PSEG Q3 earnings fall as adjusted profit increases
Key points
- PSEG reported third-quarter net income of $376 million, compared with the prior-year quarter, while diluted EPS fell to $0.76 from $1.24.
- Non-GAAP operating earnings increased to $574 million, or $1.15 per share, from $565 million, or $1.13.
- PSEG maintained its 2026 adjusted EPS guidance of $4.28–$4.40 and reaffirmed its $24 billion–$28 billion five-year capital investment plan.
Public Service Enterprise Group (NYSE:PEG) reported third-quarter 2026 net income of $376 million, as diluted earnings per share declined to $0.76 from $1.24 in the previous year's quarter.
Revenue fell to $3.02 billion from $3.226 billion, while non-GAAP operating earnings increased to $574 million, or $1.15 per share, compared with $565 million and $1.13 per share a year earlier.
The company reported that adjusted earnings improved despite weaker reported results, reflecting differences in its utility and power generation businesses.
Third-quarter PSE&G earnings declined, while adjusted earnings from PSEG Power and Other increased despite the segment recording a net loss, contributing to the difference between reported and adjusted financial performance.
PSEG maintained its 2026 non-GAAP operating earnings guidance of $4.28–$4.40 per share and plans to fund its $24 billion–$28 billion five-year capital programme without new equity issuance or asset sales.
For the first nine months of 2026, net income declined to $1.451 billion from $1.796 billion, while non-GAAP operating earnings increased to $1.777 billion from $1.667 billion.
PSEG also targets compound annual adjusted earnings growth of 6%–8% through 2030, supported by investments in electricity generation, transmission infrastructure and regulated utility operations.
