01—Abstract
Summary
Summary of the 10-Q filed November 2, 2026. Cited figures are marked; the original filing is the authoritative source.
Public Service Enterprise Group Incorporated (PSEG) and its utility subsidiary Public Service Electric and Gas Company (PSE&G) filed this combined Form 10-Q for the quarter ended September 30, 2026.
PSEG's net income fell to $376 milliona ($0.76 per diluted share) for the third quarter of 2026 from $622 million ($1.24 per diluted share) in the prior-year quarter, and to $1.45 billion ($2.91 per diluted share) for the nine months from $1.80 billion ($3.59). Operating revenues were $3.02 billion for the quarter versus $3.23 billion, and $9.42 billion for the nine months versus $9.25 billion. The filing attributes the decline primarily to mark-to-market losses at PSEG Power in 2026 compared with gains in 2025, and to lower net gains on nuclear decommissioning trust investments, partly offset by higher PSE&G clause investment and capacity revenues.
PSE&G reported net income of $506 millionb for the quarter and $1.43 billion for the nine months, both roughly in line with 2025. Long-term debt at PSEG rose to $24.13 billion from $21.67 billion at year-end 2025, reflecting new issuances during the period, and cash provided by operating activities was $2.54 billion for the nine months.
Cash dividends paid were $1.00 billionc for the nine months, and the Board approved a $0.67 per share dividend for the third quarter. The filing also highlights ongoing items for investors, including a thermal shield degradation found during a Salem 1 refueling outage in October 2026 that is expected to extend the outage, pending PJM and FERC capacity market proceedings, and environmental remediation exposures such as the Lower Passaic River matter, for which PSEG has accrued approximately $66 million.
02—Key points
Key Highlights
- Third-quarter 2026 net income of $376 million ($0.76 per diluted share), down from $622 million ($1.24 per diluted share) a year earlier; nine-month net income of $1.45 billion ($2.91 per diluted share) versus $1.80 billion ($3.59).
- Decline driven mainly by PSEG Power mark-to-market losses in 2026 versus gains in 2025 (non-trading MTM net after-tax loss of $180 million for the quarter) and lower net gains on trust investments.
- PSE&G net income of $506 million for the quarter and $1.43 billion for the nine months, versus $515 million and $1.39 billion in the prior-year periods.
- Long-term debt increased to $24.13 billion at September 30, 2026 from $21.67 billion at December 31, 2025, following issuances including $2.9 billion of long-term debt in the nine months.
- Salem 1 refueling outage was extended after a visual inspection in October 2026 revealed degradation to the thermal shield inside the reactor vessel; the impact depends on testing and repairs.
- Regulatory activity includes a pending 2026 GPRC petition seeking $316 million electric and $52 million gas annual revenue increases, and a $60 million annual transmission revenue increase filed for January 1, 2027.
- Environmental exposure remains significant, including approximately $66 million accrued for the Lower Passaic River matter and PSE&G's $193 million liability for manufactured gas plant remediation.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed November 2, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $3.02B$3.23B | −6.4% |
| Operating Expenses | $2.40B$2.37B | +1.1% |
| Operating Income | $622.00M$855.00M | −27.3% |
| Interest Expense | $280.00M$253.00M | +10.7% |
| Net Income | $376.00M$622.00M | −39.5% |
| EPS (Basic) | $0.76$1.25 | −39.2% |
| EPS (Diluted) | $0.76$1.24 | −38.7% |
| Shares Outstanding (Basic) | 498.00M499.00M | −0.2% |
| Shares Outstanding (Diluted) | 499.00M501.00M | −0.4% |
05—Questions
Frequently Asked Questions
Why did PSEG's earnings decline in the third quarter of 2026?
Net income fell to $376 million from $622 million. The filing attributes the decrease primarily to mark-to-market losses at PSEG Power in 2026 compared with gains in 2025, and to lower net gains on trust investments, partially offset by continued clause investment at PSE&G and higher capacity revenues at PSEG Power.
How is PSE&G performing compared with the consolidated company?
PSE&G reported net income of $506 million for the quarter, versus $515 million in the prior-year quarter, and $1.43 billion for the nine months versus $1.39 billion. Its results are not affected by the PSEG Power mark-to-market losses that drove the consolidated decline.
Has PSEG's debt load changed?
Yes. Long-term debt rose to $24.13 billion at September 30, 2026 from $21.67 billion at year-end 2025. During the nine months, PSEG, PSE&G and PSEG Power issued several series of senior and secured notes, and PSE&G retired $875 million of maturing notes.
What are the main operational risks disclosed for the nuclear fleet?
In October 2026, a visual inspection during a scheduled refueling outage at Salem 1 revealed degradation to the thermal shield inside the reactor vessel. Testing is ongoing and is expected to extend the outage, and the financial impact depends on the timing and results of the inspection and necessary repairs.
What dividend has PSEG declared?
On July 20, 2026, the Board approved a $0.67 per share common stock dividend for the third quarter of 2026, implying an indicative annual rate of $2.68 per share. Dividends paid totaled $1.00 billion for the nine months.
06—Continue