01—Abstract
Summary
Summary of the 8-K filed May 5, 2026. Cited figures are marked; the original filing is the authoritative source.
Public Service Enterprise Group (PSEG) reported first-quarter 2026 results on May 5, 2026, with net income of $741 milliona, or $1.48 per diluted share, compared with $589 million, or $1.18 per share, in the first quarter of 2025.
Non-GAAP Operating Earnings were $778 millionb, or $1.55 per share, versus $718 million, or $1.43 per share, a year earlier. PSE&G contributed $577 million of Operating Earnings (up from $546 million), and PSEG Power & Other contributed $201 million (up from $172 million). Management reaffirmed 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share and said it expects 6% to 8% compound annual growth in Non-GAAP Operating Earnings through 2030 without issuing new equity or selling assets.
The quarter was shaped by extreme weather, including a winter storm the company described as the worst to hit its service territory in 30 years, and the company said PSE&G restored service within 24 hours to customers affected by that storm. The presentation states that the regulated capital spending plan for 2026 is about $4.2 billionc, that the total PSEG capital program for 2026 to 2030 is $24 billion to $28 billion, and that the company raised its indicative 2026 annual common dividend by $0.16 per share. Nuclear capacity factor was 95.5% for the quarter, versus 99.9% a year earlier, and about 95% of expected 2026 nuclear output is hedged.
The filing also reports total liquidity of about $3.9 billiond at March 31, 2026, and a consolidated debt-to-capitalization ratio of 58%. Total debt was $24.3 billion at quarter end, up from $24.1 billion at year end 2025. Operating cash flow was $1.27 billion for the quarter, compared with $1.05 billion a year earlier.
02—Key points
Key Highlights
- Net income rose to $741 million ($1.48 per share) from $589 million ($1.18 per share) in Q1 2025.
- Non-GAAP Operating Earnings were $778 million ($1.55 per share), up from $718 million ($1.43 per share).
- 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share was maintained.
- Long-term Non-GAAP Operating Earnings growth target of a 6% to 8% compound annual rate through 2030, with no need to issue new equity or sell assets.
- The indicative 2026 annual common dividend was raised by $0.16 per share, described as the 15th consecutive annual increase.
- Nuclear capacity factor was 95.5% in Q1 2026 versus 99.9% in Q1 2025; about 95% of expected 2026 nuclear output is hedged.
- Total liquidity was about $3.9 billion at March 31, 2026, and the company reported 2026 regulated capital spending of about $4.2 billion.
03—Questions
Frequently Asked Questions
What drove the increase in first-quarter earnings?
PSE&G Operating Earnings rose to $577 million from $546 million, and PSEG Power & Other Operating Earnings rose to $201 million from $172 million. The filing attributes PSEG Power & Other results to higher realized prices and lower operation and maintenance costs, partly offset by lower generating volume and the absence of zero emission certificates. PSE&G results reflect investments in energy efficiency, gas system modernization and transmission, partly offset by higher operation and maintenance, depreciation and interest expense.
Did PSEG change its 2026 earnings outlook?
No. The company maintained its 2026 Non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share. The presentation says the guidance midpoint represents about a 7% increase over 2025 results.
How does the company plan to fund its growth?
The presentation states that PSEG can fund its five-year capital spending plan without issuing equity or selling assets. The total PSEG capital program for 2026 to 2030 is $24 billion to $28 billion, with more than 90% in regulated investments. Non-GAAP FFO/Debt is projected to be in the mid-teens through 2030.
What were the main reconciling items between net income and Operating Earnings?
In Q1 2026, the reconciling items were a $6 million pre-tax loss on Nuclear Decommissioning Trust fund activity and a $41 million pre-tax loss on mark-to-market accounting, offset by $10 million in income tax effects, for a total of $37 million. In Q1 2025, the total was $129 million, driven mainly by a $188 million pre-tax mark-to-market loss.
What did the company say about the winter weather in the quarter?
The earnings release says PSEG responded to multiple extreme weather events, including the worst winter storm to hit its service territory in 30 years. The presentation says PSE&G restored service within 24 hours to all customers affected by Winter Storm Hernando and responded to more than 1,250 no-heat calls. The release also notes the highest gas send-out since 2019 during several days of single-digit temperatures.
04—Continue