AI Takeaway
PG&E Corporation delivered strong Q1 2026 results with revenue rising 15.0% YoY to $6.88B and EPS jumping 39.3% to $0.39, driven by higher operating income, though long-term debt expanded 14.2% to $60.1B and cash declined sharply.
Revenue
$6.88B
++15.01% YoY
EPS (Basic)
$0.39
++39.29% YoY
Operating Income
$1.47B
++20.49% YoY
Filed · Source: SEC EDGAR 10-Q filing
Revenue grew 15.0% year-over-year to $6.88B in Q1 2026 from $5.98B in Q1 2025, reflecting continued rate base expansion and increased customer demand for electricity and gas services in PG&E's regulated service territory.
Source: Source: 10-Q Financial Data (Income Statement)
Operating income rose 20.5% YoY to $1.47B, with operating margin expanding approximately 97 basis points to 21.4%, suggesting improved cost efficiency relative to revenue growth in the regulated utility business.
Source: Source: 10-Q Financial Data (Income Statement, Key Ratios)
Long-term debt grew 14.2% YoY to $60.1B, consistent with PG&E's ongoing multi-year capital expenditure program to modernize grid infrastructure, improve wildfire safety, and support clean energy transition mandates.
Source: Source: 10-Q Financial Data (Balance Sheet)
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Upgrade to unlockPG&E's long-term debt reached $60.1B in Q1 2026, a 14.2% increase YoY, representing a significant leverage burden relative to stockholders' equity of $33.3B. Rising interest rates could increase refinancing costs and pressure future earnings and cash flows.
Source: Source: 10-Q Financial Data (Balance Sheet)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.48 versus the $0.40 analyst consensus — a +18.7% beat for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $6.88B | $5.98B | +15.01% |
Operating Income | $1.47B | $1.22B | +20.49% |
EPS (Basic) | $0.39 | $0.28 | +39.29% |
EPS (Diluted) | $0.39 | $0.28 | +39.29% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $141.95B | $135.44B | +4.81% |
Current Assets | $14.8B | $16.89B | -12.40% |
Current Liabilities | $12.35B | $17.82B | -30.73% |
Stockholders' Equity | $33.25B | $30.68B | +8.36% |
Cash & Equivalents | $1.13B | $2.02B | -44.09% |
Long-Term Debt | $60.15B | $52.66B | +14.22% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $2.43B | $2.85B | -14.68% |
Investing Cash Flow | $-3.3B | $-3.26B | -1.16% |
Financing Cash Flow | $1.39B | $1.61B | -13.61% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 21.4% | 20.4% | +0.97% |
Current Ratio | $1.199 | — | — |
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PG&E Corporation reported strong Q1 2026 results with revenue of $6.88B, up 15.0% year-over-year, and EPS of $0.39, up 39.3% from $0.28 in Q1 2025. Operating income rose 20.5% to $1.47B, with operating margin expanding to 21.4%.
The key takeaways are strong revenue and earnings growth driven by rate base expansion, with operating margin improving to 21.4%. However, long-term debt climbed to $60.1B (up 14.2% YoY) and cash fell 44% to $1.13B, highlighting the company's capital-intensive investment program and reliance on external financing.
Based on the financial data, the primary risks include elevated long-term debt of $60.1B, a sharp 44.1% decline in cash to $1.13B, and deeply negative free cash flow of approximately -$872M due to heavy capital expenditures. PG&E also faces ongoing wildfire liability and regulatory risks inherent to its California utility operations.
PG&E's revenue grew 15.0% year-over-year to $6.88B in Q1 2026, compared to $5.98B in Q1 2025. This growth reflects continued expansion of the company's regulated rate base and higher electricity and gas service revenues in its California service territory.
PG&E's short-term liquidity appears adequate with a current ratio of 1.20 and stockholders' equity of $33.25B, but the company carries significant long-term debt of $60.1B and generated deeply negative free cash flow of approximately -$872M. The 44.1% decline in cash to $1.13B and ongoing reliance on debt financing to fund its capital program are key financial health considerations for investors.