Highlights 

  • Q3 2025 net income increased to USD 622M, or USD 1.24 per share. 
  • Non-GAAP operating earnings rose to USD 1.13 per share from USD 0.90 last year. 
  • FY2025 operating earnings guidance narrowed to USD 4.00–USD 4.06 per share. 

Public Service Enterprise GroupNYSE:PEGreported net income of USD 622M, or USD 1.24 per share, for the quarter ended September 30, 2025, compared with USD 520M, or USD 1.04 per share, in the same period of 2024. 
Non-GAAP operating earnings came in at USD 565M, or USD 1.13 per share, compared with USD 448M, or USD 0.90 per share, a year earlier. 

For the first nine months of 2025, PSEG posted net income of USD 1,796M, or USD 3.59 per share, up from USD 1,486M, or USD 2.97 per share, during the same period in 2024. 
Non-GAAP operating earnings for the year-to-date period were USD 1,667M, or USD 3.33 per share, compared with USD 1,418M, or USD 2.84 per share, last year. 

The company revised its 2025 non-GAAP operating earnings guidance to the upper half of the previous range at USD 4.00 to USD 4.06 per share, versus USD 3.94 to USD 4.06 per share earlier. 

Segment Performance 

PSE&G, the regulated utility arm, reported Q3 net income of USD 515M, up from USD 379M in the prior year quarter. 
Year-to-date segment income reached USD 1,393M, compared with USD 1,169M last year. 
The performance reflected new electric and gas rates effective October 2024 and contributions from Transmission and Energy Efficiency initiatives. 
These benefits were partially offset by higher operation, maintenance, depreciation, and interest costs. 

PSEG Power & Other recorded Q3 net income of USD 107M, compared with USD 141M in Q3 2024. 
The decline was primarily due to increased nuclear-related operation and maintenance expenses from the Hope Creek refueling outage and extended fuel cycle work, along with lower generation output, partially offset by stronger power pricing. 

Operational and Strategic Developments 

During the quarter, PSEG invested about USD 1B in regulated infrastructure, contributing to USD 2.7B in capital spending for the first nine months of 2025. 
The company’s full-year capital program of USD 3.8B focuses on modernizing New Jersey’s energy network and expanding energy efficiency efforts. 

PSEG Nuclear supplied 7.9 TWh of carbon-free baseload energy during the quarter. 
Its Hope Creek facility completed a 499-day continuous run and extended its fuel cycle from 18 to 24 months to enhance generation capacity. 

The Long Island Power Authority Board approved a five-year contract extension for PSEG Long Island, continuing its role as service provider through 2030. 

Management Commentary 

Ralph LaRossa, chair, president, and CEO of PSEG, stated: 

“We continue executing PSEG's growth plan with a focus on operational excellence and rigorous cost discipline to maintain reliability and provide value for our customers. This summer, however, a growing generation supply-demand imbalance, along with the impact of PJM's capacity market results, which PSE&G passes through to customers, directly caused summer electric bills to rise nearly 20%. To address the growing resource adequacy imbalance in the mid-Atlantic region, we are actively collaborating with the State and other stakeholders to develop real solutions in New Jersey and ensure we can affordably meet our customers' energy needs.”