PEG Public Service Enterprise Group
FY2025 10-K
Public Service Enterprise Group (PEG) filed its fiscal year 2025 10-K annual report with the SEC on Feb 26, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • NJ regulated utility + nuclear generation holding company; earns margins via T&D tariffs and wholesale nuclear energy/capacity sales
- • PSEG did not record any PTCs in 2025 as nuclear gross receipts exceeded IRA eligibility threshold; PTC still provides downside price protection
Management Discussion & Analysis
- • PSEG net income $2,111M vs $1,772M in 2024 (+$339M YoY); diluted EPS $4.22 vs $3.54; total operating revenues $12,168M vs $10,290M (+$1,878M)
- • PSE&G segment net income $1,745M vs $1,547M; revenue +$1,109M driven by 2024 rate case settlement, higher T&D clause revenues, and commodity pass-throughs
Risk Factors
- • FERC proposed elimination of PSE&G's 50 basis point RTO membership adder, reducing annual net income and cash inflows ~$40M
- • PJM resource adequacy crisis driven by data center/EV demand surge triggering capacity price spikes and BPU rate affordability scrutiny
Financial SummaryXBRL
Revenue
$12.2B
Net Income
$2.1B
Operating Margin
24.5%
Net Margin
17.3%
ROE
12.4%
Total Assets
$57.6B
EPS (Diluted)
$4.22
Operating Cash Flow
$3.3B
Source: XBRL data from Public Service Enterprise Group FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other Public Service Enterprise Group Annual Reports
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