PEG Public Service Enterprise Group (PEG) Q4 FY25 earnings call
Public Service Enterprise Group delivered strong Q4 FY25 results, achieving the high end of its earnings guidance and extending its track record of predictability. The company raised its long-term non-GAAP EPS growth outlook to 6-8% through 2030, supported by an increased $24-28 billion capital program focused on regulated investments and nuclear generation. Management emphasized its commitment to operational excellence and customer affordability amidst ongoing discussions regarding New Jersey's energy supply and regulatory reform.
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PEG operating KPIs by quarter
| KPI | Sep 2025 Q3 FY25 | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Capital expenditures PSE&G | — | — | ~$800MOn our regulated capital spending program, PSE&G invested approximately $800 million during the first quarter, and we remain on track to execute our full year 2026 plan, of approximately $4.2 billion, focused on continued investments in infrastructure modernization, energy efficiency, electrification initiatives and load growth.Source: earnings call transcript | ~$1BOn the capital front, PSE&G invested approximately $1 billion during the second quarter and is on track to execute our full year 2026 regulated capital investment plan, of approximately $4.2 billion, focused on continued investments in infrastructure modernization, energy efficiency, electrification initiatives and load growth.Source: earnings call transcript | — |
| Nuclear generation PSEG Nuclear | — | ~7.2 TWhOn the operating side, the nuclear fleet produced approximately 7.2 terawatt hours during the fourth quarter of 2025 compared to approximately 7.3 terawatt hours in the fourth quarter of 2024.Source: earnings call transcript | 8 TWhThat notable accomplishment contributed to a 95.5% capacity factor and supplied 8 terawatt hours of reliable, carbon-free baseload energy to New Jersey and the grid during the first quarter.Source: earnings call transcript | 7.8 TWhPSEG nuclear also performed well during the quarter, supplying the grid with 7.8 terawatt hours of carbon-free 24/7 baseload generation and achieving a capacity factor of 92% that included the second consecutive breakthrough breaker run at Salem Unit 2.Source: earnings call transcript | -2.5% |
| Nuclear generation capacity factor PSEG Nuclear | 92.4%Capacity factors for the nuclear fleet were 92.4% and 93.7% for the quarter and 9-month period ended September 30, 2025, respectively.Source: earnings call transcript | 83.7%Capacity factors for the nuclear fleet were 83.7% and 91.2% for the quarter and full year of 2025, respectively.Source: earnings call transcript | 95.5%That notable accomplishment contributed to a 95.5% capacity factor and supplied 8 terawatt hours of reliable, carbon-free baseload energy to New Jersey and the grid during the first quarter.Source: earnings call transcript | 92%PSEG nuclear also performed well during the quarter, supplying the grid with 7.8 terawatt hours of carbon-free 24/7 baseload generation and achieving a capacity factor of 92% that included the second consecutive breakthrough breaker run at Salem Unit 2.Source: earnings call transcript | -3.5 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.