# Public Service Enterprise Group (PEG) Forecast Calculator

Interactive five-year financial forecast and DCF for Public Service Enterprise Group. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/public-service-enterprise-group/forecast
- Industry: Utilities
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 9308000000 | 213000000 | 1943000000 | 1693000000 |
| 2022 | 9099000000 | 179000000 | 2270000000 | 1905000000 |
| 2023 | 10315000000 | -983000000 | -856000000 | -648000000 |
| 2024 | 11231000000 | -1385000000 | 1381000000 | 1031000000 |
| 2025 | 9254000000 | 481000000 | 3685000000 | 2563000000 |

## Frequently asked questions

### What is Public Service Enterprise Group (PSEG) and what does it do?

Public Service Enterprise Group (PSEG) is a predominantly regulated utility holding company headquartered in Newark, New Jersey. It operates New Jersey's largest electric and gas transmission and distribution utility, PSE&G, which contributes approximately 85% of non-GAAP operating earnings. The company also owns a fleet of carbon-free nuclear power plants through its PSEG Power & Other segment.

### How does Public Service Enterprise Group (PSEG) generate its revenue?

PSEG generates revenue primarily through its regulated utility segment, PSE&G, where returns are driven by capital investment into an approved rate base. The company also earns revenue from its unregulated energy supply segment, PSEG Power & Other, which consists of its merchant nuclear fleet supported by federal Production Tax Credits.

### What are Public Service Enterprise Group's (PSEG) capital expenditure plans?

PSEG's capital expenditure was $3.7 billion in 2025 and is projected to increase to $4.2 billion in 2026. The company has a substantial capital spending plan of $24 billion to $28 billion from 2026 to 2030, with the majority dedicated to regulated utility investments for growth and modernization.

### What are some key financial assumptions in the Public Service Enterprise Group (PSEG) model?

Key financial assumptions for PSEG include a revenue growth rate of approximately -0.15% and COGS as about 34.95% of revenue. Additionally, Selling, General, and Administrative (SGA) expenses are assumed to be 15% of revenue, and the tax rate is around 18.12%.

### What is the purpose of the financial model for Public Service Enterprise Group (PSEG)?

The financial model for PSEG projects rate base growth, earnings, and cash flows to determine the company's equity valuation. This allows an equity research analyst to assess whether PSEG's regulated infrastructure investments and nuclear fleet cash flows justify its current market multiple.

### Can I download an Excel financial model for Public Service Enterprise Group (PSEG)?

Yes, an Excel financial model for Public Service Enterprise Group (PSEG) is available for download. This model provides financial projections for the company, covering the forecast horizon from FY2026 through FY2030.