Public Service Enterprise Group Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw higher earnings and strong reliability despite severe winter weather, with continued investment in infrastructure and customer programs. Guidance and long-term growth targets were reaffirmed, and regulatory actions are expected to benefit customers.
Fiscal Year 2025
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Reported strong 2025 financial results with net income of $4.22 per share and a 6% dividend increase. 2026 guidance targets 7% earnings growth, supported by a $24-$28 billion capital plan and robust regulated investments. Operational excellence and customer satisfaction remain high.
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Q3 and year-to-date results were strong, driven by new rates and capital investments, with 2025 non-GAAP operating earnings guidance raised to $4-$4.06 per share. The company reaffirmed a 5%-7% long-term earnings growth outlook and highlighted ongoing grid modernization, nuclear optimization, and robust liquidity.
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Q2 2025 saw strong financial and operational results, with net income and non-GAAP earnings up over 20% year-over-year, driven by new rates and higher nuclear output. The company reaffirmed 2025 guidance and a robust five-year capital plan, while addressing resource adequacy and customer affordability.
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Q1 2025 saw strong financial and operational results, with higher earnings, robust liquidity, and continued capital investment. Affordability challenges from capacity market impacts are being addressed with regulatory and legislative engagement, while demand from large customers remains high.
Fiscal Year 2024
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Net income for 2024 was $3.54 per share, with non-GAAP operating earnings at $3.68, meeting the top of guidance. 2025 guidance targets 9% growth at midpoint, supported by a $4B capital plan and no new equity needs. Rate base and large load demand are both rising.
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Q3 2024 net income and non-GAAP operating earnings rose year-over-year, with strong nuclear and regulated utility performance. Regulatory settlements, capital investments, and data center demand support narrowed 2024 guidance and reaffirmed long-term growth targets.
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Q2 2024 net income and non-GAAP earnings declined year-over-year, but results are on track with full-year guidance. Capital investments, regulatory progress, and strong demand from data centers and electrification support long-term growth targets.