01—Abstract
Summary
Summary of the 10-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.
Public Service Enterprise Group Incorporated (PSEG) reported 2025 net income of $2.11 billiona, or $4.22 per diluted share, up from $1.77 billion, or $3.54 per diluted share, in 2024.
PSE&G contributed $1.745 billionb of net income versus $1.547 billion in 2024, and PSEG Power & Other contributed $366 million versus $225 million. The filing attributes the increase primarily to higher earnings from the 2024 distribution base rate case settlement and continued T&D clause program investments at PSE&G, higher energy and capacity prices at PSEG Power, and changes in NDT Fund and mark-to-market results. Operating revenues rose to $12.17 billion from $10.29 billion.
The company is predominantly a regulated electric and gas utility with a nuclear generation business. Regulated rate base grew from approximately $34 billionc at year-end 2024 to approximately $36 billion at year-end 2025. For 2026 through 2030, PSEG estimates a regulated capital investment program of $22.5 billion to $25.5 billion, with an expected rate base compound annual growth rate of 6.0% to 7.5% from year-end 2025 to year-end 2030.
Its total capital program is estimated at $24 billion to $28 billiond. Nuclear units produced approximately 30.9 terawatt hours at a 91.2% capacity factor in 2025, and the Hope Creek refueling cycle was extended to 24 months. The filing highlights several risks.
PJM's most recent capacity auction cleared at the $333.44/MW-day price cap, and PJM fell 6,625 MW short of its reliability requirement, which raises affordability and policy scrutiny. Federal and state regulatory outcomes remain uncertain, including FERC's transmission planning and co-located load proceedings, the New Jersey Energy Master Plan, and the Production Tax Credit guidance from the U.S. Treasury.
PSEG also cites environmental remediation exposure, including the Lower Passaic River and CCR Rule matters, and cybersecurity risk. The Board approved a first-quarter 2026 dividend of $0.67 per share, an indicative annual rate of $2.68.
02—Key points
Key Highlights
- Net income of $2,111 million, or $4.22 per diluted share, in 2025, versus $1,772 million, or $3.54, in 2024.
- PSE&G net income of $1,745 million (vs. $1,547 million) and PSEG Power & Other net income of $366 million (vs. $225 million).
- Regulated rate base increased from approximately $34 billion to approximately $36 billion during 2025.
- Regulated capital investment program of $22.5 billion to $25.5 billion for 2026-2030, with expected rate base CAGR of 6.0% to 7.5%.
- Nuclear fleet generated approximately 30.9 TWh at a 91.2% capacity factor in 2025; 3,758 MW of owned nuclear capacity; PTC supports units through 2032 though no PTCs were recorded for 2025.
- PJM's December 2025 capacity auction cleared at the $333.44/MW-day cap, with PJM 6,625 MW short of its reliability requirement.
- Quarterly dividend of $0.67 per share approved for Q1 2026 (indicative annual rate $2.68); 2025 dividends paid totaled $2.52 per share.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 26, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $12.17B$10.29B | +18.3% |
| Operating Expenses | $9.19B$7.94B | +15.8% |
| Operating Income | $2.98B$2.35B | +26.6% |
| Interest Expense | $1.00B$882.00M | +13.9% |
| Net Income | $2.11B$1.77B | +19.1% |
| EPS (Basic) | $4.23$3.56 | +18.8% |
| EPS (Diluted) | $4.22$3.54 | +19.2% |
| Shares Outstanding (Basic) | 499.00M498.00M | +0.2% |
| Shares Outstanding (Diluted) | 501.00M500.00M | +0.2% |
05—Questions
Frequently Asked Questions
What drove the increase in PSEG's 2025 earnings?
The filing attributes the increase primarily to higher earnings from the 2024 distribution base rate case settlement and continued T&D clause program investments at PSE&G, along with higher energy and capacity prices at PSEG Power. Changes in NDT Fund and non-trading mark-to-market results also contributed. Income tax expense was $263 million in 2025 versus $53 million in 2024, reflecting the absence of 2025 nuclear PTC benefits that were recorded in 2024.
How large is PSEG's planned capital investment?
PSEG estimates regulated capital investments of $22.5 billion to $25.5 billion for 2026 through 2030, within a total capital investment program of $24 billion to $28 billion. The company expects these investments to produce a 6.0% to 7.5% compound annual growth rate in regulated rate base from year-end 2025 to year-end 2030. Projected 2026 total PSEG capital expenditures are $4.64 billion.
What are the main regulatory risks facing PSEG?
Key risks include PJM's capacity market, where prices have reached the FERC-approved cap and reliability shortfalls have emerged, creating affordability concerns and possible policy responses. The filing also cites pending FERC proceedings on transmission planning, co-located large loads and the elimination of the 50 basis point RTO adder, which would reduce PSE&G's annual net income by approximately $40 million. New Jersey's updated Energy Master Plan and uncertainty over Treasury guidance on nuclear PTC gross receipts could also materially affect results.
What is PSEG's exposure from its nuclear fleet?
PSEG Power owns 3,758 MW of nuclear capacity across Salem, Hope Creek and Peach Bottom, with Peach Bottom operated by Constellation Energy Generation. The nuclear PTC runs through 2032 with an expected rate of up to $15/MWh, though its final value depends on pending Treasury guidance. PSEG Power's Salem and Hope Creek ZEC program ended in May 2025. The filing notes that a material portion of nuclear output is hedged and that an adverse PTC outcome could reduce income tax benefits by up to $89 million.
How strong is PSEG's liquidity and credit position?
As of December 31, 2025, PSEG had $2.67 billion of available liquidity across its committed credit facilities of $3.83 billion. Long-term debt was $21.67 billion on the balance sheet, and total long-term debt including current maturities was $22.5 billion. Ratings were Baa2/BBB for PSEG and PSEG Power senior notes and A1/A for PSE&G mortgage bonds, all with stable outlooks. The filing states that the company is in compliance with its debt covenants.
06—Continue