PG&E Corp

pgecorp.com

What Do They Do?

Delivers electricity and natural gas to residential, commercial and industrial customers in Northern and Central California.

How Do They Make Money?

Customers are billed for electricity and natural gas delivered. Regulators set authorized revenue, which is generally spread evenly through the year rather than tied to the amount of energy sold.

revenue

Segment	Share	Revenue	How money arrives
Electric Recurring	73% FY2022: 69%		Recurring
Natural Gas, US Regulated Recurring	27% FY2022: 31%		Recurring

Who Are Their Customers?

Residential, commercial, industrial and agricultural customers are billed for electricity and natural gas. Some businesses and communities buy electricity from other suppliers but still use the Utility’s delivery, metering and billing services.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$3.1B.

Operating income, FY2025

19% of revenue

▲ +7% vs FY2024 ($4.5B, 18%)

Net income, FY2025

11% of revenue

▲ +8% vs FY2024 ($2.5B, 10%)

Free cash flow, FY2025

−12% of revenue

▲ +32% (Loss) vs FY2024 (−$2.3B, −10%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▼ −1%; vs $6.3B in Q3 FY2025
Net income: ▼ −9%; vs $850M in Q3 FY2025

Electric share of revenue vs 76.1% in Q3 FY2025

Jul 23, 2026 Reaffirmed full-year earnings guidance The company reaffirmed its 2026 non-GAAP core earnings guidance range of $1.64 to $1.66 per share.

Growing. Revenue grew 21% in 4 years, from $20.6B in FY2021 to $24.9B in FY2025, about 5% a year.

Gas demand outlook The older report described a plan to move gas delivery toward cleaner fuels and hard-to-electrify customers; the latest says customer demand for gas is expected to decrease in response to California climate policies.

Revenue over time

Electric Natural Gas, US Regulated

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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