PUBLIC SERVICE ENTERPRISE GROUP (PEG) Company Report

PSEG reported Q3 net income of $1.24 EPS and non-GAAP operating earnings of $1.13 EPS, versus $1.40 and $0.90 in Q3 2024.
Narrowed full-year 2025 non-GAAP operating earnings guidance to $4.00–$4.60/share (from $3.94–$4.06) and reaffirmed 5–7% CAGR through 2029.
PSE&G invested $1.0 bn in Q3 and $2.7 bn YTD, remaining on track for $3.8 bn of regulated capex, boosted by new October 2024 distribution rates.
Nuclear fleet generated 7.9 TWh in Q3 (23.8 TWh YTD); Hope Creek extended to a 24-month fuel cycle and Salem upgrade will add 200 MW by 2027–29.
Issued $450 mn of 4.9% secured notes due 2035, redeemed $550 mn of 0.8% notes, and ended Q3 with $3.6 bn liquidity.

Nov 3, 2025, 4:00 PM

PSEG reports Q3 2025 results

PEG

Earnings

Guidance Update

New Projects/Investments

Net income of $1.24 per share and Non-GAAP operating earnings of $1.13 per share, representing ~26% year-over-year growth in operating earnings.
2025 non-GAAP earnings guidance narrowed to $4.00–$4.06 per share, with long-term earnings growth outlook of 5%–7% through 2029 unchanged.
Invested ~$1.0 billion in Q3 and ~$2.7 billion YTD, on track for full-year 2025 regulated capital spending of ~$3.8 billion and a $21–$24 billion program for 2025–2029.
Operational highlights: PSE&G residential electric and gas customer counts each grew ~1% YTD; nuclear fleet capacity factor was 92.4% in Q3, and Hope Creek extended its fuel cycle to 24 months.
Solid financial position: ~$3.6 billion of available liquidity, consolidated debt-to-capital at 58%, and stable credit ratings of BBB (S&P) / Baa2 (Moody’s).

Nov 3, 2025, 4:00 PM

PSEG announces Q3 2025 results and narrows 2025 guidance

PEG

Earnings

Guidance Update

Public Service Enterprise Group reported Q3 net income of $622 million ($1.24/share), up from $520 million ($1.04/share) a year ago.
Q3 non-GAAP Operating Earnings were $565 million ($1.13/share), versus $448 million ($0.90/share) in Q3 2024.
Year-to-date non-GAAP Operating Earnings reached $1.667 billion ($3.33/share), enabling PSEG to narrow its 2025 non-GAAP guidance to $4.00–$4.06 per share.
The company reaffirmed its five-year non-GAAP earnings growth outlook of 5%–7% through 2029 and maintains a $22.5–$26 billion capital investment plan for 2025–2029.
PSE&G invested ~$1 billion in Q3 (and $2.7 billion YTD) in regulated infrastructure modernization and energy efficiency programs.

Nov 3, 2025, 2:03 PM

PSEG announces Q3 2025 results

PEG

Earnings

Guidance Update

New Projects/Investments

PSEG reported Q3 net income of $622 million ($1.24/share) and non-GAAP operating earnings of $565 million ($1.13/share).
For the nine months ended September 30, 2025, net income was $1.796 billion ($3.59/share) and non-GAAP operating earnings were $1.667 billion ($3.33/share).
The company narrowed its 2025 non-GAAP operating earnings guidance to the upper half of $4.00–$4.06 per share.
Regulated investments were $1 billion in Q3 and $2.7 billion YTD as part of a $3.8 billion capital spending program to modernize New Jersey’s energy infrastructure.

Nov 3, 2025, 12:30 PM

PSEG Q1 2025 Earnings, Dividends, Guidance & Operational Highlights

PEG

Earnings

Dividends

New Projects/Investments

Guidance Update

Reported net income of $1.18 per share (or $589 million) and non-GAAP operating earnings of $1.43 per share (or $718 million) in Q1 2025
Declared a $0.63 per share dividend (annualized $2.52 per share) with a 5% increase for 2025
Maintained 2025 non-GAAP operating earnings guidance of $3.94–$4.06 per share
Managed high winter peak loads in the PSE&G service territory and achieved a nuclear capacity factor of 99.9% while advancing infrastructure investments and energy efficiency initiatives
Executed approximately $0.8 billion of investments in Q1 as part of a regulated capital spending plan of ~$3.8 billion for 2025

Apr 30, 2025, 3:00 PM

Public Service Enterprise Group Announces Senior Notes Issuance

PEG

Debt Issuance

PSEG completed a public offering of $600M 4.900% Senior Notes due 2030 and $400M 5.400% Senior Notes due 2035 on March 10, 2025.
The offering was executed under a Form S-3 registration with a related underwriting agreement involving Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and RBC Capital Markets, LLC.
A legal opinion by Associate Counsel John C. Walmsley confirmed that the notes are valid, binding, and enforceable as per the terms of the indenture.

Mar 10, 2025, 12:00 AM

Earnings Transcripts

Quarterly earnings call transcripts for PUBLIC SERVICE ENTERPRISE GROUP.

Get instant answers from SEC filings, earnings calls & more

Get instant analysis when filings drop