Earnings Per Share (EPS) and Dividends

12 Months Ended

Dec. 31, 2025

Note 21. Earnings Per Share (EPS) and Dividends

EPS

Basic EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. For additional information on PSEG’s stock compensation plans see Note 17. Stock Based Compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:



	Years Ended December 31,
	2025				2024				2023
	Basic		Diluted		Basic		Diluted		Basic		Diluted
EPS Numerator:
(Millions)
Net Income	$	2,111	$	2,111	$	1,772	$	1,772	$	2,563	$	2,563
EPS Denominator:
(Millions)
Weighted Average Common Shares Outstanding		499		499		498		498		498		498
Effect of Stock Based Compensation Awards		—		2		—		2		—		2
Total Shares		499		501		498		500		498		500
EPS:
Net Income	$	4.23	$	4.22	$	3.56	$	3.54	$	5.15	$	5.13

From time to time, PSEG may repurchase shares to satisfy obligations under equity compensation awards and repurchase shares to satisfy purchases by employees under the ESPP.

For additional information on all the types of long-term incentive awards, see Note 17. Stock Based Compensation.

Common Stock Dividends



	Years Ended December 31,
Dividend Payments on Common Stock	2025		2024		2023
Per Share	$	2.52	$	2.40	$	2.28
in Millions	$	1,258	$	1,196	$	1,137

On February 24, 2026, PSEG’s Board of Directors approved a $0.67 per share common stock dividend for the first quarter of 2026.