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Midas Edge

PUBLIC SERVICE ENTERPRISE GROUP INC

For the period ended Mar 31, 2025. Filed Apr 30, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 30, 2025

PEG$75.03+3.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Public Service Enterprise Group Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions, except per share data

Three Months Ended
March 31,
2025 · 2024
OPERATING REVENUES$3,222$2,760
OPERATING EXPENSES
Energy Costs1,186997
Operation and Maintenance919783
Depreciation and Amortization320295
Total Operating Expenses2,4252,075
OPERATING INCOME797685
Net Gains (Losses) on Trust Investments895
Net Other Income (Deductions)3735
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)1619
Interest Expense(241)(205)
INCOME BEFORE INCOME TAXES617629
Income Tax Benefit (Expense)(28)(97)
NET INCOME$589$532
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC498499
DILUTED500500
NET INCOME PER SHARE:
BASIC$1.18$1.07
DILUTED$1.18$1.06

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended
March 31,
2025 · 2024
NET INCOME$589$532
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(11) and $6 for 2025 and 2024, respectively16(10)
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $8 and $(7) for 2025 and 2024, respectively(20)18
Pension/OPEB adjustment, net of tax (expense) benefit of $(1) for 2025 and 202412
Other Comprehensive Income (Loss), net of tax(3)10
COMPREHENSIVE INCOME$586$542
March 31,2025 · December 31,2024
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents$894$125
Accounts Receivable, net of allowance of $230 in 2025 and $210 in 20241,7721,597
Tax Receivable316394
Unbilled Revenues, net of allowance of $4 in 2025 and $5 in 2024230313
Fuel93232
Materials and Supplies, net898892
Prepayments104117
Derivative Contracts5033
Regulatory Assets419516
Other2316
Total Current Assets4,7994,235
PROPERTY, PLANT AND EQUIPMENT51,68751,207
Less: Accumulated Depreciation and Amortization(11,411)(11,143)
Net Property, Plant and Equipment40,27640,064
NONCURRENT ASSETS
Regulatory Assets6,2636,125
Operating Lease Right-of-Use Assets160162
Long-Term Investments239263
Nuclear Decommissioning Trust (NDT) Fund2,7252,670
Long-Term Receivable of Variable Interest Entity (VIE)561558
Rabbi Trust Fund165165
Derivative Contracts2151
Other366347
Total Noncurrent Assets10,50010,341
TOTAL ASSETS$55,575$54,640
March 31,2025 · December 31,2024
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year$2,600$2,150
Commercial Paper and Loans4001,593
Accounts Payable1,0941,136
Derivative Contracts855
Accrued Interest230219
Accrued Taxes4110
Clean Energy Program86145
Obligation to Return Cash Collateral11993
Regulatory Liabilities523555
Other641599
Total Current Liabilities5,8196,505
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)7,3607,248
Regulatory Liabilities2,2302,271
Operating Leases150153
Asset Retirement Obligations1,3591,500
OPEB Costs278292
OPEB Costs of Servco517510
Accrued Pension Costs487488
Accrued Pension Costs of Servco2831
Environmental Costs221225
Derivative Contracts164
Long-Term Accrued Taxes138130
Other204205
Total Noncurrent Liabilities12,98813,057
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 8)
CAPITALIZATION
LONG-TERM DEBT20,39818,964
STOCKHOLDERS’ EQUITY
Common Stock, no par, authorized 1,000 shares; issued, 2025 and 2024—534 shares5,0145,057
Treasury Stock, at cost, 2025 and 2024—35 and 36 shares, respectively(1,376)(1,403)
Retained Earnings12,86812,593
Accumulated Other Comprehensive Loss(136)(133)
Total Stockholders’ Equity16,37016,114
Total Capitalization36,76835,078
TOTAL LIABILITIES AND CAPITALIZATION$55,575$54,640

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended
March 31,
2025 · 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$589$532
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization320295
Amortization of Nuclear Fuel5351
Provision for Deferred Income Taxes and ITC(38)40
Non-Cash Employee Benefit Plan (Credits) Costs1918
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives183258
Cost of Removal(34)(45)
Energy Efficiency Programs Regulatory Investment Expenditures(165)(118)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures3827
Net Change in Other Regulatory Assets and Liabilities37(47)
Net (Gains) Losses and (Income) Expense from NDT Fund(26)(109)
Net Change in Certain Current Assets and Liabilities:
Tax Receivable785
Accrued Taxes3111
Cash Collateral(89)(168)
Obligation to Return Cash Collateral264
Other Current Assets and Liabilities24(97)
Employee Benefit Plan Funding and Related Payments(17)(19)
Other2023
Net Cash Provided By (Used In) Operating Activities1,049661
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment(628)(797)
Proceeds from Sales of Trust Investments394369
Purchases of Trust Investments(410)(380)
Other2623
Net Cash Provided By (Used In) Investing Activities(618)(785)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans(1,193)(425)
Issuance of Long-Term Debt1,9002,250
Payment of Long-Term Debt—(250)
Cash Dividends Paid on Common Stock(314)(299)
Other(48)(27)
Net Cash Provided By (Used In) Financing Activities3451,249
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash7761,125
Cash, Cash Equivalents and Restricted Cash at Beginning of Period15499
Cash, Cash Equivalents and Restricted Cash at End of Period$930$1,224
Supplemental Disclosure of Cash Flow Information:
Net Income Taxes Paid (Received)$(71)$(4)
Interest Paid, Net of Amounts Capitalized$226$172
Accrued Property, Plant and Equipment Expenditures$372$408

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Common Stock · Treasury Stock · Retained · AccumulatedOtherComprehensive
Shares · Amount · Shares · Amount · Earnings · Income (Loss) · Total
Balance as of December 31, 2024534$5,057(36)$(1,403)$12,593$(133)$16,114
Net Income————589—589
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(4)—————(3)(3)
Comprehensive Income586
Cash Dividends at $0.63 per share on Common Stock————(314)—(314)
Other—(43)127——(16)
Balance as of March 31, 2025534$5,014(35)$(1,376)$12,868$(136)$16,370
Balance as of December 31, 2023534$5,018(36)$(1,379)$12,017$(179)$15,477
Net Income————532—532
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(2)—————1010
Comprehensive Income542
Cash Dividends at $0.60 per share on Common Stock————(299)—(299)
Other—(15)113——(2)
Balance as of March 31, 2024534$5,003(35)$(1,366)$12,250$(169)$15,718
ContentsView on SEC.gov

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