Jun 2026 (Q2 FY26) — Aug 4, 2026
Public Service Enterprise Group Q2 FY26 — Reaffirms Guidance Amidst Regulatory Evolution and Strong Operational Performance
Read the full callPublic Service Enterprise Group (PEG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Public Service Enterprise Group earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,554 | −8.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.1 | −11.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 334 | −42.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Long-term non-GAAP operating EPS CAGR | 5% to 7% | Sep 2024 | We are also reaffirming PSEG's 5-year non-GAAP operating earnings growth outlook of 6% to 8% through 2030 as we continue to pursue opportunities incremental to our long-term forecast | On Track |
9 of PUBLIC SERVICE ENTERPRISE GROUP INC's 14 targets are still open. See which are on track and which have gone quiet. The 1 above are the free sample; 13 more targets are in the full ledger.
Claimed
- Non-GAAP operating earnings reached $0.86 per share in Q2, contributing to a strong first half performance of $2.41 per share.
- Successfully restored power to approximately 380,000 customers within 24 hours following severe July 4th storms, demonstrating system reliability.
- Clean Energy Future programs now generate over $1 billion in annual customer savings, benefiting nearly 525,000 customers.
- PJM transmission cost allocation rules change will result in an expected prospective annual benefit of approximately $65 million for customers.
- PSEG Nuclear achieved a 92% capacity factor, supplying 7.8 terawatt hours of carbon-free generation.
Qualified
- The absence of Zero Emission Certificate programs, which concluded in May 2025, was offset by higher market prices and nuclear generation.
- Potential elimination of the 50 basis point RTO incentive could represent an annual headwind of $40 million net income, or approximately $0.08 per share, effective January 2027.
- Growing regulatory lag from historical test year and robust capital program necessitates an earlier base rate case filing.
Price
$70.32 −1.64% · −$1.17
Performance −17.0% 1Y
1Y: $84.75 on 17 Oct 2025 → $70.32. High $86.95 (17 Feb 2026), low $66.56 (24 Sept 2026).
- Previous close
- $71.49
- 52-week range
- $66.56 – $86.95
- One year
- −17.10%
Overview
- Symbol
- PEG
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Long-term non-GAAP operating EPS CAGR | 5% to 7% | Sep 2024 | We are also reaffirming PSEG's 5-year non-GAAP operating earnings growth outlook of 6% to 8% through 2030 as we continue to pursue opportunities incremental to our long-term forecast | On Track |
Claimed
- Non-GAAP operating earnings reached $0.86 per share in Q2, contributing to a strong first half performance of $2.41 per share.
- Successfully restored power to approximately 380,000 customers within 24 hours following severe July 4th storms, demonstrating system reliability.
- Clean Energy Future programs now generate over $1 billion in annual customer savings, benefiting nearly 525,000 customers.
- PJM transmission cost allocation rules change will result in an expected prospective annual benefit of approximately $65 million for customers.
- PSEG Nuclear achieved a 92% capacity factor, supplying 7.8 terawatt hours of carbon-free generation.
Qualified
- The absence of Zero Emission Certificate programs, which concluded in May 2025, was offset by higher market prices and nuclear generation.
- Potential elimination of the 50 basis point RTO incentive could represent an annual headwind of $40 million net income, or approximately $0.08 per share, effective January 2027.
- Growing regulatory lag from historical test year and robust capital program necessitates an earlier base rate case filing.
The full ledger
Open PUBLIC SERVICE ENTERPRISE GROUP INC’s full ledger
A free account opens 5 company ledgers a month. All 14 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Public Service Enterprise Group Q1 FY26 — Solid Start with Reaffirmed Guidance and Infrastructure Investment
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Public Service Enterprise Group Q4 FY25 — Raised Long-Term EPS Growth and Capital Plan
Read the full callEvery analysed call
Public Service Enterprise Group earnings calls (PEG)
Financials
What the filings say
Net profit, year on year: −43% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,642 | 2,465 | 3,222 | 2,805 | 3,226 | 2,915 | 3,848 | 2,554 |
| Expenses | 2,001 | 2,020 | 2,425 | 1,988 | 2,371 | 2,404 | 2,773 | 2,093 |
| Operating profit | 641 | 445 | 797 | 817 | 855 | 511 | 1,075 | 461 |
| Operating margin | 24.3% | 18.1% | 24.7% | 29.1% | 26.5% | 17.5% | 27.9% | 18.1% |
| Interest | 227 | 232 | 241 | 248 | 253 | 263 | 272 | 269 |
| Profit before tax | 559 | 200 | 617 | 726 | 720 | 311 | 848 | 398 |
| Tax rate | 7.0% | −43.0% | 4.5% | 19.4% | 13.6% | −1.3% | 12.6% | 16.1% |
| Net profit | 520 | 286 | 589 | 585 | 622 | 315 | 741 | 334 |
| EPS ($ per share) | 1.04 | — | 1.18 | 1.17 | 1.25 | — | 1.48 | 0.67 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 4,980 | 5,003 | 5,031 | 5,045 | 5,065 | 5,018 | 5,057 | 5,062 |
| Reserves | 10,582 | 11,406 | 12,318 | 10,639 | 10,591 | 12,017 | 12,593 | 13,446 |
| Total liabilities | 30,949 | 32,641 | 34,066 | 34,561 | 34,989 | 35,264 | 38,526 | 40,594 |
| Total assets | 45,326 | 47,730 | 50,050 | 48,999 | 48,718 | 50,741 | 54,640 | 57,576 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,913 | 3,379 | 3,102 | 1,736 | 1,503 | 3,806 | 2,133 | 3,298 |
| Cash from investing | -3,916 | -3,145 | -2,676 | -2,244 | -1,101 | -2,958 | -3,306 | -3,308 |
| Cash from financing | 887 | -257 | -30 | 799 | -754 | -1,260 | 1,228 | 12 |
| Capital expenditure | -3,912 | -3,166 | -2,923 | -2,719 | -2,888 | -3,325 | -3,380 | -3,272 |
| Free cash flow | -999 | 213 | 179 | -983 | -1,385 | 481 | -1,247 | 26 |
PEG revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Public Service Electric and Gas Company | 79% | 82% | 79% | 72% | 78% | 83% | 74% | 78% | +5.2% |
| PSEG Power Other | 19% | 31% | 32% | 24% | 22% | 47% | 34% | 20% | -20.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
PEG operating KPIs by quarter
| KPI | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Capital expenditures PSE&G | — | — | ~$800MOn our regulated capital spending program, PSE&G invested approximately $800 million during the first quarter, and we remain on track to execute our full year 2026 plan, of approximately $4.2 billion, focused on continued investments in infrastructure modernization, energy efficiency, electrification initiatives and load growth.Source: earnings call transcript | ~$1BOn the capital front, PSE&G invested approximately $1 billion during the second quarter and is on track to execute our full year 2026 regulated capital investment plan, of approximately $4.2 billion, focused on continued investments in infrastructure modernization, energy efficiency, electrification initiatives and load growth.Source: earnings call transcript | — |
| Nuclear generation PSEG Nuclear | — | ~7.2 TWhOn the operating side, the nuclear fleet produced approximately 7.2 terawatt hours during the fourth quarter of 2025 compared to approximately 7.3 terawatt hours in the fourth quarter of 2024.Source: earnings call transcript | 8 TWhThat notable accomplishment contributed to a 95.5% capacity factor and supplied 8 terawatt hours of reliable, carbon-free baseload energy to New Jersey and the grid during the first quarter.Source: earnings call transcript | 7.8 TWhPSEG nuclear also performed well during the quarter, supplying the grid with 7.8 terawatt hours of carbon-free 24/7 baseload generation and achieving a capacity factor of 92% that included the second consecutive breakthrough breaker run at Salem Unit 2.Source: earnings call transcript | -2.5% |
| Nuclear generation capacity factor PSEG Nuclear | 92.4%Capacity factors for the nuclear fleet were 92.4% and 93.7% for the quarter and 9-month period ended September 30, 2025, respectively.Source: earnings call transcript | 83.7%Capacity factors for the nuclear fleet were 83.7% and 91.2% for the quarter and full year of 2025, respectively.Source: earnings call transcript | 95.5%That notable accomplishment contributed to a 95.5% capacity factor and supplied 8 terawatt hours of reliable, carbon-free baseload energy to New Jersey and the grid during the first quarter.Source: earnings call transcript | 92%PSEG nuclear also performed well during the quarter, supplying the grid with 7.8 terawatt hours of carbon-free 24/7 baseload generation and achieving a capacity factor of 92% that included the second consecutive breakthrough breaker run at Salem Unit 2.Source: earnings call transcript | -3.5 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q4 FY2024 · share of revenue
- PJM 9%
- ISO New England 0%
As PEG cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
74 filings between Nov 7, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$2.93M
13 sales by 3 insiders
69% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 19
- Award — granted as compensation
- 41
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Thigpen Richard T | — | $1.39M | Aug 11, 2026 |
| LaRossa Ralph A | — | $1.29M | Oct 1, 2026 |
| Hanemann Kim C | — | $249.6K | Jun 24, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | LaRossa Ralph A Chair, President and CEO | Sale 10b5-1 plan | 2,083 | $140.6K |
| Sep 16, 2026 | Park Grace H EVP and General Counsel | Tax withheld | 136 | $9.6K |
| Sep 1, 2026 | LaRossa Ralph A Chair, President and CEO | Sale 10b5-1 plan | 2,083 | $153.0K |
| Aug 11, 2026 | Thigpen Richard T SVP Corporate Citizenship | Sale | 8,000 | $596.5K |
| Aug 3, 2026 | LaRossa Ralph A Chair, President and CEO | Sale 10b5-1 plan | 2,083 | $159.3K |
| Jul 1, 2026 | LaRossa Ralph A Chair, President and CEO | Sale 10b5-1 plan | 2,083 | $167.7K |
| Jun 24, 2026 | Hanemann Kim C President and COO - PSE&G | Sale 10b5-1 plan | 3,035 | $248.9K |
| Jun 1, 2026 | LaRossa Ralph A Chair, President and CEO | Sale 10b5-1 plan | 2,083 | $160.4K |
| May 1, 2026 | LaRossa Ralph A Chair, President and CEO | Sale 10b5-1 plan | 2,083 | $169.2K |
| May 1, 2026 | Deese Willie A Director | Award | 2,246 | $180.0K |
| May 1, 2026 | Stephenson Scott G Director | Award | 2,246 | $180.0K |
| Apr 1, 2026 | LaRossa Ralph A Chair, President and CEO | Sale 10b5-1 plan | 2,083 | $169.2K |
| Mar 9, 2026 | Hanemann Kim C President and COO - PSE&G | Sale | 9 | $738 |
| Mar 5, 2026 | LaRossa Ralph A Chair, President and CEO | Sale 10b5-1 plan | 2,083 | $174.3K |
| Mar 3, 2026 | Thigpen Richard T SVP Corporate Citizenship | Sale | 4,700 | $390.1K |
| Feb 24, 2026 | Park Grace H EVP and General Counsel | Award | 6,262 | $540.0K |
| Feb 24, 2026 | LaRossa Ralph A Chair, President and CEO | Tax withheld | 75,826 | $6.50M |
| Feb 24, 2026 | McFeaters Charles V President & CNO - PSEG Nuclear | Award | 5,218 | $450.0K |
| Feb 24, 2026 | LaRossa Ralph A Chair, President and CEO | Award | 148,242 | $12.71M |
| Feb 24, 2026 | McFeaters Charles V President & CNO - PSEG Nuclear | Tax withheld | 3,889 | $333.4K |
| Feb 24, 2026 | Hanemann Kim C President and COO - PSE&G | Tax withheld | 13,271 | $1.14M |
| Feb 24, 2026 | Hanemann Kim C President and COO - PSE&G | Award | 7,306 | $630.1K |
| Feb 24, 2026 | Hanemann Kim C President and COO - PSE&G | Award | 25,944 | $2.22M |
| Feb 24, 2026 | Cregg Daniel J Executive VP & CFO | Tax withheld | 18,483 | $1.58M |
| Feb 24, 2026 | McFeaters Charles V President & CNO - PSEG Nuclear | Award | 8,121 | $696.2K |
| Feb 24, 2026 | LaRossa Ralph A Chair, President and CEO | Award | 34,787 | $3.00M |
| Feb 24, 2026 | Cregg Daniel J Executive VP & CFO | Award | 9,741 | $840.1K |
| Feb 24, 2026 | McFeaters Charles V President & CNO - PSEG Nuclear | Award | 10,193 | $873.8K |
| Feb 24, 2026 | Cregg Daniel J Executive VP & CFO | Award | 36,135 | $3.10M |
| Feb 24, 2026 | Park Grace H EVP and General Counsel | Award | 3,972 | $340.5K |
| Feb 24, 2026 | Chernick Rose M Vice President and Controller | Award | 2,320 | $200.1K |
| Feb 24, 2026 | Thigpen Richard T SVP Corporate Citizenship | Award | 10,193 | $873.8K |
| Feb 24, 2026 | Chernick Rose M Vice President and Controller | Award | 5,163 | $442.6K |
| Feb 24, 2026 | Rostiac Sheila J SVP CAO & CHRO | Tax withheld | 5,753 | $493.2K |
| Feb 24, 2026 | Rostiac Sheila J SVP CAO & CHRO | Award | 3,827 | $330.0K |
| Feb 24, 2026 | Thigpen Richard T SVP Corporate Citizenship | Award | 2,088 | $180.1K |
| Feb 24, 2026 | Thigpen Richard T SVP Corporate Citizenship | Tax withheld | 4,058 | $347.9K |
| Feb 24, 2026 | Chernick Rose M Vice President and Controller | Tax withheld | 1,792 | $153.6K |
| Feb 24, 2026 | Rostiac Sheila J SVP CAO & CHRO | Award | 12,973 | $1.11M |
| Feb 24, 2026 | Park Grace H EVP and General Counsel | Tax withheld | 1,271 | $109.0K |
| Feb 24, 2026 | McFeaters Charles V President & CNO - PSEG Nuclear | Tax withheld | 3,451 | $295.9K |
| Feb 13, 2026 | Hanemann Kim C President and COO - PSE&G | Tax withheld | 1,234 | $104.8K |
| Feb 13, 2026 | Thigpen Richard T SVP Corporate Citizenship | Tax withheld | 317 | $26.9K |
| Feb 13, 2026 | Cregg Daniel J Executive VP & CFO | Tax withheld | 2,128 | $180.7K |
| Feb 13, 2026 | McFeaters Charles V President & CNO - PSEG Nuclear | Tax withheld | 549 | $46.6K |
| Feb 13, 2026 | Rostiac Sheila J SVP CAO & CHRO | Tax withheld | 453 | $38.5K |
| Feb 13, 2026 | LaRossa Ralph A Chair, President and CEO | Tax withheld | 7,534 | $639.7K |
| Feb 13, 2026 | Chernick Rose M Vice President and Controller | Tax withheld | 352 | $29.9K |
| Feb 11, 2026 | Cregg Daniel J Executive VP & CFO | Tax withheld | 693 | $57.0K |
| Feb 11, 2026 | Hanemann Kim C President and COO - PSE&G | Tax withheld | 363 | $29.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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