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PG&E vs Public Service Enterprise: revenue, profit, margins and growth compared

PG&E brought in $24.9B of revenue in fiscal 2025, Public Service Enterprise $12.2B in fiscal 2025. Revenue changed by +2.1% at PG&E and +18.3% at Public Service Enterprise on the year before, so Public Service Enterprise grew faster. PG&E kept 10.4% of its revenue as net profit, Public Service Enterprise 17.3%. Free cash flow was -$3.1B at PG&E and $26M at Public Service Enterprise.

Side by side, latest fiscal year

PCGPEG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$24.9B$12.2B
Revenue growth+2.1%+18.3%
Net income$2.6B$2.1B
Net margin10.4%17.3%
Free cash flow-$3.1B$26M
Free cash flow margin-12.3%0.2%
Earnings per share (diluted)$1.18$4.22
Cash$713M$132M
Debt$57.4B$22.5B
Price to earnings10.515.9
Market value$33.1B$33.4B
Dividend yieldn/a3.76%
Rank by revenue in sector#9 of 109 · Utilities#27 of 109 · Utilities

Over the years

Revenue
PCG FY2018: $16.8BPCG FY2019: $17.1BPCG FY2020: $18.5BPCG FY2021: $20.6BPCG FY2022: $21.7BPCG FY2023: $24.4BPCG FY2024: $24.4BPCG FY2025: $24.9BPEG FY2018: $9.7BPEG FY2019: $10.1BPEG FY2020: $9.6BPEG FY2021: $10.3BPEG FY2022: $11.2BPEG FY2023: $11.2BPEG FY2024: $10.3BPEG FY2025: $12.2BFY18FY19FY20FY21FY22FY23FY24FY25
PCG $24.9BPEG $12.2B
Net income
PCG FY2018: -$6.9BPCG FY2019: -$7.7BPCG FY2020: -$1.3BPCG FY2021: -$102MPCG FY2022: $1.8BPCG FY2023: $2.2BPCG FY2024: $2.5BPCG FY2025: $2.6BPEG FY2018: $1.4BPEG FY2019: $1.7BPEG FY2020: $1.9BPEG FY2021: -$648MPEG FY2022: $1BPEG FY2023: $2.6BPEG FY2024: $1.8BPEG FY2025: $2.1BFY18FY19FY20FY21FY22FY23FY24FY25
PCG $2.6BPEG $2.1B
Net margin
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%PEG FY2018: 14.8%PEG FY2019: 16.8%PEG FY2020: 19.8%PEG FY2021: -6.3%PEG FY2022: 9.2%PEG FY2023: 22.8%PEG FY2024: 17.2%PEG FY2025: 17.3%FY18FY19FY20FY21FY22FY23FY24FY25
PCG 10.4%PEG 17.3%
Revenue growth
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%PEG FY2019: +3.9%PEG FY2020: -4.7%PEG FY2021: +7.4%PEG FY2022: +8.9%PEG FY2023: +0.1%PEG FY2024: -8.4%PEG FY2025: +18.3%FY19FY20FY21FY22FY23FY24FY25
PCG +2.1%PEG +18.3%
Free cash flow
PCG FY2018: -$1.8BPCG FY2019: -$1.5BPCG FY2020: -$26.8BPCG FY2021: -$5.4BPCG FY2022: -$5.9BPCG FY2023: -$5BPCG FY2024: -$2.3BPCG FY2025: -$3.1BPEG FY2018: -$999MPEG FY2019: $213MPEG FY2020: $179MPEG FY2021: -$983MPEG FY2022: -$1.4BPEG FY2023: $481MPEG FY2024: -$1.2BPEG FY2025: $26MFY18FY19FY20FY21FY22FY23FY24FY25
PCG -$3.1BPEG $26M

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

Questions about PG&E and Public Service Enterprise

Which is bigger by revenue, PG&E or Public Service Enterprise?

PG&E is bigger by revenue: $24.9B in fiscal 2025, against $12.2B for Public Service Enterprise in fiscal 2025.

Which keeps more of its revenue as profit, PG&E or Public Service Enterprise?

PG&E had a net margin of 10.4% in fiscal 2025; Public Service Enterprise had 17.3% in fiscal 2025.

Which grew revenue faster, PG&E or Public Service Enterprise?

In their latest fiscal years revenue changed by +2.1% at PG&E and +18.3% at Public Service Enterprise.

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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