$PEG

PUBLIC SERVICE ENTERPRISE GROUP INC

CIK:0000788784|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
OPERATING REVENUES	$ 2,554	$ 2,805	$ 6,402	$ 6,027
OPERATING EXPENSES
Energy Costs	866	826	2,373	2,012
Operation and Maintenance	906	854	1,843	1,773
Depreciation and Amortization	321	308	650	628
Total Operating Expenses	2,093	1,988	4,866	4,413
OPERATING INCOME	461	817	1,536	1,614
Net Gains (Losses) on Trust Investments	144	95	127	103
Net Other Income (Deductions)	41	46	84	83
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)	21	16	40	32
Interest Expense	(269)	(248)	(541)	(489)
INCOME BEFORE INCOME TAXES	398	726	1,246	1,343
Income Tax Expense	(64)	(141)	(171)	(169)
NET INCOME	$ 334	$ 585	$ 1,075	$ 1,174
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC (shares)	498	499	498	499
DILUTED (shares)	499	500	499	500
NET INCOME PER SHARE:
BASIC	$ 0.67	$ 1.17	$ 2.15	$ 2.35
DILUTED	$ 0.67	$ 1.17	$ 2.15	$ 2.35
Public Service Electric and Gas Company [Member]
OPERATING REVENUES	$ 2,137	$ 2,031	$ 5,222	$ 4,695
OPERATING EXPENSES
Energy Costs	776	760	2,134	1,854
Operation and Maintenance	545	504	1,182	1,080
Depreciation and Amortization	286	275	581	555
Total Operating Expenses	1,607	1,539	3,897	3,489
OPERATING INCOME	530	492	1,325	1,206
Net Other Income (Deductions)	17	16	36	32
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)	20	18	37	35
Interest Expense	(174)	(161)	(349)	(318)
INCOME BEFORE INCOME TAXES	393	365	1,049	955
Income Tax Expense	(51)	(33)	(130)	(77)
NET INCOME	$ 342	$ 332	$ 919	$ 878

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ 1,075	$ 1,174
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	650	628
Amortization of Nuclear Fuel	108	101
Provision for Deferred Income Taxes and ITC	177	76
Non-Cash Employee Benefit Plan (Credits) Costs	13	38
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives	300	(13)
Cost of Removal	(74)	(72)
Energy Efficiency Programs Regulatory Investment Expenditures	(263)	(318)
Amortization of Energy Efficiency Programs Regulatory Expenditures	103	79
Net Change in Other Regulatory Assets and Liabilities	298	110
Net (Gains) Losses and (Income) Expense from NDT Fund	(168)	(144)
Net Change in Certain Current Assets and Liabilities:
Tax Receivable	272	64
Prepayments	(350)	(248)
Accrued Taxes	(42)	60
Cash Collateral	(192)	(13)
Obligation to Return Cash Collateral	51	11
Other Current Assets and Liabilities	(115)	(22)
Employee Benefit Plan Funding and Related Payments	(27)	(28)
Other	5	44
Net Cash Provided By (Used In) Operating Activities	1,821	1,527
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment	(1,459)	(1,415)
Proceeds from Sales of Trust Investments	1,408	731
Purchases of Trust Investments	(1,363)	(756)
Other	(37)	52
Net Cash Provided By (Used In) Investing Activities	(1,451)	(1,388)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans	(579)	(943)
Proceeds from Short-Term Loans	500
Repayment of Short-Term Loans	(500)
Issuance of Long-Term Debt	1,500	3,150
Redemption of Long-Term Debt	(450)	(1,600)
Cash Dividends Paid on Common Stock	(668)	(629)
Other	(113)	(56)
Net Cash Provided By (Used In) Financing Activities	(310)	(78)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	60	61
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	156	154
Cash, Cash Equivalents and Restricted Cash at End of Period	216	215
Supplemental Disclosure of Cash Flow Information:
Net Income Taxes Paid (Received)	(263)	(55)
Interest Paid, Net of Amounts Capitalized	520	442
Accrued Property, Plant and Equipment Expenditures	449	371
Public Service Electric and Gas Company [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	919	878
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	581	555
Provision for Deferred Income Taxes and ITC	130	(1)
Non-Cash Employee Benefit Plan (Credits) Costs	3	22
Cost of Removal	(74)	(72)
Energy Efficiency Programs Regulatory Expenditures	(263)	(318)
Amortization of Energy Efficiency Programs Regulatory Expenditures	103	79
Net Change in Other Regulatory Assets and Liabilities	298	110
Net Change in Certain Current Assets and Liabilities:
Accounts Receivable and Unbilled Revenues	53	(127)
Materials and Supplies	14	17
Prepayments	(295)	(274)
Accounts Payable	(20)	62
Accounts Receivable/Payable-Affiliated Companies, net	(321)	(3)
Obligation to Return Cash Collateral	51	11
Other Current Assets and Liabilities	51	53
Employee Benefit Plan Funding and Related Payments	(16)	(17)
Other	(48)	(21)
Net Cash Provided By (Used In) Operating Activities	1,166	954
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment	(1,252)	(1,279)
Proceeds from Sales of Trust Investments	3	3
Purchases of Trust Investments	(2)	(2)
Other	(79)	13
Net Cash Provided By (Used In) Investing Activities	(1,330)	(1,265)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans	(325)	(244)
Issuance of Long-Term Debt	1,000	900
Redemption of Long-Term Debt	(450)	(350)
Other	(11)	(12)
Net Cash Provided By (Used In) Financing Activities	214	294
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	50	(17)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	121	108
Cash, Cash Equivalents and Restricted Cash at End of Period	171	91
Supplemental Disclosure of Cash Flow Information:
Net Income Taxes Paid (Received)	122	(21)
Interest Paid, Net of Amounts Capitalized	326	295
Accrued Property, Plant and Equipment Expenditures	$ 403	$ 283

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and Cash Equivalents	$ 192	$ 132
Accounts Receivable, net of allowance	1,903	1,888
Tax Receivable	134	406
Unbilled Revenues, net of allowance	302	381
Fuel	222	282
Materials and Supplies, net	868	873
Prepayments	425	75
Derivative Contracts	19	11
Regulatory Assets	469	537
Other	20	11
Total Current Assets	4,554	4,596
PROPERTY, PLANT AND EQUIPMENT	55,226	53,920
Less: Accumulated Depreciation and Amortization	(12,295)	(11,856)
Net Property, Plant and Equipment	42,931	42,064
NONCURRENT ASSETS
Regulatory Assets	6,591	6,431
Operating Lease Right-of-Use Assets	150	138
Long-Term Investments	420	372
Nuclear Decommissioning Trust (NDT) Fund	2,995	2,915
Long-Term Receivable of Variable Interest Entities (VIE)	529	520
Rabbi Trust Fund	159	162
Derivative Contracts	0	6
Other	484	372
Total Noncurrent Assets	11,328	10,916
TOTAL ASSETS	58,813	57,576
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	850	875
Commercial Paper and Loans	950	1,529
Accounts Payable	1,305	1,489
Derivative Contracts	203	65
Accrued Interest	289	265
Accrued Taxes	53	95
New Jersey Clean Energy Program	229	145
Obligation to Return Cash Collateral	157	106
Regulatory Liabilities	592	484
Other	565	687
Total Current Liabilities	5,193	5,740
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	8,320	7,930
Regulatory Liabilities	1,957	2,048
Operating Leases	137	128
Asset Retirement Obligations	1,403	1,381
Environmental Costs	221	225
Derivative Contracts	47	21
Long-Term Accrued Taxes	145	141
Other	299	262
Total Noncurrent Liabilities	13,550	13,184
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT
Total Long-Term Debt	22,741	21,670
STOCKHOLDER'S EQUITY
Common Stock, Value, Issued	5,026	5,062
Treasury Stock, at cost	(1,471)	(1,435)
Retained Earnings	13,853	13,446
Accumulated Other Comprehensive Loss	(79)	(91)
Total Stockholders' Equity	17,329	16,982
Total Capitalization	40,070	38,652
TOTAL LIABILITIES AND CAPITALIZATION	58,813	57,576
Consolidated Entity Excluding Variable Interest Entities (VIE)
NONCURRENT LIABILITIES
OPEB Costs	222	242
Accrued Pension Costs	287	305
Variable Interest Entity, Primary Beneficiary
NONCURRENT LIABILITIES
OPEB Costs	512	501
Public Service Electric and Gas Company
CURRENT ASSETS
Cash and Cash Equivalents	147	97
Unbilled Revenues, net of allowance	302	381
Materials and Supplies, net	599	613
Prepayments	312	17
Regulatory Assets	469	537
Other	20	11
Total Current Assets	3,309	3,087
PROPERTY, PLANT AND EQUIPMENT	49,916	48,752
Less: Accumulated Depreciation and Amortization	(10,087)	(9,767)
Net Property, Plant and Equipment	39,829	38,985
NONCURRENT ASSETS
Regulatory Assets	6,591	6,431
Operating Lease Right-of-Use Assets	100	84
Long-Term Investments	261	199
Rabbi Trust Fund	28	29
Other	311	209
Total Noncurrent Assets	7,291	6,952
TOTAL ASSETS	50,429	49,024
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	850	875
Commercial Paper and Loans	0	325
Accrued Interest	220	197
New Jersey Clean Energy Program	229	145
Obligation to Return Cash Collateral	157	106
Regulatory Liabilities	592	484
Other	348	324
Total Current Liabilities	3,434	3,794
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	7,411	7,074
Regulatory Liabilities	1,957	2,048
Operating Leases	88	73
Asset Retirement Obligations	457	457
OPEB Costs	124	126
Accrued Pension Costs	150	164
Environmental Costs	156	160
Long-Term Accrued Taxes	8	7
Other	221	188
Total Noncurrent Liabilities	10,572	10,297
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT
Total Long-Term Debt	15,688	15,117
STOCKHOLDER'S EQUITY
Common Stock, Value, Issued	892	892
Contributed Capital	2,156	2,156
Retained Earnings	17,690	16,771
Accumulated Other Comprehensive Loss	(3)	(3)
Total Stockholders' Equity	20,735	19,816
Total Capitalization	36,423	34,933
TOTAL LIABILITIES AND CAPITALIZATION	50,429	49,024
Public Service Electric and Gas Company \| Nonrelated Party
CURRENT ASSETS
Accounts Receivable, net of allowance	1,460	1,431
CURRENT LIABILITIES
Accounts Payable	883	866
Public Service Electric and Gas Company \| Related Party
CURRENT LIABILITIES
Accounts Payable	$ 155	$ 472