Pacific Gas & Electric Revenue Jumps 15% to $6.88B in Q1 2026

Pacific Gas & Electric Co. (NYSE: PCG), a public utility serving northern and central California with electricity and natural gas service, reported total revenue of $6.88 billion for the three months ending March 31, 2026, up 15% from $5.98 billion in the same quarter of 2025. Operating income increased 20% to $1.47 billion from $1.22 billion. Read more earnings reports.

The utility generated $2.59 billion in cash from operations during the quarter, down 12% from $2.96 billion a year earlier. Cash used in investing activities totaled $3.30 billion, compared with $3.26 billion in the prior-year period, reflecting continued capital expenditures on infrastructure.

Earnings per diluted share rose to $0.39 from $0.28 in the first quarter of 2025, a 39% increase. The company reported income tax expense of $41 million for the quarter, down from $63 million a year earlier.

The company's cash and cash equivalents stood at $441 million as of March 31, 2026, up from $353 million at December 31, 2025, but down from $1.86 billion at March 31, 2025. Total assets edged up to $141.11 billion from $141.08 billion at year-end 2025.

Balance Sheet Position

Long-term debt rose to $60.15 billion from $57.39 billion at the end of 2025, reflecting additional financing activity during the quarter. Current liabilities declined to $11.93 billion from $15.81 billion at year-end, improving the company's near-term liquidity position.

Total stockholders' equity increased to $39.13 billion from $37.84 billion as of December 31, 2025. The company moved from a retained earnings deficit of $1.23 billion at year-end to a deficit of $899 million, narrowing the gap by $326 million.

Common shares outstanding totaled 2.20 billion as of March 31, 2026, up slightly from 2.20 billion at the end of 2025. The weighted average diluted share count for the quarter was 2.28 billion shares.

Cash Flow Summary

Cash from financing activities totaled $902 million in the first quarter of 2026, down from $1.58 billion in the same period last year. The company ended the quarter with $799 million in cash and restricted cash, down from $2.24 billion a year earlier.