second quarter 2026
Filed Aug 4, 2026PSEG Announces Second Quarter 2026 Results; $0.67 Per Share Net Income, $0.86 Per Share Non-GAAP Operating Earnings; Maintains 2026 Non-GAAP Operating Earnings Guidance of $4.28 - $4.40 Per Share
Second-quarter non-GAAP Operating Earnings increased to $425 million, or $0.86 per share, from $384 million, or $0.77 per share, while PSE&G and PSEG Power & Other both reported higher non-GAAP Operating Earnings. GAAP net income declined to $334 million, or $0.67 per share, from $585 million, or $1.17 per share, and the company maintained its full-year 2026 non-GAAP Operating Earnings guidance.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net IncomeGAAP | $334 million | – | – |
| Net Income per ShareGAAP | $0.67 | – | – |
| Reconciling Itemsother | $91 million | – | – |
| Reconciling Items per Shareother | $0.19 | – | – |
| Non-GAAP Operating Earningsnon-GAAP | $425 million | – | – |
| Non-GAAP Operating Earnings per Sharenon-GAAP | $0.86 | – | – |
| Average Shares Outstanding (Diluted)other | 499 million | – | – |
| Six Months Ended June 30 Net IncomeGAAP | $1,075 million | – | – |
| Six Months Ended June 30 Net Income per ShareGAAP | $2.15 | – | – |
| Six Months Ended June 30 Reconciling Itemsother | $128 million | – | – |
| Six Months Ended June 30 Reconciling Items per Shareother | $0.26 | – | – |
| Six Months Ended June 30 Non-GAAP Operating Earningsnon-GAAP | $1,203 million | – | – |
| Six Months Ended June 30 Non-GAAP Operating Earnings per Sharenon-GAAP | $2.41 | – | – |
| Six Months Ended June 30 Average Shares Outstanding (Diluted)other | 499 million | – | – |
| PSE&G Net Income/Non-GAAP Operating Earningsother | $342 million | – | – |
| PSEG Power & Other Net Income/(Loss)GAAP | $(8) million | – | – |
| PSEG Power & Other Non-GAAP Operating Earningsnon-GAAP | $83 million | – | – |
| Six Months Ended June 30 PSE&G Net Income/Non-GAAP Operating Earningsother | $919 million | – | – |
| Six Months Ended June 30 PSEG Power & Other Net Income/(Loss)GAAP | $156 million | – | – |
| Six Months Ended June 30 PSEG Power & Other Non-GAAP Operating Earningsnon-GAAP | $284 million | – | – |
full-year 2026 outlook
- NoteNon-GAAP Operating Earnings guidance of $4.28 to $4.40 per share
- Notefive-year, non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030
What drove it
- PSE&G’s second-quarter results reflected ongoing investments in Energy Efficiency, Gas System Modernization and Transmission.
- PSEG Power & Other results reflected higher realized prices and an increase in nuclear generation.
- PSEG Nuclear supplied the grid with 7.8 TWh of carbon-free, 24 by 7 baseload generation.
- PSEG Nuclear achieved a capacity factor of 92.0% that included a second consecutive breaker to breaker run at Salem Unit 2.
- PSE&G reached a peak summer load of 10,446 MW on July 2.
- Clean Energy Future programs generate more than $1 billion in annual customer savings.
Concerns
- PSE&G results were partially offset by higher operation and maintenance costs.
- PSE&G results were partially offset by higher depreciation and interest expense related to incremental investments and a prior year Transmission true up.
- PSEG Power & Other results were partly offset by the absence of zero emission certificates which ended May 2025.
- PSEG Power & Other results were partly offset by higher interest expense and taxes.
- GAAP Net Income was $334 million in the second quarter of 2026, compared with $585 million in the second quarter of 2025.
What to watch
- Execution of the $24 billion to $28 billion five-year capital investment program.
- Progress toward the five-year, non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030.
- Potential opportunities to contract nuclear output under multi-year agreements.
- PSE&G’s residential gas bill reduction of 5%, beginning October 1.
- Nuclear generation, realized prices, interest expense, taxes and the ongoing absence of zero emission certificates.
Balance sheet and cash flow
- PSEG’s total five-year capital investment program of $24 billion to $28 billion
- PSEG stated that its solid balance sheet enables funding of the total five-year capital investment program without the need to issue new equity or sell assets.
Analysis
PSEG reported second-quarter 2026 non-GAAP Operating Earnings of $425 million, or $0.86 per share, compared with $384 million, or $0.77 per share, in the second quarter of 2025. For the first six months, non-GAAP Operating Earnings were $1,203 million, or $2.41 per share, compared with $1,102 million, or $2.20 per share. The company maintained full-year 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share and reaffirmed its five-year non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030.
GAAP results moved in the opposite direction. Second-quarter net income was $334 million, or $0.67 per share, versus $585 million, or $1.17 per share, a year earlier. Six-month net income was $1,075 million, or $2.15 per share, compared with $1,174 million, or $2.35 per share. The reconciliation items were $91 million in the quarter compared with $(201) million in the prior-year quarter, which is the reported distinction between GAAP net income and non-GAAP Operating Earnings.
PSE&G reported $342 million of Net Income/Non-GAAP Operating Earnings for the second quarter, compared with $332 million a year earlier. Management attributed the utility result to ongoing investments in Energy Efficiency, Gas System Modernization and Transmission, partly offset by higher operation and maintenance costs and higher depreciation and interest expense tied to incremental investments and a prior year Transmission true up. Operationally, the company highlighted a peak summer load of 10,446 MW on July 2 and a 5% reduction in residential gas bills beginning October 1.
PSEG Power & Other reported second-quarter Non-GAAP Operating Earnings of $83 million, compared with $52 million in the prior-year period, while its GAAP Net Income/(Loss) was $(8) million compared with $253 million. The reported operating drivers were higher realized prices and increased nuclear generation. These benefits were partly offset by the absence of zero emission certificates that ended May 2025, as well as higher interest expense and taxes. Nuclear operations supplied 7.8 TWh of carbon-free, 24 by 7 baseload generation and recorded a 92.0% capacity factor.
Capital investment and financing remain central to the outlook. Management cited a total five-year capital investment program of $24 billion to $28 billion and stated that the program can be funded without issuing new equity or selling assets. The company also identified potential multi-year nuclear-output contracts as opportunities incremental to its long-term forecast. The key reported watchpoints are execution of the investment plan, utility cost and financing pressures, nuclear generation and realized prices, and the impact of the ended zero emission certificates.
Management, verbatim
PSE&G reached a peak summer load of 10,446 MW on July 2, the highest in 14 years, and activated Demand Response – part of our Clean Energy Future programs – during three separate events throughout the early July heatwave.
Ralph LaRossa, chair, president and CEO
PSEG Nuclear also performed well during the quarter, supplying the grid with 7.8 TWh of carbon-free, 24 by 7 baseload generation and achieving a capacity factor of 92.0% that included a second consecutive breaker to breaker run at Salem Unit 2.
Ralph LaRossa, chair, president and CEO
In addition to an exemplary storm response, our teams delivered solid financial and operational results for the second quarter and first half of 2026, enabling us to maintain PSEG’s full-year 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share.
Ralph LaRossa, chair, president and CEO
Not in the filing
stated, not guessed- Total revenue
- Revenue by segment
- Gross margin
- Operating income
- Operating margin
- Operating expenses
- Cash balance
- Debt balance
- Operating cash flow
- Free cash flow
- Share repurchases
- Dividend amount or dividend per share
- Prior-quarter comparisons for reported metrics
- Explicit year-over-year percentage changes for reported metrics
- Revenue, gross margin, operating expenses and tax-rate guidance
- Previous-release outlook for comparison with actual results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.