PG&E
PCG · NYSEElectric & Other Services Combined · Fiscal year ends Dec 31
PG&E reported revenue of $24.9B in the fiscal year ended Dec 2025, up 2.1% from the year before. Operating income was $4.7B, an operating margin of 19.0%, and net income was $2.7B. Operating cash flow of $8.7B less capital expenditure of $11.8B left free cash flow of −$3.1B. Net debt was $57.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $20.6B | $21.7B | $24.4B | $24.4B | $24.9B |
| Operating income | $1.9B | $1.8B | $2.7B | $4.5B | $4.7B |
| Interest expense | $1.6B | $1.9B | $2.9B | $3.1B | $3B |
| Pre-tax income | $748M | $476M | $699M | $2.3B | $2.4B |
| Income tax | $836M | −$1.3B | −$1.6B | −$200M | −$280M |
| Net income | −$88M | $1.8B | $2.3B | $2.5B | $2.7B |
| Diluted EPS | −0.05 | 0.84 | 1.05 | 1.15 | 1.18 |
| Diluted shares | 1,985M | 2,132M | 2,138M | 2,147M | 2,202M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $291M | $734M | $635M | $940M | $713M |
| Receivables | $2.3B | $2.6B | $2B | $2.2B | $2.3B |
| Inventory | $44M | $91M | $65M | $52M | $75M |
| Current assets | $11.1B | $12.8B | $14.4B | $17.2B | $15.8B |
| Total assets | $103B | $119B | $126B | $134B | $142B |
| Current liabilities | $17.4B | $15.8B | $17.3B | $16.3B | $16.3B |
| Short-term debt | $4.5B | $2.3B | $1.4B | $2.1B | $821M |
| Long-term debt | $38.2B | $47.7B | $51B | $53.6B | $57.4B |
| Shareholders' equity | $21B | $22.8B | $25B | $30.1B | $32.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $3.7B | $4.7B | $8B | $8.7B |
| Capital expenditure | $7.7B | $9.6B | $9.7B | $10.4B | $11.8B |
| Free cash flow | −$5.4B | −$5.9B | −$5B | −$2.3B | −$3.1B |
| Stock-based compensation | $56M | $115M | $91M | $98M | $134M |
| Dividends paid | – | $0 | $0 | $86M | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.0% | 12.7% | −0.0% | 2.1% |
| Operating income growth (YoY) | – | −2.4% | 45.4% | 66.9% | 6.5% |
| EPS growth (YoY) | – | – | 25.0% | 9.5% | 2.6% |
| Operating margin | 9.1% | 8.5% | 10.9% | 18.3% | 19.0% |
| Net margin | −0.4% | 8.4% | 9.2% | 10.3% | 10.8% |
| Return on equityBlank when equity is negative | −0.4% | 7.9% | 9.0% | 8.3% | 8.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.2% | 1.8% | 2.5% | 3.8% | 3.8% |
| Free cash flow margin | −26.3% | −27.0% | −20.3% | −9.6% | −12.3% |
| Cash conversion (CFO ÷ net income) | −25.7x | 2.05x | 2.10x | 3.20x | 3.22x |
| Receivable days | 41 | 45 | 31 | 33 | 33 |
| Interest cover | 1.18x | 0.96x | 0.94x | 1.46x | 1.57x |
| Debt ÷ equity | 2.04x | 2.19x | 2.09x | 1.85x | 1.79x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $42.4B | $49.3B | $51.7B | $54.8B | $57.5B |
| Current ratio | 0.64x | 0.81x | 0.83x | 1.05x | 0.97x |
Recent filings
More in Electric & Other Services Combined
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.