Public Service Enterprise Group (PEG) Q3 2025 Financial Results Summary

Release Date: November 3, 2025

Public Service Enterprise Group (PSEG) has reported its financial results for the third quarter and nine months ended September 30, 2025. Here is a summary of the key financial metrics and strategic highlights from the report.

Third Quarter 2025 Highlights

• Net Income:
• $622 million in Q3 2025 compared to $520 million in Q3 2024, representing a 19.6% increase.
• Earnings per Share (EPS): $1.24 vs. $1.04 in Q3 2024, a growth of 19.2%.
• Non-GAAP Operating Earnings:
• $565 million in Q3 2025, an increase from $448 million in Q3 2024, reflecting a 26.2% rise.
• EPS (Non-GAAP): $1.13 vs. $0.90 in Q3 2024, a growth of 25.6%.

Nine Months 2025 Highlights

• Net Income:
• Totaled $1.796 billion for the nine months, compared to $1.486 billion for the same period in 2024, an increase of 20.9%.
• EPS: $3.59 vs. $2.97 in 2024, growth of 20.9%.
• Non-GAAP Operating Earnings:
• $1.667 billion compared to $1.418 billion in 2024, a 17.5% increase.
• EPS (Non-GAAP): $3.33 vs. $2.84 in 2024, which is a growth of 17.2%.

Key Financial Metrics

• Average Shares Outstanding (Diluted):
• 501 million shares in Q3 2025 is a slight increase from 500 million in Q3 2024.
• Regulated investment stood at approximately $1 billion for the quarter and $2.7 billion for the nine months of 2025.

Operational Insights

• PSEG’s financial performance reflects the impact of new rates stemming from the October 2024 base rate case settlement, in addition to increased power pricing during the year.
• The company narrowed its 2025 non-GAAP Operating Earnings guidance to the upper half of the range at $4.00 to $4.06 per share, adjusted from a prior range of $3.94 to $4.06.
• PSEG Nuclear produced 7.9 TWh of carbon-free baseload energy in Q3 2025, supporting financial flexibility for regulated investments.

Contractual Developments

• The Long Island Power Authority approved a five-year extension of PSEG Long Island as the operations service provider, ensuring electricity service continuity through 2030.

Operational Performance by Segment (Q3 2025 vs Q3 2024)

• PSE&G:
• Net Income: $515 million vs. $379 million, a 36% increase.

• Non-GAAP Operating Earnings: $515 million vs. $379 million, up 36%.

• PSEG Power & Other:

• Net Income: $107 million compared to $141 million, a 24% decrease.
• Non-GAAP Operating Earnings: $50 million vs. $69 million, down 27.5%.

Dividend Declaration

• PSEG declared a quarterly dividend of $0.63 per share in Q3 2025, increased from $0.60 in Q3 2024, representing a 5% growth.
• The dividend yield improved to 3.0% from 2.7% YoY.

Additional Notes

• PSEG’s capital investment program is planned at a range of $22.5 billion to $26 billion over the next five years.
• Approximately $3.8 billion has been earmarked for replacing and modernizing New Jersey’s energy infrastructure focusing on energy efficiency and customer cost reductions.
• The organization aims for 5% to 7% growth in non-GAAP Operating Earnings annually through 2029.

Summary

PSEG reported strong financial results for Q3 2025, underscored by significant increases in both net income and non-GAAP operating earnings compared to the previous year. The company’s strategic initiatives and increased dividends reflect its commitment to operational excellence and continued investment in infrastructure improvements.

Here are the extracted tables from the press release:

Condensed Consolidated Statements of Income (Unaudited, $ millions)

Condensed Consolidated Balance Sheets (Unaudited, $ millions)