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PG&E (PCG) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 24, 2025
PG&E (PCG) reported revenue of $6.0B for the first quarter 2025 (Q1 2025), +2% from a year earlier and -10% from the quarter before. Operating margin was 20.4%, net earnings $607M (10.1% of revenue).
PG&E, Q1 2025: revenue $6.0B (+2% year over year), operating margin 20.4%, net earnings $607M, operating cash flow $2.8B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.0B | -10% | +2% |
| Operating profit | $1.2B | +20% | -4% |
| Net earnings | $607M | -6% | -17% |
| Operating cash flow | $2.8B | +47% | +26% |
| Free cash flow | $213M | — | — |
What changed
Revenue was $6.0B in Q1 2025, up 2% year over year and down 10% from the previous quarter. Electric was the largest line at 69% of revenue. Electric added $0.08B year over year (up 2%), 68% of the total change.
Operating profit was $1.2B, a 20.4% margin (down 1.4 points year over year). Operating profit fell $0.06B even though revenue rose $0.12B versus a year earlier, so costs grew faster than sales. Total costs grew 4% against revenue growth of 2%. Net earnings were $0.61B, down 17% year over year. The effective tax rate was 5.8%.
Operating cash flow was $2.8B (up 26% year over year), 449% of net income including minority interests. Working capital and other items added $2.2B. Capital expenditures of $2.6B left free cash flow of $0.21B.
Questions
What was PG&E's revenue in the first quarter 2025?
PG&E (PCG) reported revenue of $6.0B for the first quarter 2025 (Q1 2025), +2% from a year earlier and -10% from the quarter before.
Was PG&E profitable in the first quarter 2025?
Operating profit was $1.2B (20.4% of revenue) and net earnings $607M.
Source: PG&E 10-Q on SEC EDGAR.