PACIFIC GAS & ELECTRIC Co

For the period ended Dec 31, 2025. Filed Feb 12, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 12, 2026

PCG$13.14+1.3%Stored close · as of Nov 9, 2026

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Contents

CONSOLIDATED BALANCE SHEETS

	Balance at
	December 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$353	$705
Restricted cash and restricted cash equivalents (includes $225 million and $263 million related to VIEs at respective dates)	258	272
Accounts receivable
Customers (net of allowance for doubtful accounts of $408 million and $418 million at respective dates) (includes $1.9 billion related to VIEs, net of allowance for doubtful accounts of $408 million and $418 million at respective dates)	2,267	2,220
Accrued unbilled revenue (includes $1.3 billion related to VIEs at respective dates)	1,463	1,487
Regulatory balancing accounts	6,300	7,227
Other (net of allowance for doubtful accounts of $69 million and $35 million at respective dates)	1,725	1,810
Regulatory assets	305	234
Inventories
Gas stored underground and fuel oil	75	52
Materials and supplies	745	768
Wildfire Fund asset	297	301
Wildfire self-insurance asset	1,043	905
Other	643	998
Total current assets	15,474	16,979
Property, Plant, and Equipment
Property, Plant, and Equipment	128,989	118,262
Construction work in progress	4,626	4,458
Financing lease ROU asset and other	2	814
Total property, plant, and equipment	133,617	123,534
Accumulated depreciation	(37,269)	(35,304)
Net property, plant, and equipment	96,348	88,230
Other Noncurrent Assets
Regulatory assets	15,981	15,561
Customer credit trust	804	377
Nuclear decommissioning trusts	4,230	3,833
Operating lease ROU asset	445	519
Wildfire Fund asset	3,728	4,070
Other (includes noncurrent accounts receivable of $67 million and $82 related to VIEs, net of noncurrent allowance for doubtful accounts of $15 million and $18 at respective dates)	4,073	3,697
Total other noncurrent assets	29,261	28,057
TOTAL ASSETS	$141,083	$133,266

	Balance at
	December 31, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Short-term borrowings	$2,675	$1,523
Long-term debt, classified as current (includes $221 million and $222 million related to VIEs at respective dates)	821	2,146
Accounts payable
Trade creditors	3,352	2,745
Regulatory balancing accounts	3,119	3,169
Other	844	729
Operating lease liabilities	90	85
Financing lease liabilities	—	577
Interest payable (includes $72 million and $91 million related to VIEs at respective dates)	673	667
Wildfire-related claims	524	916
Other	3,710	3,331
Total current liabilities	15,808	15,888
Noncurrent Liabilities
Long-term debt (includes $11.7 billion and $10.1 billion related to VIEs at respective dates)	51,766	47,958
Regulatory liabilities	20,188	19,417
Pension and other postretirement benefits	482	741
Asset retirement obligations	5,439	5,444
Deferred income taxes	4,732	3,632
Operating lease liabilities	355	434
Financing lease liabilities	2	4
Other	4,474	4,198
Total noncurrent liabilities	87,438	81,828
Shareholders’ Equity
Preferred stock	258	258
Common stock, $5 par value, authorized 800,000,000 shares; 800,000,000 shares outstanding at respective dates	1,322	1,322
Additional paid-in capital	37,505	35,930
Reinvested earnings	(1,225)	(1,940)
Accumulated other comprehensive loss	(23)	(20)
Total shareholders’ equity	37,837	35,550
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$141,083	$133,266

ContentsView on SEC.gov

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