PSEG Reports Mixed Q2 2026 Results Amid Storm Response and Nuclear Performance — Public Service Enterprise Group Inc. (PSEG)

Event summary

PSEG reported Q2 2026 net income of $334 million ($0.67 per share), down from $585 million ($1.17 per share) in Q2 2025.
Non-GAAP operating earnings were $425 million ($0.86 per share), up from $384 million ($0.77 per share) in the prior-year quarter.
PSE&G restored power to approximately 380,000 customers within 24 hours after a severe storm in early July.
PSEG Nuclear achieved a capacity factor of 92.0%, including a second consecutive breaker-to-breaker run at Salem Unit 2.
The company maintained its full-year 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share.

The big picture

PSEG's Q2 2026 results reflect the company's ongoing investments in energy efficiency, gas system modernization, and transmission infrastructure. The mixed financial performance highlights the challenges of balancing operational resilience with regulatory and market dynamics. PSEG's ability to maintain its earnings guidance amid these pressures will be a key focus for investors.

What we're watching

Regulatory Dynamics: Whether PSE&G's proposed 5% reduction in residential gas bills, set to begin October 1, will be approved by the New Jersey Board of Public Utilities.
Nuclear Performance: The potential impact of contracting nuclear output under multi-year agreements on PSEG's long-term earnings growth outlook.
Capital Investment: The pace at which PSEG will execute its $24 billion to $28 billion five-year capital investment program without issuing new equity or selling assets.