$PCG · PG&E Corp

PG&E Corporation reported Q3 2026 GAAP EPS of $0.34 (vs. $0.37 in Q3 2025) and non-GAAP core EPS of $0.41 (vs. $0.50). The decline was driven by lower CPUC return on equity and higher Wildfire Fund expense. The company reaffirmed full-year 2026 non-GAAP core EPS guidance of $1.64–$1.66 and 2027 guidance of $1.78–$1.82, while implementing a $2 billion reduction to its 2027 capital plan and advancing a strategic review aimed at achieving investment-grade status.

Extended-hours trading shows PCG at $13.09, down 0.46% from the regular close of $13.15, suggesting mild negative reaction to the Q3 core EPS miss versus the prior-year quarter despite reaffirmed guidance.

PG&E's core earnings declined 18% YoY but the company held guidance steady, betting that cost cuts, the capital plan reduction, and the strategic review will restore investor confidence in its path to

PG&E's undergrounding plan and data-center load growth narrative (174 MW energized since 2024, with every 1 GW of new data center load potentially cutting customer bills 1%+) mirror the utility sector's broader bet on electrification and AI-driven demand to support rate-base growth.

CEO Poppe explicitly flagged that California still lacks a durable wildfire liability framework that works for customers and investors — a structural regulatory risk. The $2 billion capital plan reduction and ongoing strategic review signal potential portfolio or balance-sheet restructuring.