PCGPG&E Corporation

Utilities · Electric & Gas Utilities · NYSE

PG&E Corporation, incorporated in California in 1995, is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in Northern and Central California. 10-K, Item 1

Headquarters: Oakland, CA
CEO: Patricia K. Poppe
Next results: around Feb 11, 2027

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What the 10-K filed 2026-02-12 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-13.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

Pending cases, settlements and what the company has set aside for them.

“The plaintiffs filed master complaints on July 16, 2021; PG&E Corporation’s and the Utility’s response was filed on August 16, 2021; and PG&E Corporation and the Utility filed a demurrer with respect to the plaintiffs’ inverse condemnation claims.”
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“On July 20, 2022, PG&E Corporation and the Utility filed a motion for summary adjudication on individual plaintiffs’ claims for punitive damages.”
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“The plaintiffs seek damages that include wrongful death, property damage, economic loss, medical monitoring, punitive damages, exemplary damages, attorneys’ fees and other damages.”
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“PG&E Corporation’s and the Utility’s accrued estimated losses of $2.150 billion do not include, among other things: (i) any amounts for potential penalties or fines that may be imposed by courts or other governmental entities on PG&E Corporation or the Utility, (ii) any punitive damages, (iii) any amounts in respect of compensation claims by federal or state agencies other than Cal Fire, including for fire suppression costs and damages related to federal land, (iv) class action medical monitoring costs, or (v) any other amounts that are not reasonably estimable.”
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“The plaintiffs seek damages that include property damage, economic loss, punitive damages, exemplary damages, attorneys’ fees, and other damages.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“In addition, the Utility has approximately $53 million of liability insurance for the Humboldt Bay independent spent fuel storage installation and has a $500 million indemnification from the NRC for public liability arising from nuclear incidents for the Humboldt Bay independent spent fuel storage installation, covering liabilities in excess of the $53 million in liability insurance.”
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Debt covenants

1 new

Conditions in loan agreements that, if broken, can make debt due early.

New “One financial covenant requires that the ratio of total consolidated debt to total consolidated capitalization as of the end of each fiscal quarter be no more than 70% for PG&E Corporation and 65% for the Utility.”
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“The failure to comply with the financial covenants contained in these financing arrangements could result in an event of default and the acceleration of the loans under the financing arrangements.”
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“As of December 31, 2025, PG&E Corporation and the Utility remain in compliance with all financial covenants.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“Total purchase commitments $ 22,299 $ 8,812 $ 1,017 $ 472 $ 32,600”
Read it in the 10-K ↗

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on PCG in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/PCG/export.csv") into a cell.