Pg&E (PCG) Q1 FY2026 earnings: revenue $6.9 billion, up 15.0% on the year
Pg&E Corp. (PCG) reported revenue of $6.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 15.0% on the same quarter a year earlier. Net income was $858 million, up 41.4% on the year, and diluted earnings per share $0.39. The figures are the company's own, from the 10-Q it filed with the SEC on 23 April 2026.
Revenue
$6.9 billion
+15.0% on the year · +1.1% on the quarter
Q2 FY2024Q1 FY2026
Operating margin
21.4%
20.4% a year earlier
Q2 FY2024Q1 FY2026
Net income
$858 million
+41.4% on the year · +33.6% on the quarter
Q2 FY2024Q1 FY2026
Diluted EPS
$0.39
+39.3% on the year · +34.5% on the quarter
Q2 FY2024Q1 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 1 kept.
Non-GAAP core EPS rose to $0.43: Non-GAAP core earnings were $982 million, or $0.43 per diluted share, against $728 million and $0.33 a year earlier. The company said drivers were similar to those for GAAP earnings.
2026 core earnings drivers named: Management listed incentive revenues, tax benefits, cost savings and net below-the-line costs among the factors for 2026 non-GAAP core earnings.
Cumulative rate cuts reported: Residential bundled electric rates are down 23% since January 2024 for CARE customers and 13% for other customers. The February release put the residential electric figure at 11%.
$ million except per share. Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
2,430
1,960
2,848
+24.0%
-14.7%
Capital expenditure
3,356
3,156
2,635
+6.3%
+27.4%
Free cash flow
-926
-1,196
213
Free cash flow margin
-13.5%
-17.6%
3.6%
Cash from investing
-3,302
-3,066
-3,264
Cash from financing
1,390
1,306
1,609
+6.4%
-13.6%
Dividends paid
n/a
n/a
55.0
Diluted shares, weighted
2,281m
2,202m
2,200m
+3.6%
+3.7%
Shares outstanding at period end
2,202m
2,198m
2,198m
+0.2%
+0.2%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
33,250
32,540
30,685
+2.2%
+8.4%
Non-controlling interest
252
252
252
0.0%
0.0%
Short-term borrowings
n/a
n/a
1,524
Debt
62,443
60,883
57,358
+2.6%
+8.9%
Operating lease liabilities
409
360
425
+13.6%
-3.8%
Finance lease liabilities
0.0
2.0
4.0
Other liabilities
45,599
47,574
45,195
-4.2%
+0.9%
Total liabilities and equity
141,953
141,611
135,443
+0.2%
+4.8%
Cash and equivalents
1,131
713
2,023
+58.6%
-44.1%
Receivables
1,928
2,267
2,133
-15.0%
-9.6%
Inventory
68.0
75.0
45.0
-9.3%
+51.1%
Other assets
138,826
138,556
131,242
+0.2%
+5.8%
Total assets
141,953
141,611
135,443
+0.2%
+4.8%
Questions
What was Pg&E's revenue in Q1 FY2026?
Pg&E (PCG) reported revenue of $6.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 15.0% on the same quarter a year earlier.
How much did Pg&E earn in Q1 FY2026?
Net income for Q1 FY2026 was $858 million, up 41.4% on the year, and diluted earnings per share $0.39.
When did Pg&E report Q1 FY2026 results?
Pg&E filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 23 April 2026.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-Q for the period ended 31 March 2026, filed 23 April 2026: the filing.