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PG&E (PCG) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 23, 2026
PG&E (PCG) reported revenue of $5.9B for the second quarter 2026 (Q2 2026), +0.1% from a year earlier and -14% from the quarter before. Operating margin was 21.4%, net earnings $733M (12.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.9B | -14% | +0.1% |
| Operating profit | $1.3B | -14% | +15% |
| Net earnings | $733M | -15% | +41% |
| Operating cash flow | $906M | -63% | -14% |
What changed
Revenue was $5.9B in Q2 2026, roughly flat year over year and down 14% from the previous quarter. Electric was the largest line at 74% of revenue. Natural Gas, US Regulated added $0.03B year over year (up 2%), 750% of the total change. Electric declined 1%.
Operating profit was $1.3B, a 21.4% margin (up 2.8 points year over year). Of the extra revenue versus Q2 2025, 4175% reached operating profit, above the 19% margin then. Total costs fell 3% while revenue was flat. Net earnings were $0.73B, up 41% year over year. The effective tax rate was -12.9%.
Operating cash flow was $0.91B (down 14% year over year), 119% of net income including minority interests. Working capital and other items added $0.14B. Capital expenditures of $3.0B exceeded it, leaving free cash flow of −$2.1B.
Questions
What was PG&E's revenue in the second quarter 2026?
PG&E (PCG) reported revenue of $5.9B for the second quarter 2026 (Q2 2026), +0.1% from a year earlier and -14% from the quarter before.
Was PG&E profitable in the second quarter 2026?
Operating profit was $1.3B (21.4% of revenue) and net earnings $733M.
Source: PG&E 10-Q on SEC EDGAR.