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PG&EPCG

Legal name
PG&E Corp.
Sector
Energy
Industry
Electric & Other Services Combined
Exchange
NYSE

Stock Price $PCG

Latest filings

You are here#13 of 31 in Utilities by market cap

Filing record · 2016–202610-K1310-Q338-K367

PCG filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 367 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Apr ’18Apr ’18
  2. Bankruptcy8-K · Jun ’20Jun ’20
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $24.93B
YoY changeLargest recent move+12.7%in FY23Latest +2.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All PCG Financial Metrics53 metrics

Income Statement11

Balance Sheet24

Cash Flow13

Per Share5

02—Overview

PG&E Financial Overview 2021–2025

Updated Nov 4, 2026

PG&E swung from a $102 million loss to $2.59 billiona of income available to common shareholders in four years, yet the stock still closed FY2025 at only 13.6x earnings. The market is pricing a real earnings recovery against a balance sheet loaded with debt and open-ended wildfire liabilities. Profits are rebuilding on heavy investment, but borrowing and wildfire accruals are growing nearly as fast.

The long arc is stark. Income available to common shareholders went from a $102 million loss in FY2021 to $2,593 millionb in FY2025, and diluted EPS moved from -$0.05 to $1.18. Revenue did little of the work: Utility revenue was $24.9 billion in FY2025, against $24.4 billion in FY2023 and FY2024. The lift came from lower one-off charges and higher authorized returns. Capital spending climbed from $8.6 billion in FY2021 to $13.4 billion in FY2025. Long-term debt rose from $38.2 billion to $57.4 billion over the same span.

Wildfire exposure keeps compounding. The accrued Dixie fire liability grew from $1.15 billion in FY2021 to $2.15 billionc in FY2025, and the Mosquito fire accrual reached $350 million. Liquidity ended FY2025 at about $4.5 billion, and the allowed ROE steps down to 9.98% in 2026. At the FY2025 close, shares traded at $16.07, a $35.3 billion market cap. Management targets a dividend payout of about 20% of core earnings by 2028.

Recent Developments (Q2 and Q3 2026)

PG&E's September 2, 2026 strategic review is the key development. Management cut planned 2027 capital spending from $13.4 billion to $11.4 billiond and withdrew its 2028–2030 capex forecast, naming an investment-grade rating as a foundational goal. Q3 2026 income available to common shareholders fell 9% to $749 million, as Wildfire Fund expense rose to $141 million from $86 million. Nine-month income rose 20% to $2.34 billion. Q2 2026 earnings rose to $733 million from $521 million, helped by about $620 million of 2023 WMCE revenue in the six months. Core EPS guidance of $1.64 to $1.66 for 2026 was reaffirmed. The legislature ended its session without changing the wildfire liability framework.

Bull case: earnings are rising, guidance holds, and the stock trades at 11.0x earnings as of October 21, 2026, the latest report date, not today. Bear case: Wildfire Fund amortization could accelerate by up to $3.7 billione, the Utility remains below investment grade with one agency, and the Track 1 proposal would disallow about $477 million.

What to watch: strategic review outcomes and any investment-grade upgrade; the Track 1 cost-recovery final decision and Wildfire Fund amortization

03—Filings

Recent SEC Filings

  1. 8-KPG&E 8-K Report, Financial Results (Oct 22, 2026)PG&E Corporation and Pacific Gas and Electric Company furnished an 8-K on October 22, 2026, reporting third-quarter 2026 results and attaching a press release (Exhibit 99.1) and an earnings slide presentation (Exhibit 99.2). GAAP income available for common shareholders was $749 million, or $0.34 per diluted share, for the third quarter of 2026, compared with $823 million, or $0.37 per share, a year earlier. Non-GAAP core earnings were $928 million, or $0.41 per diluted share, versus $1,142 million, or $0.50 per share, in the third quarter of 2025. For the first nine months of 2026, GAAP EPS was $1.06 and non-GAAP core EPS was $1.24, compared with $0.89 and $1.14 a year earlier. The company reaffirmed its 2026 non-GAAP core EPS guidance of $1.64 to $1.66 per share and its 2027 guidance of $1.78 to $1.82 per share. It stated it is on track to meet a 2% to 4% non-fuel O&M cost reduction target and is implementing a previously announced $2 billion reduction to its 2027 capital plan. The company said its strategic review is advancing with the goal of becoming a financially strong, investment-grade company, and its CEO noted that California still needs a durable wildfire liability framework. The filing attributes the year-over-year decline in GAAP earnings mainly to lower CPUC return on equity in effect during 2026, one-time catch-up impacts of a 2025 tax methodology change, and higher Wildfire Fund expense, partly offset by higher customer capital investment and net O&M savings. Non-core items totaled $156 million after tax, or $0.07 per share, in the third quarter of 2026.
  2. 8-KPG&E 8-K Report, Regulation FD Disclosure (Aug 31, 2026)PG&E Corporation and Pacific Gas and Electric Company filed this Current Report on Form 8-K dated August 31, 2026, under Item 7.01 (Regulation FD Disclosure). The filing announces that PG&E Corporation will hold a webcast and conference call on Wednesday, September 2, 2026, at 8:30 AM Eastern Time to provide an investor update, including the company's response to Senate Bill 492. In the filing, PG&E Corporation states that it does not believe Senate Bill 492 adequately addresses the financing risks created by California's current wildfire liability framework. It says the legislation falls short of creating the long-term durability needed to attract affordable investment to support a safer, more reliable energy system and to help keep costs down for customers. The filing provides dial-in and replay details: a live audio webcast on the investor relations website, an archived replay on the same page, and a toll-free telephone replay through September 9, 2026 (confirmation code 92587). The information is furnished rather than filed under the Exchange Act, so it is not subject to Section 18 liability.
  3. 8-KPG&E 8-K Report, Corporate Update (Aug 4, 2026)PG&E Corporation and its subsidiary Pacific Gas and Electric Company (the "Utility") filed this Form 8-K to report a debt issuance. On July 27, 2026, the Utility entered into an Underwriting Agreement covering two series of First Mortgage Bonds: $700,000,000 aggregate principal amount of 5.250% bonds due 2032 and $1,000,000,000 aggregate principal amount of 5.850% bonds due 2036. The Utility completed the sale of these Mortgage Bonds on August 4, 2026. The underwriters named in the exhibits are Barclays Capital Inc., BMO Capital Markets Corp., J.P. Morgan Securities LLC, and SMBC Nikko Securities America, Inc. The bonds were issued under a Thirty-Fifth Supplemental Indenture dated August 4, 2026, with The Bank of New York Mellon Trust Company, N.A. as trustee. Hunton Andrews Kurth LLP provided a legal opinion dated August 4, 2026. For investors, the filing is a routine financing disclosure. It sets out the principal amounts and coupon rates of the new secured debt and confirms that the offering closed. The filing does not discuss the use of proceeds, the company's broader financing plans, or its operating results.
  4. 8-KPG&E 8-K Report, Financial Results (Jul 23, 2026)PG&E Corporation reported second-quarter 2026 results on July 23, 2026, with GAAP earnings of $0.33 per diluted share ($733 million of income available for common shareholders) for the quarter and $0.72 per share for the first six months, compared with $0.24 and $0.51 per share in the same periods of 2025. Non-GAAP core earnings were $920 million, or $0.40 per diluted share, for the second quarter of 2026, versus $674 million, or $0.31 per share, a year earlier. For the first six months, non-GAAP core EPS was $0.83 compared with $0.64 in 2025. The company reaffirmed full-year 2026 non-GAAP core EPS guidance of $1.64 to $1.66 per share and said it is on track to meet its 2% to 4% non-fuel O&M cost reduction target. Management highlighted that the GAAP increase was driven mainly by customer capital investment from higher rate base and net O&M savings, partly offset by a lower CPUC return on equity in effect during 2026 and higher Wildfire Fund expense. The company also reported that it completed a $2.2 billion Utility bond issuance in June, bringing total Utility debt financings to $4.4 billion for the year. The slide presentation reaffirms 2027-2030 guidance and the $73 billion capital investment plan, and notes that the plan assumes constructive wildfire liability reform and may be revised if such reform is not achieved. The filing also notes that the company's 2026 guidance excludes GAAP reconciliation because certain items, including Wildfire Fund amortization, regulatory decisions, special tax items, and wildfire-related costs, are not estimable. The company disclosed a pipeline of over 12 gigawatts of data center projects in its service area, and said the outcome of California wildfire liability reform remains a key factor it is monitoring.
  5. 8-KPG&E 8-K Report, Material Agreement (Jun 23, 2026)PG&E Corporation and Pacific Gas and Electric Company reported on this Form 8-K, filed June 23, 2026, that on June 22, 2026 each entity entered into a separate Amendment No. 6 to its Credit Agreement dated July 1, 2020. The filing covers two revolving credit facilities: the Utility Revolving Credit Agreement (Pacific Gas and Electric Company, with Citibank, N.A. as administrative agent) and the Corporation Revolving Credit Agreement (PG&E Corporation, with JPMorgan Chase Bank, N.A. as administrative agent). For the utility, the amendment extends the maturity to June 20, 2031, increases aggregate lender commitments from $5.4 billion to $6.25 billion, and modifies both the interest rate and commitment fee pricing grids. For the holding company, the amendment extends maturity to June 22, 2029, modifies the interest rate and commitment fee pricing grids, and adds collateral release terms. The collateral release provision is the most notable feature for holding-company creditors. The lien securing the Corporation facility will be released if PG&E Corporation holds senior unsecured investment grade ratings from at least two rating agencies, no Event of Default exists, and secured indebtedness for borrowed money (excluding loans under the facility) is no more than $250 million. The lien automatically reinstates if either condition fails.
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04—See also

Related Companies

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