Company file · PCG
PG&E
PG&E's revenue rose 2.1% in FY2025, to $24.9B, and net income rose 7.6% to $2.7B
Revenue rose 2.1% to $24.9B in FY2025, from $24.4B in FY2024. Net income rose 7.6% to $2.7B. Electricity was the largest product or service, at 73% of revenue.
Key facts
PG&E (NYSE: PCG) closed fiscal 2025 on Dec 31, 2025 with revenue of $24.9B, up 2.1% from a year before; net income came to $2.7B, up 7.6%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $6.2B, down 1.0% on the same stretch of the prior year, and net income of $776M. Broken down by product or service, Electricity led with 73% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026).
Source: 10-K FY2025, filed Feb 12, 2026
Source: 10-Q filed Apr 23, 2026 · 10-Q filed Jul 23, 2026 · 10-Q filed Oct 22, 2026
How it makes money
By product or service, FY2025
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Electricity (73%) and Natural Gas, US Regulated (27%), as shares of total revenue. Total revenue was $24.9B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: PG&E 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026
By product or service
Source: PG&E 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026
The bull case and the bear case
The bull case
- Revenue rose 2.1% in FY2025 to $24.9B, from $24.4B a year earlier. 10-K, FY2025
- Net income rose 7.6% in FY2025 to $2.7B, from $2.5B. 10-K, FY2025
- Operating cash flow rose 8.5% in FY2025 to $8.7B. 10-K, FY2025
- Electricity revenue grew 2.8% in FY2025 to $18.3B. 10-K, FY2025
The bear case
- Diluted shares rose 2.6% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Total debt rose 6.4% in FY2025 to $60.9B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $6.2B, down 1.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $776M, down 8.7% on a year earlier. 10-Q, quarter ended Sep 30, 2026
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
PG&E is in the Multi-Utilities industry, part of the utilities sector. The SEC files it under Electric & Other Services Combined.
The full description of PG&E's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the Multi-Utilities industry. They are not a summary of PG&E’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Rates and regulatorsRegulators set much of what it can charge, so decisions can limit earnings.
- Capital spendingBuilding and upgrading networks needs large investment financed with debt.
- Weather and operationsStorms, wildfires and outages can cause costs and liability.
- Fuel and power costsFuel and purchased-power costs can change faster than rates.
- Interest ratesHigher borrowing costs raise the cost of funding projects.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $24.4B | $24.4B | $24.9B |
| Net income | $2.3B | $2.5B | $2.7B |
| Operating cash flow | $4.7B | $8.0B | $8.7B |
| Cash & equivalents (year end) | $635M | $940M | $713M |
| Total debt (year end) | $56.3B | $57.2B | $60.9B |
| Diluted shares | 2.14B | 2.15B | 2.20B |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income including the share that belongs to minority owners of subsidiaries.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Market cap and enterprise value
- Share buybacks
- How to read a 10-K
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 22, 2026 | Sep 30, 2026 |
| 10-Q | Jul 23, 2026 | Jun 30, 2026 |
| 10-Q | Apr 23, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 9, 2026 | Dec 31, 2025 |
| 10-K | Feb 12, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about PG&E
How does PG&E make money?
Fiscal 2025 revenue: $24.9B. By product or service in FY2025: Electricity (73%) and Natural Gas, US Regulated (27%), as shares of total revenue. Total revenue was $24.9B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What was PG&E's revenue in fiscal 2025?
$24.9B, up 2.1% from fiscal 2024 ($24.4B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $24.4B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
Is PG&E profitable?
Net income was $2.7B in fiscal 2025 (up 7.6%; fiscal 2024 was $2.5B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $776M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What did PG&E report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $6.2B (down 1.0% from $6.2B) and net income $776M (down 8.7% from $850M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026.
How much cash and debt does PG&E have?
As of Sep 30, 2026: $902M of cash and cash equivalents, $65.0B of total debt. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 22, 2026.
What are the main risks PG&E faces?
PG&E's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the Multi-Utilities industry include Rates and regulators; capital spending; weather and operations; fuel and power costs; interest rates. The first: Regulators set much of what it can charge, so decisions can limit earnings. Source: 10-K, Item 1A Risk Factors.
Where do these PG&E numbers come from?
The 10-K filed Feb 12, 2026 (fiscal 2025) and the 10-Q filed Oct 22, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning PG&E
- Two Sigma Investments: 19,512,052 shares, reported value $328.2M at Jun 30, 2026 (+176.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 12,782,192 shares, reported value $215.0M at Jun 30, 2026 (+12.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 11,179,185 shares, reported value $188.0M at Jun 30, 2026 (−24.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 5,931,314 shares, reported value $99.8M at Jun 30, 2026 (+24,078.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 3,840,076 shares, reported value $64.6M at Jun 30, 2026 (−57.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 646,400 shares, reported value $10.9M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in PCG
- The editor holds no position in PG&E (PCG). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell PCG from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold PCG, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| PG&EPCG | FY2025 | $24.9B | +2.1% | $2.7B |
| NextEra EnergyNEE | FY2025 | $27.4B | +10.7% | $6.8B |
| Dominion EnergyD | FY2025 | $16.5B | +16.5% | $3.0B |
| SempraSRE | FY2025 | $12.4B | +5.1% | $1.8B |
| Xcel EnergyXEL | FY2025 | $14.7B | +9.1% | $2.0B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.