Public Service Enterprise Group Stock Earnings Reports

PSEG reported a solid Q3 2025 with third-quarter non-GAAP operating earnings of $1.13 per share (vs. $0.90 in Q3 2024) and narrowed full-year 2025 non-GAAP operating earnings guidance to the upper half of $4.00 to $4.06 per share. PSE&G invested ~$1.0 billion in the quarter (~$2.7 billion YTD) as part of a planned ~$3.8 billion regulated CapEx program for 2025; the company reaffirms a 5-year non-GAAP operating earnings CAGR of 5%–7% through 2029 and expects to fund its $22.5–$26.0 billion five-year capital plan without issuing new equity or selling assets. Nuclear performance remained strong (100% Hope Creek ownership completed a 499-day run and extended the fuel cycle to 24 months; nuclear produced ~7.9 TWh in the quarter), and an uprate at Salem is expected to add ~200 MW during 2027–2029. PSEG highlights a growing supply-demand imbalance in New Jersey/PJM, supports in‑state supply additions (regulated generation, solar, storage, and enabling roles for new nuclear), and is engaging with policymakers to develop solutions; the company notes potential near-term bill impacts are limited by FERC’s price collar and state gradualism in bill mechanisms. Liquidity remains healthy (~$3.6 billion available at 9/30) and Moody’s actions left ratings and outlook unchanged. Management will provide a full roll-forward of guidance, capital plans and rate-base updates on the year-end / Q4 call in February 2026. Key investor considerations: regulated distribution revenue uplift from the Oct 2024 rate case is a primary driver of 2025 results, regulated CapEx is the dominant use of capital, nuclear operations continue to be a strategic financial and reliability asset, and regulatory/policy developments in New Jersey (including the outcome of the governor’s election) are material to future supply strategy and potential utility opportunities.