Public Service Enterprise Group Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 4 August 2026: press release. Guidance figures: 2 kept. The quarter’s numbers.

Key takeaways

Non-GAAP EPS rose to $0.86: Non-GAAP Operating Earnings were $425 million, or $0.86 per diluted share, against $384 million and $0.77 a year earlier. GAAP net income was $334 million, or $0.67 per share. Source
Net income fell on mark-to-market loss: Net income was $334 million against $585 million. This quarter's reconciling items included a $258 million pre-tax mark-to-market loss, against a $190 million gain a year earlier. Source
PSE&G earnings rose modestly: PSE&G non-GAAP Operating Earnings were $342 million against $332 million. Investments in energy efficiency, gas modernization and transmission were partly offset by higher operation and maintenance costs and a prior year transmission true-up. Source
Early July storm caused major damage: Early July heatwaves and thunderstorms with 70 mile per hour winds caused one of the most damaging storms in the company's history, according to management. Source
Realized prices lifted Power results: PSEG Power & Other results reflected higher realized prices and an increase in nuclear generation, partly offset by the absence of zero emission certificates. Source
Operating cash flow rose: Six-month operating cash flow was $1,821 million against $1,527 million. Investing outflows were $1,451 million and financing outflows were $310 million. Source

“our teams delivered solid financial and operational results for the second quarter and first half of 2026, enabling us to maintain PSEG’s full-year 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share.”
Ralph LaRossa, PSEG’s chair, president and CEO

Guidance

Area	Period	Figure	Against last quarter
2026 non-GAAP Operating Earnings per share Source	full year 2026	$4.28 - $4.40	Kept
Five-year non-GAAP Operating Earnings growth Source	through 2030	6% to 8%	Kept
Five-year capital investment program Source	five years	$24 billion to $28 billion

What changed from last quarter

New: PSE&G filed for a 5% cut to residential gas bills, after the first quarter release had kept residential gas rates flat for the rest of the 2025-2026 winter season. Source

Second quarter results

Non-GAAP EPS rose to $0.86: Non-GAAP Operating Earnings were $425 million, or $0.86 per diluted share, against $384 million and $0.77 a year earlier. GAAP net income was $334 million, or $0.67 per share. Source
Six-month non-GAAP EPS reached $2.41: Six-month non-GAAP Operating Earnings were $1,203 million, or $2.41 per diluted share, against $1,102 million and $2.20 a year earlier. Six-month GAAP net income was $1,075 million. Source
Net income fell on mark-to-market loss: Net income was $334 million against $585 million. This quarter's reconciling items included a $258 million pre-tax mark-to-market loss, against a $190 million gain a year earlier. Source
Consolidated revenue declined year on year: Consolidated operating revenues were $2,554 million against $2,805 million a year earlier, with PSE&G at $2,137 million and PSEG Power & Other at $534 million. Source

Segment earnings

PSE&G earnings rose modestly: PSE&G non-GAAP Operating Earnings were $342 million against $332 million. Investments in energy efficiency, gas modernization and transmission were partly offset by higher operation and maintenance costs and a prior year transmission true-up. Source
PSEG Power non-GAAP earnings rose: PSEG Power & Other non-GAAP Operating Earnings were $83 million against $52 million. Its GAAP net result was a loss of $8 million, against net income of $253 million a year earlier. Source
Six-month split between segments: Six-month non-GAAP Operating Earnings were $919 million at PSE&G, against $878 million a year earlier, and $284 million at PSEG Power & Other, against $224 million. Source

“We are also reaffirming PSEG’s five-year, non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030”
Ralph LaRossa, PSEG’s chair, president and CEO

Storm response and reliability

Early July storm caused major damage: Early July heatwaves and thunderstorms with 70 mile per hour winds caused one of the most damaging storms in the company's history, according to management. Source
About 380,000 customers reconnected: PSE&G reconnected about 380,000 customers, with nearly all restored within 24 hours of losing power. Management linked the speed of restoration to its system-reliability investments. Source
Crews and customer messaging scaled up: Restoration was led by over 330 crews, and PSE&G made over 10 million proactive customer communications during the event. Source

Demand and sales volumes

Electric sales rose in quarter: PSE&G electric sales totalled 9,629 million kWh, up 2% from last year. Residential sales rose 3% and commercial and industrial sales rose 1% for the quarter. Source
Weather ran hotter than last year: Summer temperature-humidity hours were 5,477 against 4,246 normal, a 9% change from last year. Winter degree days were 457 against 468 normal, a 23% change. Source
Firm gas sales dipped slightly: Total firm gas sales were 351 million therms for the quarter, down 1%. Residential firm sales fell 4% while commercial and industrial firm sales rose 1%. Source
Non-firm gas sales fell sharply: Commercial and industrial non-firm gas sales fell 45% to 190 million therms for the quarter. Total gas sales fell 23% to 541 million therms. Source
Peak summer load hit 14-year high: PSE&G's summer peak load reached 10,446 MW on July 2, and Demand Response was activated during three separate events in the early July heatwave. Source

“our solid balance sheet enables the funding of PSEG’s total five-year capital investment program of $24 billion to $28 billion without the need to issue new equity or sell assets”
Ralph LaRossa, PSEG’s chair, president and CEO

Power prices and nuclear output

Realized prices lifted Power results: PSEG Power & Other results reflected higher realized prices and an increase in nuclear generation, partly offset by the absence of zero emission certificates. Source
Zero emission certificates ended: Zero emission certificates ended in May 2025, and higher interest expense and taxes also weighed on PSEG Power & Other results this quarter. Source
Nuclear performance held up: PSEG Nuclear supplied 7.8 TWh of carbon-free baseload generation and achieved a 92.0% capacity factor, including a second consecutive breaker to breaker run at Salem Unit 2. Source
New Jersey nuclear output rose: New Jersey nuclear generation was 4,952 GWh against 4,670 GWh a year earlier, while Pennsylvania output was 2,835 GWh against 2,841 GWh. Source
Trust and mark-to-market reconciling items: Nuclear decommissioning trust activity was a pre-tax gain of $153 million this quarter, against $108 million a year earlier, and is excluded from non-GAAP Operating Earnings. Source

Operating costs and interest

Operation and maintenance costs rose: Consolidated operation and maintenance expense was $906 million against $854 million. PSE&G's portion was $545 million against $504 million. Source
Depreciation and interest increased: Depreciation and amortization was $321 million against $308 million. Interest expense was $269 million against $248 million a year earlier. Source
Income tax expense fell: Income tax expense was $64 million in the quarter, against $141 million a year earlier. Source

Cash, debt and dividends

Operating cash flow rose: Six-month operating cash flow was $1,821 million against $1,527 million. Investing outflows were $1,451 million and financing outflows were $310 million. Source
Total debt rose, commercial paper fell: Total debt was $24,541 million at June 30, against $24,074 million at December 31, 2025. Commercial paper and loans fell to $950 million from $1,529 million. Source
Dividends paid per share increased: Dividends paid were $0.67 per share in the quarter, against $0.63 a year earlier. Six-month dividends were $1.34 per share, against $1.26, and the dividend yield was 3.3%. Source
Book value per share rose: Book value per common share was $34.79 at June 30, against $33.43 a year earlier. The stock price at period end was $81.16. Source

Customer programs and long-term plan

Clean Energy Future savings reported: Clean Energy Future programs now generate more than $1 billion in annual customer savings, and have helped nearly 525,000 customers save energy since 2020. Source
Energy efficiency supported jobs: Energy efficiency investments supported approximately 9,300 jobs statewide, including a network of more than 1,000 trade and union allies. Source
Potential nuclear contracts under discussion: Management said the company is pursuing incremental opportunities beyond its long-term forecast, including potential multi-year contracts for its nuclear output. Source

Coming up, as management said on 4 August 2026

Gas bill reduction starts October 1: The proposed 5% residential gas bill reduction is set to begin October 1, according to the filing described in the release. Source

Figures management reported

Figure	Reported
Capital plan Source	$24 billion to $28 billion five-year capital investment program
EPS growth target Source	6% to 8% non-GAAP Operating Earnings growth, five years through 2030
Load growth Source	electric sales up 2% for the quarter and 3% for six months; summer peak 10,446 MW

Risks management discussed

Operational: Early July storm damage was described as among the most damaging in the company's history, affecting restoration and reliability. Source
External: Management said it cannot reliably project future mark-to-market and nuclear trust gains or losses because of market volatility. Source
Financial: PSEG Power & Other results were affected by higher interest expense and taxes this quarter. Source

Earlier plans management reported on

Not stated: Management said the company is able to maintain the full-year 2026 guidance range, as stated in the earlier release. Source
Not stated: Management reaffirmed the five-year growth range, which it had previously given as a compound annual rate through 2030. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Public Service Enterprise Group 80 Park Plaza Newark, NJ 07102

PSEG ANNOUNCES SECOND QUARTER 2026 RESULTS

$0.67 PER SHARE NET INCOME

$0.86 PER SHARE NON-GAAP OPERATING EARNINGS

Maintains 2026 Non-GAAP Operating Earnings Guidance of $4.28 - $4.40 Per Share

(NEWARK, N.J. - August 4, 2026) Public Service Enterprise Group (NYSE: PEG) reported the following results for the second quarter and six months ended June 30, 2026:

PSEG Consolidated (unaudited)

Second Quarter Comparative Results

	Income		Earnings Per Share
($ millions, except per share amounts)	2026	2025	2026	2025
Net Income	$334	$585	$0.67	$1.17
Reconciling Items	91	(201)	0.19	(0.40)
Non-GAAP Operating Earnings	$425	$384	$0.86	$0.77
Average Shares Outstanding (Diluted)			499	500

See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings.

PSEG Consolidated (unaudited)

Six Months Ended June 30 Comparative Results

	Income		Earnings Per Share
($ millions, except per share amounts)	2026	2025	2026	2025
Net Income	$1,075	$1,174	$2.15	$2.35
Reconciling Items	128	(72)	0.26	(0.15)
Non-GAAP Operating Earnings	$1,203	$1,102	$2.41	$2.20
Average Shares Outstanding (Diluted)			499	500

See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings.

“The efficient execution of PSEG’s strategic plan continues to benefit our customers with a resilient and reliable electric and gas system. In early July, these systems withstood a series of heatwaves and successive thunderstorms - accompanied by 70 mile per hour winds - that resulted in one of the most damaging storms in our history,” said Ralph LaRossa, PSEG’s chair, president and CEO.

LaRossa continued, “PSE&G reconnected approximately 380,000 customers with nearly all customers restored within 24 hours of losing power, demonstrating the value of our system-reliability investments as well as our ability to respond quickly and safely. PSE&G’s around-the-clock restoration efforts were led by over 330 crews and over 10 million proactive customer communications.”

“PSE&G reached a peak summer load of 10,446 MW on July 2, the highest in 14 years, and activated Demand Response - part of our Clean Energy Future programs - during three separate events throughout the early July heatwave. These peak demands amplify the importance of our suite of award-winning Clean Energy Future programs, which now generate more than $1 billion in annual customer savings, helping nearly 525,000 residential and business customers save energy and lower utility bills since the program started in 2020. PSE&G’s energy efficiency investments have supported approximately 9,300 jobs statewide, including a network of more than 1,000 trade and union allies.”

“During the quarter, PSE&G filed with the New Jersey Board of Public Utilities to lower residential gas bills by 5%, beginning October 1, continuing to benefit our customers with the lowest gas utility bills in New Jersey and the Mid-Atlantic Region.”

“PSEG Nuclear also performed well during the quarter, supplying the grid with 7.8 TWh of carbon-free, 24 by 7 baseload generation and achieving a capacity factor of 92.0% that included a second consecutive breaker to breaker run at Salem Unit 2.”

“In addition to an exemplary storm response, our teams delivered solid financial and operational results for the second quarter and first half of 2026, enabling us to maintain PSEG’s full-year 2026 non-GAAP Operating Earnings guidance of $4.28 to $4.40 per share. We are also reaffirming PSEG’s five-year, non-GAAP Operating Earnings growth outlook of 6% to 8% through 2030 as we continue to pursue opportunities incremental to our long-term forecast, including the potential to contract our nuclear output under multi-year agreements. Importantly, our solid balance sheet enables the funding of PSEG’s total five-year capital investment program of $24 billion to $28 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth,” LaRossa concluded.

PSEG Results by Segment (unaudited)

Second Quarter and Six Months Ended June 30, Comparative Results

($ millions)	2Q 2026	2Q 2025	YTD 2026	YTD 2025
PSE&G Net Income/Non-GAAP Operating Earnings	$342	$332	$919	$878
PSEG Power & Other Net Income/(Loss)	(8)	253	156	296
Total PSEG Net Income	$334	$585	$1,075	$1,174
PSEG Power & Other Non-GAAP Operating Earnings	$83	$52	$284	$224
Total PSEG Non-GAAP Operating Earnings	$425	$384	$1,203	$1,102

PSE&G’s results for the second quarter reflect ongoing investments in Energy Efficiency, Gas System Modernization and Transmission. These results were partially offset by higher operation and maintenance costs as well as higher depreciation and interest expense related to incremental investments and a prior year Transmission true up.

PSEG Power & Other results for the quarter reflect higher realized prices and an increase in nuclear generation, partly offset by the absence of zero emission certificates which ended May 2025, and higher interest expense and taxes.

PSEG will host a conference call to review its second quarter 2026 results, earnings guidance, and other matters with the financial community at 11:00 a.m. ET today. Please register to access this event by visiting: https://investor.pseg.com/investor-news-and-events

About PSEG

Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey’s largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. PSEG aims to power a future where people use energy more efficiently, and it’s safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Best in Class North America Index for 18 consecutive years. PSEG’s businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).

Non-GAAP Financial Measures

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG’s financial performance to previous financial results. Operating Earnings is a non-GAAP financial measure that differs from Net Income. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items.

See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies.

Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.

Forward-Looking Statements

Forward-looking statements notice

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects;
significant resource adequacy challenges that present affordability and reliability concerns and that could cause policymakers to implement responsive measures that could have a material, adverse impact on our business, strategy, growth rates, cash flows, results of operations, and financial condition and increase regulatory uncertainty for utility investment initiatives and programs;
the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;
any equipment failures, gas explosions, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers;
any inability to recover the carrying amount of our long-lived assets;
disruptions or cost increases in our supply chain, including labor shortages;
any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;
the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;
failure to attract and retain a qualified workforce;
increases in the costs of equipment, materials, fuel, services and labor;
the impact of our covenants in our debt instruments and credit agreements on our business;
adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements;
any inability to enter into or extend certain significant contracts;
development, adoption and use of Artificial Intelligence by us and our third-party vendors;
fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;
the ability to obtain adequate nuclear fuel supply;
changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;
any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules;
risks associated with generation activities at, and operation of, the Peach Bottom plants, which are similar to those to which nuclear generation plants that we operate are subject;
the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;
PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned;
our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, and/or production tax credits;
adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;
risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks;
changes in or violation of federal, state and local environmental laws and regulations and enforcement;
delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and
changes in tax laws and regulations.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this press release or the Form 8-K to which it is an exhibit.

Attachment 1

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

	Three Months Ended June 30, 2026
	PSEG	Eliminations	PSE&G	PSEG Power & Other
OPERATING REVENUES	$2,554	$(117)	$2,137	$534
OPERATING EXPENSES
Energy Costs	866	(117)	776	207
Operation and Maintenance	906	-	545	361
Depreciation and Amortization	321	-	286	35
Total Operating Expenses	2,093	(117)	1,607	603
OPERATING INCOME	461	-	530	(69)
Net Gains (Losses) on Trust Investments	144	-	-	144
Net Other Income (Deductions)	41	-	17	24
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)	21	-	20	1
Interest Expense	(269)	-	(174)	(95)
INCOME BEFORE INCOME TAXES	398	-	393	5
Income Tax Expense	(64)	-	(51)	(13)
NET INCOME (LOSS)	$334	$ -	$342	$(8)
Reconciling Items Excluded from Net Income (Loss)	91	-	-	91
OPERATING EARNINGS (non-GAAP)	$425	$ -	$342	$83
Earnings Per Share
NET INCOME	$0.67
Reconciling Items Excluded from Net Income	0.19
OPERATING EARNINGS (non-GAAP)	$0.86

	Three Months Ended June 30, 2025
	PSEG	Eliminations	PSE&G	PSEG Power & Other
OPERATING REVENUES	$2,805	$(146)	$2,031	$920
OPERATING EXPENSES
Energy Costs	826	(146)	760	212
Operation and Maintenance	854	-	504	350
Depreciation and Amortization	308	-	275	33
Total Operating Expenses	1,988	(146)	1,539	595
OPERATING INCOME	817	-	492	325
Net Gains (Losses) on Trust Investments	95	-	-	95
Net Other Income (Deductions)	46	(1)	16	31
Net Non-Operating Pension and OPEB Credits (Costs)	16	-	18	(2)
Interest Expense	(248)	1	(161)	(88)
INCOME BEFORE INCOME TAXES	726	-	365	361
Income Tax Expense	(141)	-	(33)	(108)
NET INCOME	$585	$ -	$332	$253
Reconciling Items Excluded from Net Income	(201)	-	-	(201)
OPERATING EARNINGS (non-GAAP)	$384	$ -	$332	$52
Earnings Per Share
NET INCOME	$1.17
Reconciling Items Excluded from Net Income	(0.40)
OPERATING EARNINGS (non-GAAP)	$0.77

Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.
See Attachments 8 and 9 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP).

Attachment 2

Public Service Enterprise Group Incorporated

Consolidating Statements of Operations

(Unaudited, $ millions, except per share data)

	Six Months Ended June 30, 2026
	PSEG	Eliminations	PSE&G	PSEG Power & Other
OPERATING REVENUES	$6,402	$(770)	$5,222	$1,950
OPERATING EXPENSES
Energy Costs	2,373	(770)	2,134	1,009
Operation and Maintenance	1,843	-	1,182	661
Depreciation and Amortization	650	-	581	69
Total Operating Expenses	4,866	(770)	3,897	1,739
OPERATING INCOME	1,536	-	1,325	211
Net Gains (Losses) on Trust Investments	127	-	-	127
Net Other Income (Deductions)	84	-	36	48
Net Non-Operating Pension and OPEB Credits (Costs)	40	-	37	3
Interest Expense	(541)	-	(349)	(192)
INCOME BEFORE INCOME TAXES	1,246	-	1,049	197
Income Tax Expense	(171)	-	(130)	(41)
NET INCOME	$1,075	$ -	$919	$156
Reconciling Items Excluded from Net Income	128	-	-	128
OPERATING EARNINGS (non-GAAP)	$1,203	$ -	$919	$284
Earnings Per Share
NET INCOME	$2.15
Reconciling Items Excluded from Net Income	0.26
OPERATING EARNINGS (non-GAAP)	$2.41

	Six Months Ended June 30, 2025
	PSEG	Eliminations	PSE&G	PSEG Power & Other
OPERATING REVENUES	$6,027	$(680)	$4,695	$2,012
OPERATING EXPENSES
Energy Costs	2,012	(680)	1,854	838
Operation and Maintenance	1,773	-	1,080	693
Depreciation and Amortization	628	-	555	73
Total Operating Expenses	4,413	(680)	3,489	1,604
OPERATING INCOME	1,614	-	1,206	408
Net Gains (Losses) on Trust Investments	103	-	-	103
Net Other Income (Deductions)	83	(2)	32	53
Net Non-Operating Pension and OPEB Credits (Costs)	32	-	35	(3)
Interest Expense	(489)	2	(318)	(173)
INCOME BEFORE INCOME TAXES	1,343	-	955	388
Income Tax Expense	(169)	-	(77)	(92)
NET INCOME	$1,174	$ -	$878	$296
Reconciling Items Excluded from Net Income	(72)	-	-	(72)
OPERATING EARNINGS (non-GAAP)	$1,102	$ -	$878	$224
Earnings Per Share
NET INCOME	$2.35
Reconciling Items Excluded from Net Income	(0.15)
OPERATING EARNINGS (non-GAAP)	$2.20

Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.
See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).

Attachment 3

Public Service Enterprise Group Incorporated

Capitalization Schedule

(Unaudited, $ millions)

	June 30, 2026	December 31, 2025
DEBT
Commercial Paper and Loans	$950	$1,529
Long-Term Debt*	23,591	22,545
Total Debt	24,541	24,074
STOCKHOLDERS’ EQUITY
Common Stock	5,026	5,062
Treasury Stock	(1,471)	(1,435)
Retained Earnings	13,853	13,446
Accumulated Other Comprehensive Loss	(79)	(91)
Total Stockholders’ Equity	17,329	16,982
Total Capitalization	$41,870	$41,056

* Includes current portion of Long-Term Debt

Attachment 4

Public Service Enterprise Group Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited, $ millions)

	Six Months Ended June 30,
	2026	2025
Cash Flows From Operating Activities
Net Income	$1,075	$1,174
Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities	746	353
Net Cash Provided By (Used In) Operating Activities	1,821	1,527
Net Cash Provided By (Used In) Investing Activities	(1,451)	(1,388)
Net Cash Provided By (Used In) Financing Activities	(310)	(78)
Net Change in Cash, Cash Equivalents and Restricted Cash	60	61
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	156	154
Cash, Cash Equivalents and Restricted Cash at End of Period	$216	$215

Attachment 5

Public Service Electric & Gas Company

Retail Sales

(Unaudited)

June 30, 2026

Electric Sales

Sales (millions kWh)	Three Months Ended	Change vs. 2025	Six Months Ended	Change vs. 2025
Residential	3,242	3%	6,732	5%
Commercial & Industrial	6,316	1%	13,100	2%
Other	71	16%	168	4%
Total	9,629	2%	20,000	3%

Gas Sold and Transported

Sales (millions therms)	Three Months Ended	Change vs. 2025	Six Months Ended	Change vs. 2025
Firm Sales
Residential Sales	188	(4%)	980	4%
Commercial & Industrial	163	1%	674	3%
Total Firm Sales	351	(1%)	1,654	4%
Non-Firm Sales*
Commercial & Industrial	190	(45%)	351	(26%)
Total Non-Firm Sales	190		351
Total Sales	541	(23%)	2,005	(3%)

* Contract Service Gas rate included in non-firm sales

Weather Data*

	Three Months Ended	Change vs. 2025	Six Months Ended	Change vs. 2025
THI Hours - Actual	5,477	9%	5,598	9%
THI Hours - Normal	4,246		4,267
Degree Days - Actual	457	23%	3,018	10%
Degree Days - Normal	468		2,919

* Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F - the average hourly daily temperature. Summer weather is measured by the temperature-humidity index (THI), which takes into account both the temperature and the humidity to measure the need for air conditioning. Both measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data.

Attachment 6

Nuclear Generation Measures

(Unaudited)

	GWh Breakdown		GWh Breakdown
	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Nuclear - NJ	4,952	4,670	10,044	10,134
Nuclear - PA	2,835	2,841	5,732	5,732
	7,787	7,511	15,776	15,866

Attachment 7

Public Service Enterprise Group Incorporated

Statistical Measures

(Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Weighted Average Common Shares Outstanding (millions)
Basic	498	499	498	499
Diluted	499	500	499	500
Stock Price at End of Period			$81.16	$84.18
Dividends Paid per Share of Common Stock	$0.67	$0.63	$1.34	$1.26
Dividend Yield			3.3%	3.0%
Book Value per Common Share			$34.79	$33.43
Market Price as a Percent of Book Value			233%	252%

Attachment 8

Public Service Enterprise Group Incorporated

Consolidated Operating Earnings (non-GAAP) Reconciliation

Reconciling Items	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	($ millions, Unaudited)
Net Income		$334		$585		$1,075		$1,174
(Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax		(153)		(108)		(147)		(120)
(Gain) Loss on Mark-to-Market (MTM), pre-tax		258		(190)		299		(2)
Income Taxes related to Operating Earnings (non-GAAP) reconciling items		(14)		97		(24)		50
Operating Earnings (non-GAAP)		$425		$384		$1,203		$1,102
PSEG Fully Diluted Average Shares Outstanding (in millions)		499		500		499		500
	($ Per Share Impact - Diluted, Unaudited)
Net Income		$0.67		$1.17		$2.15		$2.35
(Gain) Loss on NDT Fund Related Activity, pre-tax		(0.30)		(0.22)		(0.29)		(0.25)
(Gain) Loss on MTM, pre-tax		0.52		(0.38)		0.60		-
Income Taxes related to Operating Earnings (non-GAAP) reconciling items		(0.03)		0.20		(0.05)		0.10
Operating Earnings (non-GAAP)		$0.86		$0.77		$2.41		$2.20

Includes the financial impact from positions with forward delivery months.
Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.

Attachment 9

PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation

Reconciling Items	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	($ millions, Unaudited)
Net Income (Loss)		$(8)		$253		$156		$296
(Gain) Loss on NDT Fund Related Activity, pre-tax		(153)		(108)		(147)		(120)
(Gain) Loss on MTM, pre-tax		258		(190)		299		(2)
Income Taxes related to Operating Earnings (non-GAAP) reconciling items		(14)		97		(24)		50
Operating Earnings (non-GAAP)		$83		$52		$284		$224
PSEG Fully Diluted Average Shares Outstanding (in millions)		499		500		499		500

Includes the financial impact from positions with forward delivery months.
Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.

Contacts
Media Relations: (973) 430-7734 · DL-ENT-pseg.communications@pseg.com
Investor Relations: (973) 430-6565 · PSEG-IR-GeneralInquiry@pseg.com