Filing Flows › PG&E (PCG) › Q2 2025
PG&E (PCG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
PG&E (PCG) reported revenue of $5.9B for the second quarter 2025 (Q2 2025), -1% from a year earlier and -1% from the quarter before. Operating margin was 18.6%, net earnings $521M (8.8% of revenue).
PG&E, Q2 2025: revenue $5.9B (-2% year over year), operating margin 18.6%, net earnings $521M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.9B | -1% | -1% |
| Operating profit | $1.1B | -10% | -3% |
| Net earnings | $521M | -14% | +0.2% |
| Operating cash flow | $1.1B | -63% | +49% |
What changed
Revenue was $5.9B in Q2 2025, down 1% year over year and down 1% from the previous quarter. Electric was the largest line at 75% of revenue. Electric lost $0.04B year over year (down 1%), 50% of the total change.
Operating profit was $1.1B, a 18.6% margin (down 0.4 points year over year). Total costs fell 1% while revenue fell 1%. Net earnings were $0.52B, roughly flat year over year. The effective tax rate was 3.5%.
Operating cash flow was $1.1B (up 49% year over year), 193% of net income including minority interests. Working capital and other items added $0.51B. Capital expenditures of $3.1B exceeded it, leaving free cash flow of −$2.0B.
Questions
What was PG&E's revenue in the second quarter 2025?
PG&E (PCG) reported revenue of $5.9B for the second quarter 2025 (Q2 2025), -1% from a year earlier and -1% from the quarter before.
Was PG&E profitable in the second quarter 2025?
Operating profit was $1.1B (18.6% of revenue) and net earnings $521M.
Source: PG&E 10-Q on SEC EDGAR.