PG&E Q2 2026 Earnings Call: Complete Transcript

PG&E (NYSE: PCG ) held its second-quarter earnings conference call on Thursday.

Below is the complete transcript from the call.

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For comprehensive financial data and transcripts, visit Access the full call at Summary PG&E reported core earnings per share of $0.40 for Q2 and $0.83 for H1 2026, reaffirming full-year core EPS guidance of $1.64 to $1.66, representing a 10% increase over 2025.

The company plans a $73 billion capital plan through 2030 without requiring additional equity financing and targets a 20% dividend payout by 2028.

PG&E emphasized its commitment to customer affordability with a target of 0 to 3% annual customer bill growth and highlighted large load demand opportunities from data center expansions.

Operationally, PG&E reported no major fires linked to its equipment for four consecutive years and improved reliability by 23% year-to-date.

Management remains focused on achieving investment-grade credit ratings and highlighted the importance of California wildfire liability reform for financial stability.

The company continues to pursue O&M savings, achieving $40 million in savings this year, and sees further potential through strategic sourcing and AI implementation.

PG&E's data center pipeline now stands at over 12 gigawatts, with 1.8 gigawatts expected online by 2030, emphasizing quality over quantity in project selection.

The company is actively engaged in regulatory discussions, including interim rate recovery proposals to smooth customer rates and legislative efforts to address wildfire liability.

Full Transcript Krista, Operator Ladies and gentlemen, thank you for standing by.

My name is Krista and I will be your conference operator today.

At this time I would like to welcome everyone to the PG&E Corporation second quarter 2026 earnings release.

All lines have been placed on mute to prevent any background noise after the speaker's remarks.

There will be a question and answer session.

If you would like to ask a question, simply press star then the number one on your telephone keypad and if you would like to withdraw your question, again press star one.

Thank you.

I would now like to turn the conference over to Jonathan Arnold, Vice President of Investor Relations.

Jonathan, please go ahead.

Jonathan Arnold, Vice President of Investor Relations Good morning everyone and thank you for joining us for PG&E's second quarter 2026 earnings call.

With us today are Patti Poppe, Chief Executive Officer, and Carolyn Burke, Executive Vice President and Chief Financial Officer.

We also have other members of the leadership team here with us in our Oakland headquarters.

First, I should remind you that today's discussion will include forward-looking statements about our outlook for future financial results and other matters.

These statements are based on management's current expectations, assumptions, and estimates.

Some of the important factors which could cause our actual results to differ materially are described on the second page of today's earnings presentation.

Today's discussion will also contain non-GAAP financial measures.

The slides provide important information regarding these measures, including reconciliations between non-GAAP and GAAP.

They can be found online at investor.pgecorp.com along with other relevant information.

We also encourage you to review our quarterly report on Form 10-Q for the quarter ended June 30, 2026.

And with that, it's my pleasure to hand the call over to our CEO, Patti Poppe.

Patti Poppe, Chief Executive Officer Thank you, Jonathan, and good morning everyone.

Our core earnings per share are $0.40 for the second quarter and $0.83 for the first half of 2026.

These results reflect consistent, disciplined execution enhanced by our lean operating system and the durability of our simple, affordable model.

Halfway through 2026, we're well on our way to extending our run of double-digit earnings growth for a fifth year, which supports my confidence in reaffirming our financial plan today, including our full-year core EPS guidance of $1.64 to $1.66, which at the midpoint is up 10% over 2025, our 9% plus annual EPS growth from 2027 through 2030, our $73 billion capital plan through 2030 which does not require additional equity financing, and our target of reaching a 20% dividend payout by 2028 versus an implied 12% in 2026.

At the same time, we remain intensely focused on customer affordability for Californians we serve every day.