Revenue growth accelerated to 19.4% in 2026Q1, supported by a robust 27.9% operating margin that reflects successful cost recovery and operational efficiency.
| 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 | 12.79B | 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 % | 18.99% | 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 | 2.6B | 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 | 10.19B | 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 % | 79.65% | 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 | 6.93B | 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 | 4.57B | 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 % | 35.74% | 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 % | 18.29% | 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 | 1.31B | 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 % | 10.27% | 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) | 3.26B | 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 % | 25.47% | 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 | 1B | 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 | - | 3.36x | 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% | 8.26% | 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 | 2.6B | 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 % | 20.36% | 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 | 342M | 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 % | 13.13% | 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 | 2.26B | 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 % | 17.69% | 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 % | 23.73% | 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) | 4.53 | 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 % | 23.55% | 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 |
Regulatory and Political Sensitivity
According to recent financial disclosures, PEG achieved a 19.4% revenue increase in 2026Q1, reflecting the successful integration of capital-intensive grid modernization projects into the rate base, which appears to be effectively offsetting the inherent volatility associated with seasonal volumetric demand shifts in the New Jersey service territory.
The revenue trajectory suggests that PEG is successfully leveraging its regulatory construct to convert capital expenditure into top-line growth. Investors should monitor whether this growth remains durable or if it becomes increasingly dependent on future rate case outcomes that may face political resistance.
As reported in quarterly filings, PEG maintained an operating margin of 27.9% in 2026Q1, suggesting that the utility is effectively managing regulatory lag while capturing the benefits of its nuclear generation assets, which provide a consistent, zero-carbon earnings floor under current state and federal policy frameworks.
The ability to sustain high operating margins indicates a constructive relationship with the NJBPU, though this may be tested if inflationary pressures force the company to seek more frequent rate adjustments. The gap between authorized and earned returns warrants further investigation to ensure no structural deterioration is occurring.
Based on the company's reported figures, the high degree of vertical integration allows PEG to utilize automatic adjustment mechanisms for fuel and purchased power, effectively insulating the core regulated earnings power from the commodity price fluctuations that often plague less integrated utility peers in the Mid-Atlantic region.
While these mechanisms provide a buffer, they do not eliminate the risk of working capital strain during periods of extreme price volatility. The company's reliance on these mechanisms suggests that earnings are protected, provided the regulatory environment remains supportive of full and timely cost recovery.
Financial statements indicate that PEG's 25.6% EPS growth in 2026Q1 is supported by core regulated operations, though analysts should remain cautious regarding the potential impact of federal nuclear production tax credits, which may be masking underlying operational costs or providing a temporary boost to reported net income.
The quality of earnings appears robust, yet the reliance on tax credits suggests that future policy changes could alter the earnings profile. Investors should distinguish between sustainable rate-base growth and the potentially transient benefits provided by current federal energy subsidies.
Data from recent periods shows that PEG's aggressive capital expenditure cycle is directly translating into earnings growth, with the company successfully placing large-scale infrastructure projects into the rate base, thereby expanding the asset pool upon which it is permitted to earn a regulated return on equity.
The current CAPEX cycle appears to be a strategic step-change rather than mere maintenance, positioning the company for long-term growth. However, the risk of regulatory disallowance on large projects remains a critical factor that could compress future returns if cost overruns are not fully recovered.
As evidenced by the divestiture of fossil fuel assets, PEG has undergone a fundamental shift toward a pure-play regulated utility model, which has significantly reduced earnings volatility and aligned the company's risk profile more closely with its peers in the highly regulated Northeastern utility market.
This transition appears to be a durable inflection point that should support multiple expansion over time. The success of this strategy depends on the company's ability to continue executing its capital programs without triggering significant political or regulatory pushback.
While reported figures appear strong, the income statement may obscure the long-term political sustainability of current authorized ROEs, as rising consumer costs could lead to increased regulatory scrutiny and potential pressure to compress returns in future rate cases, which is not currently reflected in the financials.
The reliance on future recovery for deferred costs suggests that the balance sheet may be carrying significant regulatory assets that could become problematic if the regulatory climate turns adversarial. Investors should monitor the political discourse in New Jersey for signs of shifting sentiment regarding utility rate increases.
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.