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PG&E (PCG) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 22, 2026
PG&E (PCG) reported revenue of $6.2B for the third quarter 2026 (Q3 2026), -1% from a year earlier and +5% from the quarter before. Operating margin was 20.2%, net earnings $749M (12.1% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.2B | +5% | -1% |
| Operating profit | $1.2B | -1% | +3% |
| Net earnings | $749M | +2% | -9% |
| Operating cash flow | $2.5B | +176% | -12% |
What changed
Revenue was $6.2B in Q3 2026, down 1% year over year and up 5% from the previous quarter. Electric was the largest line at 75% of revenue. Electric lost $0.10B year over year (down 2%), 153% of the total change.
Operating profit was $1.2B, a 20.2% margin (up 0.8 points year over year). Total costs fell 2% while revenue fell 1%. Net earnings were $0.75B, down 9% year over year. The effective tax rate was -14.0%.
Operating cash flow was $2.5B (down 12% year over year), 323% of net income including minority interests. Working capital and other items added $1.7B. Capital expenditures of $3.3B exceeded it, leaving free cash flow of −$0.79B.
Questions
What was PG&E's revenue in the third quarter 2026?
PG&E (PCG) reported revenue of $6.2B for the third quarter 2026 (Q3 2026), -1% from a year earlier and +5% from the quarter before.
Was PG&E profitable in the third quarter 2026?
Operating profit was $1.2B (20.2% of revenue) and net earnings $749M.
Source: PG&E 10-Q on SEC EDGAR.