Income StatementBalance SheetCash FlowSegments
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PG&E Cash Flow Statement

Operating, investing, and financing cash movements

PG&E generated $8.3B in operating cash flow over the trailing twelve months. After $12.5B in capital expenditures, free cash flow was -$4.2B. Free cash flow decreased 1.4% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$8.3BNet Cash From Investing (TTM)-$12.4BNet Cash From Financing (TTM)$3.1BCapital Expenditures (TTM)$12.5BNet Change In Cash (TTM)-$441.0M
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$37.0B
P/E Ratio12.53
ROE9.24%

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of other short-term debt$0.0$250.0M$250.0M$250.0M$250.0M—
Proceeds from lines of credit$330.0M$0.0$515.0M$2.6B$1.7B$1.8B
Proceeds from convertible debt$0.0$0.0$0.0$0.0$0.0—
Proceeds from lines of credit$330.0M$0.0$515.0M$2.6B$1.7B$1.8B
Proceeds from Lines of Credit$330.0M$0.0$515.0M$2.6B$1.7B$1.8B
Repayments of Lines of Credit$2.1B$0.0$325.0M$1.0B$135.0M$2.8B
Repayments of Other Short-Term Debt$0.0$250.0M$250.0M$250.0M$250.0M—
Repayments of other short-term debt$0.0$250.0M$250.0M$250.0M$250.0M—
Proceeds from issuance of debt$330.0M$0.0$515.0M$2.6B$1.7B$1.8B
Repayments of debt$0.0$0.0$1.1B$875.0M$2.0B$600.0M
Dividends paid$22.0M$55.0M$55.0M$56.0M——
Dividends paid on preferred stock$0.0$23.0M———$24.0M
Payments of Ordinary Dividends, Preferred Stock and Preference Stock$0.0$23.0M———$24.0M
Other, net—-$24.0M$49.0M$107.0M-$219.0M-$38.0M
Repayments of Other Short-Term Debt$0.0$250.0M$250.0M$250.0M$250.0M—
Payment of Deferred Purchase Consideration—-$24.0M$49.0M$107.0M-$219.0M-$38.0M
Noncontrolling interest transactions and other—-$24.0M$49.0M$107.0M-$219.0M-$38.0M
Proceeds from Borrowings on Revolving Credit Facility$330.0M$0.0$515.0M$2.6B$1.7B$1.8B
Repayments of Lines of Credit$2.1B$0.0$325.0M$1.0B$135.0M$2.8B
Repayments of Other Short-term Debt$0.0$250.0M$250.0M$250.0M$250.0M—
Net cash from financing activities$1.2B$1.6B$256.0M$188.0M$1.3B$1.4B
Other financing activities—-$24.0M$49.0M$107.0M-$219.0M-$38.0M
Borrowings Under Acquisition Credit Facilities$330.0M$0.0$515.0M$2.6B$1.7B$1.8B
Noncontrolling Interests Activity and Other—-$24.0M$49.0M$107.0M-$219.0M-$38.0M
Repayments of Acquisition Credit Facilities$2.1B$0.0$325.0M$1.0B$135.0M$2.8B
Repayments of Other Short-Term Debt$0.0$250.0M$250.0M$250.0M$250.0M—
Proceeds from Secured Lines of Credit$330.0M$0.0$515.0M$2.6B$1.7B$1.8B
Repayments of Other Short-Term Debt$0.0$250.0M$250.0M$250.0M$250.0M—
Repayments of lines of credit$2.1B$0.0$325.0M$1.0B$135.0M$2.8B
Repayments of other short-term debt$0.0$250.0M$250.0M$250.0M$250.0M—

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid$191.0M$904.0M$105.0M$407.0M$443.0M$1.3B
ROU assets obtained - operating leases$0.0$3.0M-$3.0M$0.0$0.0$67.0M
Interest paid$510.0M$707.0M$575.0M$797.0M$586.0M$774.0M
Capital expenditures incurred but not yet paid$191.0M$904.0M$105.0M$407.0M$443.0M$1.3B
Capital Expenditures Incurred but Not Yet Paid$191.0M$904.0M$105.0M$407.0M$443.0M$1.3B
ROU Asset Obtained for Lease Liability$0.0$3.0M-$3.0M$0.0$0.0$67.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in Other Non-Current Assets and Liabilities, Net—$118.0M$174.0M$140.0M—-$357.0M
Change in accounts payable—$91.0M$97.0M-$163.0M$151.0M-$4.0M
Change in inventories-$14.0M-$31.0M-$3.0M-$23.0M$57.0M$11.0M
Other working capital changes$52.0M-$38.0M$9.0M-$55.0M—-$60.0M
Change in receivables$109.0M-$37.0M$599.0M-$108.0M—-$129.0M
Benefit from Receivables$97.0M$100.0M$141.0M$90.0M$71.0M$89.0M
Deferred income taxes$414.0M$162.0M$310.0M$228.0M$358.0M$294.0M
Net cash from operating activities$1.9B$2.8B$1.1B$2.9B$2.0B$2.4B
Net income$674.0M$634.0M$549.0M$850.0M$670.0M$885.0M
Depreciation, amortization, and decommissioning$1.1B$1.1B$1.1B$1.1B$1.3B$1.2B
Wildfire Fund expense$88.0M$76.0M$109.0M$86.0M$81.0M$102.0M
Increase (Decrease) in Accounts and Notes Receivable$109.0M-$37.0M$599.0M-$108.0M—-$129.0M
Increase (Decrease) in Allowance for Equity Funds Used During Construction$48.0M$48.0M$49.0M$67.0M$55.0M$55.0M
Increase (Decrease) in Insurance Settlements Receivable-$40.0M$5.0M$128.0M-$27.0M$61.0M-$20.0M
Increase (Decrease) in Other Current Assets and Liabilities, Net—-$73.0M$149.0M-$453.0M-$186.0M$264.0M
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net—$118.0M$174.0M$140.0M—-$357.0M
Wildfire-related claims-$77.0M-$166.0M$37.0M-$295.0M$0.0-$144.0M
Accounts Receivable, Credit Loss Expense (Reversal)$97.0M$100.0M$141.0M$90.0M$71.0M$89.0M
Regulatory Assets Liabilities And Balancing Accounts Net$0.0-$922.0M$172.0M-$574.0M—$74.0M
Provision for credit losses$97.0M$100.0M$141.0M$90.0M$71.0M$89.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$2.8B$2.6B$3.1B$2.9B$3.2B$3.4B
Payment for (Proceeds from) Other Investing Activity-$20.0M-$5.0M-$5.0M-$5.0M-$7.0M-$5.0M
Payment to Acquire Life Insurance Policy, Investing Activities—$58.0M$179.0M$591.0M$556.0M$357.0M
Payments to Acquire Retained Interest in Securitized Receivables$42.0M$669.0M$24.0M$36.0M$13.0M$0.0
Payments to Acquire Investments to be Held in Decommissioning Trust Fund$534.0M$317.0M$492.0M$612.0M$572.0M$434.0M
Proceeds from Decommissioning Trust Fund Assets$570.0M$278.0M$501.0M$586.0M$587.0M$400.0M
Proceeds From Life Insurance Policies$0.0$33.0M$153.0M$483.0M$512.0M$324.0M
Proceeds from Special Use Funds$570.0M$278.0M$501.0M$586.0M$587.0M$400.0M
Payments for Decommissioning Trust Investments$534.0M$317.0M$492.0M$612.0M$572.0M$434.0M
Net cash from investing activities-$3.2B-$3.3B-$3.0B-$3.0B-$3.1B-$3.3B
Other investing activities-$20.0M-$5.0M-$5.0M-$5.0M-$7.0M-$5.0M
Proceeds from beneficial interests in securitization$107.0M$99.0M$97.0M$114.0M$125.0M$116.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow-$896.0M$213.0M-$2.0B-$80.0M-$1.2B-$926.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$0.0$1.2B-$1.7B$57.0M—$518.0M
Accrued payables for capital expenditures$191.0M$904.0M$105.0M$407.0M$443.0M$1.3B
DWR loan forgiveness and performance-based disbursements$111.0M$74.0M$4.0M$17.0M$53.0M$4.0M
Proceeds From Issuance Of Other Long Term Debt—$1.7B———$3.2B
Leased assets obtained in exchange for operating lease liabilities$0.0$3.0M-$3.0M$0.0$0.0$67.0M