10-Q · August 4, 2026
PSEG's second-quarter revenue declined 9% year over year to $2.554 billion and GAAP diluted EPS decreased to $0.67 from $1.17, primarily reflecting adverse commodity mark-to-market results at PSEG Power. The regulated…
Earnings analysis · 10-Q
PEG earnings analysis
Filed November 2, 2026 · Our reading of the company's report
The latest report
PSEG's third-quarter results were mixed: revenue of $3.020 billion and non-GAAP operating EPS of $1.15 missed estimates, while non-GAAP operating earnings rose to $574 million from $565 million year over year.…
Read full summary
PSEG's third-quarter results were mixed: revenue of $3.020 billion and non-GAAP operating EPS of $1.15 missed estimates, while non-GAAP operating earnings rose to $574 million from $565 million year over year. Management maintained 2026 non-GAAP operating EPS guidance of $4.28-$4.40 per share. The principal forward risks are the 6.8 GW PJM capacity shortfall, uncertainty around the proposed 15-year procurement framework, and unresolved state energy-efficiency proceedings.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.15
What stood out
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Revenue missed estimates and fell year over year
Third-quarter revenue was $3.020 billion, below the $3.262 billion consensus estimate by approximately 7.4%. Revenue declined from $3.23 billion in 2025 Q3 and increased from $2.55 billion in 2026 Q2.
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Operating earnings improved despite EPS miss
Non-GAAP operating EPS was $1.15 versus the $1.20 estimate, while GAAP EPS was $0.76. Non-GAAP operating earnings increased to $574 million from $565 million year over year.
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Full-year EPS outlook maintained
Management maintained 2026 non-GAAP operating EPS guidance at $4.28-$4.40 per share, indicating no change to the previously communicated outlook.
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No material control deficiencies reported
The filing states that disclosure controls were effective at a reasonable assurance level as of the end of the period, and that there were no changes during the third quarter of 2026 that materially affected internal control over financial reporting.
What to watch
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PJM capacity shortfall and cost allocation
PJM identified a 6.8 GW resource shortfall for the 2028/2029 delivery year. The proposed Reliability Backstop Procurement framework would seek 15-year commitments from new generation resources, with costs passed to load-serving entities and end-use customers.
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Uncertain timing of capacity-market reforms
PJM's revised Reliability Backstop Procurement filing seeks FERC approval by January 29, 2027, with an auction planned for March 1, 2027, assuming approval. Regulatory timing and final design remain uncertain.
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Regulatory outcomes remain uncertain
PJM's proposed rules for curtailment of new large-load customers were rejected by FERC in October 2026, while PSE&G's proposed one-year energy-efficiency program extension and alternatives remain unresolved.
Management's outlook
Management maintained 2026 non-GAAP operating EPS guidance of $4.28-$4.40 per share. No quantitative revenue guidance was provided; the 10-Q extract does not disclose additional numeric outlook ranges.
Earlier filings 4
10-Q · May 5, 2026
Public Service Enterprise Group (PEG) reported robust Q1 2026 results, with EPS of $1.55, exceeding estimates of $1.44, and revenue of $3.85 billion, surpassing expectations of $3.34 billion. The company's performance…
10-K · February 26, 2026
PSEG’s 2025 10-K emphasizes a regulated-growth strategy centered on PSE&G’s transmission & distribution investments and PSEG Power’s nuclear generation. Management highlights regulatory support (a $17.8 billion rate…
10-Q · November 3, 2025
PSEG reported a strong quarter with consolidated operating revenues of $3,226 million (Q3 2025) up $584 million versus Q3 2024 ($2,642 million) and diluted EPS of $1.24 (Q3 2025) versus $1.04 a year ago. Operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.