PSEG Misses Q3 2026 Earnings and Revenue Targets but Reaffirms Full-Year Guidance

Public Service Enterprise Group Incorporated recently posted third-quarter 2026 financial results that fell short of Wall Street targets on both revenue and earnings. The utility recorded revenue of $3.02 billion for the quarter ended September 2026, marking a 6.4% decrease from the $3.23 billion reported a year earlier. The figure missed the Zacks Consensus Estimate of $3.3 billion by 8.51%.

On the bottom line, PSEG posted adjusted earnings of $1.15 per share, up from $1.13 in the same quarter last year, but below the Zacks Consensus Estimate of $1.21 per share. According to Simply Wall St, basic earnings per share from continuing operations stood at US$0.76 with net income of US$376 million. Segment results showed that the regulated utility unit, PSE&G, produced $2.53 billion in revenue and $696 million in operating income, trailing two-analyst estimates of $2.65 billion and $771.87 million, respectively. The PSEG Power & Other segment recorded an operating loss of $74 million.

Despite the quarterly shortfall, management reaffirmed its full-year 2026 non-GAAP operating earnings guidance of US$4.28 to US$4.40 per share. Management's outlook relies on funding a planned capital program of US$24 billion to US$28 billion through 2030 without issuing new equity, while working to translate increasing electricity demand from data centers and grid projects into firm contracts.

Zacks Investment Research maintained a Rank #3 (Hold) on the stock following the release. Ahead of the announcement, consensus projections tracked by Zacks anticipated fourth-quarter earnings of $0.80 per share on $2.88 billion in revenue, alongside full-year earnings of $4.38 per share on $12.56 billion in sales.

The quarterly update follows a period where PSEG's shares have lagged the broader market. According to Zacks, the stock fell approximately 7.5% from the beginning of the year through the earnings release, compared to a 10.7% gain for the S&P 500, though shares had climbed 9.1% over the prior month.