Public Service Enterprise Group (PEG) Q4 2025 earnings summary

Executive summary

• Reported FY 2025 net income of $2,111 million ($4.22 per share) and non-GAAP operating earnings of $2,029 million ($4.05 per share); Q4 net income was $315 million ($0.63 per share) and non-GAAP operating earnings were $362 million ($0.72 per share).

• Announced a 6% dividend increase to $2.68 per share for 2026, marking the 15th consecutive annual increase.

• Achieved strong operational performance during severe winter weather, maintaining high reliability and customer satisfaction, and received top rankings from J.D. Power and the ReliabilityOne Award.

• Implemented initiatives to minimize utility bill increases, held residential gas rates flat for the 2025-2026 heating season, and received regulatory approval for a 1.8% reduction in average monthly electric bills starting June 2026.

• Achieved 21 consecutive years of meeting or exceeding management's non-GAAP operating earnings guidance.

Financial highlights

• FY 2025 consolidated operating revenues were $12,168 million, up from $10,290 million in 2024; operating income was $3,149 million, up from $2,353 million.

• Q4 2025 net income was $315 million, up from $286 million in Q4 2024; full-year net income was $2,111 million, up from $1,772 million in 2024.

• Q4 2025 non-GAAP operating earnings were $362 million, down from $421 million in Q4 2024; full-year non-GAAP operating earnings were $2,029 million, up from $1,839 million in 2024.

• PSE&G's full year net income and non-GAAP operating earnings reached $1,745 million, up from $1,547 million in 2024.

• Cash flow from operating activities was $3,298 million in 2025, up from $2,133 million in 2024.

Outlook and guidance

• Initiated 2026 non-GAAP operating earnings guidance of $4.28–$4.40 per share, a 7% midpoint increase over 2025.

• Updated long-term non-GAAP earnings growth outlook to 6%-8% CAGR through 2030.

• Regulated capital spending plan for 2026 is ~$4.2 billion, focused on infrastructure modernization, energy efficiency, and electrification.

• Five-year capital program for 2026–2030 projected at $24–$28 billion, with over 90% for regulated investments.

• Rate base CAGR projected at 6%-7.5% through 2030, starting from ~$36 billion at year-end 2025.