PSEG outlines $24–$28B five-year capex plan funded without new equity, reaffirms 2026 EPS, long-term growth after Q2 EPS beat, revenue miss
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $10.29B | $11.24B | $9.80B | $9.72B | $9.60B | $10.08B | $9.70B | $9.08B |
| Cost of Revenue | $6.75B | $6.41B | $7.20B | $6.72B | $6.17B | $6.48B | $6.24B | $5.67B |
| Gross Profit | $3.54B | $4.83B | $2.60B | $3.00B | $3.43B | $3.59B | $3.46B | $3.42B |
| Gross Margin | 34.41% | 42.96% | 26.57% | 30.83% | 35.74% | 35.66% | 35.64% | 37.59% |
| Operating Expenses | $1.19B | $1.14B | $1.22B | $3.85B | $1.16B | $1.65B | $1.16B | $1.99B |
| Operating Income | $2.35B | $3.69B | $1.38B | $-856.00M | $2.27B | $1.94B | $2.30B | $1.43B |
| Operating Margin | 22.87% | 32.79% | 14.09% | -8.80% | 23.64% | 19.28% | 23.70% | 15.73% |
| Net Income | $1.77B | $2.56B | $1.03B | $-648.00M | $1.91B | $1.69B | $1.44B | $1.57B |
| Net Margin | 17.22% | 22.81% | 10.52% | -6.67% | 19.84% | 16.80% | 14.83% | 17.33% |
| EPS (Basic) | $3.56 | $5.15 | $2.07 | $-1.29 | $3.78 | $3.36 | $2.85 | $3.10 |
| EBITDA | $4.04B | $5.09B | $2.85B | $814.00M | $4.28B | $3.89B | $3.68B | $3.84B |
| Stock Option Compensation Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Price To Earnings Ratio | 23.74 | 11.88 | 29.60 | -51.90 | 15.42 | 17.58 | 18.24 | 16.52 |
| Price To Sales Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Shares Outstanding | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Market Capitalization | $42.08B | $30.45B | $30.51B | $33.63B | $29.38B | $29.76B | $26.23B | $26.01B |
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Short Term Receivables | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventories | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Property, Plant & Equipment | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Investments and Advances | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Note Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Intangible Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Assets | $54.64B | $50.74B | $48.72B | $49.00B | $50.05B | $47.73B | $45.33B | $42.72B |
| Short Term Debt Incl. Current Port. of LT Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Provision for Risks Charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $38.53B | $35.26B | $34.99B | $34.56B | $34.07B | $32.64B | $30.95B | $28.87B |
| Non-Equity Reserves | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Preferred Stock - Carrying Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Common Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Shareholders Equity | $16.11B | $15.48B | $13.73B | $14.44B | $15.98B | $15.09B | $14.38B | $13.85B |
| Accumulated Minority Interest | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $16.11B | $15.48B | $13.73B | $14.44B | $15.98B | $15.09B | $14.38B | $13.85B |
| Total Liabilities & Stockholders Equity | $54.64B | $50.74B | $48.72B | $49.00B | $50.05B | $47.73B | $45.33B | $42.72B |
| Book Value Per Share | $32.36 | $31.08 | $27.57 | $28.65 | $31.71 | $29.94 | $28.53 | $27.42 |
| Tangible Book Value Per Share | $32.36 | $31.08 | $27.54 | $28.61 | $31.40 | $29.64 | $28.21 | $27.16 |
| Full-Time Employees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Book Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 3.24% | 5.05% | 2.12% | -1.32% | 3.81% | 3.55% | 3.17% | 3.68% |
| Return on Equity | 11.00% | 16.56% | 7.51% | -4.49% | 11.92% | 11.22% | 10.00% | 11.37% |
| Return on Invested Capital | 4.40% | 6.37% | 3.01% | -1.10% | 3.98% | 3.74% | 4.17% | 3.56% |
| Quick Ratio | 0.48 | 0.46 | 0.50 | 0.78 | 0.50 | 0.46 | 0.53 | 0.59 |
| Current Ratio | 0.65 | 0.67 | 0.64 | 0.88 | 0.66 | 0.64 | 0.71 | 0.79 |
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $1.77B | $2.56B | $1.03B | $-648.00M | $1.91B | $1.69B | $1.44B | $1.57B |
| Depreciation | $1.37B | $1.32B | $1.28B | $1.40B | $1.47B | $1.43B | $1.34B | $2.19B |
| Other Funds (Non Cash) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Funds from Operations | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Extraordinary Item | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Changes in Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Taxes Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Operating Activities | $2.13B | $3.81B | $1.50B | $1.74B | $3.10B | $3.38B | $2.91B | $3.26B |
| Capital Expenditures | $3.38B | $3.33B | $2.89B | $2.72B | $3.03B | $3.26B | $4.06B | $4.31B |
| Net Assets From Acquisitions | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale of Fixed Assets and Businesses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase or Sale of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale Or Maturity of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Investing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Dividends Paid | $1.20B | $1.14B | $1.08B | $1.03B | $991.00M | $950.00M | $910.00M | $870.00M |
| Change in Capital Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Repurchase of Common Pref Stock | $0.00 | $0.00 | $500.00M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Sale of Common Pref Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Proceeds from Stock Options | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance or Reduction of Debt, Net | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Change in Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Reduction of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Financing Active Other Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Financing Activities Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Financing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Exchange Rate Effect | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Change in Cash | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | $-1.25B | $481.00M | $-1.39B | $-983.00M | $68.00M | $115.00M | $-1.15B | $-1.05B |
| Preferred Dividends (Cash Flow) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Company coverage
Public Service Enterprise Group Incorporated (PSEG) is an energy provider primarily operating through its subsidiaries in the Northeastern and Mid-Atlantic United States. The company's business activities are structured into two primary segments: PSE&G and PSEG Power. The PSE&G division is responsible for transmitting electricity and distributing both electricity and natural gas to residential, commercial, and industrial customers. This segment also commits resources to solar power generation projects and various energy efficiency initiatives, as well as offering appliance service and repair. By December 31, 2021, its substantial infrastructure included 25,000 circuit miles of electric transmission and distribution systems, supported by 862,000 utility poles. It also featured 56 switching stations with a total capacity of 39,353 megavolt-amperes (MVA) and 235 substations with a combined capacity of 9,285 MVA. The electric network was further managed by four main and five sub-electric distribution headquarters. On the gas side, PSE&G maintained 18,000 miles of gas mains, twelve primary and two secondary gas distribution headquarters, a single meter shop, and 58 natural gas metering and regulating stations. Public Service Enterprise Group Incorporated was established in 1985 and is headquartered in Newark, New Jersey.
Why it moved over time
PSEG's latest catalyst is its Q2 earnings report and management's reaffirmation of full-year 2026 operating-earnings guidance, which reduces near-term forecast uncertainty for investors.
Key fact: Reaffirmed full-year 2026 operating-earnings outlook after reporting Q2 results.
marketbeat.com: Public Service Enterprise Group Q2 Earnings Call HighlightsPSEG's Q2 results topped estimates, driven by electric and gas unit strength that offset higher interest costs in power generation, giving investors an earnings-driven read on operational resilience.
Key fact: Q2 EPS $0.86 vs $0.80 estimate; electric and gas unit strength offset higher interest costs in power generation.
zacks.com: PSEG (PEG) Reports Q2 Earnings: What Key Metrics Have to SayInvestors are focused on PSEG's upcoming quarterly earnings report—Wall Street expects earnings growth next week—because results and guidance could materially alter near-term investor outlook.
Key fact: Wall Street expects earnings growth for PSEG in next week's report.
defenseworld.net: Public Service Enterprise Group Incorporated $PEG Shares Sold by Bank of America Corp DEAn upcoming PSEG quarterly report next week, where Wall Street forecasts earnings growth, is the likely catalyst as results could prompt revisions to guidance and near-term utility cash-flow expectations.
Key fact: Wall Street expects PSEG to report earnings growth in its upcoming quarterly report next week (Zacks, 2026-07-28).
defenseworld.net: Public Service Enterprise Group Incorporated $PEG Shares Sold by Bank of America Corp DE