PSEG Q2 2026: revenue down 9.0%, non-GAAP EPS $0.86 beats, guidance held
PSEG's clean earnings beat says the regulated utility is fine; the headline numbers say the quarter was messy. Non-GAAP operating earnings of $0.86 a share topped the $0.8074 consensus while revenue fell 9.0% to $2.554 billion and GAAP EPS dropped to $0.67. Read GAAP and non-GAAP together: mark-to-market swings on power contracts, not operations, drove the gap.
1 · Expected vs. Actual
Free preview belowGAAP EPS fell to $0.67 from $1.17, but that drop is mostly a $258 million pre-tax mark-to-market loss this quarter against a $190 million pre-tax gain a year ago. Strip those out and non-GAAP operating earnings were $0.86 a share, up from $0.77 and 6.5% above the $0.8074 consensus. Year to date, non-GAAP EPS is $2.41 versus $2.20.
Revenue of $2.554 billion fell 9.0% from $2.805 billion a year ago. PSE&G, the regulated utility, grew to $2.137 billion from $2.031 billion, but PSEG Power & Other dropped to $534 million from $920 million. On a six-month basis revenue still rose 6.2% to $6.402 billion, so the quarterly decline is a merchant-power story, not a utility-demand story.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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