Pg&E (PCG) Q4 FY2025 earnings: revenue $6.8 billion, up 2.6% on the year

Pg&E Corp. (PCG) reported revenue of $6.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.6% on the same quarter a year earlier. Net income was $642 million, down 0.8% on the year, and diluted earnings per share $0.29. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue

$6.8 billion

+2.6% on the year · +8.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

18.0%

15.4% a year earlier

Q1 FY2024Q4 FY2025

Net income

$642 million

-0.8% on the year · -22.0% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.29

-3.3% on the year · -21.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 lowered, 1 narrowed.

Full-year GAAP EPS was $1.18: Full-year GAAP diluted EPS was $1.18, against $1.15, on income available to common shareholders of $2,593 million versus $2,475 million.
Non-GAAP core EPS was $1.50: Non-GAAP core earnings were $3,307 million, or $1.50 per diluted share, against $2,923 million, or $1.36 per diluted share, in 2024.
2026 EPS range narrowed, low end raised: 2026 non-GAAP core EPS guidance is $1.64 to $1.66 per share, narrowed from $1.62 to $1.66; the high end is unchanged.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	6,804	6,250	6,631	+8.9%	+2.6%
Operating income	1,224	1,209	1,020	+1.2%	+20.0%
Operating margin	18.0%	19.3%	15.4%
Interest expense	732	770	729	-4.9%	+0.4%
Pre-tax income	551	630	459	-12.5%	+20.0%
Income tax	-119	-220	-215
Effective tax rate	-21.6%	-34.9%	-46.8%
Net income	642	823	647	-22.0%	-0.8%
Net margin	9.4%	13.2%	9.8%
Diluted EPS	$0.29	$0.37	$0.30	-21.6%	-3.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,960	2,851	1,932	-31.3%	+1.4%
Capital expenditure	3,156	2,931	2,828	+7.7%	+11.6%
Free cash flow	-1,196	-80.0	-896
Free cash flow margin	-17.6%	-1.3%	-13.5%
Cash from investing	-3,066	-2,982	-3,156
Cash from financing	1,306	188	1,207	+594.7%	+8.2%
Dividends paid	n/a	56.0	22.0
Diluted shares, weighted	2,202m	2,281m	2,147m	-3.5%	+2.6%
Shares outstanding at period end	2,198m	2,198m	2,194m	+0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	32,540	31,978	30,149	+1.8%	+7.9%
Non-controlling interest	252	252	252	0.0%	0.0%
Short-term borrowings	n/a	1,025	n/a
Debt	60,883	58,300	57,238	+4.4%	+6.4%
Operating lease liabilities	360	375	439	-4.0%	-18.0%
Finance lease liabilities	2.0	5.0	4.0	-60.0%	-50.0%
Other liabilities	47,574	46,314	45,578	+2.7%	+4.4%
Total liabilities and equity	141,611	138,249	133,660	+2.4%	+5.9%
Cash and equivalents	713	404	940	+76.5%	-24.1%
Receivables	2,267	2,343	2,220	-3.2%	+2.1%
Inventory	75.0	74.0	52.0	+1.4%	+44.2%
Other assets	138,556	135,428	130,448	+2.3%	+6.2%
Total assets	141,611	138,249	133,660	+2.4%	+5.9%

Questions

What was Pg&E's revenue in Q4 FY2025?

Pg&E (PCG) reported revenue of $6.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.6% on the same quarter a year earlier.

How much did Pg&E earn in Q4 FY2025?

Net income for Q4 FY2025 was $642 million, down 0.8% on the year, and diluted earnings per share $0.29.

When did Pg&E report Q4 FY2025 results?

Pg&E filed its 10-K for the year that ended with the quarter on 12 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,246	5,798	5,118	5,394	5,370	6,209	5,290	5,888	7,041	5,861	5,986	5,941	6,631	5,983	5,898	6,250	6,804	6,881	5,902	6,188
Operating income	641	536	445	726	130	629	506	401	1,135	1,276	1,134	1,029	1,020	1,220	1,096	1,209	1,224	1,470	1,263	1,249
Operating margin	12%	9%	9%	13%	2%	10%	10%	7%	16%	22%	19%	17%	15%	20%	19%	19%	18%	21%	21%	20%
Interest expense	396	419	411	525	562	602	640	682	926	715	812	795	729	734	792	770	732	803	796	825
Pre-tax income	318	274	32.0	362	-192	224	75.0	-65.0	465	774	606	473	459	673	569	630	551	905	674	681
Tax rate	-50%	-74%	-1025%	-27%	n/a	-155%	-447%	n/a	-98%	5%	14%	-22%	-47%	6%	4%	-35%	-22%	2%	-13%	-14%
Net income	472	475	356	456	513	569	406	348	919	732	520	576	647	607	521	823	642	858	733	749
Net margin	9%	8%	7%	8%	10%	9%	8%	6%	13%	12%	9%	10%	10%	10%	9%	13%	9%	12%	12%	12%
Diluted EPS	$0.26	$0.22	$0.17	$0.21	$0.24	$0.27	$0.19	$0.16	$0.43	$0.34	$0.24	$0.27	$0.30	$0.28	$0.24	$0.37	$0.29	$0.39	$0.33	$0.34
Operating cash flow	209	1,661	-22.0	1,073	1,009	1,185	1,275	1,810	477	2,261	711	3,131	1,932	2,848	1,057	2,851	1,960	2,430	906	2,504
Capital expenditure	2,221	2,310	2,229	2,872	2,173	2,288	2,392	2,421	2,613	2,638	2,298	2,605	2,828	2,635	3,065	2,931	3,156	3,356	2,967	3,298
Free cash flow	-2,012	-649	-2,251	-1,799	-1,164	-1,103	-1,117	-611	-2,136	-377	-1,587	526	-896	213	-2,008	-80.0	-1,196	-926	-2,061	-794
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	21.0	22.0	21.0	22.0	55.0	55.0	56.0	n/a	n/a	n/a	n/a
Shares outstanding	1,985m	1,987m	1,988m	1,988m	1,988m	1,996m	2,063m	2,134m	2,134m	2,137m	2,137m	2,138m	2,194m	2,198m	2,198m	2,198m	2,198m	2,202m	2,202m	2,202m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 12 February 2026: the filing.