PG&E Corp PCG
PG&E Corporation, incorporated in California in 1995, is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in Northern and Central California. The Utility was incorporated in California in 1905. PG&E Corporation became the holding company of the Utility and its subsidiaries in 1997. The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers. The Utility's service area is shown in the graphic below.
PG&E Corporation's and the Utility's operating revenues, income, and total assets for the most recently completed year can be found below in Item 8. Financial Statements and Supplementary Data.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.93B | $24.42B | $24.43B | $21.68B | $20.64B | $18.47B | $17.13B | $16.76B | $17.14B | $17.67B |
| Operating income | $4.75B | $4.46B | $2.67B | $1.84B | $1.88B | $1.75B | -$10.09B | -$9.70B | $2.90B | $2.08B |
| Interest expense | $3.03B | $3.05B | $2.85B | $1.92B | $1.60B | $1.26B | $934.0M | $929.0M | $888.0M | $829.0M |
| Pre-tax income | $2.42B | $2.31B | $699.0M | $476.0M | $748.0M | -$942.0M | -$11.04B | -$10.13B | $2.17B | $1.46B |
| Income tax | $280.0M | $200.0M | $1.56B | $1.34B | $836.0M | $362.0M | $3.40B | $3.29B | $511.0M | $55.0M |
| Net income | $2.6K | $2.5K | $2.2K | $1.8K | -$102 | -$1.30B | -$7.64B | -$6.84B | $1.66B | $1.41B |
| EPS, basic | 1.18 | 1.16 | 1.09 | 0.91 | -0.05 | -1.05 | -14.50 | -13.25 | 3.21 | 2.79 |
| EPS, diluted | 1.18 | 1.15 | 1.05 | 0.84 | -0.05 | -1.05 | -14.50 | -13.25 | 3.21 | 2.78 |
| Shares, diluted (wtd. avg.) | $2.20B | $2.15B | $2.14B | $2.13B | $1.99B | $1.26B | $528.0M | $517.0M | $513.0M | $501.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $713.0M | $940.0M | $635.0M | $947.0M | $307.0M | $627.0M | $1.58B | $1.68B | $456.0M | $184.0M |
| Receivables | $2.27B | $2.22B | $2.05B | $2.65B | $2.35B | $1.88B | $1.29B | $1.15B | $1.24B | $1.25B |
| Inventory | $75.0M | $52.0M | $65.0M | $91.0M | $44.0M | $95.0M | $97.0M | $111.0M | $115.0M | $117.0M |
| Total current assets | $15.83B | $17.22B | $14.38B | $12.81B | $11.08B | $9.60B | $10.16B | $9.20B | $6.28B | $6.16B |
| Property, plant and equipment | — | — | — | — | — | $66.14B | $61.63B | $58.56B | $53.79B | $50.58B |
| Total assets | $141.61B | $133.66B | $125.70B | $118.64B | $103.33B | $97.86B | $85.20B | $77.00B | $68.01B | $68.60B |
| Accounts payable | — | — | — | — | — | — | — | $1.98B | $1.65B | $1.50B |
| Short-term debt | $821.0M | $2.15B | $1.38B | $2.27B | $4.48B | $28.0M | $0 | $18.56B | $445.0M | $700.0M |
| Total current liabilities | $16.30B | $16.33B | $17.31B | $15.79B | $17.43B | $13.58B | $7.63B | $41.70B | $7.13B | $7.56B |
| Long-term debt | $57.39B | $53.57B | $50.98B | $47.74B | $38.23B | $37.29B | $0 | $22.07B | $17.75B | $16.22B |
| Retained earnings | -$650.0M | -$2.97B | -$5.32B | -$7.54B | -$9.28B | -$9.20B | -$7.89B | -$250.0M | $6.60B | $5.75B |
| Total equity | $32.54B | $30.15B | $25.29B | $23.07B | $21.22B | $21.25B | $5.39B | $12.90B | $19.47B | $18.19B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.72B | $8.04B | $4.75B | $3.72B | $2.26B | -$19.13B | $4.82B | $4.75B | $5.98B | $4.41B |
| Capital expenditure | $11.79B | $10.37B | $9.71B | $9.58B | $7.69B | $7.69B | $6.31B | $6.51B | $5.64B | $5.71B |
| Investing cash flow | -$12.32B | -$11.38B | -$9.16B | -$10.21B | -$6.91B | -$7.75B | -$6.38B | -$6.56B | -$5.65B | -$5.75B |
| Financing cash flow | $3.36B | $3.62B | $4.40B | $7.13B | $4.32B | $25.93B | $1.46B | $3.03B | -$55.0M | $1.17B |
| Dividends paid | — | $86.0M | $0 | $0 | — | — | $0 | $0 | $1.02B | $921.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001004980-26-000020.
Others in SIC 4931
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|---|---|---|---|---|
| DUK | Duke Energy CORP | $93.72B | 19.1x | 5.6% |
| XEL | XCEL ENERGY INC | $47.30B | 22.1x | — |
| EXC | EXELON CORP | $44.65B | — | 5.3% |
| ED | CONSOLIDATED EDISON INC | $39.54B | 19.0x | 10.2% |
| PEG | PUBLIC SERVICE ENTERPRISE GROUP INC | $36.73B | 17.5x | 22.8% |
| WEC | WEC ENERGY GROUP, INC. | $34.52B | 22.0x | 14.0% |
| AEE | AMEREN CORP | $29.48B | 19.9x | 15.4% |
| NI | NISOURCE INC. | $19.85B | 21.2x | 23.5% |