Key Highlights

  • Net income was USD 376 million, or USD 0.76 per share, compared with USD 1.24 per share a year earlier.
  • Non-GAAP operating Earnings were USD 574 million, or USD 1.15 per share, up from USD 1.13 in the prior-year quarter.
  • Management maintained 2026 non-GAAP operating earnings guidance of USD 4.28 to USD 4.40 per share.
  • PSEG Nuclear supplied 8.2 terawatt hours of carbon-free baseload energy at a 95.5% capacity Factor during the quarter.

Operating Earnings Edge Higher

Public Service Enterprise Group (NYSE:PEG) reported third-quarter 2026 Net Income of USD 376 million, or USD 0.76 per share, down from USD 622 million, or USD 1.24, a year earlier. Reconciling items totaled USD 198 million, or USD 0.39 per share, mainly from items excluded from operating results such as nuclear decommissioning trust and mark-to-market losses.

Non-GAAP operating earnings rose to USD 574 million, or USD 1.15 per share, from USD 565 million, or USD 1.13. For nine months, net income was USD 1,451 million, or USD 2.91 per share, and non-GAAP operating earnings were USD 1,777 million, or USD 3.56 per share, versus USD 3.33 a year earlier. Average diluted shares outstanding were 499 million, compared with 501 million a year earlier.

Segment Results Diverge

PSE&G produced USD 506 million, compared with USD 515 million a year earlier. Investments in energy efficiency and transmission and growth in electric and gas customers were more than offset by higher Depreciation and interest costs on investments not yet in rates, and the timing of taxes.

PSEG Power and Other posted a net loss of USD 130 million, against income of USD 107 million, but non-GAAP operating earnings were USD 68 million versus USD 50 million. The improvement reflected lower operating and maintenance costs without a Hope Creek refueling outage, higher realized prices and increased nuclear generation, partly offset by higher taxes. PSE&G nine-month earnings were USD 1,425 million, up from USD 1,393 million, while PSEG Power and Other nine-month non-GAAP operating earnings were USD 352 million versus USD 274 million.

Guidance and Capital Plan

PSEG reaffirmed 2026 non-GAAP operating earnings guidance of USD 4.28 to USD 4.40 per share. Chair, president and chief executive Ralph LaRossa said year-to-date results align with full-year expectations. The company targets compound annual growth of 6% to 8% in non-GAAP operating earnings through 2030.

A five-year capital Investment plan of USD 24 billion to USD 28 billion is projected to be funded without issuing new Equity or selling assets. Management highlighted storm restoration efforts in July and September, when crews restored service to nearly all affected customers within 24 hours. The company said severe weather, including a nor'easter in September, tested the system and showed the value of resilience investments. The company serves about 2.4 million electric and 1.9 million Natural Gas customers.

Year-End Milestones to Monitor

Salem unit 1 entered its fall refueling after a 491-day run between outages, matching the back-to-back record posted earlier by Salem unit 2. PSEG owns 3,758 megawatts of carbon-free nuclear capacity in New Jersey and Pennsylvania. Items to follow include the refueling outcome, regulatory treatment of Utility investments and nuclear support from markets or production tax credits.