Operating income grew despite flat quarterly revenue
Utility operating revenues increased by $4M year over year to $5.902B in Q2 FY2026, while operating income rose $160M, or 15%, to $1.262B. The revenue change included $201M of higher electricity-cost recovery revenues, which are passed through to customers and do not affect net income, partly offset by about $180M less interim rate relief from the 2023 WMCE proceeding.
Lower operating and maintenance expense supported earnings
Utility operating and maintenance expense decreased $317M, or 11%, year over year in Q2 FY2026, to $2.537B. This reduction was a principal contributor to the $160M increase in Utility operating income.
Utility income available for common stock rose 36%
Utility income available for common stock increased $219M, or 36%, to $827M in Q2 FY2026, while PG&E Corporation's consolidated income available for common shareholders increased $212M, or 41%, to $733M. The parent-company result remains reduced by interest expense on PG&E Corporation long-term debt.