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Public Service Enterprise Group
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Public Service Enterprise Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Achieved strong year-over-year growth in net income and revenue for Q3 and the nine months ended September 30, 2025, driven by higher distribution rates, new rates from the October 2024 base rate case, and increased T&D investments.
Regulated rate base increased to approximately $34 billion as of December 31, 2024, with a capital investment program of $21–$24 billion planned for 2025–2029, targeting 6–7.5% CAGR in regulated rate base.
Nuclear operations benefited from high capacity factors, the production tax credit (PTC), and a 499-day continuous run at Hope Creek, with ongoing license extension and hedging strategies.
Focused on clean energy, energy efficiency, and infrastructure modernization to align with public policy and customer expectations.
Board of Trustees of the Long Island Power Authority approved a five-year contract extension through 2030, pending final approval and subject to litigation.
Financial highlights
Q3 2025 net income was $622 million ($1.24 per share), up from $520 million ($1.04) in Q3 2024; non-GAAP operating earnings were $565 million ($1.13 per share), up from $448 million ($0.90).
Nine-month net income reached $1,796 million ($3.59 per share), up from $1,486 million ($2.97) year-over-year; non-GAAP operating earnings were $1,667 million ($3.33 per share), up from $1,418 million.
Operating revenues for the nine months were $9,253 million, an 18% increase from $7,825 million in 2024.
Dividend payments increased to $1.89 per share for the nine months, up from $1.80 per share in 2024.
Operating cash flow increased by $811 million year-over-year, primarily due to regulatory deferrals, inventory changes, and higher earnings.
Outlook and guidance
2025 non-GAAP operating earnings guidance narrowed to $4.00–$4.06 per share, up from $3.94–$4.06.
Reaffirmed five-year non-GAAP operating earnings growth outlook of 5%–7% through 2029.
Regulated capital investment program for 2025–2029 set at $21–$24 billion, supporting a 6%–7.5% rate base CAGR.
No need to issue equity or sell assets to fund the five-year capital plan.
2026 guidance and capital plan roll forward to be provided in the year-end call in February 2026.
Address mid-Atlantic resource adequacy imbalance?
Key incremental investment opportunities?
Strategy for nuclear output contracts?
PSEG's regulated generation strategy for NJ
Data center growth: NJ vs PA differences?
Define affordability for integrated resource plan
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Next Public Service Enterprise Group earnings date
Q4 202526 Feb, 2026
Public Service Enterprise Group
Next Public Service Enterprise Group earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Public Service Enterprise Group Incorporated, operates as an energy company in the United States. It generates and distributes electricity to approximately 3 million customers located in New Jersey, New York, Ohio, Pennsylvania, Texas, and Illinois. The company also operates an energy storage business comprising of geographically diverse assets; provides energy management services to commercial and industrial customers; and distributes alternative fuels through branded dispensing sites. Public Service Enterprise Group is headquartered in Newark, New Jersey.
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