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Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility, and nuclear generation businesses in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs. The PSEG Power segment engages in nuclear generation businesses; and supplies power and natural gas to nuclear power plants. As of December 31, 2025, it had electric transmission and distribution system of 25,000 circuit miles and 871,000 poles; 58 switching stations with an installed capacity of 40,000 megavolt-amperes (MVA), and 238 substations with an installed capacity of 10,890 MVA; four electric distribution headquarters and five electric sub-headquarters; 18,000 miles of gas mains, 12 gas distribution headquarters, two sub-headquarters, and two meter shop, as well as 54 natural gas metering and regulating stations; and 158 MegaWatts defined conditions of installed PV solar capacity. The company was founded in 1903 and is based in Newark, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $12.2B | $4.8B | $2.1B | $26M | 12.4% | 18.3% | 19.1% |
| 2024 | $10.3B | $4.0B | $1.8B | $-1.2B | 11.0% | -8.4% | -30.9% |
| 2023 | $11.2B | $5.1B | $2.6B | $481M | 19.1% | 14.7% | 148.6% |
| 2022 | $9.8B | $2.8B | $1.0B | $-1.4B | 7.5% | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 9,800 | 11,237 | 10,290 | 12,168 |
| Operating Revenue | - | 9,800 | 11,237 | 10,290 | 12,168 |
| Cost Of Revenue | - | 7,196 | 6,417 | 6,755 | 7,931 |
| Gross Profit | - | 2,604 | 4,820 | 3,535 | 4,237 |
| Operating Expense | - | 1,127 | 1,135 | 1,182 | 1,257 |
| Selling General And Administration | -328 | -376 | 218 | - | - |
| Total Expenses | - | 8,323 | 7,552 | 7,937 | 9,188 |
| Operating Income | - | 1,477 | 3,685 | 2,353 | 2,980 |
| Total Operating Income As Reported | - | 1,381 | 3,685 | 2,353 | 2,980 |
| EBITDA | - | 2,848 | 5,093 | 4,039 | 4,794 |
| Normalized EBITDA | - | 3,236 | 4,904 | 3,912 | 4,605 |
| EBIT | - | 1,565 | 3,769 | 2,666 | 3,335 |
| Interest Income | - | 93 | 121 | 113 | 122 |
| Interest Expense | - | 563 | 688 | 841 | 961 |
| Net Interest Income | - | -470 | -567 | -728 | -839 |
| Other Non Operating Income Expenses | - | 369 | -228 | 71 | 44 |
| Other Income Expense | - | -5 | -39 | 198 | 233 |
| Interest Income Non Operating | - | 93 | 121 | 113 | 122 |
| Interest Expense Non Operating | - | 563 | 688 | 841 | 961 |
| Net Non Operating Interest Income Expense | - | -470 | -567 | -728 | -839 |
| Pretax Income | - | 1,002 | 3,081 | 1,825 | 2,374 |
| Tax Provision | - | -29 | 518 | 53 | 263 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -81.48 | 31.75 | 3.68 | 20.98 |
| Net Income Continuous Operations | - | 1,031 | 2,563 | 1,772 | 2,111 |
| Net Income From Continuing And Discontinued Operation | - | 1,031 | 2,563 | 1,772 | 2,111 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,031 | 2,563 | 1,772 | 2,111 |
| Net Income | - | 1,031 | 2,563 | 1,772 | 2,111 |
| Net Income Common Stockholders | - | 1,031 | 2,563 | 1,772 | 2,111 |
| Net Income Including Noncontrolling Interests | - | 1,031 | 2,563 | 1,772 | 2,111 |
| Normalized Income | - | 1,337.52 | 2,405.75 | 1,648.68 | 1,942.98 |
| Diluted NI Availto Com Stockholders | - | 1,031 | 2,563 | 1,772 | 2,111 |
| Basic Average Shares | - | 498 | 498 | 498 | 499 |
| Diluted Average Shares | - | 501 | 500 | 500 | 501 |
| Reconciled Depreciation | - | 1,283 | 1,324 | 1,373 | 1,459 |
| Reconciled Cost Of Revenue | - | 7,013 | 6,228 | 6,564 | 7,729 |
| Total Unusual Items | - | -388 | 189 | 127 | 189 |
| Total Unusual Items Excluding Goodwill | - | -388 | 189 | 127 | 189 |
| Special Income Charges | -2,935 | -123 | -7 | -6 | - |
| Other Special Charges | 298 | 1 | - | - | - |
| Gain On Sale Of Security | - | -265 | 189 | 127 | 189 |
| Depreciation Amortization Depletion Income Statement | - | 1,100 | 1,135 | 1,182 | 1,257 |
| Depreciation And Amortization In Income Statement | - | 1,100 | 1,135 | 1,182 | 1,257 |
| General And Administrative Expense | -328 | -376 | 218 | - | - |
| Salaries And Wages | -328 | -376 | 218 | - | - |
| Gain On Sale Of Ppe | -2,637 | -123 | -7 | -6 | - |
| Earnings From Equity Interest | 16 | 14 | 1 | 1 | - |
| Other Taxes | 19 | 27 | - | - | - |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Public Service Enterprise Group Incorporatedthis co. | PEG | $38.9B | 18.43 | 2.29 | 12.4% | 13.14 |
| Xcel Energy Inc. | XEL | $48.5B | 24.06 | 2.06 | 8.5% | 13.40 |
| Exelon Corporation | EXC | $45.7B | 16.50 | 1.59 | 9.6% | 10.50 |
| Consolidated Edison, Inc. | ED | $38.4B | 18.96 | 1.59 | 8.4% | 10.58 |
| PG&E Corporation | PCG |
| - |
| 2021 | - | - | - | - | - | - | - |
| $37.0B |
| 13.70 |
| 1.20 |
| 8.7% |
| 9.68 |
| WEC Energy Group, Inc. | WEC | $36.2B | 23.26 | 2.66 | 11.4% | 14.46 |
| DTE Energy Company | DTE | $29.7B | 20.31 | 2.41 | 11.9% | 12.54 |
| Ameren Corporation | AEE | $29.6B | 20.34 | 2.21 | 10.9% | - |
| NRG Energy, Inc. | NRG | $28.1B | 32.57 | 27.30 | 83.8% | 12.21 |
| Peer Median | - | 20.32 | 2.13 | 10.2% | 12.21 | |