Public Service Enterprise Group Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 3 November 2025: press release. Guidance figures: 1 raised, 2 kept. The quarter’s numbers.

Key takeaways

Q3 non-GAAP EPS rose to $1.13: Non-GAAP Operating Earnings were $565 million, or $1.13 per diluted share, against $448 million, or $0.90, a year earlier. Net income was $622 million, or $1.24 per share. Source
Guidance narrowed to upper half: Management narrowed 2025 non-GAAP Operating Earnings guidance to $4.00 to $4.06 per share, from $3.94 to $4.06 previously. Source
PSE&G earnings rose on new rates: PSE&G non-GAAP Operating Earnings were $515 million in the quarter, against $379 million, and $1,393 million for nine months, against $1,169 million. Source
PSEG Power earnings fell in quarter: PSEG Power & Other non-GAAP Operating Earnings were $50 million in the quarter, against $69 million, and $274 million for nine months, against $249 million. Source
Summer bills rose nearly 20%: Management attributed the rise to a growing generation supply-demand imbalance and PJM capacity market results, which PSE&G passes through to customers. Source
Capital program funded without equity: Management said the balance sheet funds the five-year program with no new equity or asset sales, and supports consistent and sustainable dividend growth. Source

“This summer, however, a growing generation supply-demand imbalance, along with the impact of PJM’s capacity market results, which PSE&G passes through to customers, directly caused summer electric bills to rise nearly 20%.”
Ralph LaRossa, PSEG’s chair, president and CEO

Guidance

Area	Period	Figure	Against last quarter
Non-GAAP Operating Earnings per share Source	full year 2025	$4.00 to $4.06 per share	Raised from $3.94 to $4.06 per share
Five-year non-GAAP Operating Earnings growth Source	2025 through 2029	5% to 7%	Kept
Five-year capital investment program Source	five-year program	$22.5 billion to $26 billion
Regulated capital spending Source	full year 2025	$3.8 billion	Kept

What changed from last quarter

Guidance raised: 2025 non-GAAP Operating Earnings guidance narrowed to $4.00 to $4.06 per share from $3.94 to $4.06, the upper half of the range. Source
Guidance kept: The five-year non-GAAP Operating Earnings growth range of 5% to 7% through 2029 was reaffirmed. Source
New: The Long Island Power Authority board approved a five-year extension of PSEG Long Island as operations service provider through 2030. Source
Ended: Hope Creek fuel cycle extension work is reported as completed. The prior release described it as a refueling outage planned for the fall. Source

Earnings and guidance

Q3 non-GAAP EPS rose to $1.13: Non-GAAP Operating Earnings were $565 million, or $1.13 per diluted share, against $448 million, or $0.90, a year earlier. Net income was $622 million, or $1.24 per share. Source
Nine-month non-GAAP EPS $3.33: Nine-month non-GAAP Operating Earnings were $1,667 million, or $3.33 per share, against $1,418 million, or $2.84 a year earlier. Net income was $1,796 million, or $3.59 per share. Source
Guidance narrowed to upper half: Management narrowed 2025 non-GAAP Operating Earnings guidance to $4.00 to $4.06 per share, from $3.94 to $4.06 previously. Source

Segment results

PSE&G earnings rose on new rates: PSE&G non-GAAP Operating Earnings were $515 million in the quarter, against $379 million, and $1,393 million for nine months, against $1,169 million. Source
New rates from October 2024 settlement: Management said the new electric and gas rates followed settlement of the first distribution base rate case since 2018. Transmission and Energy Efficiency investments also added margin. Source
PSEG Power earnings fell in quarter: PSEG Power & Other non-GAAP Operating Earnings were $50 million in the quarter, against $69 million, and $274 million for nine months, against $249 million. Source
Hope Creek outage costs weighed: Power results reflected higher nuclear operation and maintenance from the Hope Creek refueling outage and fuel cycle work, and lower generation volume, partly offset by higher power pricing. Source

“We are reaffirming PSEG’s five-year, non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029 as we continue to pursue opportunities incremental to our long-term forecast”
Ralph LaRossa, PSEG’s chair, president and CEO

Nuclear fleet and Long Island

Nuclear output fell in quarter: Nuclear output was 7,903 GWh in the quarter, against 8,087 GWh a year earlier. Nine-month output was 23,769 GWh, against 23,294 GWh. Source
Hope Creek fuel cycle extended: Hope Creek completed a breaker-to-breaker run of 499 continuous days since its last refueling outage. The fuel cycle extension from 18 to 24 months is complete. Source
Long Island operations contract extended: The Long Island Power Authority board approved a five-year extension of PSEG Long Island as operations service provider, running through 2030. Source

Electric and gas sales

Electric sales slipped 1%: Electric sales were 11,804 million kWh in the quarter, down 1%. Residential fell 2% and commercial and industrial fell 1%. Nine-month electric sales were 31,228 million kWh, down 1%. Source
Firm gas sales rose 4%: Firm gas sales were 195 million therms in the quarter, up 4%. Nine-month firm sales were 1,793 million therms, up 9%. Total gas sales were 404 million therms, down 7%. Source
Cooling hours below prior year: Temperature-humidity index hours were 12,460 in the quarter, against 12,909 normal and 7% below 2024. Nine-month hours were 17,581, 9% below 2024 and above normal. Source

“Notably, our solid balance sheet enables the funding of PSEG’s five-year capital investment program of $22.5 billion to $26 billion without the need to issue new equity or sell assets”
Ralph LaRossa, PSEG’s chair, president and CEO

Bills, costs and pricing

Summer bills rose nearly 20%: Management attributed the rise to a growing generation supply-demand imbalance and PJM capacity market results, which PSE&G passes through to customers. Source
Higher costs partly offset rates: PSE&G expected higher operation and maintenance costs, plus higher depreciation and interest from distribution investments, partly offsetting the new rates. Source
Power pricing higher year to date: Higher power pricing added to year-to-date results. In the quarter, it partly offset lower generation volume at PSEG Power & Other. Source

Capital, cash and shareholder returns

Regulated investment about $1 billion: Regulated investment was about $1 billion in the quarter and $2.7 billion over nine months, part of a planned $3.8 billion capital spending program. Source
Capital program funded without equity: Management said the balance sheet funds the five-year program with no new equity or asset sales, and supports consistent and sustainable dividend growth. Source
Debt up, commercial paper down: Total debt was $23,370 million at September 30, against $22,707 million at December 31, 2024. Commercial paper and loans fell to $829 million from $1,593 million. Source
Operating cash flow rose: Nine-month operating cash flow was $2,577 million, against $1,766 million. Investing outflows were $2,060 million, against $2,363 million. Source
Dividend per share increased: Dividends paid were $0.63 per share in the quarter, against $0.60, and $1.89 for nine months, against $1.80. The dividend yield was 3.0%. Source

Growth plan and strategy

Growth plan execution emphasized: Management said the company is executing its growth plan with a focus on operational excellence and rigorous cost discipline. Source
New Jersey resource adequacy talks: Management is working with the State and other stakeholders on New Jersey solutions to the growing resource adequacy imbalance in the mid-Atlantic region. Source

Coming up, as management said on 3 November 2025

Nuclear multi-year contracts under discussion: Management said it is pursuing potential multi-year nuclear output contracts and incremental investments for near-term supply. No timing was given. Source

Figures management reported

Figure	Reported
Rate case Source	New electric and gas rates in effect October 15, 2024, after first distribution base rate case since 2018
Capital plan Source	$22.5 billion to $26 billion five-year program; $3.8 billion planned spending program
Customers served Source	approximately 2.4 million electric and 1.9 million natural gas customers
Load growth Source	Electric sales 11,804 million kWh in quarter, down 1%; 31,228 million kWh for nine months, down 1%
EPS growth target Source	5% to 7% five-year non-GAAP Operating Earnings growth, 2025 to 2029

Risks management discussed

External: Management described a growing resource adequacy imbalance in the mid-Atlantic region that it is working to address with New Jersey. Source
Regulatory: Capacity market costs pass through to customers. Management tied this to higher summer bills and the need to meet demand affordably. Source
Financial: Management said it cannot reliably project mark-to-market and nuclear decommissioning trust gains or losses, which may materially affect future GAAP results. Source
Operational: Lower generation volume reduced PSEG Power & Other results in the quarter, partly offset by higher power pricing. Source

Earlier plans management reported on

Not stated: Management reaffirmed the range in the quarter. The documents give no progress status against it. Source
Met: The prior release described this work as an outage planned for this fall. The current release describes the work as completed. Source
Not stated: Management cited $1 billion of regulated investment in the quarter and $2.7 billion for nine months against the planned program. No progress status was given. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Public Service Enterprise Group 80 Park Plaza Newark, NJ 07102

PSEG ANNOUNCES THIRD QUARTER 2025 RESULTS

$1.24 PER SHARE NET INCOME

$1.13 PER SHARE NON-GAAP OPERATING EARNINGS

(NEWARK, N.J. - November 3, 2025) Public Service Enterprise Group (NYSE: PEG) reported the following results for the third quarter and nine months ended September 30, 2025:

PSEG Consolidated (unaudited)

Third Quarter Comparative Results

	Income		Earnings Per Share
($ millions, except per share amounts)	2025	2024	2025	2024
Net Income	$622	$520	$1.24	$1.04
Reconciling Items	(57)	(72)	(0.11)	(0.14)
Non-GAAP Operating Earnings	$565	$448	$1.13	$0.90
Average Shares Outstanding (Diluted)			501	500

See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

PSEG Consolidated (unaudited)

Nine Months Ended September 30, Comparative Results

	Income		Earnings Per Share
($ millions, except per share amounts)	2025	2024	2025	2024
Net Income	$1,796	$1,486	$3.59	$2.97
Reconciling Items	(129)	(68)	(0.26)	(0.13)
Non-GAAP Operating Earnings	$1,667	$1,418	$3.33	$2.84
Average Shares Outstanding (Diluted)			501	500

See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

Third Quarter 2025 Highlights

PSEG’s solid third quarter and year-to-date operating and financial results reflect the expected incremental impact of new rates from the October 2024 base rate case settlement for the full quarter and higher power pricing for the year-to-date period.
Our results through the first nine months enable us to narrow our 2025 non-GAAP Operating Earnings guidance to the upper half of the range at $4.00 to $4.06 per share, from $3.94 to $4.06 per share prior.
Regulated investment was approximately $1 billion in the quarter and $2.7 billion over the first nine months of 2025 as part of our planned $3.8 billion capital spending program focused on

replacing and modernizing New Jersey’s energy infrastructure, meeting load growth, and expanding energy efficiency programs that lower energy demand and customer bills.

PSEG Nuclear supplied the grid with 7.9 TWh of reliable, carbon-free baseload energy in the third quarter, while providing PSEG with the financial flexibility to fund our regulated investments.
Our 100%-owned Hope Creek unit completed a breaker-to-breaker run, operating for 499 continuous days since its last refueling outage, and recently completed work to extend its fuel cycle from 18 to 24 months, positioning the unit to produce more megawatt hours going forward.
The Long Island Power Authority Board of Trustees approved a five-year contract extension of PSEG Long Island as operations service provider for electric service on Long Island and in the Rockaways through 2030.

“We continue executing PSEG’s growth plan with a focus on operational excellence and rigorous cost discipline to maintain reliability and provide value for our customers. This summer, however, a growing generation supply-demand imbalance, along with the impact of PJM’s capacity market results, which PSE&G passes through to customers, directly caused summer electric bills to rise nearly 20%. To address the growing resource adequacy imbalance in the mid-Atlantic region, we are actively collaborating with the State and other stakeholders to develop real solutions in New Jersey and ensure we can affordably meet our customers’ energy needs.

We are reaffirming PSEG’s five-year, non-GAAP Operating Earnings growth outlook of 5% to 7% through 2029 as we continue to pursue opportunities incremental to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements and potential incremental investments to address the near-term need for additional supply due to growing customer demand. Notably, our solid balance sheet enables the funding of PSEG’s five-year capital investment program of $22.5 billion to $26 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth,” said Ralph LaRossa, PSEG’s chair, president and CEO.

PSEG Results by Segment (unaudited)

Third Quarter and Nine Months Ended September 30, Comparative Results

($ millions)	3Q 2025	3Q 2024	YTD 2025	YTD 2024
PSE&G Net Income/Non-GAAP Operating Earnings	$515	$379	$1,393	$1,169
PSEG Power & Other Net Income	107	141	403	317
Total PSEG Net Income	$622	$520	$1,796	$1,486
PSEG Power & Other Non-GAAP Operating Earnings	$50	$69	$274	$249
Total PSEG Non-GAAP Operating Earnings	$565	$448	$1,667	$1,418

PSE&G’s results for the third quarter reflect the new electric and gas rates placed into effect last October 15, 2024, following settlement of its first distribution base rate case since 2018 as well as margin from Transmission and Energy Efficiency investments. Partly offsetting this in the quarter’s results was higher expected operation and maintenance costs, as well as higher depreciation and interest expenses driven by Distribution investments.

Results for PSEG Power & Other reflect higher nuclear related operation and maintenance costs from the Hope Creek refueling outage and fuel cycle extension work along with lower generation volume, partly offset by higher power pricing.

PSEG will host a conference call to review its third quarter 2025 results, earnings guidance, and other matters with the financial community at 11:00 a.m. ET today. Please register to access this event by visiting: https://investor.pseg.com/investor-news-and-events

About PSEG

Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey’s largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it’s cleaner, safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Sustainability North America Index for 17 consecutive years. PSEG’s businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).

Non-GAAP Financial Measures

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG’s financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items.

See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies.

Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.

Forward-Looking Statements

Forward-looking statements notice

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects;
the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;
any equipment failures, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers;
any inability to recover the carrying amount of our long-lived assets;
disruptions or cost increases in our supply chain, including labor shortages;
any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;
the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;
an increasing demand for power and load growth, potentially compounded by a shift away from natural gas toward increased electrification;
failure to attract and retain a qualified workforce;
increases in the costs of equipment, materials, fuel, services and labor;
the impact of our covenants in our debt instruments and credit agreements on our business;
adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements;
any inability to enter into or extend certain significant contracts;
development, adoption and use of Artificial Intelligence by us and our third-party vendors;
fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;
the ability to obtain adequate nuclear fuel supply;
changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;
any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules;
the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;
PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned;
our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, production tax credit and/or zero emission certificates program;
adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;
risks associated with our ownership and operation of nuclear facilities and third-party operation of co-owned nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the

Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks;

changes in federal, state and local environmental laws and regulations and enforcement;
delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and
changes in tax laws and regulations.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this press release or the Form 8-K to which it is an exhibit.

Attachment 1

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

	Three Months Ended September 30, 2025
	PSEG	Eliminations	PSE&G	PSEG Power & Other
OPERATING REVENUES	$3,226	$(58)	$2,535	$749
OPERATING EXPENSES
Energy Costs	1,133	(58)	1,013	178
Operation and Maintenance	927	-	543	384
Depreciation and Amortization	311	-	277	34
Total Operating Expenses	2,371	(58)	1,833	596
OPERATING INCOME	855	-	702	153
Net Gains (Losses) on Trust Investments	62	-	-	62
Net Other Income (Deductions)	39	(1)	16	24
Net Non-Operating Pension and OPEB Credits (Costs)	17	-	17	-
Interest Expense	(253)	1	(162)	(92)
INCOME BEFORE INCOME TAXES	720	-	573	147
Income Tax Expense	(98)	-	(58)	(40)
NET INCOME	$622	$ -	$515	$107
Reconciling Items Excluded from Net Income	(57)	-	-	(57)
OPERATING EARNINGS (non-GAAP)	$565	$ -	$515	$50
Earnings Per Share
NET INCOME	$1.24
Reconciling Items Excluded from Net Income	(0.11)
OPERATING EARNINGS (non-GAAP)	$1.13

	Three Months Ended September 30, 2024
	PSEG	Eliminations	PSE&G	PSEG Power & Other
OPERATING REVENUES	$2,642	$(80)	$2,139	$583
OPERATING EXPENSES
Energy Costs	899	(80)	839	140
Operation and Maintenance	808	-	464	344
Depreciation and Amortization	294	-	254	40
Total Operating Expenses	2,001	(80)	1,557	524
OPERATING INCOME	641	-	582	59
Income from Equity Method Investments	1	-	-	1
Net Gains (Losses) on Trust Investments	89	-	-	89
Net Other Income (Deductions)	37	(1)	18	20
Net Non-Operating Pension and OPEB Credits (Costs)	18	-	20	(2)
Interest Expense	(227)	1	(151)	(77)
INCOME BEFORE INCOME TAXES	559	-	469	90
Income Tax (Expense) Benefit	(39)	-	(90)	51
NET INCOME	$520	$ -	$379	$141
Reconciling Items Excluded from Net Income	(72)	-	-	(72)
OPERATING EARNINGS (non-GAAP)	$448	$ -	$379	$69
Earnings Per Share
NET INCOME	$1.04
Reconciling Items Excluded from Net Income	(0.14)
OPERATING EARNINGS (non-GAAP)	$0.90

Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.
See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

Attachment 2

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

	Nine Months Ended September 30, 2025
	PSEG	Eliminations	PSE&G	PSEG Power & Other
OPERATING REVENUES	$9,253	$(738)	$7,230	$2,761
OPERATING EXPENSES
Energy Costs	3,145	(738)	2,867	1,016
Operation and Maintenance	2,700	-	1,623	1,077
Depreciation and Amortization	939	-	832	107
Total Operating Expenses	6,784	(738)	5,322	2,200
OPERATING INCOME	2,469	-	1,908	561
Net Gains (Losses) on Trust Investments	165	-	-	165
Net Other Income (Deductions)	122	(3)	48	77
Net Non-Operating Pension and OPEB Credits (Costs)	49	-	52	(3)
Interest Expense	(742)	3	(480)	(265)
INCOME BEFORE INCOME TAXES	2,063	-	1,528	535
Income Tax Expense	(267)	-	(135)	(132)
NET INCOME	$1,796	$ -	$1,393	$403
Reconciling Items Excluded from Net Income	(129)	-	-	(129)
OPERATING EARNINGS (non-GAAP)	$1,667	$ -	$1,393	$274
Earnings Per Share
NET INCOME	$3.59
Reconciling Items Excluded from Net Income	(0.26)
OPERATING EARNINGS (non-GAAP)	$3.33

	Nine Months Ended September 30, 2024
	PSEG	Eliminations	PSE&G	PSEG Power & Other
OPERATING REVENUES	$7,825	$(650)	$6,335	$2,140
OPERATING EXPENSES
Energy Costs	2,628	(650)	2,450	828
Operation and Maintenance	2,415	-	1,395	1,020
Depreciation and Amortization	874	-	758	116
Total Operating Expenses	5,917	(650)	4,603	1,964
OPERATING INCOME	1,908	-	1,732	176
Income from Equity Method Investments	2	-	-	2
Net Gains (Losses) on Trust Investments	191	-	-	191
Net Other Income (Deductions)	119	(4)	50	73
Net Non-Operating Pension and OPEB Credits (Costs)	55	-	58	(3)
Interest Expense	(650)	4	(430)	(224)
INCOME BEFORE INCOME TAXES	1,625	-	1,410	215
Income Tax (Expense) Benefit	(139)	-	(241)	102
NET INCOME	$1,486	$ -	$1,169	$317
Reconciling Items Excluded from Net Income	(68)	-	-	(68)
OPERATING EARNINGS (non-GAAP)	$1,418	$ -	$1,169	$249
Earnings Per Share
NET INCOME	$2.97
Reconciling Items Excluded from Net Income	(0.13)
OPERATING EARNINGS (non-GAAP)	$2.84

Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.
See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

Attachment 3

Public Service Enterprise Group Incorporated

Capitalization Schedule

(Unaudited, $ millions)

	September 30, 2025	December 31, 2024
DEBT
Commercial Paper and Loans	$829	$1,593
Long-Term Debt*	22,541	21,114
Total Debt	23,370	22,707
STOCKHOLDERS’ EQUITY
Common Stock	5,045	5,057
Treasury Stock	(1,370)	(1,403)
Retained Earnings	13,446	12,593
Accumulated Other Comprehensive Loss	(112)	(133)
Total Stockholders’ Equity	17,009	16,114
Total Capitalization	$40,379	$38,821

* Includes current portion of Long-Term Debt

Attachment 4

Public Service Enterprise Group Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited, $ millions)

	Nine Months Ended September 30,
	2025	2024
Cash Flows From Operating Activities
Net Income	$1,796	$1,486
Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities	781	280
Net Cash Provided By (Used In) Operating Activities	2,577	1,766
Net Cash Provided By (Used In) Investing Activities	(2,060)	(2,363)
Net Cash Provided By (Used In) Financing Activities	(311)	726
Net Change in Cash, Cash Equivalents and Restricted Cash	206	129
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	154	99
Cash, Cash Equivalents and Restricted Cash at End of Period	$360	$228

Attachment 5

Public Service Electric & Gas Company

Retail Sales

(Unaudited)

September 30, 2025

Electric Sales

Sales (millions kWh)	Three Months Ended	Change vs. 2024	Nine Months Ended	Change vs. 2024
Residential	4,539	(2%)	10,971	(1%)
Commercial & Industrial	7,181	(1%)	20,011	(1%)
Other	84	18%	246	2%
Total	11,804	(1%)	31,228	(1%)

Gas Sold and Transported

Sales (millions therms)	Three Months Ended	Change vs. 2024	Nine Months Ended	Change vs. 2024
Firm Sales
Residential Sales	89	0%	1,031	9%
Commercial & Industrial	106	8%	762	8%
Total Firm Sales	195	4%	1,793	9%
Non-Firm Sales*
Commercial & Industrial	209	(16%)	685	12%
Total Non-Firm Sales	209		685
Total Sales	404	(7%)	2,478	10%

* Contract Service Gas rate included in non-firm sales

Weather Data*

	Three Months Ended	Change vs. 2024	Nine Months Ended	Change vs. 2024
THI Hours - Actual	12,460	(7%)	17,581	(9%)
THI Hours - Normal	12,909		17,101
Degree Days - Actual	-	(100%)	2,749	9%
Degree Days - Normal	21		2,976

* Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F - the average hourly daily temperature. The measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data.

Attachment 6

Nuclear Generation Measures

(Unaudited)

	GWh Breakdown		GWh Breakdown
	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Nuclear - NJ	5,189	5,456	15,323	14,971
Nuclear - PA	2,714	2,631	8,446	8,323
	7,903	8,087	23,769	23,294

Attachment 7

Public Service Enterprise Group Incorporated

Statistical Measures

(Unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Weighted Average Common Shares Outstanding (millions)
Basic	499	498	499	498
Diluted	501	500	501	500
Stock Price at End of Period			$83.46	$89.21
Dividends Paid per Share of Common Stock	$0.63	$0.60	$1.89	$1.80
Dividend Yield			3.0%	2.7%
Book Value per Common Share			$34.10	$32.33
Market Price as a Percent of Book Value			245%	276%

Attachment 8

Public Service Enterprise Group Incorporated

Consolidated Operating Earnings (non-GAAP) Reconciliation

Reconciling Items	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	($ millions, Unaudited)
Net Income	$622	$520	$1,796	$1,486
(Gain) Loss on Nuclear Decommissioning Trust (NDT)
Fund Related Activity, pre-tax	(70)	(91)	(190)	(199)
(Gain) Loss on Mark-to-Market (MTM), pre-tax	(20)	(23)	(22)	76
Lease Related Activity, pre-tax	-	-	-	(4)
Income Taxes related to Operating Earnings (non-GAAP) reconciling items	33	42	83	59
Operating Earnings (non-GAAP)	$565	$448	$1,667	$1,418
PSEG Fully Diluted Average Shares Outstanding (in millions)	501	500	501	500
	($ Per Share Impact - Diluted, Unaudited)
Net Income	$1.24	$1.04	$3.59	$2.97
(Gain) Loss on NDT Fund Related Activity, pre-tax	(0.13)	(0.17)	(0.38)	(0.39)
(Gain) Loss on MTM, pre-tax	(0.04)	(0.05)	(0.04)	0.15
Lease Related Activity, pre-tax	-	-	-	(0.01)
Income Taxes related to Operating Earnings (non-GAAP) reconciling items	0.06	0.08	0.16	0.12
Operating Earnings (non-GAAP)	$1.13	$0.90	$3.33	$2.84

Includes the financial impact from positions with forward delivery months.
Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity.

Attachment 9

PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation

Reconciling Items	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	($ millions, Unaudited)
Net Income	$107	$141	$403	$317
(Gain) Loss on NDT Fund Related Activity, pre-tax	(70)	(91)	(190)	(199)
(Gain) Loss on MTM, pre-tax	(20)	(23)	(22)	76
Lease Related Activity, pre-tax	-	-	-	(4)
Income Taxes related to Operating Earnings (non-GAAP) reconciling items	33	42	83	59
Operating Earnings (non-GAAP)	$50	$69	$274	$249
PSEG Fully Diluted Average Shares Outstanding (in millions)	501	500	501	500

Includes the financial impact from positions with forward delivery months.
Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity.

Contacts
Media Relations: (973) 430-7734 DL-ENT-pseg.communications@pseg.com
Investor Relations: (973) 430-6565 PSEG-IR-GeneralInquiry@pseg.com