PG&E Q3 Net Income Falls 9% to $749M as Wildfire Fund Charges Climb
PCG is trading near its 52-week low of $11.765 (9.6% above the low).
Summary
PG&E earned $749 million in Q3 2026, down 9% year over year, as Wildfire Fund amortization accelerated on SCE's Eaton fire losses. The filing flags up to $3.7 billion of potential accelerated amortization and details pending CPUC decisions on roughly $1.8 billion of cost recovery and $456 million of interim 2027 rate relief.
Key Events · Earnings and Guidance · PCG
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Q3 Profit Falls 9% to $749M
Income available for common shareholders was $749 million versus $823 million a year earlier; nine-month income rose 20% to $2,340 million on 2023 WMCE rate relief.
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Wildfire Fund Charge Jumps 64%
Wildfire Fund expense rose $55 million to $141 million in Q3 and $98 million to $369 million for nine months, driven by accelerated amortization tied to SCE's Eaton fire receivable.
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Up to $3.7 Billion Amortization Risk
PG&E may cut the Wildfire Fund's estimated life to zero and incur up to $3.7 billion of accelerated amortization based on Eaton fire loss data.
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CPUC Decisions Could Add Recovery
A September 18 proposed decision would authorize about $1.8 billion of wildfire mitigation cost recovery while disallowing roughly $477 million; a September 23 decision would grant $456 million of interim 2027 rate relief, votable as early as October 29, 2026.
Analysis · PCG · Energy & Transportation
PG&E's third-quarter profit fell to $749 million from $823 million a year earlier, and the bigger story sits in the wildfire accounting: Wildfire Fund expense jumped 64% to $141 million in the quarter because SCE's Eaton fire losses forced an acceleration of PG&E's own fund-asset amortization. The filing warns that if the fund's estimated life is cut to zero, PG&E could book up to $3.7 billion of accelerated amortization — a charge that would swamp a single quarter's earnings. Against that, two pending CPUC proposed decisions would let the utility recover about $1.8 billion of wildfire mitigation costs (while disallowing roughly $477 million) and $456 million of interim 2027 rate relief, with a vote possible as early as October 29, 2026. The company also reaffirmed it expects no equity issuances through 2030, which matters for holders worried about dilution while it funds a $12.4 billion 2026 capital plan.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 29.4% of the 1560 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.47%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PCG was trading at $12.89 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $29B. The 52-week trading range was $11.77 to $19.16. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.