Ctrl K
Operating cash flow of $1.1B in Q2 2026 covered dividends 3.4x, but CapEx/OCF peaked at 164.6% in Q2 2025, indicating aggressive investment that has led to negative free cash flow in several quarters.
Public Service Enterprise Group Incorporated (PEG) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 3.59B | 2.37B | 2.13B | 3.81B | 1.5B | 1.74B | 3.1B | 3.38B | 2.91B | 3.26B | 3.31B | 3.92B | 3.16B | 3.16B | 2.79B | 3.56B | 2.16B | 1.85B | 2.35B | 1.92B | 1.93B | 970M | 1.61B | 1.49B | 1.29B | 1.23B | 1.14B | 1.23B | 1.5B | 1.09B | 1.47B |
| Operating CF Growth % | 266.02% | 11.02% | -43.96% | 153.23% | -13.42% | -44.04% | -8.2% | 16% | -10.64% | -1.6% | -15.46% | 24.02% | 0.06% | 13.31% | -21.65% | 64.37% | 16.66% | -20.9% | 22.26% | -0.67% | 99.07% | -39.6% | 7.57% | 16.01% | 4.72% | 8.19% | -7.79% | -17.81% | 36.9% | -25.51% | -4.23% |
| Operating CF / Revenue % | 28.64% | 19.46% | 20.73% | 33.87% | 15.34% | 17.86% | 32.3% | 33.54% | 30.04% | 35.89% | 36.56% | 37.63% | 29.03% | 31.68% | 28.49% | 32.11% | 18.35% | 14.95% | 17.6% | 14.92% | 15.87% | 7.8% | 14.61% | 13.43% | 15.34% | 12.52% | 16.59% | 18.96% | 25.27% | 17.19% | 24.33% |
| Net Income | 2.01B | 2.11B | 1.77B | 2.56B | 1.03B | -648M | 1.91B | 1.69B | 1.44B | 1.57B | 887M | 1.68B | 1.52B | 1.24B | 1.27B | 1.38B | 1.56B | 1.59B | 1.19B | 1.33B | 739M | 661M | 726M | 1.16B | 235M | 770M | 764M | 723M | 644M | 560M | 612M |
| Depreciation & Amortization | 373M | 1.1B | 1.37B | 1.32B | 1.28B | 1.4B | 1.47B | 1.43B | 1.34B | 2.19B | 1.68B | 1.43B | 1.43B | 1.37B | 1.23B | 1.14B | 1.11B | 838M | 793M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -38M | 38M | 263M | 355M | -261M | -845M | 139M | 180M | 568M | -167M | 474M | 685M | 515M | 270M | 721M | 811M | 1.11B | 326M | 71M | 119M | -89M | 224M | 167M | 365M | -139M | -118M | -11M | -215M | -55M | 47M | 65M |
| Other Non-Cash Items | 1.09B | -1.07B | -671M | -1.74B | 297M | 2.92B | -705M | -192M | -209M | -251M | 222M | -97M | -121M | -43M | -322M | -690M | -706M | -1.12B | 219M | 633M | 1.14B | 740M | 688M | 396M | 1.37B | 394M | 686M | 827M | 952M | 667M | 697M |
| Working Capital Changes | 155M | 190M | -604M | 1.31B | -847M | -1.1B | 294M | 272M | -229M | -81M | 51M | 225M | -179M | 318M | -114M | 920M | -910M | 221M | 74M | -169M | 146M | -655M | 25M | -428M | -177M | 183M | -303M | -103M | -42M | -179M | 96M |
| Capital Expenditures | -1.61B | -2.04B | -3.38B | -3.33B | -2.89B | -2.72B | -3.03B | -3.26B | -4.06B | -4.31B | -4.3B | -3.97B | -2.92B | -2.81B | -2.57B | -2.08B | -2.16B | -1.79B | -1.77B | -1.35B | -1.01B | -1.05B | -1.25B | -1.4B | -1.55B | -3.6B | -1.61B | -1.63B | -531M | -1.61B | -586M |
| CapEx / Revenue % | 5.01% | 16.79% | 32.85% | 29.59% | 29.47% | 27.97% | 30.44% | 31.42% | 40.35% | 46.13% | 46.34% | 37.09% | 25.9% | 28.2% | 26.32% | 18.8% | 18.32% | 14.46% | 13.29% | 10.49% | 8.34% | 8.47% | 11.34% | 12.61% | 18.46% | 36.7% | 23.53% | 25.12% | 8.95% | 25.34% | 9.7% |
| CapEx / D&A | 1.68x | 1.85x | 2.46x | 2.51x | 2.25x | 1.94x | 1.99x | 2.22x | 2.91x | 1.92x | 2.50x | 2.71x | 1.98x | 2.05x | 2.10x | 1.84x | 1.95x | 2.14x | 2.23x | - | - | - | - | - | - | - | - | - | - | - | - |
| CapEx Coverage (OCF/CapEx) | 5.72x | 1.16x | 0.63x | 1.14x | 0.52x | 0.64x | 1.06x | 1.07x | 0.74x | 0.78x | 0.79x | 1.01x | 1.12x | 1.12x | 1.08x | 1.71x | 1.00x | 1.03x | 1.32x | 1.42x | 1.90x | 0.92x | 1.29x | 1.06x | 0.83x | 0.34x | 0.71x | 0.75x | 2.82x | 0.68x | 2.51x |
| Cash from Investing | -3.37B | -2.85B | -3.31B | -2.96B | -1.1B | -2.24B | -2.68B | -3.15B | -3.92B | -4.26B | -4.25B | -3.94B | -2.89B | -2.8B | -2.63B | -1.27B | -1.67B | -792M | -775M | -1M | -243M | -405M | -754M | -1.5B | -1.72B | -3.6B | -1.61B | -1.63B | -748M | -1.61B | -9M |
| Acquisitions | 0 | 0 | 0 | 291M | -124M | -111M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 687M | 0 | 0 | 925M | 0 | 0 | 0 | 0 | 0 | -288M | -832M | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -410M | -410M | 0 | 0 | 0 | -2.09B | -2.25B | -1.81B | -1.47B | -2.34B | -856M | -1.55B | -1.93B | -1.17B | -1.7B | -1.39B | -1.14B | -1.8B | -3.09B | 0 | 0 | 0 | 0 | 0 | 0 | -709M | -603M | -980M | -92M | 0 | 0 |
| Sale of Investments | 394M | 394M | 0 | 0 | 0 | 2.1B | 2.23B | 1.79B | 1.5B | 2.32B | 824M | 1.5B | 1.92B | 1.16B | 1.67B | 1.35B | 1.12B | 2.77B | 3.13B | 0 | 0 | 315M | 438M | 30M | 398M | 132M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -2.73B | -786M | 74M | 76M | 1.91B | 578M | 263M | 48M | -32M | -45M | -17M | -28M | -53M | 21M | -17M | 158M | 515M | 35M | 38M | 1.35B | 772M | 333M | 55M | -123M | -276M | -82M | -49M | -70M | -125M | -1.07B | 577M |
| Cash from Financing | -298M | 490M | 1.23B | -1.26B | -754M | 799M | -30M | -257M | 887M | 885M | 966M | 15M | -359M | -243M | -617M | -1.73B | -565M | -1.03B | -1.63B | -1.64B | -1.83B | -542M | -1.03B | 302M | 445M | 2.44B | 318M | 520M | -695M | 323M | -1.24B |
| Dividends Paid | -1.3B | -1.26B | -1.2B | -1.14B | -1.08B | -1.03B | -991M | -950M | -910M | -870M | -830M | -789M | -748M | -728M | -718M | -693M | -693M | -673M | -655M | -594M | -574M | -541M | -522M | -541M | -456M | -448M | -464M | -474M | -499M | -501M | -523M |
| Dividend Payout Ratio % | - | 59.59% | 67.49% | 44.36% | 104.66% | - | 52.02% | 56.11% | 63.28% | 55.27% | 93.57% | 46.99% | 49.28% | 58.57% | 56.31% | 46.11% | 44.31% | 42.27% | 54.95% | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 83M | 83M | 533M | 83M | 441M | 967M | 0 | 0 | 0 | 525M | 95M | 208M |
| Share Repurchases | 0 | 0 | 0 | 0 | -500M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -80M | 0 | -92M | 0 | 0 | 0 | 0 | -155M | 0 | -91M | -298M | -400M | -207M | -137M | -519M |
| Other Financing | 174M | 1.24B | -70M | -98M | -6M | -369M | -72M | -56M | -77M | -74M | -79M | -51M | -64M | -61M | -58M | -50M | 30M | -2M | -15M | 27M | -229M | -434M | -50M | -36M | 172M | -723M | 0 | 11M | -51M | -18M | -7M |
| Net Change in Cash | 62M | 13M | 55M | -412M | -352M | 291M | 396M | -23M | -116M | -111M | 31M | -8M | -91M | 114M | -455M | 554M | -70M | 29M | -59M | 275M | -147M | 25M | -179M | 302M | 4M | 71M | -157M | 120M | 56M | -196M | 217M |
| Exchange Rate Effect | 139M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | 2M | 1M | 2M | -13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 428M | 108M | 99M | 511M | 863M | 572M | 176M | 199M | 315M | 426M | 395M | 402M | 493M | 379M | 834M | 280M | 350M | 321M | 380M | 106M | 288M | 263M | 442M | 150M | 167M | 96M | 259M | 139M | 83M | 279M | 62M |
| Cash at End | 236M | 121M | 154M | 99M | 511M | 863M | 572M | 176M | 199M | 315M | 426M | 394M | 402M | 493M | 379M | 834M | 280M | 350M | 321M | 381M | 141M | 288M | 263M | 452M | 171M | 167M | 102M | 259M | 139M | 83M | 279M |
| Free Cash Flow | 1.99B | 325M | -1.25B | 481M | -1.39B | -983M | 68M | 115M | -1.15B | -1.05B | -985M | -50M | 239M | 347M | 213M | 1.47B | 4M | 61M | 574M | 570M | 916M | -83M | 359M | 91M | -262M | -2.37B | -475M | -400M | 968M | -519M | 884M |
| FCF Growth % | 408.23% | 126.06% | -359.25% | 134.73% | -40.9% | -1545.59% | -40.87% | 110.04% | -9.36% | -6.29% | -1870% | -120.92% | -31.12% | 62.91% | -85.55% | 36750% | -93.44% | -89.37% | 0.7% | -37.77% | 1203.61% | -123.12% | 294.51% | 134.73% | 88.96% | -399.58% | -18.75% | -141.32% | 286.51% | -158.71% | -0.11% |
| FCF Margin % | 15.83% | 2.67% | -12.12% | 4.28% | -14.13% | -10.11% | 0.71% | 1.14% | -11.81% | -11.53% | -10.87% | -0.48% | 2.2% | 3.48% | 2.18% | 13.3% | 0.03% | 0.49% | 4.31% | 4.43% | 7.53% | -0.67% | 3.26% | 0.82% | -3.12% | -24.18% | -6.94% | -6.16% | 16.32% | -8.15% | 14.63% |
| FCF / Net Income % | 98.66% | 15.4% | -70.37% | 18.77% | -134.34% | 151.7% | 3.57% | 6.79% | -79.62% | -66.52% | -111.05% | -2.98% | 15.74% | 27.92% | 16.71% | 98.07% | 0.26% | 3.83% | 48.15% | 42.7% | 123.95% | -12.56% | 49.45% | 7.84% | -106.94% | -308.18% | -62.17% | 493.83% | 150.31% | -92.68% | 144.54% |
Quick answers to the most common questions about buying PEG stock.
Public Service Enterprise Group Incorporated (PEG) generated $2.37B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Public Service Enterprise Group Incorporated (PEG) generated $325.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Public Service Enterprise Group Incorporated (PEG) spent $2.04B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Public Service Enterprise Group Incorporated (PEG) returned $1.26B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Regulatory lag and storm costs
Metrics are mathematically derived from official filings.
Regulated Cash Flow Resilience
PEG's operating cash flow averaged $1.1B in Q2 2026, covering dividends 3.4x, but Q2 2025 dipped to $478M, per quarterly filings, indicating seasonal volatility.
The regulated utility's cash generation remains robust, with OCF consistently exceeding $700M in most quarters, but the Q2 2025 dip to $478M suggests timing of collections or storm-related costs. This volatility is typical for utilities with decoupling mechanisms, yet the overall trend supports dividend coverage and capital investment.
Capex Cycle Drives Rate Base
Capital expenditures averaged $621M quarterly, with CapEx/OCF peaking at 164.6% in Q2 2025, as reported in financial statements, indicating aggressive investment in grid modernization.
PEG's capex intensity is high, with CapEx exceeding OCF in several quarters, reflecting its commitment to rate base growth. This investment is expected to drive future earnings, but the timing of recovery through rates is critical. The elevated capex in Q2 2025 and Q4 2024 suggests a front-loaded investment cycle that may pressure near-term cash flows.
External Financing Needs Moderate
Free cash flow turned negative in Q2 2025 and Q4 2024, but PEG issued $1B in long-term debt in Q1 2026, per SEC filings, indicating manageable financing capacity.
The free cash flow deficit is typical for utilities, but PEG's ability to access debt markets at reasonable terms is evidenced by the $1B issuance in Q1 2026. With no equity issuance, the company appears to rely on debt to fund capex, which is sustainable given its investment-grade profile. However, rising interest rates could increase financing costs, warranting monitoring.
Dividend Coverage Remains Solid
OCF-to-dividend coverage averaged 2.3x over the last four quarters, with a low of 1.2x in Q4 2024, based on reported figures, indicating a safe but variable payout.
Despite quarterly fluctuations, dividend coverage remains above 1.5x in most periods, suggesting the dividend is well-supported by operating cash flow. The Q4 2024 dip to 1.2x aligns with seasonal working capital needs, but the overall trend is stable. Investors should monitor any sustained decline in coverage, which could signal pressure on the payout.
Cash Earnings Exceed GAAP Net Income
In Q2 2026, OCF of $1.1B exceeded net income of $334M, as per quarterly reports, suggesting significant non-cash add-backs like depreciation and deferred taxes.
The gap between OCF and net income is substantial, indicating that GAAP earnings understate cash generation due to non-cash charges. This is common in utilities with large rate base and deferred tax liabilities. The Q2 2026 EPS miss may be partly due to timing, but cash flow remains strong, supporting the company's ability to fund capex and dividends.
Storm Costs and Regulatory Lag Risks
Q2 2026 EPS miss and CEO commentary on storm damage, as disclosed in earnings calls, suggest potential unrecovered costs that could pressure future cash flows.
The severe July storm may lead to higher O&M and capex for grid hardening, which could be subject to regulatory disallowance. Additionally, the Q2 2026 EPS miss of $0.86 versus $1.19 estimate indicates a discrete operational issue, but if not recovered through rates, it could compress cash flow. Investors should monitor rate case filings and NJBPU decisions for cost recovery.