01—Abstract
Summary
Summary of the 10-Q filed November 3, 2025. Cited figures are marked; the original filing is the authoritative source.
Public Service Enterprise Group Incorporated (PSEG) reported net income of $622 milliona, or $1.24 per diluted share, for the third quarter of 2025, up from $520 million, or $1.04 per diluted share, in the third quarter of 2024.
For the nine months ended September 30, 2025, net income was $1.80 billionb ($3.59 per diluted share) versus $1.49 billion ($2.97 per diluted share) a year earlier. Operating revenues rose to $3.23 billion for the quarter and $9.25 billion for the nine months. The filing attributes the earnings growth primarily to the settlement of the 2024 distribution base rate case and continued transmission and distribution investment at PSE&G, along with mark-to-market gains at PSEG Power in the nine-month period compared with losses a year earlier.
PSE&G, the regulated utility, generated net income of $515 millionc for the quarter and $1.39 billion for the nine months. The regulated segment is focused on capital investment, with the filing stating a regulated capital investment program of $21 billion to $24 billion for 2025 through 2029. Total PSEG capital investment is estimated at $22.5 billion to $26 billion, and the filing expects a compound annual growth rate in regulated rate base of 6% to 7.5%.
Long-term debt rose to $21.67 billiond at September 30, 2025 from $18.96 billion at December 31, 2024, and PSEG reported $3.27 billion of available liquidity under its credit facilities. The filing also flags several material uncertainties, including New Jersey electric bill affordability and PJM capacity price increases, the expiration of the nuclear zero emission certificate program in May 2025 with production tax credits now applicable, environmental remediation exposure along the Passaic River and other sites, a pending LIPA operations services contract extension that faces litigation from a competitor, and a July 2025 antitrust class action involving nuclear generation compensation.
02—Key points
Key Highlights
- Third-quarter 2025 net income of $622 million ($1.24 diluted EPS), up from $520 million ($1.04) in the third quarter of 2024; nine-month net income of $1.80 billion ($3.59 diluted EPS) versus $1.49 billion ($2.97).
- Third-quarter operating revenues of $3.23 billion, up from $2.64 billion; nine-month operating revenues of $9.25 billion versus $7.83 billion.
- PSE&G net income of $515 million for the quarter and $1.39 billion for the nine months, driven by the 2024 distribution base rate case settlement and transmission and distribution investment.
- PSEG Power's nuclear units generated approximately 23.8 terawatt hours in the first nine months of 2025 at a 93.7% capacity factor; the filing expects the realized value of nuclear output to be at or above the production tax credit phase-out.
- Regulated capital investment program of $21 billion to $24 billion for 2025-2029, within a total capital program of $22.5 billion to $26 billion, with an expected 6% to 7.5% rate base compound annual growth rate.
- Long-term debt increased to $21.67 billion at September 30, 2025 from $18.96 billion at year-end 2024, with $3.27 billion of available liquidity across credit facilities.
- Quarterly dividend of $0.63 per share declared for the third quarter of 2025, an indicative annual rate of $2.52 per share.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 3, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $3.23B$2.64B | +22.1% |
| Operating Expenses | $2.37B$2.00B | +18.5% |
| Operating Income | $855.00M$641.00M | +33.4% |
| Interest Expense | $253.00M$227.00M | +11.5% |
| Net Income | $622.00M$520.00M | +19.6% |
| EPS (Basic) | $1.25$1.04 | +20.2% |
| EPS (Diluted) | $1.24$1.04 | +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 earnings this quarter?
The filing attributes the higher net income primarily to earnings from the settlement of the 2024 distribution base rate case and continued investment in transmission and distribution at PSE&G. In the nine-month period, PSEG Power also benefited from mark-to-market gains compared with losses in the prior year.
How is PSEG Power's nuclear business supported financially?
The filing states that nuclear facilities retain the downside price protection of a production tax credit from 2024 through 2032. Zero emission certificate sales from the Salem 1, Salem 2 and Hope Creek plants concluded in May 2025, and PSEG Power did not apply for the next ZEC eligibility period, citing the production tax credit.
What are the main regulatory risks highlighted for investors?
The filing highlights rising electricity costs in New Jersey tied to PJM capacity auction prices, state legislative activity on energy affordability, and a pending PSE&G request to recover higher gas and electric costs. It also notes that the loss of a 50 basis point transmission ROE adder could reduce annual net income by approximately $40 million.
What environmental and legal exposures does the filing disclose?
PSEG has approximately $66 million accrued for the Lower Passaic River matter, though the filing states the ultimate impact cannot be predicted and additional costs could be material. PSE&G has recorded a $186 million liability for former manufactured gas plant remediation, and a July 2025 putative class action alleges antitrust violations related to nuclear worker compensation.
What is the status of the LIPA operations contract?
The current contract runs through December 31, 2025. The LIPA board approved a five-year extension in September 2025, which the New York State Attorney General approved in October 2025, but the extension still requires approval from the New York State Comptroller, and a competitor's litigation challenging the bidding process is pending.
06—Continue