Public Service Enterprise Group (PEG) Q1 2026 earnings summary

Executive summary

• Q1 2026 net income was $741 million ($1.48 per share), up from $589 million ($1.18 per share) in Q1 2025, with non-GAAP operating earnings of $778 million ($1.55 per share), up from $718 million ($1.43 per share) year-over-year.

• Maintained 2026 non-GAAP operating earnings guidance of $4.28–$4.40 per share, representing ~7% growth over 2025.

• Strong operational reliability and rapid storm response during severe winter weather, with a 95.5% nuclear capacity factor.

• Continued investment in infrastructure, energy efficiency, and system modernization, with $0.8 billion invested in Q1 and a $4.2 billion capital plan for 2026.

• Dividend increased to an annualized rate of $2.68 per share for 2026, marking the 15th consecutive annual increase.

Financial highlights

• Q1 2026 net income rose by $152 million year-over-year to $741 million; non-GAAP operating earnings increased by $60 million to $778 million.

• Operating revenues rose 19% year-over-year to $3.85 billion; operating income increased to $1.08 billion.

• Dividend per share increased to $0.67 for Q2 2026, annualized at $2.68.

• Cash flow from operations was $1,271 million in Q1 2026, up from $1,049 million in Q1 2025.

• Book value per share was $34.75, with a dividend yield of 3.3%.

Outlook and guidance

• 2026 non-GAAP operating earnings guidance maintained at $4.28–$4.40 per share.

• Long-term non-GAAP earnings growth outlook of 6–8% CAGR through 2030, with no need to issue new equity or sell assets.

• Regulated capital spending plan for 2026 is $4.2 billion, focused on infrastructure modernization and energy efficiency.

• Five-year regulated capital investment plan of $22.5–$25.5 billion through 2030; over 90% of the $24–$28 billion 2026–2030 capital program is regulated investments.

• Nuclear fleet expected to benefit from PTCs and potential license extensions.