PG&E Corporation filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $25.77 billion, which rose 4.1% on the year before. That growth rate was down 1.6 percentage points on the rate a quarter earlier.
What stands out in the filings
Capital spending rose 11.5%, faster than operating cash flow’s 10.2%, so less of the cash generated was left over.
What the company earns
The company makes money. The trailing operating margin was 20.2%, up 1.8 percentage points from a year earlier. At the same time, the trailing net margin was 11.6%. Net income over the twelve months was $2.98 billion, which rose 14.8% on the year before.
Cash flow
Cash generation weakened. Operating cash flow over the twelve months was $7.80 billion, down 10.2% on the year before. Over those twelve months, capital spending was $12.78 billion, or 49.6% of revenue. Free cash flow, operating cash flow less capital spending, was −$4.98 billion. Free cash flow was −19.3% of revenue (the free-cash-flow margin), down 8.1 percentage points from a year earlier.
Share count
The average diluted share count rose 1.4% over the year.
How today compares
In the context of past results: today’s free-cash-flow margin of −19.3% is higher than 19% of the company’s own past quarterly readings, which have ranged from −148.8% to 2.0%. Over the same period, today’s operating margin of 20.2% is higher than 100% of the company’s own past quarterly readings, which have ranged from −92.8% to 20.0%. Today’s twelve-month revenue growth rate of 4.1% is higher than 52% of the company’s own past quarterly readings, which have ranged from −6.3% to 15.1%.
Guidance
Management has also set expectations. The company kept its Full year 2026 guidance for non-GAAP core EPS (adjusted): $1.64 to $1.66. Meanwhile, the company kept its 2027 guidance for non-GAAP core EPS (adjusted): $1.78 to $1.82.
What to watch
The next filing will show whether the trends above continue, slow or reverse.
