--- title: "Public Service: Business Model" description: "Public Service Enterprise Group revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/public-service-enterprise-group/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Public Service Enterprise Group: Business Model & Revenue Engine ## Direct Answer Public Service Enterprise Group reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Public Service Electric and Gas Company is the largest, with $9.6 billion of revenue (79% of the total), followed by PSEG Power Other at $3.7 billion (31%). ## How Does Public Service Enterprise Group Make Money? Public Service Electric and Gas Company supplies 79% of revenue, so Public Service Enterprise Group's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, PSEG Power Other grew fastest (+32.6%) and Public Service Electric and Gas Company slowest (+13.1%), so the revenue mix tilts toward PSEG Power Other while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Public Service Electric and Gas Company | $9.6 billion | $8.4 billion | 78.6% | 13.1% | | PSEG Power Other | $3.7 billion | $2.8 billion | 30.6% | 32.6% | ![Bar chart of Public Service Enterprise Group revenue by segment for fiscal 2025: Public Service Electric and Gas Company 78.6%, PSEG Power Other 30.6%.](https://www.getswoopr.com/images/charts/public-service-enterprise-group-business-model-segment-mix.webp) *Public Service Enterprise Group revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## What the Segment Figures Do Not Show The rows above add up to 109% of Public Service Enterprise Group's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Public Service Enterprise Group reported in the segment note and revenue disclosures of its Form 10-K filed February 26, 2026 (accession 0001193125-26-077446), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Public Service Enterprise Group's business segments? In its fiscal 2025 Form 10-K, Public Service Enterprise Group reports revenue for Public Service Electric and Gas Company and PSEG Power Other. ### Which part of Public Service Enterprise Group brings in the most revenue? Public Service Electric and Gas Company, with $9.6 billion of revenue in fiscal 2025, or 79% of the total. ### Where does Public Service Enterprise Group report its segment results? In the segment note to the financial statements in its Form 10-K, most recently filed February 26, 2026, alongside management's discussion of each segment's results. ## References - [SEC EDGAR: PUBLIC SERVICE ENTERPRISE GROUP INC Form 10-K filed February 26, 2026](https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm) - [SEC EDGAR: PUBLIC SERVICE ENTERPRISE GROUP INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=788784&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Public Service Enterprise Group company dossier](https://www.getswoopr.com/stocks/companies/public-service-enterprise-group/) - [Public Service Enterprise Group financial metrics](https://www.getswoopr.com/stocks/companies/public-service-enterprise-group/metrics/) - [Public Service Enterprise Group financial risk indicators](https://www.getswoopr.com/stocks/companies/public-service-enterprise-group/risks/) - [Public Service Enterprise Group peer comparison](https://www.getswoopr.com/stocks/companies/public-service-enterprise-group/competitors/) - [Public Service Enterprise Group business model and revenue mix](https://www.getswoopr.com/stocks/companies/public-service-enterprise-group/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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