Public Service Enterprise Group (PEG) Q1 2026 earnings summary

Executive summary

• Q1 2026 net income was $741 million ($1.48 per share), up from $589 million ($1.18 per share) in Q1 2025; non-GAAP operating earnings were $778 million ($1.55 per share), up from $718 million ($1.43 per share) year-over-year.

• Maintained full-year 2026 non-GAAP operating earnings guidance of $4.28–$4.40 per share, representing ~7% growth over 2025.

• Dividend increased by 6% to an annualized rate of $2.68 per share for 2026, marking the 15th consecutive annual increase.

• Strong operational reliability and rapid storm response during severe winter weather, with a 95.5% nuclear capacity factor.

• Continued focus on infrastructure modernization, energy efficiency, and customer affordability, with $0.8 billion invested in Q1 and a $4.2 billion capital plan for 2026.

Financial highlights

• Q1 2026 net income rose by $152 million year-over-year; non-GAAP operating earnings increased by $60 million.

• PSE&G contributed $577 million in net income and $577 million in operating earnings; PSEG Power & Other contributed $164 million in net income and $201 million in operating earnings.

• O&M costs declined, providing a $0.06 per share benefit year-over-year.

• Cash flow from operations was $1,271 million in Q1 2026, up from $1,049 million in Q1 2025.

• Total available liquidity at quarter-end was $3.9 billion, including $404 million in cash.

Outlook and guidance

• 2026 non-GAAP operating earnings guidance maintained at $4.28–$4.40 per share.

• Projected 6%–8% CAGR for non-GAAP operating earnings through 2030, with no need to issue new equity or sell assets.

• Five-year regulated capital investment plan of $22.5–$25.5 billion through 2030, with over 90% of the $24–$28 billion capital program for 2026–2030 as regulated investments.

• Regulated capital spending plan for 2026 is $4.2 billion, focused on infrastructure modernization and energy efficiency.

• Dividend rate for 2026 set at $2.68 per share, a 6% annualized increase.