PG&E
Owner of Northern and Central California's regulated gas-and-electric utility.
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Profile
Owns Pacific Gas and Electric Company, which generates and delivers electricity and transports natural gas across Northern and Central California. Revenue and returns depend largely on approved rates, capital investment and wildfire-safety execution.
Owns Pacific Gas and Electric Company, a regulated utility serving Northern and Central California. Electric operations span generation, procurement, transmission and distribution, while gas operations cover procurement, transmission, storage and distribution for residential, commercial, industrial and agricultural customers.
Combines Diablo Canyon nuclear power, hydroelectric, gas-fired, solar and battery assets with electricity purchased from third parties. Grid investment centers on undergrounding, covered conductors, remote monitoring and power-line controls for wildfire mitigation, reliability and load growth.
Revenue and capital returns are set largely through rates authorized by the California Public Utilities Commission and Federal Energy Regulatory Commission. Wildfire mitigation, safety certification and cost recovery remain material dependencies; Diablo Canyon operation requires federal and state approvals.
Company facts
Key statistics
Year to date +2.1% · Average volume (30d) 28.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | Truist Financial | Target | $22 | $21 | ||
| Jul 24, 2026 | BMO Capital | Reiterate | Outperform | $27 | $28 | |
| Jul 22, 2026 | BMO Capital | Reiterate | Outperform | $25 | $27 | |
| May 21, 2026 | Morgan Stanley | Target | $23 | $22 | ||
| May 18, 2026 | Truist Financial | Target | $23 | $22 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.36 | $0.40 | +11.6% | $6.20B | $5.90B | −4.9% | +1.77% |
| Apr 23, 2026Q1 FY26 | $0.40 | $0.43 | +8.0% | $6.26B | $6.88B | +10.0% | −1.31% |
| Feb 12, 2026Q4 FY25 | $0.36 | $0.36 | −1.1% | $7.05B | $6.80B | −3.5% | +3.42% |
| Oct 23, 2025Q3 FY25 | $0.42 | $0.50 | +17.9% | $6.41B | $6.25B | −2.5% | +0.61% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $5.98B | $5.90B | $6.25B | $6.80B | $6.88B | $5.90B | |
| Gross profit | $1.27B | $2.33B | $2.46B | $1.22B | $5.85B | $4.99B | |
| Operating income | $1.27B | $1.10B | $1.21B | $1.22B | $1.47B | $1.26B | |
| Net income | $634.0M | $549.0M | $850.0M | $670.0M | $885.0M | $761.0M | |
| Diluted EPS | $0.28 | $0.24 | $0.36 | $0.29 | $0.39 | $0.33 | |
| Gross margin | 21.2% | 39.5% | 39.4% | 18.0% | 85.0% | 84.5% | |
| Operating margin | 21.2% | 18.6% | 19.3% | 18.0% | 21.4% | 21.4% |
Fiscal years (4-quarter sums)FY21 $20.64B · FY22 $21.68B · FY23 $24.43B · FY24 $24.42B · FY25 $24.94B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $972.0M · Total debt $64.70B · Total assets $145.08B · Shareholders' equity $33.90B
Dividends
Raised for 2 straight years — most recently to $0.05 from $0.025 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.05 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.05 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.05 | raised from $0.025 |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.025 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.025 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.025 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.025 | raised from $0.01 |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.01 |
Ownership
Shares outstanding 2.68B · Float 2.19B · 81.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 203.14M | 7.58% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 142.04M | 5.30% | 13F | Aug 13, 2026 |
| State Street Corp | 128.48M | 4.79% | 13F | Aug 7, 2026 |
| FMR LLC | 119.56M | 4.46% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management | 111.13M | 5.04% | 13G | Jul 31, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 22, 2026 | Marlene Santos | other: EVP, Enterprise Transformation | −158,250 | $18.00 |
| Jul 22, 2026 | Kerry Whorton Cooper | director | −1,250 | $18.00 |
| Jun 15, 2026 | Carla J. Peterman | officer: President, EVP Cust&Corp Afrs | −31,786 | $16.68 |
| Apr 28, 2026 | Patricia K. Poppe | director, officer: Chief Executive Officer | −31,250 | $16.39 |
| Apr 28, 2026 | Jason M. Glickman | officer: EVP, Strategy and Growth | −47,264 | $16.35 |
Peers
- Edison International
CA closest IOU peer; same CPUC forum, AB 1054 fund, inverse-condemnation.
- Sempra
California gas + San Diego IOU; CPUC cost-of-capital co-filer with PG&E.
- Xcel Energy
Marshall Fire IOU; closest national analog to PG&E wildfire liability arc.
- NextEra Energy
Largest US IOU; capital-market benchmark for rate-base-growth investment thesis.
- Duke Energy
Largest US regulated capex; national peer for rate-base growth and nuclear.
- Southern Company
Southeast IOU; Plant Vogtle nuclear and gas LDC national capital-market peer.
- Exelon
Largest US regulated T&D utility; grid-hardening capex benchmark.
- Dominion Energy
Mid-Atlantic IOU; dividend rehabilitation benchmark for PCG post-bankruptcy.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| PG&E | $16.64 | +0.15% | $44.49B | 12.1 | 9.6 | 1.7 | +0.1% |
| Edison International | $70.69 | +0.77% | $27.00B | 7.2 | 11.8 | 1.4 | −4.1% |
| Sempra | $84.31 | −0.01% | $55.12B | 24.4 | 16.1 | 4.1 | −0.1% |
| Xcel Energy | $76.26 | −0.25% | $47.75B | 20.8 | 18.0 | 3.3 | −5.1% |
| NextEra Energy | $81.84 | +0.02% | $170.72B | 18.3 | 19.9 | 5.9 | +12.5% |
| Duke Energy | $120.20 | −0.02% | $93.75B | 18.1 | 17.7 | 2.8 | +1.1% |
| Southern Company | $92.05 | +4.32% | $101.52B | 21.3 | 18.9 | 3.4 | +0.1% |
| Exelon | $44.08 | +0.38% | $45.26B | 16.0 | 14.9 | 1.8 | +10.0% |
| Dominion Energy | $65.52 | −0.02% | $57.63B | 22.8 | 17.1 | 3.1 | +17.6% |
| Median | 19.6 | 17.4 | 3.2 | +0.6% |