Here are the 10-K annual reports from PG&E Corporation (PCG) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PCG and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PCG filings page.
PG&E Corporation and its utility subsidiary reported 2025 operating revenues of $18.3 billion, up from $17.8 billion in 2024 and $17.4 billion in 2023. The business remains a highly regulated electric and gas utility serving Northern and Central California.
Management frames strategy around a “triple bottom line” of people, planet, and prosperity, emphasizing safety, climate goals, and affordability. In 2025, capital expenditures were $13.4 billion, with annual utility capex forecast between $12.4 billion and $16.3 billion from 2026 to 2030, heavily focused on wildfire mitigation and grid upgrades.
Wildfire exposure and regulation are central risks. The company relies on California’s Wildfire Fund and extensive mitigation programs, including undergrounding, system hardening, vegetation management, and Public Safety Power Shutoffs. About 71% of 2025 delivered electricity came from GHG‑free sources, and PG&E has contracted more than 3 GW of battery storage to support reliability and decarbonization.