Filing Flows › PG&E (PCG) › Q4 2025
PG&E (PCG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
PG&E (PCG) reported revenue of $6.8B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +9% from the quarter before. Operating margin was 18.0%, net earnings $642M (9.4% of revenue).
PG&E, Q4 2025: revenue $6.8B (+3% year over year), operating margin 18.0%, net earnings $642M, operating cash flow $2.0B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.8B | +9% | +3% |
| Operating profit | $1.2B | +1% | +20% |
| Net earnings | $642M | -22% | -0.8% |
| Operating cash flow | $2.0B | -31% | +1% |
What changed
Revenue was $6.8B in Q4 2025, up 3% year over year and up 9% from the previous quarter. Electric was the largest line at 74% of revenue.
Operating profit was $1.2B, a 18.0% margin (up 2.6 points year over year). Of the extra revenue versus a year earlier, 118% reached operating profit, above the 15% margin then. Total costs fell 1% while revenue rose 3%. Net earnings were $0.64B, down 1% year over year. The effective tax rate was -21.6%.
Operating cash flow was $2.0B (up 1% year over year), 293% of net income including minority interests. Working capital and other items added $1.3B. Capital expenditures of $3.2B exceeded it, leaving free cash flow of −$1.2B.
Questions
What was PG&E's revenue in the fourth quarter 2025?
PG&E (PCG) reported revenue of $6.8B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +9% from the quarter before.
Was PG&E profitable in the fourth quarter 2025?
Operating profit was $1.2B (18.0% of revenue) and net earnings $642M.
Source: PG&E 10-K on SEC EDGAR.