Public Service Enterprise Group (PEG) Q4 FY2025 earnings: revenue $2.9 billion, up 18.3% on the year

Public Service Enterprise Group Inc. (PEG) reported revenue of $2.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 18.3% on the same quarter a year earlier. Net income was $315 million, up 10.1% on the year, and diluted earnings per share $0.63. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$2.9 billion

+18.3% on the year · -9.6% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

17.5%

18.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$315 million

+10.1% on the year · -49.4% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.63

+10.5% on the year · -49.2% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 2 narrowed, 4 new.

Full-year non-GAAP EPS reached $4.05: Full-year net income was $2,111 million, or $4.22 per diluted share. Non-GAAP Operating Earnings were $2,029 million, or $4.05 per share, against $3.68 in 2024.
Long-term growth target raised to 6% to 8%: The long-term non-GAAP Operating Earnings growth target moves to 6% to 8% through 2030, based on the higher 2026 guidance midpoint, which the company described as rebasing higher for the second year in a row.
Regulated investment reached $3.7 billion: PSE&G invested about $1 billion in regulated infrastructure in the fourth quarter and $3.7 billion for the full year, for the benefit of customers.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,915	3,226	2,465	-9.6%	+18.3%
Cost of revenue	1,014	1,133	765	-10.5%	+32.5%
Gross profit	1,901	2,093	1,700	-9.2%	+11.8%
Gross margin	65.2%	64.9%	69.0%
Operating income	511	855	445	-40.2%	+14.8%
Operating margin	17.5%	26.5%	18.1%
Interest expense	263	253	232	+4.0%	+13.4%
Pre-tax income	311	720	200	-56.8%	+55.5%
Income tax	-4.0	98.0	-86.0
Effective tax rate	-1.3%	13.6%	-43.0%
Net income	315	622	286	-49.4%	+10.1%
Net margin	10.8%	19.3%	11.6%
Diluted EPS	$0.63	$1.24	$0.57	-49.2%	+10.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	721	1,050	367	-31.3%	+96.5%
Capital expenditure	1,129	728	978	+55.1%	+15.4%
Free cash flow	-408	322	-611
Free cash flow margin	-14.0%	10.0%	-24.8%
Cash from investing	-1,248	-672	-943
Cash from financing	323	-233	502		-35.7%
Dividends paid	315	314	299	+0.3%	+5.4%
Dividend per share	n/a	$0.63	n/a
Diluted shares, weighted	501m	501m	500m	0.0%	+0.2%
Shares outstanding at period end	498m	499m	498m	-0.2%	0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	16,982	17,009	16,114	-0.2%	+5.4%
Debt	24,074	23,370	22,707	+3.0%	+6.0%
Operating lease liabilities	128	138	153	-7.2%	-16.3%
Other liabilities	16,392	16,396	15,666	-0.0%	+4.6%
Total liabilities and equity	57,576	56,913	54,640	+1.2%	+5.4%
Investments	372	243	263	+53.1%	+41.4%
Cash and equivalents	132	334	125	-60.5%	+5.6%
Receivables	1,888	1,617	1,597	+16.8%	+18.2%
Other assets	55,184	54,719	52,655	+0.8%	+4.8%
Total assets	57,576	56,913	54,640	+1.2%	+5.4%

Questions

What was Public Service Enterprise Group's revenue in Q4 FY2025?

Public Service Enterprise Group (PEG) reported revenue of $2.9 billion for Q4 FY2025, the quarter ended 31 December 2025, up 18.3% on the same quarter a year earlier.

How much did Public Service Enterprise Group earn in Q4 FY2025?

Net income for Q4 FY2025 was $315 million, up 10.1% on the year, and diluted earnings per share $0.63.

When did Public Service Enterprise Group report Q4 FY2025 results?

Public Service Enterprise Group filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,056	2,313	2,076	2,272	3,139	3,755	2,421	2,456	2,605	2,760	2,423	2,642	2,465	3,222	2,805	3,226	2,915	3,848	2,554	3,020
Cost of revenue	1,004	1,245	765	1,012	996	1,082	604	831	743	997	732	899	765	1,186	826	1,133	1,014	1,507	866	1,125
Gross profit	2,052	1,068	1,311	1,260	2,143	2,673	1,817	1,625	1,862	1,763	1,691	1,743	1,700	2,036	1,979	2,093	1,901	2,341	1,688	1,895
Gross margin	67%	46%	63%	55%	68%	71%	75%	66%	71%	64%	70%	66%	69%	63%	71%	65%	65%	61%	66%	63%
Operating income	902	-52.0	296	173	964	1,648	794	551	692	685	582	641	445	797	817	855	511	1,075	461	622
Operating margin	30%	-2%	14%	8%	31%	44%	33%	22%	27%	25%	24%	24%	18%	25%	29%	27%	18%	28%	18%	21%
Interest expense	134	137	150	163	178	180	185	185	198	205	218	227	232	241	248	253	263	272	269	280
Pre-tax income	631	-154	98.0	55.0	1,003	1,585	744	65.0	687	629	437	559	200	617	726	720	311	848	398	379
Tax rate	29%	n/a	-34%	-107%	21%	19%	21%	-114%	21%	15%	1%	7%	-43%	5%	19%	14%	-1%	13%	16%	1%
Net income	445	-2.0	131	114	788	1,287	591	139	546	532	434	520	286	589	585	622	315	741	334	376
Net margin	15%	-0%	6%	5%	25%	34%	24%	6%	21%	19%	18%	20%	12%	18%	21%	19%	11%	19%	13%	12%
Diluted EPS	$0.88	$0.00	$0.26	$0.22	$1.58	$2.58	$1.18	$0.27	$1.10	$1.06	$0.87	$1.04	$0.57	$1.18	$1.17	$1.24	$0.63	$1.48	$0.67	$0.76
Operating cash flow	558	472	-116	345	802	1,837	572	687	710	661	482	623	367	1,049	478	1,050	721	1,271	550	716
Capital expenditure	673	686	605	797	800	739	705	916	965	797	837	768	978	628	787	728	1,129	693	766	843
Free cash flow	-115	-214	-721	-452	2.0	1,098	-133	-229	-255	-136	-355	-145	-611	421	-309	322	-408	578	-216	-127
Buybacks	0.0	500	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	258	271	270	269	269	284	285	284	284	299	299	299	299	314	315	314	315	334	334	334
Shares outstanding	504m	499m	499m	499m	497m	499m	499m	498m	498m	498m	498m	498m	498m	499m	499m	499m	498m	498m	498m	499m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.