PCGPG&E Corp

The four financial statements

Every company that sells shares in the US files four statements with the SEC. Together they show whether PG&E made money, what it owns and owes, where its cash went, and what changed for its shareholders. Below is every line exactly as PG&E filed it, with what each one means in plain English.

As filed with the SEC on Feb 12, 2026 · the full report · SEC's figures viewer

Income statement · also called the statement of operations, statement of earnings or profit and loss

Did it make money?

Read it from the top down. It starts with everything customers paid (sales), takes away the cost of making what was sold, then the costs of running the company, then interest and tax. What is left at the bottom is profit (net income), the part that belongs to shareholders. It covers a stretch of time: a year, or a quarter.

People usually check: Are sales growing compared with a year earlier?
People usually check: How much of each dollar of sales is left at each step (the margins)?
People usually check: Is profit growing faster or slower than sales?

From sales to profit: tap a bar to see the lines inside it.

Point at or tap a bar to see the lines inside it.

Out of every $100 of sales

costs of running the business: $81
other income and costs: $9
income tax: $1 added
kept as profit: $10.8

Every line, explained

CONSOLIDATED STATEMENTS OF INCOME, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2023
Operating Revenues
	$24.9B▲ 2.1%	$24.4B	$24.4B
Operating Expenses
	$11.3B▼ 3.9%	$11.8B	$11.9B
	$35.0M▲ 6.1%	$33.0M	$1.3B
	$100.0M▲ 6.4%	$94.0M	$64.0M
	$352.0M▼ 8.1%	$383.0M	$567.0M
	$4.6B▲ 11%	$4.2B	$3.7B
	$20.2B▲ 1.1%	$20.0B	$21.8B
	$4.7B▲ 6.5%	$4.5B	$2.7B
	$520.0M▼ 14%	$604.0M	$606.0M
	−$3.0B▲ 0.8%	−$3.1B	−$2.9B
	$182.0M▼ 39%	$300.0M	$272.0M
	$2.4B▲ 4.8%	$2.3B	$699.0M
	−$280.0M▼ 40%	−$200.0M	−$1.6B
	$2.7B▲ 7.6%	$2.5B	$2.3B
	$110.0M▲ 197%	$37.0M	$14.0M
	$2.6B▲ 4.8%	$2.5B	$2.2B
	$2.6B▲ 4.8%	$2.5B	$2.2B
	2.2B shares▲ 2.6%	2.1B shares	2.1B shares
	2.2B shares▲ 2.6%	2.1B shares	2.1B shares
	$1.18▲ 1.7%	$1.16	$1.09
	$1.18▲ 2.6%	$1.15	$1.05

Split by Electric, Natural gas

Electric
Sales (Total operating revenues)	$18.3B	$17.8B	$17.4B
Cost of making what it sold (Cost of electricity and natural gas)	$2.6B	$2.3B	$2.4B
Natural gas
Sales (Total operating revenues)	$6.6B	$6.6B	$7.0B
Cost of making what it sold (Cost of electricity and natural gas)	$1.1B	$1.2B	$1.8B

Every line as the company filed it (USD ($), shares in Millions, $ in Millions), shown in full dollars. See this statement on SEC.

Extra: What other gains and losses were there?Statement of comprehensive income: Profit, plus gains and losses that skip the income statement.

Some value changes don't count as profit yet: currency moves on businesses abroad, rises or falls in investments it hasn't sold, and some hedges and pension changes. They are added to profit here to give comprehensive income, and they build up in shareholders' equity.

Every line, explained

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2023
Statement of Comprehensive Income
	$2.7B	$2.5B	$2.3B
Other Comprehensive Income (Loss)
	−$11.0M	−$7.0M	−$16.0M
	$5.0M	$1.0M	$8.0M
	−$6.0M	−$6.0M	−$8.0M
	$2.7B	$2.5B	$2.2B
	$110.0M	$37.0M	$14.0M
	$2.6B	$2.5B	$2.2B

Opening its latest reports…Reading every line of the four statements…Putting it into plain words…

Did it make money?

People usually check: Are sales growing compared with a year earlier?

People usually check: How much of each dollar of sales is left at each step (the margins)?

People usually check: Is profit growing faster or slower than sales?

CONSOLIDATED STATEMENTS OF INCOME, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2023
Operating Revenues
	$24.9B▲ 2.1%	$24.4B	$24.4B
Operating Expenses
	$11.3B▼ 3.9%	$11.8B	$11.9B
	$35.0M▲ 6.1%	$33.0M	$1.3B
	$100.0M▲ 6.4%	$94.0M	$64.0M
	$352.0M▼ 8.1%	$383.0M	$567.0M
	$4.6B▲ 11%	$4.2B	$3.7B
	$20.2B▲ 1.1%	$20.0B	$21.8B
	$4.7B▲ 6.5%	$4.5B	$2.7B
	$520.0M▼ 14%	$604.0M	$606.0M
	−$3.0B▲ 0.8%	−$3.1B	−$2.9B
	$182.0M▼ 39%	$300.0M	$272.0M
	$2.4B▲ 4.8%	$2.3B	$699.0M
	−$280.0M▼ 40%	−$200.0M	−$1.6B
	$2.7B▲ 7.6%	$2.5B	$2.3B
	$110.0M▲ 197%	$37.0M	$14.0M
	$2.6B▲ 4.8%	$2.5B	$2.2B
	$2.6B▲ 4.8%	$2.5B	$2.2B
	2.2B shares▲ 2.6%	2.1B shares	2.1B shares
	2.2B shares▲ 2.6%	2.1B shares	2.1B shares
	$1.18▲ 1.7%	$1.16	$1.09
	$1.18▲ 2.6%	$1.15	$1.05

Line (tap for what it means)

12 months to Dec 31, 2025

12 months to Dec 31, 2024

12 months to Dec 31, 2023

Operating Revenues

$24.9B▲ 2.1%

$24.4B

Operating Expenses

$11.3B▼ 3.9%

$11.8B

$11.9B

$35.0M▲ 6.1%

$33.0M

$1.3B

$100.0M▲ 6.4%

$94.0M

$64.0M

$352.0M▼ 8.1%

$383.0M

$567.0M

$4.6B▲ 11%

$4.2B

$3.7B

$20.2B▲ 1.1%

$20.0B

$21.8B

$4.7B▲ 6.5%

$4.5B

$2.7B

$520.0M▼ 14%

$604.0M

$606.0M

−$3.0B▲ 0.8%

−$3.1B

−$2.9B

$182.0M▼ 39%

$300.0M

$272.0M

$2.4B▲ 4.8%

$2.3B

$699.0M

−$280.0M▼ 40%

−$200.0M

−$1.6B

$2.7B▲ 7.6%

$2.5B

$2.3B

$110.0M▲ 197%

$37.0M

$14.0M

$2.6B▲ 4.8%

$2.5B

$2.2B

$2.6B▲ 4.8%

$2.5B

$2.2B

2.2B shares▲ 2.6%

2.1B shares

2.2B shares▲ 2.6%

2.1B shares

$1.18▲ 1.7%

$1.16

$1.09

$1.18▲ 2.6%

$1.15

$1.05

Electric

Sales (Total operating revenues)

$18.3B

$17.8B

$17.4B

Cost of making what it sold (Cost of electricity and natural gas)

$2.6B

$2.3B

$2.4B

Natural gas

Sales (Total operating revenues)

$6.6B

$7.0B

Cost of making what it sold (Cost of electricity and natural gas)

$1.1B

$1.2B

$1.8B

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2023
Statement of Comprehensive Income
	$2.7B	$2.5B	$2.3B
Other Comprehensive Income (Loss)
	−$11.0M	−$7.0M	−$16.0M
	$5.0M	$1.0M	$8.0M
	−$6.0M	−$6.0M	−$8.0M
	$2.7B	$2.5B	$2.2B
	$110.0M	$37.0M	$14.0M
	$2.6B	$2.5B	$2.2B

Line (tap for what it means)

12 months to Dec 31, 2025

12 months to Dec 31, 2024

12 months to Dec 31, 2023

Statement of Comprehensive Income

$2.7B

$2.5B

$2.3B

Other Comprehensive Income (Loss)

−$11.0M

−$7.0M

−$16.0M

$5.0M

$1.0M

$8.0M

−$6.0M

−$8.0M

$2.7B

$2.5B

$2.2B

$110.0M

$37.0M

$14.0M

$2.6B

$2.5B

$2.2B