PACIFIC GAS & ELECTRIC Co
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
PCG$13.23+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities | |||
| Net income | $2,703 | $2,512 | $2,256 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization, and decommissioning | 4,634 | 4,189 | 3,738 |
| Bad debt expense | 402 | 341 | 636 |
| Allowance for equity funds used during construction | (219) | (184) | (179) |
| Deferred income taxes and tax credits, net | 1,058 | 1,098 | (765) |
| Wildfire Fund expense | 352 | 383 | 568 |
| Other | (75) | 310 | (116) |
| Effect of changes in operating assets and liabilities: | |||
| Accounts receivable | (61) | (1,061) | (369) |
| Wildfire-related insurance receivable | (167) | 318 | 358 |
| Inventories | — | 45 | (28) |
| Accounts payable | 176 | 30 | (90) |
| Wildfire-related claims | (392) | (506) | (489) |
| Other current assets and liabilities | 563 | (231) | 397 |
| Regulatory assets, liabilities, and balancing accounts, net | 173 | 1,545 | (429) |
| Contributions to Wildfire Fund | (193) | (193) | (193) |
| Other noncurrent assets and liabilities | (238) | (561) | (548) |
| Net cash provided by operating activities | 8,716 | 8,035 | 4,747 |
| Cash Flows from Investing Activities | |||
| Capital expenditures | (11,787) | (10,369) | (9,714) |
| Proceeds from sales and maturities of nuclear decommissioning trust investments | 1,952 | 1,980 | 2,235 |
| Purchases of nuclear decommissioning trust investments | (1,993) | (2,002) | (2,252) |
| Proceeds from sales and maturities of customer credit trust investments | 435 | 398 | 556 |
| Purchases of customer credit trust investments | (742) | (519) | — |
| Proceeds from sales and maturities of self-insurance investments | 1,181 | — | — |
| Purchases of self-insurance investments | (1,384) | (898) | — |
| Other | 22 | 35 | 13 |
| Net cash used in investing activities | (12,316) | (11,375) | (9,162) |
| Cash Flows from Financing Activities | |||
| Borrowings under credit facilities | 4,790 | 6,873 | 10,675 |
| Repayments under credit facilities | (1,465) | (10,122) | (10,540) |
| Borrowings under term loan | 575 | — | 2,100 |
| Repayments under term loan | — | (2,600) | (2,181) |
| Short-term debt financing, net of issuance costs of $0, $1, and $0 at respective dates | — | 999 | — |
| Short-term debt matured | (1,000) | — | — |
| Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $38, $5, and $67 at respective dates | 4,962 | 4,495 | 5,483 |
| Repayment of long-term debt | (3,876) | (800) | (3,075) |
| Proceeds from issuance of AB 1054 recovery bonds, net of financing fees of $0, $10 and $0 at respective dates | — | 1,409 | — |
|---|---|---|---|
| Repayment of AB 1054 recovery bonds | (88) | (46) | (38) |
| Repayment of SB 901 recovery bonds | (135) | (129) | (130) |
| Proceeds from DWR loan | — | 980 | — |
| Proceeds from issuance of convertible notes, net of discount and issuance costs of $0, $0, and $27 at respective dates | — | — | 2,123 |
| Common stock issued | — | 1,128 | — |
| Mandatory convertible preferred stock issued | — | 1,579 | — |
| Common stock dividends paid | (220) | (86) | — |
| Mandatory convertible preferred stock dividends paid | (97) | — | — |
| Other | (87) | (59) | (17) |
| Net cash provided by financing activities | 3,359 | 3,621 | 4,400 |
| Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | (241) | 281 | (15) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1 | 1,213 | 932 | 947 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at December 31 | $972 | $1,213 | $932 |
| Less: Restricted cash and restricted cash equivalents | (259) | (273) | (297) |
| Cash and cash equivalents at December 31 | $713 | $940 | $635 |
| Supplemental disclosures of cash flow information | |||
|---|---|---|---|
| Cash paid for: | |||
| Interest, net of amounts capitalized | $(2,665) | $(2,421) | $(2,286) |
| Supplemental disclosures of noncash investing and financing activities | |||
| Capital expenditures financed through accounts payable | $1,859 | $1,144 | $1,105 |
| Operating lease liabilities arising from obtaining ROU assets | — | 6 | 269 |
| Financing lease liabilities arising from obtaining ROU assets | — | 43 | 52 |
| Reclassification of operating lease liabilities to financing lease liabilities | — | — | 913 |
| DWR loan forgiveness and performance-based disbursements | 148 | 192 | 214 |
| Changes to PG&E Corporation common stock and treasury stock in connection with share exchanges with the Fire Victim Trust | — | — | (2,517) |
| Common stock dividends declared but not yet paid | 111 | 55 | 21 |
| Mandatory convertible preferred stock dividends declared but not yet paid | 23 | 23 | — |
| Capital expenditures financed through current assets and non-current liabilities | 592 | — | — |
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