Filing Flows › PG&E (PCG) › Q3 2026 › vs Q3 2025
PG&E (PCG) Q3 2026 vs Q3 2025 (year over year)
PG&E's revenue fell $62.0M (-1%) from $6.2B in Q3 2025 to $6.2B in Q3 2026. The biggest changes: Electric −$95.0M (-2%); Natural Gas, US Regulated +$33.0M (+2%). Operating margin 20.2% against 19.3% (+0.8 pts).
PG&E, Q3 2026: revenue $6.2B (-1% year over year), operating margin 20.2%, net earnings $749M, operating cash flow $2.5B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 20.2% | 19.3% | +0.8 pts |
| Net margin | 12.1% | 13.2% | -1.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Electric | $4.7B | $4.8B | −$95.0M | -2% |
| Natural Gas, US Regulated | $1.5B | $1.5B | $33.0M | +2% |
| Revenue | $6.2B | $6.2B | −$62.0M | -1% |
| Operating profit | $1.2B | $1.2B | $40.0M | +3% |
| Costs & expenses | $4.9B | $5.0B | −$102M | -2% |
| Pre-tax earnings | $681M | $630M | $51.0M | +8% |
| Other expense, net | $568M | $579M | −$11.0M | -2% |
| Income tax benefit | $95.0M | $220M | −$125M | -57% |
| Net earnings | $749M | $823M | −$74.0M | -9% |
| Minority interests | $27.0M | $27.0M | $0 | 0% |
| Working capital & other | $1.8B | $2.0B | −$273M | -13% |
| Operating cash flow | $2.5B | $2.9B | −$347M | -12% |
| Capital expenditures | $3.3B | $2.9B | $367M | +13% |
| Negative free cash flow (OCF − capex) | $794M | $80.0M | $714M | +893% |
Questions
How much did PG&E's revenue grow year over year in Q3 2026?
PG&E's revenue fell $62.0M (-1%) from $6.2B in Q3 2025 to $6.2B in Q3 2026.
What drove PG&E's revenue change in Q3 2026?
Electric −$95.0M (-2%); Natural Gas, US Regulated +$33.0M (+2%).