PG&E Corporation (PCG) Balance Sheet

NYSE: PCGAssets, liabilities, debt and equity over 10 years.

PCG balance sheet, 2025

December 31, 2025 · U.S. dollars

$141.61B assets = $108.82B liabilities + $32.79B equity

Both columns are drawn to the same scale: what PCG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

PCG financial health

Current ratio0.97

Tight · current assets cover current liabilities 0.97×

Debt / equity1.88

High leverage · $1.88 of debt for each $1 of equity

Equity / assets23.0%

Balanced · of assets funded by shareholders

Cash / debt1.2%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

PCG balance sheet trends, 2016–2025

PG&E Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$68.60B2016	$141.61B2025	+8.4%/yr
Total liabilities	$50.41B2016	$108.82B2025	+8.9%/yr
Shareholders’ equity	$17.94B2016	$32.54B2025	+6.8%/yr
Cash & short-term investments	$177.0M2016	$713.0M2025	+16.7%/yr
Total debt	$18.44B2016	$61.34B2025	+14.3%/yr
Net cash (debt)	−$18.26B2016	−$60.62B2025	−$42.4B
Working capital	−$1.40B2016	−$470.0M2025	+$930.0M
Book value per share	$35.812016	$14.782025	−9.4%/yr
Current ratio	0.812016	0.972025	+0.16
Debt / equity	1.032016	1.882025	+0.86
Shares outstanding	501.0M2016	2.20B2025	+17.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

PCG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

PCG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

PCG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

PCG balance sheet

PG&E Corporation annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$713.0M	$940.0M	$635.0M	$734.0M	$165.0M	$484.0M	$1.57B	$1.67B	$449.0M	$177.0M
Cash & equivalents	$713.0M	$940.0M	$635.0M	$734.0M	$165.0M	$484.0M	$1.57B	$1.67B	$449.0M	$177.0M
Short-term investments	—	$39.00B	−$280.0M	—	—	—	—	—	−$167.0M	−$70.0M
Receivables	$11.75B	$12.74B	$10.46B	$8.84B	$8.48B	$6.14B	$6.99B	$6.29B	$4.27B	$4.81B
Inventory	$820.0M	$820.0M	$870.0M	$842.0M	$596.0M	$628.0M	$647.0M	$554.0M	$481.0M	$463.0M
Other current assets	$2.55B	$2.71B	$2.42B	$2.40B	$1.84B	$2.35B	$961.0M	$681.0M	$1.08B	$713.0M
Total current assets	$15.83B	$17.22B	$14.38B	$12.81B	$11.09B	$9.60B	$10.16B	$9.20B	$6.28B	$6.16B
Property, plant & equipment (net)	$96.80B	$88.75B	$82.92B	$77.52B	$71.06B	$67.88B	$63.92B	$58.56B	$53.79B	$50.58B
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$4.23B	$3.83B	$3.57B	$3.30B	$3.80B	$3.54B	$3.17B	$2.73B	$2.86B	$2.61B
Other non-current assets	$24.75B	$23.86B	$24.82B	$25.01B	$17.23B	$16.84B	$7.94B	$6.51B	$5.08B	$9.25B
Total assets	$141.61B	$133.66B	$125.70B	$118.64B	$103.18B	$97.86B	$85.20B	$77.00B	$68.01B	$68.60B
Liabilities
Accounts payable	$3.35B	$2.75B	$2.31B	$2.89B	$2.85B	$2.40B	$1.95B	$1.98B	$1.65B	$1.50B
Short-term debt	$3.59B	$4.33B	$5.69B	$4.55B	$7.11B	$4.11B	$2.06B	$22.00B	$1.38B	$2.22B
Deferred revenue	—	—	$3.20B	$423.0M	$2.20B	$2.32B	$2.37B	$1.99B	$2.10B	$1.53B
Total current liabilities	$16.30B	$16.33B	$17.31B	$15.79B	$17.31B	$13.58B	$7.63B	$41.70B	$7.13B	$7.56B
Long-term debt	$57.39B	$53.57B	$51.53B	$47.74B	$38.23B	$37.29B	$23.12B	$9.0M	$17.75B	$16.22B
Lease obligations	$452.0M	$1.10B	$1.41B	$1.47B	$1.28B	$1.74B	$2.29B	—	—	—
Other long-term liabilities	$35.13B	$33.36B	$31.56B	$32.04B	$22.03B	$25.73B	$49.05B	$22.39B	$23.66B	$26.62B
Total liabilities	$108.82B	$103.26B	$100.41B	$95.57B	$77.57B	$76.60B	$79.81B	$64.09B	$48.54B	$50.41B
Shareholders' equity
Common stock & paid-in capital	$31.64B	$31.55B	$30.37B	$32.89B	$1.32B	$30.22B	$13.04B	$12.91B	$21.14B	$20.25B
Retained earnings (deficit)	−$650.0M	−$2.97B	−$5.32B	−$7.54B	−$4.25B	−$9.20B	−$7.89B	−$250.0M	$6.60B	$5.75B
Treasury stock	—	—	—	—	−$4.85B	—	—	—	$0	$0
Accumulated other comprehensive income	−$25.0M	−$19.0M	−$13.0M	−$5.0M	−$9.0M	−$27.0M	−$10.0M	−$9.0M	−$8.0M	−$9.0M
Minority interest	$252.0M	$252.0M	$252.0M	$252.0M	$252.0M	$252.0M	—	$252.0M	$252.0M	$252.0M
Total shareholders' equity	$32.54B	$30.15B	$25.04B	$22.82B	$25.61B	$21.00B	$5.39B	$12.90B	$19.22B	$17.94B
Key figures
Total debt	$61.34B	$58.34B	$57.73B	$53.54B	$45.33B	$42.60B	$25.18B	$22.00B	$19.13B	$18.44B
Net cash (debt)	−$60.62B	−$57.40B	−$57.10B	−$52.80B	−$45.17B	−$42.12B	−$23.61B	−$20.34B	−$18.68B	−$18.26B
Working capital	−$470.0M	$886.0M	−$2.93B	−$2.97B	−$6.22B	−$3.98B	$2.53B	−$32.50B	−$848.0M	−$1.40B
Tangible book value	$32.54B	$30.15B	$25.04B	$22.82B	$25.61B	$21.00B	$5.39B	$12.90B	$19.22B	$17.94B
Book value per share	$14.78	$14.04	$11.71	$10.70	$12.90	$16.71	$10.20	$24.96	$37.47	$35.81
Shares outstanding	2.20B	2.15B	2.14B	2.13B	1.99B	1.26B	528.0M	517.0M	513.0M	501.0M
Current ratio	0.97	1.05	0.83	0.81	0.64	0.71	1.33	0.22	0.88	0.81
Quick ratio	0.76	0.84	0.64	0.61	0.50	0.49	1.12	0.19	0.66	0.66
Debt / equity	1.88	1.94	2.31	2.35	1.77	2.03	4.67	1.71	1.00	1.03
Equity / assets	23.0%	22.6%	19.9%	19.2%	24.8%	21.5%	6.3%	16.8%	28.3%	26.2%

PG&E Corporation quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$972.0M	$1.49B	$713.0M	$772.0M	$494.0M	$2.02B	$940.0M	$895.0M	$1.31B	$658.0M	$635.0M	$589.0M
Cash & equivalents	$972.0M	$1.49B	$713.0M	$772.0M	$494.0M	$2.02B	$940.0M	$895.0M	$1.31B	$658.0M	$635.0M	$589.0M
Short-term investments	—	—	—	—	—	—	$705.0M	—	$730.0M	$761.0M	—	—
Receivables	$9.69B	$10.20B	$11.75B	$10.67B	$11.64B	$11.27B	$12.74B	$12.68B	$12.12B	$11.43B	$10.46B	$9.62B
Inventory	$855.0M	$831.0M	$820.0M	$763.0M	$786.0M	$789.0M	$820.0M	$812.0M	$823.0M	$821.0M	$870.0M	$888.0M
Other current assets	$3.88B	$2.28B	$2.55B	$2.18B	$2.24B	$2.81B	$2.71B	$3.16B	$2.48B	$2.32B	$2.42B	$1.72B
Total current assets	$15.40B	$14.80B	$15.83B	$14.39B	$15.16B	$16.89B	$17.22B	$17.55B	$16.74B	$15.23B	$14.38B	$12.81B
Property, plant & equipment (net)	$100.67B	$98.72B	$96.80B	$94.26B	$92.30B	$90.18B	$88.75B	$86.92B	$85.81B	$84.24B	$82.92B	$81.67B
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$4.43B	$4.18B	$4.23B	$4.19B	$4.02B	$3.85B	$3.83B	$3.91B	$3.74B	$3.71B	$3.57B	$3.41B
Other non-current assets	$24.57B	$24.25B	$24.75B	$25.41B	$24.90B	$24.51B	$23.86B	$23.93B	$24.49B	$24.47B	$24.82B	$25.12B
Total assets	$145.08B	$141.95B	$141.61B	$138.25B	$136.38B	$135.44B	$133.66B	$132.32B	$130.79B	$127.64B	$125.70B	$123.01B
Liabilities
Accounts payable	$3.01B	$2.84B	$3.35B	$3.02B	$2.66B	$2.52B	$2.75B	$2.40B	$2.15B	$2.15B	$2.31B	$2.69B
Short-term debt	$2.54B	$2.39B	$3.59B	$3.88B	$5.26B	$6.88B	$4.33B	$4.82B	$7.41B	$4.09B	$5.69B	$4.52B
Deferred revenue	—	—	—	—	—	—	—	—	−$5.51B	—	$3.20B	$2.97B
Total current liabilities	$12.67B	$12.35B	$16.30B	$15.29B	$16.18B	$17.82B	$16.33B	$16.88B	$18.54B	$15.45B	$17.31B	$15.17B
Long-term debt	$61.77B	$60.15B	$57.39B	$55.54B	$54.01B	$52.66B	$53.57B	$54.75B	$52.66B	$53.41B	$50.98B	$50.90B
Lease obligations	$485.0M	$498.0M	$452.0M	$468.0M	$504.0M	$1.09B	$1.10B	$1.13B	$1.40B	$1.41B	$1.41B	$1.44B
Other long-term liabilities	$36.48B	$35.96B	$35.13B	$35.19B	$34.75B	$34.02B	$33.36B	$33.60B	$33.08B	$32.79B	$32.12B	$32.55B
Total liabilities	$110.92B	$108.45B	$108.82B	$106.02B	$104.95B	$104.51B	$103.26B	$105.23B	$104.28B	$101.66B	$100.41B	$98.62B
Shareholders' equity
Common stock & paid-in capital	$31.64B	$31.61B	$31.64B	$31.59B	$31.56B	$31.53B	$31.55B	$30.40B	$30.38B	$30.36B	$30.37B	$31.04B
Retained earnings (deficit)	$719.0M	$97.0M	−$650.0M	−$1.18B	−$1.95B	−$2.41B	−$2.97B	−$3.56B	−$4.11B	−$4.61B	−$5.32B	−$6.22B
Accumulated other comprehensive income	−$33.0M	−$31.0M	−$25.0M	−$8.0M	−$4.0M	−$12.0M	−$19.0M	−$10.0M	−$14.0M	−$14.0M	−$13.0M	−$2.0M
Minority interest	$252.0M	$252.0M	$252.0M	$252.0M	$252.0M	—	—	—	—	—	—	—
Total shareholders' equity	$33.90B	$33.25B	$32.54B	$31.98B	$31.19B	$30.68B	$30.15B	$26.83B	$26.25B	$25.73B	$25.04B	$24.13B
Key figures
Total debt	$64.70B	$62.94B	$61.34B	$59.79B	$59.67B	$59.97B	$58.34B	$60.03B	$60.61B	$58.57B	$57.73B	$55.96B
Net cash (debt)	−$63.73B	−$61.45B	−$60.62B	−$59.02B	−$59.18B	−$57.95B	−$57.40B	−$59.14B	−$59.30B	−$57.91B	−$57.10B	−$55.37B
Working capital	$2.74B	$2.45B	−$470.0M	−$902.0M	−$1.02B	−$929.0M	$886.0M	$664.0M	−$1.80B	−$222.0M	−$2.93B	−$2.36B
Tangible book value	$33.90B	$33.25B	$32.54B	$31.98B	$31.19B	$30.68B	$30.15B	$26.83B	$26.25B	$25.73B	$25.04B	$24.13B
Book value per share	$14.84	$14.58	$14.78	$14.02	$14.16	$13.95	$14.04	$12.52	$12.26	$12.03	$11.74	$11.28
Shares outstanding	2.29B	2.28B	2.20B	2.28B	2.20B	2.20B	2.15B	2.14B	2.14B	2.14B	2.13B	2.14B
Current ratio	1.22	1.20	0.97	0.94	0.94	0.95	1.05	1.04	0.90	0.99	0.83	0.84
Quick ratio	0.84	0.95	0.76	0.75	0.75	0.75	0.84	0.80	0.72	0.78	0.64	0.67
Debt / equity	1.91	1.89	1.88	1.87	1.91	1.95	1.94	2.24	2.31	2.28	2.31	2.32
Equity / assets	23.4%	23.4%	23.0%	23.1%	22.9%	22.7%	22.6%	20.3%	20.1%	20.2%	19.9%	19.6%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.

PCG financial position

At the end of fiscal 2025 (December 31, 2025), PG&E had total assets of $141.6 billion (up 5.9% from a year earlier), total liabilities of $108.8 billion and shareholders' equity of $32.5 billion. It held $713.0 million in cash and short-term investments against $61.3 billion of debt, net debt of $60.6 billion. Its current ratio was 0.97. In the latest quarter (ended June 30, 2026) total assets were $145.1 billion and equity $33.9 billion.

Related: PCG income statement, PCG cash flow statement, PCG key metrics. See the PCG stock overview for the latest quote and news.

PCG balance sheet FAQ

What are PG&E's total assets?

PG&E reported total assets of $141.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $133.7 billion a year earlier.

How much debt does PG&E have?

PG&E had $61.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.88.

How much cash does PG&E have?

PG&E held $713.0 million in cash and short-term investments at the end of fiscal 2025; with $61.3 billion of debt that is net debt of $60.6 billion.

What is PG&E's book value?

PG&E's shareholders' equity (book value) was $32.5 billion at the end of fiscal 2025, or $14.78 per share.

What is PG&E's current ratio?

PG&E had current assets of $15.8 billion and current liabilities of $16.3 billion, a current ratio of 0.97 (current liabilities exceed current assets).