PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) Earnings History
PUBLIC SERVICE ENTERPRISE GROUP INC - Q4 FY2025 Earnings
EXECUTIVE SUMMARY
PSEG reported solid full-year 2025 results, meeting the high end of guidance, driven by strong operational performance despite severe weather events. The company is increasing its capital spending plan and extending its rate base growth targets, signaling confidence in future regulated investments and shareholder returns.
POSITIVE HIGHLIGHTS
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Full year 2025 non-GAAP Operating Earnings of $4.05 per share, marking the 21st consecutive year of delivering at or above management's earnings guidance.
positive - •
Initiated 2026 non-GAAP Operating Earnings guidance of $4.28-$4.40 per share, representing a 7% increase at the midpoint over 2025 results.
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Increased regulated 5-year capital spending plan to $22.5 billion - $25.5 billion through 2030, with an expected rate base CAGR of 6% - 7.5%.
positive - •
Raised the 2026 common dividend by $0.16 per share (approx. 6%) to $2.68 per share, marking the 15th consecutive annual increase.
positive - •
PSE&G received the 2025 ReliabilityOne® Awards for Outstanding System Resiliency, Outstanding Customer Engagement, and Outstanding Reliability Performance for the 24th consecutive year.
positive - •
PSE&G ranked #1 in Customer Satisfaction among Large Electric Utilities in the East Region by J.D. Power for the fourth consecutive year.
positive
CONCERNS & RISKS
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PSE&G's fourth quarter results reflect higher costs related to operation and maintenance, taxes, and interest and depreciation expense.
attention - •
PSEG Power & Other Net Loss and non-GAAP Operating Earnings for the fourth quarter reflect higher nuclear-related operation and maintenance costs, higher interest expense, lower generation volume, and the absence of zero emission certificates.
attention - •
Full year PSEG Power & Other Net Income and non-GAAP Operating Earnings reflect higher costs related to the Hope Creek refueling outage and fuel cycle extension, as well as higher interest.
attention
FINANCIAL METRICS
MARGIN ANALYSIS
Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
REVENUE BY SEGMENT — Q4 FY2025 2025
VISUAL OVERVIEW
DETAILED BREAKDOWN
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
PSE&G | N/A | — | — | — |
PSEG Power & Other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
MANAGEMENT GUIDANCE
FY2026
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
EARNINGS CALL —
CALL GUIDANCE — Q4 FY2025 2025
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| non-GAAP operating earnings | $4.28-4.40 per share | FY2026 | — | — |
| regulated capital program | $24-28 billion | 2026-2030 | — | — |
| regulated capital spending | $22.5-25.5 billion | 2026-2030 | — | — |
| non-GAAP earnings growth | 6-8% | through 2030 | — | — |
| non-GAAP operating earnings | $4.28-4.40 per share | FY2026 | — | — |
| rate base compounded annual growth | 6-7.5% | 2026-2030 | — | — |
MANAGEMENT COMMENTARY
PSEG closed 2025 with solid operating and financial performance, with fourth quarter results at the high end of guidance.
PSE&G demonstrated excellent operating performance in safety, reliability, and customer satisfaction measures despite severe weather events.
PSEG's full year 2025 financial results mark the 21st consecutive year of delivering non-GAAP Operating Earnings at or above management’s earnings guidance.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
OPERATIONAL METRICS
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.