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Public Service Enterprise Group 8-K Report, Financial Results (Feb 26, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 26, 2026
Period End
February 26, 2026
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 February 26, 2026. Cited figures are marked; the original filing is the authoritative source.

Public Service Enterprise Group Incorporated (PSEG) reported full-year 2025 net income of $2,111 milliona, or $4.22 per share, compared with $1,772 million, or $3.54 per share, in 2024.

Non-GAAP Operating Earnings were $2,029 millionb, or $4.05 per share, versus $1,839 million, or $3.68 per share, a year earlier. Fourth-quarter 2025 net income was $315 million ($0.63 per share) and non-GAAP Operating Earnings were $362 million ($0.72 per share). PSE&G drove the full-year improvement, with net income of $1,745 million versus $1,547 million, while PSEG Power & Other net income rose to $366 million from $225 million, helped by favorable items and higher nuclear output of 30.9 TWh.

The company initiated 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40c per share, and it raised its 2026 indicative annual common dividend by $0.16 per share to $2.68. Management also updated its long-term non-GAAP Operating Earnings growth target to 6% to 8% through 2030 and increased its regulated five-year capital spending plan to $22.5 billion to $25.5 billion for 2026 through 2030, supporting a rate base compound annual growth rate of 6% to 7.5%. Management states the plan can be funded without issuing new equity or selling assets.

The filing also highlights reliability and customer metrics, including a 91.2% full-year nuclear capacity factor, the 21st consecutive year of meeting or exceeding management's non-GAAP Operating Earnings guidance, and the approval of a three-year, $1.4 billiond gas main replacement program beginning January 2026. Investors should note the company's exposure to market-driven mark-to-market and nuclear decommissioning trust gains and losses, which are excluded from non-GAAP results and can materially affect GAAP net income.

02—Key points

Key Highlights

  1. Full-year 2025 net income of $2,111 million ($4.22 per share), up from $1,772 million ($3.54 per share) in 2024
  2. Full-year 2025 non-GAAP Operating Earnings of $2,029 million ($4.05 per share), up from $1,839 million ($3.68 per share)
  3. 2026 non-GAAP Operating Earnings guidance initiated at $4.28 to $4.40 per share
  4. 2026 indicative annual common dividend raised by $0.16 per share to $2.68, the 15th consecutive annual increase
  5. Regulated five-year capital spending plan increased to $22.5 billion to $25.5 billion through 2030; long-term non-GAAP Operating Earnings growth target updated to 6% to 8%
  6. PSE&G net income rose to $1,745 million for 2025 from $1,547 million; PSEG Power & Other net income rose to $366 million from $225 million
  7. PSE&G's $1.4 billion GSMP III gas infrastructure program approved for investment beginning January 2026

03—Questions

Frequently Asked Questions

  1. What were PSEG's 2025 earnings?

    For full-year 2025, PSEG reported net income of $2,111 million, or $4.22 per share, and non-GAAP Operating Earnings of $2,029 million, or $4.05 per share. For the fourth quarter, net income was $315 million ($0.63 per share) and non-GAAP Operating Earnings were $362 million ($0.72 per share).

  2. What is PSEG's 2026 earnings guidance?

    PSEG initiated 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share. The company said the midpoint represents an increase of over 7% above 2025 results.

  3. How is the dividend changing?

    The Board raised the 2026 indicative annual common dividend by $0.16 per share to $2.68 per share, marking the 15th consecutive annual increase. The filing notes that future dividend decisions are subject to Board approval.

  4. What is the capital investment outlook?

    PSEG's 2026 to 2030 capital spending plan is $24 billion to $28 billion, including $22.5 billion to $25.5 billion of regulated investments. Management expects PSE&G's rate base to grow at a compound annual rate of 6% to 7.5% over that period, starting from a year-end 2025 balance of approximately $36 billion.

  5. What risks could affect results?

    The filing cites resource adequacy challenges, regulatory approvals for projects, severe weather, nuclear operations, wholesale market prices, and changes in tax and environmental laws. It also notes that mark-to-market and nuclear decommissioning trust gains and losses are excluded from non-GAAP Operating Earnings but may materially affect GAAP results.

04—Continue

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