PUBLIC SERVICE ELECTRIC & GAS CO

For the period ended Mar 31, 2026. Filed May 5, 2026.

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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.

Mar 31, 2026 · Filed May 5, 2026

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

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Public Service Enterprise Group Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions, except per share data

Three Months Ended
March 31,
2026 · 2025
OPERATING REVENUES	$3,848	$3,222
OPERATING EXPENSES
Energy Costs	1,507	1,186
Operation and Maintenance	937	919
Depreciation and Amortization	329	320
Total Operating Expenses	2,773	2,425
OPERATING INCOME	1,075	797
Net Gains (Losses) on Trust Investments	(17)	8
Net Other Income (Deductions)	43	37
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)	19	16
Interest Expense	(272)	(241)
INCOME BEFORE INCOME TAXES	848	617
Income Tax Expense	(107)	(28)
NET INCOME	$741	$589
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC	499	498
DILUTED	500	500
NET INCOME PER SHARE:
BASIC	$1.48	$1.18
DILUTED	$1.48	$1.18

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended
March 31,
2026 · 2025
NET INCOME	$741	$589
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(1) and $(11) for 2026 and 2025, respectively	2	16
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $(1) and $8 for 2026 and 2025, respectively	3	(20)
Pension/OPEB adjustment, net of tax (expense) benefit of $(1) for 2026 and 2025	1	1
Other Comprehensive Income (Loss), net of tax	6	(3)
COMPREHENSIVE INCOME	$747	$586

March 31,2026 · December 31,2025
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$404	$132
Accounts Receivable, net of allowance of $255 in 2026 and $248 in 2025	2,067	1,888
Tax Receivable	267	406
Unbilled Revenues, net of allowance of $4 in 2026 and $6 in 2025	269	381
Fuel	96	282
Materials and Supplies, net	881	873
Prepayments	109	75
Derivative Contracts	4	11
Regulatory Assets	303	537
Other	9	11
Total Current Assets	4,409	4,596
PROPERTY, PLANT AND EQUIPMENT	54,518	53,920
Less: Accumulated Depreciation and Amortization	(12,090)	(11,856)
Net Property, Plant and Equipment	42,428	42,064
NONCURRENT ASSETS
Regulatory Assets	6,491	6,431
Operating Lease Right-of-Use Assets	157	138
Long-Term Investments	391	372
Nuclear Decommissioning Trust (NDT) Fund	2,923	2,915
Long-Term Receivable of Variable Interest Entity (VIE)	526	520
Rabbi Trust Fund	158	162
Derivative Contracts	11	6
Other	451	372
Total Noncurrent Assets	11,108	10,916
TOTAL ASSETS	$57,945	$57,576

March 31,2026 · December 31,2025
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	$425	$875
Commercial Paper and Loans	1,165	1,529
Accounts Payable	1,204	1,489
Derivative Contracts	124	65
Accrued Interest	267	265
Accrued Taxes	61	95
New Jersey Clean Energy Program	85	145
Obligation to Return Cash Collateral	126	106
Regulatory Liabilities	382	484
Other	711	687
Total Current Liabilities	4,550	5,740
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	8,215	7,930
Regulatory Liabilities	1,987	2,048
Operating Leases	144	128
Asset Retirement Obligations	1,391	1,381
OPEB Costs	233	242
OPEB Costs of Servco	507	501
Accrued Pension Costs	296	305
Environmental Costs	225	225
Derivative Contracts	4	21
Long-Term Accrued Taxes	142	141
Other	283	262
Total Noncurrent Liabilities	13,427	13,184
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 8)
CAPITALIZATION
LONG-TERM DEBT	22,665	21,670
STOCKHOLDERS’ EQUITY
Common Stock, no par, authorized 1,000 shares; issued, 2026 and 2025—534 shares	5,010	5,062
Treasury Stock, at cost, 2026 and 2025—36 shares	(1,475)	(1,435)
Retained Earnings	13,853	13,446
Accumulated Other Comprehensive Loss	(85)	(91)
Total Stockholders’ Equity	17,303	16,982
Total Capitalization	39,968	38,652
TOTAL LIABILITIES AND CAPITALIZATION	$57,945	$57,576

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended
March 31,
2026 · 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$741	$589
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	329	320
Amortization of Nuclear Fuel	54	53
Provision for Deferred Income Taxes and ITC	165	(38)
Non-Cash Employee Benefit Plan (Credits) Costs	6	19
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives	40	183
Cost of Removal	(36)	(34)
Energy Efficiency Programs Regulatory Investment Expenditures	(128)	(165)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures	50	38
Net Change in Other Regulatory Assets and Liabilities	109	37
Net (Gains) Losses and (Income) Expense from NDT Fund	(4)	(26)
Net Change in Certain Current Assets and Liabilities:
Tax Receivable	139	78
Prepayments	(34)	13
Accrued Taxes	(34)	31
Cash Collateral	1	(89)
Obligation to Return Cash Collateral	20	26
Other Current Assets and Liabilities	(123)	11
Employee Benefit Plan Funding and Related Payments	(15)	(17)
Other	(9)	20
Net Cash Provided By (Used In) Operating Activities	1,271	1,049
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment	(693)	(628)
Proceeds from Sales of Trust Investments	541	394
Purchases of Trust Investments	(559)	(410)
Other	(25)	26
Net Cash Provided By (Used In) Investing Activities	(736)	(618)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper	(864)	(1,193)
Proceeds from Short-Term Loans	500	—
Issuance of Long-Term Debt	1,000	1,900
Redemption of Long-Term Debt	(450)	—
Cash Dividends Paid on Common Stock	(334)	(314)
Other	(115)	(48)
Net Cash Provided By (Used In) Financing Activities	(263)	345
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	272	776
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	156	154
Cash, Cash Equivalents and Restricted Cash at End of Period	$428	$930
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)	$(157)	$(71)
Interest Paid, Net of Amounts Capitalized	$269	$226
Accrued Property, Plant and Equipment Expenditures	$397	$372

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, 2025	534	$5,062	(36)	$(1,435)	$13,446		$(91)	$16,982
Net Income	—	—	—	—	741		—	741
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(3)	—	—	—	—	—		6	6
Comprehensive Income						747
Cash Dividends at $0.67 per share on Common Stock	—	—	—	—	(334)		—	(334)
Other	—	(52)	—	(40)	—		—	(92)
Balance as of March 31, 2026	534	$5,010	(36)	$(1,475)	$13,853		$(85)	$17,303
Balance as of December 31, 2024	534	$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 Income						586
Cash Dividends at $0.63 per share on Common Stock	—	—	—	—	(314)		—	(314)
Other	—	(43)	1	27	—		—	(16)
Balance as of March 31, 2025	534	$5,014	(35)	$(1,376)	$12,868		$(136)	$16,370

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