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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 0.6% 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)$1.1B
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$37.0B
P/E Ratio12.52
ROE9.24%

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-$20M-$5M-$5M-$5M-$7M-$5M
Payment to Acquire Life Insurance Policy, Investing Activities$449M$58M$179M$591M$556M$357M
Payments to Acquire Retained Interest in Securitized Receivables$42M$669M$24M$36M$13M$0
Payments to Acquire Investments to be Held in Decommissioning Trust Fund$534M$317M$492M$612M$572M$434M
Proceeds from Decommissioning Trust Fund Assets$570M$278M$501M$586M$587M$400M
Proceeds From Life Insurance Policies$0$33M$153M$483M$512M$324M
Net cash from investing activities-$3.2B-$3.3B-$3B-$3B-$3.1B-$3.3B
Other investing activities-$20M-$5M-$5M-$5M-$7M-$5M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable—$91M$97M—$151M-$4M
Change in inventories-$14M-$31M-$3M-$23M$57M$11M
Other working capital changes$52M-$38M—-$55M—-$60M
Change in receivables$109M-$37M$599M——-$129M
Deferred income taxes$414M$162M$310M$228M$358M$294M
Net cash from operating activities$1.9B$2.8B$1.1B$2.9B$2B$2.4B
Net income$674M$634M$549M$850M$670M$885M
Depreciation, amortization, and decommissioning$1.1B$1.1B$1.1B$1.1B$1.3B$1.2B
Wildfire Fund expense$88M$76M$109M$86M$81M$102M
Increase (Decrease) in Accounts and Notes Receivable$109M-$37M$599M——-$129M
Increase (Decrease) in Allowance for Equity Funds Used During Construction$48M$48M$49M$67M$55M$55M
Increase (Decrease) in Insurance Settlements Receivable-$40M$5M$128M—$61M-$20M
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net—$118M$174M$140M—-$357M
Wildfire-related claims-$77M-$166M—-$295M—-$144M
Accounts Receivable, Credit Loss Expense (Reversal)$97M$100M$141M$90M$71M$89M
Regulatory Assets Liabilities And Balancing Accounts Net$0-$922M—-$574M—$74M
Provision for credit losses$97M$100M$141M$90M$71M$89M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$330M$0$515M$2.6B$1.7B$1.8B
Repayments of debt—$0$1.1B$875M$2B$600M
Dividends paid$22M$55M$55M$56M——
Dividends paid on preferred stock$0$23M———$24M
Payments of Ordinary Dividends, Preferred Stock and Preference Stock$0$23M———$24M
Other, net—-$24M$49M$107M-$219M-$38M
Net cash from financing activities$1.2B$1.6B$256M$188M$1.3B$1.4B
Other financing activities—-$24M$49M$107M-$219M-$38M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow-$896M$213M-$2B-$80M-$1.2B-$926M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$510M$707M$575M$797M$586M$774M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash—$1.2B-$1.7B——$518M
Accrued payables for capital expenditures$191M$904M$105M$407M$443M$1.3B
DWR loan forgiveness and performance-based disbursements$111M$74M$4M$17M$53M$4M
Principal payments from retained beneficial interests$107M$99M$97M$114M$125M$116M
Proceeds From Issuance Of Other Long Term Debt—$1.7B———$3.2B
Leased assets obtained in exchange for operating lease liabilities—$3M-$3M$0$0$67M