Public Service Enterprise Group 8-K

Summary

Q3 and 9M 2026 results with reaffirmed FY2026 earnings guidance. Q3 net income fell to $376M from $622M: PSE&G earnings were nearly flat, while PSEG Power & Other recorded a GAAP loss that included mark-to-market and nuclear trust losses. Non-GAAP operating earnings increased slightly as higher realized power prices and nuclear generation helped offset other costs.

FY2026 non-GAAP operating earnings guidance was reaffirmed at $4.28–$4.40 per share; PSEG’s long-term target is 6%–8% annual growth in non-GAAP operating earnings through 2030.

Key Figures

• PSE&G net income was $506M vs $515M in Q3; ongoing investment and customer additions were offset by higher depreciation and interest costs and tax timing. PSEG Power & Other had a $130M GAAP net loss vs $107M of net income a year earlier, but non-GAAP operating earnings rose to $68M from $50M, helped by lower maintenance costs, higher realized prices and increased nuclear generation, partly offset by higher taxes.
• Q3 results included a $251M pretax mark-to-market loss and a $21M pretax loss on nuclear decommissioning trust activity, items excluded from non-GAAP operating earnings. Nuclear generation was 8.172 TWh at a 95.5% capacity factor, vs 7.903 TWh and 92.4% a year earlier.
• At 9/30/2026, total debt was $25.63B vs $24.07B at 12/31/2025; cash, cash equivalents and restricted cash were $861M vs $360M at the start of 2026.

Guidance

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Non-GAAP operating earnings per share	FY2026	$4.28-$4.40	$4.28–$4.40	reaffirmed
Non-GAAP operating earnings CAGR	Through 2030	6%-8% CAGR	6%–8%	reaffirmed
Regulated capital spending	FY2026	≈$4.2B	≈$4.2B	reaffirmed
Total capital program	2026-2030	$24B-$28B; >90% regulated	$24B–$28B	reaffirmed
Rate base CAGR	2026-2030	6%-7.5% CAGR	6%–7.5%	reaffirmed
Nuclear generation	FY2026	30-32 TWh	30–32 TWh	reaffirmed

Investor Takeaways

• Watch whether PSEG converts interest from data centers and other large-load customers into nuclear power purchase agreements at premium prices; that would support the company’s stated potential for earnings growth beyond its 6%–8% target.
• PSE&G anticipates proposing a filing to address regulatory lag on capital investments since its last distribution rate case. The proposal and regulatory response will indicate how quickly those investments may be reflected in rates.