PG&E Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PG&E Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	17,666	17,135	16,759	17,129	18,469	20,642	21,680	24,428	24,419	24,935
Operating income	2,080	2,905	-9,700	-10,094	1,755	1,883	1,837	2,671	4,459	4,749
Interest expense	829	888	929	934	1,260	1,601	1,917	2,850	3,051	3,028
Interest income	23	31	76	82	39	20	162	606	604	520
Other non-operating income	188	123	424	250	483	457	394	272	300	182
Pre-tax income	1,462	2,171	-10,129	-11,042	-942	748	476	699	2,312	2,423
Income tax	55	511	-3,292	-3,400	362	836	-1,338	-1,557	-200	-280
Net income	1,393	1,646	-6,851	-7,656	-1,318	-102	1,800	2,242	2,475	2,593
EPS, basic	2.79	3.21	-13.25	-14.50	-1.05	-0.05	0.91	1.09	1.16	1.18
EPS, diluted	2.78	3.21	-13.25	-14.50	-1.05	-0.05	0.84	1.05	1.15	1.18
Shares, basic (weighted)	499	512	517	528	1,257	1,985	1,987	2,064	2,141	2,197
Shares, diluted (weighted)	501	513	517	528	1,257	1,985	2,132	2,138	2,147	2,202

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	177	449	1,668	1,570	484	291	734	635	940	713
Receivables	1,252	1,243	1,148	1,287	1,883	2,345	2,645	2,048	2,220	2,267
Inventory	117	115	111	97	95	44	91	65	52	75
Other current assets	290	464	448	639	1,334	882	1,433	1,375	999	644
Total current assets	6,164	6,281	9,195	10,165	9,602	11,077	12,815	14,383	17,216	15,830
Property, plant and equipment	50,581	53,789	58,557	61,635	66,136	69,826	76,208	82,321	88,229	96,348
Lease right-of-use assets				2,286	1,741	1,234	1,311	598	524	450
Other non-current assets	1,226	1,221	1,480	1,804	1,978	2,863	2,969	3,079	3,850	4,240
Total assets	68,598	68,012	76,995	85,196	97,856	103,327	118,644	125,698	133,660	141,611
Accounts payable	1,495	1,646	1,975	1,954	2,402	2,855	2,888	2,309	2,748	3,353
Short-term debt	700	445	18,559	0	28	4,481	2,268	1,376	2,146	821
Total current liabilities	7,564	7,129	41,695	7,631	13,581	17,427	15,788	17,314	16,330	16,300
Long-term debt	16,220	17,753	22,075	0	37,288	38,225	47,742	50,975	53,569	57,387
Lease liabilities				1,730	1,208	810	1,243	518	439	360
Other non-current liabilities	2,279	2,130	2,464	2,573	3,848	4,308	4,291	3,633	4,166	4,459
Total liabilities	50,406	48,540	64,092	79,808	76,603	82,104	95,569	100,406	103,259	108,819
Total debt	352	350	40,634	0	37,316	42,706	47,742	50,975	53,569	57,387
Retained earnings	5,751	6,596	-250	-7,892	-9,196	-9,284	-7,542	-5,321	-2,966	-650
Treasury stock					0	-4,854	-2,517	0
Other comprehensive income	-9	-8	-9	-10	-27	-20	-5	-13	-19	-25
Shareholders' equity	17,940	19,220	12,651	5,136	21,001	20,971	22,823	25,040	30,149	32,540
Minority interests	252	252	252	252	252	252	252	252	252	252
Total equity	18,192	19,472	12,903	5,388	21,253	21,223	23,075	25,292	30,401	32,792
Total liabilities and equity	68,598	68,012	76,995	85,196	97,856	103,327	118,644	125,698	133,660	141,611
Shares outstanding	507	515	520	529	1,985	1,985	1,988	2,134	2,194	2,198

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,407	1,660	-6,837	-7,642	-1,304	-88	1,814	2,256	2,512	2,703
Stock-based compensation	108	85	89	50	35	56	115	91	98	134
Deferred income tax	1,030	1,254	-2,532	-2,948	1,097	1,783	-452	-765	1,098	1,058
Change in receivables	-473	67	-121
Change in inventory	-24	-18	-73	-80	6	-32	-246	-28	45	0
Change in payables	180	173	409	516	58	117	627	-90	30	176
Cash from operations	4,409	5,977	4,752	4,816	-19,130	2,262	3,721	4,747	8,035	8,716
Capital expenditures	-5,709	-5,641	-6,514	-6,313	-7,690	-7,689	-9,584	-9,714	-10,369	-11,787
Cash from investing	-5,753	-5,650	-6,564	-6,378	-7,748	-6,905	-10,214	-9,162	-11,375	-12,316
Debt repaid	-160	-1,445	-795	0	-764	-87	-5,968	-3,075	-800	-3,876
Stock issued	822	395	200	85			0	0	1,128	0
Dividends paid	-921	-1,021	0	0			0	0	-86
Cash from financing	1,171	-55	3,031	1,464	25,928	4,323	7,133	4,400	3,621	3,359
Net change in cash	54	272	1,219	-98	-950	-320	640	-15	281	-241
Free cash flow	-1,300	336	-1,762	-1,497	-26,820	-5,427	-5,863	-4,967	-2,334	-3,071
Interest paid	726	790	786	10	1,563	1,404	1,607	2,286	2,421	2,665
Income taxes paid	231	162	-49	0	0	-99	0	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	20.0%	Operating income / revenue.
Pre-tax margin	10.7%	Pre-tax income / revenue.
Net margin	11.8%	Net income / revenue.
FCF margin	-16.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.5%	Cash from operations / revenue.
Effective tax rate	-14.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.1%	Net income / average total assets.
Return on invested capital (ROIC)	4.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	48.0%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	6.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	37.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	22.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	12.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	2.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	12.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	7.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	11.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.22x	Current assets / current liabilities.
Quick ratio	0.23x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.85x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	43.3%	Total debt / total assets.
Liabilities / assets	76.5%	Total liabilities / total assets.
Net debt	$61.87B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	1.67x	Operating income / interest expense.
Working capital	$2.74B	Current assets - current liabilities.
Tangible book value	$33.90B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.
Fixed asset turnover	0.26x	Revenue / average property, plant and equipment.
Receivables turnover	13.7x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.
FCF conversion	-139.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	152.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.31	Revenue / diluted weighted shares.
FCF per share	-$1.87	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.57	Cash from operations / diluted weighted shares.
Book value per share	$15.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.39	Tangible book value / shares outstanding.
Cash per share	$0.44	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$33.07B	Share price x shares outstanding.
Enterprise value	$94.94B	Market cap + total debt - cash - short-term investments.
P/E	10.8x	Market cap / net income. Only when net income is positive.
P/S	1.28x	Market cap / revenue.
P/B	0.98x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.98x	Market cap / tangible book value, when positive.
P/OCF	4.06x	Market cap / cash from operations, when positive.
EV/Sales	3.67x	Enterprise value / revenue.
EV/EBIT	18.4x	Enterprise value / operating income, when both are positive.
FCF yield	-12.9%	Free cash flow / market cap.
Earnings yield	9.2%	Net income / market cap (the inverse of P/E).
PEG	0.90x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PG&E Corp's revenue in fiscal 2025?

PG&E Corp reported revenue of $24.94B for fiscal 2025, 2.1% higher than the year before.

Was PG&E Corp profitable in fiscal 2025?

Yes. Net income was $2.59B, a net margin of 10.4%.

How much free cash flow did PG&E Corp generate in fiscal 2025?

Cash from operations of $8.72B minus capital expenditures of $11.79B left free cash flow of -$3.07B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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