PG&E Corporation (PCG) FY2025 10-K Annual Report

Filed: Feb 12, 2026
Utilities
Electric & Other Services CombinedSEC EDGAR

PG&E Corporation (PCG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.

PG&E Corporation FY2025 10-K Analysis

Business Overview

  • Core business: Utility services focused on electricity and gas distribution in regulated markets
  • Emphasis on inflation and supply chain challenges causing increased costs for equipment, labor, and materials
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Management Discussion & Analysis

  • No revenue or profitability figures disclosed in provided text
  • Utility may receive up to $1.0B from Citizens Energy through lease agreements, with ~$200M upfront per lease option
+3 more insights

Risk Factors

  • Regulatory risk from IRC Section 382 ownership change limits on $38.3B U.S. and $34.1B California net operating loss carryforwards
  • Macroeconomic exposure to California cap-and-trade program costs impacting electricity and natural gas procurement expenses
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PG&E Corporation FY2025 Key Financial Metrics
XBRL

Revenue

$24.9B

+2.1% YoY

Net Income

$2.6B

+4.8% YoY

Operating Margin

19.0%

+79bp YoY

Net Margin

10.4%

+26bp YoY

ROE

8.0%

-24bp YoY

Total Assets

$141.6B

+5.9% YoY

EPS (Diluted)

$1.18

+2.6% YoY

Operating Cash Flow

$8.7B

+8.5% YoY

Source: XBRL data from PG&E Corporation FY2025 10-K filing on SEC EDGAR. All figures in USD.

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