PEG Q3 Earnings Miss Expectations, Revenues Decrease Y/Y

Public Service Enterprise Group IncorporatedPEG, or PSEG, reported third-quarter 2026 adjusted earnings of $1.15 per share, which missed the Zacks Consensus Estimate of $1.21 by 5%. Earnings increased 1.8% from the prior-year figure of $1.13.
The company reported GAAP earnings per share (EPS) of 76 cents compared with $1.24 in the corresponding period of 2025.

PEG's Total Revenues

Operating revenues totaled $3.02 billion, which lagged the Zacks Consensus Estimate of $3.30 billion by 8.5%. The top line also declined 6.4% from the year-ago figure of $3.23 billion.

Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise

Public Service Enterprise Group Incorporated price-consensus-eps-surprise-chart | Public Service Enterprise Group Incorporated Quote

PEG's Sales Volumes Show Mixed Trends

Electric sales increased 1% year over year to 11,898 million kilowatt-hours (kWh). Residential sales rose 2% to 4,623 million kWh, while commercial and industrial sales remained flat at 7,203 million kWh. Sales in other categories declined 14% to 72 million kWh.

Total gas sales increased 6% to 427 million therms. Firm gas sales declined 1% to 194 million therms, with residential volumes remaining flat at 89 million therms. Non-firm commercial and industrial sales increased 11% to 233 million therms.

PEG's Nuclear Operations and Storm Response

PSEG's nuclear facilities generated 8,172 gigawatt-hours of electricity during the third quarter, up from 7,903 gigawatt-hours in the prior-year period. New Jersey nuclear generation increased to 5,407 gigawatt-hours, while Pennsylvania generation reached 2,765 gigawatt-hours.

The company also managed severe storms during July and September. PSE&G restored service to nearly all affected New Jersey customers within 24 hours, highlighting the utility's investments in grid resilience and reliability.

Highlights of PEG's Earnings Release

Operating income totaled $622 million compared with $855 million in the year-ago period, reflecting a decline of 27.3%.

Total operating expenses were $2.40 billion, up 1.1% from the year-ago figure of $2.37 billion.

Interest expenses amounted to $280 million, increasing 10.7% year over year from $253 million.

Segmental Performance of PEG

PSE&Grevenues declined 0.4% to $2.53 billion from $2.54 billion in the prior-year period. The regulated utility generated net income and non-GAAP operating earnings of $506 million, down from $515 million. Results benefited from ongoing investments in energy efficiency and transmission, along with gradual customer growth.

PSEG Power & Otherrevenues declined 29% to $532 million from $749 million a year earlier. Despite the revenue decrease, non-GAAP operating earnings increased to $68 million from $50 million. The improvement reflected higher realized prices, increased nuclear generation and lower operating and maintenance costs due to the absence of the prior-year Hope Creek refueling outage.