Public Service Enterprise Group 8-K
EarningsGuidance reaffirmed
PSE&G investment and higher nuclear output lift non-GAAP earnings; 2026 non-GAAP EPS guidance held at $4.28-$4.40
Filed 2026-08-04 09:00 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q2 and first-half 2026 results, with 2026 earnings guidance maintained. PSEG’s regulated utility earnings grew, while consolidated GAAP earnings fell amid results from PSEG Power & Other and volatile items excluded from its non-GAAP measure. The company’s outlook centers on utility investment and its nuclear fleet, including potential multi-year contracts for nuclear generation.
Key Figures
| Metric | Q2 2026 | H1 2026 |
|---|---|---|
| Operating revenue | $2.55B, -8.9% Y/Y | $6.40B, +6.2% Y/Y |
| Operating income | $461M, -44% Y/Y | $1.54B, -4.8% Y/Y |
| Net income | $334M, -43% Y/Y | $1.08B, -8.4% Y/Y |
| Non-GAAP Operating Earnings | $425M, +11% Y/Y | $1.20B, +9.2% Y/Y |
| Diluted EPS | $0.67, vs $1.17 | $2.15, vs $2.35 |
| Non-GAAP diluted EPS | $0.86, +12% Y/Y | $2.41, +9.5% Y/Y |
| Operating cash flow | — | $1.82B, +19% Y/Y |
- PSE&G net income rose to $342M in Q2 from $332M, supported by transmission, energy-efficiency and gas-system-modernization investments; higher operating and maintenance costs, depreciation and interest partly offset the growth. PSEG Power & Other reported a $(8)M net loss versus $253M income a year earlier, while its non-GAAP Operating Earnings increased to $83M from $52M on higher realized prices and nuclear generation, partly offset by the end of zero-emission certificates and higher interest and taxes.
- PSE&G restored power to approximately 380,000 customers after severe early-July storms, with nearly all restored within 24 hours. Its 10,446 MW peak load on July 2 was the highest in 14 years; Clean Energy Future programs have generated more than $1B in annual customer savings and helped nearly 525,000 customers since 2020.
- At 6/30/2026, total debt was $24.5B and available liquidity was $3.40B. PSEG paid $0.67/share in Q2 dividends versus $0.63 a year earlier and raised its 2026 indicative annual common dividend by $0.16/share, its 15th consecutive annual increase.
Guidance
Guidance as of 8/4/2026.
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Non-GAAP Operating Earnings per share | FY2026 | $4.28-$4.40 | — | Reaffirmed |
| Non-GAAP Operating Earnings growth | Through 2030 | 6%-8% CAGR | — | Reaffirmed |
| Regulated capital spending | FY2026 | ≈$4.2B | — | — |
| Total capital investment | 2026-2030 | $24B-$28B; >90% regulated | — | — |
| Rate base growth | 2026-2030 | 6%-7.5% CAGR | — | — |
| Nuclear generation | FY2026 | 30-32 TWh | — | — |
| Indicative annual common dividend increase | FY2026 | $0.16/share | — | Raised |
Investor Takeaways
- Watch whether PSE&G’s proposed 5% residential gas-bill reduction takes effect on 10/1/2026 and whether it files its anticipated base-rate update by year-end.
- Track nuclear generation against the 30-32 TWh FY2026 forecast and whether PSEG secures multi-year nuclear-output contracts at prices above current market levels.
- 2026 non-GAAP Operating Earnings of $4.28-$4.40/share and execution of the regulated investment plan will test the company’s stated earnings-growth outlook.
The summary is written by an AI model reading the filing.
Model 005 · prompt v111 · 2026-10-27 20:11:51Z