PG&E's third-quarter core earnings fall to 41 cents a share as it holds its 2026 and 2027 guidance

PG&E held its guidance. The California utility still expects non-GAAP core earnings of $1.64 to $1.66 a share for 2026 and $1.78 to $1.82 for 2027, according to its third-quarter results, filed with the SEC late on Wednesday.

Core earnings fell to $928m, or 41 cents a share, from $1.14bn, or 50 cents. On a GAAP basis the company earned $749m, or 34 cents, against 37 cents a year earlier. It points to a lower allowed return on equity from the state utility commission this year, one-time effects of a 2025 tax change and higher Wildfire Fund expense, partly offset by earnings on a larger rate base.

Chief executive Patti Poppe repeated her view that California needs a durable wildfire liability framework. The company said its strategic review is advancing, with the goal of becoming an investment-grade company, and that it is carrying out a $2bn cut to its 2027 capital plan.