Filing Flows › PG&E (PCG) › Q2 2026 › vs Q2 2025
PG&E (PCG) Q2 2026 vs Q2 2025 (year over year)
PG&E's revenue rose $4.0M (+0.1%) from $5.9B in Q2 2025 to $5.9B in Q2 2026. The biggest changes: Natural Gas, US Regulated +$30.0M (+2%); Electric −$26.0M (-0.6%). Operating margin 21.4% against 18.6% (+2.8 pts).
PG&E, Q2 2026: revenue $5.9B (+0.1% year over year), operating margin 21.4%, net earnings $733M, operating cash flow $906M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 21.4% | 18.6% | +2.8 pts |
| Net margin | 12.4% | 8.8% | +3.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Electric | $4.4B | $4.4B | −$26.0M | -0.6% |
| Natural Gas, US Regulated | $1.5B | $1.5B | $30.0M | +2% |
| Revenue | $5.9B | $5.9B | $4.0M | +0.1% |
| Operating profit | $1.3B | $1.1B | $167M | +15% |
| Costs & expenses | $4.6B | $4.8B | −$163M | -3% |
| Pre-tax earnings | $674M | $569M | $105M | +18% |
| Other expense, net | $589M | $527M | $62.0M | +12% |
| Income tax benefit | $87.0M | −$20.0M | $107M | — |
| Net earnings | $733M | $521M | $212M | +41% |
| Minority interests | $28.0M | $28.0M | $0 | 0% |
| Working capital & other | $173M | $536M | −$363M | -68% |
| Operating cash flow | $906M | $1.1B | −$151M | -14% |
| Capital expenditures | $3.0B | $3.1B | −$98.0M | -3% |
| Negative free cash flow (OCF − capex) | $2.1B | $2.0B | $53.0M | +3% |
Questions
How much did PG&E's revenue grow year over year in Q2 2026?
PG&E's revenue rose $4.0M (+0.1%) from $5.9B in Q2 2025 to $5.9B in Q2 2026.
What drove PG&E's revenue change in Q2 2026?
Natural Gas, US Regulated +$30.0M (+2%); Electric −$26.0M (-0.6%).