NYSE: PCG
PG&E
Utilities · Electric & Other Services Combined
52-week range
$11.77$19.16
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$45.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $30.9B |
| FY2017, ended Dec 31, 2017 | $23.1B |
| FY2018, ended Dec 31, 2018 | $12.5B |
| FY2019, ended Dec 31, 2019 | $5.75B |
| FY2020, ended Dec 31, 2020 | $24.7B |
| FY2021, ended Dec 31, 2021 | $29.9B |
| FY2022, ended Dec 31, 2022 | $40.1B |
| FY2023, ended Dec 31, 2023 | $47.1B |
| FY2024, ended Dec 31, 2024 | $53.9B |
| FY2025, ended Dec 31, 2025 | $43.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $45.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$25.8B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $17.7B |
| FY2017, ended Dec 31, 2017 | $17.1B |
| FY2018, ended Dec 31, 2018 | $16.8B |
| FY2019, ended Dec 31, 2019 | $17.1B |
| FY2020, ended Dec 31, 2020 | $18.5B |
| FY2021, ended Dec 31, 2021 | $20.6B |
| FY2022, ended Dec 31, 2022 | $21.7B |
| FY2023, ended Dec 31, 2023 | $24.4B |
| FY2024, ended Dec 31, 2024 | $24.4B |
| FY2025, ended Dec 31, 2025 | $24.9B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $25.8B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.39B | −$1.30B |
| FY2017, ended Dec 31, 2017 | $1.65B | $336M |
| FY2018, ended Dec 31, 2018 | −$6.85B | −$1.76B |
| FY2019, ended Dec 31, 2019 | −$7.66B | −$1.50B |
| FY2020, ended Dec 31, 2020 | −$1.32B | −$26.8B |
| FY2021, ended Dec 31, 2021 | −$102M | −$5.43B |
| FY2022, ended Dec 31, 2022 | $1.80B | −$5.86B |
| FY2023, ended Dec 31, 2023 | $2.24B | −$4.97B |
| FY2024, ended Dec 31, 2024 | $2.48B | −$2.33B |
| FY2025, ended Dec 31, 2025 | $2.59B | −$3.07B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.06B | −$4.26B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$972M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $177M |
| FY2017, ended Dec 31, 2017 | $449M |
| FY2018, ended Dec 31, 2018 | $1.67B |
| FY2019, ended Dec 31, 2019 | $1.57B |
| FY2020, ended Dec 31, 2020 | $484M |
| FY2021, ended Dec 31, 2021 | $291M |
| FY2022, ended Dec 31, 2022 | $734M |
| FY2023, ended Dec 31, 2023 | $635M |
| FY2024, ended Dec 31, 2024 | $940M |
| FY2025, ended Dec 31, 2025 | $713M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $972M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$64.2B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.87B |
| FY2017, ended Dec 31, 2017 | $1.28B |
| FY2018, ended Dec 31, 2018 | $44.1B |
| FY2019, ended Dec 31, 2019 | $0 |
| FY2020, ended Dec 31, 2020 | $40.9B |
| FY2021, ended Dec 31, 2021 | $44.9B |
| FY2022, ended Dec 31, 2022 | $49.8B |
| FY2023, ended Dec 31, 2023 | $54.9B |
| FY2024, ended Dec 31, 2024 | $55.1B |
| FY2025, ended Dec 31, 2025 | $60.1B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $64.2B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 428% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.2.68B
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 508M |
| FY2017, ended Dec 31, 2017 | 515M |
| FY2018, ended Dec 31, 2018 | 528M |
| FY2019, ended Dec 31, 2019 | 529M |
| FY2020, ended Dec 31, 2020 | 1.98B |
| FY2021, ended Dec 31, 2021 | 2.46B |
| FY2022, ended Dec 31, 2022 | 2.47B |
| FY2023, ended Dec 31, 2023 | 2.61B |
| FY2024, ended Dec 31, 2024 | 2.67B |
| FY2025, ended Dec 31, 2025 | 2.68B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 2.68B |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: —
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| Period | Paid to employees | Sold for cash |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $108M | $822M |
| FY2017, ended Dec 31, 2017 | $85.0M | $395M |
| FY2018, ended Dec 31, 2018 | $89.0M | $200M |
| FY2019, ended Dec 31, 2019 | $50.0M | $85.0M |
| FY2020, ended Dec 31, 2020 | $35.0M | — |
| FY2021, ended Dec 31, 2021 | $56.0M | — |
| FY2022, ended Dec 31, 2022 | $115M | $0 |
| FY2023, ended Dec 31, 2023 | $91.0M | $0 |
| FY2024, ended Dec 31, 2024 | $98.0M | $1.13B |
| FY2025, ended Dec 31, 2025 | $134M | $0 |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | — |
Revenue (TTM)
$25.8B
+5.7% YoY
Net income (TTM)
$3.06B
+30.0% YoY
Cash
$972M
+96.8% YoY
Total debt
$64.2B
+8.5% YoY
Valuation
At current price- Market Cap
- $35.3B
- P/E
- 11.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.4×
- Price / Book
- 1.0×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $25.8B
- Revenue Growth YoY
- 5.7%
- Revenue CAGR 3Y
- 4.8%
- Revenue CAGR 5Y
- 6.2%
- EPS Growth YoY
- 28.7%
- Net Income Growth YoY
- 30.0%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 20.0%
- Net Margin
- 11.8%
- FCF Margin
- −16.5%
- Return on Equity
- 9.4%
Earnings
Trailing 12 months- Net Income
- $3.06B
- EPS (diluted)
- $1.39
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- $5.17B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $972M
- Total Debt
- $64.2B
- Net Debt
- $63.2B
- Total Assets
- $145B
- Total Liabilities
- $111B
- Shareholders' Equity
- $33.9B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $8.15B
- Capital Expenditure
- $12.4B
- Free Cash Flow
- −$4.26B
Dividends and risk
Last 12 months- Dividend Yield
- 1.5%
- Dividend / Share
- $0.20
- Beta (5Y)
- 0.28
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.7% year over year, at $25.8B.
Strength
Operating margin widened 2.1 pts in a year, to 20.0%.
Watch
Carries $63.2B of net debt without positive EBITDA.
Watch
Free cash flow was negative (−$4.26B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 22, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K54Some concerns
54Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Revenue rose 2% to $24.9 billion, and profit available to shareholders rose 5% to $2.59 billion. The utility's own profit grew 14%.
- PG&E says it doesn't expect to sell new shares through 2030. It plans $12.4 billion of capital spending in 2026, which will be funded partly by borrowing.
- Regulators cut the allowed return on equity again, to 9.98% from 2026. Federal transmission revenue for 2026 also falls, from $2.9 billion to $2.6 billion.
- A new state law, SB 254, creates a backup wildfire fund that PG&E must help pay for. The Eaton fire could wipe out PG&E's roughly $4 billion Wildfire Fund asset.
Business momentum
Improving
“The Utility’s electric and natural gas operating revenues increased by $516 million, or 2%, in 2025 compared to 2024.”
Outlook
Positive
“PG&E Corporation does not expect to undertake any equity issuances through 2030.”
Financial stress
Moderate
“As a result, they expect to finance future cash needs in excess of operating cash flows primarily through the capital and credit markets.”
Tone against the previous report
About the same
Red flags
- Medium
Large write-down
“As a result, the Wildfire Fund asset could be amortized down to zero in the near future.”
- Minor
Other
“The final decision denied recovery of $173 million in vegetation management costs.”
- Minor
Other
“The final decision disallowed $217 million in VMBA costs.”
Positives
No new shares planned through 2030
“PG&E Corporation does not expect to undertake any equity issuances through 2030.”
Operating cash flow grew 9%
“Net cash provided by operating activities increased by $767 million, or 9%, in 2025 compared to 2024.”
Regulators approved major cost recovery and the wildfire plan
“In February 2026, the CPUC issued a final decision in the Utility’s 2023 WMCE proceeding, approving recovery of $1.9 billion of costs.”
Concerns
Estimate for past wildfire liabilities keeps rising
“aggregate liability estimates of $1.325 billion for the 2019 Kincade fire, $2.15 billion for the 2021 Dixie fire, and $350 million for the 2022 Mosquito fire”
Heavy borrowing to fund spending
“$6.6 billion increase in net borrowings under credit facilities.”
No money drawn yet from the federal DOE loan
“the Utility is not able to predict the timing or amount of any funds it may receive from the facility in the future.”
New risks since the previous report
Paying into the new SB 254 backup wildfire fund
“the participating utilities will contribute an additional $3.9 billion in equal installment payments over five years.”
$2.9 billion of fire-safety spending can't earn a shareholder return
“SB 254 also prohibits the Utility from including in its equity rate base the first $2.9 billion that it first expends on fire risk mitigation capital expenditures”
Allowed return on equity cut again
“the CPUC issued a final decision in the Utility’s 2026 Cost of Capital proceeding that set the Utility’s ROE at 9.98% effective January 1, 2026”
Lower federal transmission revenue in 2026
“The revenue requirement for rates that went into effect on January 1, 2026 is $2.6 billion, which represents a decrease from the 2025 revenue requirement of $2.9 billion.”
Higher exposure to interest-rate changes
“the pre-tax impact on net income over the next 12 months would be $37 million and $6 million, respectively”
Biggest risks named
- Liability for past and future wildfires
- Wildfire Fund drained by Southern California (Eaton) fire claims
- About $61 billion of debt and reliance on capital markets
- Regulators refusing or cutting cost recovery and allowed returns
- Affordability pressure on customer rates
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | −8 | |
| Red flags | −4.8 | |
| New risks | −2 | |
| Score | 54 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 22, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 54 | Improving | 1 medium2 minor | |
| 10-K | Feb 13, 2025 | 58 | Improving | 1 minor | |
| 10-K | Feb 22, 2024 | 63 | Strong improvement | 2 minor | |
| 10-K | Feb 23, 2023 | 63 | Strong improvement | 1 medium2 minor | |
| 10-K | Feb 10, 2022 | 44 | Improving | 4 medium1 minor | |
| 10-K | Feb 25, 2021 | 47 | Improving | 3 medium1 minor | |
| 10-K | Feb 18, 2020 | 0 | Mixed | 2 serious3 medium | |
| 10-K | Feb 28, 2019 | 0 | Sharp deterioration | 3 serious2 medium | |
| 10-K | Feb 9, 2018 | 42 | Improving | 1 serious3 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Jul 23, 2026. View filings on SEC EDGAR