Public Service Enterprise Group (PEG) Q1 FY2026 earnings: revenue $3.8 billion, up 19.4% on the year

Public Service Enterprise Group Inc. (PEG) reported revenue of $3.8 billion for Q1 FY2026, the quarter ended 31 March 2026, up 19.4% on the same quarter a year earlier. Net income was $741 million, up 25.8% on the year, and diluted earnings per share $1.48. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.

Revenue

$3.8 billion

+19.4% on the year · +32.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

27.9%

24.7% a year earlier

Q2 FY2024Q1 FY2026

Net income

$741 million

+25.8% on the year · +135.2% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.48

+25.4% on the year · +134.9% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 kept.

Net income and operating earnings rose: Net income was $741 million, or $1.48 per diluted share, against $589 million and $1.18 a year earlier. Non-GAAP Operating Earnings were $778 million, or $1.55 per share, against $718 million and $1.43.
PSE&G earnings rose to $577 million: PSE&G net income, equal to non-GAAP Operating Earnings, was $577 million against $546 million. The company cites investment in Energy Efficiency, Gas System Modernization and Transmission, and gas demand seasonality.
PSEG Power drivers: prices and volume: Higher realized prices and lower operation and maintenance costs were offset in part by lower generating volume and the absence of zero emission certificates.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,848	2,915	3,222	+32.0%	+19.4%
Cost of revenue	1,507	1,014	1,186	+48.6%	+27.1%
Gross profit	2,341	1,901	2,036	+23.1%	+15.0%
Gross margin	60.8%	65.2%	63.2%
Operating income	1,075	511	797	+110.4%	+34.9%
Operating margin	27.9%	17.5%	24.7%
Interest expense	272	263	241	+3.4%	+12.9%
Pre-tax income	848	311	617	+172.7%	+37.4%
Income tax	107	-4.0	28.0		+282.1%
Effective tax rate	12.6%	-1.3%	4.5%
Net income	741	315	589	+135.2%	+25.8%
Net margin	19.3%	10.8%	18.3%
Diluted EPS	$1.48	$0.63	$1.18	+134.9%	+25.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,271	721	1,049	+76.3%	+21.2%
Capital expenditure	693	1,129	628	-38.6%	+10.4%
Free cash flow	578	-408	421		+37.3%
Free cash flow margin	15.0%	-14.0%	13.1%
Cash from investing	-736	-1,248	-618
Cash from financing	-263	323	345
Dividends paid	334	315	314	+6.0%	+6.4%
Dividend per share	$0.67	n/a	$0.63		+6.3%
Diluted shares, weighted	500m	501m	500m	-0.2%	0.0%
Shares outstanding at period end	498m	498m	499m	+0.1%	-0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	17,303	16,982	16,370	+1.9%	+5.7%
Debt	24,255	24,074	23,398	+0.8%	+3.7%
Operating lease liabilities	144	128	150	+12.5%	-4.0%
Other liabilities	16,243	16,392	15,657	-0.9%	+3.7%
Total liabilities and equity	57,945	57,576	55,575	+0.6%	+4.3%
Investments	391	372	239	+5.1%	+63.6%
Cash and equivalents	404	132	894	+206.1%	-54.8%
Receivables	2,067	1,888	1,772	+9.5%	+16.6%
Other assets	55,083	55,184	52,670	-0.2%	+4.6%
Total assets	57,945	57,576	55,575	+0.6%	+4.3%

Questions

What was Public Service Enterprise Group's revenue in Q1 FY2026?

Public Service Enterprise Group (PEG) reported revenue of $3.8 billion for Q1 FY2026, the quarter ended 31 March 2026, up 19.4% on the same quarter a year earlier.

How much did Public Service Enterprise Group earn in Q1 FY2026?

Net income for Q1 FY2026 was $741 million, up 25.8% on the year, and diluted earnings per share $1.48.

When did Public Service Enterprise Group report Q1 FY2026 results?

Public Service Enterprise Group filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,056	2,313	2,076	2,272	3,139	3,755	2,421	2,456	2,605	2,760	2,423	2,642	2,465	3,222	2,805	3,226	2,915	3,848	2,554	3,020
Cost of revenue	1,004	1,245	765	1,012	996	1,082	604	831	743	997	732	899	765	1,186	826	1,133	1,014	1,507	866	1,125
Gross profit	2,052	1,068	1,311	1,260	2,143	2,673	1,817	1,625	1,862	1,763	1,691	1,743	1,700	2,036	1,979	2,093	1,901	2,341	1,688	1,895
Gross margin	67%	46%	63%	55%	68%	71%	75%	66%	71%	64%	70%	66%	69%	63%	71%	65%	65%	61%	66%	63%
Operating income	902	-52.0	296	173	964	1,648	794	551	692	685	582	641	445	797	817	855	511	1,075	461	622
Operating margin	30%	-2%	14%	8%	31%	44%	33%	22%	27%	25%	24%	24%	18%	25%	29%	27%	18%	28%	18%	21%
Interest expense	134	137	150	163	178	180	185	185	198	205	218	227	232	241	248	253	263	272	269	280
Pre-tax income	631	-154	98.0	55.0	1,003	1,585	744	65.0	687	629	437	559	200	617	726	720	311	848	398	379
Tax rate	29%	n/a	-34%	-107%	21%	19%	21%	-114%	21%	15%	1%	7%	-43%	5%	19%	14%	-1%	13%	16%	1%
Net income	445	-2.0	131	114	788	1,287	591	139	546	532	434	520	286	589	585	622	315	741	334	376
Net margin	15%	-0%	6%	5%	25%	34%	24%	6%	21%	19%	18%	20%	12%	18%	21%	19%	11%	19%	13%	12%
Diluted EPS	$0.88	$0.00	$0.26	$0.22	$1.58	$2.58	$1.18	$0.27	$1.10	$1.06	$0.87	$1.04	$0.57	$1.18	$1.17	$1.24	$0.63	$1.48	$0.67	$0.76
Operating cash flow	558	472	-116	345	802	1,837	572	687	710	661	482	623	367	1,049	478	1,050	721	1,271	550	716
Capital expenditure	673	686	605	797	800	739	705	916	965	797	837	768	978	628	787	728	1,129	693	766	843
Free cash flow	-115	-214	-721	-452	2.0	1,098	-133	-229	-255	-136	-355	-145	-611	421	-309	322	-408	578	-216	-127
Buybacks	0.0	500	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	258	271	270	269	269	284	285	284	284	299	299	299	299	314	315	314	315	334	334	334
Shares outstanding	504m	499m	499m	499m	497m	499m	499m	498m	498m	498m	498m	498m	498m	499m	499m	499m	498m	498m	498m	499m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 5 May 2026: the filing.