PSEG misses Q3 profit estimates and revenue, keeps 2026 forecast

PSEG (PEG) missed third-quarter 2026 estimates on earnings and revenue, and kept its 2026 operating earnings forecast unchanged. The company said its non-GAAP operating earnings were $1.15 per share in the quarter, against the $1.21 consensus estimate compiled by Finnhub. Shares were little changed in regular trading as of 3:59 p.m. ET, from a regular-session close of $74.29.

PSEG is a predominantly regulated infrastructure company operating New Jersey’s largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. It also owns a fleet of 3,758 MW of carbon-free nuclear generation in New Jersey and Pennsylvania.

Net income fell to $376 million, or $0.76 per share, from $622 million, or $1.24 per share, a year earlier. Non-GAAP operating earnings exclude gains and losses tied to the Nuclear Decommissioning Trust and mark-to-market accounting.

Here's how the company did:

• Non-GAAP operating earnings: $1.15 per share vs. $1.13 a year earlier, $1.21 expected, according to Finnhub
• Net income: $0.76 per share, or $376 million, vs. $1.24 per share, or $622 million, a year earlier
• Revenue: $3.02 billion vs. $3.23 billion a year earlier, $3.22 billion expected, according to Finnhub

Revenue was $3.02 billion, missing the $3.22 billion consensus estimate compiled by Finnhub, and down from $3.23 billion a year earlier.

2026 guidance

PSEG kept its 2026 non-GAAP operating earnings guidance at $4.28 to $4.40 per share, the same range it gave on Aug. 4.

“Our financial results for the third quarter and year-to-date period align with our expectations for the full-year, and we are reaffirming PSEG’s 2026 guidance for non-GAAP Operating Earnings in the range of $4.28 to $4.40 per share,” said Ralph LaRossa, chair, president and CEO of PSEG.

The company also reaffirmed a compound annual growth rate of 6% to 8% in non-GAAP operating earnings through 2030.

Segment results

PSE&G reported net income of $506 million, down from $515 million. The company said higher depreciation and interest costs on investments not yet reflected in current rates more than offset its gains from energy efficiency and transmission.

PSEG Power & Other posted a net loss of $130 million, against net income of $107 million a year earlier. The company said the loss reflects mark-to-market and Nuclear Decommissioning Trust effects, which are excluded from non-GAAP operating earnings. On that basis the unit earned $68 million, up from $50 million.

The nuclear fleet ran at a 95.5% capacity factor in the quarter. The company said Salem unit 1 entered its fall refueling after a 491-day breaker-to-breaker run.

Capital and liquidity

The company’s five-year capital investment plan totals $24 billion to $28 billion, which it said it can fund without issuing new equity or selling assets.

Dividends paid per share were 67 cents in the quarter, up from 63 cents a year earlier.

PSEG had approximately $3.9 billion of total available liquidity as of Sept. 30, including $837 million of cash and cash equivalents, according to its earnings presentation.