Public Service Enterprise Group Stock Earnings Reports

PSEG reported solid Q3 2025 results driven by full-quarter benefit from new PSE&G distribution rates and strong nuclear generation. The company narrowed its 2025 non-GAAP operating earnings guidance to the upper half of the prior range ($4.00–$4.06/share) and reaffirmed a 5%–7% CAGR in non-GAAP operating earnings through 2029. PSE&G invested roughly $1.0 billion in the quarter ($2.7 billion YTD) toward a planned $3.8 billion regulated capex for 2025 and a 5‑year regulated program of $21–$24 billion; PSEG overall has a $22.5–$26.0 billion 5‑year capex plan. Nuclear produced ~7.9 TWh in the quarter, with Hope Creek moving to a 24‑month fuel cycle and Salem uprate planned to add ~200 MW in 2027–2029. Management emphasized the growing supply‑demand imbalance in New Jersey/PJM and the need for additional in‑state generation or solutions to preserve reliability and affordability (including potential regulated generation, solar, storage and enabling new nuclear without deploying company equity). Liquidity remained solid (~$3.6 billion available as of Sept. 30) and PSEG expects to fund its 5‑year capex plan without issuing new equity or selling assets. The company will provide a full 2026 outlook and a capex/rate‑base rollforward on its year‑end call in February 2026.