PG&E Corp executive Carla J. Peterman, President and EVP Customer & Corporate Affairs, reported equity compensation activity in common stock. She acquired 124,924 shares at no cost through a grant/award under the PG&E Corporation 2021 Long-Term Incentive Plan for a performance cycle ending 12/31/2025. In a related tax-withholding disposition, 74,673 shares were forfeited at a reference price of $19.00 per share to satisfy tax obligations tied to vested performance share units and restricted stock units. After these transactions, she directly owned 201,367 common shares.
PG&E Corp executive vice president and chief people officer Alejandro T. Vallejo received a grant of 387.13 shares of phantom stock, an incentive tied to the company’s common stock. Each phantom share mirrors one common share in value and will be paid in cash after his service as an officer ends.
These phantom shares were acquired through deferred compensation and credits under PG&E’s executive retirement plans, bringing his directly held phantom stock balance to 30,552.6 shares.
PG&E Corporation’s utility subsidiary is raising long-term debt through new first mortgage bonds. On February 18, 2026, Pacific Gas and Electric Company entered an underwriting agreement to issue $400,000,000 of 6.100% First Mortgage Bonds due 2029, $1,000,000,000 of 5.200% First Mortgage Bonds due 2036, and $800,000,000 of 6.000% First Mortgage Bonds due 2056.
The 2029 bonds are an add-on to an existing series first issued on June 5, 2023, bringing total 2029 bonds outstanding to $1,250,000,000 after this offering. The utility completed the sale of all three bond series on February 20, 2026, with related underwriting and indenture documents filed as exhibits.
PG&E Corp executive John R. Simon reported indirect stock sales by the Simon Family Trust totaling 50,000 shares of common stock. The trust sold 45,607 shares on February 19, 2026 at $18.00 per share and 4,393 shares on February 18, 2026 at $18.01 per share in open‑market transactions.
These sales were made under a Rule 10b5‑1(c) trading plan adopted on November 3, 2025, meaning they were pre‑scheduled. After the latest sale, the Simon Family Trust held 392,303 shares. Separately, Simon’s accounts reflect 104,406.29 shares held directly and approximately 3,242.02 shares held through the PG&E Corporation Retirement Savings Plan as of February 17, 2026.
PG&E Corporation reported that it completed the sale of $1,000,000,000 aggregate principal amount of 6.850% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056. The notes were issued under an existing subordinated note indenture, as amended by a Second Supplemental Indenture with The Bank of New York Mellon Trust Company, N.A. as trustee.
The company also filed the underwriting agreement, the Second Supplemental Indenture (including the form of the notes), and related legal opinions and consents as exhibits, providing further legal and structural details of this long-dated subordinated financing.
PG&E Corp Chief Executive Officer Patricia K. Poppe, through the Patricia K. Poppe Revocable Living Trust, reported an open-market sale of 31,250 shares of common stock at a weighted average price of $17.90 per share. The sale was executed under a Rule 10b5-1(c) trading plan adopted on November 4, 2025. Following this transaction, the trust held 1,863,960 indirect shares, and Poppe also reported 216,921 shares held directly of PG&E Corp common stock.
PG&E Corporation is offering $1,000,000,000 aggregate principal amount of 6.850% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056. The Notes bear interest at 6.850% through the first reset on September 15, 2031, then at a Five‑year U.S. Treasury Rate plus a 3.225% spread (with a floor of 6.850%) and mature on September 15, 2056.
The Notes accrue interest from February 19, 2026, are payable semi‑annually, may be deferred by PG&E for Optional Deferral Periods of up to 20 semi‑annual periods, are unsecured and subordinated to PG&E Corporation’s Senior Indebtedness, and will not be listed. Net proceeds are expected to be $990,000,000 and used for general corporate purposes, including repayment of indebtedness.
PG&E Corporation is offering Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056 as a new unsecured, subordinated security. The notes pay a fixed interest rate from issuance to September 15, 2031, then reset every five years to the Five-year U.S. Treasury Rate plus a stated spread, with a floor at the initial rate.
PG&E may defer interest payments for up to 20 consecutive semi-annual periods, during which interest and deferred amounts continue to compound. The notes are junior to $5.65 billion of PG&E senior indebtedness and structurally subordinated to $43.35 billion of Utility debt and $252 million of Utility preferred stock as of December 31, 2025. Net proceeds will be used for general corporate purposes, including repayment of existing indebtedness.
In 2025 PG&E reported total operating revenues of $24,935 million and net income of $2,703 million, with total assets of $141,611 million and total equity of $32,792 million as of December 31, 2025.