PSEG earnings
PSEG's next results are scheduled for November 2, 2026. Watch investment execution and borrowing alongside quarterly earnings.
What has PSEG guided for the year?
For 2026, management’s August 4 guidance is $4.28–$4.40 of non-GAAP operating earnings per share. Non-GAAP means PSEG removes selected volatile items from the standard accounting result, or GAAP profit, to show what it considers repeatable performance. Nuclear hedges can gain or lose value on paper as power prices move before electricity is sold, so statutory profit may differ from operating earnings.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Non-GAAP Operating Earnings per share (US$) | Year to Dec 2026 | 4.28 | 4.40 | August 4, 2026 |
| Regulated capital spending plan (US$ billions) | Year to Dec 2026 | 4.2 | 4.2 | August 4, 2026 |
| Total nuclear generation (TWh) | Year to Dec 2026 | 30 | 32 | August 4, 2026 |
| Indicative annual common dividend per share (US$) | Year to Dec 2026 | 2.68 | 2.68 | February 26, 2026 |
| Total PSEG capital program (US$ billions) | 2026–2030 | 24 | 28 | August 4, 2026 |
| Regulated investments (US$ billions) | 2026–2030 | 22.5 | 25.5 | February 26, 2026 |
What this means. The regulated capital spending plan is not the same as cash spent on property and equipment because it also includes an accounting amount for financing construction.
Has PSEG kept its past promises?
PSEG says 2025 was its twenty-first consecutive year meeting or exceeding operating-earnings guidance. Initial 2025 guidance was US$3.94–US$4.06 per share. The result was US$4.05. That supports confidence in forecasting, while safety, spending and succession still require scrutiny.
What is PSEG's recent trend in revenue and profit?
Revenue fell 8.9% to $2,554 million from the year-earlier quarter. Net income fell 42.9% to $334 million. Yet adjusted earnings rose 10.7% to $425 million because both PSE&G and Power & Other improved.
Cash was less dramatic but still negative. June-quarter operating cash flow was $550 million, while capital spending was $766 million. Free cash flow was negative $216 million, improved from negative $309 million in the year-earlier quarter. First-half free cash flow reached $362 million, compared with $112 million a year earlier.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,554 | 3,848 | 2,915 | 3,226 | 2,805 | 3,222 | 2,465 | 2,642 |
| Gross margin | 66.1% | 60.8% | 65.2% | 64.9% | 70.6% | 63.2% | 69.0% | 66.0% |
| Operating income | 461 | 1,075 | 511 | 855 | 817 | 797 | 445 | 641 |
| Net income | 334 | 741 | 315 | 622 | 585 | 589 | 286 | 520 |
| EPS, diluted | 0.67 | 1.48 | 0.63 | 1.24 | 1.17 | 1.18 | 0.57 | 1.04 |
| = Free cash flow | -216 | 578 | -408 | 322 | -309 | 421 | -611 | -145 |
What this means. The gross margin looks high because it subtracts only energy costs and leaves out operation and maintenance and depreciation and amortization.
What should I watch in PSEG's next results?
PSEG is scheduled to report third-quarter results on November 2, 2026. Management also expects a distribution base-rate filing by year-end 2026. Investors should watch investment execution and borrowing alongside any quarterly earnings beat.