Public Service Enterprise Group (PEG) Q3 2026 earnings summary

Executive summary

• Q3 net income was $376M, or $0.76/share, versus $622M and $1.24/share a year earlier; non-GAAP operating earnings were $574M, or $1.15/share, versus $565M and $1.13/share.

• Reaffirmed 2026 non-GAAP operating earnings guidance of $4.28–$4.40/share and 6%–8% annual earnings growth through 2030; utility investment and nuclear performance support the outlook amid market and regulatory uncertainty.

Financial highlights

• Q3 operating revenue was $3.020B versus $3.226B YoY; operating income was $622M versus $855M, and net income was $376M versus $622M.

• 9M revenue rose 2% to $9.422B from $9.253B, while operating income declined to $2.158B from $2.469B and net income to $1.451B from $1.796B.

• 9M non-GAAP operating earnings were $1.777B, or $3.56/share, versus $1.667B and $3.33/share; Q3 earnings were $574M, or $1.15/share, versus $565M and $1.13/share.

• 9M operating cash flow was $2.537B versus $2.577B; investing cash outflow was $2.282B versus $2.060B.

Outlook and guidance

• 2026 non-GAAP operating earnings guidance remains $4.28–$4.40/share; the 2026–2030 earnings CAGR outlook is 6%–8%, with rate base CAGR of 6%–7.5%.

• 2026–2030 capital plans include $22.5B–$25.5B of regulated investment and $24B–$28B total investment, over 90% regulated; FY26 regulated spending of ~$4.2B remains on track.

• Potential growth includes premium-priced nuclear contracts, competitive transmission, grid connections for solar and storage, and regulated or contracted supply for large loads.

• 2026 nuclear generation forecast was 30–32 TWh, with over 95% of expected output hedged; 2026 portfolio output value was expected to exceed the production tax credit threshold.

• Salem uprates are expected to contribute within the five-year plan by its end; a 2027 earnings and capital-plan update is scheduled for February 2027.