PG&E Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), PG&E Corp reported revenue of $24.9B (+2.1% year on year) and net income of $2.7B (+7.6% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total operating revenues | $24.9B | $24.4B | $24.4B | $21.7B |
| Cost of electricity and natural gas | $3.7B | $3.5B | $4.2B | $4.9B |
| Operating and maintenance | $11.3B | $11.8B | $11.9B | $9.8B |
| SB 901 securitization charges, net | $35.0M | $33.0M | $1.3B | $608.0M |
| Wildfire-related claims, net of recoveries | $100.0M | $94.0M | $64.0M | $237.0M |
| Wildfire Fund expense | $352.0M | $383.0M | $567.0M | $477.0M |
| Depreciation, amortization, and decommissioning | $4.6B | $4.2B | $3.7B | $3.9B |
| Total operating expenses | $20.2B | $20.0B | $21.8B | $19.8B |
| Operating Income | $4.7B | $4.5B | $2.7B | $1.8B |
| Interest income | $520.0M | $604.0M | $606.0M | $162.0M |
| Interest expense | ($3.0B) | ($3.1B) | ($2.9B) | ($1.9B) |
| Other income, net | $182.0M | $300.0M | $272.0M | $394.0M |
| Income Before Income Taxes | $2.4B | $2.3B | $699.0M | $476.0M |
| Income tax benefit | ($280.0M) | ($200.0M) | ($1.6B) | ($1.3B) |
| Net Income | $2.7B | $2.5B | $2.3B | $1.8B |
| Preferred stock dividend requirement | $110.0M | $37.0M | $14.0M | $14.0M |
| Income Available for Common Shareholders | $2.6B | $2.5B | $2.2B | $1.8B |
| Weighted Average Common Shares Outstanding, Basic (in shares) | 2.2B | 2.1B | 2.1B | 2.0B |
| Weighted Average Common Shares Outstanding, Diluted | 2.2B | 2.1B | 2.1B | 2.1B |
| Net Income Per Common Share, Basic (in dollars per share) | $1.18 | $1.16 | $1.09 | $0.91 |
| Net Income Per Common Share, Diluted (in dollars per share) | $1.18 | $1.15 | $1.05 | $0.84 |
| Line item | Sep 30, 2026 · Q3 | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 |
|---|---|---|---|---|
| Total operating revenues | $6.2B | $5.9B | $6.9B | $6.3B |
| Cost of electricity and natural gas | $1.0B | $915.0M | $1.0B | $1.1B |
| Operating and maintenance | $2.5B | $2.5B | $3.1B | $2.6B |
| SB 901 securitization inception charge | $36.0M | — | — | $35.0M |
| Wildfire-related claims, net of recoveries | $0 | $0 | $0 | $1.0M |
| Wildfire Fund expense | $141.0M | $126.0M | $102.0M | $86.0M |
| Depreciation, amortization, and decommissioning | $1.2B | $1.1B | $1.2B | $1.1B |
| Total operating expenses | $4.9B | $4.6B | $5.4B | $5.0B |
| Operating Income | $1.2B | $1.3B | $1.5B | $1.2B |
| Interest income | $104.0M | $110.0M | $122.0M | $94.0M |
| Interest expense | ($825.0M) | ($796.0M) | ($803.0M) | ($770.0M) |
| Other income, net | $153.0M | $97.0M | $116.0M | $97.0M |
| Income Before Income Taxes | $681.0M | $674.0M | $905.0M | $630.0M |
| Income tax benefit | ($95.0M) | ($87.0M) | $20.0M | ($220.0M) |
| Net Income | $776.0M | $761.0M | $885.0M | $850.0M |
| Preferred stock dividend requirement | $27.0M | $28.0M | $27.0M | $27.0M |
| Income Available for Common Shareholders | $749.0M | $733.0M | $858.0M | $823.0M |
| Weighted Average Common Shares Outstanding, Basic (in shares) | 2.2B | 2.2B | 2.2B | 2.2B |
| Weighted Average Common Shares Outstanding, Diluted (in shares) | 2.3B | 2.3B | 2.3B | 2.3B |
| Net Income Per Common Share, Basic (in dollars per share) | $0.34 | $0.33 | $0.39 | $0.37 |
| Net Income Per Common Share, Diluted (in dollars per share) | $0.34 | $0.33 | $0.39 | $0.37 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $713.0M | $940.0M | $635.0M | $734.0M |
| Restricted cash and restricted cash equivalents (includes $225 million and $263 million related to VIEs at respective dates) | $259.0M | $273.0M | — | — |
| Customers (net of allowance for doubtful accounts of $408 million and $418 million at respective dates) (includes $1.9 billion related to VIEs, net of allowance for doubtful accounts of $408 million and $418 million at respective dates) | $2.3B | $2.2B | $2.0B | $2.6B |
| Accrued unbilled revenue (includes $1.3 billion related to VIEs at respective dates) | $1.5B | $1.5B | $1.3B | $1.3B |
| Regulatory balancing accounts | $6.3B | $7.2B | $5.7B | $3.3B |
| Other (net of allowance for doubtful accounts of $69 million and $35 million at respective dates) | $1.7B | $1.8B | — | — |
| Regulatory assets | $305.0M | $234.0M | $300.0M | $296.0M |
| Gas stored underground and fuel oil | $75.0M | $52.0M | $65.0M | $91.0M |
| Materials and supplies | $745.0M | $768.0M | $805.0M | $751.0M |
| Wildfire Fund asset | $297.0M | $301.0M | $450.0M | $460.0M |
| Wildfire self-insurance asset | $1.0B | $905.0M | — | — |
| Other | $644.0M | $999.0M | $1.5B | $1.6B |
| Total current assets | $15.8B | $17.2B | $14.4B | $12.8B |
| Property, Plant, and Equipment | $129.0B | — | — | — |
| Construction work in progress | $4.6B | $4.5B | $4.5B | $4.1B |
| Financing lease ROU asset and other | $2.0M | $814.0M | $787.0M | — |
| Total property, plant, and equipment | $133.6B | $123.5B | $115.4B | $107.2B |
| Accumulated depreciation | ($37.3B) | ($35.3B) | ($33.1B) | ($30.9B) |
| Net property, plant, and equipment | $96.3B | $88.2B | $82.3B | $76.2B |
| Regulatory assets | $16.0B | $15.6B | $17.2B | $16.4B |
| Customer credit trust | $804.0M | $377.0M | $233.0M | $745.0M |
| Nuclear decommissioning trusts | $4.2B | $3.8B | $3.6B | $3.3B |
| Operating lease ROU asset | $450.0M | $524.0M | $598.0M | $1.3B |
| Wildfire Fund asset | $3.7B | $4.1B | $4.3B | $4.8B |
| Other (includes noncurrent accounts receivable of $67 million and $82 related to VIEs, net of noncurrent allowance for doubtful accounts of $15 million and $18 at respective dates) | $4.2B | $3.8B | $3.1B | $3.0B |
| Total other noncurrent assets | $29.4B | $28.2B | $29.0B | $29.6B |
| TOTAL ASSETS | $141.6B | $133.7B | $125.7B | $118.6B |
| Short-term borrowings | $2.7B | $1.5B | $4.0B | $2.1B |
| Long-term debt, classified as current (includes $221 million and $222 million related to VIEs at respective dates) | $821.0M | $2.1B | $1.4B | $2.3B |
| Trade creditors | $3.4B | $2.7B | $2.3B | $2.9B |
| Regulatory balancing accounts | $3.1B | $3.2B | $1.7B | $1.7B |
| Other | $929.0M | $748.0M | $1.4B | $1.4B |
| Operating lease liabilities | $90.0M | $85.0M | $80.0M | $231.0M |
| Financing lease liabilities | $0 | $577.0M | $259.0M | — |
| Interest payable (includes $72 million and $91 million related to VIEs at respective dates) | $764.0M | $760.0M | $679.0M | $626.0M |
| Wildfire-related claims | $524.0M | $916.0M | $1.4B | $1.9B |
| Other | $4.0B | $3.7B | $851.0M | $778.0M |
| Total current liabilities | $16.3B | $16.3B | $17.3B | $15.8B |
| Long-term debt (includes $11.7 billion and $10.1 billion related to VIEs at respective dates) | $57.4B | $53.6B | $51.0B | $47.7B |
| Regulatory liabilities | $20.2B | $19.4B | $19.4B | $17.6B |
| Pension and other postretirement benefits | $549.0M | $808.0M | $476.0M | $231.0M |
| Asset retirement obligations | $5.4B | $5.4B | $5.5B | $5.9B |
| Deferred income taxes | $4.1B | $3.1B | $2.0B | $2.7B |
| Operating lease liabilities | $360.0M | $439.0M | $518.0M | $1.2B |
| Financing lease liabilities | $2.0M | $4.0M | $554.0M | — |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $902.0M | $972.0M | $1.1B | $404.0M |
| Restricted cash and restricted cash equivalents (includes $370 million and $225 million related to VIEs at respective dates) | $404.0M | $249.0M | $359.0M | $368.0M |
| Customers (net of allowance for doubtful accounts of $391 million and $408 million at respective dates) (includes $1.8 billion and $1.9 billion related to VIEs, net of allowance for doubtful accounts of $391 million and $408 million at respective dates) | $2.2B | $1.9B | $1.9B | $2.3B |
| Accrued unbilled revenue (includes $1.4 billion and $1.3 billion related to VIEs at respective dates) | $1.6B | $1.9B | $1.4B | $1.6B |
| Regulatory balancing accounts | $4.8B | $5.4B | $5.0B | $4.8B |
| Other (net of allowance for doubtful accounts of $28 million and $69 million at respective dates) | $1.6B | $1.8B | $1.8B | $1.9B |
| Regulatory assets | $159.0M | $196.0M | $230.0M | $323.0M |
| Gas stored underground and fuel oil | $68.0M | $70.0M | $68.0M | $74.0M |
| Materials and supplies | $789.0M | $785.0M | $763.0M | $689.0M |
| Wildfire Fund asset | $286.0M | $291.0M | $295.0M | $298.0M |
| Wildfire self-insurance asset | $1.0B | $1.1B | $1.1B | $1.0B |
| Other | $834.0M | $787.0M | $704.0M | $563.0M |
| Total current assets | $14.7B | $15.4B | $14.8B | $14.4B |
| Property, Plant, and Equipment | $136.2B | $133.9B | $131.3B | $125.3B |
| Construction work in progress | $5.1B | $4.8B | $4.8B | $5.1B |
| Financing lease ROU asset and other | $0 | $0 | $0 | $9.0M |
| Total property, plant, and equipment | $141.3B | $138.7B | $136.1B | $130.4B |
| Accumulated depreciation | ($38.8B) | ($38.5B) | ($37.8B) | ($36.6B) |
| Net property, plant, and equipment | $102.6B | $100.2B | $98.2B | $93.8B |
| Regulatory assets | $16.5B | $16.1B | $15.7B | $16.3B |
| Customer credit trust | $408.0M | $553.0M | $691.0M | $902.0M |
| Nuclear decommissioning trusts | $4.4B | $4.4B | $4.2B | $4.2B |
| Operating lease ROU asset | $452.0M | $485.0M | $498.0M | $462.0M |
| Wildfire Fund asset | $3.4B | $3.5B | $3.6B | $3.8B |
| Other (includes noncurrent accounts receivable of $76 million and $67 million related to VIEs, net of noncurrent allowance for doubtful accounts of $17 million and $15 million and $272 million and $0 of noncurrent restricted cash related to the DOE’s Civil Nuclear Credit Program at respective dates) | $4.8B | $4.4B | $4.2B | $4.4B |
| Total other noncurrent assets | $30.0B | $29.5B | $28.9B | $30.1B |
| TOTAL ASSETS | $147.3B | $145.1B | $142.0B | $138.2B |
| Short-term borrowings | $2.2B | $1.4B | $1.7B | $1.0B |
| Long-term debt, classified as current (includes $227 million and $221 million related to VIEs at respective dates) | $1.5B | $1.1B | $622.0M | $2.8B |
| Trade creditors | $3.1B | $3.0B | $2.8B | $3.0B |
| Regulatory balancing accounts | $2.4B | $2.1B | $1.6B | $2.6B |
| Other | $815.0M | $915.0M | $875.0M | $748.0M |
| Operating lease liabilities | $94.0M | $91.0M | $89.0M | $87.0M |
| Interest payable (includes $154 million and $72 million related to VIEs at respective dates) | $773.0M | $833.0M | $710.0M | $657.0M |
| Wildfire-related claims | $173.0M | $309.0M | $380.0M | $492.0M |
| Other | $3.3B | $2.9B | $3.6B | $3.9B |
| Total current liabilities | $14.3B | $12.7B | $12.3B | $15.3B |
| Long-term debt (includes $11.5 billion and $11.7 billion related to VIEs at respective dates) | $61.3B | $61.8B | $60.1B | $55.5B |
| Regulatory liabilities | $20.4B | $20.4B | $20.3B | $20.1B |
| Pension and other postretirement benefits | $496.0M | $517.0M | $537.0M | $834.0M |
| Asset retirement obligations | $5.7B | $5.6B | $5.5B | $5.4B |
| Deferred income taxes | $5.0B | $4.7B | $4.4B | $3.8B |
| Operating lease liabilities | $358.0M | $394.0M | $409.0M | $375.0M |
| Financing lease liabilities | $0 | $0 | $0 | $1.0M |
| Other | $4.9B | $4.9B | $4.8B | $4.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $2.7B | $2.5B | $2.3B | $1.8B |
| Depreciation, amortization, and decommissioning | $4.6B | $4.2B | $3.7B | $3.9B |
| Bad debt expense | $402.0M | $341.0M | $636.0M | $143.0M |
| Allowance for equity funds used during construction | ($219.0M) | ($184.0M) | ($179.0M) | ($184.0M) |
| Deferred income taxes and tax credits, net | $1.1B | $1.1B | ($765.0M) | ($452.0M) |
| Wildfire Fund expense | $352.0M | $383.0M | $568.0M | $477.0M |
| Other | ($75.0M) | $310.0M | ($116.0M) | $517.0M |
| Accounts receivable | ($61.0M) | ($1.1B) | ($369.0M) | ($757.0M) |
| Wildfire-related insurance receivable | ($167.0M) | $318.0M | $358.0M | $453.0M |
| Inventories | $0 | $45.0M | ($28.0M) | ($246.0M) |
| Accounts payable | $176.0M | $30.0M | ($90.0M) | $627.0M |
| Wildfire-related claims | ($392.0M) | ($506.0M) | ($489.0M) | ($810.0M) |
| Other current assets and liabilities | $563.0M | ($231.0M) | $397.0M | $17.0M |
| Regulatory assets, liabilities, and balancing accounts, net | $173.0M | $1.5B | ($429.0M) | ($1.1B) |
| Contributions to Wildfire Fund | ($193.0M) | ($193.0M) | ($193.0M) | ($193.0M) |
| Other noncurrent assets and liabilities | ($238.0M) | ($561.0M) | ($548.0M) | ($425.0M) |
| Net cash provided by operating activities | $8.7B | $8.0B | $4.7B | $3.7B |
| Capital expenditures | ($11.8B) | ($10.4B) | ($9.7B) | ($9.6B) |
| Proceeds from sales and maturities of nuclear decommissioning trust investments | $2.0B | $2.0B | $2.2B | $3.3B |
| Purchases of nuclear decommissioning trust investments | ($2.0B) | ($2.0B) | ($2.3B) | ($3.2B) |
| Proceeds from sales and maturities of customer credit trust investments | $435.0M | $398.0M | $556.0M | $250.0M |
| Purchases of customer credit investments | ($742.0M) | ($519.0M) | $0 | ($1.0B) |
| Proceeds from self-insurance investments | $1.2B | — | — | — |
| Purchases of self-insurance investments | ($1.4B) | ($898.0M) | — | — |
| Other | $22.0M | $35.0M | $13.0M | $34.0M |
| Net cash used in investing activities | ($12.3B) | ($11.4B) | ($9.2B) | ($10.2B) |
| Borrowings under credit facilities | $4.8B | $6.9B | $10.7B | $10.1B |
| Repayments under credit facilities | ($1.5B) | ($10.1B) | ($10.5B) | ($9.8B) |
| Borrowings under term loan | $575.0M | — | — | — |
| Repayments under term loan | $0 | ($2.6B) | — | — |
| Short-term debt financing, net of issuance costs of $0, $1, and $0 at respective dates | $0 | $999.0M | $0 | $0 |
| Short-term debt matured | ($1.0B) | $0 | $0 | ($300.0M) |
| Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $38, $5, and $67 at respective dates | $5.0B | $4.5B | $5.5B | — |
| Repayments of long-term debt | ($3.9B) | ($800.0M) | ($3.1B) | ($6.0B) |
| Proceeds from issuance of AB 1054 recovery bonds, net of financing fees of $0, $10 and $0 at respective dates | $0 | $1.4B | $0 | $8.4B |
| Repayments of recovery bonds | ($223.0M) | ($175.0M) | ($168.0M) | ($51.0M) |
| Proceeds from DWR loan | $0 | $980.0M | $0 | $312.0M |
| Proceeds from issuance of convertible notes, net of discount and issuance costs of $0, $0, and $27 at respective dates | $0 | $0 | $2.1B | — |
| Common stock issued | $0 | $1.1B | — | $0 |
| Mandatory convertible preferred stock issued | $0 | $1.6B | — | — |
| Mandatory convertible preferred stock dividends paid | ($220.0M) | ($86.0M) | — | — |
| Preferred stock dividends paid | ($97.0M) | — | — | — |
| Other | ($87.0M) | ($59.0M) | ($17.0M) | $53.0M |
| Net cash provided by financing activities | $3.4B | $3.6B | $4.4B | $7.1B |
| Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | ($241.0M) | $281.0M | ($15.0M) | $640.0M |
| Line item | Sep 30, 2026 · YTD | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $2.4B | $1.6B | $885.0M | $2.0B |
| Depreciation, amortization, and decommissioning | $3.4B | $2.2B | $1.2B | $3.3B |
| Bad debt expense | $185.0M | $119.0M | $89.0M | $331.0M |
| Allowance for equity funds used during construction | ($161.0M) | ($101.0M) | ($55.0M) | ($164.0M) |
| Deferred income taxes and tax credits, net | $888.0M | $585.0M | $294.0M | $700.0M |
| Wildfire Fund expense | $369.0M | $228.0M | $102.0M | $271.0M |
| Other | $34.0M | $42.0M | ($60.0M) | ($84.0M) |
| Accounts receivable | ($143.0M) | ($356.0M) | $129.0M | ($454.0M) |
| Wildfire-related insurance receivable | $158.0M | $120.0M | $20.0M | ($106.0M) |
| Inventories | ($37.0M) | ($35.0M) | ($11.0M) | $57.0M |
| Accounts payable | ($232.0M) | ($81.0M) | ($4.0M) | $25.0M |
| Wildfire-related claims | ($351.0M) | ($215.0M) | ($144.0M) | ($424.0M) |
| Other current assets and liabilities | ($368.0M) | ($805.0M) | ($264.0M) | $377.0M |
| Regulatory assets, liabilities, and balancing accounts, net | ($86.0M) | ($211.0M) | ($74.0M) | $1.3B |
| Other noncurrent assets and liabilities | ($272.0M) | $172.0M | $357.0M | ($432.0M) |
| Net cash provided by operating activities | $5.8B | $3.3B | $2.4B | $6.8B |
| Capital expenditures | ($9.6B) | ($6.3B) | ($3.4B) | ($8.6B) |
| Proceeds from sales and maturities of nuclear decommissioning trust investments | $2.0B | $1.2B | $400.0M | $1.4B |
| Purchases of nuclear decommissioning trust investments | ($2.0B) | ($1.2B) | ($434.0M) | ($1.4B) |
| Proceeds from sales and maturities of customer credit trust investments | $440.0M | $283.0M | $116.0M | $310.0M |
| Purchases of customer credit trust investments | ($38.0M) | ($25.0M) | $0 | ($729.0M) |
| Proceeds from sales and maturities of self-insurance investments | $930.0M | $627.0M | $324.0M | $669.0M |
| Purchases of self-insurance investments | ($962.0M) | ($694.0M) | ($357.0M) | ($828.0M) |
| Other | $17.0M | $11.0M | $5.0M | $15.0M |
| Net cash used in investing activities | ($9.3B) | ($6.2B) | ($3.3B) | ($9.3B) |
| Borrowings under credit facilities | $6.4B | $4.8B | $1.8B | $3.1B |
| Repayments under credit facilities | ($6.1B) | ($5.2B) | ($2.8B) | ($1.3B) |
| Borrowings under term loan | $180.0M | — | — | $500.0M |
| Repayments under term loan | ($860.0M) | ($860.0M) | — | ($1.0B) |
| Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $47 and $27 at respective dates | $7.1B | $5.4B | $3.2B | — |
| Repayments of long-term debt | ($2.3B) | ($600.0M) | ($600.0M) | ($1.9B) |
| Repayments of recovery bonds | ($134.0M) | ($109.0M) | ($25.0M) | ($139.0M) |
| Common stock dividends paid | ($330.0M) | ($220.0M) | ($110.0M) | ($166.0M) |
| Mandatory convertible preferred stock dividends paid | ($72.0M) | ($48.0M) | ($24.0M) | ($72.0M) |
| Other | $12.0M | ($18.0M) | ($38.0M) | $132.0M |
| Net cash provided by financing activities | $3.8B | $3.1B | $1.4B | $2.1B |
| Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | $334.0M | $249.0M | $518.0M | ($441.0M) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1 | $972.0M | $972.0M | $972.0M | $1.2B |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at September 30 | $1.3B | — | — | $772.0M |
| Less: Restricted cash and restricted cash equivalents | ($404.0M) | ($249.0M) | ($359.0M) | ($368.0M) |
| Cash and cash equivalents at September 30 | $902.0M | $972.0M | $1.1B | $404.0M |
| Interest, net of amounts capitalized | ($2.2B) | ($1.4B) | ($774.0M) | ($2.1B) |
| Income taxes, net | ($165.0M) | ($165.0M) | — | — |
| Capital expenditures financed through accounts payable | $1.6B | $1.5B | $1.3B | $1.4B |
| Operating lease liabilities arising from obtaining ROU assets | $68.0M | $68.0M | $67.0M | $0 |
PG&E Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.