Public Service Enterprise Group Hikes Dividend 6% to $2.68, Guides 2026 EPS Growth
PSE&G posted Q4 non-GAAP EPS of $0.72, full-year 2025 operating EPS of $4.05 at the high end of guidance, declaring a 6% dividend increase to $2.68. The company initiated 2026 operating EPS guidance of $4.28–$4.40 (≈7% growth), updated its $24–28B 2026–30 capital program and expects 6–7.5% rate base CAGR.
1. Earnings Results
PSE&G recorded Q4 non-GAAP operating EPS of $0.72 and full-year 2025 operating EPS of $4.05, landing at the high end of its $4.00–$4.06 guidance range with net income per share of $0.63. The utility segment delivered Q4 net income of $352 million and full-year net income of $1.75 billion, while the power segment posted a Q4 non-GAAP operating loss of $37 million and full-year net income of $366 million.
2. Dividend and Guidance
The board declared a Q1 2026 dividend setting the annual rate at $2.68, up 6% year-over-year, supported by confidence in long-term projections. Management initiated 2026 non-GAAP operating EPS guidance of $4.28–$4.40, implying approximately 7% midpoint growth driven by utility investments and 95% hedged nuclear output.
3. Capital Program and Rate Base Growth
PSE&G updated its 2026–2030 capital program to $24–$28 billion, with over 90% earmarked for regulated investments, supporting a 6–7.5% compounded annual rate base growth through 2030. The company plans approximately $4.2 billion of regulated capital spending in 2026 to finance grid upgrades, reliability projects and energy efficiency initiatives.
4. Operational and Regulatory Highlights
Operations hit a seasonal gas sendout peak on Feb. 7, marking the fifth-highest in company history, and restored service to virtually all customers within 24 hours after extreme cold. The New Jersey BGS auction results will reduce residential electricity supply costs by 1.8% from June 1, and methane-reduction programs have cut emissions by over 30% since 2018.