PG&E Corporation

PG&E reported second-quarter 2026 core EPS of $0.40 and first-half 2026 core EPS of $0.83, which Carolyn Burke said was $0.19 higher than the prior-year first half. Management did not state revenue, gross margin, or GAAP EPS figures on the call. For 2026, the company reaffirmed core EPS guidance of $1.64 to $1.66; it also reaffirmed its 9%+ annual EPS growth target for 2027 through 2030, its $73 billion capital plan through 2030, and its target of a 20% dividend payout by 2028.

Patty Poppe framed the quarter as another step in PG&E's “simple affordable model,” emphasizing safety, reliability, and affordability improvements alongside earnings growth. She highlighted zero public-safety incidents from asset failures, a fourth year of no major fires linked to company equipment, 23% year-to-date reliability improvement, and residential bundled electric rates down 23% since January 2024 for vulnerable customers. Her tone was confident but conditional: she repeatedly said the long-term plan depends on a durable wildfire-liability solution in California.

Carolyn Burke said first-half core EPS of $0.83 was up $0.19 year over year, with customer capital investment contributing $0.09 and O&M savings/redeployment contributing $0.03. She reaffirmed the $1.64 to $1.66 full-year core EPS range, said the $73 billion five-year capital plan is unchanged, and noted at least $5 billion of customer-beneficial investment opportunities sit outside the plan. She also said the financing plan is unchanged, equity needs are fully funded through 2030, and the company completed a $2.2 billion utility bond issuance in June, bringing year-to-date utility debt financing to $4.4 billion.

Analysts pressed on what PG&E would do if California lawmakers fail to produce an adequate wildfire-liability framework, and management said it would have to reallocate capital, though Patty Poppe would not specify which projects would be cut. On the data-center pipeline, management said the pipeline is now over 12 gigawatts, but only higher-quality projects with signed work performance agreements and rate-reducing economics will advance. Questions also focused on the rate case and interim rates; management said interim recovery would not change earnings, but it would smooth the customer bill impact and avoid a “pancaking” effect.