GET DAILY SIGNALSPG&E Corporation (PCG) Delivers Q3 2026 Results: Guidance Holds Steady After Narrow Miss
Key Takeaways
- PG&E reported third quarter 2026 non-GAAP core earnings of $0.41 per share, slightly below the $0.42 consensus estimate.
- Operating revenue came in at $6.188 billion, down roughly 1% year over year and below the $6.82 billion consensus.
- GAAP (Generally Accepted Accounting Principles) diluted earnings were $0.34 per share, compared with $0.37 in the prior-year quarter.
- Management reaffirmed full-year 2026 core EPS guidance of $1.64–$1.66 and 2027 guidance of $1.78–$1.82.
- The company reduced its 2027 capital plan by $2 billion to $11.4 billion, citing elevated financing costs, while leaving rate base guidance unchanged.
Why PG&E’s Quarter Matters in Context
As one of the largest investor-owned utilities in the United States, PG&E Corporation (PCG) serves roughly 16 million Californians. Its results provide a useful window into both the broader utility sector and the regulatory climate in California. The company is still working through the financial and policy effects of its 2020 bankruptcy and the wildfire-related changes to its cost structure. Investors focus especially on non-GAAP core earnings per share, the figure management uses for guidance, along with progress on safety, operating costs, and regulatory recovery. With a strategic review in progress and credit considerations in view, the quarter gives a timely sense of execution and the path to sustained earnings growth.
The Quarter in Detail
PG&E reported third quarter 2026 non-GAAP core earnings of $0.41 per share, missing the analyst consensus of $0.42 by a penny. Operating revenue reached $6.188 billion, down about 1% from $6.250 billion a year earlier and well below the $6.82 billion consensus. On a GAAP basis, diluted earnings per share were $0.34, down from $0.37 in the same quarter last year, with net income of $776 million and income available to common shareholders of $749 million.
Over the first nine months of 2026, core EPS came in at $1.24, up from $1.14 a year earlier. Management pointed to customer capital investment, which added $0.12 per share, and operating and maintenance savings of $0.04 per share as the main drivers of the improvement. The year-over-year comparison for the third quarter was weighed down by a lower California Public Utilities Commission return on equity in 2026, a one-time tax benefit recorded in 2025, and higher Wildfire Fund expense.
Management reaffirmed its full-year 2026 core EPS guidance of $1.64 to $1.66, which implies roughly 10% growth at the midpoint, and its 2027 guidance of $1.78 to $1.82, or about 9% growth at the midpoint. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Market Response and Investor Views
PG&E shares fell roughly 1.9% in pre-market trading after the release, reflecting the modest earnings miss and the larger revenue shortfall versus expectations. The reaction was moderated by the reaffirmation of both 2026 and 2027 core EPS guidance, which suggested that the underlying earnings trajectory remains on track. The revenue decline, while noticeable against consensus, aligned with known factors rather than any weakening in underlying demand. Investor sentiment continues to reflect broader questions around California’s regulatory environment, wildfire liability policy, and the ongoing strategic review that management expects to complete with a defined path forward by summer 2027 at the latest.
Looking Ahead: Guidance, Capital Plans, and Regulatory Milestones
The reaffirmed guidance highlights management’s continued confidence in the multi-year earnings trajectory, even with near-term pressures from a lower authorized return on equity and the absence of prior tax benefits. The $2 billion reduction to the 2027 capital plan, now set at $11.4 billion, stands out as an important item to follow. Management noted that the cut, prompted by higher financing costs, should leave 2027 rate base growth and critical wildfire mitigation work unaffected, though investors will want to confirm that safety spending stays fully supported.
Regulatory developments will remain central. PG&E received a favorable proposed decision in its 2027 general rate case that would allow interim rate recovery of $456 million, and it recently filed a 10-year electric undergrounding plan that proposes 5,000 additional miles of undergrounding between 2028 and 2037 at an estimated cost of $16.6 billion. How the CPUC and the state’s safety regulator handle these filings will shape both cost recovery and customer affordability.
Credit-rating considerations also warrant attention. Fitch revised its outlook on PG&E to negative during the quarter, and management has indicated that wildfire liability policy remains the main barrier to further rating improvement. Progress on a durable wildfire liability framework could support more affordable access to capital, which in turn affects financing costs and the ability to fund long-term investment.
Supporting My Research Workflow
From what I see, combining traditional financial analysis with modern screening tools helps surface context more efficiently. I find Tickeron’s AI Screener useful for quickly comparing utility names on fundamentals, technical signals, and AI-driven metrics, which adds another layer to the review process without replacing core due diligence.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
Momentum Indicator for PCG turns positive, indicating new upward trend
PCG saw its Momentum Indicator move above the 0 level on October 07, 2026. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 94 similar instances where the indicator turned positive. In 62 of the 94 cases, the stock moved higher in the following days. The odds of a move higher are at 66%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The RSI Indicator points to a transition from a downward trend to an upward trend -- in cases where PCG's RSI Indicator exited the oversold zone, 16 of 27 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 59%.
The Moving Average Convergence Divergence (MACD) for PCG just turned positive on September 30, 2026. Looking at past instances where PCG's MACD turned positive, the stock continued to rise in 25 of 47 cases over the following month. The odds of a continued upward trend are 53%.
Following a +0.69% 3-day Advance, the price is estimated to grow further. Considering data from situations where PCG advanced for three days, in 186 of 314 cases, the price rose further within the following month. The odds of a continued upward trend are 59%.
Bearish Trend Analysis
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In 46 of 74 cases where PCG's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are 62%.
The 50-day moving average for PCG moved below the 200-day moving average on September 16, 2026. This could be a long-term bearish signal for the stock as the stock shifts to an downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where PCG declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 57%.
PCG broke above its upper Bollinger Band on October 09, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for PCG entered a downward trend on October 08, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
The Tickeron Valuation Rating of 30 (best 1 - 100 worst) indicates that the company is slightly undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (1.221) is normal, around the industry mean (2.043). P/E Ratio (9.460) is within average values for comparable stocks, (14.417). PCG's Projected Growth (PEG Ratio) (0.499) is slightly lower than the industry average of (1.785). Dividend Yield (0.015) settles around the average of (0.053) among similar stocks. P/S Ratio (1.159) is also within normal values, averaging (187.392).
The Tickeron Price Growth Rating for this company is 63 (best 1 - 100 worst), indicating fairly steady price growth. PCG’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron SMR rating for this company is 70 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Seasonality Score of 75 (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron Profit vs. Risk Rating rating for this company is 76 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. PCG’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 54, placing this stock worse than average.
The Tickeron PE Growth Rating for this company is 82 (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
Notable companies
Industry description
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Advertisement
General Information
a provider of electric energy services and transports natural gas
Industry ElectricUtilities
Advertisement