Public Service Enterprise Group (PEG) Q3 2025 earnings summary

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, new rates from the October 2024 base rate case, and increased T&D investments.

• 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.

• Nuclear operations benefited from high capacity factors, the production tax credit (PTC), and a 499-day continuous run at Hope Creek, with ongoing license extension and hedging strategies.

• Focused on clean energy, energy efficiency, and infrastructure modernization to align with public policy and customer expectations.

• Board of Trustees of the Long Island Power Authority approved a five-year contract extension through 2030, pending final approval and subject to litigation.

Financial highlights

• Q3 2025 net income was $622 million ($1.24 per share), up from $520 million ($1.04) in Q3 2024; non-GAAP operating earnings were $565 million ($1.13 per share), up from $448 million ($0.90).

• Nine-month net income reached $1,796 million ($3.59 per share), up from $1,486 million ($2.97) year-over-year; non-GAAP operating earnings were $1,667 million ($3.33 per share), up 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.

• Operating cash flow increased by $811 million year-over-year, primarily due to regulatory deferrals, inventory changes, and higher earnings.

Outlook and guidance

• 2025 non-GAAP operating earnings guidance narrowed to $4.00–$4.06 per share, up from $3.94–$4.06.

• Reaffirmed five-year non-GAAP operating earnings growth outlook of 5%–7% through 2029.

• 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 guidance and capital plan roll forward to be provided in the year-end call in February 2026.