PG&E (PCG) financial statements
PG&E reported revenue of $24.9B in fiscal 2025, up 3.9% a year over 9 years.
Net income was $2.6B and the operating margin 19.0%, against 11.8% in 2016.
Free cash flow was -$3.1B.
The diluted share count rose 340% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from PG&E's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.7B | $17.1B | $16.8B | $17.1B | $18.5B | $20.6B | $21.7B | $24.4B | $24.4B | $24.9B |
| Operating income | $2.1B | $2.9B | -$9.7B | -$10.1B | $1.8B | $1.9B | $1.8B | $2.7B | $4.5B | $4.7B |
| Interest expense | $829M | $888M | $929M | $934M | $1.3B | $1.6B | $1.9B | $2.9B | $3.1B | $3.0B |
| Pre-tax income | $1.5B | $2.2B | -$10.1B | -$11.0B | -$942M | $748M | $476M | $699M | $2.3B | $2.4B |
| Income tax | $55M | $511M | -$3.3B | -$3.4B | $362M | $836M | -$1.3B | -$1.6B | -$200M | -$280M |
| Net income | $1.4B | $1.6B | -$6.9B | -$7.7B | -$1.3B | -$102M | $1.8B | $2.2B | $2.5B | $2.6B |
| EPS (diluted) | $2.78 | $3.21 | -$13.25 | -$14.50 | -$1.05 | -$0.05 | $0.84 | $1.05 | $1.15 | $1.18 |
| Diluted shares | 501M | 513M | 517M | 528M | 1.26B | 1.99B | 2.13B | 2.14B | 2.15B | 2.20B |
| Operating margin | 11.8% | 17.0% | -57.9% | -58.9% | 9.5% | 9.1% | 8.5% | 10.9% | 18.3% | 19.0% |
| Net margin | 7.9% | 9.6% | -40.9% | -44.7% | -7.1% | -0.5% | 8.3% | 9.2% | 10.1% | 10.4% |
Balance sheet
Fiscal years, from PG&E's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $177M | $449M | $1.7B | $1.6B | $484M | $291M | $734M | $635M | $940M | $713M |
| Receivables | $1.3B | $1.2B | $1.1B | $1.3B | $1.9B | $2.3B | $2.6B | $2.0B | $2.2B | $2.3B |
| Inventory | $117M | $115M | $111M | $97M | $95M | $44M | $91M | $65M | $52M | $75M |
| Total current assets | $6.2B | $6.3B | $9.2B | $10.2B | $9.6B | $11.1B | $12.8B | $14.4B | $17.2B | $15.8B |
| Property, plant and equipment | $50.6B | $53.8B | $58.6B | $61.6B | $66.1B | $69.8B | $76.2B | $82.3B | $88.2B | $96.3B |
| Total assets | $68.6B | $68.0B | $77.0B | $85.2B | $97.9B | $103.3B | $118.6B | $125.7B | $133.7B | $141.6B |
| Total current liabilities | $7.6B | $7.1B | $41.7B | $7.6B | $13.6B | $17.4B | $15.8B | $17.3B | $16.3B | $16.3B |
| Long-term debt | $16.2B | $17.8B | $0 | $0 | $37.3B | $38.2B | $47.7B | $51.0B | $53.6B | $57.4B |
| Total liabilities | $50.4B | $48.5B | $64.1B | $79.8B | $76.6B | $82.1B | $95.6B | $100.4B | $103.3B | $108.8B |
| Shareholders' equity | $17.9B | $19.2B | $12.7B | $5.1B | $21.0B | $21.0B | $22.8B | $25.0B | $30.1B | $32.5B |
| Net debt | $16.7B | $17.7B | $16.9B | -$1.6B | $36.8B | $42.4B | $49.3B | $51.7B | $54.8B | $57.5B |
Cash flow
Fiscal years, from PG&E's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.4B | $6.0B | $4.8B | $4.8B | -$19.1B | $2.3B | $3.7B | $4.7B | $8.0B | $8.7B |
| Capital spending | $5.7B | $5.6B | $6.5B | $6.3B | $7.7B | $7.7B | $9.6B | $9.7B | $10.4B | $11.8B |
| Free cash flow | -$1.3B | $336M | -$1.8B | -$1.5B | -$26.8B | -$5.4B | -$5.9B | -$5.0B | -$2.3B | -$3.1B |
| Stock-based compensation | $108M | $85M | $89M | $50M | $35M | $56M | $115M | $91M | $98M | $134M |
| Dividends paid | $921M | $1.0B | $0 | $0 | — | — | $0 | $0 | $86M | — |
| Net borrowing | -$169M | -$2.3B | -$977M | $0 | -$764M | -$87M | -$6.0B | -$3.1B | -$800M | -$3.9B |
| Free cash flow margin | -7.4% | 2.0% | -10.5% | -8.7% | -145.2% | -26.3% | -27.0% | -20.3% | -9.6% | -12.3% |
| Dividends per share | $1.84 | $1.99 | — | — | — | — | — | — | $0.04 | — |
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Open PCG in InvestinglyQuestions
What was PG&E's revenue in 2025?
$24.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does PG&E generate?
-$3.1B in fiscal 2025 (operating cash flow minus capital spending).
From PG&E's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.