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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO


Commission File Number	Name of Registrant, Address, and Telephone Number			State or other jurisdiction of Incorporation or Organization	I.R.S. Employer Identification Number
001-09120	Public Service Enterprise Group Incorporated			New Jersey	22-2625848
	80 Park Plaza
	Newark,	New Jersey	07102
	973	430-7000

001-00973	Public Service Electric and Gas Company			New Jersey	22-1212800
	80 Park Plaza
	Newark,	New Jersey	07102
	973	430-7000

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class		Trading Symbol(s)	Name of Each Exchange On Which Registered
Public Service Enterprise Group Incorporated
	Common Stock without par value	PEG	New York Stock Exchange
Public Service Electric and Gas Company
	8.00% First and Refunding Mortgage Bonds, due 2037	PEG37D	New York Stock Exchange
	5.00% First and Refunding Mortgage Bonds, due 2037	PEG37J	New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☒ No ☐

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Public Service Enterprise Group Incorporated	Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company	☐

Public Service Electric and Gas Company	Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☐	Emerging growth company	☐

(Cover continued on next page)

Table of Contents

(Cover continued from previous page)

If any of the registrants is an emerging growth company, indicate by check mark if such registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 21, 2026, Public Service Enterprise Group Incorporated had outstanding 498,321,402 shares of its sole class of Common Stock, without par value.

As of April 21, 2026, Public Service Electric and Gas Company had issued and outstanding 132,450,344 shares of Common Stock, without nominal or par value, all of which were privately held, beneficially and of record, by Public Service Enterprise Group Incorporated.

Public Service Electric and Gas Company is a wholly owned subsidiary of Public Service Enterprise Group Incorporated and meets the conditions set forth in General Instruction H(1) of Form 10-Q. Public Service Electric and Gas Company is filing its Quarterly Report on Form 10-Q with the reduced disclosure format authorized by General Instruction H.

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		Page
FORWARD-LOOKING STATEMENTS		ii
FILING FORMAT		iii
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Public Service Enterprise Group Incorporated	1
	Public Service Electric and Gas Company	7
	Notes to Condensed Consolidated Financial Statements
	Note 1. Organization, Basis of Presentation and Significant Accounting Policies	13
	Note 2. Revenues	14
	Note 3. Variable Interest Entity (VIE)	18
	Note 4. Rate Filings	19
	Note 5. Financing Receivables	19
	Note 6. Trust Investments	20
	Note 7. Pension and Other Postretirement Benefits (OPEB)	26
	Note 8. Commitments and Contingent Liabilities	27
	Note 9. Debt and Credit Facilities	33
	Note 10. Financial Risk Management Activities	34
	Note 11. Fair Value Measurements	39
	Note 12. Net Other Income (Deductions)	43
	Note 13. Income Taxes	44
	Note 14. Accumulated Other Comprehensive Income (Loss), Net of Tax	44
	Note 15. Earnings Per Share (EPS) and Dividends	46
	Note 16. Financial Information by Business Segment	47
	Note 17. Related-Party Transactions	49
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
	Executive Overview of 2026 and Future Outlook	50
	Results of Operations	57
	Liquidity and Capital Resources	60
	Capital Requirements	62
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 4.	Controls and Procedures	64
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	65
Item 1A.	Risk Factors	65
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65
Item 5.	Other Information	66
Item 6.	Exhibits	68
	Signatures	69

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FORWARD-LOOKING STATEMENTS

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

•

any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects;

•

significant resource adequacy challenges that present affordability and reliability concerns and that could cause
policymakers to implement responsive measures that could have a material, adverse impact on our business, strategy,
growth rates, cash flows, results of operations, and financial condition and increase regulatory uncertainty for utility
investment initiatives and programs;

•

the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;

•

any equipment failures, gas explosions, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers;

•

any inability to recover the carrying amount of our long-lived assets;

•

disruptions or cost increases in our supply chain, including labor shortages;

•

any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;

•

the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;

•

failure to attract and retain a qualified workforce;

•

increases in the costs of equipment, materials, fuel, services and labor;

•

the impact of our covenants in our debt instruments and credit agreements on our business;

•

adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements;

•

any inability to enter into or extend certain significant contracts;

•

development, adoption and use of Artificial Intelligence by us and our third-party vendors;

•

fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;

•

the ability to obtain adequate nuclear fuel supply;

•

changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;

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•

third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;

•

any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules;

•

risks associated with generation activities at, and operation of, the Peach Bottom plants, which are similar to those to which nuclear generation plants that we operate are subject;

•

the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;

•

PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned;

•

our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, and/or production tax credits;

•

adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;

•

risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks;

•

changes in or violation of federal, state and local environmental laws and regulations and enforcement;

•

delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and

•

changes in tax laws and regulations.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage at https://investor.pseg.com/resources/email-alerts/default.aspx. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this Form 10-Q.

FILING FORMAT

This combined Quarterly Report on Form 10-Q is separately filed by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information relating to any individual company is filed by such company on its own behalf. PSE&G is only responsible for information about itself and its subsidiaries.

Discussions throughout the document refer to PSEG and its direct operating subsidiaries. Depending on the context of each section, references to “we,” “us,” and “our” relate to PSEG or to the specific company or companies being discussed.

iii

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions, except per share data

(Unaudited)



	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

See Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Millions

(Unaudited)



	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

See Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)



	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

See Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)



	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

See Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Millions

(Unaudited)



	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

See Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Millions

(Unaudited)



	Common Stock					Treasury Stock						Retained			Accumulated Other Comprehensive
	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

See Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions

(Unaudited)



	Three Months Ended
	March 31,
	2026			2025
OPERATING REVENUES	$	3,085		$	2,664
OPERATING EXPENSES
Energy Costs		1,358			1,094
Operation and Maintenance		637			576
Depreciation and Amortization		295			280
Total Operating Expenses		2,290			1,950
OPERATING INCOME		795			714
Net Other Income (Deductions)		19			16
Net Non-Operating Pension and OPEB Credits (Costs)		17			17
Interest Expense		(175	)		(157	)
INCOME BEFORE INCOME TAXES		656			590
Income Tax Expense		(79	)		(44	)
NET INCOME	$	577		$	546

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Millions

(Unaudited)



	Three Months Ended
	March 31,
	2026		2025
NET INCOME	$	577	$	546
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0 for 2026 and 2025		—		—
COMPREHENSIVE INCOME	$	577	$	546

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)



	March 31, 2026			December 31, 2025
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	349		$	97
Accounts Receivable, net of allowance of $255 in 2026 and $248 in 2025		1,668			1,431
Unbilled Revenues, net of allowance of $4 in 2026 and $6 in 2025		269			381
Materials and Supplies, net		613			613
Prepayments		26			17
Regulatory Assets		303			537
Other		10			11
Total Current Assets		3,238			3,087
PROPERTY, PLANT AND EQUIPMENT		49,243			48,752
Less: Accumulated Depreciation and Amortization		(9,915	)		(9,767	)
Net Property, Plant and Equipment		39,328			38,985
NONCURRENT ASSETS
Regulatory Assets		6,491			6,431
Operating Lease Right-of-Use Assets		105			84
Long-Term Investments		236			199
Rabbi Trust Fund		28			29
Other		277			209
Total Noncurrent Assets		7,137			6,952
TOTAL ASSETS	$	49,703		$	49,024

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)



	March 31, 2026			December 31, 2025
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	$	425		$	875
Commercial Paper and Loans		—			325
Accounts Payable		726			866
Accounts Payable—Affiliated Companies		469			472
Accrued Interest		148			197
New Jersey Clean Energy Program		85			145
Obligation to Return Cash Collateral		126			106
Regulatory Liabilities		382			484
Other		378			324
Total Current Liabilities		2,739			3,794
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC		7,276			7,074
Regulatory Liabilities		1,987			2,048
Operating Leases		92			73
Asset Retirement Obligations		456			457
OPEB Costs		125			126
Accrued Pension Costs		157			164
Environmental Costs		156			160
Long-Term Accrued Taxes		7			7
Other		205			188
Total Noncurrent Liabilities		10,461			10,297
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 8)
CAPITALIZATION
LONG-TERM DEBT		16,110			15,117
STOCKHOLDER’S EQUITY
Common Stock; 150 shares authorized; issued and outstanding, 2026 and 2025—132 shares		892			892
Contributed Capital		2,156			2,156
Retained Earnings		17,348			16,771
Accumulated Other Comprehensive Loss		(3	)		(3	)
Total Stockholder’s Equity		20,393			19,816
Total Capitalization		36,503			34,933
TOTAL LIABILITIES AND CAPITALIZATION	$	49,703		$	49,024

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Millions

(Unaudited)



	Three Months Ended
	March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	577	$	546
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization		295		280
Provision for Deferred Income Taxes and ITC		84		(21	)
Non-Cash Employee Benefit Plan (Credits) Costs

PUBLIC SERVICE ENTERPRISE GROUP INC 10-Q