$PCG-PD

PG&E Corp

CIK:0001004980|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues
Total operating revenues	$ 5,902		$ 5,898		$ 12,783	$ 11,881
Operating Expenses
Operating and maintenance	2,536		2,860		5,648	5,506
Wildfire-related claims, net of recoveries	0		50		0	99
Wildfire Fund expense	126		109		228	185
Depreciation, amortization, and decommissioning	1,062		1,073		2,228	2,170
Total operating expenses	4,639		4,802		10,050	9,565
Operating Income	1,263		1,096		2,733	2,316
Interest income	110		181		232	298
Interest expense	(796)		(792)		(1,599)	(1,526)
Other income, net	97		84		213	154
Income Before Income Taxes	674		569		1,579	1,242
Income tax provision (benefit)	(87)		20		(67)	59
Net Income	761	$ 885	549	$ 634	1,646	1,183
Preferred stock dividend requirement	28		28		55	55
Income Available for Common Shareholders	733		521		1,591	1,128
Income Available for Common Shareholders	$ 733		$ 521		$ 1,591	$ 1,128
Weighted Average Common Shares Outstanding, Basic (in shares)	2,202		2,198		2,201	2,196
Weighted Average Common Shares Outstanding, Diluted (in shares)	2,285		2,203		2,284	2,201
Net Income Per Common Share, Basic (in dollars per share)	$ 0.33		$ 0.24		$ 0.72	$ 0.51
Net Income Per Common Share, Diluted (in dollars per share)	$ 0.33		$ 0.24		$ 0.72	$ 0.51
Electric
Operating Revenues
Total operating revenues	$ 4,388		$ 4,414		$ 9,355	$ 8,549
Operating Expenses
Cost of electricity and natural gas	800		599		1,361	998
Natural gas
Operating Revenues
Total operating revenues	1,514		1,484		3,428	3,332
Operating Expenses
Cost of electricity and natural gas	$ 115		$ 111		$ 585	$ 607

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net income	$ 1,646	$ 1,183
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and decommissioning	2,228	2,170
Bad debt expense	119	241
Allowance for equity funds used during construction	(101)	(97)
Deferred income taxes and tax credits, net	585	472
Wildfire Fund expense	228	185
Other	42	(29)
Effect of changes in operating assets and liabilities:
Accounts receivable	(356)	(562)
Wildfire-related insurance receivable	120	(133)
Inventories	(35)	34
Accounts payable	(81)	188
Wildfire-related claims	(215)	(129)
Other current assets and liabilities	(805)	(76)
Regulatory assets, liabilities, and balancing accounts, net	(211)	750
Other noncurrent assets and liabilities	172	(292)
Net cash provided by operating activities	3,336	3,905
Cash Flows from Investing Activities
Capital expenditures	(6,323)	(5,700)
Proceeds from sales and maturities of nuclear decommissioning trust investments	1,164	779
Purchases of nuclear decommissioning trust investments	(1,202)	(809)
Proceeds from sales and maturities of customer credit trust investments	283	196
Purchases of customer credit investments	(25)	(693)
Proceeds from sales and maturities of self-insurance investments	627	186
Purchases of self-insurance investments	(694)	(237)
Other	11	10
Net cash used in investing activities	(6,159)	(6,268)
Cash Flows from Financing Activities
Borrowings under credit facilities	4,788	515
Repayments under credit facilities	(5,228)	(325)
Repayments under term loan	(860)	0
Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $33 and $27 at respective dates	5,367	2,973
Repayments of long-term debt	(600)	(1,050)
Mandatory convertible preferred stock dividends paid	(48)	(48)
Other	(18)	25
Net cash provided by financing activities	3,072	1,865
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents	249	(498)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1	972	1,213
Cash, cash equivalents, restricted cash, and restricted cash equivalents at June 30	1,221	715
Less: Restricted cash and restricted cash equivalents	(249)	(221)
Cash and cash equivalents at June 30	972	494
Supplemental disclosures of cash flow information
Interest, net of amounts capitalized	(1,397)	(1,282)
Income taxes, net	(165)	0
Supplemental disclosures of noncash investing and financing activities
Capital expenditures financed through accounts payable	1,479	1,009
Operating lease liabilities arising from obtaining ROU assets	68	0
DWR loan forgiveness and performance-based disbursements	4	78
Capital expenditures financed through current assets and noncurrent liabilities	0	592
Common Stock
Cash Flows from Financing Activities
Common stock dividends paid	(220)	(110)
Supplemental disclosures of noncash investing and financing activities
Dividends declared but not yet paid	111	55
Mandatory convertible preferred stock
Supplemental disclosures of noncash investing and financing activities
Dividends declared but not yet paid	24	24
AB 1054 Recovery Bonds
Cash Flows from Financing Activities
Repayments of recovery bonds	(40)	(48)
SB 901 securitization
Cash Flows from Financing Activities
Repayments of recovery bonds	$ (69)	$ (67)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 972	$ 713
Restricted cash and restricted cash equivalents (includes $215 million and $225 million related to VIEs at respective dates)	249	259
Accounts receivable
Customers (net of allowance for doubtful accounts of $402 million and $408 million at respective dates) (includes $1.6 billion and $1.9 billion related to VIEs, net of allowance for doubtful accounts of $400 million and $408 million at respective dates)	1,884	2,267
Accrued unbilled revenue (includes $1.7 billion and $1.3 billion related to VIEs at respective dates)	1,909	1,463
Regulatory balancing accounts	5,380	6,300
Other (net of allowance for doubtful accounts of $19 million and $69 million at respective dates)	1,822	1,719
Regulatory assets	196	305
Inventories
Gas stored underground and fuel oil	70	75
Materials and supplies	785	745
Wildfire Fund asset	291	297
Wildfire self-insurance asset	1,059	1,043
Other	787	644
Total current assets	15,404	15,830
Property, Plant, and Equipment
Property, Plant, and Equipment	133,883	128,989
Construction work in progress	4,810	4,627
Financing lease ROU asset and other	0	2
Total property, plant, and equipment	138,693	133,618
Accumulated depreciation	(38,512)	(37,270)
Net property, plant, and equipment	100,181	96,348
Other Noncurrent Assets
Regulatory assets	16,125	15,981
Customer credit trust	553	804
Nuclear decommissioning trusts	4,431	4,230
Operating lease ROU asset	485	450
Wildfire Fund asset	3,508	3,728
Other (includes noncurrent accounts receivable of $77 million and $67 million related to VIEs, net of noncurrent allowance for doubtful accounts of $19 million and $15 million at respective dates)	4,389	4,240
Total other noncurrent assets	29,491	29,433
TOTAL ASSETS	145,076	141,611
Current Liabilities
Short-term borrowings	1,375	2,675
Long-term debt, classified as current (includes $226 million and $221 million related to VIEs at respective dates)	1,075	821
Accounts payable
Trade creditors	3,009	3,353
Regulatory balancing accounts	2,142	3,119
Other	915	929
Operating lease liabilities	91	90
Interest payable (includes $70 million and $72 million related to VIEs at respective dates)	833	764
Wildfire-related claims	309	524
Other	2,918	4,025
Total current liabilities	12,667	16,300
Noncurrent Liabilities
Long-term debt (includes $11.6 billion and $11.7 billion related to VIEs at respective dates)	61,768	57,387
Regulatory liabilities	20,385	20,188
Pension and other postretirement benefits	517	549
Asset retirement obligations	5,581	5,439
Deferred income taxes	4,717	4,135
Operating lease liabilities	394	360
Financing lease liabilities	0	2
Other	4,894	4,459
Total noncurrent liabilities	98,256	92,519
Shareholders’ Equity
Mandatory convertible preferred stock	1,579	1,579
Common stock, no par value, authorized 3,600,000,000 and 3,600,000,000 shares at respective dates; 2,202,366,726 and 2,197,942,874 shares outstanding at respective dates	31,636	31,636
Reinvested earnings	719	(650)
Accumulated other comprehensive loss	(33)	(25)
Total shareholders’ equity	33,901	32,540
Noncontrolling Interest - Preferred Stock of Subsidiary	252	252
Total equity	34,153	32,792
TOTAL LIABILITIES AND EQUITY	$ 145,076	$ 141,611