{"url_path":"/sec/pcg-px/10-k/2026/item-16","section_key":"item-16","section_title":"Item 16 FORM 10-K SUMMARY","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-02-12","source_url":"https://www.sec.gov/Archives/edgar/data/1004980/0001004980-26-000009-index.html","accession_number":"0001004980-26-000009","cik":"0001004980","ticker":"PCG","issuer_name":"PG&E Corp","edgar_url":"https://www.sec.gov/Archives/edgar/data/1004980/0001004980-26-000009-index.html","primary_entity_key":"0001004980","primary_entity_name":"PG&E Corp"},"word_count":1287,"has_tables":true,"body_markdown":"ITEM 16. FORM 10-K SUMMARY\n\nNone.\n\nSIGNATURES\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrants have duly caused this Annual Report on Form 10-K for the year ended December 31, 2025 to be signed on their behalf by the undersigned, thereunto duly authorized.\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrants and in the capacities and on the dates indicated.\n\nPG&E CORPORATIONPACIFIC GAS AND ELECTRIC COMPANY\n\n(Registrant)(Registrant)\n\n/s/ PATRICIA K. POPPE/s/ SUMEET SINGH\n\nPatricia K. PoppeSumeet Singh\n\nBy:Chief Executive OfficerBy:Chief Executive Officer, Pacific Gas and Electric Company, and Executive Vice President, Energy Delivery\n\nDate:February 11, 2026Date:February 11, 2026\n\nSignatureTitleDate\n\nA.  Principal Executive Officers\n\n/s/ PATRICIA K. POPPEChief Executive OfficerFebruary 11, 2026\n\n  Patricia K. Poppe(PG&E Corporation)\n\n/s/ SUMEET SINGHChief Executive Officer, Pacific Gas and Electric Company, and Executive Vice President, Energy DeliveryFebruary 11, 2026\n\n  Sumeet Singh(Pacific Gas and Electric Company)\n\nB. Principal Financial Officers\n\n/s/ CAROLYN J. BURKEExecutive Vice President and Chief Financial OfficerFebruary 11, 2026\n\nCarolyn J. Burke(PG&E Corporation)\n\n/s/ STEPHANIE N. WILLIAMSVice President and Controller (PG&E Corporation)February 11, 2026\n\n  Stephanie N. WilliamsVice President, Chief Financial Officer, and Controller (Pacific Gas and Electric Company)\n\nC. Principal Accounting Officer\n\n/s/ STEPHANIE N. WILLIAMSVice President and Controller (PG&E Corporation)February 11, 2026\n\nStephanie N. WilliamsVice President, Chief Financial Officer, and Controller (Pacific Gas and Electric Company)\n\n171\n\nD.  Directors (PG&E Corporation and Pacific Gas and Electric Company, unless otherwise noted)\n\n*/s/ RAJAT BAHRIDirectorFebruary 11, 2026\n\n  Rajat Bahri\n\n*/s/ CHERYL F. CAMPBELLDirectorFebruary 11, 2026\n\n  Cheryl F. Campbell\nChair of the Board (Pacific Gas and Electric Company)\n\n*/s/ EDWARD G. CANNIZZARODirectorFebruary 11, 2026\n\n  Edward G. Cannizzaro\n\n*/s/ KERRY W. COOPERDirectorFebruary 11, 2026\n\n  Kerry W. Cooper\nChair of the Board (PG&E Corporation)\n\n*/s/ LEO P. DENAULTDirectorFebruary 11, 2026\n\nLeo P. Denault\n\n*/s/ JESSICA L. DENECOURDirectorFebruary 11, 2026\n\n  Jessica L. Denecour\n\n*/s/ MARK E. FERGUSON IIIDirectorFebruary 11, 2026\n\n  Mark E. Ferguson III\n\n*/s/ W. CRAIG FUGATEDirectorFebruary 11, 2026\n\n  W. Craig Fugate\n\n*\n/s/ ARNO L. HARRIS\nDirectorFebruary 11, 2026\n\n  Arno L. Harris\n\n*/s/ CARLOS M. HERNANDEZDirectorFebruary 11, 2026\n\n  Carlos M. Hernandez\n\n*/s/ JOHN O. LARSENDirectorFebruary 11, 2026\n\n  John O. Larsen\n\n*/s/ PATRICIA K. POPPEDirectorFebruary 11, 2026\n\n  Patricia K. Poppe\n\n*/s/ WILLIAM L. SMITHDirectorFebruary 11, 2026\n\n  William L. Smith\n\n172\n\n*\n/s/ BENJAMIN F. WILSON\n\nDirector\nFebruary 11, 2026\n\n  Benjamin F. Wilson\n\n*/s/ SUMEET SINGH\nDirector (Pacific Gas and Electric Company)\nFebruary 11, 2026\n\n  Sumeet Singh\n\n*By:/s/ JOHN R. SIMONFebruary 11, 2026\n\nJohn R. Simon, Attorney-in-Fact\n\n173\n\nPG&E CORPORATION\n\nSCHEDULE I — CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”)\n\nCONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME\n\n Years Ended December 31,\n\n(in millions, except per share amounts)202520242023\n\nAdministrative service revenue$194 $146 $154 \n\nOperating expenses(207)(167)(165)\n\nInterest income11 15 13 \n\nInterest expense(315)(270)(365)\n\nOther expense(145)(17)(21)\n\nEquity in earnings of subsidiaries3,065 2,697 2,530 \n\nIncome Before Income Taxes2,603 2,404 2,146 \n\nIncome tax benefit(86)(94)(96)\n\nNet Income$2,689 $2,498 $2,242 \n\nPreferred stock dividend requirement96 23 — \n\nIncome Available for Common Shareholders$2,593 $2,475 $2,242 \n\nOther Comprehensive Income (Loss)   \n\nPension and other postretirement benefit plans obligations (net of taxes of $0, $3, and $6, at respective dates)\n(3)(7)(16)\n\nNet unrealized gain on available-for-sale securities (net of taxes of $0, $0, and $0, respectively)\n— 1 — \n\nTotal other comprehensive income (loss)(3)(6)(16)\n\nComprehensive Income$2,590 $2,469 $2,226 \n\nWeighted Average Common Shares Outstanding, Basic\n2,197 2,141 2,064 \n\nWeighted Average Common Shares Outstanding, Diluted\n2,202 2,147 2,138 \n\nNet Earnings Per Common Share, Basic$1.18 $1.16 $1.09 \n\nNet Earnings Per Common Share, Diluted$1.18 $1.15 $1.05 \n\n174\n\nPG&E CORPORATION\n\nSCHEDULE I — CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)\n\nCONSOLIDATED BALANCE SHEETS\n\n Balance at December 31,\n\n(in millions)20252024\n\nASSETS  \n\nCurrent Assets  \n\nCash and cash equivalents$360 $235 \n\nRestricted cash and restricted cash equivalents1 1 \n\nAdvances to affiliates54 13 \n\nIncome taxes receivable39 2 \n\nTotal current assets454 251 \n\nOther Noncurrent Assets  \n\nInvestments in subsidiaries45,110 42,829 \n\nOther investments182 175 \n\nDeferred income taxes682 633 \n\nTotal other noncurrent assets45,974 43,637 \n\nTOTAL ASSETS$46,428 $43,888 \n\nLIABILITIES AND EQUITY  \n\nCurrent Liabilities  \n\nAccounts payable – other146 36 \n\nIncome taxes payable— 1 \n\nOther current liabilities444 420 \n\nTotal current liabilities590 457 \n\nNoncurrent Liabilities  \n\nLong-term debt5,622 5,612 \n\nOther noncurrent liabilities151 141 \n\nTotal noncurrent liabilities5,773 5,753 \n\nShareholders’ Equity  \n\nMandatory convertible preferred stock1,579 1,579 \n\nCommon stock39,168 39,086 \n\nReinvested earnings(650)(2,966)\n\nAccumulated other comprehensive loss(32)(21)\n\nTotal shareholders’ equity40,065 37,678 \n\nTOTAL LIABILITIES AND EQUITY$46,428 $43,888 \n\n175\n\nPG&E CORPORATION\n\nSCHEDULE I – CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n(in millions)\n\n Year ended December 31,\n\n 202520242023\n\nCash Flows from Operating Activities:   \n\nNet income $2,689 $2,498 $2,242 \n\nAdjustments to reconcile net income to net cash provided by operating activities:   \n\nStock-based compensation amortization82 53 4 \n\nEquity in earnings of subsidiaries(3,065)(2,699)(2,530)\n\nDeferred income taxes and tax credits, net(49)(94)(116)\n\nCurrent income taxes payable(33)— 9 \n\nOther55 9 40 \n\nNet cash used in operating activities\n(321)(233)(351)\n\nCash Flows From Investing Activities:   \n\nInvestment in subsidiaries(1,575)(5,360)(1,290)\n\nDividends received from subsidiaries (1)\n2,350 2,025 1,775 \n\nNet cash provided by (used in) investing activities\n775 (3,335)485 \n\nCash Flows From Financing Activities:   \n\nRepayments under term loan credit facilities— (500)(2,181)\n\nProceeds from issuance of convertible notes, net of discount and issuance costs of $0, $0, and $27 at respective dates\n— — 2,123 \n\nProceeds from issuance of long-term debt, net of premium and\n\n   issuance costs of $0, $4, and $0 at respective dates\n— 1,496 — \n\nCommon stock issued— 1,128 — \n\nMandatory convertible preferred stock issued— 1,579 — \n\nMandatory convertible preferred stock dividends paid(97)— — \n\nCommon stock dividend paid(220)(86)— \n\nOther(12)(8)(6)\n\nNet cash provided by (used in) financing activities(329)3,609 (64)\n\nNet change in cash, cash equivalents, restricted cash, and restricted cash equivalents125 41 70 \n\nCash, cash equivalents, restricted cash, and restricted cash equivalents at January 1236 195 125 \n\nCash, cash equivalents, restricted cash, and restricted cash equivalents at December 31$361 $236 $195 \n\nLess: Restricted cash and restricted cash equivalents(1)(1)(3)\n\nCash and cash equivalents at December 31$360 $235 $192 \n\nSupplemental disclosures of cash flow information   \n\nCash paid for:   \n\nInterest, net of amounts capitalized$(306)$(215)$(309)\n\nSupplemental disclosures of noncash investing and financing activities\n\nChanges to PG&E Corporation common stock and treasury stock in connection\n    with the share exchange with the Fire Victim Trust$— $— $(2,517)\n\nCommon stock dividends declared but not yet paid111 55 21 \n\nMandatory convertible preferred stock dividends declared but not yet paid23 23 — \n\n(1) Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries as an investing cash flow.\n\n176\n\nPG&E CORPORATION\n\nSCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS\n\nFor the Years Ended December 31, 2025, 2024, and 2023\n\n(in millions) Additions  \n\nDescriptionBalance at Beginning of Period\nCharged to Costs and Expenses\nCharged to Other Accounts\nDeductions (2)\nBalance at End of Period\n\nValuation and qualifying accounts deducted from assets:     \n\n2025:     \n\n      Allowance for uncollectible accounts (1)\n$418 $362 $— $372 $408 \n\n2024: \n\n      Allowance for uncollectible accounts (1)\n$445 $312 $— $339 $418 \n\n2023: \n\n      Allowance for uncollectible accounts (1)\n$166 $624 $— $345 $445 \n\n(1) Allowance for uncollectible accounts is deducted from “Accounts receivable - Customers.”\n\n(2) Deductions consist principally of write-offs, net of collections of receivables previously written off.\n\n177\n\nPACIFIC GAS AND ELECTRIC COMPANY\n\nSCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS\n\nFor the Years Ended December 31, 2025, 2024, and 2023\n\n(in millions) Additions  \n\nDescriptionBalance at Beginning of PeriodCharged to Costs and Expenses\nCharged to Other Accounts\n\nDeductions (2)\nBalance at End of Period\n\nValuation and qualifying accounts deducted from assets:     \n\n2025:     \n\n      Allowance for uncollectible accounts (1)\n$418 $362 $— $372 $408 \n\n2024:\n\n      Allowance for uncollectible accounts (1)\n$445 $312 $— $339 $418 \n\n2023:\n\n      Allowance for uncollectible accounts (1)\n$166 $624 $— $345 $445 \n\n(1) Allowance for uncollectible accounts is deducted from “Accounts receivable - Customers.”\n\n(2) Deductions consist principally of write-offs, net of collections of receivables previously written off.\n\n178"}