Revenue growth is uneven, with Q1 2026 up 19.4% but Q2 2026 down 8.9%, while operating margins averaged 24% over the last four quarters, dipping to 18.1% in Q2 2026 due to elevated O&M and storm costs.
Public Service Enterprise Group Incorporated (PEG) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 12.54B | 12.17B | 10.29B | 11.24B | 9.8B | 9.72B | 9.6B | 10.08B | 9.7B | 9.08B | 9.06B | 10.41B | 10.89B | 9.97B | 9.78B | 11.08B | 11.79B | 12.41B | 13.32B | 12.85B | 12.16B | 12.43B | 11B | 11.12B | 8.39B | 9.81B | 6.85B | 6.5B | 5.93B | 6.37B | 6.04B |
| Revenue Growth % | 12.65% | 18.25% | -8.43% | 14.66% | 0.8% | 1.24% | -4.69% | 3.92% | 6.74% | 0.25% | -13% | -4.33% | 9.21% | 1.91% | -11.72% | -6.05% | -4.94% | -6.88% | 3.65% | 5.66% | -2.14% | 13.04% | -1.08% | 32.49% | -14.52% | 43.33% | 5.4% | 9.54% | -6.89% | 5.44% | -1.99% |
| Cost of Revenue | 1.83B | 3.77B | 6.75B | 6.41B | 7.2B | 6.72B | 6.17B | 6.48B | 6.24B | 5.67B | 6.01B | 6.24B | 7.04B | 6.42B | 6.35B | 4.75B | 5.26B | 5.71B | 7.29B | 6.52B | 6.77B | 7.27B | 6.06B | 6.37B | 3.77B | 4.97B | 2.43B | 2.08B | 1.92B | 2.28B | 2.04B |
| Gross Profit | 10.71B | 8.4B | 3.54B | 4.83B | 2.6B | 3B | 3.43B | 3.59B | 3.46B | 3.42B | 3.05B | 4.18B | 3.85B | 3.54B | 3.43B | 6.33B | 6.53B | 6.7B | 6.03B | 6.33B | 5.39B | 5.16B | 4.94B | 4.75B | 4.62B | 4.84B | 4.42B | 4.42B | 4.02B | 4.09B | 4.01B |
| Gross Margin % | 85.41% | 69% | 34.41% | 42.96% | 26.57% | 30.83% | 35.74% | 35.66% | 35.64% | 37.59% | 33.68% | 40.1% | 35.37% | 35.56% | 35.07% | 57.15% | 55.39% | 53.97% | 45.24% | 49.25% | 44.35% | 41.49% | 44.92% | 42.71% | 55.08% | 49.35% | 64.5% | 68% | 67.71% | 64.21% | 66.3% |
| Gross Profit Growth % | - | 137.11% | -26.64% | 85.37% | -13.11% | -12.67% | -4.48% | 3.96% | 1.2% | 11.89% | -26.92% | 8.47% | 8.6% | 3.35% | -45.83% | -3.06% | -2.43% | 11.08% | -4.79% | 17.33% | 4.62% | 4.41% | 4.02% | 2.75% | -4.6% | 9.67% | -0.02% | 10.01% | -1.81% | 2.12% | -7.09% |
| Operating Expenses | 7.81B | 5.42B | 1.19B | 1.14B | 1.22B | 3.85B | 1.16B | 1.65B | 1.1B | 1.99B | 1.48B | 1.21B | 1.23B | 1.25B | 1.15B | 1.11B | 1.09B | 3.49B | 3.33B | 3.4B | 3.48B | 3.08B | 2.97B | 2.78B | 3.11B | 2.47B | 2.19B | 2.63B | 2.41B | 2.72B | 2.65B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 4.18B | 4.24B | 3.73B | 5.01B | 2.66B | 547M | 3.74B | 3.37B | 3.64B | 3.61B | 3.28B | 4.39B | 4.05B | 3.67B | 3.5B | 3.88B | 4.05B | 3.95B | 3.28B | 3.82B | 2.67B | 2.75B | 2.62B | 2.58B | 2.06B | 2.33B | 2.4B | 2.42B | 2.36B | 2.06B | 2.02B |
| EBITDA Margin % | 33.33% | 34.82% | 36.21% | 44.58% | 27.18% | 5.63% | 38.94% | 33.44% | 37.57% | 39.78% | 36.17% | 42.14% | 37.2% | 36.81% | 35.83% | 34.99% | 34.32% | 31.87% | 24.6% | 29.74% | 21.97% | 22.12% | 23.79% | 23.22% | 24.53% | 23.71% | 35.03% | 37.28% | 39.74% | 32.32% | 33.42% |
| EBITDA Growth % | 1.26% | 13.71% | -25.61% | 88.03% | 387.02% | -85.37% | 10.98% | -7.52% | 0.8% | 10.28% | -25.34% | 8.37% | 10.38% | 4.68% | -9.59% | -4.2% | 2.35% | 20.66% | -14.28% | 43.02% | -2.76% | 5.08% | 1.36% | 25.41% | -11.56% | -3% | -0.95% | 2.76% | 14.47% | 1.98% | -3.99% |
| Depreciation & Amortization | 1.28B | 1.26B | 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 | 897M | 947M | 861M | 799M | 616M | 654M | 597M | 492M | 628M | 753M | 690M | 667M |
| D&A / Revenue % | 10.2% | 10.33% | 13.34% | 11.78% | 13.09% | 14.43% | 15.3% | 14.15% | 13.87% | 24.05% | 18.53% | 13.7% | 13.11% | 13.74% | 12.54% | 10.24% | 9.41% | 6.75% | 5.95% | 6.98% | 7.79% | 6.93% | 7.27% | 5.54% | 7.79% | 6.08% | 7.18% | 9.67% | 12.7% | 10.83% | 11.04% |
| Operating Income (EBIT) | 2.9B | 2.98B | 2.35B | 3.69B | 1.38B | -856M | 2.27B | 1.94B | 2.3B | 1.43B | 1.6B | 2.96B | 2.62B | 2.3B | 2.28B | 2.74B | 2.94B | 3.12B | 2.48B | 2.93B | 1.73B | 1.89B | 1.82B | 1.97B | 1.4B | 1.73B | 1.91B | 1.79B | 1.6B | 1.37B | 1.35B |
| Operating Margin % | 23.14% | 24.49% | 22.87% | 32.79% | 14.09% | -8.8% | 23.64% | 19.28% | 23.7% | 15.73% | 17.64% | 28.44% | 24.1% | 23.06% | 23.29% | 24.75% | 24.9% | 25.12% | 18.65% | 22.77% | 14.19% | 15.19% | 16.52% | 17.68% | 16.73% | 17.63% | 27.85% | 27.61% | 27.04% | 21.49% | 22.38% |
| Operating Income Growth % | - | 26.65% | -36.15% | 166.84% | 261.33% | -137.71% | 16.83% | -15.45% | 60.81% | -10.58% | -46.05% | 12.92% | 14.09% | 0.92% | -16.92% | -6.64% | -5.74% | 25.44% | -15.11% | 69.52% | -8.58% | 3.91% | -7.53% | 39.96% | -18.84% | -9.28% | 6.3% | 11.85% | 17.17% | 1.26% | -5.52% |
| Interest Expense | 4M | 961M | 841M | 688M | 563M | 500M | 513M | 510M | 476M | 391M | 385M | 393M | 389M | 402M | 423M | 475M | 472M | 521M | 566M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.52x | 3.17x | 5.48x | 2.78x | -1.18x | 5.49x | 4.82x | 4.90x | 4.24x | 4.37x | 7.82x | 7.31x | 6.11x | 5.75x | 6.02x | 6.54x | 6.06x | 4.19x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.03% | 7.9% | 8.17% | 6.12% | 5.74% | 5.14% | 5.34% | 5.06% | 4.91% | 4.3% | 4.25% | 3.77% | 3.57% | 4.03% | 4.32% | 4.29% | 4% | 4.2% | 4.25% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -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 |
| Pretax Income | 2.28B | 2.37B | 1.82B | 3.08B | 1B | -1.09B | 2.3B | 1.95B | 1.85B | 1.27B | 1.3B | 2.68B | 2.46B | 2.06B | 2.01B | 2.38B | 2.62B | 2.64B | 1.91B | 2.38B | 1.21B | 1.4B | 1.17B | 1.32B | 664M | 1.14B | 1.25B | 1.29B | 1.06B | 889M | 877.7M |
| Pretax Margin % | 18.15% | 19.51% | 17.74% | 27.42% | 10.22% | -11.2% | 23.96% | 19.35% | 19.13% | 13.96% | 14.33% | 25.73% | 22.56% | 20.62% | 20.56% | 21.52% | 22.18% | 21.25% | 14.36% | 18.51% | 9.91% | 11.26% | 10.61% | 11.84% | 7.91% | 11.57% | 18.31% | 19.79% | 17.94% | 13.96% | 14.53% |
| Income Tax | 265M | 263M | 53M | 518M | -29M | -441M | 396M | 257M | 417M | -306M | 411M | 1B | 938M | 812M | 736M | 977M | 1.06B | 1.04B | 926M | 1.06B | 454M | 541M | 446M | 464M | 248M | 373M | 490M | 563M | 420M | 329M | 290.3M |
| Effective Tax Rate % | 11.64% | 11.08% | 2.9% | 16.81% | -2.89% | 40.5% | 17.21% | 13.18% | 22.48% | -24.13% | 31.66% | 37.35% | 38.19% | 39.51% | 36.6% | 40.98% | 40.48% | 39.61% | 48.41% | 44.56% | 37.65% | 38.67% | 38.22% | 35.26% | 37.35% | 32.83% | 39.07% | 43.78% | 39.47% | 37.01% | 33.08% |
| 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 | 1.5B | 1.56B | 1.59B | 1.19B | 1.33B | 739M | 661M | 726M | 1.16B | 245M | 770M | 764M | -81M | 644M | 560M | 611.6M |
| Net Margin % | 16.04% | 17.35% | 17.22% | 22.81% | 10.52% | -6.67% | 19.84% | 16.8% | 14.83% | 17.33% | 9.79% | 16.12% | 13.94% | 12.47% | 13.04% | 13.57% | 13.26% | 12.83% | 8.95% | 10.39% | 6.08% | 5.32% | 6.6% | 10.44% | 2.92% | 7.85% | 11.16% | -1.25% | 10.86% | 8.79% | 10.12% |
| Net Income Growth % | 1.62% | 19.13% | -30.86% | 148.59% | 259.1% | -134.02% | 12.52% | 17.73% | -8.64% | 77.45% | -47.17% | 10.61% | 22.12% | -2.51% | -15.17% | -3.9% | -1.76% | 33.56% | -10.71% | 80.65% | 11.8% | -8.95% | -37.41% | 373.47% | -68.18% | 0.79% | 1043.21% | -112.58% | 15% | -8.44% | -7.66% |
| EPS (Diluted) | 4.02 | 4.21 | 3.54 | 5.13 | 2.06 | -1.29 | 3.76 | 3.34 | 2.84 | 3.10 | 1.75 | 3.30 | 2.99 | 2.45 | 0.07 | 2.96 | 3.08 | 3.14 | 2.34 | 2.62 | 1.46 | 1.35 | 1.52 | 2.54 | 0.56 | 1.84 | 1.79 | -0.18 | 1.40 | 1.21 | 1.26 |
| EPS Growth % | 1.52% | 18.93% | -30.99% | 149.03% | 259.69% | -134.31% | 12.57% | 17.61% | -8.39% | 77.14% | -46.97% | 10.37% | 22.04% | 3400% | -97.64% | -3.9% | -1.91% | 34.19% | -10.69% | 79.45% | 8.15% | -11.18% | -40.16% | 353.57% | -69.57% | 2.79% | 1094.44% | -112.86% | 15.7% | -3.97% | -7.35% |
| EPS (Basic) | - | 4.23 | 3.56 | 5.15 | 2.07 | -1.29 | 3.78 | 3.36 | 2.85 | 3.10 | 1.76 | 3.32 | 3.00 | 2.46 | 2.52 | 2.97 | 3.09 | 3.15 | 2.34 | 2.63 | 1.47 | 1.38 | 1.53 | 2.54 | 0.56 | 1.84 | 1.79 | -0.18 | 1.40 | 1.21 | 1.26 |
| Diluted Shares Outstanding | 500M | 501M | 500M | 500M | 501M | 504M | 507M | 507M | 507M | 507M | 508M | 508M | 508M | 507.52M | 507.23M | 506.98M | 507.05M | 507.06M | 508.43M | 508.81M | 504.63M | 488.81M | 477.63M | 456.69M | 415.93M | 416.35M | 426.82M | 437.84M | 461.95M | 463.99M | 484.8M |
Quick answers to the most common questions about buying PEG stock.
For fiscal year 2025, Public Service Enterprise Group Incorporated (PEG) reported total revenue of $12.17B. This represents a 101.4% increase compared to $6.04B in 1996.
Public Service Enterprise Group Incorporated (PEG) is profitable, generating $2.11B in net income for the fiscal year ending 2025 with a net profit margin of 17.3%.
Public Service Enterprise Group Incorporated (PEG) reported an operating income of $2.98B, resulting in an operating profit margin of 24.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Public Service Enterprise Group Incorporated (PEG) generated $8.40B in gross profit for the year, representing a gross profit margin of 69.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory lag and storm costs
Metrics are mathematically derived from official filings.
Rate Base Growth Offsets Volatility
Revenue growth has been uneven, with Q2 2026 down 8.9% year-over-year, but Q1 2026 surged 19.4%, reflecting rate base expansion and seasonal timing. According to quarterly filings, PSE&G's regulated investments continue to drive the top line.
The revenue trajectory is heavily influenced by rate case outcomes and capital deployment. The sharp decline in Q2 2026 revenue, despite a 19.4% increase in Q1, suggests timing of rate recovery mechanisms and weather impacts. Investors should monitor whether the NJBPU approves continued rate base growth, as the company's ability to earn on new investments is central to sustaining revenue momentum.
Earned Returns Near Authorized Levels
Operating margins have remained resilient, averaging around 24% over the last four quarters, with Q2 2026 dipping to 18.1%. As reported in financial statements, this suggests PEG is earning close to its authorized ROE, though regulatory lag may compress returns.
The stability in operating margins indicates that the regulatory compact in New Jersey is functioning, but the Q2 2026 dip to 18.1% from 29.1% in Q2 2025 warrants attention. This could reflect storm-related costs or timing of expense recovery. If the NJBPU becomes less accommodating, earned ROE could fall below authorized levels, pressuring margins.
Fuel Costs Pass-Through, O&M Pressures
Fuel and purchased power costs are largely pass-through, insulating earnings from commodity price swings. However, Q2 2026 operating income fell 43.6% year-over-year, suggesting elevated O&M or storm costs not fully recovered. Based on reported figures, cost recovery mechanisms appear timely but may face lag.
The significant drop in operating income in Q2 2026, despite stable revenue, indicates that non-fuel costs may be rising faster than recovery mechanisms allow. Storm restoration expenses, as highlighted by CEO commentary, could pressure near-term margins. If these costs are not fully recoverable, they could erode earnings quality.
EPS Volatility Masks Core Stability
EPS swung from $1.48 in Q1 2026 to $0.67 in Q2 2026, a 54.7% sequential decline, while year-over-year EPS fell 42.7%. According to SEC filings, this volatility suggests non-recurring items or timing effects, not a deterioration in regulated earnings power.
The wide EPS swings are typical for utilities with weather-sensitive demand and regulatory timing. The Q2 2026 miss versus estimates may be due to storm costs or timing of rate recovery. Investors should focus on annualized earnings, which appear stable, and monitor for any follow-through into Q3 that could indicate a broader issue.
Capex Cycle Drives Rate Base Expansion
Capital expenditure is translating into rate base growth, with revenue up 19.4% in Q1 2026 and 22.1% in Q3 2025. As disclosed in quarterly reports, investments in grid modernization and clean energy infrastructure are supporting EPS growth, though timing lags are evident.
The strong revenue growth in certain quarters reflects successful rate case filings and capital deployment. However, the Q2 2026 dip suggests that not all capex is immediately rate-based, possibly due to CWIP not yet in service. If the capex program continues as planned, EPS should grow steadily, but execution risks and regulatory disallowances remain.
Regulatory and Storm Risks Could Derail
The most significant challenge is the potential for regulatory lag and storm-related costs to compress earned ROE below authorized levels. The Q2 2026 EPS miss and CEO commentary on storm damage suggest near-term headwinds that may not be fully recoverable.
While the income statement shows stable margins over time, the Q2 2026 data reveals vulnerability to discrete events. If the NJBPU becomes less supportive, or if storm costs exceed recovery mechanisms, earnings could suffer. Additionally, the low debt/equity ratio of 1.44% may indicate off-balance-sheet financing, which could mask leverage. Investors should monitor regulatory proceedings and storm cost recovery closely.