OAKLAND, Calif., April 23, 2026 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) is on track to deliver solid financial results in 2026. Financial progress includes:

• GAAP earnings were $0.39 per share for the first quarter of 2026, compared to $0.28 per share for the same period in 2025.
• Non-GAAP core earnings were $0.43 per share for the first quarter of 2026, compared to $0.33 per share for the same period in 2025.
• Full year 2026 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share.^[1]
• On track to meet 2-4% non-fuel operating and maintenance (O&M) cost reduction target.  

Operational progress during the first quarter of 2026 continued to focus on delivering safe, reliable, affordable, and clean energy to customers. Pacific Gas and Electric Company (PG&E or the Utility):

• Lowered residential bundled electric rates for the fifth time – reducing these rates 23% for PG&E's most vulnerable customers served under the CARE program, and 13% for other customers – since January 2024.
• Received approval from the U.S. Nuclear Regulatory Commission (NRC) on Diablo Canyon Power Plant's license renewal for extended operations on April 2, 2026. In 2025, the NRC found the nuclear plant to be safe and environmentally sound to operate for another 20 years. Diablo Canyon provides safe, reliable, affordable and clean electricity to about four million Californians and makes up nearly 20% of California's clean energy.
• Connected its eighth renewable natural gas (RNG) facility, enabling more California-produced RNG to help reduce greenhouse gas emissions. PG&E plans to connect an additional five RNG facilities by the end of 2027. Since 2021, PG&E has transported approximately 7.25 billion cubic feet of RNG through its natural gas pipeline system – enough energy to fuel more than 190,000 homes.
• Completed 31 miles of undergrounded powerlines and installed 44 miles of strengthened poles and covered powerlines in high fire-risk areas. By the end of 2027, PG&E plans to complete more than 1,900 total miles of undergrounding and more than 2,000 miles of strengthened poles and covered powerlines, along with other wildfire safety system upgrades.
• Connected over 3,100 electric customers and over 1,500 new electric vehicle charging ports to the Utility's grid.
• Advanced customer data center projects in PG&E's service area, with approximately 4.6 gigawatts (GW) now in final engineering. Every 1 GW of new data center load could help customers save 1% or more on their monthly electric bill, under the right conditions.

"Our PG&E team continues our progress in delivering safe, reliable, affordable and clean energy to our customers. We've lowered residential bundled electric rates, which are down 23% since January 2024 for our most vulnerable customers. Safety remains our foundation as we strengthen and build resilient energy infrastructure to support California's growth," said PG&E Corporation CEO Patti Poppe.

2026 Guidance

PG&E Corporation is reaffirming its full year 2026 non-GAAP core earnings guidance range of $1.64 to $1.66 per share. Factors expected to drive non-GAAP core earnings include return on customer capital investment and costs related to unrecoverable interest expense and other earnings factors, including allowance for funds used during construction, incentive revenues, tax benefits, and cost savings, net of below-the-line costs.

PG&E Corporation uses "non-GAAP core earnings," which is a non-GAAP financial measure that excludes non-core items, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of consolidated income available for common shareholders to non-GAAP core earnings (including non-GAAP core EPS).

Financial Results

PG&E Corporation recorded first quarter 2026 income available for common shareholders of $858 million, and $0.39 per diluted share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $607 million, and $0.28 per diluted share, for first quarter 2025.

GAAP earnings were primarily driven by customer capital investment due to the earnings impact of higher rate base, the 2023 Wildfire Mitigation and Catastrophic Events (WMCE) final decision, and net O&M savings, partially offset by a lower return on equity in effect during 2026 as compared to 2025, increased wildfire-related claims, net of recoveries, and Wildfire Fund expense.  

Non-GAAP Core Earnings

PG&E Corporation's non-GAAP core earnings were $982 million, and $0.43 per diluted share, for the first quarter of 2026, compared to $728 million, and $0.33 per diluted share, for the first quarter of 2025.

Non-GAAP core earnings were driven by similar factors to our GAAP earnings.

Non-core items, which management does not consider representative of ongoing earnings, totaled $100 million after tax, and $0.04 per share, for the first quarter of 2026, compared with $120 million after tax, and $0.05 per share, for the first quarter of 2025.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation's website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Earnings Conference Call

PG&E Corporation will hold a conference call on April 23, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its first quarter 2026 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.

What: First Quarter 2026 Earnings Call

When: Thursday, April 23, 2026 at 11:00 a.m. Eastern Time

Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

A replay of the conference call will be archived at

http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through April 30, 2026, by dialing (800) 770-2030. The confirmation code 92587 will be required to access the replay.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings with the California Public Utilities Commission and the Federal Energy Regulatory Commission at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the "Wildfire & Safety" and "News & Events" pages, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.  For more information, visit http://www.pgecorp.com.

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, guidance, estimates, future plans, and strategies of PG&E Corporation and the Utility, including regarding earnings, customer bills, operating and maintenance costs, system hardening, and load growth. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include factors disclosed in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2025, their most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (Form 10-Q), and other reports filed with or furnished to the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC's website at www.sec.gov. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

^[1] PG&E Corporation is unable to provide GAAP guidance or present a quantitative reconciliation of forward-looking non-GAAP core earnings, non-GAAP core EPS, or non-GAAP core EPS growth without unreasonable effort because specific line items, which may be significant, are not estimable. For instance, amortization of the Wildfire Fund contribution asset, the impacts of regulatory decisions, special tax items, and wildfire-related costs, net of recoveries, are difficult to predict due to various factors outside of management's control.

Non-GAAP Core Earnings and Non-GAAP Core EPS

"Non-GAAP core earnings" and "Non-GAAP core EPS," also referred to as "non-GAAP core earnings per share," are non-GAAP financial measures. Non-GAAP core earnings is calculated as income available for common shareholders, diluted, less non-core items. "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed above. Non-GAAP core EPS is calculated as non-GAAP core earnings divided by common shares outstanding on a diluted basis.

PG&E Corporation discloses historical financial results and provides guidance based on "non-GAAP core earnings" and "non-GAAP core EPS" in order to provide measures that allow investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance.

Non-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pge-corporation-reports-first-quarter-2026-results-on-track-to-deliver-solid-2026-bundled-residential-electric-rates-now-down-23-since-2024-for-most-vulnerable-customers-302751163.html

SOURCE PG&E Corporation