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Sep 30
PSEG Q3 2025 Earnings Report
PSEG reported strong Q3 2025 results with higher net income and operating earnings driven by new rates and regulated investments.
Key Takeaways
PSEG delivered solid Q3 2025 performance, with notable increases in net income and adjusted EPS. Results were supported by the impact of new electric and gas rates, continued investment in New Jersey’s energy infrastructure, and reliable output from its nuclear fleet.
Net income rose to $622 million, up from $520 million last year.
Adjusted EPS reached $1.13, driven by higher electric and gas rates and transmission margins.
PSEG invested approximately $1 billion in regulated infrastructure during the quarter.
PSEG Nuclear delivered 7.9 TWh of carbon-free energy, supporting overall financial flexibility.
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PSEG Revenue by Segment
PSEG Revenue by Geographic Location
Revenue by Segment
PSEG Electric & Gas Revenue
CapyFin.comPSEG Power & Other Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
PSEG raised the lower end of its 2025 non-GAAP EPS guidance and reaffirmed long-term growth expectations, supported by regulatory investments and strong operational execution.
Positive Outlook
- Narrowed 2025 non-GAAP EPS guidance to $4.00–$4.06 (from $3.94–$4.06).
- Regulated capital investments of $2.7B YTD support infrastructure modernization.
- Hope Creek nuclear unit completed 499-day run and extended fuel cycle to 24 months.
- Five-year contract extension for PSEG Long Island operations approved.
- Balance sheet strength allows funding of $22.5–$26B capex without new equity.
Challenges Ahead
- Higher O&M costs impacted quarterly results.
- Depreciation and interest expenses increased due to distribution investments.
- Hope Creek outage and fuel cycle work added nuclear O&M costs.
- Electric bills rose nearly 20% due to capacity market pass-throughs.
- PJM market imbalances highlighted growing regional resource adequacy issues.