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PCG · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 0.1% y/y to $5.90B, operating margin 21.4% vs 18.6%, net income $761M (+38.6% y/y).
Net Income
$761M
up 38.6% y/y
Total operating revenues
$5,902M
up 0.1% y/y
Operating Income
$1,263M
up 15.2% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Total operating revenues | $5,902 · +0.1% |
| Cost of electricity | $800 · +33.6% |
| Cost of natural gas | $115 · +3.6% |
| Operating and maintenance | $2,536 · −11.3% |
| Wildfire Fund expense | $126 · +15.6% |
| Depreciation, amortization, and decommissioning | $1,062 · −1.0% |
| Operating Income | $1,263 · +15.2% · 21.4% margin |
| Interest income | $110 · −39.2% |
| Interest expense | $796 · +0.5% |
| Other income, net | $97 · +15.5% |
| Income Before Income Taxes | $674 · +18.5% |
| Income Tax Benefit | $87 |
| Net Income | $761 · +38.6% · $0.33/sh · 12.9% margin |
Verdict: revenue grew 0.1% y/y to $5.90B, operating margin 21.4% vs 18.6%, net income $761M (+38.6% y/y).
Source and notation
Source: PG&E Form 10-Q filed 07/23/2026 (SEC EDGAR); results date from the 8-K of 07/23/2026. The press release has no income statement, so every figure was matched against the income statement in the 10-Q and checked against SEC XBRL.
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Chart: “PCG Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/pcg/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/pcg/q2-2026"><img src="https://whoreportstoday.com/t/pcg/q2-2026/sankey.png" alt="PCG Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/pcg/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/pcg/q2-2026">PCG Q2 2026 earnings chart (Who Reports Today)</a>
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- Operating income was $1.26B, a 21.4% margin vs 18.6% a year earlier.
- Diluted EPS was $0.33 vs $0.24 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
PCG — a utility holding company whose subsidiary Pacific Gas and Electric Company generates, transmits and distributes electricity and delivers natural gas to homes, businesses and farms in northern and central California.
It earns regulated rates approved by the California Public Utilities Commission and FERC, and reports a single segment. · Source: annual report (Form 10-K, SEC)
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