Q - PUBLIC SERVICE ENTERPRISE GROUP
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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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.
Jun 30, 2025 · Filed Aug 5, 2025
PEG$74.68-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Public Service Electric and Gas Company
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, · June 30, | ||||
| 2025 · 2024 · 2025 · 2024 | ||||
| OPERATING REVENUES | $2,031 | $1,863 | $4,695 | $4,196 |
| OPERATING EXPENSES | ||||
| Energy Costs | 760 | 683 | 1,854 | 1,611 |
| Operation and Maintenance | 504 | 466 | 1,080 | 931 |
| Depreciation and Amortization | 275 | 247 | 555 | 504 |
| Total Operating Expenses | 1,539 | 1,396 | 3,489 | 3,046 |
| OPERATING INCOME | 492 | 467 | 1,206 | 1,150 |
| Net Other Income (Deductions) | 16 | 16 | 32 | 32 |
| Net Non-Operating Pension and OPEB Credits (Costs) | 18 | 19 | 35 | 38 |
| Interest Expense | (161) | (141) | (318) | (279) |
| INCOME BEFORE INCOME TAXES | 365 | 361 | 955 | 941 |
| Income Tax Expense | (33) | (59) | (77) | (151) |
| NET INCOME | $332 | $302 | $878 | $790 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, · June 30, | ||||
| 2025 · 2024 · 2025 · 2024 | ||||
| NET INCOME | $332 | $302 | $878 | $790 |
| Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0 for the three and six months ended 2025 and 2024 | — | — | — | — |
| COMPREHENSIVE INCOME | $332 | $302 | $878 | $790 |
| June 30,2025 · December 31,2024 | ||
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash and Cash Equivalents | $64 | $79 |
| Accounts Receivable, net of allowance of $221 in 2025 and $210 in 2024 | 1,296 | 1,189 |
| Unbilled Revenues, net of allowance of $5 in 2025 and 2024 | 331 | 313 |
| Materials and Supplies, net | 625 | 642 |
| Prepayments | 302 | 28 |
| Regulatory Assets | 529 | 516 |
| Other | 16 | 15 |
| Total Current Assets | 3,163 | 2,782 |
| PROPERTY, PLANT AND EQUIPMENT | 47,361 | 46,198 |
| Less: Accumulated Depreciation and Amortization | (9,476) | (9,160) |
| Net Property, Plant and Equipment | 37,885 | 37,038 |
| NONCURRENT ASSETS | ||
| Regulatory Assets | 6,331 | 6,125 |
| Operating Lease Right-of-Use Assets | 92 | 93 |
| Long-Term Investments | 74 | 90 |
| Rabbi Trust Fund | 29 | 30 |
| Long-Term Accrued Taxes | — | 2 |
| Other | 215 | 204 |
| Total Noncurrent Assets | 6,741 | 6,544 |
| TOTAL ASSETS | $47,789 | $46,364 |
| June 30,2025 · December 31,2024 | ||
|---|---|---|
| LIABILITIES AND CAPITALIZATION | ||
| CURRENT LIABILITIES | ||
| Long-Term Debt Due Within One Year | $450 | $350 |
| Commercial Paper and Loans | 200 | 444 |
| Accounts Payable | 763 | 704 |
| Accounts Payable—Affiliated Companies | 380 | 362 |
| Accrued Interest | 189 | 174 |
| Clean Energy Program | 226 | 145 |
| Obligation to Return Cash Collateral | 104 | 93 |
| Regulatory Liabilities | 492 | 555 |
| Other | 395 | 371 |
| Total Current Liabilities | 3,199 | 3,198 |
| NONCURRENT LIABILITIES | ||
| Deferred Income Taxes and ITC | 6,736 | 6,477 |
| Regulatory Liabilities | 2,139 | 2,271 |
| Operating Leases | 80 | 83 |
| Asset Retirement Obligations | 462 | 457 |
| OPEB Costs | 147 | 164 |
| Accrued Pension Costs | 303 | 305 |
| Environmental Costs | 150 | 159 |
| Long-Term Accrued Taxes | 4 | — |
| Other | 155 | 157 |
| Total Noncurrent Liabilities | 10,176 | 10,073 |
| COMMITMENTS AND CONTINGENT LIABILITIES (See Note 8) | ||
| CAPITALIZATION | ||
| LONG-TERM DEBT | 15,091 | 14,648 |
| STOCKHOLDER’S EQUITY | ||
| Common Stock; 150 shares authorized; issued and outstanding, 2025 and 2024—132 shares | 892 | 892 |
| Contributed Capital | 2,156 | 2,156 |
| Retained Earnings | 16,279 | 15,401 |
| Accumulated Other Comprehensive Loss | (4) | (4) |
| Total Stockholder’s Equity | 19,323 | 18,445 |
| Total Capitalization | 34,414 | 33,093 |
| TOTAL LIABILITIES AND CAPITALIZATION | $47,789 | $46,364 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six Months Ended | ||
|---|---|---|
| June 30, | ||
| 2025 · 2024 | ||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net Income | $878 | $790 |
| Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
| Depreciation and Amortization | 555 | 504 |
| Provision for Deferred Income Taxes and ITC | (1) | 97 |
| Non-Cash Employee Benefit Plan (Credits) Costs | 22 | 20 |
| Cost of Removal | (72) | (91) |
| Energy Efficiency Programs Regulatory Expenditures | (318) | (237) |
| Amortization of Energy Efficiency Programs Regulatory Expenditures | 79 | 57 |
| Net Change in Other Regulatory Assets and Liabilities | 110 | (51) |
| Net Change in Certain Current Assets and Liabilities: | ||
| Accounts Receivable and Unbilled Revenues | (127) | (20) |
| Materials and Supplies | 17 | (86) |
| Prepayments | (274) | (200) |
| Accounts Payable | 62 | (19) |
| Accounts Receivable/Payable—Affiliated Companies, net | (3) | 4 |
| Obligation to Return Cash Collateral | 11 | 9 |
| Other Current Assets and Liabilities | 53 | 14 |
| Employee Benefit Plan Funding and Related Payments | (17) | (21) |
| Other | (21) | (31) |
| Net Cash Provided By (Used In) Operating Activities | 954 | 739 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Additions to Property, Plant and Equipment | (1,279) | (1,485) |
| Proceeds from Sales of Trust Investments | 3 | 2 |
| Purchases of Trust Investments | (2) | (2) |
| Other | 13 | 15 |
| Net Cash Provided By (Used In) Investing Activities | (1,265) | (1,470) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net Change in Commercial Paper and Loans | (244) | (35) |
| Issuance of Long-Term Debt | 900 | 1,000 |
| Repayment of Long-Term Debt | (350) | (250) |
| Other | (12) | (12) |
| Net Cash Provided By (Used In) Financing Activities | 294 | 703 |
| Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (17) | (28) |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 108 | 75 |
| Cash, Cash Equivalents and Restricted Cash at End of Period | $91 | $47 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Net Income Taxes Paid (Received) | $(21) | $13 |
| Interest Paid, Net of Amounts Capitalized | $295 | $251 |
| Accrued Property, Plant and Equipment Expenditures | $283 | $310 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY
| CommonStock · ContributedCapital · RetainedEarnings · AccumulatedOtherComprehensiveIncome (Loss) · Total | |||||
|---|---|---|---|---|---|
| Balance as of March 31, 2025 | $892 | $2,156 | $15,947 | $(4) | $18,991 |
| Net Income | — | — | 332 | — | 332 |
| Comprehensive Income | 332 | ||||
| Balance as of June 30, 2025 | $892 | $2,156 | $16,279 | $(4) | $19,323 |
| Balance as of March 31, 2024 | $892 | $2,156 | $14,492 | $(4) | $17,536 |
| Net Income | — | — | 302 | — | 302 |
| Comprehensive Income | 302 | ||||
| Balance as of June 30, 2024 | $892 | $2,156 | $14,794 | $(4) | $17,838 |
| CommonStock · ContributedCapital · RetainedEarnings · AccumulatedOtherComprehensiveIncome (Loss) · Total | |||||
|---|---|---|---|---|---|
| Balance as of December 31, 2024 | $892 | $2,156 | $15,401 | $(4) | $18,445 |
| Net Income | — | — | 878 | — | 878 |
| Comprehensive Income | 878 | ||||
| Balance as of June 30, 2025 | $892 | $2,156 | $16,279 | $(4) | $19,323 |
| Balance as of December 31, 2023 | $892 | $2,156 | $14,004 | $(4) | $17,048 |
| Net Income | — | — | 790 | — | 790 |
| Comprehensive Income | 790 | ||||
| Balance as of June 30, 2024 | $892 | $2,156 | $14,794 | $(4) | $17,838 |
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