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PG&E cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$794M in Q3 2026 · −$5.0B over twelve months

Operating cash flow$2.5B
Capital spending−$3.3B
Free cash flow−$794M
Cash / net income3.2×

Analysis

In Q3 2026, PG&E generated $2.5B of operating cash flow and spent $3.3B on capital projects, leaving free cash flow of −$794M. That is $714M less than in Q3 2025 (−$80.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $7.8B; the largest uses were capital spending ($12.8B), net borrowing (+) / repaid (−) ($2.4B); besides operations, cash came from other financing ($7.5B), other investing ($415M); the cash balance rose by $534M.

Operating cash flow was $2.5B against net income of $776M — 3.2× profit, cash ran ahead of reported earnings. The largest differences: deferred taxes +$303M, payables −$151M, inventory −$2.0M.

Free cash flow

PG&E: free cash flow by quarterPG&E: free cash flow by quarter−$896MQ4 2024$213MQ1 2025−$2.0BQ2 2025−$80.0MQ3 2025−$1.2BQ4 2025−$926MQ1 2026−$2.1BQ2 2026−$794MQ3 2026
Operating cash flow less capital spending.
PG&E: operating cash flow against capital spendingPG&E: operating cash flow against capital spendingOperating cash flowCapital spending$1.9B$2.8BQ4 2024$2.8B$2.6BQ1 2025$1.1B$3.1BQ2 2025$2.9B$2.9BQ3 2025$2.0B$3.2BQ4 2025$2.4B$3.4BQ1 2026$906M$3.0BQ2 2026$2.5B$3.3BQ3 2026
Latest (Q3 2026): Operating cash flow $2.5B, Capital spending $3.3B.

Capital allocation, year by year

PG&E: where the cash came from (up) and went (down), by fiscal yearPG&E: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $2.3BFY2021: Net borrowing −$1.5BFY2021: Asset sales $749MFY2021: Capital spending −$7.7B$3.0BFY2021FY2022: Operating cash flow $3.7BFY2022: Net borrowing −$16.0BFY2022: Capital spending −$9.6B$3.7BFY2022FY2023: Operating cash flow $4.7BFY2023: Net borrowing −$9.5BFY2023: Capital spending −$9.7B$4.7BFY2023FY2024: Operating cash flow $8.0BFY2024: Net borrowing −$10.2BFY2024: Shares issued $2.7BFY2024: Capital spending −$10.4BFY2024: Dividends −$86.0M$10.7BFY2024FY2025: Operating cash flow $8.7BFY2025: Net borrowing −$1.6BFY2025: Capital spending −$11.8B$8.7BFY2025
Over these 5 years operating cash flow totalled $27.5B; the largest uses were capital spending ($49.1B) and net borrowing ($38.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$902M
Debt$59.6B
Net debt$58.7B
Due within a year$3.7B

PG&E's operations bring cash in ($7.8B over twelve months), and it spends more than that on capital projects: a gap of $5.0B funded from its $902M of cash and investments and from borrowing ($59.6B of debt, $3.7B due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

PG&E: sources (+) and uses (−) of cash, Q3 2026PG&E: sources (+) and uses (−) of cash, Q3 2026Capital spending−$3.3BOperating cash flow$2.5BOther financing$1.7BNet borrowing (+) / repaid (−)−$1.0BOther investing$161MCash drawn (+) / kept (−)−$85.0M
PG&E: sources (+) and uses (−) of cash, TTM to Q3 2026PG&E: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$12.8BOperating cash flow$7.8BOther financing$7.5BNet borrowing (+) / repaid (−)−$2.4BCash drawn (+) / kept (−)−$534MOther investing$415M

From profit to cash

PG&E: net income to operating cash flow, Q3 2026PG&E: net income to operating cash flow, Q3 2026Net income$776MDeferred taxes$303MInventory−$2.0MPayables−$151MOperating cash flow$2.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.5B−$3.3B—−$1.0B—−$85.0M−$794M
Q2 2026$906M−$3.0B—$560M—$269M−$2.1B
Q1 2026$2.4B−$3.4B—−$1.6B—−$518M−$926M
Q4 2025$2.0B−$3.2B—−$376M—−$200M−$1.2B
Q3 2025$2.9B−$2.9B−$56.0M$685M−$24.0M−$57.0M−$80.0M
Q2 2025$1.1B−$3.1B−$55.0M−$860M−$25.0M$1.7B−$2.0B
Q1 2025$2.8B−$2.6B−$55.0M—−$23.0M−$1.2B$213M
Q4 2024$1.9B−$2.8B−$22.0M−$1.8B$1.6B$17.0M−$896M

PG&E: income statement and cash flow

PG&E, Q3 2026: revenue $6.2B (-1% year over year), operating margin 20.2%. The chart follows the revenue to costs, profit and cash.

PG&E: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.