Short answer
PG&E Corporation (PCG) filed its Q2 2025 10-Q quarterly report on Jul 31, 2025 for the quarter ended Jun 30, 2025. Quarterly revenue was $5.9B (down 1.5% year over year) with net income of $521M.
Q2 2025 key financials · XBRL
- Revenue
- $5.9B
- −1.5% YoY · −1.4% QoQ
- Net income
- $521M
- +0.2% YoY · −14.2% QoQ
- Operating margin
- 18.6%
- EPS (diluted)
- $0.23
- −4.2% YoY · −17.9% QoQ
Source: XBRL data from the PG&E Corporation (PCG) Q2 2025 10-Q on SEC EDGAR. USD.
PG&E Corporation Q2 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Operating cash flow $4,087M, up 31% YoY from $3,114M driven by higher collections, lower insurance costs, and wildfire-related payments decline
- Investing cash outflow $6,268M, increased from $5,225M YoY, financing cash inflow $1,661M, down from $2,671M YoY; net cash change $(520)M vs $560M increase
- Management notes future cash flow depends on wildfire costs, insurance recoveries, regulatory outcomes, and commodity price volatility
Risk Factors
- No newly added risk factors disclosed; tax matters section expanded on ownership change impact on net operating loss carryforwards under IRC Section 382
- Most materially updated risk: wildfire-related claims expenses increased to $50 million in Q2 2025 vs. a recovery of $3 million in Q2 2024, reflecting higher contingent costs
- Regulatory/legal risk: 2022 WMCE interim rate relief of ~$275 million recognized in Q2 2024 with no comparable revenues in Q2 2025, affecting revenue stability
- Operational risk most relevant near-term: 1% decrease ($88 million) in electric and natural gas operating revenues in Q2 2025 driven by expiration of rate relief and reduced self-insurance revenues
- Financial risk: PG&E maintains significant federal and state net operating loss carryforwards ($33.7B and $34.9B) subject to ownership change limitations under Section 382 of the IRC
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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