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PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cells, and photovoltaic sources. The company owns and operates interconnected transmission lines; electric transmission substations, distribution lines, switching and distribution substations; and natural gas transmission, storage, and distribution systems consisting of distribution pipelines, backbone and local transmission pipelines, and various storage facilities. It serves residential, commercial, industrial, and agricultural customers, as well as natural gas-fired electric generation facilities. The company was incorporated in 1995 and is based in Oakland, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $24.9B | $10.1B | $2.7B | $-3.1B | 8.7% | 2.1% | 7.6% |
| 2024 | $24.4B | $9.6B | $2.5B | $-2.3B | 8.8% | -0.0% | 11.3% |
| 2023 | $24.4B | $7.3B | $2.3B | $-5.0B | 9.0% | 12.7% | 24.4% |
| 2022 | $21.7B | $6.2B | $1.8B | $-5.9B | 7.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 21,680 | 24,428 | 24,419 | 24,935 |
| Cost Of Revenue | - | 14,665 | 16,121 | 15,261 | 15,065 |
| Gross Profit | - | 7,015 | 8,307 | 9,158 | 9,870 |
| Operating Expense | - | 4,941 | 5,572 | 4,605 | 5,021 |
| Operating Income | - | 2,074 | 2,735 | 4,553 | 4,849 |
| EBITDA | - | 6,249 | 7,287 | 9,552 | 10,085 |
| EBIT | - | 2,393 | 3,549 | 5,363 | 5,451 |
| Pretax Income | - | 476 | 699 | 2,312 | 2,423 |
| Tax Provision | - | -1,338 | -1,557 | -200 | -280 |
| Net Income | - | 1,814 | 2,256 | 2,512 | 2,703 |
| Net Income Common Stockholders | - | 1,800 | 2,242 | 2,475 | 2,593 |
| Total Expenses | - | 19,606 | 21,693 | 19,866 | 20,086 |
| Interest Expense | - | 1,917 | 2,850 | 3,051 | 3,028 |
| Interest Income | - | 162 | 606 | 604 | 520 |
| Normalized EBITDA | - | 6,486 | 7,351 | 9,646 | 10,185 |
| Normalized Income | - | 2,001.23 | 2,306.56 | 2,586.26 | 2,782 |
| Market Cap | 36,578.95 | 36,578.95 | 36,578.95 | 36,578.95 | 36,578.95 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| PG&E Corporationthis co. | PCG | $38.0B | 13.53↓ discount | 1.18 | 8.7% | 9.64 |
| Xcel Energy Inc. | XEL | $46.4B | 24.48 | 2.09 | 8.5% | 13.54 |
| Public Service Enterprise Group Incorporated | PEG | $40.4B | 19.09 | 2.37 | 12.4% | 13.43 |
| Consolidated Edison, Inc. | ED | $39.0B | 19.86 | 1.66 | 8.4% | 10.88 |
| WEC Energy Group, Inc. | WEC | $36.9B |
| - |
| - |
| - |
| - |
| - |
| 23.95 |
| 2.74 |
| 11.4% |
| 14.73 |
| NRG Energy, Inc. | NRG | $33.8B | 39.28 | 32.92 | 83.8% | 13.98 |
| DTE Energy Company | DTE | $30.5B | 20.90 | 2.48 | 11.9% | 12.74 |
| Ameren Corporation | AEE | $30.1B | 21.11 | 2.29 | 10.9% | 12.51 |
| Atmos Energy Corporation | ATO | $29.5B | 25.59 | 2.26 | 8.8% | 16.68 |
| Peer Median | - | 22.53 | 2.33 | 11.2% | 13.48 | |