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Public Service Enterprise Group 8-K Report, Financial Results (Nov 3, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed November 3, 2025
Period End
November 3, 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 · Sep ’22Sep ’22
  4. Leadership change8-K · Nov ’24Nov ’24

01—Abstract

Summary

Summary of the 8-K filed November 3, 2025. Cited figures are marked; the original filing is the authoritative source.

Public Service Enterprise Group (PSEG) reported third-quarter 2025 net income of $622 milliona, or $1.24 per diluted share, compared with $520 million, or $1.04 per share, in the third quarter of 2024.

Non-GAAP Operating Earnings were $565 millionb, or $1.13 per share, versus $448 million, or $0.90 per share, a year earlier. For the nine months ended September 30, 2025, net income was $1,796 million ($3.59 per share) and Non-GAAP Operating Earnings were $1,667 million ($3.33 per share), compared with $1,418 million ($2.84 per share) a year earlier. PSE&G's results reflect new electric and gas rates effective October 15, 2024 from its first distribution base rate case since 2018, while PSEG Power & Other's Operating Earnings declined in the quarter on higher nuclear operation and maintenance costs tied to the Hope Creek refueling outage and fuel cycle extension work.

Management narrowed its 2025 Non-GAAP Operating Earnings guidance to $4.00 to $4.06c per share, from $3.94 to $4.06, and reaffirmed a five-year Non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029. The company stated that its five-year capital investment program of $22.5 billion to $26 billion can be funded without issuing new equity or selling assets. Regulated investment was about $2.7 billion in the first nine months of 2025, within a planned 2025 regulated capital spending program of about $3.8 billion.

The filing also highlights affordability pressure in New Jersey. Management said a growing generation supply-demand imbalance and PJM capacity market results, which PSE&G passes through to customers, caused summer electric bills to rise nearly 20%d. PSEG said it is working with the State and other stakeholders on solutions, and it cited potential upside from contracting its nuclear output under multi-year agreements and from incremental investments to address near-term supply needs.

02—Key points

Key Highlights

  1. Q3 2025 net income of $622 million ($1.24 per share), up from $520 million ($1.04 per share) in Q3 2024; Non-GAAP Operating Earnings of $565 million ($1.13 per share) versus $448 million ($0.90 per share).
  2. Nine-month 2025 Non-GAAP Operating Earnings of $1,667 million ($3.33 per share), up from $1,418 million ($2.84 per share); PSE&G contributed $1,393 million and PSEG Power & Other $274 million.
  3. 2025 Non-GAAP Operating Earnings guidance narrowed to $4.00 to $4.06 per share, from $3.94 to $4.06 per share.
  4. Five-year Non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029 reaffirmed; five-year capital investment program of $22.5 billion to $26 billion, with no need to issue new equity or sell assets.
  5. Regulated investment of about $1 billion in Q3 and $2.7 billion year-to-date, within a planned 2025 regulated capital spending program of about $3.8 billion; PSE&G rate base CAGR guided at 6% to 7.5% for 2025 to 2029.
  6. Summer electric bills rose nearly 20%, driven by a generation supply-demand imbalance and PJM capacity market results passed through to customers; PSEG is collaborating with New Jersey stakeholders on solutions.
  7. Nuclear generation was 7.9 TWh in Q3 2025; Hope Creek's fuel cycle was extended from 18 to 24 months, and the unit completed a breaker-to-breaker run of 499 continuous days.

03—Questions

Frequently Asked Questions

  1. How did PSEG perform in the third quarter of 2025?

    PSEG reported net income of $622 million, or $1.24 per diluted share, versus $520 million, or $1.04 per share, in Q3 2024. Non-GAAP Operating Earnings were $565 million, or $1.13 per share, compared with $448 million, or $0.90 per share. PSE&G's Operating Earnings were $515 million, up from $379 million, while PSEG Power & Other's were $50 million, down from $69 million.

  2. Did PSEG change its 2025 earnings guidance?

    PSEG narrowed its 2025 Non-GAAP Operating Earnings guidance to $4.00 to $4.06 per share, from $3.94 to $4.06 per share. The company said the results through the first nine months enable it to narrow guidance to the upper half of the range.

  3. How will PSEG fund its capital plan?

    Management stated that its solid balance sheet enables funding of the five-year capital investment program of $22.5 billion to $26 billion without the need to issue new equity or sell assets. The filing also cites a regulated capital investment program of $21 billion to $24 billion for 2025 to 2029. At September 30, 2025, PSEG had approximately $3.6 billion of total available liquidity, including $334 million of cash and cash equivalents.

  4. What factors could drive upside beyond the long-term forecast?

    Management said growth beyond the forecasted 2025 to 2029 range could come from opportunities to contract existing nuclear output under multi-year agreements and from potential incremental capital investments to address near-term supply needs due to growing customer demand.

  5. What are the affordability concerns for customers?

    Management said a growing generation supply-demand imbalance and PJM capacity market results, which PSE&G passes through to customers, directly caused summer electric bills to rise nearly 20%. PSEG is actively collaborating with the State and other stakeholders to develop solutions in New Jersey.

04—Continue

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