Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Interest now absorbs most of operating profit
Interest rose 7.14% while operating income rose 3.31%, so the borrowing behind the asset base grew faster than its return.
For investorsWhat PG&E's earnings path depends on after the strategic review
For foundersRunning a business whose price is set by someone else
Net income fell 8.71% because the tax benefit shrank, not because the business earned less before tax.
The charge rose 64% after SCE's Eaton fire disclosure, so PG&E's cost now moves with fires at other utilities.
Rates decouple revenue from volume and pass energy costs through, which is how operating income rose 3.31% while revenue slipped.
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Business Lens describes PG&E from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
