PSEG misses Q3 profit estimates while 2026 forecast holds

PSEG (PEG) earned $1.15 per share on an operating basis in the third quarter, missing the $1.21 consensus. It kept its 2026 forecast of $4.28 to $4.40 per share.

Shares were little changed at 9:35 a.m. ET, from a $72.61 close.

Here's how the company did:

• Operating earnings: $1.15 per share vs. $1.13 a year earlier, $1.21 expected
• Net income: $376 million vs. $622 million a year earlier
• Operating earnings: $574 million vs. $565 million a year earlier
• Nine-month operating earnings: $3.56 per share vs. $3.33 a year earlier

The reconciliation to operating earnings excludes a $251 million pre-tax mark-to-market loss and a $21 million pre-tax loss on the nuclear decommissioning trust.

2026 guidance

The long-term non-GAAP operating earnings growth target of 6% to 8% through 2030 is unchanged. PSEG has met or exceeded earnings guidance for 21 years in a row.

Capital plan and dividend

The five-year regulated capital investment plan is $22.5 billion to $25.5 billion for 2026 through 2030, within a total capital plan of $24 billion to $28 billion.

The plan needs no new equity or asset sales through 2030.

The indicative annual dividend rate is $2.68 per share for 2026, about 6% above 2025. That would be the 15th consecutive annual increase. Future dividends need board approval.

Operations and liquidity

PSEG Nuclear's fleet averaged a 94.3% capacity factor for the first nine months of 2026.

PSEG had about $3.9 billion of total available liquidity as of Sept. 30, 2026, including $837 million of cash and cash equivalents.

PSE&G lowered residential gas heating bills by 5% effective October 2026.