Utility holding company PSEG Q3 revenue falls, maintains 2026 guidance
PEG•PSEG’s third-quarter revenue was $3.02 billion and net income was $376 million, while adjusted operating earnings rose slightly year over year to $574 million. The company reaffirmed 2026 non-GAAP operating earnings guidance of $4.28-$4.40 per share.
1. Quarterly results
PSEG reported third-quarter revenue of $3.02 billion and net income of $376 million, with net income falling sharply from a year earlier. Adjusted operating earnings increased slightly year over year to $574 million.
2. Guidance and investment
The company maintained its 2026 non-GAAP operating earnings guidance of $4.28-$4.40 per share and targets 6%-8% compound annual growth in non-GAAP operating earnings through 2030. PSEG plans $24 billion-$28 billion in capital investments over five years, with no new equity issuance.
3. Factors affecting results
PSE&G results benefited from investments in energy efficiency and transmission and gradual customer growth, while higher depreciation, interest costs and tax timing offset gains. PSEG Power & Other benefited from higher realized prices and increased nuclear generation, partly offset by higher taxes.
