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PEG

Public Service Enterprise Group Incorporated

PEG

Public Service Enterprise Group Incorporated • NYSE
$83.52 ▲ 0.32% (+0.27)
Market Cap $41.69 B
52w High $94.99
52w Low $74.67
Dividend Yield 2.49%
P/E 20.08
Volume 1.34M
Outstanding Shares 499.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.226B ▲ $311M ▲ $622M ▲ 19.281% ▼ $1.25 ▲ $1.284B ▼
Q2-2025 $2.805B ▼ $308M ▼ $585M ▼ 20.856% ▲ $1.17 ▼ $1.33B ▲
Q1-2025 $3.222B ▲ $320M ▲ $589M ▲ 18.281% ▲ $1.18 ▲ $1.231B ▲
Q4-2024 $2.465B ▼ $314M ▲ $286M ▼ 11.602% ▼ $0.57 ▼ $745M ▼
Q3-2024 $2.642B $294M $520M 19.682% $1.04 $1.132B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $339M ▲ $56.913B ▲ $39.904B ▲ $17.009B ▲
Q2-2025 $186M ▼ $56.024B ▲ $39.353B ▲ $16.671B ▲
Q1-2025 $894M ▲ $55.575B ▲ $39.205B ▲ $16.37B ▲
Q4-2024 $125M ▼ $54.64B ▲ $38.526B ▲ $16.114B ▲
Q3-2024 $203M $54.08B $37.985B $16.095B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $219M ▼ $1.05B ▲ $-672M ▲ $-311M ▲ $206M ▲ $572M ▲
Q2-2025 $585M ▼ $478M ▼ $-770M ▼ $-423M ▼ $-715M ▼ $-309M ▼
Q1-2025 $589M ▲ $1.049B ▲ $-618M ▲ $345M ▼ $776M ▲ $421M ▲
Q4-2024 $286M ▼ $367M ▼ $-943M ▼ $502M ▲ $-74M ▼ $-611M ▼
Q3-2024 $520M $623M $-751M $211M $83M $-145M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Electricity and Related Products
Electricity and Related Products
 $0 ▲$450.00M ▲$300.00M ▼$380.00M ▲
Gas Distribution Contracts
Gas Distribution Contracts
 $670.00M ▲$1.14Bn ▲$320.00M ▼$160.00M ▼
Natural Gas
Natural Gas
 $50.00M ▲$140.00M ▲$40.00M ▼$70.00M ▲
Other Contract Revenues
Other Contract Revenues
 $270.00M ▲$270.00M ▲$280.00M ▲$280.00M ▲
Public Service Electric and Gas Company
Public Service Electric and Gas Company
 $810.00M ▲$940.00M ▲$1.17Bn ▲$1.81Bn ▲
Transmission
Transmission
 $440.00M ▲$440.00M ▲$440.00M ▲$450.00M ▲

Five-Year Company Overview

Income Statement

Income Statement PEG’s revenue has been fairly steady over the past five years, with only modest swings despite changing power markets and weather patterns. The more notable story is profitability: earnings dipped sharply a few years ago, then rebounded strongly and have since settled at solid, though slightly lower, levels than the recent peak. This pattern suggests a business that can recover from one‑off hits but is still exposed to regulatory changes, fuel costs, and storm impacts. Overall, the income statement looks like a typical regulated utility: stable top line, recovering margins, and earnings that are healthy but not immune to volatility.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive utility investing heavily in its network. Total assets have been climbing, driven by spending on grid and infrastructure projects. Debt has also been rising, which is common for utilities but does increase sensitivity to interest rates and regulatory decisions. Equity has grown over time, indicating that retained earnings and capital raising are supporting expansion. Cash on hand is modest, reinforcing that PEG relies more on ongoing financing access than on large cash reserves. The structure is typical for a regulated utility, but the higher leverage is a key point to watch.

Cash Flow

Cash Flow Operating cash flow has remained positive but has moved up and down from year to year, reflecting weather, fuel costs, and timing of regulatory recovery. Free cash flow is often negative because capital spending on the grid, resiliency, and clean‑energy programs is very high. This is not unusual for a growing utility, but it means the company depends on external financing to fund its investment pipeline. The overall cash flow picture shows a business generating dependable cash from operations while deliberately reinvesting heavily for future reliability and growth.

Competitive Edge

Competitive Edge PEG benefits from a regulated monopoly position in its core New Jersey service territory, giving it a relatively protected customer base and more predictable returns than unregulated power producers. Its long record of high reliability, strong customer satisfaction scores, and supportive state policy on clean energy all reinforce its standing with both regulators and customers. Large, ongoing infrastructure programs and the scale of its network create meaningful barriers for new entrants. The main competitive risks are regulatory: pressure on allowed returns, rate affordability concerns, and evolving policy priorities around decarbonization and resilience.

Innovation and R&D

Innovation and R&D Innovation at PEG is focused on modernizing the grid and enabling cleaner energy rather than on traditional lab‑style R&D. The roll‑out of smart meters, grid automation, and resiliency upgrades is building a more digital, flexible system. Programs in energy efficiency, electric‑vehicle charging, and energy storage position the company to benefit from electrification and decarbonization trends. Early work in areas like hydrogen blending and offshore wind transmission shows a willingness to test future‑oriented technologies while staying close to its regulated utility core. The upside is long‑term relevance and growth potential; the trade‑off is sustained high investment needs and execution risk on complex projects.

Summary

PEG looks like a mature, regulated utility using its stable core to fund a major modernization and clean‑energy push. Financially, revenue is steady, earnings have recovered from past weakness, and the company is leaning on its balance sheet to finance large capital programs, resulting in higher debt and often negative free cash flow. Competitively, PEG benefits from a protected service territory, strong reliability metrics, and a policy environment that encourages exactly the types of investments it is making. The key things to watch going forward are how regulators treat returns on these projects, how well PEG manages costs and execution, and whether its sizable investments in grid and clean‑energy infrastructure translate into sustained, stable earnings over time.

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