Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 148

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1A
Chunk 148
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Risk Factors” and Note 15 of the Notes to the Consolidated Financial Statements in Item 8 of the 2024 Form 10-K.

RISK MANAGEMENT ACTIVITIES

There have been no material changes to the Utility’s or PG&E Corporation’s risk management activities previously disclosed in the 2024 Form 10-K.

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to the Utility’s or PG&E Corporation’s critical accounting policies, as previously disclosed in Item 7 of the 2024 Form 10-K.

ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED

See Note 2 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1.

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ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

PG&E CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share amounts)(Unaudited) Three Months Ended June 30,Six Months Ended June 30, 2025202420252024Operating Revenues  Electric$4,414 $4,458 $8,549 $8,510 Natural gas1,484 1,528 3,332 3,337 Total operating revenues5,898 5,986 11,881 11,847 Operating Expenses  Cost of electricity599 763 998 1,084 Cost of natural gas111 204 607 733 Operating and maintenance2,860 2,757 5,506 5,393 Wildfire-related claims, net of recoveries50 (3)99 (4)Wildfire Fund expense109 78 185 156 Depreciation, amortization, and decommissioning1,073 1,053 2,170 2,075 Total operating expenses4,802 4,852 9,565 9,437 Operating Income1,096 1,134 2,316 2,410 Interest income181 202 298 339 Interest expense(792)(812)(1,526)(1,527)Other income, net84 82 154 158 Income Before Income Taxes569 606 1,242 1,380 Income tax provision20 82 59 121 Net Income549 524 1,183 1,259 Preferred stock dividend requirement28 4 55