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PG&E (PCG) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 23, 2026
PG&E (PCG) reported revenue of $6.9B for the first quarter 2026 (Q1 2026), +15% from a year earlier and +1% from the quarter before. Operating margin was 21.4%, net earnings $858M (12.5% of revenue).
PG&E, Q1 2026: revenue $6.9B (+15% year over year), operating margin 21.4%, net earnings $858M, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.9B | +1% | +15% |
| Operating profit | $1.5B | +20% | +20% |
| Net earnings | $858M | +34% | +41% |
| Operating cash flow | $2.4B | +24% | -15% |
What changed
Revenue was $6.9B in Q1 2026, up 15% year over year and up 1% from the previous quarter. Electric was the largest line at 72% of revenue. Electric added $0.83B year over year (up 20%), 93% of the total change.
Operating profit was $1.5B, a 21.4% margin (up 1.0 points year over year). Of the extra revenue versus Q1 2025, 28% reached operating profit, above the 20% margin then. Total costs grew 14% against revenue growth of 15%. Net earnings were $0.86B, up 41% year over year. The effective tax rate was 2.2%.
Operating cash flow was $2.4B (down 15% year over year), 275% of net income including minority interests. Working capital and other items added $1.5B. Capital expenditures of $3.4B exceeded it, leaving free cash flow of −$0.93B.
Questions
What was PG&E's revenue in the first quarter 2026?
PG&E (PCG) reported revenue of $6.9B for the first quarter 2026 (Q1 2026), +15% from a year earlier and +1% from the quarter before.
Was PG&E profitable in the first quarter 2026?
Operating profit was $1.5B (21.4% of revenue) and net earnings $858M.
Source: PG&E 10-Q on SEC EDGAR.