0001004980-26-000009
SEC filingPacific Gas and Electric Company (PCG) reported total operating revenues of $24.93 billion for the fiscal year ended December 31, 2025. The company achieved operating income of $4.75 billion and net income of $2.70 billion, resulting in earnings per share of $1.00. Operating expenses totaled $20.19 billion, significantly impacted by $11.35 billion in operating and maintenance costs and $352.0 million in Wildfire Fund expenses. The company maintained strong operating cash flow generation of $8.72 billion, which supported substantial capital expenditures of $11.79 billion aimed at system modernization and safety improvements. The balance sheet reflects total assets of $141.61 billion against total liabilities and equity of $141.61 billion. Net cash used in investing activities was $12.32 billion, while financing activities provided $3.36 billion, primarily through debt issuances. The company continues to navigate the financial implications of wildfire-related liabilities and safety investments.
Pacific Gas and Electric Company reported solid financial performance for the fiscal year ended December 31, 2025. Total operating revenues stood at $24.93 billion. The company generated operating income of $4.75 billion and net income of $2.70 billion. Basic and diluted earnings per share were both reported at $1.00. The effective tax rate resulted in an income tax benefit of $280 million. Income available for common shareholders was $2.59 billion after accounting for $110 million in preferred stock dividend requirements. The financial results reflect the company's ongoing operational recovery and substantial investments in safety and infrastructure.
The company reported total operating revenues of $24.93 billion. While the XBRL data provided does not include a detailed segment breakdown by Electric and Natural Gas services, the revenue figure represents the consolidated top-line performance. Revenue generation was supported by the utility's rate base and regulatory mechanisms. The document indicates the presence of regulatory balancing accounts amounting to $6.30 billion in current assets and $3.12 billion in current liabilities, which are integral to the revenue recognition and recovery process for regulated utilities.
The company achieved an operating margin of approximately 19.1%, derived from operating income of $4.75 billion on revenues of $24.93 billion. Total operating expenses were $20.19 billion. Key expense drivers included operating and maintenance costs of $11.35 billion and depreciation, amortization, and decommissioning charges of $4.63 billion. Wildfire-related costs continued to impact profitability, with Wildfire Fund expenses totaling $352.0 million and wildfire-related claims, net of recoveries, amounting to $100.0 million. Interest expense of $3.03 billion also significantly weighed on pre-tax income.
Net cash provided by operating activities was robust at $8.72 billion. However, significant capital expenditures of $11.79 billion resulted in net cash used in investing activities of $12.32 billion. Consequently, free cash flow was negative at approximately $3.07 billion. Financing activities provided $3.36 billion, primarily from proceeds from issuance of long-term debt ($4.96 billion) and borrowings under credit facilities ($4.79 billion), offset by repayments of long-term debt ($3.88 billion) and dividend payments. Total debt levels remain high, with long-term debt at $57.39 billion and short-term borrowings at $2.67 billion. Total shareholders’ equity was $32.54 billion.
The provided XBRL financial data and document content focus on historical financial results for the fiscal year 2025. Specific forward-looking statements, management guidance, or strategic priorities for the upcoming fiscal year were not explicitly detailed in the provided text extracts. The company's financial position continues to be influenced by capital investment requirements for system safety and modernization, alongside the management of wildfire-related liabilities and regulatory proceedings.