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PG&E posted Q2 adjusted EPS of 40 cents, beating estimates by 8.1% and rising 29% year over year.
PG&E's data center pipeline expanded to 12,710 MW, led by a sharp increase in early-stage projects.
PG&E reaffirmed its 2026 adjusted EPS guidance of $1.64-$1.66 despite quarterly revenues missing estimates.
PG&E Corporation (PCG - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of 40 cents, which beat the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also increased 29% from the year-ago quarter’s figure of 31 cents.
The company reported GAAP earnings of 33 cents per share, which rose 37.5% from the prior-year quarter’s figure of 24 cents.
PCG’s Revenue Update
PCG reported second-quarter total revenues of $5.902 billion, up 0.1% from $5.898 billion registered in the year-ago period. However, the top line missed the Zacks Consensus Estimate of $6.31 billion by 6.4%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Total operating expenses in the second quarter of 2026 were $4.64 billion, down 3.4% from the prior-year reported figure.
The company reported an operating income of $1.26 billion compared with $1.1 billion in the prior year.
Interest expenses totaled $796 million compared with $792 million in the prior-year quarter.
PCG’s Data Center Pipeline Expands
PG&E’s data center pipeline increased to 12,710 megawatts (MW) in June 2026 from a recast 5,090 MW in March 2026. Projects in the application and preliminary engineering stage surged to 8,200 MW from 1,700 MW.
Final engineering projects increased to 3,880 MW, while projects with interconnection construction agreements rose to 490 MW. Another 140 MW remained under construction.
Management estimates that each gigawatt of new data center load could reduce customer electric bills by 1% or more over the long term, assuming appropriate pricing and infrastructure costs.
Financial Condition of PCG
As of June 30, 2026, cash and cash equivalents totaled $972 million compared with $713 million as of Dec. 31, 2025.
Cash flow from operating activities amounted to $3.34 billion for the first six months of 2026 compared with $3.91 billion in the first six months of 2025.
Capital expenditures totaled $6.32 billion during the first six months of 2026 compared with $5.7 billion in the first six months of 2025.
As of June 30, 2026, the company’s long-term debt amounted to $61.77 billion compared with $57.39 billion as of Dec. 31, 2025.
PCG’s 2026 Guidance
PG&E reaffirmed its 2026 adjusted EPS guidance. The company expects to generate adjusted earnings in the range of $1.64-$1.66 per share. The Zacks Consensus Estimate for 2026 earnings is pegged at $1.65, which is at the midpoint of PCG’s guided range.
CMS Energy Corporation (CMS - Free Report) is scheduled to report its second-quarter 2026 results on July 28, before market open.
The Zacks Consensus Estimate for second-quarter sales is pegged at $1.95 billion, which indicates a 6.2% improvement from the year-ago quarter’s figure. The consensus estimate for earnings is pinned at 57 cents per share.
Xcel Energy Inc. (XEL - Free Report) is slated to report its second-quarter 2026 results on July 30, before market open.
The Zacks Consensus Estimate for second-quarter sales is pegged at $3.58 billion, which implies a 9% jump from the year-ago quarter’s figure. The consensus estimate for earnings is pegged at 79 cents per share.
Duke Energy Corporation (DUK - Free Report) is scheduled to report its second-quarter 2026 results on Aug. 4, before market open.
The Zacks Consensus Estimate for second-quarter sales is pegged at $7.69 billion, which calls for a 2.5% increase from the year-ago quarter’s figure. The consensus estimate for earnings stands at $1.29 per share.
View the Zacks #1 Rank List
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PG&E Q2 Earnings Surpass Estimates, Revenues Increase Y/Y
Key Takeaways
PG&E Corporation (PCG - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of 40 cents, which beat the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also increased 29% from the year-ago quarter’s figure of 31 cents.
The company reported GAAP earnings of 33 cents per share, which rose 37.5% from the prior-year quarter’s figure of 24 cents.
PCG’s Revenue Update
PCG reported second-quarter total revenues of $5.902 billion, up 0.1% from $5.898 billion registered in the year-ago period. However, the top line missed the Zacks Consensus Estimate of $6.31 billion by 6.4%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Pacific Gas & Electric Co. price-consensus-eps-surprise-chart | Pacific Gas & Electric Co. Quote
Operational Highlights of PCG
Total operating expenses in the second quarter of 2026 were $4.64 billion, down 3.4% from the prior-year reported figure.
The company reported an operating income of $1.26 billion compared with $1.1 billion in the prior year.
Interest expenses totaled $796 million compared with $792 million in the prior-year quarter.
PCG’s Data Center Pipeline Expands
PG&E’s data center pipeline increased to 12,710 megawatts (MW) in June 2026 from a recast 5,090 MW in March 2026. Projects in the application and preliminary engineering stage surged to 8,200 MW from 1,700 MW.
Final engineering projects increased to 3,880 MW, while projects with interconnection construction agreements rose to 490 MW. Another 140 MW remained under construction.
Management estimates that each gigawatt of new data center load could reduce customer electric bills by 1% or more over the long term, assuming appropriate pricing and infrastructure costs.
Financial Condition of PCG
As of June 30, 2026, cash and cash equivalents totaled $972 million compared with $713 million as of Dec. 31, 2025.
Cash flow from operating activities amounted to $3.34 billion for the first six months of 2026 compared with $3.91 billion in the first six months of 2025.
Capital expenditures totaled $6.32 billion during the first six months of 2026 compared with $5.7 billion in the first six months of 2025.
As of June 30, 2026, the company’s long-term debt amounted to $61.77 billion compared with $57.39 billion as of Dec. 31, 2025.
PCG’s 2026 Guidance
PG&E reaffirmed its 2026 adjusted EPS guidance. The company expects to generate adjusted earnings in the range of $1.64-$1.66 per share. The Zacks Consensus Estimate for 2026 earnings is pegged at $1.65, which is at the midpoint of PCG’s guided range.
PCG’s Zacks Rank
PG&E currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Utility Releases
CMS Energy Corporation (CMS - Free Report) is scheduled to report its second-quarter 2026 results on July 28, before market open.
The Zacks Consensus Estimate for second-quarter sales is pegged at $1.95 billion, which indicates a 6.2% improvement from the year-ago quarter’s figure. The consensus estimate for earnings is pinned at 57 cents per share.
Xcel Energy Inc. (XEL - Free Report) is slated to report its second-quarter 2026 results on July 30, before market open.
The Zacks Consensus Estimate for second-quarter sales is pegged at $3.58 billion, which implies a 9% jump from the year-ago quarter’s figure. The consensus estimate for earnings is pegged at 79 cents per share.
Duke Energy Corporation (DUK - Free Report) is scheduled to report its second-quarter 2026 results on Aug. 4, before market open.
The Zacks Consensus Estimate for second-quarter sales is pegged at $7.69 billion, which calls for a 2.5% increase from the year-ago quarter’s figure. The consensus estimate for earnings stands at $1.29 per share.