PSEG Reports Strong 2025 Earnings, Raises 2026 Guidance & Dividend
Summary
PSEG announced strong 2025 financial results, initiated higher 2026 earnings guidance, increased its long-term capital spending plan and growth targets, and raised its annual dividend by 6%.
Key Events
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2025 Financial Performance
Reported full-year 2025 non-GAAP operating earnings of $4.05 per share, a 10% increase over 2024, meeting or exceeding guidance for the 21st consecutive year.
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2026 Earnings Guidance
Initiated 2026 non-GAAP operating earnings guidance of $4.28-$4.40 per share, representing a 7% increase at the midpoint over 2025 results.
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Increased Capital Spending
Raised the regulated 5-year capital spending plan to $22.5 billion - $25.5 billion through 2030, supporting a rate base compound annual growth rate (CAGR) of 6%-7.5%.
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Long-Term Growth Target
Updated the long-term non-GAAP operating earnings growth target to 6%-8% through 2030, rebasing higher for the second consecutive year.
Analysis
Public Service Enterprise Group (PSEG) delivered robust financial results for 2025, exceeding management's non-GAAP operating earnings guidance for the 21st consecutive year. The company provided an optimistic outlook for 2026, initiating guidance for non-GAAP operating earnings that represents a 7% increase over 2025. This positive forecast is supported by an expanded 5-year capital spending plan and an updated long-term earnings growth target of 6%-8% through 2030. Furthermore, the board approved a 6% increase in the annual common dividend, marking the 15th consecutive annual raise, signaling strong confidence in future performance and commitment to shareholder returns.
At the time of this filing, PEG was trading at $85.02 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $42.9B. The 52-week trading range was $74.67 to $91.26. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.