The maintained guidance and 6%-8% CAGR reaffirmation provide a floor for the stock, but the GAAP earnings decline and MTM volatility at PSEG Power are headwinds. Monitor the Q3 earnings call for updates on nuclear output contracting and PJM capacity auction results, which could drive upside to the long-term outlook.
Price Chart
Executive Summary
PSEG reported Q2 2026 non-GAAP Operating Earnings of $0.86 per share, beating the $0.80 consensus by 7.7%, and maintained full-year 2026 guidance of $4.28-$4.40 per share. The beat was driven by higher realized prices and increased nuclear generation at PSEG Power & Other, partially offset by higher O&M, depreciation, and interest costs at PSE&G. The maintained guidance and reaffirmed 6%-8% long-term CAGR outlook provide stability, but the GAAP net income decline (from $585M to $334M) due to mark-to-market losses tempers the headline beat.
Key Financial Metrics
Key Facts
- Q2 2026 non-GAAP Operating Earnings of $0.86 per share vs consensus $0.80 (7.7% beat)
- Q2 2026 GAAP net income of $334M ($0.67/share) vs $585M ($1.17/share) in Q2 2025
- Full-year 2026 non-GAAP Operating Earnings guidance maintained at $4.28-$4.40 per share
- PSE&G net income/non-GAAP operating earnings rose to $342M from $332M in Q2 2025
- PSEG Power & Other non-GAAP operating earnings rose to $83M from $52M in Q2 2025
- PSEG Power & Other GAAP net loss of $8M vs income of $253M in Q2 2025, driven by $258M MTM loss
- PSEG maintained 6%-8% non-GAAP Operating Earnings CAGR outlook through 2030
- PSEG raised annual common dividend by $0.16 per share, the 15th consecutive annual increase
- Total available liquidity of ~$3.4B at June 30, 2026
- Regulated capital spending plan for 2026 of ~$4.2 billion on track
Financial Impact
Non-GAAP operating earnings beat consensus by $0.06/share; GAAP net income declined $251M YoY due to MTM losses; guidance unchanged
Risk Factors
- Mark-to-market losses on energy hedges and NDT fund volatility could continue to depress GAAP earnings
- Higher interest and depreciation costs from the $24B-$28B capital program may pressure margins
- Regulatory risk from NJ utility bills (Repeal ROE Adder, Data Center Fair Share) could impact PSE&G returns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-331660 |
| Document: d101695d8k.htm | 0001193125-26-331660 |
| Document: d101695dex991.htm | 0001193125-26-331660 |
| Document: 0001193125-26-331660-index-headers.html | 0001193125-26-331660 |
| Document: 0001193125-26-331660-index.html | 0001193125-26-331660 |
| Document: 0001193125-26-331660.txt | 0001193125-26-331660 |
| 8-K Data (Synthetic) | 0001193125-26-331660 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K | $76.27 $73.48 | ▼ −3.66% | ▼ −2.42% | $68.07 (−10.75%) |
Aug 4, 2026 8w ago | Press Release | $76.27 $73.48 | ▼ −3.66% | ▼ −2.42% | $68.07 (−10.75%) |
Jul 2, 2026 13w ago | Insider Cluster | $81.62 $77.55 | ▼ −4.99% | ▼ −4.57% | $68.07 (−16.60%) |
Jun 2, 2026 17w ago | 424B5 | $78.32 $80.27 | ▲ +2.49% | ▲ +4.05% | $68.07 (−13.09%) |
Jun 1, 2026 17w ago | 424B5 | $76.67 $81.16 | ▲ +5.86% | ▲ +7.15% | $68.07 (−11.22%) |
May 5, 2026 21w ago | 8-K | $79.73 $78.32 | ▼ −1.77% | ▼ −6.72% | $68.07 (−14.62%) |
US Market Status
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