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Public Service Enterprise Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$127M in Q3 2026 · −$173M over twelve months

Operating cash flow$716M
Capital spending−$843M
Free cash flow−$127M
Cash / net income1.9×
Cash conversion cycle-57 days

Analysis

In Q3 2026, Public Service Enterprise Group generated $716M of operating cash flow and spent $843M on capital projects, leaving free cash flow of −$127M. That is $449M less than in Q3 2025 ($322M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.3B; the largest uses were capital spending ($3.4B), dividends ($1.3B), net borrowing (+) / repaid (−) ($629M); besides operations, cash came from other financing ($2.7B); the cash balance rose by $501M.

Operating cash flow was $716M against net income of $376M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets +$165M, deferred taxes −$139M, gains on investments +$28.0M.

Its cash conversion cycle was -57 days (receivables 58 + inventory 0 − payables 115): suppliers fund its working capital.

Free cash flow

Public Service Enterprise Group: free cash flow by quarterPublic Service Enterprise Group: free cash flow by quarter−$611MQ4 2024$421MQ1 2025−$309MQ2 2025$322MQ3 2025−$408MQ4 2025$578MQ1 2026−$216MQ2 2026−$127MQ3 2026
Operating cash flow less capital spending.
Public Service Enterprise Group: operating cash flow against capital spendingPublic Service Enterprise Group: operating cash flow against capital spendingOperating cash flowCapital spending$367M$978MQ4 2024$1.0B$628MQ1 2025$478M$787MQ2 2025$1.1B$728MQ3 2025$721M$1.1BQ4 2025$1.3B$693MQ1 2026$550M$766MQ2 2026$716M$843MQ3 2026
Latest (Q3 2026): Operating cash flow $716M, Capital spending $843M.

Capital allocation, year by year

Public Service Enterprise Group: where the cash came from (up) and went (down), by fiscal yearPublic Service Enterprise Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $1.7BFY2021: Net borrowing $2.5BFY2021: Asset sales $569MFY2021: Capital spending −$2.7BFY2021: Dividends −$1.0B$4.8BFY2021FY2022: Operating cash flow $1.5BFY2022: Net borrowing −$2.0BFY2022: Asset sales $1.9BFY2022: Capital spending −$2.9BFY2022: Buybacks −$500MFY2022: Dividends −$1.1B$3.4BFY2022FY2023: Operating cash flow $3.8BFY2023: Net borrowing −$2.8BFY2023: Asset sales $37.0MFY2023: Capital spending −$3.3BFY2023: Dividends −$1.1B$3.8BFY2023FY2024: Operating cash flow $2.1BFY2024: Net borrowing −$856MFY2024: Capital spending −$3.4BFY2024: Dividends −$1.2B$2.1BFY2024FY2025: Operating cash flow $3.3BFY2025: Net borrowing −$2.2BFY2025: Capital spending −$3.3BFY2025: Dividends −$1.3B$3.3BFY2025
Over these 5 years operating cash flow totalled $12.5B; the largest uses were capital spending ($15.6B) and net borrowing ($7.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$837M
Debt$22.9B
Net debt$22.1B
Due within a year$875M

Public Service Enterprise Group's operations bring cash in ($3.3B over twelve months), and it spends more than that on capital projects: a gap of $173M funded from its $837M of cash and investments and from borrowing ($22.9B of debt, $875M due within a year). That is a choice to invest, not a cash runway running down.

Public Service Enterprise Group: debt maturities by year (FY2025)Public Service Enterprise Group: debt maturities by year (FY2025)$875MYear 1$1.1BYear 2$1.3BYear 3$1.1BYear 4$2.2BYear 5$16.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $837M of cash and investments now.

Where the cash came from and went

Public Service Enterprise Group: sources (+) and uses (−) of cash, Q3 2026Public Service Enterprise Group: sources (+) and uses (−) of cash, Q3 2026Other financing$1.4BCapital spending−$843MOperating cash flow$716MCash drawn (+) / kept (−)−$645MDividends−$334MNet borrowing (+) / repaid (−)−$300MOther investing$12.0M
Public Service Enterprise Group: sources (+) and uses (−) of cash, TTM to Q3 2026Public Service Enterprise Group: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$3.4BOperating cash flow$3.3BOther financing$2.7BDividends−$1.3BNet borrowing (+) / repaid (−)−$629MCash drawn (+) / kept (−)−$501MOther investing−$99.0M

From profit to cash

Public Service Enterprise Group: net income to operating cash flow, Q3 2026Public Service Enterprise Group: net income to operating cash flow, Q3 2026Net income$376MDeferred taxes−$139MGains on investments$28.0MPrepaid and other assets$165MIncome taxes payable−$26.0MOperating cash flow$716M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202658—115-57
Q2 202671—132-61
Q1 202646—80-34
Q4 202555—127-72
Q3 202547—101-54
Q2 202556—125-69
Q1 202547—85-38
Q4 202457—136-79

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$716M−$843M−$334M−$300M−$645M−$127M
Q2 2026$550M−$766M−$334M$285M$212M−$216M
Q1 2026$1.3B−$693M−$334M−$814M−$272M$578M
Q4 2025$721M−$1.1B−$315M$700M$204M−$408M
Q3 2025$1.1B−$728M−$314M−$371M−$145M$322M
Q2 2025$478M−$787M−$315M−$1.4B$715M−$309M
Q1 2025$1.0B−$628M−$314M−$1.2B−$776M$421M
Q4 2024$367M−$978M−$299M$796M$74.0M−$611M

Public Service Enterprise Group: income statement and cash flow

Public Service Enterprise Group, Q3 2026: revenue $3.0B (-6% year over year), operating margin 20.6%. The chart follows the revenue to costs, profit and cash.

Public Service Enterprise Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.