient if multiple California utilities draw on it simultaneously. The ongoing strategic review creates uncertainty around potential restructuring or asset transfers, including a