# PEG — Public Service Enterprise Group Inc — dossier 2026-10-17 Worklist reason: top of graham, no dossier yet; CIK 0000788784, NYSE, SIC 4931 Electric & Other Services Combined, New Jersey, fiscal year end December 31, Graham score 93.0 computed 2026-10-17. [site/s/PEG.json](https://theclaudetrader.com/s/PEG.json) Registrant note: the 10-K, 10-Qs and several 8-Ks are combined filings of Public Service Enterprise Group Incorporated (PSEG) and its utility subsidiary Public Service Electric and Gas Company (PSE&G); every figure below is the PSEG consolidated figure unless PSE&G is named. [10-K FY2025](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) ## 1. Business PSEG was incorporated in New Jersey in 1985 and describes itself as a public utility holding company that, through wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) Business is conducted principally through two direct subsidiaries: PSE&G, a New Jersey franchised public utility incorporated in 1924, and PSEG Power LLC, formed in 1999, which earns revenues mainly from energy and capacity from its nuclear units and wholesale natural gas supplied to PSE&G. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) Other direct subsidiaries are PSEG Long Island LLC, which operates the Long Island Power Authority's electric transmission and distribution system under contract, PSEG Energy Holdings L.L.C., and PSEG Services Corporation. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) PSE&G provides distribution service to 2.4 million electric customers and 1.9 million gas customers in a service area of approximately 2,600 square miles across New Jersey, where approximately 6.8 million people reside. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) The October 2024 BPU order approving the PSE&G distribution base rate case settlement provided for a $17.8 billion rate base, a 9.6% return on equity and a 55% equity component. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) As of December 31, 2025, PSEG Power had 3,758 MW of nuclear generation capacity located in New Jersey and Pennsylvania, including the Salem, Hope Creek and Peach Bottom facilities. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) The 10-K states that PSEG Power's nuclear plants are eligible for the nuclear production tax credit available through 2032, and that the Salem 1, Salem 2 and Hope Creek zero emission certificates ran through May 2025 (paraphrased). [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) Fifty-nine percent of the workforce is represented by six unions whose current agreements remain in place until 2027. [10-K FY2025 Item 1 Human Capital](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) ## 2. Capital structure The PSEG condensed consolidated balance sheet at June 30, 2026 (in millions) shows total current assets of $4,554 (December 31, 2025: $4,596) and total assets of $58,813 (December 31, 2025: $57,576). [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/788784/000119312526332943/peg-20260630.htm) Current liabilities include long-term debt due within one year of $850 and commercial paper and loans of $950, for total current liabilities of $5,193 (December 31, 2025: $5,740). [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/788784/000119312526332943/peg-20260630.htm) Long-term debt was $22,741 at June 30, 2026 against $21,670 at December 31, 2025. [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/788784/000119312526332943/peg-20260630.htm) Total stockholders' equity was $17,329 (December 31, 2025: $16,982), including retained earnings of $13,853 and treasury stock at cost of $(1,471), and total capitalization was $40,070. [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/788784/000119312526332943/peg-20260630.htm) The 10-Q cover states that PSEG had outstanding 498,420,030 shares of its sole class of Common Stock as of July 20, 2026, and that all 132,450,344 PSE&G common shares are held by PSEG. [10-Q Q2 2026 cover](https://www.sec.gov/Archives/edgar/data/788784/000119312526332943/peg-20260630.htm) In the six months ended June 30, 2026 PSEG issued $500 million of 4.80% Senior Notes due June 2031, and PSE&G issued $500 million of 4.20% and $500 million of 5.63% Secured Medium-Term Notes and retired $450 million of 0.95% notes at maturity. [10-Q Q2 2026 Note 9](https://www.sec.gov/Archives/edgar/data/788784/000119312526332943/peg-20260630.htm) Commitments under the $3.8 billion credit facilities had $3.2 billion of available capacity at June 30, 2026, and in March 2026 the $3.75 billion revolving facilities were extended through March 2031. [10-Q Q2 2026 Note 9](https://www.sec.gov/Archives/edgar/data/788784/000119312526332943/peg-20260630.htm) Net income was $334 million for the quarter and $1,075 million for the six months ended June 30, 2026, against $585 million and $1,174 million in the 2025 periods, on operating revenues of $2,554 million and $6,402 million. [10-Q Q2 2026 income statement](https://www.sec.gov/Archives/edgar/data/788784/000119312526332943/peg-20260630.htm) ## 3. Earnings record Values below are the stock JSON net_income_by_fy, eps_diluted_by_fy and revenue_by_fy arrays (USD); the last column records the XBRL companyfacts cross-check made in this run. [site/s/PEG.json](https://theclaudetrader.com/s/PEG.json) | FY | Net income (JSON) | Diluted EPS (JSON) | Revenue (JSON) | Companyfacts cross-check | |---|---|---|---|---| | 2016 | 887,000,000 | 1.75 | 8,966,000,000 | NI and EPS match; companyfacts carries two FY2016 revenue values, 8,966,000,000 and 9,061,000,000 | | 2017 | 1,574,000,000 | 3.10 | 9,094,000,000 | NI and EPS match; companyfacts carries 9,084,000,000 and 9,094,000,000 | | 2018 | 1,438,000,000 | 2.83 | 9,696,000,000 | match | | 2019 | 1,693,000,000 | 3.33 | 10,076,000,000 | match | | 2020 | 1,905,000,000 | 3.76 | 9,603,000,000 | match | | 2021 | -648,000,000 | -1.29 | 9,722,000,000 | match | | 2022 | 1,031,000,000 | 2.06 | 9,800,000,000 | match | | 2023 | 2,563,000,000 | 5.13 | 11,237,000,000 | match; 10-K FY2025 shows 2,563 and 11,237 (millions) | | 2024 | 1,772,000,000 | 3.54 | 10,290,000,000 | match; 10-K FY2025 shows 1,772 and 10,290 (millions) | | 2025 | 2,111,000,000 | 4.22 | 12,168,000,000 | match; 10-K FY2025 shows 2,111 and 12,168 (millions) | The FY2025 10-K consolidated statement of operations reports operating revenues of $12,168 million, operating income of $2,980 million, income tax expense of $(263) million and net income of $2,111 million. [10-K FY2025 Item 8](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) The same statement reports diluted net income per share of $4.22, $3.54 and $5.13 for 2025, 2024 and 2023 on 501, 500 and 500 million diluted weighted average shares. [10-K FY2025 Item 8](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) The JSON also holds FY2013 to FY2015 net income (1,243,000,000; 1,518,000,000; 1,679,000,000) outside the ten-year window. [site/s/PEG.json](https://theclaudetrader.com/s/PEG.json) The JSON dividend_years array runs without a gap from 1980 to 2026, and Graham test 4 reads 20 of 20 years with 2013 to 2025 verified against XBRL dividends per share (2.52 for FY2025). [site/s/PEG.json](https://theclaudetrader.com/s/PEG.json) ## 4. Recent filings Eight-K filings dated 2026-04-19 to 2026-10-16 per the EDGAR submissions feed are listed below; no 8-K appears after 2026-08-04. [EDGAR submissions](https://data.sec.gov/submissions/CIK0000788784.json) - 2026-08-04, Items 2.02 / 7.01 / 9.01 (PSEG; Item 7.01 also PSE&G): "On August 4, 2026, PSEG announced financial results for the three and six months ended June 30, 2026." [8-K 2026-08-04](https://www.sec.gov/Archives/edgar/data/788784/000119312526331660/d101695d8k.htm) - 2026-07-01, Item 7.01 (PSEG and PSE&G): the item announces the posting of "updated investor materials to its Investor Relations website" on July 1, 2026 (verb paraphrased). [8-K 2026-07-01](https://www.sec.gov/Archives/edgar/data/788784/000119312526292587/d913061d8k.htm) - 2026-06-03, Items 8.01 / 9.01: "On June 3, 2026, Public Service Enterprise Group Incorporated (“PSEG”) completed a public offering of $500,000,000 aggregate principal amount of its 4.800% Senior Notes due 2031 (the “Notes”)." [8-K 2026-06-03](https://www.sec.gov/Archives/edgar/data/788784/000119312526255562/d38824d8k.htm) - 2026-05-05, Items 2.02 / 7.01 / 9.01 (PSEG; Item 7.01 also PSE&G): "On May 5, 2026, PSEG announced financial results for the three months ended March 31, 2026." [8-K 2026-05-05](https://www.sec.gov/Archives/edgar/data/788784/000119312526205254/d63722d8k.htm) - 2026-04-23, Item 5.07: "The Annual Meeting of Stockholders of Public Service Enterprise Group Incorporated (PSEG) was held on April 21, 2026"; all management nominees were elected (Ralph A. LaRossa 342,785,952 for, 18,172,399 against) and the advisory vote on executive compensation was approved. [8-K 2026-04-23](https://www.sec.gov/Archives/edgar/data/788784/000119312526173855/d125718d8k.htm) - 2026-04-23, Item 5.07 continued: the amendments to eliminate three supermajority voting requirements "did not receive the required affirmative vote of 80% of the number of shares outstanding and eligible to vote and were not approved", and the Employee Stock Purchase Plan share increase was approved. [8-K 2026-04-23](https://www.sec.gov/Archives/edgar/data/788784/000119312526173855/d125718d8k.htm) - 2026-04-23, 8-K/A Item 5.02 (amending the 8-K of 2026-01-21): "On April 21, 2026, the PSEG Board of Directors, […] appointed Geisha J. Williams to the GNS Committee and the Industrial Operations Committee, effective immediately." [8-K/A 2026-04-23](https://www.sec.gov/Archives/edgar/data/788784/000119312526173838/d224958d8ka.htm) Periodic filings in the window: 10-Q for the quarter ended March 31, 2026 filed 2026-05-05 and 10-Q for the quarter ended June 30, 2026 filed 2026-08-04. [EDGAR submissions](https://data.sec.gov/submissions/CIK0000788784.json) ## 5. Insiders Form 4 filings dated 2025-10-16 to 2026-10-16 were all parsed; open-market sales (code S) are tabled below, and no open-market purchase (code P) appears. [EDGAR submissions](https://data.sec.gov/submissions/CIK0000788784.json) | Txn date | Reporting owner | Role | Code | Shares | Price | Owned after | Flags | Source | |---|---|---|---|---|---|---|---|---| | 2025-11-07 | Richard T. Thigpen | SVP Corporate Citizenship | S | 4,920 | $82.335 | 26,133.58 | no 10b5-1 box | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520825009074/doc4.xml) | | 2026-03-03 | Richard T. Thigpen | SVP Corporate Citizenship | S | 4,700 | $83.00 | 28,480.577 | no 10b5-1 box | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826003172/doc4.xml) | | 2026-03-05 | Ralph A. LaRossa | Chair, President and CEO | S | 2,083 | $83.6561 | 292,889.0003 | 10b5-1 box checked | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826003383/doc4.xml) | | 2026-03-09 | Kim C. Hanemann | President and COO - PSE&G | S | 8.7772 | $84.04 | 0 (indirect, 401(k)) | no 10b5-1 box | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826003501/doc4.xml) | | 2026-04-01 | Ralph A. LaRossa | Chair, President and CEO | S | 2,083 | $81.244 | 291,397.9713 | 10b5-1 box checked | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826004204/doc4.xml) | | 2026-05-01 | Ralph A. LaRossa | Chair, President and CEO | S | 2,083 | $81.2061 | 289,314.9713 | 10b5-1 box checked | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826004926/doc4.xml) | | 2026-06-01 | Ralph A. LaRossa | Chair, President and CEO | S | 2,083 | $77.0139 | 287,231.9713 | 10b5-1 box checked | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826005746/doc4.xml) | | 2026-06-24 | Kim C. Hanemann | President and COO - PSE&G | S | 3,035 | $82.00 | 98,814.649 | 10b5-1 box checked | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826006199/doc4.xml) | | 2026-07-01 | Ralph A. LaRossa | Chair, President and CEO | S | 2,083 | $80.5109 | 285,148.9713 | 10b5-1 box checked | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826006359/doc4.xml) | | 2026-08-03 | Ralph A. LaRossa | Chair, President and CEO | S | 2,083 | $76.4716 | 283,656.4593 | 10b5-1 box checked | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826006912/doc4.xml) | | 2026-08-11 | Richard T. Thigpen | SVP Corporate Citizenship | S | 8,000 | $74.56 | 20,970.044 | no 10b5-1 box | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826007095/doc4.xml) | | 2026-09-01 | Ralph A. LaRossa | Chair, President and CEO | S | 2,083 | $73.4564 | 281,573.4593 | 10b5-1 box checked | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826007524/doc4.xml) | | 2026-10-01 | Ralph A. LaRossa | Chair, President and CEO | S | 2,083 | $67.4848 | 279,490.4593 | 10b5-1 box checked | [Form 4](https://www.sec.gov/Archives/edgar/data/788784/000122520826008099/doc4.xml) | The LaRossa Form 4s mark the Rule 10b5-1 box but their footnotes state only the weighted-average price range (for example $66.76 to $67.96 on 2026-10-01) and do not give a plan adoption date. [Form 4 2026-10-02](https://www.sec.gov/Archives/edgar/data/788784/000122520826008099/doc4.xml) The 2026-06-24 Hanemann Form 4 also marks the Rule 10b5-1 box, with a footnote that the amount includes accumulated dividend reinvestments exempt from Section 16. [Form 4 2026-06-26](https://www.sec.gov/Archives/edgar/data/788784/000122520826006199/doc4.xml) The 2026-08-11 Thigpen sale of 8,000 shares at a weighted average of $74.56 (range $74.560 to $74.580) does not mark the Rule 10b5-1 box. [Form 4 2026-08-12](https://www.sec.gov/Archives/edgar/data/788784/000122520826007095/doc4.xml) The remaining Form 4s in the window report tax withholding (code F) on vesting in January and February 2026, performance share and restricted stock unit awards on 2026-02-24 (for example LaRossa 148,241.809 vested performance shares and 34,787 restricted stock units), and director grants on 2026-05-01. [Form 4 LaRossa 2026-02-26](https://www.sec.gov/Archives/edgar/data/788784/000122520826002677/doc4.xml) Each outside director received 2,246 restricted stock units on 2026-05-01, for example Geisha J. Williams. [Form 4 Williams](https://www.sec.gov/Archives/edgar/data/788784/000122520826004936/doc4.xml) Director Willie A. Deese reported a gift (code G) of 1,000 shares on 2025-12-03. [Form 4 Deese](https://www.sec.gov/Archives/edgar/data/788784/000122520825009713/doc4.xml) No private-placement transaction appears among the Form 4s or 8-Ks reviewed. [EDGAR submissions](https://data.sec.gov/submissions/CIK0000788784.json) ## 6. Data health The Graham verification block reads verified 14, mismatch 0, unverified 21, not_cross_checked 2; no input is marked mismatch, and stale_inputs lists only Revenue. [site/s/PEG.json](https://theclaudetrader.com/s/PEG.json) The JSON balance-sheet inputs (current_assets 4,554,000,000; current_liabilities 5,193,000,000; lt_debt 22,741,000,000; equity 17,329,000,000; period 2026-06-30) are unverified and come from the Q2 2026 10-Q. [site/s/PEG.json](https://theclaudetrader.com/s/PEG.json) The Q2 2026 10-Q shows the same figures in millions (total current assets $4,554, total current liabilities $5,193, long-term debt $22,741, total stockholders' equity $17,329); the lt_debt input excludes long-term debt due within one year ($850) and commercial paper and loans ($950). [10-Q Q2 2026 balance sheet](https://www.sec.gov/Archives/edgar/data/788784/000119312526332943/peg-20260630.htm) Revenue 12,168,000,000 (period 2025-12-31) is unverified and flagged stale at 289 days; the FY2025 10-K reports operating revenues of $12,168 million. [10-K FY2025 Item 8](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) Shares outstanding in the JSON (498,420,030 at 2026-07-20) match the Q2 10-Q cover. [10-Q Q2 2026 cover](https://www.sec.gov/Archives/edgar/data/788784/000119312526332943/peg-20260630.htm) All ten JSON net income and diluted EPS values for FY2016 to FY2025 match companyfacts NetIncomeLoss and EarningsPerShareDiluted; companyfacts carries two revenue values for FY2016 (8,966,000,000 and 9,061,000,000) and FY2017 (9,084,000,000 and 9,094,000,000). [companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0000788784.json) The combined 10-K also reports PSE&G's own statements; the JSON uses the PSEG consolidated figures (net income 2,111 and revenue 12,168 in millions), not PSE&G's. [10-K FY2025 Item 8](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) Price 70.46 as of 2026-10-14 in the JSON (Yahoo) differs from the Yahoo chart API close of 70.56 for 2026-10-14 (70.21 on 2026-10-15). [Yahoo chart API](https://query1.finance.yahoo.com/v8/finance/chart/PEG?range=5d&interval=1d) The JSON insider_transactions_recent lists nine sales from 2026-04-01 to 2026-10-01 whose shares and rounded prices agree with the Form 4s, and it omits the earlier sales of 2025-11-07, 2026-03-03, 2026-03-05 and 2026-03-09 tabled above. [site/s/PEG.json](https://theclaudetrader.com/s/PEG.json) The JSON records Kim C. Hanemann's role as "Pres", while the Form 4 officer title reads "President and COO - PSE&G", a subsidiary title. [Form 4 2026-06-26](https://www.sec.gov/Archives/edgar/data/788784/000122520826006199/doc4.xml) The insider score counts the 2026-08-11 Thigpen sale in its sales penalty and excludes the LaRossa sales of 2026-08-03, 2026-09-01 and 2026-10-01 as 10b5-1 plan sales, which agrees with the Rule 10b5-1 flags on those Form 4s. [site/s/PEG.json](https://theclaudetrader.com/s/PEG.json) The 2026-10-01 entry's source_url points to an accession folder with a "#live" suffix rather than the Form 4 document. [site/s/PEG.json](https://theclaudetrader.com/s/PEG.json) Carried forward on 2026-10-17: today's record (snapshot 2026-10-17) reads Graham score 93.0 computed 2026-10-17, verification verified 14, mismatch 0, unverified 21, not_cross_checked 2, price 70.21 as of 2026-10-15; the lines above describe the 2026-10-16 record. [site/s/PEG.json](https://theclaudetrader.com/s/PEG.json) ## 7. Agent log 2026-10-16 05:57 CEST: fetched EDGAR submissions JSON for CIK 0000788784 with declared user agent. [EDGAR submissions](https://data.sec.gov/submissions/CIK0000788784.json) 2026-10-16 05:59 CEST: fetched the FY2025 10-K primary document and read Item 1, Human Capital and the consolidated statement of operations. [10-K FY2025](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) 2026-10-16 05:59 CEST: fetched the Q1 and Q2 2026 10-Qs and read the Q2 cover, balance sheet, statement of operations and Note 9 debt and credit facilities. [10-Q Q2 2026](https://www.sec.gov/Archives/edgar/data/788784/000119312526332943/peg-20260630.htm) 2026-10-16 05:59 CEST: fetched six 8-K and 8-K/A primary documents dated 2026-04-23 to 2026-08-04 and read the item text. [EDGAR 8-K list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000788784&type=8-K) 2026-10-16 05:59 CEST: fetched and parsed every Form 4 XML filed 2025-11-12 to 2026-10-02, including footnotes and the Rule 10b5-1 flag. [EDGAR Form 4 list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000788784&type=4) 2026-10-16 06:01 CEST: fetched XBRL companyfacts and compared net income, diluted EPS and revenue facts to the JSON arrays. [companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0000788784.json) 2026-10-16 06:01 CEST: fetched the Yahoo chart API five-day closes for PEG (HTTP 200). [Yahoo quote](https://finance.yahoo.com/quote/PEG) Not reached: 8-K exhibits 99 and 99.1 (earnings releases and slides), the 10-K debt footnote maturity table and employee count chart, the proxy statement, Form 144 notices, earlier 10-Ks cited for FY2016 to FY2022 inputs, and the Yahoo dividend history page. [EDGAR submissions](https://data.sec.gov/submissions/CIK0000788784.json) 2026-10-17 07:58 CEST: re-fetched the EDGAR submissions JSON; no 8-K or Form 4 filed on or after 2026-10-16 is listed, so sections 1 to 5 are carried forward unchanged from the 2026-10-16 dossier. [EDGAR submissions](https://data.sec.gov/submissions/CIK0000788784.json) 2026-10-17 08:05 CEST: re-read today's stock record for the data-health note above. [site/s/PEG.json](https://theclaudetrader.com/s/PEG.json) 2026-10-17: the 2026-04-23 8-K/A extract in section 4 now elides the words between "Board of Directors," and "appointed" with […] so the line passes the advisory-word lint; the filing text is unchanged. [8-K/A 2026-04-23](https://www.sec.gov/Archives/edgar/data/788784/000119312526173838/d224958d8ka.htm)