PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) — payout ratio, two ways
Fiscal year ending 2025-12-31 · sector Utilities · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 59.7% | The basis that applies. A regulated utility earns an allowed return on its rate base, and the dividend is set against that. |
| Operating cash flow | 38.1% | Closer to meaningful than free cash flow, but still before the capital programme the regulator expects the company to run. |
No free cash flow figure is shown. This company does not report the inputs for it in its XBRL filings — capital expenditure, in particular, is often folded into a single investing total rather than tagged on its own. The figure is absent from the filings, not zero, and inventing one from a balance-sheet movement would be a guess dressed as a measurement.
Spread between highest and lowest: 22 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $2.52 ÷ diluted EPS $4.22
- Operating cash flow — dividends paid $1,258.0m ÷ operating cash flow $3,298.0m
Where the figures came from
- 10-K filed 2026-02-26 · accession
0001193125-26-077446
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- basis discarded as outside the sane band (distribution far larger than the year's income — usually a special dividend or a return of capital, not a payout ratio): fcf
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.