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PEG delivered strong FY2025 results with revenue surging 18.3% to $12.17B and net income rising 19.1% to $2.11B, driven by robust operating cash flow growth of 54.6% to $3.30B.
营业收入
$12.17B
同比 ++18.25%
每股收益（基本）
$4.23
同比 ++18.82%
营业利润
$2.98B
同比 ++26.65%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
PEG FY2025 营收 $12.17B，同比增长 18.3%。 净利润 $2.11B，同比增长 19.1%，稀释每股收益 $4.22。
PEG's revenue grew 18.3% year-over-year from $10.29B to $12.17B in FY2025, reflecting meaningful expansion in the company's core utility operations and rate base growth.
来源: Source: 10-K Income Statement, Financial Data
Operating margin improved by approximately 1.6 percentage points to 24.5% in FY2025 (from 22.9% in the prior year), as operating income grew 26.6% to $2.98B — outpacing revenue growth and signaling improving operational efficiency.
来源: Source: 10-K Income Statement & Key Ratios, Financial Data
Operating cash flow jumped 54.6% to $3.30B in FY2025 from $2.13B in the prior year, significantly strengthening the company's ability to fund capital expenditures and service its long-term debt obligations.
来源: Source: 10-K Cash Flow Statement, Financial Data
Current liabilities declined 11.8% to $5.74B while current assets rose 8.5% to $4.60B, improving the current ratio from approximately 0.65 to 0.80, though it remains below 1.0, indicating the company still relies on operating cash flows and financing to meet near-term obligations.
来源: Source: 10-K Balance Sheet, Financial Data
Investing cash outflows remained essentially flat at -$3.31B in FY2025 versus -$3.31B in the prior year, consistent with a regulated utility's ongoing infrastructure investment cycle, while long-term debt increased 6.8% to $22.55B to help fund these capital expenditures.
来源: Source: 10-K Cash Flow & Balance Sheet, Financial Data
PEG carries $22.55B in long-term debt as of FY2025, up 6.8% year-over-year, representing a significant financial obligation relative to its asset base. With a current ratio below 1.0 (0.80), the company depends on continued strong operating cash flows and capital market access to meet obligations. Rising interest rates could materially increase borrowing costs on refinanced or new debt.
来源: Source: 10-K Balance Sheet & Key Ratios, Financial Data
As a regulated utility, PEG's revenue and profitability are subject to approval by state and federal regulators. Adverse rate case outcomes or delays in recovering capital investments through rates could compress margins and slow earnings growth. The company's ability to sustain its 18.3% revenue growth depends heavily on constructive regulatory decisions.
来源: Source: 10-K Income Statement, Financial Data
PEG invested approximately $3.31B in capital expenditures in FY2025, consistent with the prior year, reflecting the capital-intensive nature of utility infrastructure. Sustained high capex requires ongoing access to debt and equity markets, and any disruption in capital availability could impair growth plans.
来源: Source: 10-K Cash Flow Statement, Financial Data
Cash and equivalents stood at only $132M at year-end FY2025, a modest 5.6% increase from $125M. Given the scale of the company's operations and debt load, this thin cash cushion increases reliance on credit facilities and operating cash generation to manage liquidity.
来源: Source: 10-K Balance Sheet, Financial Data
Financing cash flows collapsed 99.0% to just $12M in FY2025 from $1.23B in the prior year, suggesting significantly reduced net new borrowing or equity issuance activity. If capital needs increase or operating cash flows weaken, the company may need to return to capital markets on potentially less favorable terms.
来源: Source: 10-K Cash Flow Statement, Financial Data
FY2025 实际 EPS $0.72，分析师一致预期 $0.72，超预期 +0.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $12.17B | $10.29B | +18.25% |
营业利润 | $2.98B | $2.35B | +26.65% |
净利润 | $2.11B | $1.77B | +19.13% |
每股收益（基本） | $4.23 | $3.56 | +18.82% |
每股收益（稀释） | $4.22 | $3.54 | +19.21% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $57.58B | $54.64B | +5.37% |
流动资产 | $4.6B | $4.24B | +8.52% |
流动负债 | $5.74B | $6.5B | -11.76% |
现金及等价物 | $132M | $125M | +5.60% |
长期债务 | $22.55B | $21.11B | +6.78% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $3.3B | $2.13B | +54.62% |
投资活动现金流 | $-3.31B | $-3.31B | -0.06% |
筹资活动现金流 | $12M | $1.23B | -99.02% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 24.5% | 22.9% | +1.62% |
净利率 | 17.3% | — | — |
总资产收益率 | 3.7% | — | — |
流动比率 | $0.801 | — | — |
Electric Utilities 行业其他公司
PEG's revenue grew 18.3% in FY2025, rising from $10.29B to $12.17B year-over-year. This strong growth reflects expansion in the company's regulated utility operations, likely driven by rate base growth and constructive regulatory outcomes.
PEG delivered broad-based growth in FY2025: revenue rose 18.3% to $12.17B, net income increased 19.1% to $2.11B, and diluted EPS grew 19.2% to $4.22. Most notably, operating cash flow surged 54.6% to $3.30B, significantly strengthening the company's financial position.
PEG's financial health shows improvement but carries notable leverage — long-term debt stands at $22.55B while cash is only $132M, and the current ratio of 0.80 is below 1.0. However, strong operating cash flow of $3.30B and an improving operating margin of 24.5% support the company's ability to service its debt and fund ongoing capital investment.
Based on the financial data, key risks for PEG include its high long-term debt load of $22.55B (up 6.8% YoY), regulatory risk inherent to its utility business model, and a thin cash balance of only $132M relative to its scale. The company's current ratio below 1.0 also highlights reliance on operating cash flows to meet near-term obligations.
Yes, PEG's diluted EPS grew 19.2% in FY2025 to $4.22, up from $3.54 in the prior year. This EPS growth was supported by a 19.1% increase in net income to $2.11B and reflects strong operational performance across the company's utility business.