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

Each cell as a share of that year’s total assets.

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	0.5%	0.7%	0.5%	0.6%	0.3%
Accounts Receivable	3.8%	4.1%	3.8%	3.3%	3.4%
Other Current Assets	6.8%	8.0%	7.1%	6.9%	7.0%
Total Current Assets	11.2%	12.9%	11.4%	10.8%	10.7%
Property,Plant and Equipment	68.0%	66.0%	65.5%	64.2%	67.6%
Regulatory Assets	11.3%	11.6%	13.7%	13.9%	8.9%
Other Noncurrent Assets	9.5%	9.5%	9.4%	11.1%	12.8%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Current Portion of Long Term Debt	2.5%	2.7%	4.3%	3.6%	6.5%
Other Current Liabilities	9.0%	9.5%	9.5%	9.7%	10.4%
Total Current Liabilities	11.5%	12.2%	13.8%	13.3%	16.9%
Long Term Debt	40.5%	40.1%	40.6%	40.2%	37.0%
Regulatory Liabilities	14.3%	14.5%	15.5%	14.9%	11.6%
Other Noncurrent Liabilities	10.6%	10.4%	10.1%	12.1%	14.0%
Equity
Total Stockholders Equity	23.0%	22.6%	19.9%	19.2%	20.3%
Preferred Stock	1.1%	1.2%	0.0%	—	—
Common Stock	22.3%	23.6%	24.2%	27.7%	34.0%
Retained Earnings	-0.5%	-2.2%	-4.2%	-6.4%	-9.0%
Accumulated Other Comprehensive Income	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%
Noncontrolling Interest	0.2%	0.2%	0.2%	0.2%	0.2%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

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	17.6%	18.3%	19.4%	18.3%	20.0%
Expenses Selling,General and Administrative	8.0%	8.8%	9.5%	8.3%	9.9%
Expenses Depreciation and Amortization	3.3%	3.1%	3.0%	3.3%	3.3%
Expenses Other Operating Expenses	0.3%	0.4%	1.5%	1.1%	0.8%
Other Income Expense Operating Income	3.4%	3.3%	2.1%	1.5%	1.8%
Other Income Expense Interest Expense	2.1%	2.3%	2.3%	1.6%	1.5%
Other Income Expense Other Income/expense	0.5%	0.7%	0.7%	0.5%	0.5%
Other Income Expense Income Before Tax	1.7%	1.7%	0.6%	0.4%	0.7%
Income Tax Income Tax Expense	-0.2%	-0.1%	-1.2%	-1.1%	0.8%
net Income Other Items Below Tax	-0.1%	-0.0%	-0.0%	-0.0%	-0.0%
net Income net Income	1.9%	1.9%	1.8%	1.5%	-0.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	-0.0%
Earnings Per Share Weighted Average Shares Diluted	1.6%	1.6%	1.7%	1.8%	1.9%

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	6.2%	6.0%	3.8%	3.1%	2.2%
Operating Activities net Income	1.9%	1.9%	1.8%	1.5%	-0.1%
Operating Activities Depreciation and Amortization	3.3%	3.1%	3.0%	3.3%	3.3%
Operating Activities Other Non Cash Items	1.0%	1.0%	-1.0%	-1.6%	-1.0%
Investing Activities Capital Expenditures	-8.3%	-7.8%	-7.7%	-8.1%	-7.4%
Investing Activities Other Investing Activities	-0.4%	-0.8%	0.4%	-0.5%	0.8%
Investing Activities net Cash From Investing Activities	-8.7%	-8.5%	-7.3%	-8.6%	-6.7%
Financing Activities Proceeds From Debt	7.3%	11.0%	16.2%	12.4%	15.0%
Financing Activities Repayment of Debt	-4.5%	-10.1%	-12.6%	-13.5%	-11.1%
Financing Activities Other Financing Activities	-0.1%	0.8%	-0.0%	0.0%	0.3%
Financing Activities net Cash From Financing Activities	2.4%	2.7%	3.5%	6.0%	4.2%
Cash Reconciliation net Change In Cash	-0.2%	0.2%	-0.0%	0.5%	-0.3%

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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