Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 13

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part II, Item 7
Chunk 13
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 own tax advisors regarding the application of the ownership restrictions to their particular situation.

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As of the date of this report, it is more likely than not that PG&E Corporation has not undergone an ownership change, and consequently, its net operating loss carryforwards and other tax attributes are not limited by Section 382 of the IRC.

RESULTS OF OPERATIONS

The following discussion presents PG&E Corporation’s and the Utility’s operating results for the three and nine months ended September 30, 2025 and 2024.  See “Key Factors Affecting Financial Results” above for further discussion about factors that could affect future results of operations.

PG&E Corporation

The consolidated results of operations consist primarily of results related to the Utility, which are discussed in the “Utility” section below.  The following table provides a summary of income (loss) attributable to common shareholders for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,Nine Months Ended September 30,(in millions)2025202420252024Consolidated Total$823 $576 $1,951 $1,828 PG&E Corporation(87)(39)(259)(126)Utility$910 $615 $2,210 $1,954 

PG&E Corporation’s net loss primarily consists of interest expense on long-term debt.

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Utility

The table below shows certain items from the Utility’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024.  In general, expenses the Utility is authorized to pass through directly to customers (such as costs to purchase electricity and natural gas, as well as costs to fund public purpose programs) and the corresponding amount of revenues collected to recover those pass-through costs do not impact net income.

Three Months Ended September 30,Nine Months Ended September 30,(in millions)2025202420252024Operating RevenuesElectric$4,755 $4,538 $13,304 $13,048 Natural gas1,495 1,403 4,827 4,740 Total operating revenues6,250 5,941 18,131 17,788 Operating ExpensesCost of electricity1,015 835 2,013 1,919 Cost of natural gas131 89 738 822 Operating and maintenance2,636 2,678 8,128 8,062