Public Service Enterprise Group (PEG) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income was $589 million ($1.18 per share), up from $532 million ($1.06 per share) in Q1 2024, driven by higher T&D investments, base rate case settlement, and strong results from both utility and nuclear segments.

• Non-GAAP operating earnings were $718 million ($1.43 per share), up from $657 million ($1.31 per share) in Q1 2024.

• Maintained high reliability and customer satisfaction during record winter peak loads, with nuclear units supplying 8.4 TWh and achieving a 99.9% capacity factor.

• Continued focus on infrastructure modernization, clean energy initiatives, and supporting New Jersey's climate goals.

• Large load interconnection pipeline grew to over 6,400 MW, reflecting robust demand from data centers and other large customers.

Financial highlights

• Operating revenues rose to $3.22 billion, up 17% from $2.76 billion year-over-year; operating income increased to $797 million from $685 million.

• Net cash provided by operating activities was $1.05 billion, up from $661 million; cash and equivalents rose to $894 million from $125 million at year-end.

• Dividend increased 5% to $0.63 per share for Q1 2025, annualized at $2.52 per share.

• PSE&G segment net income was $546 million, up from $488 million; PSEG Power & Other contributed $43 million, nearly flat year-over-year.

• Total available liquidity at quarter-end was $4.6 billion, including $900 million in cash.

Outlook and guidance

• Reaffirmed 2025 non-GAAP operating earnings guidance of $3.94–$4.06 per share, representing ~9% growth at the midpoint over 2024.

• Targeting 5%–7% compound annual growth in non-GAAP operating earnings from 2025 to 2029, with ~90% from regulated activities.

• Regulated capital investment plan of $21–$24 billion through 2029, supporting a 6–7.5% rate base CAGR.

• No need to issue new equity or sell assets to fund capital plan; balance sheet supports consistent dividend growth.

• Dividend outlook increased by 5% to $2.52 per share for 2025.