PSEG Sets 2026 EPS Guidance Up 7%, Raises Capex Plan to $25.5B
PSEG reported 2025 net income of $2.11 billion ($4.22/share) and non-GAAP operating earnings of $4.05 per share. It set 2026 non-GAAP EPS guidance of $4.28–$4.40 (+7%), raised its five-year regulated capital plan to $22.5–$25.5 billion and lifted the dividend 6% to $2.68.
1. 2025 Financial Results
PSEG reported full-year 2025 net income of $2,111 million, or $4.22 per share, and non-GAAP operating earnings of $4.05 per share, up from $3.68 in 2024 on a non-GAAP basis.
2. 2026 Guidance and Growth Targets
The company initiated 2026 non-GAAP EPS guidance of $4.28–$4.40 per share, representing a 7% increase over 2025, and updated its long-term non-GAAP operating earnings growth target to 6%–8%.
3. Capital Spending and Rate Base
PSEG increased its regulated five-year capital spending plan to $22.5–$25.5 billion through 2030 and extended its rate base compound annual growth rate target to 6%–7.5% from a higher year-end 2025 balance.
4. Dividend Increase and Customer Initiatives
The board approved a 6% common dividend increase to an annual rate of $2.68 per share, the 15th consecutive raise, while implementing a Summer Relief Initiative and holding residential gas rates flat for the winter season.