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Public Service Enterprise Group (PEG) investor relations material
Public Service Enterprise Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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, infrastructure modernization, and improved market conditions.
Q3 2025 net income was $622 million ($1.24 per share), with non-GAAP operating earnings of $565 million ($1.13 per share); nine-month net income reached $1,796 million ($3.59 per share).
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.
Operational highlights include high system reliability, rapid storm recovery, and a 499-day continuous run at Hope Creek nuclear plant.
Focused on clean energy, energy efficiency, and infrastructure modernization to align with public policy and customer expectations.
Financial highlights
Q3 2025 net income increased to $622 million from $520 million in Q3 2024; non-GAAP operating earnings were $565 million, up from $448 million.
Nine-month net income grew to $1,796 million from $1,486 million year-over-year; non-GAAP operating earnings rose to $1,667 million 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.
PSE&G segment net income for Q3 was $515 million, up $136 million year-over-year.
Outlook and guidance
2025 non-GAAP operating earnings guidance narrowed to $4.00–$4.06 per share, up from $3.94–$4.06.
Five-year non-GAAP operating earnings growth outlook of 5% to 7% through 2029 reaffirmed.
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 non-GAAP operating earnings guidance and capital plan roll-forward to be provided in February 2026.
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