PUBLIC SERVICE ENTERPRISE GROUP INC
For the period ended Apr 21, 2026. Filed Mar 12, 2026.
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Apr 21, 2026 · Filed Mar 12, 2026
Contents
APPENDIX A
For a comprehensive assessment of the Company’s performance, please review the entire Proxy Statement and our 2025 Annual Report on Form 10-K for the year ended December 31, 2025, which can be found on our website investor.pseg.com/sec-filings and on the SEC’s website, www.sec.gov. A copy of our Form 10-K has been provided to each person solicited by means of this Proxy Statement.
Operating Earnings (Non-GAAP) Reconciliations
| Public Service Enterprise Group Incorporated | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Reconciling Items · ($ millions, Unaudited) | |||||
| Net Income (Loss) | $2,111 | $1,772 | $2,563 | $1,031 | $(648) |
| (Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax | (223) | (137) | (184) | 270 | (178) |
| (Gain) Loss on Mark-to-Market (MTM), pre-tax(a) | 75 | 210 | (1,334) | 635 | 620 |
| Pension Settlement Charges, pre-tax | - | - | 338 | - | - |
| Exit Incentive Program (EIP), pre-tax | - | - | 29 | - | - |
| Plant Retirements, Dispositions and Impairments, pre-tax(b) | - | - | - | 31 | 2,940 |
| Lease Related Activity, pre-tax | - | (4) | 7 | 78 | 10 |
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) | 66 | (2) | 323 | (306) | (891) |
| Operating Earnings (non-GAAP) | $2,029 | $1,839 | $1,742 | $1,739 | $1,853 |
| Fully Diluted Average Shares Outstanding (in millions)(d) | 501 | 500 | 500 | 501 | 504 |
| ($ Per Share Impact–Diluted, Unaudited) | |||||
| Net Income (Loss) | $4.22 | $3.54 | $5.13 | $2.06 | $(1.29) |
| (Gain) Loss on NDT Fund Related Activity, pre-tax | (0.45) | (0.27) | (0.37) | 0.54 | (0.35) |
| (Gain) Loss on MTM, pre-tax(a) | 0.15 | 0.42 | (2.67) | 1.27 | 1.23 |
| Pension Settlement Charges, pre-tax | - | - | 0.68 | - | - |
| EIP, pre-tax | - | - | 0.06 | - | - |
| Plant Retirements, Dispositions and Impairments, pre-tax(b) | - | - | - | 0.06 | 5.83 |
| Lease Related Activity, pre-tax | - | (0.01) | 0.01 | 0.15 | 0.02 |
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) | 0.13 | - | 0.64 | (0.61) | (1.77) |
| Share Differential(d) | - | - | - | - | (0.02) |
| Operating Earnings (non-GAAP) | $4.05 | $3.68 | $3.48 | $3.47 | $3.65 |
| (a) | Includes the financial impact from positions with forward delivery months. |
|---|---|
| (b) | 2022 includes the results for fossil generation sold in February 2022. 2021 amounts include a pre-tax loss of $298 million for the make-whole premium paid upon the early redemption of PSEG Power’s debt and other non-cash debt extinguishment costs. |
| (c) | Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, the additional investment tax credit recapture related to the sale of PSEG Solar Source in 2021, and lease related activity. |
| (d) | Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the year ended December 31, 2021, as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. As a result of the use of different denominators for non-GAAP Operating Earnings and GAAP Net Loss, a reconciling line item, “Share Differential,” has been added to the year ended December 31, 2021 results to reconcile the two EPS calculations. |
A-1 PSEG 2026 Proxy Statement
Appendix A: Reconciliations
| PSEG Power & Other | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Reconciling Items · ($ millions, Unaudited) | |||||
| Net Income (Loss) | $366 | $225 | $1,048 | $(534) | $(2,094) |
| (Gain) Loss on NDT Fund Related Activity, pre-tax | (223) | (137) | (184) | 270 | (178) |
| (Gain) Loss on MTM, pre-tax(a) | 75 | 210 | (1,334) | 635 | 620 |
| Pension Settlement Charges, pre-tax | - | - | 334 | - | - |
| EIP, pre-tax | - | - | 10 | - | - |
| Plant Retirements, Dispositions and Impairments, pre-tax(b) | - | - | - | 31 | 2,940 |
| Lease Related Activity, pre-tax | - | (4) | 7 | 78 | 10 |
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) | 66 | (2) | 329 | (306) | (891) |
| Operating Earnings (non-GAAP) | $284 | $292 | $210 | $174 | $407 |
| (a) | Includes the financial impact from positions with forward delivery months. |
|---|---|
| (b) | 2022 includes the results for fossil generation sold in February 2022. 2021 amounts include a pre-tax loss of $298 million for the make-whole premium paid upon the early redemption of PSEG Power’s debt and other non-cash debt extinguishment costs. |
| (c) | Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, the additional investment tax credit recapture related to the sale of PSEG Solar Source in 2021, and lease related activity. |
| PSE&G | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Reconciling Items · ($ millions, Unaudited) | |||||
| Net Income | $1,745 | $1,547 | $1,515 | $1,565 | $1,446 |
| EIP, pre-tax | - | - | 19 | - | - |
| Pension Settlement Charges, pre-tax | - | - | 4 | - | - |
| Income Taxes related to Operating Earnings (non-GAAP) reconciling items(a) | - | - | (6) | - | - |
| Operating Earnings (non-GAAP) | $1,745 | $1,547 | $1,532 | $1,565 | $1,446 |
| (a) | Income tax effect calculated at the statutory rate. |
|---|
PSEG presents Operating Earnings in addition to its Net Income (Loss) reported in accordance with accounting principles generally accepted in the United States (GAAP). Operating Earnings is a non-GAAP financial measure that differs from Net Income (Loss). Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), MTM accounting and other material infrequent items.
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG’s financial performance to previous financial results. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income (Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in the tables above may not be comparable to similarly titled measures used by other companies.
PSEG 2026 Proxy Statement A-2
Appendix B: Proposed Amendments to Certificate of Incorporation
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.