PSEG Reports Q3 2026 Results & Reaffirms Full-Year Operating Earnings Guidance

Executive Summary

On November 2, 2026, Public Service Enterprise Group Incorporated (NYSE: PEG) filed a Form 8-K furnishing its financial results for the third quarter and nine months ended September 30, 2026. The company reported Non-GAAP Operating Earnings of $1.15 per share ($574 million), up from $1.13 per share ($565 million) in the prior-year period, while GAAP Net Income declined to $0.76 per share ($376 million) compared to $1.24 per share ($622 million) in Q3 2025.

Key Financial Highlights

• Q3 2026 GAAP Net Income: $376 million ($0.76 per share), compared to $622 million ($1.24 per share) in Q3 2025.
• Q3 2026 Non-GAAP Operating Earnings: $574 million ($1.15 per share), compared to $565 million ($1.13 per share) in Q3 2025.
• Nine Months Ended September 30, 2026: Non-GAAP Operating Earnings reached $1,777 million ($3.56 per share) versus $1,667 million ($3.33 per share) in the comparative 2025 period.
• Guidance: Reaffirmed full-year 2026 Non-GAAP Operating Earnings guidance in the range of $4.28 to $4.40 per share.

Segment Performance

• PSE&G (Regulated Utility): Generated Net Income / Non-GAAP Operating Earnings of $506 million in Q3 2026 versus $515 million in Q3 2025. Strong contributions from Energy Efficiency and Transmission investments and customer growth were offset by higher depreciation, financing costs from incremental capital deployment, and tax timing.
• PSEG Power & Other: Non-GAAP Operating Earnings rose to $68 million from $50 million in Q3 2025, supported by the absence of the Hope Creek refueling outage, higher realized prices, and increased nuclear generation (operating at a 95.5% capacity factor and delivering 8.2 TWh).

Strategic & Capital Outlook

• Reaffirmed a projected 6% to 8% compound annual growth rate in Non-GAAP Operating Earnings through 2030.
• Continued execution of its 5-year capital investment program of $24 billion to $28 billion, expected to be funded without new equity issuance or asset sales.