Key Highlights

  • A $0.05 common Stock Dividend was declared September 18, 2026, payable October 15 to holders of record September 30.
  • GAAP income available for common shareholders was $733 million, or $0.33 per diluted share, compared with $521 million, or $0.24.
  • Non-GAAP core Earnings were $920 million, or $0.40 per diluted share, compared with $674 million, or $0.31.
  • The company reaffirmed 2026 core EPS guidance of $1.64-$1.66 and initiated 2027 guidance of $1.78-$1.82 per share.

Overview

PG&E Corporation (NYSE:PCG) declared a $0.05 per share common stock dividend on September 18, 2026, payable October 15 to holders of record on September 30. The dividend yields 1.62%. Second-quarter GAAP EPS was $0.33 and non-GAAP core EPS was $0.40, and the company launched a strategic review on September 2 that included a deferral of 2027 investment.

Dividend Program and Shareholder Returns

The company declared a quarterly dividend of $0.05 per share on its common stock on September 18, 2026. It is payable October 15, 2026, to shareholders of record on September 30, and it trades ex-dividend on September 30.

Pacific Gas and Electric Company separately declared regular preferred stock dividends for the three months ending October 30, 2026, payable November 15 to holders of record on October 30. Each dividend remains subject to board approval.

About the Company

PG&E Corporation is a Holding Company headquartered in Oakland, California. Its Utility Subsidiary serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. It reports GAAP earnings alongside non-GAAP core earnings, and its results are influenced by regulatory decisions and California's wildfire Liability framework.

Second-Quarter and Six-Month Earnings

GAAP income available for common shareholders was $733 million, or $0.33 per diluted share, compared with $521 million, or $0.24, in the second quarter of 2025. Non-GAAP core earnings, which exclude non-core items, were $920 million, or $0.40 per diluted share, compared with $674 million, or $0.31.

For the first six months, GAAP income available for common shareholders was $1,591 million, or $0.72 per diluted share, compared with $1,128 million, or $0.51. Core earnings were $1,902 million, or $0.83 per share, compared with $1,402 million, or $0.64.

The company attributed the increase primarily to customer capital investment, reflected in higher rate base earnings, and net operations and maintenance savings. Those were partly offset by a lower CPUC Return on Equity and higher Wildfire Fund expense.

Strategic Review, 2027 Investment Deferral and Financing

On September 2, 2026 the company launched a strategic review overseen by a board committee. It evaluates regulatory, financial, operational and strategic alternatives for how the company is organized and financed, with stated aims of safety, affordability, reliability and investment-grade status.

The company stated that it intends to defer approximately $2 billion of planned investment while still investing approximately $11.4 billion in 2027, and that the deferral reduces Debt Financing needs by $2 billion. It said critical safety programs and compliance obligations, including wildfire mitigation, would be maintained.

The chief executive said California's wildfire liability framework continues to create financing risks. The company completed a $2.2 billion utility bond issuance in June, bringing utility debt financings to $4.4 billion for the year to date, and it reaffirmed 2026 core EPS guidance of $1.64-$1.66.

Outlook

The outcome of the strategic review, 2027 investment levels, financing costs, CPUC return on equity, Wildfire Fund expense, core EPS relative to the $1.64-$1.66 guidance range, and the board's quarterly declarations are the relevant considerations.