Public Service Enterprise Group (PEG) Q4 2025 earnings summary

Executive summary

• Reported FY 2025 net income of $2,111 million ($4.22 per share) and non-GAAP operating earnings of $2,029 million ($4.05 per share); Q4 net income was $315 million ($0.63 per share) and non-GAAP operating earnings were $362 million ($0.72 per share).

• Announced a 6% dividend increase to $2.68 per share for 2026, marking the 15th consecutive annual increase.

• Achieved strong operational performance during severe winter weather, maintaining high reliability and customer satisfaction; received multiple industry awards for reliability and customer engagement.

• Maintained the lowest residential gas bill profile in the state and region, with a 1.8% reduction in electric bills starting June 2026.

• Achieved 21 consecutive years of meeting or exceeding management's non-GAAP operating earnings guidance.

Financial highlights

• FY 2025 consolidated operating revenues were $12,168 million, up from $10,290 million in 2024; operating income was $3,149 million, up from $2,353 million.

• Q4 2025 net income totaled $315 million, up from $286 million in Q4 2024; full-year net income was $2,111 million, up from $1,772 million in 2024.

• Q4 2025 non-GAAP operating earnings were $362 million, down from $421 million in Q4 2024; full-year non-GAAP operating earnings were $2,029 million, up from $1,839 million in 2024.

• PSE&G invested $1 billion in Q4 and $3.7 billion for the full year 2025 in regulated capital spend.

• Total available liquidity at year-end was $2.8 billion, including $130 million in cash.

Outlook and guidance

• 2026 non-GAAP operating earnings guidance set at $4.28–$4.40 per share, a 7% increase at midpoint over 2025.

• Five-year capital program for 2026–2030 raised to $24–$28 billion, with over 90% focused on regulated investments.

• Long-term non-GAAP earnings growth outlook increased to 6%–8% CAGR through 2030.

• 2026 regulated capital investment plan is ~$4.2 billion; rate base CAGR expected at 6%–7.5%.

• 2026 generation output is 95% hedged; no nuclear PTCs expected due to higher price environment.