#United States #New Jersey #Newark #Energy #Public Service

PSEG Reports Strong Third Quarter Results for 2026

On November 2, 2026, Public Service Enterprise Group (PSEG) announced its third-quarter financial results, highlighting a net income of $376 million, which translates to $0.76 per share. This is a noticeable decline from $622 million or $1.24 per share in the previous year. However, when excluding certain reconciling items, the company's non-GAAP operating earnings stood at $574 million or $1.15 per share, reflecting a slight increase from $565 million and $1.13 per share in Q3 2025.

Financial Overview

In the nine months concluding September 30, 2026, PSEG reported a net income of $1.451 billion, down from $1.796 billion year-on-year, resulting in earnings per share of $2.91, compared to $3.59 in 2025. Non-GAAP operating earnings for the same period improved to $1.777 billion, up from $1.667 billion, equating to $3.56 per share, compared to $3.33 the previous year. These results underline PSEG's ability to sustain financial health while navigating challenging market conditions.

Operational Excellence

Ralph LaRossa, PSEG's Chair, President, and CEO, emphasized that the results align with expectations for the complete fiscal year, reaffirming the guidance for non-GAAP operating earnings in the range of $4.28 to $4.40 per share for 2026. He attributed the company's steady operational performance to a robust storm response strategy that was critical during severe weather incidents throughout the quarter. Notably, PSEG's utility teams efficiently restored power to nearly all affected customers within 24 hours during intense storms in July and September.

In terms of energy production, PSEG Nuclear contributed 8.2 TWh of emissions-free energy during the third quarter, achieving an impressive capacity factor of 95.5%. PSEG continues to make significant strides in its generation portfolio, with Salem Units rocketing through lengthy operational periods without interruption, showcasing the reliability of its nuclear energy initiatives.

Strategic Investments

PSEG's ongoing investment strategy focuses on enhancing energy efficiency and modernizing transmission systems. LaRossa noted that ongoing investments are more than countered by increased depreciation and interest costs associated with significant investments not yet reflected in current utility rates. Despite these pressures, PSEG Power generated a net income that supports both growth and stable cash flows, critical for funding regulated investments.

The company aims for a consistent annual growth rate of 6% to 8% in non-GAAP operating earnings through 2030, prioritizing affordability for customers while maintaining a firm financial footing. PSEG plans to execute a five-year capital investment agenda worth $24 billion to $28 billion without issuing new equity or divesting assets.

Looking Ahead

PSEG remains committed to enhancing its energy infrastructure, resilience, and sustainability efforts. Despite external pressures, including severe weather variables and market volatility, PSEG shows robust potential for sustainable growth. Investors and stakeholders can expect the utility to continue progressing on financial and operational fronts while adapting to the evolving energy landscape.

Conclusion

Today’s results showcase PSEG's resilience and a sound strategic vision, fostering confidence in its ability to provide reliable utility services and generate carbon-free energy. The company plans to hold a conference call later today to discuss the results in detail, providing further insights into its financial trajectory and market positioning. More information on PSEG can be accessed through their corporate Investor Relations website.