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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.
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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, 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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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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