FirmAtlas
Company handbook · PCG · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
PCG · CIK 1004980 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
PG&E CORP
$13.09
+0.13 (+1.00%)
Close, Oct 16, 2026 · 52-week $12–19
Last fiscal year
PG&E CORP reported revenue of $24.9B for the year ended Dec 31, 2025 (FY25), up 2.1% from FY24. Net income was $2.6B, operating cash flow $8.7B and free cash flow −$3.1B. Source: 10-K filed Feb 12, 2026.
Market cap
$28.8B
P/E
9.4
P/B
0.8
Div yield
1.53%
ROIC
5.4%
Revenue 1Y
2.1%/yr
EPS 1Y
2.6%/yr
Shares 1Y
+0.2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOPatricia K. Poppe
HQOakland, CA
AuditorDeloitte & Touche LLP
Year endsDecember
Revenue by segment · FY25
Electricity73%
Natural Gas Us Regulated27%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−14.1%
3.2%
−7.3%
−20.7%
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Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$22.2B deployed
Capex
$22.2B
99.6%
Dividends
$86M
0.4%
Operating cash flow over the period: $16.8B. Total debt changed by +$5.0B.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (4-for-1 split after FY19).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Balance sheet
Total assets
133,660
141,611+5.9%
145,076
Cash & short-term investments
1,213
972−19.9%
—
Accounts receivable
2,220
2,267+2.1%
—
Inventory
52
75+44.2%
—
Net PP&E
88,229
96,348+9.2%
—
Other assets
41,946
41,949+0.0%
—
Total liabilities
103,511
109,071+5.4%
111,175
Total debt
55,092
60,062+9.0%
63,143
Other liabilities
48,419
49,009+1.2%
—
Shareholders’ equity
30,149
32,540+7.9%
33,901
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
8,035
8,716+8.5%
8,147
Net income
2,512
2,703+7.6%
—
Stock-based compensation
98
134+36.7%
—
Working capital & other
5,425
5,879+8.4%
—
Cash from investing
(11,375)
(12,316)n/m
—
Capex
(10,369)
(11,787)n/m
—
Other investing
(1,006)
(529)n/m
—
Cash from financing
3,621
3,359−7.2%
—
Debt repaid
(800)
(3,876)n/m
—
Dividends
(86)
—
—
Shares issued
1,128
0−100.0%
—
Other financing
3,379
7,235+114.1%
—
Net change in cash
281
(241)−185.8%
—
Free cash flow (OCF − capex)
(2,334)
(3,071)n/m
(4,263)
Where the cash went
Operating cash flow
8,035
8,716+8.5%
8,147
Reinvested in the business
10,369
11,787+13.7%
—
% of operating cash flow
129.0%
135.2%
Capex
10,369
11,787+13.7%
12,410
Free cash flow
(2,334)
(3,071)n/m
(4,263)
YoY
n/m
Returned to shareholders
86
—
—
% of free cash flow
—
—
Dividends
86
—
—
Change in total debt
—
4,970
—
Cash left over
—
1,899
—
FCF conversion (FCF ÷ net income)
−94.3%
−118.4%−24.1 pp
—
Returns & ratios
ROIC (all capital)
5.3%
5.4%+0.1 pp
—
ROIC (operating)
4.9%
5.0%+0.1 pp
—
Debt / equity
1.83x
1.85x+0.02x
—
ROE
8.2%
8.0%−0.2 pp
—
ROA
1.9%
1.8%−0.0 pp
—
ROCE
3.8%
3.8%−0.0 pp
—
NOPAT
4,459
4,749+6.5%
—
Invested capital (operating)
90,501
98,690+9.0%
—
Invested capital (all)
84,028
91,630+9.0%
—
Reinvestment rate
—
172.4%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
6,250
6,804
6,881
5,902
vs year-ago quarter
Operating income
1,209
1,224
1,470
1,263
Net income
823
642
858
733
vs year-ago quarter
Net margin
13.2%
9.4%
12.5%
12.4%
EPS (diluted, $)
0.37
0.29
0.39
0.33
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
138,249
141,611
141,953
145,076
Cash & equivalents
772
972
1,490
1,221
Total debt
56,556
60,062
61,821
63,143
Shareholders’ equity
31,978
32,540
33,250
33,901
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
2,851
1,960
2,430
906
Capex
2,931
3,156
3,356
2,967
Free cash flow
(80)
(1,196)
(926)
(2,061)
vs year-ago quarter