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Consolidated Edison vs PG&E: revenue, profit, margins and growth compared

Consolidated Edison brought in $17B of revenue in fiscal 2025, PG&E $24.9B in fiscal 2025. Revenue changed by +10.2% at Consolidated Edison and +2.1% at PG&E on the year before, so Consolidated Edison grew faster. Consolidated Edison kept 11.9% of its revenue as net profit, PG&E 10.4%.

Side by side, latest fiscal year

EDPCG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$17B$24.9B
Revenue growth+10.2%+2.1%
Net income$2B$2.6B
Net margin11.9%10.4%
Free cash flown/a-$3.1B
Free cash flow marginn/a-12.3%
Earnings per share (diluted)$5.64$1.18
Cash$1.6B$713M
Debt$25.8B$57.4B
Price to earnings18.310.5
Market value$38.1B$33.1B
Dividend yieldn/an/a
Rank by revenue in sector#15 of 109 · Utilities#9 of 109 · Utilities

Over the years

Revenue
ED FY2018: $12.3BED FY2019: $12.6BED FY2020: $12.2BED FY2021: $13.7BED FY2022: $15.7BED FY2023: $14.7BED FY2024: $15.5BED FY2025: $17BPCG FY2018: $16.8BPCG FY2019: $17.1BPCG FY2020: $18.5BPCG FY2021: $20.6BPCG FY2022: $21.7BPCG FY2023: $24.4BPCG FY2024: $24.4BPCG FY2025: $24.9BFY18FY19FY20FY21FY22FY23FY24FY25
ED $17BPCG $24.9B
Net income
ED FY2018: $1.4BED FY2019: $1.3BED FY2020: $1.1BED FY2021: $1.3BED FY2022: $1.7BED FY2023: $2.5BED FY2024: $1.8BED FY2025: $2BPCG FY2018: -$6.9BPCG FY2019: -$7.7BPCG FY2020: -$1.3BPCG FY2021: -$102MPCG FY2022: $1.8BPCG FY2023: $2.2BPCG FY2024: $2.5BPCG FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
ED $2BPCG $2.6B
Net margin
ED FY2018: 11.2%ED FY2019: 10.7%ED FY2020: 9.0%ED FY2021: 9.8%ED FY2022: 10.6%ED FY2023: 17.2%ED FY2024: 11.8%ED FY2025: 11.9%PCG FY2018: -40.9%PCG FY2019: -44.7%PCG FY2020: -7.1%PCG FY2021: -0.5%PCG FY2022: 8.3%PCG FY2023: 9.2%PCG FY2024: 10.1%PCG FY2025: 10.4%FY18FY19FY20FY21FY22FY23FY24FY25
ED 11.9%PCG 10.4%
Revenue growth
ED FY2019: +1.9%ED FY2020: -2.6%ED FY2021: +11.7%ED FY2022: +14.6%ED FY2023: -6.4%ED FY2024: +5.5%ED FY2025: +10.2%PCG FY2019: +2.2%PCG FY2020: +7.8%PCG FY2021: +11.8%PCG FY2022: +5.0%PCG FY2023: +12.7%PCG FY2024: -0.0%PCG FY2025: +2.1%FY19FY20FY21FY22FY23FY24FY25
ED +10.2%PCG +2.1%
Free cash flow
ED FY2018: -$2.6BED FY2019: -$542MED FY2020: -$1.9BED FY2021: -$1.2BED FY2022: -$530MPCG FY2018: -$1.8BPCG FY2019: -$1.5BPCG FY2020: -$26.8BPCG FY2021: -$5.4BPCG FY2022: -$5.9BPCG FY2023: -$5BPCG FY2024: -$2.3BPCG FY2025: -$3.1BFY18FY19FY20FY21FY22FY23FY24FY25
ED -$530MPCG -$3.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Consolidated Edison and PG&E

Which is bigger by revenue, Consolidated Edison or PG&E?

PG&E is bigger by revenue: $24.9B in fiscal 2025, against $17B for Consolidated Edison in fiscal 2025.

Which keeps more of its revenue as profit, Consolidated Edison or PG&E?

Consolidated Edison had a net margin of 11.9% in fiscal 2025; PG&E had 10.4% in fiscal 2025.

Which grew revenue faster, Consolidated Edison or PG&E?

In their latest fiscal years revenue changed by +10.2% at Consolidated Edison and +2.1% at PG&E.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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