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PG&E Corporation (PCG) stock

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NYSE: PCG NYSE Multi-Utilities Next results ~February 11, 2027

C Fundamentals grade

PG&E Corporation is a US-listed company in the multi-utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$25

Valuation models combined (4)

Base case. Range ~$19–$29. Weighted average of 4 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income), the utility earnings model counting double.

Price vs value

Undervalued

The price is below our entire value range; our base value is 90% above it.

Price used: $13.28, November 2, 2026

PG&E Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 8 selling2 purchases and 13 sales by directors and officers, last 12 monthsInsider trades
  • Funds501 adding, 386 cuttingOf 88 active managers that changed their stake, 41 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter PG&E files

10-Q filed October 22: PG&E

Model value +9.8%

Revenue for the twelve months to September 2026 reached $25.8bn, a gain of 4.1% on the prior year. Growth has cooled from 5.7% a quarter earlier, leaving PG&E ranked 9 of 11 among the multi-utilities companies we cover. Cash generation worsened over the period. Free-cash-flow margin slipped to -19.3%, down from -11.2% a year earlier. Despite that, our model value moves up to $24.73 a share from $22.53. Set against a share price of $12.98, the gap remains wide. The rating stays Buy.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where PG&E stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $25.8bn, up 5.7% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to -16.5% from -8.9% a year earlier. Operating margin widened to 20.0% from 17.9%. The diluted share count is up 3.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 6 financial-health checks. Our valuation models combined value is $21.93 a share, against a share price of $13.21.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

PG&E Corporation's trailing-twelve-month revenue grew 4.1% year on year, with a free-cash-flow margin of -19.3%. Where it stands out: days sales outstanding of 31 days ranks 3 of 14 multi-utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 79.6% while net income grew 14.8%: a 94pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $13.28 is 90% below our value per share of $25.

Things to watch

  • Burning cash. Free cash flow was -19.3% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $60.4bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -167% of net income over the last 12 months.
  • Below peers: change in growth rate. Change in growth rate of -1.6pp ranks 13 of 17 multi-utilities companies we cover (median -0.2pp).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$0.41 against an average estimate of $0.42: missed by 2.1%
Revenue
$6.19bn, down 1.0% on a year earlier
Share reaction
-4.0% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
non-GAAP core EPS $1.64 to $1.66 (Full year 2026); non-GAAP core EPS $1.78 to $1.82 (2027)
Next report
October 22, 2026; average EPS estimate $0.40

PG&E's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.8%
  • 1 week+3.3%
  • 1 month+7.8%
  • This year-16.5%
  • 1 year-15.7%
  • 5 years+16.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$25.8B
Operating margin
20.2%
Net margin
11.6%
EPS (TTM, diluted)
$1.33

Growth

Revenue growth
+4.1%
Change in growth rate
−1.6 pts
Share count change
+1.4%

Cash

Free cash flow (TTM)
-$5B
FCF margin
-19.3%

Earnings

Last results
October 22, 2026
Next results (est.)
February 11, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Product
  3. Announcement
  4. Announcement
  5. Our research
  6. Results
  7. Guidance
  8. Announcement
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Announcement
  14. Announcement
  15. Announcement
  16. Announcement
  17. Results
  18. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

PG&E Corporation valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$25
Price used
$13.13close November 3, 2026
Implied change
▲ +92%
Uncertainty
Low

How we got here: the combined value of 4 valuation models built for a business like PG&E Corporation (see the models table below and how they are combined) , with a 7.15% cost of equity. The models span ~$19–~$29; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value PG&E Corporation as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.49 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$28 ~$23–$35 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$29 ~$28–$35 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$22 ~$18–$29 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$19 ~$13–$30 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. — Does not apply: no current dividend figure in the company's tagged filings
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$25 ~$19–$29 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare PG&E Corporation with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$49.30$58.13$43.88$23.25$10.64$12.20$11.88$15.92$17.66$19.82$15.91$13.28
Market value$24.0bn$29.1bn$22.5bn$12.0bn$5.6bn$15.3bn$23.6bn$33.9bn$37.8bn$42.6bn$35.0bn$29.8bn
+ Net debt (− = net cash)$17.0bn$18.3bn$18.7bn$42.4bn−$1.6bn$40.4bn$44.6bn$51.3bn$55.7bn$56.3bn$60.2bn$64.1bn
Enterprise value$41.0bn$47.4bn$41.2bn$54.4bn$4.0bn$55.7bn$68.2bn$85.3bn$93.4bn$98.9bn$95.2bn$93.9bn
Multiples
Price / sales 1.4x1.6x1.3x0.7x0.3x0.8x1.1x1.6x1.5x1.7x1.4x1.2x
Price / earnings 27.5x20.9x13.7x————18.9x16.8x17.2x13.5x10.0x
Price / free cash flow ——67.0x—————————
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

16 /100

Weak moat

How hard PG&E's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.5% of total assets over 10 years.

  • Durability 2 / 20

    Operating margin has been a median 9.6%; its worst year was -92.8%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -16.0% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 133.5% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.65 +10% $25.9bn +4%
Next $1.80 +9% $27.0bn +4%

Next year's EPS estimate has moved −0.2% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 2 analysts raised PG&E Corporation's forecast and 1 cut it.

Consensus EPS forecast PG&E Corporation, last 90 days
$1.60 $1.65 $1.70 $1.75 $1.80 $1.85 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.65 Current fiscal year, 60 days ago: $1.65 Current fiscal year, 30 days ago: $1.65 Current fiscal year, 7 days ago: $1.65 Current fiscal year, Now: $1.65 $1.65 Next fiscal year, 90 days ago: $1.81 Next fiscal year, 60 days ago: $1.81 Next fiscal year, 30 days ago: $1.80 Next fiscal year, 7 days ago: $1.80 Next fiscal year, Now: $1.80 $1.80

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.65$1.81
60 days ago $1.65$1.81
30 days ago $1.65$1.80
7 days ago $1.65$1.80
Now $1.65$1.80

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.42 $0.41 −2.1%
Jun 2026 $0.36 $0.40 +11.6%
Mar 2026 $0.40 $0.43 +8.8%
Dec 2025 $0.36 $0.36 −1.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • non-GAAP core EPS Full year 2026 $1.64 to $1.66 Non-GAAP Maintained
    “Full year 2026 and 2027 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share and $1.78 to $1.82 per share, respectively.” source
  • non-GAAP core EPS 2027 $1.78 to $1.82 Non-GAAP Maintained
    “Full year 2026 and 2027 non-GAAP core EPS guidance reaffirmed at $1.64 to $1.66 per share and $1.78 to $1.82 per share, respectively.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

18 analysts, Oct 2026
Buy950%
Hold950%
Sell00%

Monthly trend

  1. Oct 202627918
  2. Sep 202626917
  3. Aug 202638617
  4. Jul 2026311317

Counts of recommendations published by analysts covering PG&E Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0
at average volume
Short interest, 1 month
−100%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.4%
of shares
Employees
29,010
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −15.7%

$15.75 on October 31, 2025 to $13.28

ThenNowEffect
Revenue (last 12 months) $24.5bn $25.8bn +5.7%
Net margin 9.6% 11.8% +23.0%
P/E multiple 14.6x 9.7x −33.2%
Share count 2178m 2243m −2.9%

Biggest factor: p/e multiple.

Last 3 years −19.7%

$16.53 on November 3, 2023 to $13.28

ThenNowEffect
Revenue (last 12 months) $22.3bn $25.8bn +16.1%
Net margin 8.7% 11.8% +35.5%
P/E multiple 18.1x 9.7x −46.2%
Share count 2131m 2243m −5.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PCG−3%+34%+11%+12%−20%−17%
Industry peers (median)+10%+3%−3%+14%+14%+10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PCG58%75%58%67%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PCG−34%−25%−17%−12%−36%−37%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 95% from September 11, 2017 to October 28, 2019. Getting back needed a 1769% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$11.90 – $18.92
From 52-week high
−29.8%
vs 50-day average
−1.9%
vs 200-day average
−17.7%
Volatility (1 year)
35%
Beta vs S&P 500
0.13

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±2.2%
After a week
6 up, 6 down
typical move ±3.0%
After a month
5 up, 6 down
typical move ±4.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 −4.0% −1.7% +0.6% —
July 23, 2026 −1.4% −1.1% −1.8% −2.8%
April 23, 2026 −1.6% +0.4% −1.5% −2.3%
February 12, 2026 +6.2% −1.5% +7.4% +7.9%
October 23, 2025 −1.1% +1.4% −4.1% −5.5%
July 31, 2025 +0.7% −2.0% +7.3% +9.0%
April 24, 2025 −2.3% +2.8% −5.0% −2.8%
February 13, 2025 −4.6% +1.1% −0.2% +6.7%
November 7, 2024 +1.7% +1.2% +3.7% −0.2%
July 25, 2024 −1.2% +0.6% +1.0% +3.0%
April 25, 2024 +0.2% +0.6% +3.1% +8.6%
February 22, 2024 +1.5% +2.1% −0.5% −2.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How PG&E Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.16× the last 60 days’ realised volatility , richer than 45% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

PG&E Corporation in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) PG&E Corporation
$24B $24.5B $25B $25.5B $26B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $24.4B Revenue (TTM), FY24 Q1: $24.1B Revenue (TTM), FY24 Q2: $24.8B Revenue (TTM), FY24 Q3: $24.8B Revenue (TTM), FY24 Q4: $24.4B Revenue (TTM), FY25 Q1: $24.5B Revenue (TTM), FY25 Q2: $24.5B Revenue (TTM), FY25 Q3: $24.8B Revenue (TTM), FY25 Q4: $24.9B Revenue (TTM), FY26 Q1: $25.8B Revenue (TTM), FY26 Q2: $25.8B Revenue (TTM), FY26 Q3: $25.8B $25.8B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $24.4B
FY24 Q1 $24.1B
FY24 Q2 $24.8B
FY24 Q3 $24.8B
FY24 Q4 $24.4B
FY25 Q1 $24.5B
FY25 Q2 $24.5B
FY25 Q3 $24.8B
FY25 Q4 $24.9B
FY26 Q1 $25.8B
FY26 Q2 $25.8B
FY26 Q3 $25.8B
Revenue growth, TTM YoY PG&E Corporation
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 12.7% Revenue growth, TTM YoY, FY24 Q1: 9.0% Revenue growth, TTM YoY, FY24 Q2: 11.3% Revenue growth, TTM YoY, FY24 Q3: 9.1% Revenue growth, TTM YoY, FY24 Q4: -0.0% Revenue growth, TTM YoY, FY25 Q1: 1.9% Revenue growth, TTM YoY, FY25 Q2: -1.3% Revenue growth, TTM YoY, FY25 Q3: -0.3% Revenue growth, TTM YoY, FY25 Q4: 2.1% Revenue growth, TTM YoY, FY26 Q1: 5.3% Revenue growth, TTM YoY, FY26 Q2: 5.7% Revenue growth, TTM YoY, FY26 Q3: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 12.7%
FY24 Q1 9.0%
FY24 Q2 11.3%
FY24 Q3 9.1%
FY24 Q4 -0.0%
FY25 Q1 1.9%
FY25 Q2 -1.3%
FY25 Q3 -0.3%
FY25 Q4 2.1%
FY26 Q1 5.3%
FY26 Q2 5.7%
FY26 Q3 4.1%
Operating margin (TTM) PG&E Corporation
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 10.9% Operating margin (TTM), FY24 Q1: 13.8% Operating margin (TTM), FY24 Q2: 15.9% Operating margin (TTM), FY24 Q3: 18.4% Operating margin (TTM), FY24 Q4: 18.3% Operating margin (TTM), FY25 Q1: 17.9% Operating margin (TTM), FY25 Q2: 17.9% Operating margin (TTM), FY25 Q3: 18.4% Operating margin (TTM), FY25 Q4: 19.0% Operating margin (TTM), FY26 Q1: 19.4% Operating margin (TTM), FY26 Q2: 20.0% Operating margin (TTM), FY26 Q3: 20.2% 20.2%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 10.9%
FY24 Q1 13.8%
FY24 Q2 15.9%
FY24 Q3 18.4%
FY24 Q4 18.3%
FY25 Q1 17.9%
FY25 Q2 17.9%
FY25 Q3 18.4%
FY25 Q4 19.0%
FY26 Q1 19.4%
FY26 Q2 20.0%
FY26 Q3 20.2%
FCF margin (TTM) PG&E Corporation
-30% -20% -10% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -20.3% FCF margin (TTM), FY24 Q1: -17.6% FCF margin (TTM), FY24 Q2: -19.0% FCF margin (TTM), FY24 Q3: -14.4% FCF margin (TTM), FY24 Q4: -9.6% FCF margin (TTM), FY25 Q1: -7.1% FCF margin (TTM), FY25 Q2: -8.9% FCF margin (TTM), FY25 Q3: -11.2% FCF margin (TTM), FY25 Q4: -12.3% FCF margin (TTM), FY26 Q1: -16.3% FCF margin (TTM), FY26 Q2: -16.5% FCF margin (TTM), FY26 Q3: -19.3% -19.3%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -20.3%
FY24 Q1 -17.6%
FY24 Q2 -19.0%
FY24 Q3 -14.4%
FY24 Q4 -9.6%
FY25 Q1 -7.1%
FY25 Q2 -8.9%
FY25 Q3 -11.2%
FY25 Q4 -12.3%
FY26 Q1 -16.3%
FY26 Q2 -16.5%
FY26 Q3 -19.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar PG&E took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $24.9B
  2. Other operating costs $20.2B · 81.0%
  3. Operating income $4.7B · 19.0%
  4. Interest and other $2.2B · 8.6%
  5. Net income $2.6B · 10.4%

Shares of revenue. Source: PG&E's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 13.4 13.8 15.0 15.0 15.6 17.1 16.8 17.7 17.1 16.8 17.1 18.5 20.6 21.7 24.4 24.4 24.9 25.8
Operating income 2.3 2.3 1.9 1.7 1.8 2.5 1.5 2.1 2.9 −9.7 −10.1 1.8 1.9 1.8 2.7 4.5 4.7 5.2
Net income 1.2 1.1 0.8 0.8 0.8 1.4 0.9 1.4 1.6 −6.9 −7.7 −1.3 −0.1 1.8 2.2 2.5 2.6 3.0
Diluted EPS $3.20 $2.82 $2.10 $1.92 $1.83 $3.06 $1.79 $2.78 $3.21 −$13.25 −$14.50 −$1.05 −$0.05 $0.84 $1.05 $1.15 $1.18 $1.33
Growth (year on year)
Revenue −8.4% +3.3% +8.1% +0.6% +3.7% +9.6% −1.5% +4.9% −3.0% −2.2% +2.2% +7.8% +11.8% +5.0% +12.7% −0.0% +2.1% +4.1%
Operating income +1.7% +0.4% −15.9% −12.8% +4.1% +39.0% −38.4% +37.9% +39.7% −433.9% — — +7.3% −2.4% +45.4% +66.9% +6.5% +14.5%
Net income −8.8% −9.9% −23.2% −3.3% −0.2% +76.4% −39.1% +59.4% +18.2% −516.2% — — — — +24.6% +10.4% +4.8% +14.8%
Diluted EPS −11.8% −11.9% −25.5% −8.6% −4.7% +67.2% −41.5% +55.3% +15.5% −512.8% — — — — +25.0% +9.5% +2.6% +13.2%
Margins
Operating margin 17.2% 16.7% 13.0% 11.3% 11.3% 14.3% 9.0% 11.8% 17.0% −57.9% −58.9% 9.5% 9.1% 8.5% 10.9% 18.3% 19.0% 20.2%
Net margin 9.1% 7.9% 5.6% 5.4% 5.2% 8.4% 5.2% 7.9% 9.6% −40.9% −44.7% −7.1% −0.5% 8.3% 9.2% 10.1% 10.4% 11.6%
Free-cash-flow margin −6.9% −4.3% −2.0% 1.7% −11.4% −6.7% −8.3% −7.4% 2.0% −10.5% −8.7% −145.2% −26.3% −27.0% −20.3% −9.6% −12.3% −19.3%
Cash flow
Cash from operations 3.0 3.2 3.7 4.9 3.4 3.7 3.8 4.4 6.0 4.8 4.8 −19.1 2.3 3.7 4.7 8.0 8.7 7.8
Capital spending 4.0 3.8 4.0 4.6 5.2 4.8 5.2 5.7 5.6 6.5 6.3 7.7 7.7 9.6 9.7 10.4 11.8 12.8
Free cash flow −0.9 −0.6 −0.3 0.3 −1.8 −1.1 −1.4 −1.3 0.3 −1.8 −1.5 −26.8 −5.4 −5.9 −5.0 −2.3 −3.1 −5.0
Stock-based pay 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 —
Free cash flow after stock pay −1.0 −0.7 −0.3 0.2 −1.8 −1.2 −1.5 −1.4 0.3 −1.9 −1.5 −26.9 −5.5 −6.0 −5.1 −2.4 −3.2 —
Balance sheet
Cash 0.5 0.3 0.5 0.4 0.3 0.2 0.1 0.2 0.4 1.7 1.6 0.5 0.3 0.7 0.6 0.9 0.7 0.9
Total debt 11.6 12.6 13.5 13.4 14.8 15.7 17.1 18.4 19.1 44.1 0.0 40.9 44.9 52.1 56.3 57.2 60.9 65.0
Net debt (negative = net cash) 11.0 12.3 13.0 13.0 14.5 15.5 17.0 18.3 18.7 42.4 −1.6 40.4 44.6 51.3 55.7 56.3 60.2 64.1
Diluted shares 386m 392m 402m 425m 445m 470m 487m 501m 513m 517m 528m 1,257m 1,985m 2,132m 2,138m 2,147m 2,202m 2,244m
Returned to shareholders
Dividends 0.6 0.7 0.7 0.7 0.8 0.8 0.9 0.9 1.0 0.0 0.0 — — 0.0 0.0 0.1 — —
Total returned 0.6 0.7 0.7 0.7 0.8 0.8 0.9 0.9 1.0 0.0 0.0 — — 0.0 0.0 0.1 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $147.3bn
Short-term assets $14.7bnLonger-term assets $132.5bn
What it owes, and who funded it · $48.9bn
Short-term liabilities $14.3bnShareholders' equity $34.6bn
  • Short-term assets cover short-term liabilities $14.7bn of assets due within a year against $14.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $902m of cash against $62.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 182% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 183% to 182% over five years.
  • A year's operating cash flow covers at least 20% of debt $7.8bn of operating cash flow against $62.8bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.2bn against $3.2bn of interest.

From PG&E Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$188M
Returned to shareholders
-7%
of free cash flow
Diluted share count
+1.4%
year over year
Total shareholder yield
0.6%
dividends 0.6% + buybacks 0.0% of market value
Dividend payout ratio
6%
of net income paid out
Days sales outstanding
31 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in multi-utilities
Last 12 months unless stated PCG NEE D ED DTE XEL Median
Revenue, last 12 months $25.8bn $28.8bn $18.1bn $17.7bn $16.5bn $14.9bn $9.0bn
Revenue growth, last 12 months 4.1% 9.6% 19.0% 9.5% 15.9% 4.5% 7.8%
Revenue growth, 3-year average 4.2% 1.7% 6.9% 4.4% 0.6% 0.1% 2.3%
Revenue growth, latest quarter −1.0% 1.6% 17.6% 13.2% −1.5% 6.6% 6.6%
Operating margin 20.2% 30.0% 21.1% 18.0% 13.3% 21.7% 20.4%
Operating margin, 3-year average 19.0% 31.4% 23.4% 17.5% 15.4% 19.1% 20.4%
Net margin 11.6% 40.4% 14.0% 12.5% 8.0% 17.9% 11.8%
Cash from operations / revenue 30.3% 51.4% 29.7% 22.4% 20.4% 34.1% 28.8%
Free-cash-flow margin −19.3% 29.2% 16.1% 9.2% 8.7% −51.2% −13.3%
Free-cash-flow margin, 3-year average −15.0% 27.6% 18.9% 9.6% 11.4% −33.5% −7.6%
Stock pay / revenue 0.5% — — — 0.7% 0.3% 0.5%
Change in share count 1.4% 1.4% 2.7% 3.4% 0.2% 6.3% 2.2%

Median of all 17 companies we cover in multi-utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 multi-utilities companies
Measure Company Peer median Rank
Revenue growth Growth 4.1% 7.8% 12 of 17
Change in growth rate Growth -1.6pp -0.2pp 13 of 17
Operating margin Profitability 20.2% 20.5% 9 of 16
Net margin Profitability 11.6% 11.8% 11 of 17
Free-cash-flow margin Cash generation -19.3% -13.3% 12 of 17
Long-term debt as % of assets Balance sheet 41.6% 39.5% 12 of 16
Change in share count Balance sheet 1.4% 2.2% 6 of 17
Days sales outstanding Balance sheet 31 days 39 days 3 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Electricity $18.3B 73.5% ▲ 2.8%
Natural Gas Us Regulated $6.6B 26.5% ▲ 0.1%

From PG&E Corporation's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$36.1B
Institutions reporting
929
Shares held vs prior quarter
▲ 2.1%
Positions opened / closed
101 / 75

Top buyers and sellers, Q2 2026: 501 institutions bought and 386 sold ; the biggest buyer was Gallagher Fiduciary Advisors, LLC (+20.1M shares) and the biggest seller Van Eck Associates Corp (−14.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.4B 203.1M 9.5% ▲ 3.9%
Vanguard Capital Management LLC $2.4B 142.0M 6.6% ▲ 0.7%
State Street Corp $2.2B 128.5M 6.0% ▲ 2.1%
FMR LLC $2B 119.6M 5.6% ▲ 0.4%
Vanguard Portfolio Management LLC $1.9B 110.9M 5.2% ▲ 1.7%
Massachusetts Financial Services Co $1.7B 101.5M 4.7% ▼ 7.2%
AQR Capital Management LLC $1.5B 86.3M 4.0% ▲ 0.1%
Geode Capital Management, LLC $1.2B 67.0M 3.2% ▲ 3.1%
Deutsche Bank Ag\ $676M 40.2M 1.9% ▼ 8.4%
Ameriprise Financial Inc $619M 36.8M 1.7% ▲ 4.9%
Jpmorgan Chase & Co $554M 32.2M 1.5% ▲ 13.6%
Norges Bank $538M 32.0M 1.5% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not PG&E Corporation's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $211,200 2 trades by 1 insider, last 12 months Insider sales History → $7.9M 13 trades by 8 insiders · 90% under pre-set plans
Net ▼ $7.7M net selling
Insider Date Trade Shares Price Value
Larsen John O Director September 30, 2026 Buy 7,500 $12.20 $91,500
Fugate William Craig Director September 4, 2026 Sell pre-set plan 6,500 $13.76 $89,440
Santos Marlene 10% owner July 22, 2026 Sell pre-set plan 158,250 $18.00 $2.8M
Cooper Kerry Whorton Director July 22, 2026 Sell pre-set plan 1,250 $18.00 $22,500
Peterman Carla J President, EVP Cust&Corp Afrs June 15, 2026 Sell pre-set plan 31,786 $16.68 $530,190
Cooper Kerry Whorton Director June 2, 2026 Sell pre-set plan 1,250 $16.50 $20,625
Poppe Patricia K Chief Executive Officer April 28, 2026 Sell pre-set plan 31,250 $16.39 $512,188
Glickman Jason M EVP, Strategy and Growth April 28, 2026 Sell 47,264 $16.35 $772,766
Cooper Kerry Whorton Director March 17, 2026 Sell pre-set plan 2,500 $18.68 $46,700
Peterman Carla J President, EVP Cust&Corp Afrs March 16, 2026 Sell pre-set plan 31,786 $18.31 $582,002
Singh Sumeet CEO and EVP at PG&E Company March 5, 2026 Sell pre-set plan 55,698 $18.32 $1M
Simon John R EVP, GC, Chief E&C Officer February 19, 2026 Sell pre-set plan 45,607 $18.00 $820,926

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

No trades in PG&E Corporation disclosed in the last 12 months; 11 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded February 26, 2025, filed March 6, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded January 24, 2025, filed February 11, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • February 12, 2026
  • October 23, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on PG&E Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

PG&E Corporation in brief

What does PG&E Corporation do?
PG&E Corporation is a US-listed company in the multi-utilities industry. Its financial year ends in December.
What is PG&E Corporation's stock ticker?
PG&E Corporation trades under the ticker PCG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is PG&E Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, PG&E Corporation reported revenue of $25.8B, 4.1% higher than a year earlier, according to its SEC filings.
What is PG&E Corporation's free cash flow?
PG&E Corporation's free-cash-flow margin is -19.3% of revenue over the trailing twelve months, ranking 12 of the 17 multi-utilities companies we cover.
Who are PG&E Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is PG&E Corporation's market cap?
On November 2, 2026, PG&E Corporation's market capitalisation was about $29.8B, with a price-to-earnings ratio of 10.0 and net debt of $64.1B. Market figures come from third-party market data and may be delayed.
Does PG&E Corporation pay a dividend?
Yes: PG&E Corporation paid $188M in dividends over the trailing twelve months, a dividend yield of 0.64% and a payout ratio of 6.3%.
How much debt does PG&E Corporation have?
PG&E Corporation's debt-to-equity ratio is 181.7%, from its latest balance sheet (182.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are PG&E Corporation's competitors?
In our Multi-Utilities peer group, the companies closest to PG&E Corporation are NextEra Energy, Dominion Energy, Consolidated Edison, DTE Energy and Xcel Energy. The side-by-side comparison below sets their revenue, margins and growth against PG&E Corporation's.
Are insiders buying or selling PG&E Corporation stock?
Over the last 12 months, PG&E Corporation's directors and officers reported 2 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is PG&E Corporation's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — PG&E Corporation announces its own schedule.