PSEG Q3 Net Income Falls 39.5% on Trust Losses as Operating Earnings Rise
Public Service Enterprise Group's third-quarter net income fell 39.5% as mark-to-market and nuclear trust losses hit its power business, but the New Jersey utility's adjusted earnings edged higher and it kept its full-year outlook.
Net income was $376 million, or 76 cents per share, down from $622 million, or $1.24, a year earlier, PSEG said in an 8-K Monday. Non-GAAP operating earnings rose to $574 million, or $1.15 per share, from $565 million, or $1.13.
The gap came from PSEG Power & Other, which posted a net loss of $130 million compared with net income of $107 million a year ago. The company said the loss reflects losses tied to mark-to-market accounting and its Nuclear Decommissioning Trust, which are excluded from operating earnings. On an operating basis, that segment earned $68 million, up from $50 million.
Utility side
The regulated utility, PSE&G, earned $506 million, down from $515 million. Investments in energy efficiency and transmission and customer growth were more than offset by higher depreciation and interest costs on investments not yet reflected in rates, plus the timing of taxes, according to the release.
PSEG Nuclear supplied 8.2 terawatt-hours during the quarter at a 95.5% capacity factor.
Outlook
PSEG reaffirmed 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share. Chair, President and CEO Ralph LaRossa said the company still targets 6% to 8% compound annual operating earnings growth through 2030 and can fund its $24 billion to $28 billion five-year capital plan without issuing new equity or selling assets.
By the numbers
- $0.76 GAAP EPS vs. $1.24 a year ago
- $1.15 non-GAAP operating EPS vs. $1.13
- $(130) million Power & Other net loss
- $4.28 to $4.40 2026 operating EPS guidance, reaffirmed
Sources
- Public Service Enterprise Group Form 8-K with third-quarter 2026 earnings release, filed Nov. 2, 2026 (accession 0001193125-26-442778)
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