Public Service Enterprise Group Inc (PEG) · Nov 2, 2026 · Earnings
Miss — Operating EPS $1.15 vs ~$1.19 consensus
PSEG’s Q3 earnings missed the published EPS consensus, while strong nuclear output and unchanged 2026 guidance keep the broader growth plan intact.
PSEG is executing a utility-led growth plan: expanding New Jersey’s regulated rate base through heavy infrastructure spending while using its nuclear fleet as a cash-flow and upside engine. The company’s five-year capital plan remains $24 billion-$28 billion, more than 90% regulated, alongside a 6%-8% long-term operating-earnings growth target (Q3 strategy update). Its prior quarter had already maintained 2026 guidance at $4.28-$4.40 per share, so the broad outlook was not new.
The quarter itself missed the market’s earnings bar. Non-GAAP operating EPS was $1.15 versus a published consensus around $1.19, making this a modest miss rather than an outright operational breakdown. The comparison is also against $1.13 a year earlier, so underlying earnings still improved slightly even though they fell short of what analysts expected. The filing reports operating earnings of $574 million versus $565 million a year ago.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Operating EPS (Financial Results) | $1.15 | $1.13 | ~$1.19 |
| Operating earnings (PSEG Summary) | $574M | $565M | |
| Net income EPS (Financial Results) | $0.76 | $1.24 | |
| YTD operating EPS (Financial Results) | $3.56 | $3.33 | |
| FY2026 operating EPS guidance (Highlights) | $4.28-$4.40 |
The underlying business was better than the headline GAAP decline suggests. PSE&G earnings fell modestly to $506 million from $515 million, but PSEG Power & Other operating earnings rose to $68 million from $50 million. Nuclear execution was solid, with a 95.5% quarterly capacity factor and 94.3% year-to-date, while the company continued to pursue longer license lives, capacity uprates and premium contracts for large-load customers. 〔0〕
Guidance was preserved, limiting the damage to the broader story. PSEG maintained its $4.28-$4.40 full-year operating-earnings range, and nine-month operating EPS of $3.56 leaves the company still tracking within that framework. The filing also says the roughly $4.2 billion 2026 regulated capital-spending plan is on track and that the balance sheet can fund the larger five-year program without new equity or asset sales.
Bottom line: This was a modest earnings miss, not a reset of PSEG’s utility-and-nuclear growth plan. The quarter weakens the near-term read slightly, but unchanged guidance and solid nuclear execution keep the larger business story intact.
Early-2027 BPU proposal and transmission revenue filing
A buy-side analyst on every ticker — it reads every public company's filing the instant it drops and decodes it into plain English.
A buy-side analyst on every ticker — the whole market decoded the second it moves, before it's a headline. Free gives you a taste. Pro takes the cap off and opens the full read on every company.
by Signing in NOW, claim your FREE 14-day Pro trial!