PG&E Q1 Earnings Surpass Estimates, Revenues Increase Y/Y

PG&E CorporationPCG reported first-quarter 2026 adjusted earnings per share (EPS) of 43 cents, which beat the Zacks Consensus Estimate of 39 cents by 10.3%. The bottom line also increased 30.3% from the year-ago quarter’s figure of 33 cents.

The company reported GAAP earnings of 39 cents per share, which rose 39.3% from the prior-year quarter’s figure of 28 cents.

PCG’s Revenue Update

PCG reported first-quarter total revenues of $6.88 billion, up 15% from $5.98 billion registered in the year-ago period. The top line also surpassed the Zacks Consensus Estimate of $6.46 billion by 6.6%.

Operational Highlights of PCG

Total operating expenses in the first quarter of 2026 were $5.41 billion, up 13.6% from the prior-year reported figure.

The company reported an operating income of $1.47 billion compared with $1.22 billion in the prior year.

Interest expenses totaled $803 million compared with $734 million in the prior-year quarter.

Financial Condition of PCG

As of March 31, 2026, cash and cash equivalents totaled $1.13 billion compared with $0.71 billion as of Dec. 31, 2025.

Cash flow from operating activities amounted to $2.43 billion for the first three months of 2026 compared with $2.85 billion in the first three months of 2025.

Capital expenditures totaled $3.36 billion during the first three months of 2026 compared with $2.64 billion in the first three months of 2025.

As of March 31, 2026, the company’s long-term debt amounted to $60.15 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 the company’s guided range.

PCG’s Zacks Rank

PG&E currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Utility Releases

CMS Energy CorporationCMS is scheduled to report its first-quarter 2026 results on April 28, before market open.

The Zacks Consensus Estimate for first-quarter sales is pegged at $2.51 billion, which indicates a 2.6% improvement from the year-ago quarter’s figure. The consensus estimate for earnings is pinned at $1.11 per share.

Xcel Energy Inc.XEL is slated to report its first-quarter 2026 results on April 30, before market open.

The Zacks Consensus Estimate for first-quarter sales is pegged at $4.21 billion, which implies an 7.7% improvement from the year-ago quarter’s figure. The consensus estimate for earnings is pegged at 92 cents per share.

Duke Energy CorporationDUK is scheduled to report its first-quarter 2026 results on May 5, before market open.

The Zacks Consensus Estimate for first-quarter sales is pegged at $8.46 billion, which calls for a 2.6% increase from the year-ago quarter’s figure. The consensus estimate for earnings is pegged at $1.79 per share.

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This article originally published on Zacks Investment Research (zacks.com).

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