PG&E (PCG) 10-K Summary — Year Ended Dec 31, 2025
PG&E Corporation filed its annual report for the most recent fiscal year, detailing financial results and operational updates. The filing highlights revenue growth over the period, positive net income, and strong operating cash flow.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
PG&E Corporation filed its annual report for the most recent fiscal year, detailing financial results and operational updates. The filing highlights revenue growth over the period, positive net income, and strong operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$24.9B
Revenue reported for the fiscal year.
Operating income
$4.7B
Income from operations reported for the year.
Net income
$2.7B
Net income reported for the year.
Operating cash flow
$8.7B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $21.7B | +5.0% |
| Dec 31, 2023 | $24.4B | +12.7% |
| Dec 31, 2024 | $24.4B | -0.0% |
| Dec 31, 2025 | $24.9B | +2.1% |
Business overview
PG&E Corporation operates as a holding company primarily through its electric and natural gas utility subsidiaries. The company's business is subject to regulatory oversight, with a focus on sustainability, environmental compliance, and ratemaking mechanisms. It also emphasizes human capital management and operational resilience.
Financial performance
Revenue increased over the reporting period, supported by utility operations. Operating income and net income remained positive, while operating cash flow provided substantial liquidity.
Material risks
The filing outlines material risks including those related to the company's regulatory environment, operational hazards in utility operations, and legal proceedings. These risk factors are detailed in the Risk Factors section of the report.
Liquidity and capital
The Management Discussion and Analysis addresses liquidity and financial resources, noting the company's operating cash flow. Capital allocation themes are implied through ongoing regulatory and investment requirements.
What to watch
Readers should monitor outcomes of regulatory proceedings and litigation that could affect cost recovery or operations.