Public Service Enterprise Group Incorporated Earnings Recaps
Q3 2026
Nov 3, 2026
PSEG reported third-quarter non-GAAP operating earnings of $1.15 per share and reaffirmed its full-year guidance. The stock was roughly flat after earnings (+0.1%), reflecting a neutral market reaction.
Key takeaways
- Third-quarter net income was $0.76 per share; year-to-date non-GAAP operating earnings were $3.56 per share.
- PSEG reaffirmed full-year 2026 non-GAAP operating earnings guidance of $4.28–$4.40 per share.
- Utility-margin growth from energy-efficiency and transmission investments was offset by higher depreciation and interest costs, as well as tax timing.
- PSEG Power’s results improved with higher realized market prices and nuclear generation, gas operations, and lower O&M following the absence of the prior-year Hope Creek refueling outage.
- PSEG Nuclear delivered 8.2 TWh during the quarter at a 95.5% capacity factor; Salem Unit 1 entered a refueling outage after a 491-day run.
Q2 2026
Aug 6, 2026
Shares declined 1.4% following the Q2 report as investors digested modest growth amid ongoing regulatory uncertainties and rate case timing, with no clear catalysts to drive the stock higher.
Key takeaways
- Reported non-GAAP operating earnings of $0.86 per share for Q2, bringing first-half operating earnings to $2.41 per share, in line with management’s reaffirmed full-year guidance of $4.28 to $4.40 per share.
- PSE&G’s system investments and increased nuclear and gas operations offset the concluded Zero Emission Certificate program, supporting stable financial results but without acceleration.
- Significant storm restoration efforts during the quarter highlighted operational resilience but underscored ongoing infrastructure challenges and regulatory scrutiny with a forthcoming BPU review.
- Regulatory developments remain a watchpoint: the upcoming base rate case anticipated by year-end 2026 and participation in ongoing BPU proceedings may pressure near-term rate adjustments and earnings visibility.
- Transmission cost improvements via PJM filings provide a modest benefit (~$33 million expected for H2 2026), yet the broader regulatory environment and affordability mandates temper optimism.
Q1 2026
May 7, 2026
Shares declined 1.4% following a modestly mixed quarter with steady guidance, as investors appeared cautious despite solid operational execution and stable full-year earnings expectations.
Key takeaways
- Reported Q1 non-GAAP operating earnings of $1.55 per share, maintaining full-year guidance range of $4.28 to $4.40 per share.
- Utility segment demonstrated strong operational reliability amid severe winter weather, including rapid restoration of power outages within 24 hours.
- PSEG Power offset the end of a zero emission certificate program with higher gas volume and capacity revenues, supporting stable results.
- Continued capital investments of approximately $4.2 billion planned for 2026, focusing on infrastructure modernization and energy efficiency programs.
- Regulatory developments such as FERC’s favorable transmission cost allocation ruling hold potential to reduce customer bills through refunds.
Q3 2025
Nov 5, 2025
PSEG reported strong third-quarter results, driven by the benefits of new distribution rates and robust capital investments, allowing for an upward revision of its 2025 non-GAAP operating earnings guidance.
Key takeaways
- Non-GAAP operating earnings guidance for 2025 narrowed to $4.00-$4.06 per share, up from $3.94-$4.06.
- Capital spending of $1 billion during Q3, contributing to a total of $2.7 billion year-to-date as part of a $3.8 billion annual program focused on modernizing infrastructure.
- PSEG Nuclear delivered 7.9 terawatt hours of carbon-free energy, with an extension of the Hope Creek unit's fuel cycle to 24 months enhancing operational efficiency.
- The Board of Trustees of the Long Island Power Authority approved a 5-year contract extension for PSEG as service provider through 2030.
- The company maintains a 5-year operating earnings growth outlook of 5% to 7% through 2029, supported by a robust balance sheet and capital investment program.