PG&E Corporation (PCG) financials
NYSE · Utilities · Regulated Electric · 29,010 employees · CEO Patricia Kessler Poppe
- Price
- $13.18 -0.38%
- Market cap
- $35.3B
- Enterprise value
- $99.9B
- Last report
- Q3 '26 filed 2026-10-22
- Next report
- 2027-02-11 EPS est. $0.40
Revenue (TTM)$25.8B+4.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)20.2%+1.5 pp vs a year agoOperating income $5.21B
Net income (TTM)$3.09B+14.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$4.98B-79.6% vs a year agoCapex $12.8B
Diluted EPS (TTM)$1.35+14.4% vs a year agoSum of the last 4 quarters
Net cash-$64.6B-9.4% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $35.3B EV $99.9B
- Revenue
- $25.8B Trailing 12 months
- Revenue growth
- +5% FY2026 consensus
- Profit margin
- 12.0% Net income / revenue, TTM
- P/E
- 9.8× Forward 8.0× (FY2026)
- P/S
- 1.4× Price / sales, TTM
- EV / EBITDA
- 9.1× TTM
- Free cash flow
- -$4.98B Trailing 12 months
- Net income
- $3.09B Trailing 12 months
- Revenue estimate
- $26.1B FY2026 consensus
- Earnings
- 2027-02-11 Revenue est. $6.9B
- Dividend
- $0.18 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-22): revenue missed by 9.3%, EPS missed by 0.8%Revenue $6.19B vs $6.82B expected (-9.3%); EPS $0.41 vs $0.41 (-0.8%).
- Revenue growth slowing: -1.0% year on yearQ3 '26 revenue $6.19B, against an average of 5.7% over the four quarters before.
- Operating margin 20.2% (TTM), +1.5 pp on a year agoOperating income grew 12.7% while revenue grew 4.1%.
- 85.2% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.81B vs operating income $5.21B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 49.6% of revenue (a year ago 46.3%)$12.8B invested in the last 4 quarters (+11.5% on a year earlier). Free cash flow -$4.98B = -161.0% of net income.
- Diluted share count up 0.2% in a year2.29B diluted shares in Q3 '26, 2.28B a year earlier.
- Net debt $64.6BCash + short-term investments $902M, debt incl. leases $65.5B; a year ago net debt $59B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $6.19B | $6.25B | -1.0% |
| Gross margin | 83.6% | 39.4% | +44.2 pp |
| Operating income | $1.25B | $1.21B | +3.3% |
| Operating margin | 20.2% | 19.3% | +0.8 pp |
| Net income | $776M | $850M | -8.7% |
| Diluted EPS | $0.34 | $0.36 | -5.6% |
| Operating cash flow | $2.5B | $2.85B | -12.2% |
| Capex | $3.3B | $2.93B | +12.5% |
| Free cash flow | -$794M | -$80M | -892.5% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-10-22| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $6.19B | $6.82B | -9.3% |
| EPS (as estimated) | $0.41 | $0.41 | -0.8% |
From the report of 2026-10-22 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Electricity | $5.48B | -6.3% | 78.2% | $19.2B | +4.3% | |
| Natural Gas, US Regulated | $1.53B | +2.2% | 21.8% | $6.31B | -8.4% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $7.8B
- Capex
- -$12.8B
- Buybacks
- $0
- Dividends
- -$384M
- Acquisitions
- $0
- Net debt issued
- $5.78B
- Stock-based compensation
- $0
- Free cash flow
- -$4.98B
- Returned to shareholders / FCF
- -7.7%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 9.8× | 16.4× 4 of 5 years | 13.6× – 17.9× |
| EV / EBITDA | 9.1× | 11.0× | 9.2× – 12.7× |
| EV / Sales | 3.9× | 3.8× | 3.4× – 4.1× |
| Price / FCF | -7.1× | – | – |
| Price / Book | 0.8× | 1.3× | 1.1× – 1.5× |
| FCF yield | -14.1% | -13.6% | -22.5% – -5.4% |
| Return on invested capital | 3.8% | 2.6% | -0.3% – 3.8% |
| Return on equity | 9.2% | 6.6% | -0.4% – 9.0% |
Analysts
Consensus target $17.55 (+33.2%)
range $13.00 – $22.00 · rating Hold
Strong buy0
Buy12
Hold17
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $26.1B | +4.6% | $1.65 | +39.6% | 8.0× | 11 |
| FY2027 | $27.1B | +3.8% | $1.80 | +9.4% | 7.3× | 11 |
| FY2028 | $28.1B | +3.6% | $1.97 | +9.3% | 6.7× | 7 |
| FY2029 | $28.6B | +2.0% | $2.12 | +7.7% | 6.2× | 2 |
| FY2030 | $29.7B | +3.8% | $2.33 | +9.7% | 5.7× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 202 figures PG&E Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Other, Current | $915M | $862M | +6.1% | $929M | $748M | +24.2% |
| Accounts Payable, Trade, Current | $3.01B | $2.66B | +13.0% | $3.35B | $2.75B | +22.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.88B | $2.03B | -7.0% | $2.27B | $2.22B | +2.1% |
| Accounts Receivable, Allowance for Credit Loss, Current | $402M | $404M | -0.5% | $408M | $418M | -2.4% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $30M | $141M | -78.7% | $402M | $341M | +17.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$33M | -$4M | -725.0% | -$25M | -$19M | -31.6% |
| Allowance for Doubtful Other Receivables, Current | $19M | $89M | -78.7% | $69M | $35M | +97.1% |
| Asset Retirement Obligation | $5.44B2025-12-31 | $5.44B | -0.1% | $5.44B | $5.44B | -0.1% |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $290M | $269M | +7.8% |
| Asset Retirement Obligation, Liabilities Settled | – | – | – | $21M | $47M | -55.3% |
| Asset Retirement Obligation, Revision of Estimate | – | – | – | -$274M | -$290M | +5.5% |
| Asset Retirement Obligations, Noncurrent | $5.58B | $5.5B | +1.5% | $5.44B | $5.44B | -0.1% |
| Assets | $145B | $136B | +6.4% | $142B | $134B | +5.9% |
| Assets, Current | $15.4B | $15.2B | +1.6% | $15.8B | $17.2B | -8.1% |
| Assets, Fair Value Disclosure | $8.52B | $7.78B | +9.5% | $8.27B | $7.4B | +11.8% |
| Capital Expenditures Incurred but Not yet Paid | $191M | $105M | +81.9% | $1.86B | $1.14B | +62.5% |
| Cash and Cash Equivalents, at Carrying Value | $972M | $494M | +96.8% | $713M | $940M | -24.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.22B | $715M | +70.8% | $972M | $1.21B | -19.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$269M | -$1.69B | +84.1% | -$241M | $281M | -185.8% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | – | $0.00 | $0.00 | – |
| Common Stock, Shares Authorized | 3.6B | 3.6B | 0.0% | 3.6B | 3.6B | 0.0% |
| Common Stock, Shares, Outstanding | 2.2B | 2.2B | +0.2% | 2.2B | 2.19B | +0.2% |
| Common Stock, Value, Issued | $31.6B | $31.6B | +0.2% | $31.6B | $31.6B | +0.3% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $759M | $557M | +36.3% | $2.7B | $2.51B | +7.6% |
| Construction in Progress, Gross | $4.81B | $4.64B | +3.8% | $4.63B | $4.46B | +3.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$1M | $2M | -150.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $50M | -$78M | +164.1% |
| Decommissioning Fund Investments | $4.43B | $4.02B | +10.2% | $4.23B | $3.83B | +10.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$225M | -$137M | -64.2% |
| Deferred Income Tax Liabilities, Net | $4.72B | $3.55B | +32.9% | $4.14B | $3.08B | +34.2% |
| Deferred Income Taxes and Tax Credits | $291M | $310M | -6.1% | $1.06B | $1.1B | -3.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$102M | $15M | -780.0% |
| Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | – | – | – | 5.7% | 5.1% | +11.8% |
| Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.5%2025-12-31 | 4.5% | 0.0% | 4.5% | 4.5% | 0.0% |
| Derivative Asset | $330M2025-09-30 | $348M | -5.2% | $403M2024-12-31 | $456M | -11.6% |
| Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | -$2M | $1M | -300.0% | -$52M | -$16M | -225.0% |
| Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | $30M | $11M | +172.7% | $52M | $16M | +225.0% |
| Dividends, Common Stock | $111M | $56M | +98.2% | $277M | $120M | +130.8% |
| Dividends, Preferred Stock | $28M | $28M | 0.0% | $110M | $37M | +197.3% |
| Earnings Per Share, Basic | $0.33 | $0.24 | +37.5% | $1.18 | $1.16 | +1.7% |
| Earnings Per Share, Diluted | $0.33 | $0.24 | +37.5% | $1.18 | $1.15 | +2.6% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $486M | $478M | +1.7% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | – | – | – | $18M | -$20M | +190.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | – | – | – | 0.8% | -0.9% | +188.9% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | – | – | – | $51M | $19M | +168.4% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | – | – | – | 2.2% | 0.8% | +175.0% |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | – | – | – | $19M | $1M | +1,800.0% |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | – | – | – | 0.9% | 0.1% | +800.0% |
| Effective Income Tax Rate Reconciliation, Percent | – | – | – | -12.1% | -8.8% | -37.5% |
| Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | – | – | – | -$41M | -$45M | +8.9% |
| Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | – | – | – | -1.8% | -2.0% | +10.0% |
| Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | – | – | – | $3M | $46M | -93.5% |
| Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | – | – | – | 0.1% | 2.1% | -95.2% |
| Effective Income Tax Rate Reconciliation, Tax Credit, Amount | – | – | – | $26M | $22M | +18.2% |
| Effective Income Tax Rate Reconciliation, Tax Credit, Percent | – | – | – | 1.1% | 1.0% | +10.0% |
| Estimated Litigation Liability, Current | $193M | $193M | 0.0% | $193M | $193M | 0.0% |
| Finance Lease, Interest Expense | – | – | – | $16M | $42M | -61.9% |
| Finance Lease, Liability, Current | $02025-12-31 | $577M | -100.0% | $0 | $577M | -100.0% |
| Finance Lease, Liability, Noncurrent | $0 | $3M | -100.0% | $2M | $4M | -50.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02