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PCG

Pacific Gas & Electric Co.

PCG

Pacific Gas & Electric Co. • NYSE
$16.12 ▲ 0.69% (+0.11)
Market Cap $35.43 B
52w High $21.20
52w Low $12.97
Dividend Yield 0.10%
P/E 13.55
Volume 6.47M
Outstanding Shares 2.20B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.25B ▲ $1.254B ▲ $850M ▲ 13.6% ▲ $0.37 ▲ $2.347B ▼
Q2-2025 $5.898B ▼ $1.232B ▲ $549M ▼ 9.308% ▼ $0.24 ▼ $2.543B ▼
Q1-2025 $5.983B ▼ $0 $634M ▼ 10.597% ▲ $0.28 ▼ $2.58B ▲
Q4-2024 $6.631B ▲ $0 $674M ▲ 10.164% ▲ $0.3 ▲ $2.331B ▼
Q3-2024 $5.941B $0 $579M 9.746% $0.27 $2.466B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $772M ▲ $138.249B ▲ $106.019B ▲ $31.978B ▲
Q2-2025 $494M ▼ $136.384B ▲ $104.946B ▲ $31.186B ▲
Q1-2025 $2.023B ▲ $135.443B ▲ $104.506B ▲ $30.685B ▲
Q4-2024 $940M ▲ $133.66B ▲ $103.259B ▼ $30.149B ▲
Q3-2024 $895M $132.319B $105.233B $26.834B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $850M ▲ $2.851B ▲ $-2.982B ▲ $188M ▼ $57M ▲ $-80M ▲
Q2-2025 $549M ▼ $1.057B ▼ $-3.004B ▲ $256M ▼ $-1.691B ▼ $-2.008B ▼
Q1-2025 $634M ▼ $2.848B ▲ $-3.264B ▼ $1.609B ▲ $1.193B ▲ $213M ▲
Q4-2024 $674M ▲ $1.932B ▼ $-3.156B ▼ $1.207B ▲ $-17M ▲ $-896M ▼
Q3-2024 $579M $3.131B $-2.994B $-459M $-322M $526M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Electricity
Electricity
 $3.86Bn ▲$4.13Bn ▲$4.59Bn ▲$5.85Bn ▲
Natural Gas US Regulated
Natural Gas US Regulated
 $1.38Bn ▲$2.53Bn ▲$1.48Bn ▼$1.50Bn ▲

Five-Year Company Overview

Income Statement

Income Statement PG&E’s income statement shows a clear turnaround over the past five years. Revenue has grown steadily, but the bigger story is the shift from losses earlier in the period to consistent profitability in recent years. Profit margins have improved meaningfully as extreme wildfire‐related costs and restructuring impacts have eased. Earnings per share have climbed from negative territory to solidly positive, with a steady upward trend. Overall, the business now looks more stable and predictably profitable than it did earlier in the decade, though results still depend heavily on regulatory decisions and the ongoing cost of wildfire mitigation and safety programs.

Balance Sheet

Balance Sheet The balance sheet reflects a very large, capital‑intensive utility that is still quite leveraged. Total assets have increased as PG&E pours money into its grid, safety systems, and clean energy infrastructure. Debt has also risen and remains high, which keeps financial risk elevated and makes PG&E reliant on ongoing access to capital markets and favorable regulatory treatment. Equity has been rebuilt over time, which is a positive sign after prior financial stress, but the company still operates with a heavy debt load and limited cash on hand. This structure is common for regulated utilities, but in PG&E’s case it is layered on top of unique wildfire and legal risks.

Cash Flow

Cash Flow Cash flow tells a story of operational repair but continued heavy investment. Operating cash flow has improved dramatically, moving from deep stress earlier in the period to healthy, growing inflows more recently. However, free cash flow remains clearly negative because PG&E is spending heavily on capital projects such as wildfire hardening, grid upgrades, and clean energy integration. In practice, that means the company is funding a large portion of its investment program with new debt and other external financing. This pattern can be sustainable for a regulated utility if regulators allow cost recovery, but it does leave PG&E exposed to regulatory timing and policy changes.

Competitive Edge

Competitive Edge PG&E holds a strong structural position as a regulated utility with a large, dense, and economically important service territory in California. Its extensive transmission and distribution network would be extremely difficult and costly for any new competitor to replicate. Regulation provides a degree of stability and a framework for earning returns on invested capital. At the same time, PG&E operates under unusually intense scrutiny due to its history of wildfire events and prior bankruptcy. That means political, legal, and regulatory pressures are higher than for most peers. The company benefits from serving a region with strong long‑term demand drivers—such as population density, technology loads, and electric vehicle growth—but must constantly manage reputational risk, safety expectations, and evolving climate rules.

Innovation and R&D

Innovation and R&D For a utility, PG&E is leaning unusually hard into innovation. It is using artificial intelligence, satellite data, and predictive analytics to manage vegetation and grid assets more precisely, aiming to cut wildfire risk and improve reliability. Enhanced safety settings that automatically shut off power in high‑risk conditions show how technology is being used directly in operations. PG&E is also experimenting with new customer‑facing and system‑level solutions, such as smart charging programs for electric vehicles, net‑zero energy communities, and early steps toward microgrids and vehicle‑to‑grid integration. Its work on clean energy and potential life extension of nuclear capacity underline a push to support California’s climate goals. These efforts could strengthen safety, efficiency, and differentiation over time, but many are still in development and depend on execution, customer acceptance, and regulatory support.

Summary

Overall, PG&E appears to be in the midst of a long, gradual repair and modernization cycle. Financial performance has moved from losses and crisis to steady profitability with improving operating cash flow, though heavy capital spending continues to weigh on free cash flow. The balance sheet remains highly leveraged, which is typical for large utilities but more sensitive here given wildfire exposure and legal history. Competitively, PG&E holds a powerful franchise in a key region, but under unusually tight oversight. Its push into AI‑driven wildfire prevention, grid modernization, and clean energy solutions suggests a forward‑looking strategy that could enhance resilience and efficiency over time. The company’s future trajectory will largely hinge on how well it manages safety risks, executes its investment program, and navigates California’s regulatory and climate policy landscape.

NEWS

November 19, 2025 · 3:46 PM UTC

Californians Express Overwhelming Support for Undergrounding Powerlines to Reduce Wildfire Risk

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November 18, 2025 · 4:30 PM UTC

Celebrate the Season Sustainably and Make Energy Efficiency a Holiday Tradition

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November 18, 2025 · 1:00 PM UTC

PG&E Encourages Customers to "Slow Down, Verify, Stop the Scam" on Utility Scam Awareness Day

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November 13, 2025 · 4:00 PM UTC

PG&E, Nissan, Fermata Energy, and the Schatz Energy Research Center Demonstrate Vehicle-to-Grid Technology in California

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November 12, 2025 · 2:44 PM UTC

Clean Energy Pioneer Chelle Izzi Named PG&E Chief Commercial Officer

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