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Public Service Enterprise Group (PEG) investor relations material
Public Service Enterprise Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Reported Q2 2025 net income of $585M ($1.17/share) and non-GAAP operating earnings of $384M ($0.77/share), both up from Q2 2024; six-month net income was $1,174M ($2.35/share), both higher year-over-year.
Regulated investment program and capital spending on track, supporting reliability and clean energy initiatives; regulated rate base increased to $34B.
Nuclear fleet produced 7.5 TWh in Q2 and 15.9 TWh in H1 2025, with capacity factors of 88.8% (Q2) and 94.3% (H1); federal tax law preserved PTC and bonus depreciation.
Large load inquiries for new service connections rose to over 9,400 MW, mainly from data centers, driving future demand.
Operational excellence demonstrated by rapid storm restoration, record summer peak load of 10,229 MW, and customer relief initiatives.
Financial highlights
Q2 2025 operating revenues were $2.805B, up 16% year-over-year; Q2 operating income was $817M, up from $570M; six-month revenues reached $6.027B.
Q2 2025 net income was $585M, up from $434M; non-GAAP operating earnings were $384M, up from $313M.
PSE&G Q2 net income was $332M, up from $302M; PSEG Power & Other Q2 net income was $253M, up from $132M.
Dividend of $0.63 per share declared for Q3 2025, annualized at $2.52 per share.
Operating cash flow for H1 2025 increased by $384M year-over-year.
Outlook and guidance
2025 non-GAAP operating earnings guidance reaffirmed at $3.94–$4.06/share, a 9% increase at midpoint over 2024.
Five-year capital spending plan maintained at $21B–$24B through 2029, supporting 6%–7.5% expected rate base CAGR.
Targeting 5%–7% non-GAAP operating earnings CAGR through 2029, with no need for new equity or asset sales.
Focus on T&D infrastructure, clean energy, and energy efficiency to meet demand and policy goals.
Liquidity and credit facilities expected to cover projected needs over the next 12 months.
Discuss the impact of large load inquiries.
Elaborate on the Summer Relief Initiative.
Explain the Hope Creek outage impact.
What policy changes will drive NJ generation?
Large load growth: customer bill impact?
Nuclear fleet optimization: output impact?
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Next Public Service Enterprise Group earnings date
Q3 20253 Nov, 2025
Next Public Service Enterprise Group earnings date
Q3 20253 Nov, 2025
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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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