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PG&E PCG Regulatory assets

Regulatory assets at other companies

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$2.66B+25.2%
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$561M+552%
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$482M-23.1%
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$94M-45.7%
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NorthWestern Energy Group, Inc.NWE
$103.24M+96.4%
BKH
Black HillsBKH
$122.6M-5.2%

Other financials

Income statement

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Revenue$6.9B+15.0%
Operating income$1.5B+20.5%
Net income$885.0M+39.6%
EPS (diluted)$0.39+39.3%

Balance sheet

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Cash & equivalents$1.5B-38.1%
Total debt$62.3B+12.8%
Total equity$33.3B+8.4%
Total assets$141.95B+4.8%

Cash flow

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Operating cash flow$2.4B-14.7%
CapEx$3.4B+27.4%
Free cash flow-$926.0M-535%

Valuation

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Market cap$37.04B+21.3%
Enterprise value$97.87B+14.0%
P/E12.5×0.0×
P/S1.4×+0.2×

Profitability

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Operating margin19.4%+1.4pp
Net margin11.4%+1.6pp
FCF margin-16.3%

Returns & leverage

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Return on equity9.2%+0.7pp
Debt / equity1.9×+0.1×
Current ratio1.2×+0.3×

Where this comes from

Reported directly by PG&E in its filing.

Tagged under the XBRL concept us-gaap:RegulatoryAssetsCurrent.

The official record: PG&E’s 10-Q, filed April 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is PG&E's regulatory assets?
PG&E (PCG) reported regulatory assets of $230M in Q1 2026.
How has PG&E's regulatory assets changed year-over-year?
PG&E's regulatory assets increased by 8.5% year-over-year, from $212M to $230M.
What is the long-term trend for PG&E's regulatory assets?
Over 5 years (2020 to 2025), PG&E's regulatory assets has grown at a -5.7% compound annual growth rate (CAGR), from $410M to $305M.
What does regulatory assets mean?
These are costs that the company has incurred but is permitted by regulators to defer and recover from customers in future periods. Unlike standard assets, these represent a regulatory promise of future cash flows rather than physical property. They are critical for understanding the long-term capital recovery profile of a regulated utility.