Financial Information By Business Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting Information [Line Items]

Financial Information By Business Segments

Note 22. Financial Information by Business Segment

Basis of Organization

PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income. The CODM uses Net Income for each segment in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about the allocation of operating and capital resources to each segment.

Based on management’s analysis, PSE&G and PSEG Power were determined to be the operating segments of PSEG. The operating segments were determined based on the nature of regulated and unregulated operations and services provided by the respective segments. As discussed below, PSEG’s two reportable segments are PSE&G and PSEG Power & Other, which includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent corporation) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results.

PSE&G

The PSE&G reportable segment earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by selling energy and capacity from our nuclear generation units and from the sale of wholesale natural gas through a full-requirements BGSS contract with PSE&G. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and its gas supply obligations.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent corporation) and Services.

	PSE&G		PSEG Power & Other (A)		Eliminations (B)			Consolidated Total
	Millions
Year Ended December 31, 2025
Operating Revenues	$	9,558	$	3,722	$	(1,112	)	$	12,168
Energy Costs		3,782		1,489		(1,112	)		4,159
Controllable Operation and Maintenance (C)		1,431		832		—			2,263
Depreciation and Amortization		1,116		141		—			1,257
Interest Income		16		19		(3	)		32
Interest Expense		644		364		(3	)		1,005
Income Tax Expense (Benefit)		152		111		—			263
Other Segment Items (D)		704		438		—			1,142
Net Income	$	1,745	$	366	$	—		$	2,111
Gross Additions to Long-Lived Assets	$	2,731	$	572	$	(31	)	$	3,272
As of December 31, 2025
Total Assets	$	49,024	$	9,067	$	(515	)	$	57,576
Investments in Equity Method Subsidiaries	$	—	$	26	$	—		$	26

	PSE&G		PSEG Power & Other (A)			Eliminations (B)			Consolidated Total
	Millions
Year Ended December 31, 2024
Operating Revenues	$	8,449	$	2,807		$	(966	)	$	10,290
Energy Costs		3,189		1,170			(966	)		3,393
Controllable Operation and Maintenance (C)		1,317		771			—			2,088
Depreciation and Amortization		1,025		157			—			1,182
Interest Income		14		23			(5	)		32
Interest Expense		582		305			(5	)		882
Income Tax Expense (Benefit)		298		(245	)		—			53
Other Segment Items (D)		505		447			—			952
Net Income	$	1,547	$	225		$	—		$	1,772
Gross Additions to Long-Lived Assets	$	2,921	$	459		$	—		$	3,380
As of December 31, 2024
Total Assets	$	46,364	$	8,673		$	(397	)	$	54,640
Investments in Equity Method Subsidiaries	$	—	$	21		$	—		$	21

	PSE&G		PSEG Power & Other (A)		Eliminations (B)			Consolidated Total
	Millions
Year Ended December 31, 2023
Operating Revenues	$	7,807	$	4,533	$	(1,103	)	$	11,237
Energy Costs		3,010		1,353		(1,103	)		3,260
Controllable Operation and Maintenance (C)		1,193		713		—			1,906
Depreciation and Amortization		980		155		—			1,135
Interest Income		19		38		(4	)		53
Interest Expense		493		259		(4	)		748
Income Tax Expense (Benefit)		160		358		—			518
Other Segment Items (D)		475		685		—			1,160
Net Income	$	1,515	$	1,048	$	—		$	2,563
Gross Additions to Long-Lived Assets	$	2,998	$	327	$	—		$	3,325
As of December 31, 2023
Total Assets	$	42,873	$	8,407	$	(539	)	$	50,741
Investments in Equity Method Subsidiaries	$	—	$	17	$	—		$	17

(A)PSEG Power & Other results include net after-tax gains (losses) of $(54) million, $(151) million and $959 million in the years ended December 31, 2025, 2024 and 2023, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.

(B)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 2. Revenues and Note 23. Related-Party Transactions.

(C)Controllable Operation and Maintenance expense includes amounts for labor and benefit costs, materials, outside services and other normal operational costs, including intersegment amounts, and is the significant expense information that is regularly provided to the CODM.

(D)Other Segment Items include all other items to reconcile to Net Income. This includes all other O&M (primarily related to clause related expenditures at PSE&G and expenditures for transactions in which Servco acts as principal and controls the services provided to LIPA at PSEG Power & Other, each of which offset corresponding revenue amounts in those segments), losses on asset dispositions, non-operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions. This includes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction in 2023.

Public Service Electric and Gas Company [Member]

Segment Reporting Information [Line Items]

Financial Information By Business Segments

Note 22. Financial Information by Business Segment

Basis of Organization

PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income. The CODM uses Net Income for each segment in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about the allocation of operating and capital resources to each segment.

Based on management’s analysis, PSE&G and PSEG Power were determined to be the operating segments of PSEG. The operating segments were determined based on the nature of regulated and unregulated operations and services provided by the respective segments. As discussed below, PSEG’s two reportable segments are PSE&G and PSEG Power & Other, which includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent corporation) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results.

PSE&G

The PSE&G reportable segment earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by selling energy and capacity from our nuclear generation units and from the sale of wholesale natural gas through a full-requirements BGSS contract with PSE&G. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and its gas supply obligations.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent corporation) and Services.

	PSE&G		PSEG Power & Other (A)		Eliminations (B)			Consolidated Total
	Millions
Year Ended December 31, 2025
Operating Revenues	$	9,558	$	3,722	$	(1,112	)	$	12,168
Energy Costs		3,782		1,489		(1,112	)		4,159
Controllable Operation and Maintenance (C)		1,431		832		—			2,263
Depreciation and Amortization		1,116		141		—			1,257
Interest Income		16		19		(3	)		32
Interest Expense		644		364		(3	)		1,005
Income Tax Expense (Benefit)		152		111		—			263
Other Segment Items (D)		704		438		—			1,142
Net Income	$	1,745	$	366	$	—		$	2,111
Gross Additions to Long-Lived Assets	$	2,731	$	572	$	(31	)	$	3,272
As of December 31, 2025
Total Assets	$	49,024	$	9,067	$	(515	)	$	57,576
Investments in Equity Method Subsidiaries	$	—	$	26	$	—		$	26

	PSE&G		PSEG Power & Other (A)			Eliminations (B)			Consolidated Total
	Millions
Year Ended December 31, 2024
Operating Revenues	$	8,449	$	2,807		$	(966	)	$	10,290
Energy Costs		3,189		1,170			(966	)		3,393
Controllable Operation and Maintenance (C)		1,317		771			—			2,088
Depreciation and Amortization		1,025		157			—			1,182
Interest Income		14		23			(5	)		32
Interest Expense		582		305			(5	)		882
Income Tax Expense (Benefit)		298		(245	)		—			53
Other Segment Items (D)		505		447			—			952
Net Income	$	1,547	$	225		$	—		$	1,772
Gross Additions to Long-Lived Assets	$	2,921	$	459		$	—		$	3,380
As of December 31, 2024
Total Assets	$	46,364	$	8,673		$	(397	)	$	54,640
Investments in Equity Method Subsidiaries	$	—	$	21		$	—		$	21

	PSE&G		PSEG Power & Other (A)		Eliminations (B)			Consolidated Total
	Millions
Year Ended December 31, 2023
Operating Revenues	$	7,807	$	4,533	$	(1,103	)	$	11,237
Energy Costs		3,010		1,353		(1,103	)		3,260
Controllable Operation and Maintenance (C)		1,193		713		—			1,906
Depreciation and Amortization		980		155		—			1,135
Interest Income		19		38		(4	)		53
Interest Expense		493		259		(4	)		748
Income Tax Expense (Benefit)		160		358		—			518
Other Segment Items (D)		475		685		—			1,160
Net Income	$	1,515	$	1,048	$	—		$	2,563
Gross Additions to Long-Lived Assets	$	2,998	$	327	$	—		$	3,325
As of December 31, 2023
Total Assets	$	42,873	$	8,407	$	(539	)	$	50,741
Investments in Equity Method Subsidiaries	$	—	$	17	$	—		$	17

(A)PSEG Power & Other results include net after-tax gains (losses) of $(54) million, $(151) million and $959 million in the years ended December 31, 2025, 2024 and 2023, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.

(B)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 2. Revenues and Note 23. Related-Party Transactions.

(C)Controllable Operation and Maintenance expense includes amounts for labor and benefit costs, materials, outside services and other normal operational costs, including intersegment amounts, and is the significant expense information that is regularly provided to the CODM.

(D)Other Segment Items include all other items to reconcile to Net Income. This includes all other O&M (primarily related to clause related expenditures at PSE&G and expenditures for transactions in which Servco acts as principal and controls the services provided to LIPA at PSEG Power & Other, each of which offset corresponding revenue amounts in those segments), losses on asset dispositions, non-operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions. This includes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction in 2023.