Public Service Enterprise Group (NYSE:PEG) reported its third-quarter and nine-month results for the period ended September 30, 2026, on November 2, 2026, maintaining its full-year non-GAAP Operating Earnings guidance.

Key Highlights

  • Q3 Net Income: $376 million, or $0.76 per diluted share, compared with $622 million, or $1.24 per diluted share, in Q3 2025.
  • Q3 Non-GAAP Operating Earnings: $574 million, or $1.15 per diluted share, compared with $565 million, or $1.13 per diluted share, in Q3 2025.
  • Nine-Month Net Income: $1,451 million, or $2.91 per diluted share, for the nine months ended September 30, 2026.
  • Full-Year Guidance Reaffirmed: 2026 non-GAAP Operating Earnings guidance maintained at $4.28 to $4.40 per share.
  • Nuclear Output: PSEG Nuclear supplied 8.2 TWh of carbon-free baseload energy in Q3 2026, operating at a capacity factor of 95.5%.
  • Capital Plan: Five-year capital investment plan totaling $24 billion to $28 billion, according to the filing.
  • Diluted Shares Outstanding: Average diluted shares outstanding were 499 million in both the third quarter and nine-month periods of 2026.

PSEG Third-Quarter 2026 Financial Results and Segment Performance

According to the filing, PSEG's consolidated Q3 2026 net income of $376 million ($0.76 per diluted share) declined from $622 million ($1.24 per diluted share) in Q3 2025. Non-GAAP Operating Earnings, which exclude Nuclear Decommissioning Trust gains and losses, Mark-to-Market accounting, and other material infrequent items, rose to $574 million ($1.15 per diluted share) from $565 million ($1.13 per diluted share) in the prior-year quarter. Reconciling items between net income and non-GAAP Operating Earnings were $198 million in Q3 2026, compared with negative $57 million in Q3 2025.

By segment, PSE&G reported net income and non-GAAP Operating Earnings of $506 million for Q3 2026, versus $515 million in Q3 2025. The filing attributed the quarter's PSE&G results to ongoing investments in Energy Efficiency and Transmission and gradual customer growth, offset by higher depreciation and interest costs and the timing of taxes. PSEG Power and Other posted a net loss of $130 million in Q3 2026, compared with net income of $107 million in Q3 2025, with the net loss reflecting losses associated with Mark-to-Market accounting and the Nuclear Decommissioning Trust. On a non-GAAP basis, PSEG Power and Other contributed $68 million, up from $50 million in Q3 2025, driven by lower operating and maintenance costs, higher realized prices, and increased nuclear generation.

For the nine months ended September 30, 2026, PSEG reported consolidated net income of $1,451 million ($2.91 per diluted share) and non-GAAP Operating Earnings of $1,777 million ($3.56 per diluted share). Chair, President and CEO Ralph LaRossa stated in the filing that the company is "reaffirming PSEG's 2026 guidance for non-GAAP Operating Earnings in the range of $4.28 to $4.40 per share." LaRossa also described a long-term strategy to grow non-GAAP Operating Earnings "by a compound annual rate of 6% to 8% through 2030." The filing noted that the capital investment plan is intended to be funded "without the need to issue new equity or sell assets."

What Was Disclosed

PSEG disclosed its Q3 and nine-month 2026 financial results, segment-level earnings, nuclear fleet operating metrics, full-year non-GAAP guidance reaffirmation, and a five-year capital investment range of $24 billion to $28 billion, all as of the filing dated November 2, 2026.