Utility holding company PSEG Q3 revenue falls, maintains 2026 guidance

Overview

• U.S. regulated utility and nuclear generator's Q3 revenue declined yr/yr

• Q3 net income fell sharply from prior year

• Adjusted operating EPS rose slightly yr/yr; full-year guidance reaffirmed

• Quarterly results reflect higher depreciation, interest costs, and tax timing

Outlook

• PSEG maintains 2026 non-GAAP operating earnings guidance of $4.28-$4.40 per share

• Company targets 6%-8% compound annual growth in non-GAAP operating earnings through 2030

• PSEG plans $24 bln-$28 bln in capital investments over five years, with no new equity issuance

Result Drivers

• UTILITY INVESTMENTS - PSE&G results driven by ongoing investments in energy efficiency and transmission, and gradual increase in electric and gas customers

• HIGHER COSTS - Results offset by higher depreciation and interest costs related to incremental investments not reflected in current rates, and timing of taxes

• NUCLEAR GENERATION - PSEG Power & Other benefited from higher realized prices and increased nuclear generation, partly offset by higher taxes

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 16 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the multiline utilities peer group is "buy."

• Wall Street's median 12-month price target for Public Service Enterprise Group Incorporated is $80.50, about 8.4% above its October 30 closing price of $74.29

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 17 three months ago

Reuters Recommended Reads

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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)