Public Service Enterprise Group (PEG) Earnings Date & Reports

Key Takeaways

• Public Service Enterprise Group (PEG) reported third quarter 2026 net income of $0.76 per share, down from $1.24 per share in the same period a year earlier.
• Non-GAAP operating earnings (adjusted to exclude certain one-time and non-cash items) came in at $1.15 per share, up from $1.13 per share year over year but below consensus estimates of $1.21 per share.
• Total operating revenues were $3.02 billion, missing the roughly $3.22 billion analysts had expected and down from $3.23 billion a year ago.
• Management reaffirmed full-year 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share and its 6%–8% long-term growth outlook through 2030.
• The regulated utility PSE&G contributed $506 million in quarterly earnings, while the PSEG Power & Other segment reported a $130 million net loss driven by non-cash mark-to-market and trust-related items.
• For more detail on the company's Major News, Today's Price Move, Price Targets, and Forecast, explore these additional pages.
• Investors can also explore Trending AI Robots for additional market insights and automated analysis tools.

Earnings Context and Why It Matters

Public Service Enterprise Group operates New Jersey's largest electric and gas transmission and distribution utility, serving roughly 2.4 million electric and 1.9 million natural gas customers, alongside an independent fleet of carbon-free nuclear generating units. As a predominantly regulated infrastructure business, its quarterly results offer investors a window into the pace of rate-base growth, capital deployment, and the performance of its competitive power generation arm. This report matters because it tests whether steady regulated investment can continue to offset cost pressures such as higher depreciation and interest expense, while the nuclear segment's contribution and forward hedging shape the company's earnings quality. With management reaffirming its full-year and long-term outlook, the quarter reinforces the durability of the utility's growth story even as headline results fell short of expectations.

Reported Results

For the three months ended September 30, 2026, PSEG reported net income of $376 million, or $0.76 per share, compared with $622 million, or $1.24 per share, in the prior-year period. Non-GAAP operating earnings were $1.15 per share, up from $1.13 per share a year earlier but below the $1.21 per share consensus. Operating revenues of $3.02 billion declined from $3.23 billion and trailed analyst expectations of about $3.22 billion.

Results diverged sharply by segment. Regulated utility PSE&G recorded net income and non-GAAP operating earnings of $506 million, down from $515 million a year ago, as higher transmission and distribution margins were more than offset by increased depreciation, interest costs, and the timing of taxes. PSEG Power & Other posted a $130 million net loss, versus net income of $107 million a year earlier, though its non-GAAP operating earnings improved to $68 million from $50 million, aided by the absence of a prior-year refueling outage and stronger nuclear output. The nuclear fleet achieved a 95.5% capacity factor for the quarter.

AI Screener

Tickeron's AI Screener is an AI-powered stock and exchange-traded fund (ETF) discovery tool that helps traders and investors filter the market based on technical patterns, fundamentals, trends, volatility, and AI-driven signals. Users can scan thousands of stocks and ETFs using customizable filters such as industry, market capitalization, technical indicators, price patterns, and performance metrics. The screener is designed to help identify trade ideas, trending stocks, breakout candidates, and market opportunities more efficiently than manual screening. For investors tracking utility and energy names like PEG, it offers a streamlined way to monitor sector momentum and emerging signals alongside traditional research.

Market Reaction and Investor Sentiment

PSEG shares slipped about 1.35% to $73.24 in trading following the announcement, reflecting investor focus on the top- and bottom-line misses relative to consensus even as the company reaffirmed its guidance. The market's measured response underscores a tension in sentiment: on one hand, the regulated utility continues to execute its capital program and the nuclear fleet is running well, but on the other, higher depreciation and interest costs and non-cash items weighed on the headline figures. The reaffirmation of full-year 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share appeared to blunt the downside, signaling that management views the quarterly shortfall as largely timing-related rather than a signal of weakening fundamentals.

Forward Outlook and Key Factors to Monitor

Looking ahead, investors should watch how PSEG manages regulatory lag and financing costs. The company is on track with its roughly $4.2 billion regulated capital plan for 2026 and maintains a five-year regulated capital program of $22.5 billion to $25.5 billion through 2030, with more than 90% allocated to regulated investments. Management has stated it can fund this spending without issuing new equity.

A key near-term catalyst is the upcoming New Jersey base rate filing, which aims to address the gap between capital deployed and the revenue recovered in current rates. Constructive outcomes there would support the utility's margin trajectory. In the power segment, the widening basis differential between the PECO zone and the PJM Western hub (PJM is the regional grid operator) bears watching, though the company's hedging strategy limits direct exposure, with more than 95% of expected 2026 nuclear output already hedged.

Additional upside could come from nuclear contracting opportunities tied to large-load customers, competitive transmission wins, and potential regulated solar and storage investments. At the same time, regulatory uncertainty around PJM's reliability backstop procurement and higher long-term interest rates on maturing debt remain factors to monitor. The company's reaffirmed 6%–8% earnings growth outlook through 2030 provides a long-term anchor, but near-term results will depend on how these cost and regulatory dynamics evolve.

Disclaimer

The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.

Disclaimers and Limitations