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PCGPG&E Corporation

Utilities · Electric & Gas Utilities · NYSE
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The 10-K against last year's

272 changes: 53 added, 105 removed, 109 reworded, 5 quiet changes

10-K Feb 12, 2026 vs Feb 13, 2025
Risk FactorsRedline ↓
18.2%
of the text changed · 10,500 words now
38.2%
of the text changed · 13,406 words now
Legal ProceedingsRedline ↓
7.4%
of the text changed · 375 words now
Accounting PoliciesRedline ↓
22.4%
of the text changed · 6,900 words now

10-K 0001004980-26-000009 (2026-02-12) vs 10-K 0001004980-25-000010 (2025-02-13)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 297 words changed in this paragraph; it is 37% similar to last year's version.
AB 1054 did not specify a period of coverage; therefore, this accounting treatment is subject to significant accounting judgments and estimates. In estimating the period longevity of coverage, the fund, PG&E Corporation and the Utility use a dataset with historical, publicly available fire-loss data caused by electrical equipment to create Monte Carlo simulations of expected loss. The simulation that began with 12 years of historical, publicly available fire-loss data from wildfires caused by electrical equipment, data, and subsequently plan to PG&E Corporation and the Utility add an additional year of data each following subsequent year. The period In addition to historical data, significant assumptions also include the estimated amount of historic Wildfire Fund claim payments, the number of years of fire-loss data data, estimated costs of wildfire settlement claims from other participating utilities, CPUC’s determinations of whether costs were just and reasonable in cases of electric utility-caused wildfires and the effectiveness amounts required to be reimbursed to the Wildfire Fund, and the effects of mitigation efforts by climate change. Due to the California electric utility companies are significant assumptions used judgment required to estimate the useful life. These assumptions along with life of the other assumptions below create Wildfire Fund, there is a high degree of uncertainty related for many of these assumptions, and so subsequent changes to the available information could materially impact the remaining estimated useful life of the Wildfire Fund. The simulation creates annual distributions fund. Based upon the outcome of potential losses due newly run Monte Carlo simulations when known information becomes available, PG&E Corporation and the Utility may determine to fires that could be attributed to increase or decrease, as applicable, the participating electric utilities. Initial use estimated life of five years of historical data, with average annual statewide claims or settlements of approximately $6.5 billion versus 12 years of historical data, with average annual statewide claims or settlements of approximately $2.9 billion, would have the fund. For instance, in 2024, a re-evaluation in the estimate resulted in a six year amortization period. As of December 31, 2024, a 5% change the Wildfire Fund life increasing from 15 to the assumption around current and future mitigation effort effectiveness would increase the amortization period by five years assuming greater effectiveness and would decrease the amortization period by five years assuming less effectiveness. 20 years.

Source: Item 7, 10-K 0001004980-26-000009 vs Item 7, 10-K 0001004980-25-000010

Risk Factors 184 words changed in this paragraph; it is 40% similar to last year's version.
The Utility’s electricity and natural gas systems rely on a complex, interconnected network of generation, transmission, distribution, control, and communication technologies, which can be damaged by natural events such as severe weather or seismic events and by malicious events, such as physical and cyber attacks. Nationally, there has been an increase in physical attacks on substations. Physical attacks targeting the Utility’s physical assets or personnel could cause damage, disrupt operations, or cause injuries. Cyber attacks targeting utility systems are significant and are continuing to increase in sophistication, magnitude, and frequency. Any failure, interruption, or decrease in the functionality of the Utility’s operational networks could cause harm to the public or employees, significantly disrupt operations, negatively impact the Utility’s ability to safely generate, transport, deliver and store energy and gas or otherwise operate in a safe and efficient manner or at all, and damage the Utility’s assets or operations or those of third parties. parties, increase costs, and impact the Utility’s ability to track or collect revenues and to maintain effective internal controls over financial reporting. Such events could subject the Utility to significant expenses, claims by customers or third parties, government inquiries, penalties for violation of applicable privacy laws, investigations, lawsuits, and regulatory actions and could result in material fines, penalties, loss of customers, and harm to PG&E Corporation’s and the Utility’s reputation, any of which could have a material effect on PG&E Corporation’s and the Utility’s business strategy, financial condition, or results of operations.

Source: Item 1A, 10-K 0001004980-26-000009 vs Item 1A, 10-K 0001004980-25-000010

Accounting Policies 181 words changed in this paragraph; it is 30% similar to last year's version.
In November 2024, September 2025, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606), which amends amended the existing guidance to require disclosure, (a) reduce the cost and complexity of evaluating whether contracts with features based on the operations or activities of one of the parties to the contract are derivatives, (b) better portray the economics of those contracts in the notes to the financial statements, and (c) reduce diversity in practice resulting from the broad application of specified information about certain costs the current guidance and expenses. This ASU will become effective changing business environment. The amendments also are expected to reduce diversity in practice by clarifying the applicability of Topic 606, Revenue from Contracts with Customers, to share-based noncash consideration from a customer for the transfer of goods or services. PG&E Corporation and the Utility for fiscal years beginning after early adopted the ASU as of December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early 31, 2025. The adoption permitted. of this ASU did not have a significant impact on PG&E Corporation and the Utility are currently evaluating the impact the guidance will have on their Utility’s Consolidated Financial Statements and related disclosures.

Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001004980-26-000009 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001004980-25-000010

Legal Proceedings 51 words changed in this paragraph; it is 43% similar to last year's version.
Each SEC rules require disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the company reasonably believes will exceed a specified threshold. Consistent with SEC rules, each of PG&E Corporation and the Utility has elected to use $1 million as the quantitative threshold for disclosure of environmental proceedings described in Item 103(c)(3)(iii) of Regulation S-K. such proceedings.

Source: Item 3, 10-K 0001004980-26-000009 vs Item 3, 10-K 0001004980-25-000010

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of PCG's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-13. Each links to the text at sec.gov.

RemovedRisk Factors
The following is a summary of the principal risks that could adversely affect our business, operations, and financial results. These risks are discussed more fully below.

Read it in 10-K 2025-02-13 at sec.gov ↗

Show the other 16
RemovedRisk Factors
There have been numerous other wildfires in the Utility’s service area, of which the Utility has not been alleged or determined to be a cause. The Utility could be alleged or determined to be a cause of one or more of these wildfires.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
In addition, on a risk-informed basis, the Utility is making efforts to reduce the frequency and impacts of PSPS. The Utility may be subject to mandated changes to, or restrictions on, its operational practices, regulatory fines and penalties, claims for damages, and reputational harm if the Utility does not execute PSPS in compliance with applicable rules and regulations. The Utility establishes the criteria under which it implements PSPS in its territory. To the extent the Utility’s criteria for implementing PSPS are not sufficient to mitigate the risk of wildfires, the Utility does not fully implement PSPS when criteria are met due to other overriding conditions or the Utility’s regulators mandate changes to, or restrictions on, its criteria or other operational PSPS practices, the Utility will face a higher likelihood of catastrophic wildfires in its territory during high-risk weather conditions.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
The Utility is subject to a number of legal and regulatory requirements related to its wildfire mitigation efforts, which require periodic inspections of electric assets and ongoing reporting related to this work. Although the Utility believes that it has complied substantially with these requirements, it continually reviews and has identified instances of noncompliance. The Utility intends to update the CPUC and the OEIS as its review progresses. The Utility could face fines, penalties, enforcement action, or other adverse legal or regulatory consequences for noncompliance related to wildfire mitigation efforts.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
As of December 31, 2024, the Utility has recorded insurance receivables of $430 million for the 2019 Kincade fire, $527 million for the 2021 Dixie fire, and $90 million for the 2022 Mosquito fire. Recorded liabilities in connection with the 2019 Kincade fire and the 2021 Dixie fire have exceeded potential amounts recoverable under applicable insurance policies.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•a decrease of approximately $230 million in revenues to recover costs associated with a lower allowance for doubtful accounts from residential customers in 2024. (See Note 3 of the Notes to the Consolidated Financial Statements in Item 8).

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•a decrease of approximately $230 million in costs associated with a lower allowance for doubtful accounts from residential customers in 2024. (See Note 3 of the Notes to the Consolidated Financial Statements in Item 8);

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
•the write-off of approximately $60 million of costs as a result of the CPUC’s final decision denying the Pacific Generation application in 2024; and

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
The Utility’s SB 901 securitization charges, net decreased by $1.23 billion, or 97%, in 2024 compared to 2023. These decreases were due to the recognition of $1.27 billion in net SB 901 securitization charges, primarily representing the amounts that are refundable to ratepayers as a result of tax benefits realized within income tax expense related to the Fire Victim Trust’s sale of PG&E Corporation common stock in 2023, with no comparable activity in 2024. For more information, see Note 5 of the Notes to the Consolidated Financial Statements in Item 8 below.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
Costs related to wildfires increased by $30 million, or 47%, in 2024 compared to 2023. The Utility recognized pre-tax charges of $425 million related to the 2021 Dixie fire offset by probable recoveries through the Wildfire Fund and WEMA and $100 million related to the 2019 Kincade fire in 2023. The Utility recognized pre-tax charges of $325 million related to the 2021 Dixie fire offset by probable recoveries through the Wildfire Fund and $100 million related to the 2019 Kincade fire in 2024. Additionally, in 2024, probable WEMA recoveries increased by approximately $30 million due to a reclassification between WEMA and FERC recoveries, which are recorded as a reduction to regulatory liabilities and are not captured in Wildfire-related claims.

Read it in 10-K 2025-02-13 at sec.gov ↗

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