Public Service Enterprise Group Stock Earnings Reports

PSEG delivered a solid first quarter 2026: GAAP EPS $1.48 and non-GAAP operating EPS $1.55, and the company is maintaining full-year non-GAAP guidance of $4.28–$4.40 per share. The utility (PSE&G) showed strong operational performance and storm response during an unusually severe winter, with nearly all outages restored within 24 hours; management emphasized continued investment in gas system modernization and energy-efficiency programs. PSE&G invested roughly $800 million in Q1 and remains on track for approximately $4.2 billion of 2026 capex. PSEG reaffirmed its five-year regulated capex plan ($22.5–$25.5B for PSE&G; $24–$28B for PSEG through 2030) and reiterated a 6%–8% non-GAAP operating earnings CAGR through 2030. PSEG Power saw a strong nuclear quarter (95.5% capacity factor at Salem Unit 2) and benefited from higher gas volumes/capacity; FERC’s extension of PJM’s price collar was noted as supportive of BGS price stability. Management flagged a potential >$100 million customer refund tied to a FERC cost-allocation ruling (pending PJM implementation). The company is expanding customer programs (demand response, residential time-of-use, virtual power plant pilot) and is engaging with NJ and federal stakeholders on potential new nuclear at Salem. Financially, liquidity totaled ~$3.9 billion at March, a $500 million 364-day term loan was added, revolvers were extended to 2031, PSE&G issued $1 billion of MTNs, and the board set an indicative 2026 annual dividend of $2.68 (about +6%), marking the 15th consecutive annual increase. Management continues to monitor PJM’s reliability backstop auction and related cost-allocation issues, advocating for solutions that protect customers and favor clearly defined planning/accountability constructs.