PG&E Corporation

Utilities Multi-Utilities Oakland, California Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$24.9B
                    3y CAGR +4.8%
                    
                    P73
                    
                    +2.1%
                    
                    Net income
                    FY2025
                
$2.7B
                    Net margin +10.8%
                    
                    P23
                    
                    +7.6%
                    
                    Total assets
                    FY2025
                
$141.6B
                    ROA +1.9%
                    
                    P13
                    
                    +5.9%
                    
                    Operating cash flow
                    FY2025
                
$8.7B
                    FCF margin -12.3%
                    
                    P52
                    
                    +8.5%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

21 accounts · 5 years

Total assets $141.6B

Total liabilities ~$109.1B

Shareholders equity $32.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$713.0M -24.1%	$940.0M 48.0%	$635.0M -13.5%	$734.0M 152.2%	$291.0M
Accounts Receivable	$5.4B -1.2%	$5.5B 15.0%	$4.8B 21.4%	$3.9B 11.2%	$3.6B
Other Current Assets	$9.7B -10.1%	$10.8B 20.2%	$9.0B 10.1%	$8.1B 12.4%	$7.2B
Total Current Assets	$15.8B -8.1%	$17.2B 19.7%	$14.4B 12.2%	$12.8B 15.7%	$11.1B
Property,Plant and Equipment	$96.3B 9.2%	$88.2B 7.2%	$82.3B 8.0%	$76.2B 9.1%	$69.8B
Regulatory Assets	$16.0B 2.7%	$15.6B -9.5%	$17.2B 4.5%	$16.4B 78.6%	$9.2B
Other Noncurrent Assets	$13.5B 6.3%	$12.7B 7.2%	$11.8B -10.4%	$13.2B -0.3%	$13.2B
Total Assets	$141.6B 5.9%	$133.7B 6.3%	$125.7B 5.9%	$118.6B 14.8%	$103.3B
Liabilities
Current Portion of Long Term Debt	$3.5B -4.7%	$3.7B -31.4%	$5.3B 23.7%	$4.3B -35.1%	$6.7B
Other Current Liabilities	$12.8B 1.1%	$12.7B 5.8%	$12.0B 4.4%	$11.5B 6.5%	$10.8B
Total Current Liabilities	$16.3B -0.2%	$16.3B -5.7%	$17.3B 9.7%	$15.8B -9.4%	$17.4B
Long Term Debt	$57.4B 7.1%	$53.6B 5.1%	$51.0B 6.8%	$47.7B 24.9%	$38.2B
Regulatory Liabilities	$20.2B 4.0%	$19.4B -0.1%	$19.4B 10.3%	$17.6B 46.9%	$12.0B
Other Noncurrent Liabilities	$14.9B 7.2%	$13.9B 10.0%	$12.7B -12.0%	$14.4B -0.3%	$14.5B
Equity
Total Stockholders Equity	$32.5B 7.9%	$30.1B 20.4%	$25.0B 9.7%	$22.8B 8.8%	$21.0B
Preferred Stock	$1.6B 0.0%	$1.6B	$0	—	—
Common Stock	$31.6B 0.3%	$31.6B 3.9%	$30.4B -7.6%	$32.9B -6.4%	$35.1B
Retained Earnings	$-650.0M 78.1%	$-3.0B 44.3%	$-5.3B 29.4%	$-7.5B 18.8%	$-9.3B
Accumulated Other Comprehensive Income	$-25.0M -31.6%	$-19.0M -46.2%	$-13.0M -160.0%	$-5.0M 75.0%	$-20.0M
Noncontrolling Interest	$252.0M 0.0%	$252.0M 0.0%	$252.0M 0.0%	$252.0M 0.0%	$252.0M
Total Liabilitiesand Equity	$141.6B 5.9%	$133.7B 6.3%	$125.7B 5.9%	$118.6B 14.8%	$103.3B

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $24.9B

Operating income $4.7B

Net income $2.7B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$24.9B 2.1%	$24.4B 0.0%	$24.4B 12.7%	$21.7B 5.0%	$20.6B
Expenses Selling,General and Administrative	$11.3B -3.9%	$11.8B -1.0%	$11.9B 21.6%	$9.8B -3.8%	$10.2B
Expenses Depreciation and Amortization	$4.6B 10.6%	$4.2B 12.1%	$3.7B -3.1%	$3.9B 13.3%	$3.4B
Expenses Other Operating Expenses	$487.0M -4.5%	$510.0M -73.1%	$1.9B 43.6%	$1.3B 70.6%	$775.0M
Other Income Expense Operating Income	$4.7B 6.5%	$4.5B 66.9%	$2.7B 45.4%	$1.8B -2.4%	$1.9B
Other Income Expense Interest Expense	$3.0B -0.8%	$3.1B 7.1%	$2.9B 48.7%	$1.9B 19.7%	$1.6B
Other Income Expense Other Income/expense	$702.0M -22.3%	$904.0M 3.0%	$878.0M 57.9%	$556.0M 19.3%	$466.0M
Other Income Expense Income Before Tax	$2.4B 4.8%	$2.3B 230.8%	$699.0M 46.8%	$476.0M -36.4%	$748.0M
Income Tax Income Tax Expense	$-280.0M -40.0%	$-200.0M 87.2%	$-1.6B -16.4%	$-1.3B -260.0%	$836.0M
net Income Other Items Below Tax	$-110.0M -197.3%	$-37.0M -164.3%	$-14.0M 0.0%	$-14.0M 0.0%	$-14.0M
net Income net Income	$2.7B 7.6%	$2.5B 11.3%	$2.3B 24.4%	$1.8B 2161.4%	$-88.0M
Earnings Per Share Basic Eps	$1 1.7%	$1 6.4%	$1 19.8%	$1 1920.0%	$-0
Earnings Per Share Diluted Eps	$1 2.6%	$1 9.5%	$1 25.0%	$1 1780.0%	$-0
Earnings Per Share Weighted Average Shares Diluted	$2.2B 2.6%	$2.1B 0.4%	$2.1B 0.3%	$2.1B 7.4%	$2.0B

Cash Flow Statement

Operating, investing, and financing flows

12 accounts · 5 years

Operating cash flow $8.7B

Investing cash flow $-12.3B

Financing cash flow $3.4B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	$8.7B 8.5%	$8.0B 69.3%	$4.7B 27.6%	$3.7B 64.5%	$2.3B
Operating Activities net Income	$2.7B 7.6%	$2.5B 11.3%	$2.3B 24.4%	$1.8B 2161.4%	$-88.0M
Operating Activities Depreciation and Amortization	$4.6B 10.6%	$4.2B 12.1%	$3.7B -3.1%	$3.9B 13.3%	$3.4B
Operating Activities Other Non Cash Items	$1.4B 3.4%	$1.3B 207.0%	$-1.2B 36.0%	$-1.9B -85.1%	$-1.1B
Investing Activities Capital Expenditures	$-11.8B -13.7%	$-10.4B -6.7%	$-9.7B -1.4%	$-9.6B -24.6%	$-7.7B
Investing Activities Other Investing Activities	$-529.0M 47.4%	$-1.0B -282.2%	$552.0M 187.6%	$-630.0M -180.4%	$784.0M
Investing Activities net Cash From Investing Activities	$-12.3B -8.3%	$-11.4B -24.2%	$-9.2B 10.3%	$-10.2B -47.9%	$-6.9B
Financing Activities Proceeds From Debt	$10.3B -30.0%	$14.8B -27.6%	$20.4B 38.5%	$14.7B -5.1%	$15.5B
Financing Activities Repayment of Debt	$-6.3B 53.1%	$-13.5B 14.4%	$-15.8B 1.4%	$-16.0B -39.1%	$-11.5B
Financing Activities Other Financing Activities	$-184.0M -117.2%	$1.1B 6388.2%	$-17.0M -132.1%	$53.0M -84.0%	$332.0M
Financing Activities net Cash From Financing Activities	$3.4B -7.2%	$3.6B -17.7%	$4.4B -38.3%	$7.1B 65.0%	$4.3B
Cash Reconciliation net Change In Cash	$-241.0M -185.8%	$281.0M 1973.3%	$-15.0M -102.3%	$640.0M 300.0%	$-320.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+19.0%	+18.3%	+10.9%	+8.5%	+9.1%
Net margin	+10.8%	+10.3%	+9.2%	+8.4%	-0.4%
FCF margin	-12.3%	-9.6%	-20.3%	-27.0%	-26.3%
Growth
Revenue CAGR (3y)	+4.8%	+5.8%	+9.8%	+8.2%	+7.2%
Returns
ROE	+8.3%	+8.3%	+9.0%	+7.9%	-0.4%
ROA	+1.9%	+1.9%	+1.8%	+1.5%	-0.1%
ROIC	+5.1%	+5.2%	+3.3%	+2.5%	+0.0%
Liquidity
Current ratio	0.97x	1.05x	0.83x	0.81x	0.64x
Quick ratio	0.38x	0.40x	0.31x	0.30x	0.22x
Leverage
D/E	3.35x	3.43x	4.02x	4.20x	3.93x
Interest coverage	1.57x	1.46x	0.94x	0.96x	1.18x
Efficiency
Asset turnover	0.18x	0.18x	0.19x	0.18x	0.20x
Cash conversion cycle	—	—	—	—	—

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PG&E Corporation

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