# PG&E Corporation (PCG) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PCG/thesis · /stocks/PCG/memo

## Financial Snapshot

---
ticker: PCG
step: 04
generated: 2026-05-12
source: quick-research
---

### PG&E Corporation (PCG) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $21.7B | $24.4B | $24.4B | ~0% |
| Gross Margin | ~83% | ~83% | ~86% | |
| Operating Margin | ~13% | ~17% | ~21% | |
| Net Income | $1.80B | $2.24B | $2.48B | +10% |
| EPS (diluted) | $0.84 | $1.05 | ~$1.16 | |

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | $8.0B |
| Free Cash Flow | ~-$3.5B (capex-heavy) |
| Cash & Equivalents | ~$1.0B |
| Total Debt | ~$50B+ |

#### Key Ratios (approximate)
- P/E: ~13x | EV/EBITDA: ~12x | FCF Yield: Negative (heavy capex cycle)
- Revenue Growth (TTM): ~2% | Non-GAAP Core EPS Growth: ~10% YoY

#### Growth Profile
PG&E is in the midst of a massive multi-year capital investment cycle — approximately $11B+ in annual capex — focused on wildfire mitigation (grid hardening, undergrounding lines) and load growth from data centers and electrification. GAAP FCF is deeply negative but regulated utility earnings grow reliably at ~10% annually. Revenue is relatively flat as rate increases are offset by efficiency gains.

#### Forward Estimates
- FY2025 (reported): Revenue ~$24.9B, Net Income ~$2.6B
- FY2026 guidance: Non-GAAP core EPS of $1.64–$1.66 (vs. ~$1.55 in 2025)
- Long-term EPS growth target: ~9–10% annually through 2028

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PCG/fundamental

## Navigation

- Overview: /stocks/PCG
- Financials (this page): /stocks/PCG/financials
- Thesis: /stocks/PCG/thesis
- Investment Memo: /stocks/PCG/memo
- Coverage universe: /stocks