Q1 2026 Earnings Roundup: Utilities and Tools

Several major U.S. companies across utilities, industrial tools and life sciences reported first-quarter 2026 results on April 23, showing year-over-year earnings growth and a mix of operational updates, capital plans and demand trends. PG&E Corporation, CenterPoint Energy, Thermo Fisher Scientific (TMO) and Snap-on Incorporated all highlighted higher profits versus the prior year period, while utilities also reaffirmed or reiterated full-year 2026 earnings guidance.

PG&E Corporation reported first-quarter 2026 income available for common shareholders of $858 million, or $0.39 per diluted share on a GAAP basis, up from $0.28 per diluted share a year earlier. Non-GAAP core earnings were $0.43 per share, compared with $0.33 in the first quarter of 2025. Separate snapshot data showed adjusted EPS of $0.43 versus analyst expectations of $0.39, and revenue of $6.88 billion, above forecasts of $6.46 billion.

PG&E reaffirmed full-year 2026 non-GAAP core earnings guidance of $1.64 to $1.66 per share. The company said GAAP and core earnings were driven primarily by customer capital investment from a higher rate base, the 2023 Wildfire Mitigation and Catastrophic Events decision, and net operating and maintenance savings, partially offset by a lower return on equity, increased wildfire-related claims net of recoveries and Wildfire Fund expense.

Operationally, PG&E reported lowering residential bundled electric rates for the fifth time since January 2024, resulting in a 23% reduction for customers under the CARE program and 13% for other customers. The utility advanced data center projects with about 4.6 gigawatts of load in final engineering and indicated that, under the right conditions, every 1 gigawatt of new data center load could help customers save 1% or more on monthly bills.

The company detailed wildfire risk mitigation work, including 31 miles of undergrounded powerlines and 44 miles of strengthened poles and covered lines in high fire-risk areas in the quarter, with plans to complete more than 1,900 miles of undergrounding and over 2,000 miles of strengthened and covered lines by the end of 2027. PG&E also noted the April 2, 2026 U.S. Nuclear Regulatory Commission approval of Diablo Canyon Power Plant’s license renewal for extended operations.

CenterPoint Energy reported first-quarter 2026 net income of $316 million, or $0.48 per diluted share on a GAAP basis, versus $0.45 per diluted share in the prior-year period. On a non-GAAP basis, diluted EPS was $0.56, up from $0.53 in the first quarter of 2025. An earnings snapshot indicated the non-GAAP result was below an analyst consensus of $0.58 per share, and revenue of $2.98 billion was slightly below forecasts of $3.02 billion.

The company reiterated its 2026 non-GAAP EPS guidance range, stating it expects to deliver results at or above the midpoint of $1.89–$1.91, which it said would represent 8% growth over 2025 delivered non-GAAP results at the midpoint. Management attributed the quarterly non-GAAP earnings increase primarily to growth and regulatory recovery, which contributed $0.11 per share of favorability compared with the prior-year quarter, partially offset by unfavorable weather and usage, higher interest expense and effects from divested natural gas distribution businesses.

CenterPoint highlighted significant electric load growth in Greater Houston, announcing more than 12 gigawatts of firmly committed industrial load. It increased its data center load forecast and now expects to energize 8 gigawatts of data center projects in Greater Houston by 2029, with 3.5 gigawatts already under construction. The company projected that incremental growth in Greater Houston could enable customer savings of about $4 billion over the next decade.

Thermo Fisher Scientific (TMO) reported first-quarter 2026 revenue of $11.01 billion, a 6% increase from $10.36 billion in the same quarter of 2025, with organic revenue growth of 1%. Adjusted EPS was $5.44, up 6% from $5.15 a year earlier and above analyst expectations of $5.20 per share. GAAP diluted EPS was $4.43, representing 11% growth versus the prior-year quarter.

GAAP operating income rose 9% to $1.86 billion, with a GAAP operating margin of 16.9%, compared with 16.6% a year earlier. Adjusted operating income was $2.40 billion, with an adjusted operating margin of 21.8%, essentially in line with 21.9% in the first quarter of 2025. The company said it would provide updated 2026 financial guidance during its earnings conference call.

Thermo Fisher reported completing the acquisition of Clario and executing its capital deployment strategy by repurchasing $3.0 billion of stock and increasing its dividend by 10% in the quarter. It also announced strategic collaborations with NVIDIA to apply AI to laboratory technologies, and with SHL Medical to expand U.S. drug product manufacturing capabilities, alongside the launch of several new instruments and systems across microscopy, mass spectrometry, field analysis and cell therapy manufacturing.

Snap-on Incorporated reported first-quarter 2026 net sales of $1,207.2 million, an increase of $66.1 million, or 5.8%, from 2025 levels. Organic sales grew 3.4%, with an additional $26.9 million benefit from favorable foreign currency translation. Total revenues, including financial services, were $1,308.3 million versus $1,243.2 million a year earlier.

Operating earnings before financial services were $250.8 million compared with $243.1 million in 2025, representing 20.8% of net sales, including 40 basis points of unfavorable currency effects. Financial services revenue was $101.1 million, with operating earnings of $68.0 million. Consolidated operating earnings were $318.8 million, or 24.4% of total revenues, compared with 25.2% in the prior-year period.

Net earnings attributable to Snap-on were $247.0 million, or $4.69 per diluted share, up from $240.5 million, or $4.51 per diluted share, a year earlier. By segment, Commercial & Industrial Group sales rose to $381.0 million, Snap-on Tools Group sales increased to $486.0 million with a higher operating margin of 21.6%, and Repair Systems & Information Group sales were $485.3 million, reflecting primarily currency benefits.

In pre-market trading on April 23, PG&E Corporation’s shares rose 2.37% after the company exceeded analyst expectations in its first-quarter results. The utility reported adjusted EPS of $0.43 and revenue of $6.88 billion, both ahead of consensus forecasts cited in separate reports. PG&E also reaffirmed full-year 2026 adjusted EPS guidance and highlighted progress in residential electric rate reductions, Diablo Canyon license renewal and wildfire risk mitigation activities.