CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	Years Ended December 31,
(in millions, except per share amounts)	2024		2023		2022
Administrative service revenue	$	146	$	154	$	109
Operating expenses	(167)		(165)		(193)
Interest income	15		13		3
Interest expense	(270)		(365)		(261)
Other income (expense)	(17)		(21)		(201)
Equity in earnings of subsidiaries	2,697		2,530		2,154
Income Before Income Taxes	2,404		2,146		1,611
Income tax benefit	(94)		(96)		(132)
Net Income	$	2,498	$	2,242	$	1,743
Preferred stock dividend requirement	23		—		—
Income Available for Common Shareholders	$	2,475	$	2,242	$	1,743
Other Comprehensive Income (Loss)
Pension and other postretirement benefit plans obligations (net of taxes of $3, $6, and $8, at respective dates)	(7)		(16)		21
Net unrealized gain on available-for-sale securities (net of taxes of $0, $0, and $0, respectively)	1		—		—
Total other comprehensive income (loss)	(6)		(16)		21
Comprehensive Income	$	2,469	$	2,226	$	1,764
Weighted Average Common Shares Outstanding, Basic	2,141		2,064		2,235
Weighted Average Common Shares Outstanding, Diluted	2,147		2,138		2,380
Net Earnings Per Common Share, Basic	$	1.16	$	1.09	$	0.78
Net Earnings Per Common Share, Diluted	$	1.15	$	1.05	$	0.73

CONSOLIDATED BALANCE SHEETS


	Balance at December 31,
(in millions)	2024		2023
ASSETS
Current Assets
Cash and cash equivalents	$	235	$	192
Restricted cash and restricted cash equivalents	1		3
Advances to affiliates	13		24
Income taxes receivable	2		2
Other current assets	—		1
Total current assets	251		222
Other Noncurrent Assets
Investments in subsidiaries	42,829		36,804
Other investments	175		167
Deferred income taxes	633		539
Total other noncurrent assets	43,637		37,510
TOTAL ASSETS	$	43,888	$	37,732
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable – other	36		58
Income taxes payable	1		1
Other current liabilities	420		363
Total current liabilities	457		422
Noncurrent Liabilities
Long-term debt	5,612		4,599
Other noncurrent liabilities	141		141
Total noncurrent liabilities	5,753		4,740
Shareholders’ Equity
Mandatory convertible preferred stock	1,579		—
Common stock	39,086		37,906
Reinvested earnings	(2,966)		(5,322)
Accumulated other comprehensive loss	(21)		(14)
Total shareholders’ equity	37,678		32,570
TOTAL LIABILITIES AND EQUITY	$	43,888	$	37,732

(in millions)


	Year ended December 31,
	2024		2023		2022
Cash Flows from Operating Activities:
Net income	$	2,498	$	2,242	$	1,743
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation amortization	53		4		95
Equity in earnings of subsidiaries	(2,699)		(2,530)		(2,160)
Deferred income taxes and tax credits, net	(94)		(116)		(126)

Current income taxes payable	—		9		—
Other	9		40		339
Net cash used in operating activities	(233)		(351)		(109)
Cash Flows From Investing Activities:
Investment in subsidiaries	(5,360)		(1,290)		(994)
Dividends received from subsidiaries (1)	2,025		1,775		1,275
Net cash provided by (used in) investing activities	(3,335)		485		281
Cash Flows From Financing Activities:


Repayments under term loan credit facilities	(500)		(2,181)		—
Proceeds from issuance of convertible notes, net of discount and issuance costs of $0, $27, and $0 at respective dates	—		2,123		—
Repayment of long-term debt	—		—		(28)
Repayments of intercompany note from the Utility	—		—		(145)
Proceeds from issuance of long-term debt, net of premium and issuance costs of $4, $0, and $0 at respective dates	1,496		—		—
Common stock issued	1,128		—		—
Mandatory convertible preferred stock issued	1,579		—		—
Common stock dividend paid	(86)		—		—
Other	(8)		(6)		—
Net cash provided by (used in) financing activities	3,609		(64)		(173)
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents	41		70		(1)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1	195		125		126
Cash, cash equivalents, restricted cash, and restricted cash equivalents at December 31	$	236	$	195	$	125
Less: Restricted cash and restricted cash equivalents	(1)		(3)		—
Cash and cash equivalents at December 31	$	235	$	192	$	125

Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amounts capitalized	$	(215)	$	(309)	$	(233)

Supplemental disclosures of noncash investing and financing activities


Changes to PG&E Corporation common stock and treasury stock in connection with the share exchange with the Fire Victim Trust	$	—	$	(2,517)	$	(2,337)
Common stock dividends declared but not yet paid	55		21		—
Mandatory convertible preferred stock dividends declared but not yet paid	23		—		—