Key Highlights

● Non-GAAP operating earnings rose to $425 million, or $0.86 per share.

● Net income was $334 million, or $0.67 per share, versus $585 million.

● Management maintained 2026 non-GAAP operating earnings guidance of $4.28 to $4.40.

● The 2026 to 2030 capital program is $24 billion to $28 billion.

Public Service Enterprise Group (NYSE:PEG) is the holding company for PSE&G, New Jersey's largest regulated electric and gas distribution utility, and for PSEG Power, which owns generation including a nuclear fleet. The nuclear fleet supplied 7.8 terawatt-hours in the second quarter of 2026 at a 92.0% capacity factor, following the Salem Unit 2 refueling outage, according to the company's investor fact sheet dated August 4, 2026.

PSEG is an S&P 500 constituent, and its shares trade on the New York Stock Exchange under the symbol PEG.

Second-quarter 2026 results

PSEG reported second-quarter 2026 results on August 4, 2026. Net income was $334 million, or $0.67 per share, compared with $585 million, or $1.17, in the second quarter of 2025. The company's preferred measure, non-GAAP operating earnings, moved in the opposite direction, rising to $425 million, or $0.86 per share, from $384 million, or $0.77. The release attributes the gap to items excluded from operating earnings, chiefly a pre-tax mark-to-market loss of $258 million and pre-tax nuclear decommissioning trust gains of $153 million.

For the six months to June 30, net income was $1,075 million, or $2.15 per share, against $1,174 million, or $2.35, while non-GAAP operating earnings were $1,203 million, or $2.41 per share, compared with $1,102 million, or $2.20.

PSE&G earned $342 million in the quarter, against $332 million a year earlier. PSEG Power and Other recorded a net loss of $8 million, compared with net income of $253 million, but its non-GAAP operating earnings improved to $83 million from $52 million.

Guidance and investment plan

Management maintained its 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share, compared with $4.05 reported for 2025, and reaffirmed a 6% to 8% growth outlook for operating earnings per share through 2030. Both are management expectations rather than reported results.

Regulated investment was about $1 billion in the quarter, and the company is on track to spend about $4.2 billion on regulated projects in 2026. Its 2026 to 2030 capital program is $24 billion to $28 billion, with more than 90% directed to regulated investment. PSEG states that it can fund the program without issuing new equity or selling assets.

Dividend and cover

The board set the indicative 2026 annual dividend at $2.68 per share, about 6% above 2025, equal to a quarterly rate of $0.67, and the company says it has paid a common dividend every year since 1907. Set against the 2026 guidance range, the annual rate equates to roughly 61% to 63% of expected non-GAAP operating earnings. Dividends paid were $0.67 per share in the quarter, up from $0.63.

Storms, Rate Recovery and Nuclear Contracts

Utilities carry exposure to regulatory outcomes, interest rates, weather and storms. In early July 2026, storms left roughly 380,000 PSE&G customers without power, with nearly all restored within 24 hours, and system load reached 10,446 MW on July 2, the highest since 2012. Those events illustrate operational demands and the strength of electricity demand in the service area.

The company says management is pursuing potential multi-year contracts for its nuclear output. A large capital program also places a premium on timely recovery of costs through rates.