At a glance
PG&E Corp is worth $35.59B, about 11 times its fiscal 2025 earnings. Revenue grew 2.1% to $24.93B in fiscal 2025, with 10.4% kept as profit; over 5 years it has grown 6.2% a year. It pays a 1.51% dividend yield, and returned $363.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −15.7% over the past year with dividends reinvested and +3.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 59.7% in the 2020 crash (S&P 500: 33.7%) and 24.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 40 months and 3 months after the lows.
The business in plain English
PG&E Corporation is a holding company, meaning it owns other businesses. Its main one is Pacific Gas and Electric Company, a public utility that sells and delivers electricity and natural gas across Northern and Central California. In the year ended December 31, 2025, revenue was $24.9 billion. Electricity brought in $18.3 billion, or 73.5%, and natural gas brought in $6.6 billion, or 26.5%.
The utility operates under cost-of-service ratemaking. Regulators, mainly the California Public Utilities Commission (CPUC), set rates meant to cover approved costs plus a return on money invested in the system. So profits depend on those decisions and on keeping actual costs close to forecasts. The growth plan centers on investment. Capital spending was $13.4 billion in 2025. The 10-K filed February 12, 2026 forecast about $16 billion a year in 2029 and 2030, with more possible in areas such as transmission for data centers.
The main tension is affordability. Heavy spending pushes bills up, so the company aims to limit average annual rate increases to 3%. It plans to get there through cost savings and through new demand from data centers, electric vehicles and building electrification, which spreads costs across more use. Wildfire prevention shapes daily work. Examples include power line settings that cut power within a tenth of a second of a disturbance, and planned shutoffs in dangerous weather.
Price history
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PCG -15.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Electric | $18.32B | 73.5% |
| Natural Gas, US Regulated | $6.62B | 26.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.19B, down 1% from a year earlier, and net income was $749.0M (-9.0%).
- For fiscal 2025, revenue was $24.93B (+2.1% year over year; +6.2% a year from FY2020 to FY2025) with a 10.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.2% good |
|---|---|
| Operating margin | 19% good |
| Free cash flow margin | -12.3% weak |
| Return on equity (FY2025) | 8% watch |
| Return on assets (FY2025) | 1.8% weak |
| Net cash (cash minus debt) | $-64.12B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $18.47B | $-1.32B | $-26.82B |
| FY2021 | $20.64B | $-102.0M | $-5.43B |
| FY2022 | $21.68B | $1.80B | $-5.86B |
| FY2023 | $24.43B | $2.24B | $-4.97B |
| FY2024 | $24.42B | $2.48B | $-2.33B |
| FY2025 | $24.93B | $2.59B | $-3.07B |
Valuation snapshot
| Market value | $35.59B |
|---|---|
| P/E ratio | 11.3 |
| Dividend yield | 1.51% |
Rank among 1514 US companies
Market value at each year end
PG&E’s market value went from $24.73B at the end of 2020 to $35.59B on Nov 2, 2026, up 44%; since the end of 2025 it is down 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $35.59B | -17.2% |
| 2025 | $43.00B | -18.5% |
| 2024 | $52.78B | +12.1% |
| 2023 | $47.08B | +17.4% |
| 2022 | $40.09B | +34.1% |
| 2021 | $29.90B | +20.9% |
| 2020 | $24.73B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PCG price data to Nov 2, 2026 | -16.5% | -15.7% | -6.8% | +3.7% | -13.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -16.5% |
| 2025 | -19.6% |
| 2024 | +12.3% |
| 2023 | +10.9% |
| 2022 | +33.9% |
| 2021 | -2.6% |
| 2020 | +14.6% |
| 2019 | -54.2% |
| 2018 | -47.0% |
| 2017 | -24.5% |
| 2016 | +17.9% |
| 2015 | +3.5% |
| 2014 | +37.4% |
| 2013 | +4.7% |
| 2012 | +1.8% |
| 2011 | -10.0% |
| 2010 | +11.6% |
| 2009 | +20.2% |
| 2008 | -6.4% |
| 2007 | -6.1% |
| 2006 | +31.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 23.7% over that stretch · deepest drop along the way 36.9%, back to its old high 14.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 53.6% over that stretch · deepest drop along the way 59.7%, back to its old high 39.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 15.2% over that stretch · deepest drop along the way 24.9%, back to its old high 2.9 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($92K) and 5 sales ($3.5M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 22, 2026 | Marlene Santos EVP, Enterprise Transformation | sell (plan) | $2.8M |
| Jun 15, 2026 | Carla J Peterman President, EVP Cust&Corp Afrs | sell (plan) | $530K |
| Sep 30, 2026 | John O Larsen Director | buy | $92K |
| Sep 4, 2026 | William Craig Fugate Director | sell (plan) | $89K |
| Jul 22, 2026 | Kerry Whorton Cooper Director | sell (plan) | $23K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.1% | Mar 31, 2025 |
| Vanguard Capital Management | 7.44% | Mar 31, 2026 |
| FMR LLC | 6% | Jun 30, 2025 |
| STATE STREET CORPORATION | 5.2% | Mar 31, 2025 |
| SteelMill Master Fund LP | 5.1% | Aug 28, 2026 |
| Vanguard Portfolio Management | 4.98% | Sep 30, 2026 |
| Massachusetts Financial Services Company | 4.7% | Jun 30, 2026 |
| Capital International Investors | 3.4% | Dec 31, 2024 |
| JPMORGAN CHASE & CO. | 2.5% | Jun 30, 2025 |
ETFs with the most weight in PCG
| NLR VanEck Uranium and Nuclear ETF | 7.8% |
| RNWZ TrueShares Eagle Global Renewable Energy Income ETF | 6.06% |
| URAN Themes Uranium & Nuclear ETF | 5.8% |
| FXU First Trust Utilities AlphaDEX Fund | 4.24% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.3% |
| XLU Utilities Select Sector SPDR Fund | 3.16% |
| FUTY Fidelity MSCI Utilities Index ETF | 2.81% |
| BILD Macquarie Global Listed Infrastructure ETF | 2.78% |
What could go wrong
- Wildfire liabilities could exceed its estimates. PG&E has judged losses probable from the 2019 Kincade, 2021 Dixie and 2022 Mosquito fires, and its estimates leave out some damages it cannot yet measure. Future fires could create new liabilities.
- State wildfire fund may not protect enough. A Wildfire Fund under California laws AB 1054 and SB 254 limits some liability, but only if PG&E keeps a valid safety certification. Other utilities' claims could also drain the fund's Continuation Account.
- Regulators may not allow full cost recovery. Profits depend on rate decisions. Wildfire costs above insurance, or spending above approved amounts, may not be recovered from customers. Concern about high bills could also make rate increases harder to win.
- Its utility could lose its operating license. An Enhanced Oversight and Enforcement Process, a regulatory proceeding, could end with the utility losing its license to operate. Breaking safety and other rules can also bring penalties.
- A heavy debt load. Total debt was about $65.0 billion against $902 million of cash and investments as of September 30, 2026. Loan terms limit flexibility, and the parent relies on the utility's payments to fund dividends.
- Everything rides on one state. Its business sits in one industry and one region, so California's weather, drought, climate and politics affect the whole company. Some local governments also try to take its assets by forced purchase (eminent domain).
Recent events
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Other company announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
PG&E pays only a small dividend, so income investors would rely mostly on share-price gains. It paid nothing in 2022 or 2023, then $0.04 a share in 2024 and about $0.13 in 2025, a total that appears to include a special payment. The yield was 1.52% as of October 28, 2026. Dividends took about 10.7% of 2025 earnings, but free cash flow was negative because capital spending outran the cash the business produced. It repurchased no shares from 2021 to 2025, and the share count rose 8.8% over five years, diluting existing holders. The company targets steady increases toward paying out about 20% of core earnings, its own profit measure, by 2028.
Downturns have hit hard. The shares fell 36.9% in the 2008 financial crisis and 59.7% in the 2020 COVID crash, taking about 14 and 40 months to recover. They rose 15.2% across the 2022 bear market. Single stocks carry more risk than diversified funds.
Questions investors ask
How does PG&E make money?
Mainly by selling and delivering electricity and natural gas in Northern and Central California through its utility, Pacific Gas and Electric Company. In 2025, electricity provided 73.5% of its $24.9 billion revenue and natural gas provided 26.5%. Regulators set its rates to cover approved costs plus a return on money invested in the system. So profits depend on rate decisions, cost control and how much it invests. Capital spending was $13.4 billion in 2025.
Does PG&E pay a dividend?
Yes, but it is small and has a short history. PG&E paid no dividends in 2022 or 2023, then paid $0.04 a share in 2024 and about $0.13 in 2025, a total that appears to include a special payment. The yield was 1.52% as of October 28, 2026. There is no long record of annual increases. The company's stated policy is consistent increases aimed at paying out about 20% of core earnings, its own profit measure, by 2028.
How much debt does PG&E have?
A lot. Total debt was about $65.0 billion as of September 30, 2026. That compares with $902 million of cash and investments and $34.6 billion of shareholder equity. Utilities often borrow to build power lines and pipelines, but PG&E's 10-K lists its large debt as a risk to its financial health and flexibility. Free cash flow, the cash left after capital spending, was negative $3.1 billion in 2025, so the shortfall had to be financed.
How big is PG&E's wildfire risk?
Large: wildfires lead the list of risks in its 10-K. PG&E has judged losses probable from the 2019 Kincade, 2021 Dixie and 2022 Mosquito fires, and its estimates exclude some damages it cannot yet measure. A Wildfire Fund under California laws AB 1054 and SB 254 can cap what it pays for a catastrophic fire, but key protections require a valid safety certification. The fund's Continuation Account also pays nothing in a year when losses stay below the greater of $1.0 billion or the required insurance.
How has PG&E stock performed over the long term?
Poorly. As of October 28, 2026, the share price was down 77% over 10 years, or about 13.8% a year, and down 17.4% over one year. Over five years it gained 15% in total, or about 2.9% a year. The steepest calendar-year drops came in 2018 and 2019, when the shares fell 47% and 54%. At its worst, the stock fell 94.7% from a previous high.