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PG&E (PCG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 22, 2026 · PG&E (PCG) Q3 2026 earnings results →
Q3 2026 Revenue down 1% year over year to $6.2B · 12¢ of every $1 of revenue kept as net profit · operating margin 20.2%
PG&E made $6.2B in Q3 2026 (-1% Y/Y): Electric $4.7B, Natural Gas, US Regulated $1.5B. Operating margin 20.2%, net earnings $749M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $6.2B in Q3 2026, down 1% year over year and up 5% from the previous quarter. Electric was the largest line at 75% of revenue. Electric lost $0.10B year over year (down 2%), 153% of the total change.
Operating profit was $1.2B, a 20.2% margin (up 0.8 points year over year). Total costs fell 2% while revenue fell 1%. Net earnings were $0.75B, down 9% year over year. The effective tax rate was -14.0%.
Operating cash flow was $2.5B (down 12% year over year), 323% of net income including minority interests. Working capital and other items added $1.7B. Capital expenditures of $3.3B exceeded it, leaving free cash flow of −$0.79B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 22, 2026 | $6.2B | -1% | 20.2% | $749M | $2.5B |
| Q2 2026 | 10-Q | Jul 23, 2026 | $5.9B | +0.1% | 21.4% | $733M | $906M |
| Q1 2026 | 10-Q | Apr 23, 2026 | $6.9B | +15% | 21.4% | $858M | $2.4B |
| Q4 2025 | 10-K | Feb 12, 2026 | $6.8B | +3% | 18.0% | $642M | $2.0B |
| Q3 2025 | 10-Q | Oct 23, 2025 | $6.2B | +5% | 19.3% | $823M | $2.9B |
| Q2 2025 | 10-Q | Jul 31, 2025 | $5.9B | -2% | 18.6% | $521M | $1.1B |
| Q1 2025 | 10-Q | Apr 24, 2025 | $6.0B | +2% | 20.4% | $607M | $2.8B |
Charts
In supply chains and themes
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
Buys from
- CWEN — 26% of the supplier’s revenue · Stated in 10-K (sentence) · source
- Clearway Energy LLC — 26% of the supplier’s revenue · Stated in 10-K (sentence) · source
- Davey Tree Expert Co · Stated in 10-K (named, share not stated) · source
About PG&E
PG&E Corporation, incorporated in California in 1995, is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in Northern and Central California. The Utility was incorporated in California in 1905. PG&E Corporation became the holding company of the Utility and its subsidiaries in 1997. The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers. The Utility’s service area is shown in the graphic below. PG&E Corporation’s and the Utility’s operating revenues, income, and total assets for the most recently completed year can be found below in Item 8. Financial Statements and Supplementary Data.
In its own words, from its 10-K, filed Feb 12, 2026.
PG&E against its Electric & Other Services Combined peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -1% against the peers' median +7%. Operating margin: 20.2% against the peers' median 22.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PCG PG&E | Q3 2026 | $6.2B | -1% | 20.2% |
| DUK Duke Energy | Q3 2026 | $9.1B | +7% | 30.2% |
| Pepco Holdings LLC | Q3 2026 | $7.3B | +9% | 18.8% |
| EXC Exelon | Q1 2026 | $7.2B | +8% | 22.2% |
| ED Consolidated Edison | Q3 2026 | $4.9B | +8% | 23.8% |
| XEL Xcel Energy | Q3 2026 | $4.2B | +7% | 28.5% |
| Consolidated Edison Co of New York | Q2 2026 | $4.1B | +13% | 13.6% |
| PEG Public Service Enterprise Group | Q3 2026 | $3.0B | -6% | 20.6% |
| AEE Ameren | Q3 2026 | $2.9B | +7% | 31.2% |
Source: PG&E 10-Q on SEC EDGAR · CIK 1004980 · Electric & Other Services Combined
Guidance and outlook
13F: who owns PCG and who is buying
More on PCG
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results