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Dec 31, 2025
PSEG Q4 2025 Earnings Report
PSEG reported higher fourth quarter net income year-over-year while non-GAAP operating earnings declined compared to the prior year period.
Key Takeaways
For Q4 2025, PSEG generated operating revenues of 2915000000 and net income of 315000000, or 0.63 per diluted share. Non-GAAP operating earnings were 362000000, or 0.72 per share, compared to 421000000 in Q4 2024.
Net income was 315000000 with diluted EPS of 0.63.
Non-GAAP operating earnings were 362000000, or 0.72 per share.
Operating revenues increased to 2915000000 from 2465000000 year-over-year.
PSE&G contributed 352000000 in Q4 net income while PSEG Power & Other reported a net loss of 37000000.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
PSEG initiated 2026 non-GAAP operating earnings guidance in the range of 4.28 to 4.40 per share and updated its long-term growth outlook.
Positive Outlook
- 2026 non-GAAP operating EPS guidance of 4.28 to 4.40 per share.
- Updated long-term non-GAAP operating earnings growth target of 6% to 8% through 2030.
- 2026-2030 capital spending plan of 24000000000 to 28000000000.
- Regulated investments expected to total approximately 4200000000 in 2026.
- Dividend increased by 0.16 per share to an annual rate of 2.68 per share.
Challenges Ahead
- Non-GAAP operating earnings declined year-over-year in Q4.
- PSEG Power & Other reported a quarterly net loss of 37000000.
- Higher nuclear-related operation and maintenance costs impacted results.
- Higher interest expense weighed on quarterly earnings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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