PSEG 2025 operating earnings rise to $4.05 per share; 2026 guidance $4.28-$4.40
PSEG reported full-year 2025 net income of $2.11 billion, or $4.22 per share, up from $3.54 per share in 2024, and non-GAAP operating earnings of $4.05 per share, up from $3.68. It initiated 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share, about 7% above 2025 at the midpoint, and raised its indicative 2026 dividend to $2.68 per share, but fourth-quarter operating earnings fell to $0.72 per share from $0.84.
Key points
- Full-year 2025 non-GAAP operating earnings were $2.03 billion, or $4.05 per share, versus $1.84 billion, or $3.68 per share, in 2024.
- Fourth-quarter 2025 non-GAAP operating earnings were $362 million, or $0.72 per share, down from $421 million, or $0.84 per share, a year earlier.
- The 2026 non-GAAP operating earnings guidance range is $4.28 to $4.40 per share.
- The regulated 2026-2030 capital spending plan is $22.5 billion to $25.5 billion, and the 2026 indicative annual dividend is $2.68 per share, up $0.16.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:30 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 26, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.