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Public Service Enterprise Group 8-K Report, Financial Results (Apr 30, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed April 30, 2025
Period End
April 30, 2025
Security
PEG
In the 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. Impairment8-K · Oct ’16Oct ’16
  2. Impairment8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jul ’22Jul ’22
  4. Leadership change8-K · Apr ’26Apr ’26

01—Abstract

Summary

Summary of the 8-K filed April 30, 2025. Cited figures are marked; the original filing is the authoritative source.

Public Service Enterprise Group Incorporated (PSEG) reported net income of $589 milliona, or $1.18 per share, for the three months ended March 31, 2025, compared with $532 million, or $1.06 per share, in the first quarter of 2024.

Non-GAAP Operating Earnings were $718 millionb, or $1.43 per share, versus $657 million, or $1.31 per share, a year earlier. PSE&G contributed $546 million of net income and non-GAAP Operating Earnings, up from $488 million, while PSEG Power & Other contributed $43 million of net income (down from $44 million) and $172 million of non-GAAP Operating Earnings (up from $169 million). The company stated that the results reflected new electric and gas base distribution rates in effect for a full quarter, and that PSEG Power & Other benefited from consistent nuclear generation and higher realized prices driven by cold weather in January and February.

PSEG maintained its 2025 non-GAAP Operating Earnings guidance of $3.94 to $4.06c per share and declared a first-quarter common stock dividend of $0.63 per share, an indicative annual rate of $2.52 per share, a 5% increase for 2025. The company continues to target a 5% to 7% compound annual growth outlook for non-GAAP Operating Earnings over 2025 to 2029, and its regulated capital investment plan for 2025 is about $3.8 billion, which management describes as on track and on budget.

Management also highlighted a large load pipeline at PSE&G of over 6,400 MW of requested capacity as of March 31, 2025, with engineers responding to inquiries in about four months on average. The filing furnishes the earnings press release as Exhibit 99 and the earnings call slideshow as Exhibit 99.1, and the non-GAAP reconciliations and forward-looking statement cautions are included in the press release.

02—Key points

Key Highlights

  1. Net income rose to $589 million ($1.18 per share) in Q1 2025 from $532 million ($1.06 per share) in Q1 2024.
  2. Non-GAAP Operating Earnings were $718 million ($1.43 per share), up from $657 million ($1.31 per share) a year earlier.
  3. PSE&G net income and Operating Earnings increased to $546 million from $488 million, reflecting new base distribution rates in effect for a full quarter.
  4. PSEG Power & Other Non-GAAP Operating Earnings rose to $172 million from $169 million, supported by nuclear performance and higher realized prices from cold weather; Q1 2025 nuclear capacity factor was 99.9%.
  5. 2025 non-GAAP Operating Earnings guidance of $3.94 to $4.06 per share was maintained.
  6. Quarterly dividend of $0.63 per share was declared, an indicative annual rate of $2.52 per share, a 5% increase for 2025.
  7. PSE&G large load pipeline reached over 6,400 MW of requested capacity as of March 31, 2025.

03—Questions

Frequently Asked Questions

  1. What drove the increase in PSEG's first-quarter 2025 earnings?

    PSE&G's results were supported by new electric and gas base distribution rates in effect for a full quarter following the October 15, 2024 implementation date, partly offset by higher operation and maintenance costs and higher depreciation and interest expense. PSEG Power & Other benefited from consistent nuclear generation and higher realized prices, primarily driven by cold weather in January and February.

  2. Did PSEG change its 2025 earnings guidance?

    No. PSEG maintained its 2025 non-GAAP Operating Earnings guidance of $3.94 to $4.06 per share.

  3. What is the difference between Net Income and non-GAAP Operating Earnings?

    Non-GAAP Operating Earnings exclude the impact of gains and losses associated with the Nuclear Decommissioning Trust, Mark-to-Market accounting and other material infrequent items. For Q1 2025, reconciling items totaled $129 million, or $0.25 per share, moving net income of $589 million to Operating Earnings of $718 million. The filing notes that GAAP forecasts for these items cannot be reliably projected due to market volatility.

  4. What is PSEG's dividend and long-term growth outlook?

    PSEG declared a first-quarter common stock dividend of $0.63 per share, an indicative annual rate of $2.52 per share, up 5% for 2025. PSEG continues to pursue its existing 5% to 7% compound annual growth outlook for non-GAAP Operating Earnings over 2025 to 2029, and management said future dividend decisions are subject to Board approval.

  5. What is PSE&G's capital investment plan and load growth outlook?

    PSE&G's regulated capital investment plan for 2025 is about $3.8 billion and is described as on track and on budget. PSE&G's large load pipeline for new service connections exceeded 6,400 MW as of March 31, 2025, and management said responses to these inquiries are averaging about four months.

04—Continue

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