Private company

PUGET ENERGY INC /WA

PUGET ENERGY INC /WA is an energy services holding company incorporated in the state of Washington in 1999.1 It is headquartered in Bellevue, Washington.1

Last updated Oct 20, 2026.

Overview

$5.4BRevenue, fiscal 20252
$369.4MNet income, fiscal 20252
  • IndustryElectric Services1
  • HeadquartersBellevue, Washington1
  • Incorporated inWA3
  • Business address355 110Th Ave Ne, Bellevue, Wa 980043
  • Filer categoryNon-accelerated filer3

See how the biggest companies compare on our leaderboards

Puget Energy is an energy services holding company incorporated in the state of Washington in 1999. Substantially all of its operations are conducted through its regulated subsidiary, Puget Sound Energy, Inc. (PSE), a utility company. Puget Energy also has a wholly-owned, non-regulated subsidiary, Puget LNG, LLC (Puget LNG), which was formed in 2016 and has the sole purpose of owning and operating the non-regulated activity of a liquefied natural gas (LNG) facility at the Port of Tacoma, Washington.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

14.0%Operating margin2
6.8%Net margin2
11.5%Revenue growth, 20252
6.5%Return on equity2
1.49×Debt to equity2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs92¢$5.0B
  • Income tax1¢$54.2M
  • Profit7¢$369.4M

Out of $5.4B in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid6¢$62.9M
  • Kept or used elsewhere94¢$998.2M

Out of $1.1B of cash from operations.2

Financial statements

Revenue567892$5.4B in 2025+62% since 2018
0$2.0B$4.0B$6.0B2018: $3.3B$3.3B20182019: $3.4B$3.4B2019+2%2020: $3.3B$3.3B2020−2%2021: $3.8B$3.8B2021+14%2022: $4.2B$4.2B2022+11%2023: $4.8B$4.8B2023+14%2024: $4.9B$4.9B2024+1%2025: $5.4B$5.4B2025+12%
Operating income567892$755.7M in 2025+36% since 2018
0$200.0M$400.0M$600.0M$800.0M2018: $554.1M$554.1M20182019: $519.0M$519.0M2019−6%2020: $507.8M$507.8M2020−2%2021: $577.7M$577.7M2021+14%2022: $777.6M$777.6M2022+35%2023: $331.1M$331.1M2023−57%2024: $607.2M$607.2M2024+83%2025: $755.7M$755.7M2025+24%
Net income567892$369.4M in 2025+57% since 2018
0$200.0M$400.0M$600.0M2018: $235.6M$235.6M20182019: $210.7M$210.7M2019−11%2020: $182.7M$182.7M2020−13%2021: $260.8M$260.8M2021+43%2022: $414.3M$414.3M2022+59%2023: $53.7M$53.7M2023−87%2024: $265.3M$265.3M2024+394%2025: $369.4M$369.4M2025+39%
Fiscal year20182019202020212022202320242025
Revenue$3.3B5$3.4B6$3.3B7$3.8B8$4.2B9$4.8B2$4.9B2$5.4B2
Operating expenses$3.2B8$3.4B9$4.5B2$4.2B2$4.7B2
Operating income$554.1M5$519.0M6$507.8M7$577.7M8$777.6M9$331.1M2$607.2M2$755.7M2
Income before tax$285.4M8$474.0M9$26.3M2$296.0M2$423.5M2
Income tax$30.1M5$17.1M6$1.7M7$24.5M8$59.7M9-$27.4M2$30.7M2$54.2M2
Net income$235.6M5$210.7M6$182.7M7$260.8M8$414.3M9$53.7M2$265.3M2$369.4M2

Compare PUGET ENERGY INC /WA with another company

What it owns

What PUGET ENERGY INC /WA reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$159.5M2 Dec 31, 2025$91.0M2 Dec 31, 2024+75.2%
Operating-lease assets (leased space)$461.0M2 Dec 31, 2025$181.4M2 Dec 31, 2024+154.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$40.5M2 Dec 31, 2025$101.8M2 Dec 31, 2024−60.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.7B2 Dec 31, 2025$1.7B2 Dec 31, 20240%

Properties, in its own words

The principal electric generating plants and underground natural gas storage facilities owned by PSE are described under Item 1, Business – Electric Supply and Natural Gas Supply. PSE owns its transmission and distribution facilities and various other properties. Substantially all properties of PSE are subject to the liens of PSE’s mortgage indentures. The Company’s corporate headquarters is housed in a leased building located in Bellevue, Washington.

Item 2 of the 10-K filed Feb 19, 2026.4

Leadership

Who has led PUGET ENERGY INC /WA, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Stephen P. Reynolds2006–2009

Chair

  1. Stephen P. Reynolds2007–2009

President

  1. Stephen P. Reynolds2006–2009

Chief financial officer

  1. Bertrand A. Valdman2006–2007
  2. Eric M. Markell2007–2009

Chief operating officer

  1. Bertrand A. Valdman2007–2009
2010201520202025
Board members and other officers (22)

Timeline

  1. Aug 5, 20268-K Executive or director change42
  2. Mar 27, 20268-K Entered a material agreement; New debt or obligation; Other events43
  3. Mar 2, 20268-K Regulation FD disclosure44
  4. Nov 7, 20258-K Regulation FD disclosure45
  5. Aug 1, 20258-K Executive or director change46
  6. Jun 11, 20258-K Executive or director change47
  7. Apr 15, 20258-K Executive or director change48
  8. Mar 13, 20258-K Entered a material agreement; New debt or obligation; Other events49
  9. Jan 3, 20258-K Executive or director change50
  10. Mar 13, 20248-K Executive or director change51
  11. Feb 8, 20248-K Executive or director change52
  12. Dec 7, 20238-K Regulation FD disclosure53
  13. Jan 4, 2006New chief executive Stephen P. Reynolds becomes CEO16

Filings

66 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 26 major events, 20 other. The latest 20:

  1. Aug 5, 20268-K EDGAR
  2. Jul 29, 202610-Q EDGAR
  3. May 22, 2026EFFECT EDGAR
  4. May 22, 2026424B3 EDGAR
  5. May 20, 2026CORRESP EDGAR
  6. May 19, 2026UPLOAD EDGAR
  7. May 14, 2026CORRESP EDGAR
  8. May 14, 2026S-4 EDGAR
  9. May 14, 202610-Q EDGAR
  10. Mar 27, 20268-K EDGAR
  11. Mar 2, 20268-K EDGAR
  12. Feb 19, 202610-K EDGAR
  13. Nov 7, 20258-K EDGAR
  14. Nov 6, 202510-Q EDGAR
  15. Aug 1, 20258-K EDGAR
  16. Jul 30, 202510-Q EDGAR
  17. Jun 11, 20258-K EDGAR
  18. Jun 2, 2025424B3 EDGAR
  19. May 30, 2025EFFECT EDGAR
  20. May 28, 2025CORRESP EDGAR

The 66 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How PUGET ENERGY INC /WA is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPUGET ENERGY INC /WA1
  • CIK0001085392
  • Employer ID (EIN)91-19694074
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inWashington4
  • Fiscal year endsDecember 311
  • Industry code (SIC)4911 Electric Services1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address355 110Th Ave Ne, Bellevue, WA 980041
  • Mailing addressPo Box 97034, Bellevue, WA 9800997341
  • Phone42545621501
  • Shares outstanding200 shares; 85,903,791 Subsidiaries shares as of Dec 31, 20254
  • Public float$0 as of Jun 30, 20252
  • AuditorPricewaterhouseCoopers LLP, Seattle, Washington PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceApr 30, 19991
  • Filings1,034 in all: 4 (540), 8-K (174), 10-Q (78), 10-K (26), 5 (26), CORRESP (22), UPLOAD (16), 3 (12)1
    All 48 form types

    SC 13G/A (10), EFFECT (9), S-4 (9), S-8 POS (9), DEF 14A (8), 11-K (7), 424B5 (7), 424B3 (6), S-3 (6), S-4/A (6), ARS (5), DEFA14A (5), S-8 (5), SC 13G (5), U-3A-2 (5), 8-K/A (4), S-3/A (4), 4/A (3), POSASR (3), 10-Q/A (2), S-3ASR (2), SC 13D/A (2), 15-12B (1), 25-NSE (1), 3/A (1), 8-A12B (1), 8-A12B/A (1), AW (1), DEFM14A (1), DEFR14A (1), FWP (1), NO ACT (1), POS AM (1), PRE 14A (1), PREM14A (1), REGDEX (1), RW (1), S-3D (1), SC 13D (1), U-3A-2/A (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Jul 29, 2026
    Proxy statement (DEF 14A) Oct 26, 2007
    Latest 8-K (8-K) Aug 5, 2026

Risk factors and legal proceedings

The risks PUGET ENERGY INC /WA names in Item 1A of its 10-K filed Feb 19, 2026: 30 risks under these headings, as written.4

  • RISKS RELATING TO PSE’s REGULATORY AND RATE-MAKING PROCEDURES
  • The actions of regulators can significantly affect PSE’s earnings, liquidity and business activities.
  • PSE’s recovery of costs is subject to regulatory review and its operating income may be adversely affected if its costs are disallowed.
  • PSE is currently subject to a state law that requires PSE to share its excess earnings above the authorized rate of return with customers.
  • The PCA mechanism, by which variations in PSE’s power costs are apportioned between PSE and its customers pursuant to a graduated scale, could result in significant increases in PSE’s expenses if power costs are significantly higher than the baseline rate.
  • RISKS RELATING TO PSE’s OPERATION
  • PSE’s cash flow and earnings could be adversely affected by high prices and volatile markets for purchased power, tariffs, variable hydrological and wind conditions, outages of its generating facilities or a failure to deliver on the part of its suppliers.
  • PSE’s electric generating facilities are subject to operational risks that could result in unscheduled plant outages, unanticipated operation and maintenance expenses and increased power purchase costs.
  • Cyber-attacks, including cyber-terrorism, foreign-state supported cyber threats or other information technology security breaches, or information technology failures may disrupt business operations, increase costs, lead to the disclosure of confidential information and damage PSE's reputation.
  • Natural disasters and catastrophic events, including terrorist acts, may adversely affect PSE's business and expose the Company to liability.
  • Wildfires may adversely affect PSE's business, financial condition and results of operations and expose the Company to liability.
  • PSE is subject to the commodity price, delivery and credit risks associated with the energy markets.
The other 20 risks
  • Costs of compliance with environmental, climate change and endangered species laws are significant and the costs or reduced revenue related to compliance with new and emerging laws and regulations and the occurrence of associated liabilities could adversely affect PSE’s results of operations.
  • PSE's inability to adequately develop or acquire the necessary infrastructure to comply with new and emerging laws and regulations could have a material adverse impact on our business and results of operations.
  • PSE's operating results fluctuate on a seasonal and quarterly basis and can be impacted by various impacts of climate change.
  • PSE may be adversely affected by extreme events in which PSE is not able to promptly respond, repair and restart the electric and natural gas infrastructure system.
  • PSE depends on its work force and third party vendors to perform certain important services and may be negatively affected by its inability to attract and retain professional and technical employees or the unavailability or poor performance of vendors.
  • Potential municipalization may adversely affect PSE's financial condition.
  • Changes in customer growth and customer usage may have an adverse impact on PSE’s financial condition.
  • PSE may face risks related to health crises such as epidemics, pandemics and other outbreaks that could have a material adverse impact on our business and results of operations.
  • PSE could be adversely affected by disruptions in the global economy and rising geopolitical tensions.
  • The changing resource composition of the region and within PSE’s generation portfolio may be insufficient to meet customers’ energy demands.
  • Increased competition from other industries and entities may impact the Company’s ability and cost to acquire generation and transmission resources.
  • RISKS RELATING TO PUGET ENERGY'S AND PSE'S FINANCING
  • The Company's business is dependent on its ability to successfully access capital.
  • The amount of the Company's debt could adversely affect its liquidity and results of operations.
  • A downgrade in Puget Energy’s or PSE’s credit rating could negatively affect the ability to access capital, the ability to hedge in wholesale markets and the ability to pay dividends.
  • Poor performance of pension and postretirement benefit plan investments and other factors impacting plan costs could unfavorably impact PSE’s cash flow and liquidity.
  • RISKS RELATING TO PUGET ENERGY'S CORPORATE STRUCTURE
  • Puget Energy's ability to pay dividends may be limited.
  • Challenges relating to the operation of the Tacoma LNG facility could adversely affect the Company’s operations.
  • GENERAL RISK FACTORS
  • Changes in legislation, regulation, and government policy may have a material adverse effect on the Company's business.
  • Potential legal proceedings and claims could increase the Company’s costs, reduce the Company’s revenue and cash flow, or otherwise alter the way the Company conducts business.
  • The Company's results of operations and financial condition could be adversely affected by inflationary pressures.

Legal proceedings

Contingencies arising out of the Company's normal course of business existed as of December 31, 2025. Litigation is subject to numerous uncertainties and the Company is unable to predict the ultimate outcome of these matters. For further details, see Note 15, "Commitments and Contingencies" to the consolidated financial statements included in Item 8 of this report.

SEC regulations require the Company to disclose certain information about proceedings arising under federal, state or local environmental provisions if the Company reasonably believes that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations and given the size of the Company's operations, PSE elected a threshold of $1.0 million for purposes of determining whether disclosure of any such proceedings is required. As of the date of this filing, we are not aware of any matters that exceed this threshold and meet the definition for disclosure.

For information on litigation or legislative rulemaking proceedings, see Note 14, "Litigation" to the consolidated financial statements included in Item 8 of this report. For information on environmental remediation, see Note 4, "Regulation and Rates" to the consolidated financial statements included in Item 8 of this report.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53