PG&E Corp

For the period ended Jun 30, 2025. Filed Jul 31, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Jul 31, 2025

PCG$13.23+0.7%Stored close · as of Nov 10, 2026

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Contents

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)
	Six Months Ended June 30,
	2025	2024
Cash Flows from Operating Activities
Net income	$1,183	$1,259
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and decommissioning	2,170	2,075
Bad debt expense	241	135
Allowance for equity funds used during construction	(97)	(84)
Deferred income taxes and tax credits, net	472	485
Wildfire Fund expense	185	156
Other	(29)	(134)
Effect of changes in operating assets and liabilities:
Accounts receivable	(562)	(960)
Wildfire-related insurance receivable	(133)	196
Inventories	34	47
Accounts payable	188	419
Wildfire-related claims	(129)	(483)
Other current assets and liabilities	(76)	(692)
Regulatory assets, liabilities, and balancing accounts, net	750	734
Other noncurrent assets and liabilities	(292)	(181)
Net cash provided by operating activities	3,905	2,972
Cash Flows from Investing Activities
Capital expenditures	(5,700)	(4,936)
Proceeds from sales and maturities of nuclear decommissioning trust investments	779	1,044
Purchases of nuclear decommissioning trust investments	(809)	(1,082)
Proceeds from sales and maturities of customer credit trust investments	196	174
Purchases of customer credit investments	(693)	(435)
Proceeds from self-insurance investments	186	—
Purchases of self-insurance investments	(237)	—
Other	10	10
Net cash used in investing activities	(6,268)	(5,225)
Cash Flows from Financing Activities
Borrowings under credit facilities	515	5,528
Repayments under credit facilities	(325)	(4,827)
Repayments under term loan	—	(100)
Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $27 and $9 at respective dates	2,973	2,259
Repayments of long-term debt	(1,050)	(450)
Repayment of AB 1054 recovery bonds	(48)	(23)
Repayment of SB 901 recovery bonds	(67)	(64)
Common stock dividends paid	(110)	(43)
Mandatory convertible preferred stock dividends paid	(48)	—
Proceeds from DWR loan	—	600
Other	25	(7)

Net cash provided by financing activities	1,865	2,873
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents	(498)	620
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1	1,213	932
Cash, cash equivalents, restricted cash, and restricted cash equivalents at June 30	$715	$1,552
Less: Restricted cash and restricted cash equivalents	(221)	(237)
Cash and cash equivalents at June 30	$494	$1,315

Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amounts capitalized	$(1,282)	$(1,199)
Supplemental disclosures of noncash investing and financing activities
Capital expenditures financed through accounts payable	$1,009	$921
Operating lease liabilities arising from ROU assets	—	1
Financing lease liabilities arising from obtaining ROU assets	—	15
DWR loan forgiveness and performance-based disbursements	78	47
Common stock dividends declared but not yet paid	55	21
Mandatory convertible preferred stock dividends declared but not yet paid	24	—
Capital expenditures financed through current assets and non-current liabilities	592	—

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.