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PCG · Q2 2026

PG&E Corp

Reported 2026-07-23
IN-LINE
51EarnIQ signal
↗

Confidence rising

Mild quarter-over-quarter shift

PCG delivers solid execution, maintaining its multi-year growth trajectory and reaffirming strong operational targets.

  • ✓Guidance was maintained, with high specificity.
  • ✓Management tone registered as confident (85/100).
  • ✓EarnIQ detected 0 potential management deflections.
Headline–confidence gap

Mixed evidence

The headline and management signals do not point in one direction (confidence rising).

EPS: reported vs expected+8.7%$0.40 vs $0.37
Revenue: reported vs expected—— vs —
Guidance specificityHighMaintained
Market expectations supplied by Finnhub · Reported vs consensus estimate

On track for 2026 core EPS guidance and reaffirming 2027-2030 guidance and $73B capital investment plan.

Premium intelligence

The evidence behind the signal

Full report
Management language

Why confidence moved

“On track for 2026 core EPS guidance”
“Reaffirming 2027-2030 guidance and $73B capital investment plan”
“Committed to our "Path to Flat" bills”
Guidance specificity
90/100

High specificity

Reaffirming 2026 core EPS guidance of $1.64 to $1.66 and 2027-2030 core EPS growth of 9%+ annually.

Pressure point
!

Wildfires that have occurred or

0 potential deflections detected in management communication.

Narrative break

What changed

Advancing data center large load pipeline alongside policy reform focus on wildfire liability.

Q&A evidence

Management responses

No material Q&A deflections were detected.

Key positives
  • On track for 2026 core EPS guidance of $1.64 to $1.66 with reaffirmation of 2027-2030 growth of 9%+ annually.
  • Strong data center pipeline expansion supporting customer load growth benefits.
  • Solid O&M cost reduction performance, exceeding historical reduction targets.
Key risks
  • Wildfires that have occurred or may occur in the Utility's service area, including liability associated with the 2021 Dixie fire and 2022 Mosquito fire.
  • Timing and outcome of FERC and CPUC proceedings regarding ratemaking and cost recovery.
  • Utility's ability to recover wildfire-related costs from the Wildfire Fund and Continuation Account.
Topic velocity

Language versus prior quarter

M&ANew
CostNew
ChinaNew
MarginNew
RecordNew
iPhoneNew
Signal composition

What drove the EarnIQ score

Tone+20
Eps Beat+0
Guidance+15
New Signal+8
Miss Penalty+0
Qoq Improvement+8
Deflection Penalty+0