PG&E's operating margin recovery from 15.7% in Q4 2024 to 21.4% in Q1 2026 and net margin of 12.5% in Q3 2026 suggest earned returns are moving toward CPUC-authorized levels as the rate base expands, with net PP&E growing 20.0% to $103.0 billion over ten quarters.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue was lumpy at $6.2B in Q3 2026 (-1.0% YoY) versus $6.9B in Q1 2026 (+15.0%), yet operating margin improved to 20.2% from 15.7% in Q4 2024, suggesting rate-case timing rather than demand softness is driving the top line.
PG&E reported a significant increase in Q1 2026 earnings, with GAAP earnings at $0.39 per diluted share, up from $0.28 in the prior year. Non-GAAP core earnings also rose to $0.43 per share from $0.33.
The company has reaffirmed its full-year 2026 non-GAAP core earnings per share (EPS) guidance of $1.64–$1.66. This signals confidence in its ability to achieve projected earnings, driven by customer capital investment and operational savings.
PG&E anticipates 9%+ annual EPS growth through 2030, with no need for new equity issuance until then. This consistent growth projection is a significant positive for investors.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 22, 2026 | $0.41-0.8% vs $0.41 | $6.2B-9.3% vs $6.8B |
Q3 2026 Jul 23, 2026 | $0.40+11.6% vs $0.36 | $5.9B-4.9% vs $6.2B |
Q2 2026 Apr 23, 2026 | $0.43+8.0% vs $0.40 | $6.9B+10.0% vs $6.3B |
Q1 2026 Feb 12, 2026 | $0.36-1.1% vs $0.36 | $6.8B-3.5% vs $7.1B |
Customers can stay safe during winter months by following helpful gas safety tips OAKLAND, Calif., Nov. 2, 2026 /PRNewswire/ -- To help customers prepare their gas appliances for safe use during the cold weather months ahead, Pacific Gas and Electric Company (PG&E) offers free in-home gas safety checks.
Final round of PG&E Corporation Foundation grants completes a five-year, $2.5 million investment in 25 community organizations Link to the B-roll and soundbite from Sacramento Splash OAKLAND, Calif., Oct. 30, 2026 /PRNewswire/ -- The PG&E Corporation Foundation (PG&E Foundation) is awarding five community-based organizations in Northern and Central California a total of $500,000 in grants for local initiatives dedicated to environmental stewardship.
Independent assessment validates emergency preparedness for a utility serving more than 16 million Californians OAKLAND, Calif., Oct. 30, 2026 /PRNewswire/ -- Pacific Gas and Electric Company (PG&E) has become the first energy utility in the world to earn accreditation from the Emergency Management Accreditation Program (EMAP), an independent, internationally recognized third-party organization.
Vampire Appliances Don't Have to Be Scary with PG&E's Help OAKLAND, Calif., Oct. 26, 2026 /PRNewswire/ -- As customers celebrate National Clean Energy Month and prepare for cooler weather, Pacific Gas and Electric Company (PG&E) is encouraging customers to take simple steps to reduce energy waste and lower bills.
Benchmark PCG against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for PG&E Corporation (PCG)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $12.97 | $34.76B | 9.58 | 2.11% | 12% | 9.14% | 0.77% | |
| $59.37 | $22.85B | 6.25 | 9.76% | 19.81% | 19.17% | 5.57% | |
| $78.17 | $51.1B | 16.74 | 5.83% | 22.51% | 7.26% | 3.14% | |
| $118.56 | $43.69B | 19.20 | 10.89% | 12.7% | 9.02% | 2.74% | |
| $45.62 | $46.68B | 17.93 | 5.34% | 10.17% | 8.95% | 3.5% | |
| $127.78 | $99.62B | 18.49 | 6.19% | 15.94% | 9.63% | 3.32% |
PG&E Corporation (PCG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
PG&E Corporation (PCG) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 22, 2026·SEC
Aug 4, 2026·SEC
Jul 23, 2026·SEC
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PG&E Corporation (PCG) stock FAQ — growth, dividends, profitability & financials explained
PG&E Corporation (PCG) reported $25.77B in revenue over the trailing twelve months. Revenue was $24.93B in fiscal year 2025. That is 159% more than the $9.61B of fiscal year 1996.
PG&E Corporation (PCG) grew revenue by 4.1% over the trailing twelve months, compared with the twelve months before.
Yes. PG&E Corporation (PCG) earned $3.09B in net income over the trailing twelve months (a 12.0% net margin).
Yes. PG&E Corporation (PCG) pays a dividend that yields 0.77% at the current price, a small yield.
PG&E Corporation (PCG) had a return on equity (ROE) of 9.1% over the trailing twelve months. That is below the market's typical 10-15%.
PG&E Corporation (PCG) had negative free cash flow of $4.98B over the trailing twelve months.
PG&E Corporation (PCG) has a dividend payout ratio of 8%. This suggests the dividend is well-covered and sustainable.
