PEG
Public Service Enterprise Group Incorporated79.93
-0.67-0.83%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Policy details, capex upsides clarified
Q&A delved into New Jersey's policy push for new gas and nuclear procurement via BPU bills, but timelines stay fluid amid legislative give-and-take. Management detailed incremental regulated capex above the base plan—PJM transmission, solar/battery distribution readiness, potential generation participation. They stressed earnings linearity goals amid supply-demand lifts pushing power above PTC floors, with 95% 2026 hedging and strong PA nuclear contracting prospects. O&M stays flat via efficiencies. Power above PTC. Analysts probed merchant math; answers remained qualitative. Q&A reinforces outlook confidence—what investors track next is policy execution.
Key Stats
Market Cap
39.90BP/E (TTM)
19.21Basic EPS (TTM)
4.16Dividend Yield
0.03%Recent Filings
10-K
FY2025 results
PSEG posted FY2025 net income of $2.1B, up from $1.8B, fueled by PSE&G's regulated growth and PSEG Power's higher energy/capacity prices amid PJM shortages. PSE&G's rate base swelled to $36B via T&D investments and CEF-EE II, with Q4 delivery revenues boosted by October base rate hikes yielding 9.6% ROE on $17.8B rate base. Nuclear fleet churned 30.9 TWh at 91.2% capacity factor, but ZECs ended May while PTCs stayed elusive on high gross receipts. Liquidity stays solid with $2.7B credit availability; Q4 share repurchases hit 850K shares. Yet resource adequacy shortfalls risk quarterly volatility.
8-K
PSEG beats earnings, guides up
PSEG reported 2025 net income of $4.22 per share and non-GAAP operating earnings of $4.05 per share, up from $3.54 and $3.68 in 2024 despite severe storms. It initiated 2026 non-GAAP guidance of $4.28-$4.40 per share—7% growth—and hiked the dividend $0.16 to $2.68 per share. Rate base hit ~$36B, fueling 6%-7.5% CAGR through 2030. Solid execution.
8-K
PSEG adds energy vet to board
PSEG elected Geisha J. Williams to its board effective March 1, 2026, adding her 35 years of energy expertise from leading PG&E and Florida Power & Light. She's the fifth new independent director since April 2022, balancing tenure with fresh insight. Committees pending. Her strategic chops bolster operations.
8-K
PSEG Q3 earnings beat, guidance up.
PSEG posted Q3 net income of $622M ($1.24/share), up from $520M ($1.04/share), with non-GAAP operating earnings at $565M ($1.13/share) versus $448M ($0.90/share). New PSE&G rates and higher power pricing drove gains, despite elevated nuclear O&M from Hope Creek's outage. Guidance narrows to $4.00-$4.06/share for 2025. Solid balance sheet funds $22.5B-$26B capex without equity issuance.
10-Q
Q3 FY2025 results
PSEG posted Q3 operating income of $855M, up 33% y/y from $641M, on revenues of $3.2B (+22% y/y) driven by PSE&G delivery hikes post-rate case settlement and higher nuclear capacity prices, while energy costs rose 26% y/y. Diluted EPS hit $1.24, up 19% y/y, matching 501M shares. Operating cash flow through 9M surged to $2.6B (+46% y/y derived), cash at $334M; long-term debt climbed to $22B after issuances, with $3.3B credit availability. Nuclear fleet ran strong. Regulatory shifts on large loads pose risks.
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