PG&E Corp

Listed Company

PCG-PHCIK 0001004980NYSELarge AcceleratedElectric & Other Services CombinedCaliforniaFY ends Dec 31

Period

FY 2025

Revenue

$24.93B

Net Income

$2.70B

Total Assets

$141.61B

Equity

$32.54B

Shares Out

2.68B

Op. Cash Flow

$8.72B

Business

PG&E Corp is a holding company whose primary operating subsidiary, Pacific Gas and Electric Company, provides regulated electric and natural gas utility services. It sells and delivers electricity and natural gas, operates generation facilities (including nuclear, hydro, fossil, solar, and battery storage), and provides transmission, distribution, procurement, storage, metering, billing, and customer programs. Key business areas include electric generation and non-nuclear operations, electric transmission and distribution, natural gas transmission, storage and distribution, and energy storage and resilience programs. The Utility serves residential, commercial, industrial and agricultural customers across northern and central California through regulated rate mechanisms, CAISO markets, and interactions with CCAs and other providers.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenues	24,935	24,419	24,428	21,680	20,642
Operating and maintenance	11,349	11,808	11,924	9,809	10,200
SB 901 securitization charges, net	35	33	1,267	608	0
Wildfire-related claims, net of recoveries	100	94	64	237	258
Wildfire Fund expense	352	383	567	477	517
Depreciation, amortization, and decommissioning	4,634	4,189	3,738	3,856	3,403
Total operating expenses	20,186	19,960	21,757	19,843	18,759
Operating Income	4,749	4,459	2,671	1,837	1,883
Interest income	520	604	606	162	20
Interest expense	−3,028	−3,051	−2,850	−1,917	—
Other income, net	182	300	272	394	457
Income Before Income Taxes	2,423	2,312	699	476	748
Income tax benefit	−280	−200	−1,557	−1,338	836
Net Income	2,703	2,512	2,256	1,814	−88
Preferred stock dividend requirement	110	37	14	14	14
Income Available for Common Shareholders	2,593	2,475	2,242	1,800	−102
Income Available for Common Shareholders	2,593	2,475	2,242	1,800	—
Weighted Average Common Shares Outstanding, Basic (in shares)	2,197	2,141	2,064	1,987	1,985
Weighted Average Common Shares Outstanding, Diluted	2,202	2,147	2,138	2,132	1,985
Net Income Per Common Share, Basic (in dollars per share)	1.18	1.16	1.09	0.91	−0.05
Net Income Per Common Share, Diluted (in dollars per share)	1.18	1.15	1.05	0.84	−0.05

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	713	940	635	734	291
Restricted cash and restricted cash equivalents (includes $225 million and $263 million related to VIEs at respective dates)	259	273	297	213	—
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)	2,267	2,220	2,048	2,645	2,345
Accrued unbilled revenue (includes $1.3 billion related to VIEs at respective dates)	1,463	1,487	1,254	1,304	1,207
Regulatory balancing accounts	6,300	7,227	5,660	3,264	2,999
Other (net of allowance for doubtful accounts of $69 million and $35 million at respective dates)	1,719	1,810	1,494	—	—
Regulatory assets	305	234	300	296	496
Gas stored underground and fuel oil	75	52	65	91	44
Materials and supplies	745	768	805	751	552
Wildfire Fund asset	297	301	450	460	461
Wildfire self-insurance asset	1,043	905	0	—	—
Other	644	999	1,375	1,433	882
Total current assets	15,830	17,216	14,383	12,815	11,077
Property, Plant, and Equipment	128,989	118,262	—	—	—
Construction work in progress	4,627	4,458	4,452	4,137	3,479
Financing lease ROU asset and other	2	814	787	19	—
Total property, plant, and equipment	133,618	123,534	115,414	107,154	98,960
Accumulated depreciation	−37,270	−35,305	−33,093	−30,946	−29,134
Net property, plant, and equipment	96,348	88,229	82,321	76,208	69,826
Regulatory assets	15,981	15,561	17,189	16,443	9,207
Customer credit trust	804	377	233	745	0
Nuclear decommissioning trusts	4,230	3,833	3,574	3,297	3,798
Operating lease ROU asset	450	524	598	1,311	1,234
Wildfire Fund asset	3,728	4,070	4,297	4,847	5,313
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)	4,240	3,850	3,079	2,969	2,863
Total other noncurrent assets	29,433	28,215	28,994	29,621	22,424
TOTAL ASSETS	141,611	133,660	125,698	118,644	103,327
Short-term borrowings	2,675	1,523	3,971	2,055	2,184
Long-term debt, classified as current (includes $221 million and $222 million related to VIEs at respective dates)	821	2,146	1,376	2,268	4,481
Trade creditors	3,353	2,748	2,309	2,888	2,855
Regulatory balancing accounts	3,119	3,169	1,669	1,658	1,121
Other	929	748	851	778	679
Operating lease liabilities	90	85	80	231	468
Financing lease liabilities	0	577	259	0	—
Interest payable (includes $72 million and $91 million related to VIEs at respective dates)	764	760	679	626	481
Wildfire-related claims	524	916	1,422	1,912	2,722
Other	4,025	3,658	4,698	3,372	2,436
Total current liabilities	16,300	16,330	17,314	15,788	17,427
Long-term debt (includes $11.7 billion and $10.1 billion related to VIEs at respective dates)	57,387	53,569	50,975	47,742	38,225
Regulatory liabilities	20,188	19,417	19,444	17,630	11,999
Pension and other postretirement benefits	549	808	476	231	860
Asset retirement obligations	5,439	5,444	5,512	5,912	5,298
Deferred income taxes	4,135	3,082	1,980	2,732	3,177
Operating lease liabilities	360	439	518	1,243	810
Financing lease liabilities	2	4	554	0	—
Other	4,459	4,166	3,633	4,291	4,308
Total noncurrent liabilities	92,519	86,929	83,092	79,781	64,677
Mandatory convertible preferred stock	1,579	1,579	0	—	—
Common stock, no par value, authorized 3,600,000,000 and 3,600,000,000 shares at respective dates; 2,197,942,874 and 2,193,573,536 shares outstanding at respective dates	31,636	31,555	30,374	32,887	35,129
Reinvested earnings	−650	−2,966	−5,321	−7,542	−9,284
Accumulated other comprehensive loss	−25	−19	−13	−5	−20
Total shareholders equity	32,540	30,149	25,040	22,823	20,971
Noncontrolling Interest - Preferred Stock of Subsidiary	252	252	252	252	252
Total equity	32,792	30,401	25,292	23,075	21,223
TOTAL LIABILITIES AND EQUITY	141,611	133,660	125,698	118,644	103,327

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization, and decommissioning	4,634	4,189	3,738	3,856	3,403
Bad debt expense	402	341	636	143	154
Allowance for equity funds used during construction	−219	−184	−179	−184	−133
Deferred income taxes and tax credits, net	1,058	1,098	−765	−452	1,783
Wildfire Fund expense	352	383	568	477	517
Other	−75	310	−116	517	248
Accounts receivable	−61	−1,061	−369	−757	−589
Wildfire-related insurance receivable	−167	318	358	453	−723
Inventories	0	45	−28	−246	−32
Accounts payable	176	30	−90	627	117
Wildfire-related claims	−392	−506	−489	−810	472
Other current assets and liabilities	563	−231	397	17	244
Regulatory assets, liabilities, and balancing accounts, net	173	1,545	−429	−1,131	−2,266
Contributions to Wildfire Fund	−193	−193	−193	−193	−193
Other noncurrent assets and liabilities	−238	−561	−548	−425	−579
Net cash provided by operating activities	8,716	8,035	4,747	3,721	2,262
Capital expenditures	−11,787	−10,369	−9,714	−9,584	−7,689
Proceeds from sales and maturities of nuclear decommissioning trust investments	1,952	1,980	2,235	3,316	1,678
Purchases of nuclear decommissioning trust investments	−1,993	−2,002	−2,252	−3,208	−1,702
Proceeds from sales and maturities of customer credit trust investments	435	398	556	250	0
Purchases of customer credit investments	−742	−519	0	−1,022	0
Proceeds from self-insurance investments	1,181	0	0	—	—
Purchases of self-insurance investments	−1,384	−898	0	0	—
Other	22	35	13	34	59
Net cash used in investing activities	−12,316	−11,375	−9,162	−10,214	−6,905
Borrowings under credit facilities	4,790	6,873	10,675	10,130	9,730
Repayments under credit facilities	−1,465	−10,122	−10,540	−9,750	−9,976
Borrowings under term loan	575	0	2,100	—	—
Repayments under term loan	0	−2,600	−2,181	0	—
Short-term debt financing, net of issuance costs of $0, $1, and $0 at respective dates	0	999	0	0	300
Short-term debt matured	−1,000	0	0	−300	−1,450
Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $38, $5, and $67 at respective dates	4,962	4,495	5,483	4,271	4,624
Repayments of long-term debt	−3,876	−800	−3,075	−5,968	−87
Proceeds from issuance of AB 1054 recovery bonds, net of financing fees of $0, $10 and $0 at respective dates	0	1,409	0	—	—
Proceeds from DWR loan	0	980	0	312	0
Proceeds from issuance of convertible notes, net of discount and issuance costs of $0, $0, and $27 at respective dates	0	0	2,123	0	0
Common stock issued	0	1,128	0	0	—
Preferred stock dividends paid	−97	0	0	—	—
Other	−87	−59	−17	53	−29
Net cash provided by financing activities	3,359	3,621	4,400	7,133	4,323
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents	−241	281	−15	640	−320
Interest, net of amounts capitalized	−2,665	−2,421	−2,286	−1,607	−1,404
Capital expenditures financed through accounts payable	1,859	1,144	1,105	1,174	1,311
Operating lease liabilities arising from obtaining ROU assets	0	6	269	529	100
Financing lease liabilities arising from obtaining ROU assets	0	43	52	0	0
Reclassification of operating lease liabilities to financing lease liabilities	0	0	913	0	0
DWR loan forgiveness and performance-based disbursements	148	192	214	0	0
Changes to PG&E Corporation common stock and treasury stock in connection with the share exchange with the Fire Victim Trust	0	0	−2,517	−2,337	4,854
Capital expenditures financed through current assets and non-current liabilities	592	0	0	—	—

Filings

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