# PG&E (PCG) Forecast Calculator

Interactive five-year financial forecast and DCF for PG&E. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/pg-e/forecast
- Industry: Utilities
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 17129000000 | -1497000000 | -10094000000 | -7642000000 |
| 2022 | 18469000000 | -26820000000 | 1755000000 | -1304000000 |
| 2023 | 20642000000 | -5427000000 | 1883000000 | -88000000 |
| 2024 | 21680000000 | -5863000000 | 1837000000 | 1814000000 |
| 2025 | 24428000000 | -4967000000 | 2671000000 | 2256000000 |

## Frequently asked questions

### What is PG&E Corporation's primary business model?

PG&E Corporation operates as a regulated public utility, primarily serving Northern and Central California. Its business model is asset-heavy, focusing on generating, transmitting, and distributing electricity and natural gas. Earnings are driven by authorized returns on capital investments (rate base) rather than volumetric sales, due to regulatory decoupling.

### How does PG&E Corporation generate its revenue?

PG&E's revenue is primarily derived from its Electric and Natural Gas business segments, serving millions of customers in Northern and Central California. As a regulated monopoly, its earnings are driven by returns on its capital investments, known as the rate base, as authorized by regulatory bodies like the CPUC and FERC.

### What is PG&E's capital expenditure strategy?

PG&E has an extremely high capital expenditure profile, with capex typically representing 60-75% of revenues. The company has a massive $73 billion capital plan for 2026-2030, primarily focused on system undergrounding, grid hardening, and capacity expansion for EV charging and data center load growth.

### What are the key financial assumptions for PG&E's financial model?

Key assumptions for PG&E's financial model include a revenue growth rate of approximately 9.3% and COGS as a percentage of revenue at 55%. Additionally, the model assumes SGA at 15% of revenue and a high Capex as a percentage of revenue at nearly 40%.

### What is the purpose of the PG&E financial model?

The PG&E financial model aims to project the company’s rate base growth, capital expenditure requirements, and earnings trajectory. This analysis helps determine equity valuation and assess credit health, specifically evaluating if PG&E can sustain its targeted 9% rate base growth and increasing dividend without needing new common equity.

### Can I download an Excel financial model for PG&E Corporation?

Yes, an Excel financial model for PG&E Corporation is available for download. This model forecasts financial performance from FY2026 to FY2030, allowing users to analyze key assumptions and projections.