Company file · PEG
Public Service Enterprise Group
Public Service Enterprise Group's revenue rose 18.3% in FY2025, to $12.2B, and net income rose 19.1% to $2.1B
Revenue rose 18.3% to $12.2B in FY2025, from $10.3B in FY2024. Net income rose 19.1% to $2.1B. Public Service Electricand Gas Company was the largest segment, at 72% of the segment total.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Public Service Enterprise Group (NYSE: PEG) took in $12.2B of revenue (up 18.3% on fiscal 2024); net income was $2.1B (up 19.1%). The most recent quarter, ended Sep 30, 2026, brought revenue of $3.0B, down 6.4% year over year, with net income of $376M. Public Service Electricand Gas Company was the biggest single line by segment: 72% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 26, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 2, 2026).
Source: 10-K FY2025, filed Feb 26, 2026
Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Nov 2, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Public Service Electricand Gas Company$9.5B72%+16.2%
- PSEG Power Other$3.8B28%+39.9%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Public Service Electricand Gas Company (72%) and PSEG Power Other (28%), as shares of the segment total. Total revenue was $12.2B.
Source: 10-K FY2025
By product or service, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Public Service Enterprise Group 10-Q for the quarter ended Sep 30, 2026, filed Nov 2, 2026
By segment
Source: Public Service Enterprise Group 10-Q for the quarter ended Sep 30, 2026, filed Nov 2, 2026
The bull case and the bear case
The bull case
- Revenue rose 18.3% in FY2025 to $12.2B, from $10.3B a year earlier. 10-K, FY2025
- Net income rose 19.1% in FY2025 to $2.1B, from $1.8B. 10-K, FY2025
- Operating cash flow rose 54.6% in FY2025 to $3.3B. 10-K, FY2025
- PSEG Power Other revenue grew 39.9% in FY2025 to $3.8B. 10-K, FY2025
The bear case
- Total debt rose 6.0% in FY2025 to $24.1B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $3.0B, down 6.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $376M, down 39.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Public Service Enterprise Group is in the electric utilities industry, part of the utilities sector. The SEC files it under Electric & Other Services Combined.
Public Service Enterprise Group reports 2 segments: Public Service Electricand Gas Company and PSEG Power Other.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the electric utilities industry. They are not a summary of Public Service Enterprise Group’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Rates and regulatorsRegulators set much of what it can charge, so decisions can limit earnings.
- Capital spendingBuilding and upgrading networks needs large investment financed with debt.
- Weather and operationsStorms, wildfires and outages can cause costs and liability.
- Fuel and power costsFuel and purchased-power costs can change faster than rates.
- Interest ratesHigher borrowing costs raise the cost of funding projects.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $11.2B | $10.3B | $12.2B |
| Net income | $2.6B | $1.8B | $2.1B |
| Operating cash flow | $3.8B | $2.1B | $3.3B |
| Cash & equivalents (year end) | $54M | $125M | $132M |
| Total debt (year end) | $20.2B | $22.7B | $24.1B |
| Diluted shares | 500M | 500M | 501M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Commercial paper and the current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Dividends paid vs. declared
- Large accelerated filers
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.
- The product or service chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 2, 2026 | Sep 30, 2026 |
| 10-Q | Aug 4, 2026 | Jun 30, 2026 |
| 10-Q | May 5, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 12, 2026 | Apr 21, 2026 |
| 10-K | Feb 26, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Public Service Enterprise Group
How does Public Service Enterprise Group make money?
In fiscal 2025, revenue totaled $12.2B. By segment in FY2025: Public Service Electricand Gas Company (72%) and PSEG Power Other (28%), as shares of the segment total. Total revenue was $12.2B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
What was Public Service Enterprise Group's revenue in fiscal 2025?
Revenue came to $12.2B in the year ended Dec 31, 2025. Going back two years, it was $11.2B in fiscal 2023 and $10.3B in fiscal 2024, so the latest year was up 18.3%. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
Is Public Service Enterprise Group profitable?
Yes, by US accounting rules (GAAP): net income was $2.1B in fiscal 2025, up 19.1% from $1.8B a year earlier. For the quarter ended Sep 30, 2026, net income was $376M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
What did Public Service Enterprise Group report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $3.0B, against $3.2B in the same quarter a year before (down 6.4%), and net income of $376M, against $622M (down 39.5%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 2, 2026.
How much cash and debt does Public Service Enterprise Group have?
On Sep 30, 2026, cash and cash equivalents stood at $837M and total debt at $25.6B. Total debt here is commercial paper and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 2, 2026.
What are the main risks Public Service Enterprise Group faces?
Public Service Enterprise Group's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 26, 2026. Risks that are common among companies in the electric utilities industry include Rates and regulators; capital spending; weather and operations; fuel and power costs; interest rates. The first: Regulators set much of what it can charge, so decisions can limit earnings. Source: 10-K, Item 1A Risk Factors.
Where do these Public Service Enterprise Group numbers come from?
Two filings Public Service Enterprise Group made with the SEC: its fiscal 2025 10-K, filed Feb 26, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 2, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Public Service Enterprise Group
- Citadel Advisors: 4,428,016 shares, reported value $359.4M at Jun 30, 2026 (+339.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Point72 Asset Management: 966,343 shares, reported value $78.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 600,500 shares, reported value $48.7M at Jun 30, 2026 (+6,221.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Millennium Management: 30,564 shares, reported value $2.5M at Jun 30, 2026 (−96.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 5,086 shares, reported value $0.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in PEG
- The editor holds no position in Public Service Enterprise Group (PEG). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell PEG from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold PEG, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Public Service Enterprise GroupPEG | FY2025 | $12.2B | +18.3% | $2.1B |
| Southern CompanySO | FY2025 | $29.6B | +10.6% | $4.3B |
| Duke EnergyDUK | FY2025 | $31.7B | +5.6% | $5.0B |
| Constellation EnergyCEG | FY2025 | $25.5B | +8.3% | $2.3B |
| American Electric PowerAEP | FY2025 | $21.9B | +10.9% | $3.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.