Analysis for PEG

📈 Growth & Financial Trajectory

Over the 8-quarter span, revenues rose from about $2.42B in 2024 Q2 to about $3.85B in 2026 Q1, a roughly +59% gain. Net income climbed from about $0.29B to $0.74B, a notable uplift despite quarterly volatility. The sequence shows a mid-period dip (2025 Q2) before a strong rebound into 2026Q1, with 2025 Q3 and 2025 Q4 posting solid earnings. Overall, the trend reflects expanding scale and improving profitability, albeit with cyclical swings typical of regulated utilities.

💰 Margins & Cash Flow

Operating margins averaged in the mid-20s percent, peaking above 30% in 2025 Q3, indicating healthy operating leverage. Cash flow from operations remained positive across the period, with 2026 Q1 delivering roughly $1.27B of operating cash flow; cash flow from investing activities was generally negative (typical for capex), and financing activity varied. Free cash flow was positive in several quarters, signaling ongoing capacity to fund capital programs.

🛡️ Balance Sheet & Liquidity

Total assets hovered around $54–57B with long-term debt near $22–23B and equity around $16–17B. Liabilities were substantial but broadly in line with asset base. Current assets and liabilities imply a near-flat to modestly favorable liquidity position (current ratio around 1x in several quarters), consistent with a regulated utility profile and resilient balance sheet.

⚠️ Key Drivers & Risks

• Drivers: Regulated rate cases, capital expenditure in grid and energy infrastructure, stable utility cash flows
• Risks: Regulatory/policy risk and interest rate sensitivity; elevated leverage and potential volatility in quarterly earnings