The massive EPS beat vs consensus ($1.55 vs $0.83) is likely to drive a strong positive reaction, but note the consensus figure appears to be a GAAP estimate while PSEG's Street convention is non-GAAP Operating Earnings. The maintained guidance and 15th consecutive dividend increase reinforce the steady-growth narrative. Monitor the earnings call for updates on nuclear output hedging and PJM capacity auction impacts.
Price Chart
Executive Summary
PSEG reported Q1 2026 non-GAAP Operating Earnings of $1.55 per share, significantly above the consensus estimate of $0.83, driven by strong PSE&G utility earnings and higher realized nuclear prices. The company maintained its full-year 2026 non-GAAP Operating Earnings guidance of $4.28-$4.40 per share, representing ~7% growth over 2025, and continues to execute on a $24B-$28B capital plan through 2030 without equity issuance.
Key Financial Metrics
Key Facts
- Q1 2026 non-GAAP Operating Earnings of $1.55 per share vs $1.43 in Q1 2025, a YoY increase of 8.4%
- Q1 2026 Net Income of $1.48 per share vs $1.18 in Q1 2025, a YoY increase of 25.4%
- Maintained 2026 non-GAAP Operating Earnings guidance of $4.28-$4.40 per share
- PSE&G segment contributed $577M in Net Income/Operating Earnings, up from $546M in Q1 2025
- PSEG Power & Other segment contributed $201M in non-GAAP Operating Earnings, up from $172M in Q1 2025
- Regulated investment of ~$0.8 billion in Q1; full-year capital spending plan of ~$4.2 billion on track
- PSEG raised 2026 indicative annual common dividend by $0.16 per share to $2.68 per share, the 15th consecutive annual increase
- PSEG Nuclear achieved a capacity factor of 95.5% for the quarter
- Long-term non-GAAP Operating Earnings growth target of 6%-8% through 2030 maintained
- Total PSEG capital program of $24B-$28B for 2026-2030, >90% regulated investments
Financial Impact
Q1 2026 non-GAAP Operating Earnings of $1.55 per share vs consensus $0.83 — an 86.1% beat. Full-year guidance of $4.28-$4.40 per share implies ~7% YoY growth at the midpoint.
Risk Factors
- Regulatory risk from New Jersey Board of Public Utilities rate decisions and potential affordability mandates
- Nuclear generation volume and pricing risk, including PTC threshold exposure
- Higher interest expense and depreciation from increased capital spending could pressure margins
- Weather-related operational risks and storm recovery costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-205254 |
| Document: d63722d8k.htm | 0001193125-26-205254 |
| Document: d63722dex991.htm | 0001193125-26-205254 |
| Document: 0001193125-26-205254-index-headers.html | 0001193125-26-205254 |
| Document: 0001193125-26-205254-index.html | 0001193125-26-205254 |
| Document: 0001193125-26-205254.txt | 0001193125-26-205254 |
| 8-K Data (Synthetic) | 0001193125-26-205254 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K | $76.27 $73.48 | ▼ −3.66% | ▼ −2.42% | $68.46 (−10.24%) |
Aug 4, 2026 8w ago | Press Release | $76.27 $73.48 | ▼ −3.66% | ▼ −2.42% | $68.46 (−10.24%) |
Jul 2, 2026 13w ago | Insider Cluster | $81.62 $77.55 | ▼ −4.99% | ▼ −4.57% | $68.46 (−16.12%) |
Jun 2, 2026 17w ago | 424B5 | $78.32 $80.27 | ▲ +2.49% | ▲ +4.05% | $68.46 (−12.59%) |
Jun 1, 2026 17w ago | 424B5 | $76.67 $81.16 | ▲ +5.86% | ▲ +7.15% | $68.46 (−10.71%) |
May 5, 2026 21w ago | 8-K | $79.73 $78.32 | ▼ −1.77% | ▼ −6.72% | $68.46 (−14.14%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access