PCGPg&e Corp.
Pg&e Corp. (PCG) sells electricity, gas, and water services across California, with a focus on utility infrastructure and grid modernization. The next catalyst is Oct 22, 2026 — Q4 2021 Earnings Release, which will test the company’s ability to deliver on 2026 guidance and manage margin pressure from rate base growth.
- Revenue fell 2.2% YoY to $20.28B in 2021, with net income at -$163M and free cash flow at -$7.58B.
- Debt-to-equity ratio of 1.85x, with a net margin of -0.8% in the trailing twelve months.
- Shareholders’ equity stands at $32.54B, but the company has struggled with cash flow and margin compression.
The Read
PCG's stock surged 18% on strong 2026 guidance and rate base growth expectations but fell 4% when Q1 results signaled margin pressure, then rallied 6%.
The schedule
- Thu22Oct
Q4 2021 Earnings Release and Guidance
- Tue19Jan
- Sat10Apr
- Wed30Jun
Past
- Thu10Sep
- Thu23Jul
Actual outcome: Bull · $17.60 at outcome
PG&E met Q2 earnings expectations as lower operating costs, higher rates, and surging power demand from AI data centers successfully offset flat revenues. The company also reaffirmed its 2026 earnings guidance and long-term financial plan, providing the strong earnings visibility needed to drive the stock past its bull target.
- Tue12May
Actual outcome: Bear · $16.13 at outcome
The stock fell 4.0% following the Q1 2026 earnings release and WMP Execution Update, as the price closed below the bear floor of $16.00. Despite the EPS actual matching the estimate, the guidance signaled margin pressure and slower-than-expected growth, which dampened investor sentiment and led to the decline.
- Wed1Apr
Actual outcome: Bear · $16.45 at outcome
The CPUC review did not trigger the feared 'asymmetric risk' of major spending disallowances, as evidenced by the stock holding firm at $17.75 and recent analyst upgrades to a 'Buy' rating. However, the event failed to act as a positive catalyst to drive the price toward the $20
- Thu12Feb
Actual outcome: Bull · $17.88 at outcome
PCG's Q4 EPS was in line with estimates, but the primary catalyst was the strong forward outlook. The company tightened and raised the lower end of its 2026 core EPS guidance, projecting 10% growth ($1.64 to $1.66). This strong guidance, signaling confidence in rate base growth and WMP execution despite ongoing cost scrutiny, drove the stock well past the bull target.
