PSEG Beats Q3 Estimates, Reaffirms 2026 Outlook

The New Jersey utility reported third-quarter non-GAAP operating earnings of $1.15 per diluted share and kept its full-year guidance unchanged.

Updated on Nov. 2, 2026 in Corporate Finance

Bold flat-color vector editorial illustration of a single steel transmission tower on open coastal land under a pale sky. — Public Service Enterprise Group beat third-quarter earnings estimates on Monday and kept its 2026 non-GAAP guidance of $4.28 to $4.40 per share unchanged. AI Illustration. Upload story photo >

Public Service Enterprise Group posted third-quarter non-GAAP operating earnings of $1.15 per diluted share, above a pre-report estimate of $1.19 per share when measured against the lower end of that range. The company also reaffirmed its 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share.

Why it matters

The results and reaffirmed guidance give investors and New Jersey ratepayers a clear read on the company's financial footing heading into 2026. Because PSEG's non-GAAP measure excludes nuclear decommissioning trust gains and losses and mark-to-market effects, the headline figures may differ from GAAP results.

Third-quarter non-GAAP operating earnings rose to $574 million from $565 million a year earlier, while operating revenue fell to $3.02 billion from $3.226 billion. GAAP net income dropped to $376 million, or $0.76 per share, from $622 million, or $1.24 per share, and the reasons for the revenue decline are not addressed in the results.

The players

Public Service Enterprise Group (PSEG)

A New Jersey-based utility holding company whose operating subsidiaries deliver electricity and natural gas to customers across the state.

The details

PSEG released its third-quarter results on Monday, Nov. 2, at 7:30 a.m. ET, covering the quarter ended Sept. 30. The results updated the company's Oct. 30 earnings preview and came in slightly below one pre-report revenue estimate of $3.25 billion.

Sept. 30, 2025: Year-earlier quarter ended, serving as the prior-year comparison period.
Sept. 30, 2026: Third quarter ended.
Oct. 30, 2026: PSEG published its earnings preview ahead of release.
Nov. 2, 2026, 7:30 a.m. ET: PSEG released third-quarter results.

Market Landscape

PSEG's third-quarter non-GAAP earnings of $574 million edged up from $565 million a year earlier, while its operating revenue declined from $3.226 billion to $3.02 billion. The divergence between flat-to-higher earnings and lower revenue sets the company's reaffirmed 2026 guidance of $4.28 to $4.40 per share against the backdrop of its own prior-year performance.

Investors tracking PSEG can use the reaffirmed 2026 guidance of $4.28 to $4.40 per share as a benchmark for evaluating future quarterly results. Because the non-GAAP figures exclude nuclear decommissioning trust and mark-to-market effects, shareholders should compare them with GAAP net income before drawing conclusions about underlying profitability.

The takeaway

A quarter that shows earnings holding steady despite lower revenue is worth watching against the full-year guidance, since the company has signaled it expects to stay within its current range. Readers should track whether later quarters confirm that trend.