Pg&E (PCG) Q2 FY2026 earnings: revenue $5.9 billion, up 0.1% on the year

Pg&E Corp. (PCG) reported revenue of $5.9 billion for Q2 FY2026, the quarter ended 30 June 2026, up 0.1% on the same quarter a year earlier. Net income was $733 million, up 40.7% on the year, and diluted earnings per share $0.33. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2026.

Revenue

$5.9 billion

+0.1% on the year · -14.2% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

21.4%

18.6% a year earlier

Q3 FY2024Q2 FY2026

Net income

$733 million

+40.7% on the year · -14.6% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.33

+37.5% on the year · -15.4% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 kept.

GAAP EPS rose to $0.33: GAAP income available to common shareholders was $733 million, or $0.33 per diluted share, versus $521 million and $0.24 a year earlier.
Non-GAAP core EPS rose to $0.40: Non-GAAP core earnings were $920 million, or $0.40 per diluted share, versus $674 million and $0.31 a year earlier. Six-month core EPS was $0.83, against $0.64.
Capital investment and O&M savings drove gains: GAAP earnings growth came mainly from higher rate base and net O&M savings, partly offset by a lower CPUC return on equity and increased Wildfire Fund expense.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	5,902	6,881	5,898	-14.2%	+0.1%
Operating income	1,263	1,470	1,096	-14.1%	+15.2%
Operating margin	21.4%	21.4%	18.6%
Interest expense	796	803	792	-0.9%	+0.5%
Pre-tax income	674	905	569	-25.5%	+18.5%
Income tax	-87.0	20.0	20.0
Effective tax rate	-12.9%	2.2%	3.5%
Net income	733	858	521	-14.6%	+40.7%
Net margin	12.4%	12.5%	8.8%
Diluted EPS	$0.33	$0.39	$0.24	-15.4%	+37.5%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	906	2,430	1,057	-62.7%	-14.3%
Capital expenditure	2,967	3,356	3,065	-11.6%	-3.2%
Free cash flow	-2,061	-926	-2,008
Free cash flow margin	-34.9%	-13.5%	-34.0%
Cash from investing	-2,857	-3,302	-3,004
Cash from financing	1,682	1,390	256	+21.0%	+557.0%
Dividends paid	n/a	n/a	55.0
Diluted shares, weighted	2,285m	2,281m	2,203m	+0.2%	+3.7%
Shares outstanding at period end	2,202m	2,202m	2,198m	+0.0%	+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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	33,901	33,250	31,186	+2.0%	+8.7%
Non-controlling interest	252	252	252	0.0%	0.0%
Short-term borrowings	n/a	n/a	1,524
Debt	64,218	62,443	57,647	+2.8%	+11.4%
Operating lease liabilities	394	409	412	-3.7%	-4.4%
Finance lease liabilities	0.0	0.0	3.0
Other liabilities	46,311	45,599	45,360	+1.6%	+2.1%
Total liabilities and equity	145,076	141,953	136,384	+2.2%	+6.4%
Cash and equivalents	972	1,131	494	-14.1%	+96.8%
Receivables	1,884	1,928	2,025	-2.3%	-7.0%
Inventory	70.0	68.0	73.0	+2.9%	-4.1%
Other assets	142,150	138,826	133,792	+2.4%	+6.2%
Total assets	145,076	141,953	136,384	+2.2%	+6.4%

Questions

What was Pg&E's revenue in Q2 FY2026?

Pg&E (PCG) reported revenue of $5.9 billion for Q2 FY2026, the quarter ended 30 June 2026, up 0.1% on the same quarter a year earlier.

How much did Pg&E earn in Q2 FY2026?

Net income for Q2 FY2026 was $733 million, up 40.7% on the year, and diluted earnings per share $0.33.

When did Pg&E report Q2 FY2026 results?

Pg&E filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 23 July 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,246	5,798	5,118	5,394	5,370	6,209	5,290	5,888	7,041	5,861	5,986	5,941	6,631	5,983	5,898	6,250	6,804	6,881	5,902	6,188
Operating income	641	536	445	726	130	629	506	401	1,135	1,276	1,134	1,029	1,020	1,220	1,096	1,209	1,224	1,470	1,263	1,249
Operating margin	12%	9%	9%	13%	2%	10%	10%	7%	16%	22%	19%	17%	15%	20%	19%	19%	18%	21%	21%	20%
Interest expense	396	419	411	525	562	602	640	682	926	715	812	795	729	734	792	770	732	803	796	825
Pre-tax income	318	274	32.0	362	-192	224	75.0	-65.0	465	774	606	473	459	673	569	630	551	905	674	681
Tax rate	-50%	-74%	-1025%	-27%	n/a	-155%	-447%	n/a	-98%	5%	14%	-22%	-47%	6%	4%	-35%	-22%	2%	-13%	-14%
Net income	472	475	356	456	513	569	406	348	919	732	520	576	647	607	521	823	642	858	733	749
Net margin	9%	8%	7%	8%	10%	9%	8%	6%	13%	12%	9%	10%	10%	10%	9%	13%	9%	12%	12%	12%
Diluted EPS	$0.26	$0.22	$0.17	$0.21	$0.24	$0.27	$0.19	$0.16	$0.43	$0.34	$0.24	$0.27	$0.30	$0.28	$0.24	$0.37	$0.29	$0.39	$0.33	$0.34
Operating cash flow	209	1,661	-22.0	1,073	1,009	1,185	1,275	1,810	477	2,261	711	3,131	1,932	2,848	1,057	2,851	1,960	2,430	906	2,504
Capital expenditure	2,221	2,310	2,229	2,872	2,173	2,288	2,392	2,421	2,613	2,638	2,298	2,605	2,828	2,635	3,065	2,931	3,156	3,356	2,967	3,298
Free cash flow	-2,012	-649	-2,251	-1,799	-1,164	-1,103	-1,117	-611	-2,136	-377	-1,587	526	-896	213	-2,008	-80.0	-1,196	-926	-2,061	-794
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	21.0	22.0	21.0	22.0	55.0	55.0	56.0	n/a	n/a	n/a	n/a
Shares outstanding	1,985m	1,987m	1,988m	1,988m	1,988m	1,996m	2,063m	2,134m	2,134m	2,137m	2,137m	2,138m	2,194m	2,198m	2,198m	2,198m	2,198m	2,202m	2,202m	2,202m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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 30 June 2026, filed 23 July 2026: the filing.