Filing Flows › PG&E (PCG) › Q3 2025
PG&E (PCG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
PG&E (PCG) reported revenue of $6.2B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +6% from the quarter before. Operating margin was 19.3%, net earnings $823M (13.2% of revenue).
PG&E, Q3 2025: revenue $6.2B (+5% year over year), operating margin 19.3%, net earnings $823M, operating cash flow $2.9B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.2B | +6% | +5% |
| Operating profit | $1.2B | +10% | +17% |
| Net earnings | $823M | +58% | +43% |
| Operating cash flow | $2.9B | +170% | -9% |
What changed
Revenue was $6.2B in Q3 2025, up 5% year over year and up 6% from the previous quarter. Electric was the largest line at 76% of revenue. Electric added $0.22B year over year (up 5%), 70% of the total change.
Operating profit was $1.2B, a 19.3% margin (up 2.0 points year over year). Of the extra revenue versus a year earlier, 58% reached operating profit, above the 17% margin then. Total costs grew 3% against revenue growth of 5%. Net earnings were $0.82B, up 43% year over year. The effective tax rate was -34.9%.
Operating cash flow was $2.9B (down 9% year over year), 335% of net income including minority interests. Working capital and other items added $2.0B. Capital expenditures of $2.9B exceeded it, leaving free cash flow of −$0.08B.
Questions
What was PG&E's revenue in the third quarter 2025?
PG&E (PCG) reported revenue of $6.2B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +6% from the quarter before.
Was PG&E profitable in the third quarter 2025?
Operating profit was $1.2B (19.3% of revenue) and net earnings $823M.
Source: PG&E 10-Q on SEC EDGAR.