PG&E Corporation (PCG) Cash Flow Statement
Where PCG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $8.72B +8.5% vs 2024
- Capital expenditures
- $11.79B 47.3% of revenue
- Free cash flow
- −$3.07B −12.3% margin
- Returned to shareholders
- $317.0M
- Change in cash
- −$241.0M cash at year-end $972.0M
Cash from operations
$8.72B
Capital expenditures
−$11.79B
Investments (net)
−$551.0M
Dividends
−$317.0M
Net borrowing (repayment)
+$3.76B
Other financing
−$87.0M
Change in cash
−$241.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PCG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PCG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.41B2016 | $8.72B2025 | +7.9%/yr | |
| Capital expenditures | $5.71B2016 | $11.79B2025 | +8.4%/yr | |
| Free cash flow | −$1.30B2016 | −$3.07B2025 | — | |
| Free cash flow margin | −7.4%2016 | −12.3%2025 | −5.0 pts | |
| Operating cash flow / net income | 3.132016 | 3.222025 | +0.09 | |
| Stock-based compensation | $108.0M2016 | $91.0M2023 | −2.4%/yr | |
| Dividends paid | $921.0M2016 | $317.0M2025 | −11.2%/yr | |
| Share buybacks (net) | $02016 | $02024 | — | |
| Capex / revenue | 32.3%2016 | 47.3%2025 | +15.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PCG cash flow by activity
OperatingInvestingFinancingChange in cash
PCG net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PCG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.70B | $2.51B | $2.26B | $1.81B | −$88.0M | −$1.30B | −$7.64B | −$6.84B | $1.66B | $1.41B |
| Depreciation & amortization | $4.99B | $4.57B | $4.30B | $4.33B | $3.92B | $3.88B | $3.23B | $3.04B | $2.85B | $2.75B |
| Stock-based compensation | — | — | $91.0M | $115.0M | $56.0M | $35.0M | $50.0M | $89.0M | $85.0M | $108.0M |
| Change in working capital | −$139.0M | −$614.0M | −$1.39B | −$2.46B | −$3.55B | −$24.54B | $11.36B | $10.93B | −$56.0M | −$1.56B |
| Other non-cash items | $1.17B | $1.56B | −$514.0M | −$76.0M | $1.92B | $2.80B | −$2.18B | −$2.46B | $1.43B | $1.70B |
| Cash from operating activities | $8.72B | $8.04B | $4.75B | $3.72B | $2.26B | −$19.13B | $4.82B | $4.75B | $5.98B | $4.41B |
| Investing activities | ||||||||||
| Capital expenditures | −$11.79B | −$10.37B | −$9.71B | −$9.58B | −$7.69B | −$7.69B | −$6.31B | −$6.51B | −$5.64B | −$5.71B |
| Investments (net) | −$551.0M | −$11.38B | −$8.61B | −$10.21B | −$24.0M | −$72.0M | −$6.38B | −$73.0M | −$32.0M | −$57.0M |
| Acquisitions & other investing | $22.0M | $10.37B | $9.16B | $9.58B | $808.0M | $14.0M | $6.31B | $23.0M | $23.0M | $240.0M |
| Cash from investing activities | −$12.32B | −$11.38B | −$9.16B | −$10.21B | −$6.91B | −$7.75B | −$6.38B | −$6.56B | −$5.65B | −$5.53B |
| Financing activities | ||||||||||
| Dividends paid | −$317.0M | −$86.0M | $0 | $0 | — | — | $0 | $0 | −$1.02B | −$921.0M |
| Share repurchases & issuance (net) | — | $2.71B | — | — | $0 | $1.30B | $85.0M | $200.0M | $3.46B | $1.48B |
| Net borrowing (repayment) | $3.76B | $1.06B | $4.42B | $10.13B | $3.99B | $18.79B | $1.50B | $2.85B | $678.0M | $1.31B |
| Shares issued | $0 | $2.71B | $0 | $0 | $4.10B | $12.99B | $85.0M | $200.0M | $0 | $0 |
| Other financing | −$87.0M | −$2.77B | −$17.0M | −$3.00B | −$3.77B | −$7.15B | −$206.0M | −$220.0M | −$3.17B | −$705.0M |
| Cash from financing activities | $3.36B | $3.62B | $4.40B | $7.13B | $4.32B | $25.93B | $1.46B | $3.03B | −$55.0M | $1.17B |
| Summary | ||||||||||
| Net change in cash | −$241.0M | $281.0M | −$15.0M | $640.0M | −$320.0M | −$950.0M | −$91.0M | $1.22B | $265.0M | −$173.0M |
| Cash at end of period | $972.0M | $1.21B | $932.0M | $947.0M | $307.0M | $627.0M | $1.58B | $1.67B | $449.0M | $184.0M |
| Free cash flow | −$3.07B | −$2.33B | −$4.97B | −$5.86B | −$5.43B | −$26.82B | −$1.50B | −$1.76B | $336.0M | −$1.30B |
| Free cash flow margin | −12.3% | −9.6% | −20.3% | −27.0% | −26.3% | −145.2% | −8.7% | −10.5% | 2.0% | −7.4% |
| Capex / revenue | 47.3% | 42.5% | 39.8% | 44.2% | 37.2% | 41.6% | 36.9% | 38.9% | 32.9% | 32.3% |
| Operating cash flow / net income | 3.22 | 3.20 | 2.10 | 2.05 | — | — | — | — | 3.60 | 3.13 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $761.0M | $885.0M | $670.0M | $850.0M | $549.0M | $634.0M | $674.0M | $579.0M | $524.0M | $735.0M | $923.0M | $351.0M |
| Depreciation & amortization | $1.19B | $1.17B | $1.33B | $1.22B | $1.18B | $1.17B | $1.14B | $1.20B | $1.13B | $1.10B | $967.0M | $1.03B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $91.0M | $259.0M |
| Change in working capital | −$1.42B | $9.0M | −$506.0M | $587.0M | −$1.08B | $865.0M | −$400.0M | $706.0M | −$1.18B | $257.0M | −$803.0M | $165.0M |
| Other non-cash items | $377.0M | $370.0M | $464.0M | $196.0M | $411.0M | $176.0M | $515.0M | $648.0M | $233.0M | $169.0M | −$701.0M | $5.0M |
| Cash from operating activities | $906.0M | $2.43B | $1.96B | $2.85B | $1.06B | $2.85B | $1.93B | $3.13B | $711.0M | $2.26B | $477.0M | $1.81B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.97B | −$3.36B | −$3.16B | −$2.93B | −$3.06B | −$2.63B | −$2.83B | −$2.60B | −$2.30B | −$2.64B | −$2.61B | −$2.42B |
| Investments (net) | $104.0M | $49.0M | $83.0M | −$2.98B | −$3.00B | −$3.26B | −$3.16B | −$2.99B | −$2.29B | −$2.93B | −$2.45B | −$2.29B |
| Acquisitions & other investing | $6.0M | $5.0M | $7.0M | $2.93B | $3.06B | $2.63B | $2.83B | $2.60B | $2.30B | $2.64B | $2.61B | $2.42B |
| Cash from investing activities | −$2.86B | −$3.30B | −$3.07B | −$2.98B | −$3.00B | −$3.26B | −$3.16B | −$2.99B | −$2.29B | −$2.93B | −$2.45B | −$2.29B |
| Financing activities | ||||||||||||
| Dividends paid | −$134.0M | −$110.0M | −$79.0M | −$80.0M | −$80.0M | −$78.0M | −$22.0M | −$21.0M | −$22.0M | −$21.0M | — | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | $2.71B | — | — | — | — | — |
| Net borrowing (repayment) | $1.80B | $1.56B | $1.60B | $161.0M | $287.0M | $1.71B | −$1.56B | −$307.0M | — | — | — | $378.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $450.0M | $0 | $0 | $0 | $440.0M | $0 | $0 |
| Other financing | $20.0M | −$62.0M | −$219.0M | $107.0M | $49.0M | −$474.0M | $79.0M | −$131.0M | $2.14B | $338.0M | $1.94B | $3.0M |
| Cash from financing activities | $1.68B | $1.39B | $1.31B | $188.0M | $256.0M | $1.61B | $1.21B | −$459.0M | $2.12B | $757.0M | $1.94B | $381.0M |
| Summary | ||||||||||||
| Net change in cash | −$269.0M | $518.0M | $200.0M | $57.0M | −$1.69B | $1.19B | −$17.0M | −$322.0M | $532.0M | $88.0M | −$30.0M | −$100.0M |
| Cash at end of period | $1.22B | $1.49B | $972.0M | $772.0M | $715.0M | $2.41B | $1.21B | $1.23B | $1.55B | $1.02B | $932.0M | $962.0M |
| Free cash flow | −$2.06B | −$926.0M | −$1.20B | −$80.0M | −$2.01B | $213.0M | −$896.0M | $526.0M | −$1.59B | −$377.0M | −$2.14B | −$611.0M |
| Free cash flow margin | −34.9% | −13.5% | −17.6% | −1.3% | −34.0% | 3.6% | −13.5% | 8.9% | −26.5% | −6.4% | −30.3% | −10.4% |
| Capex / revenue | 50.3% | 48.8% | 46.4% | 46.9% | 52.0% | 44.0% | 42.6% | 43.8% | 38.4% | 45.0% | 37.1% | 41.1% |
| Operating cash flow / net income | 1.19 | 2.75 | 2.93 | 3.35 | 1.93 | 4.49 | 2.87 | 5.41 | 1.36 | 3.08 | 0.52 | 5.16 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PCG cash generation
In fiscal 2025 (ended December 31, 2025), PG&E generated $8.7 billion of cash from operations (up 8.5%) and spent $11.8 billion on capital expenditures, leaving free cash flow of -$3.1 billion, −12.3% of revenue. It returned $317.0 million to shareholders through dividends ($317.0 million) and net share buybacks ($0). Cash and equivalents fell by $241.0 million over the year.
Related: PCG income statement, PCG balance sheet, PCG dividend history. See the PCG stock overview for the latest quote and news.
PCG cash flow FAQ
What is PG&E's free cash flow?
PG&E's free cash flow was -$3.1 billion in fiscal 2025: $8.7 billion of operating cash flow minus $11.8 billion of capital expenditures It was -$2.3 billion a year earlier..
How much cash does PG&E generate from operations?
PG&E generated $8.7 billion of cash from operating activities in fiscal 2025, 3.22 times its net income of $2.7 billion.
How much does PG&E spend on capital expenditures?
PG&E spent $11.8 billion on capital expenditures in fiscal 2025, 47.3% of revenue, compared with $10.4 billion the year before.
How much does PG&E pay in dividends?
PG&E paid $317.0 million in dividends in fiscal 2025.
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