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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 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 0 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 investments (742) (519) 0
Proceeds from self-insurance investments 1,181 0 0
Purchases of self-insurance investments (1,384) (898) 0
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 0 2,100
Repayments under term loan 0 (2,600) (2,181)
Short-term debt financing, net of issuance costs of $0, $1, and $0 at respective dates 0 999 0
Short-term debt matured (1,000) 0 0
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
Repayments 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 0 1,409 0
Proceeds from DWR loan 0 980 0
Proceeds from issuance of convertible notes, net of discount and issuance costs of $0, $0, and $27 at respective dates 0 0 2,123
Common stock issued 0 1,128 0
Preferred stock dividends paid (97) 0 0
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      
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 0 6 269
Financing lease liabilities arising from obtaining ROU assets 0 43 52
Reclassification of operating lease liabilities to financing lease liabilities 0 0 913
DWR loan forgiveness and performance-based disbursements 148 192 214
Changes to PG&E Corporation common stock and treasury stock in connection with the share exchange with the Fire Victim Trust 0 0 (2,517)
Capital expenditures financed through current assets and non-current liabilities 592 0 0
Common Stock      
Cash Flows from Financing Activities      
Mandatory convertible preferred stock dividends paid (220) (86) 0
Supplemental disclosures of noncash investing and financing activities      
Dividends declared but not yet paid 111 55 21
Mandatory convertible preferred stock      
Cash Flows from Financing Activities      
Mandatory convertible preferred stock issued 0 1,579 0
Supplemental disclosures of noncash investing and financing activities      
Dividends declared but not yet paid 23 23 0
AB 1054 Recovery Bonds      
Cash Flows from Financing Activities      
Repayments of recovery bonds (88) (46) (38)
SB 901 Recovery Bonds      
Cash Flows from Financing Activities      
Repayments of recovery bonds $ (135) $ (129) $ (130)