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Public Service Enterprise GroupPEG

Legal name
Public Service Enterprise Group Incorporated
Sector
Energy
Industry
Electric & Other Services Combined
Exchange
NYSE

Stock Price $PEG

Latest filings

You are here#15 of 31 in Utilities by market cap

Filing record · 2016–202610-K1110-Q338-K149

PEG filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 149 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Impairment8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Apr ’22Apr ’22
  4. Leadership change8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $12.17B
YoY changeLargest recent move+14.7%in FY23Latest +18.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All PEG Financial Metrics59 metrics

Income Statement15

Balance Sheet25

Cash Flow14

Per Share5

02—Overview

Public Service Enterprise Group Financial Overview 2021–2025

Updated Nov 4, 2026

PSEG swung from a $648 million net loss in FY2021 to $2.11 billiona of net income in FY2025, a $2.76 billion turnaround. The loss came from a $2.64 billion write-down tied to selling the fossil fleet. It matters because that sale is what turned PSEG into a mostly regulated utility.

The core thesis is simple: earnings now rest on PSE&G, the regulated utility, and not on volatile power trading. PSE&G net income climbed from $1.446 billion in FY2021 to $1.745 billionb in FY2025, and rose in four of the five years' comparisons except FY2023, when it dipped to $1.515 billion. The noise sits in PSEG Power. Mark-to-market gains lifted FY2023 EPS to $5.13, then losses dragged FY2024 to $3.54. In FY2025, diluted EPS recovered to $4.22 on revenue of $12.17 billion, up from $10.29 billion.

The balance sheet is carrying the build-out. Regulated rate base grew from about $34 billionc to about $36 billion during FY2025, and the 2026-2030 regulated capital plan is $22.5 billion to $25.5 billion. Long-term debt reached $21.67 billion by year-end FY2025, up from $18.96 billion a year earlier. The dividend rose to an indicative $2.68 annual rate for 2026. At the close of FY2025, the shares traded at $80.30, or 19.0x earnings, for a market cap of $40.0 billion.

Recent Developments (Q2 and Q3 2026)

GAAP earnings fell sharply in both quarters on PSEG Power mark-to-market losses. Net income was $334 milliond in Q2 2026 versus $585 million, then $376 million in Q3 2026 versus $622 million. Operating earnings moved the other way: $0.86 per share in Q2 and $1.15 in Q3, both above the prior year. Management held 2026 operating guidance at $4.28 to $4.40 per share and reaffirmed 6% to 8% annual growth through 2030. PSE&G held steady at $506 million in Q3. Debt issuance continued, with $2.9 billion raised in nine months.

Bull case: operating earnings are rising, guidance is intact, and the $24 billion to $28 billione capital plan needs no new equity. Bear case: mark-to-market swings, a New Jersey RTO mandate worth about $40 million of annual PSE&G income, and an extended Salem 1 outage add risk. The shares closed at $74.38, or 17.6x trailing earnings, as of the Q3 2026 report date of November 1, 2026, not today.

What to watch: Salem 1 outage length and repair costs; PSE&G's $316 million electric and $52 million gas rate petition

03—Filings

Recent SEC Filings

  1. 8-KPublic Service Enterprise Group 8-K Report, Financial Results (Nov 2, 2026)Public Service Enterprise Group (NYSE: PEG) reported third quarter and nine-month 2026 results on November 2, 2026, in an 8-K furnishing an earnings press release (Exhibit 99) and an earnings call slideshow (Exhibit 99.1). PSEG reported Q3 2026 net income of $376 million, or $0.76 per diluted share, versus $622 million, or $1.24 per share, a year earlier. Non-GAAP Operating Earnings were $574 million, or $1.15 per share, compared with $565 million, or $1.13 per share, in Q3 2025. For the nine months ended September 30, 2026, net income was $1,451 million ($2.91 per share) and Non-GAAP Operating Earnings were $1,777 million ($3.56 per share). PSEG reaffirmed its 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share. PSE&G contributed $506 million of Q3 net income, slightly below $515 million a year earlier, with the company citing higher depreciation and interest costs on investments not yet in rates. PSEG Power & Other posted a Q3 net loss of $130 million, compared with net income of $107 million in the prior year, driven by mark-to-market and Nuclear Decommissioning Trust losses excluded from Operating Earnings. Its Non-GAAP Operating Earnings rose to $68 million from $50 million, helped by lower operating and maintenance costs from the absence of the Hope Creek refueling outage, higher realized prices and increased nuclear generation. PSEG Nuclear reported a 95.5% capacity factor for the quarter. Management reiterated a 6% to 8% compound annual growth target for Non-GAAP Operating Earnings through 2030 and a five-year capital investment plan of $24 billion to $28 billion, which it says can be funded without issuing new equity or selling assets. At September 30, 2026, the filing shows total debt of $25.6 billion and total liquidity of approximately $3.9 billion.
  2. 8-KPublic Service Enterprise Group 8-K Report, Financial Results (Aug 4, 2026)Public Service Enterprise Group (PSEG, NYSE: PEG) reported second quarter 2026 results in an 8-K filed August 4, 2026. Net income for the quarter was $334 million, or $0.67 per diluted share, compared with $585 million, or $1.17 per share, in the second quarter of 2025. Non-GAAP Operating Earnings were $425 million, or $0.86 per share, versus $384 million, or $0.77 per share, a year earlier. For the six months ended June 30, 2026, net income was $1,075 million ($2.15 per share) and Non-GAAP Operating Earnings were $1,203 million ($2.41 per share). PSE&G contributed $342 million of quarterly net income, up from $332 million, while PSEG Power & Other posted a net loss of $8 million compared with net income of $253 million in the prior-year quarter, with the company citing higher realized prices and increased nuclear generation offset by the absence of zero emission certificates. PSEG maintained its 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share and reaffirmed a five-year Non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030. Management said its balance sheet supports a total five-year capital investment program of $24 billion to $28 billion without issuing new equity or selling assets, and it pointed to opportunities for consistent dividend growth. The company also highlighted that it raised its 2026 indicative annual common dividend by $0.16 per share. The filing also describes operational events, including restoration of power to approximately 380,000 PSE&G customers after early-July storms and a summer peak load of 10,446 MW on July 2. PSE&G filed with the New Jersey Board of Public Utilities to lower residential gas bills by 5% beginning October 1. The results and related slideshow are furnished under Items 2.02 and 7.01, and the filing notes that non-GAAP Operating Earnings exclude Nuclear Decommissioning Trust gains or losses, mark-to-market accounting effects and other material infrequent items.
  3. 8-KPublic Service Enterprise Group 8-K Report, Regulation FD Disclosure (Jul 1, 2026)Public Service Enterprise Group Incorporated (PSEG) and its subsidiary Public Service Electric and Gas Company (PSE&G) filed a combined Current Report on Form 8-K dated July 1, 2026. The filing contains a single disclosure under Item 7.01 (Regulation FD Disclosure), stating that on July 1, 2026, PSEG will post updated investor materials to its Investor Relations website at https://investor.pseg.com. The filing does not disclose financial results, earnings figures, guidance changes, transactions, or other material corporate events in its own text. The information is furnished for Regulation FD purposes only, and the 8-K states that information relating to each registrant is provided by that company on its own behalf. For investors, the practical takeaway is that updated investor presentation materials are available on PSEG's Investor Relations site as of July 1, 2026. The specific contents of those materials are not described in this filing, so any substantive financial or strategic detail would need to be reviewed directly from the posted materials.
  4. 8-KPublic Service Enterprise Group 8-K Report, Corporate Update (Jun 3, 2026)Public Service Enterprise Group Incorporated (PSEG) completed a public offering on June 3, 2026 of $500,000,000 aggregate principal amount of its 4.800% Senior Notes due 2031. The Notes were sold under a Form S-3 shelf registration statement (File No. 333-275509), the related base prospectus dated November 13, 2023, and a prospectus supplement dated June 1, 2026. PSEG sold the Notes to underwriters Barclays Capital Inc., Citigroup Global Markets Inc., and Goldman Sachs & Co. LLC, as representatives of the underwriters, under an underwriting agreement dated June 1, 2026. The Notes are governed by an indenture dated as of November 1, 1998 with U.S. Bank Trust Company, National Association, as successor trustee. The filing includes the underwriting agreement, the indenture, the form of Note, and a legality opinion from John C. Walmsley, Associate Counsel of PSEG Services Corporation, as exhibits, and these documents are incorporated by reference into the registration statement. The filing is a routine debt financing disclosure. It does not report earnings, financial results, or changes in operations, and it states no use of proceeds.
  5. 8-KPublic Service Enterprise Group 8-K Report, Financial Results (May 5, 2026)Public Service Enterprise Group (PSEG) reported first-quarter 2026 results on May 5, 2026, with net income of $741 million, or $1.48 per diluted share, compared with $589 million, or $1.18 per share, in the first quarter of 2025. Non-GAAP Operating Earnings were $778 million, or $1.55 per share, versus $718 million, or $1.43 per share, a year earlier. PSE&G contributed $577 million of Operating Earnings (up from $546 million), and PSEG Power & Other contributed $201 million (up from $172 million). Management reaffirmed 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share and said it expects 6% to 8% compound annual growth in Non-GAAP Operating Earnings through 2030 without issuing new equity or selling assets. The quarter was shaped by extreme weather, including a winter storm the company described as the worst to hit its service territory in 30 years, and the company said PSE&G restored service within 24 hours to customers affected by that storm. The presentation states that the regulated capital spending plan for 2026 is about $4.2 billion, that the total PSEG capital program for 2026 to 2030 is $24 billion to $28 billion, and that the company raised its indicative 2026 annual common dividend by $0.16 per share. Nuclear capacity factor was 95.5% for the quarter, versus 99.9% a year earlier, and about 95% of expected 2026 nuclear output is hedged. The filing also reports total liquidity of about $3.9 billion at March 31, 2026, and a consolidated debt-to-capitalization ratio of 58%. Total debt was $24.3 billion at quarter end, up from $24.1 billion at year end 2025. Operating cash flow was $1.27 billion for the quarter, compared with $1.05 billion a year earlier.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.