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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 |
| Operating 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 |
| Total Expenses | - | 19,606 | 21,693 | 19,866 | 20,086 |
| Operating Income | - | 2,074 | 2,735 | 4,553 | 4,849 |
| Total Operating Income As Reported | - | 1,837 | 2,671 | 4,459 | 4,749 |
| EBITDA | - | 6,249 | 7,287 | 9,552 | 10,085 |
| Normalized EBITDA | - | 6,486 | 7,351 | 9,646 | 10,185 |
| EBIT | - | 2,393 | 3,549 | 5,363 | 5,451 |
| Interest Income | - | 162 | 606 | 604 | 520 |
| Interest Expense | - | 1,917 | 2,850 | 3,051 | 3,028 |
| Net Interest Income | - | -1,755 | -2,244 | -2,447 | -2,508 |
| Other Non Operating Income Expenses | - | 394 | 272 | 300 | 182 |
| Other Income Expense | - | 157 | 208 | 206 | 82 |
| Interest Income Non Operating | - | 162 | 606 | 604 | 520 |
| Interest Expense Non Operating | - | 1,917 | 2,850 | 3,051 | 3,028 |
| Net Non Operating Interest Income Expense | - | -1,755 | -2,244 | -2,447 | -2,508 |
| Pretax Income | - | 476 | 699 | 2,312 | 2,423 |
| Tax Provision | - | -1,338 | -1,557 | -200 | -280 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -49.77 | -13.44 | -19.74 | -21 |
| Net Income Continuous Operations | - | 1,814 | 2,256 | 2,512 | 2,703 |
| Net Income From Continuing And Discontinued Operation | - | 1,814 | 2,256 | 2,512 | 2,703 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,814 | 2,256 | 2,512 | 2,703 |
| Net Income | - | 1,814 | 2,256 | 2,512 | 2,703 |
| Net Income Common Stockholders | - | 1,800 | 2,242 | 2,475 | 2,593 |
| Net Income Including Noncontrolling Interests | - | 1,814 | 2,256 | 2,512 | 2,703 |
| Normalized Income | - | 2,001.23 | 2,306.56 | 2,586.26 | 2,782 |
| Diluted NI Availto Com Stockholders | - | 1,800 | 2,242 | 2,475 | 2,593 |
| Basic Average Shares | - | 1,987 | 2,064 | 2,141 | 2,197 |
| Diluted Average Shares | - | 2,132 | 2,138 | 2,147 | 2,202 |
| Reconciled Depreciation | - | 3,856 | 3,738 | 4,189 | 4,634 |
| Reconciled Cost Of Revenue | - | 14,665 | 16,121 | 15,261 | 15,065 |
| Total Unusual Items | - | -237 | -64 | -94 | -100 |
| Total Unusual Items Excluding Goodwill | - | -237 | -64 | -94 | -100 |
| Preferred Stock Dividends | - | 14 | 14 | 37 | 110 |
| Special Income Charges | - | -237 | -64 | -94 | -100 |
| Other Special Charges | - | 237 | 64 | 94 | 100 |
| Restructuring And Mergern Acquisition | 11 | 0 | 0 | - | - |
| Depreciation Amortization Depletion Income Statement | - | 3,856 | 3,738 | 4,189 | 4,634 |
| Depreciation And Amortization In Income Statement | - | 3,856 | 3,738 | 4,189 | 4,634 |
| Other Operating Expenses | - | 1,085 | 1,834 | 416 | 387 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| PG&E Corporationthis co. | PCG | $37.0B | 13.70↓ discount | 1.20 | 8.7% | 9.68 |
| Exelon Corporation | EXC | $45.7B | 16.50 | 1.59 | 9.6% | 10.50 |
| Public Service Enterprise Group Incorporated | PEG | $38.9B | 18.43 | 2.29 | 12.4% | 13.14 |
| Consolidated Edison, Inc. | ED | $38.4B | 18.96 | 1.59 | 8.4% | 10.58 |
| WEC Energy Group, Inc. | WEC | $36.2B |
| - |
| - |
| - |
| - |
| - |
| 23.26 |
| 2.66 |
| 11.4% |
| 14.46 |
| DTE Energy Company | DTE | $29.7B | 20.31 | 2.41 | 11.9% | 12.54 |
| Ameren Corporation | AEE | $29.6B | 20.34 | 2.21 | 10.9% | - |
| NRG Energy, Inc. | NRG | $28.1B | 32.57 | 27.30 | 83.8% | 12.21 |
| Atmos Energy Corporation | ATO | $28.0B | 23.40 | 2.07 | 8.8% | 15.57 |
| Peer Median | - | 20.32 | 2.25 | 11.1% | 12.54 | |