PSEG Reports Q1 Net Income of $741M, Maintains $4.28–$4.40 EPS Guidance
PSEG reported first-quarter net income of $741 million and non-GAAP operating earnings of $778 million, up from $589 million and $718 million year-over-year, translating to EPS of $1.48 and non-GAAP EPS of $1.55. The company upheld its full-year non-GAAP earnings guidance of $4.28 to $4.40 per share.
1. First Quarter Financial Results
PSEG delivered net income of $741 million and GAAP EPS of $1.48 for Q1 2026, compared with $589 million and $1.18 in the year-ago period. Non-GAAP operating earnings rose to $778 million, or $1.55 per share, up from $718 million and $1.43 per share, reflecting strong underlying performance.
2. Segment Results and Operational Highlights
PSE&G contributed $577 million in net income and PSEG Power & Other added $164 million, with the power segment benefiting from higher realized prices despite lower volumes. The company responded to the worst winter storm in 30 years and single digit temperatures, achieving its highest gas send-out since 2019 and restoring service swiftly, while its nuclear units supplied 8 TWh of carbon-free baseload energy.
3. Guidance and Long-Term Strategy
PSEG reaffirmed its 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share and reiterated a target CAGR of 6%–8% through 2030 without issuing new equity or selling assets. Investments in energy efficiency, gas system modernization and transmission, along with flat electric and gas rates, underpin the company’s commitment to reliability and customer affordability.