Public Service Enterprise Group Inc.
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+ FollowMarket Cap$37.05B
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Earnings Call Q3 2026
November 2, 2026 - AI Summary
Earnings results & guidance reaffirmed (core “good” news)
- Q3 2026 net income: $0.76/share; non-GAAP operating earnings: $1.15/share (vs $1.13/share non-GAAP in Q3 2025).
- YTD through Sept 30, 2026: net income $2.91/share; non-GAAP operating earnings $3.56/share.
- 2026 outlook reaffirmed: non-GAAP operating earnings guidance $4.28 to $4.40/share (aligned with management expectations).
Utility segment drivers: solid momentum, weather impact handled well (operational “good”)
- PSE&G storm resilience: Severe nor’easter in Sept affected ~70k electric customers; nearly all restored within 24 hours.
- Regulatory/tariff tailwinds: BPU approved multiple roll-ins effective Oct 1, 2026, including:
- $14M annual revenue increase for Infrastructure Advancement Program (IAP) (electric),
- $8M annual revenue increase for EV recoveries under Clean Energy Future.
- Gas bill relief: BPU approved a 5% decrease in residential gas bills effective 10/01/2026.
- Utility margin growth offset by costs: Utility margin growth tied mainly to energy efficiency + transmission, offset by higher depreciation/interest and tax timing.
PSEG Power performance & nuclear/hedging positioning (mixed: good + watch items)
- Q3 2026 “Power and Other”: net loss of $130M (vs net income $107M in Q3 2025), but non-GAAP operating earnings $68M (vs $50M).
- Key PSEG Power improvements: Higher generation/capacity prices, lower O&M (notably absence of Hope Creek refueling outage vs prior year), partially offset by other factors.
- Nuclear output: ~8.2 TWh in Q3; 95.5% capacity factor; 23.9 TWh for first 9 months with 94.3% capacity factor.
- Hedging/basis risk discussed: Management emphasized hedges are balanced and routed through PECO (“PICO”) hub exposure, using a mix of products (direct hedges, FTRs, swaps/options). They said impacts from basis/widening spreads are more modest than some market fears, and they reaffirmed expectations that 2027 realized values remain above nuclear production tax credit (PTC) thresholds.
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$-47.52
164.9% downside
Current Fair Value
164.9% downsideOvervalued by 164.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $37.05 Billion |
|---|---|
| Enterprise Value | $61.45 Billion |
| Annual dividend | $2.64 |
| Dividend yield | 3.55% |
| Earnings per Share | $4.23 |
| Beta | 0.52 |
| Outstanding Shares | 499,000,000 |
Return
| Return on Equity | 11.61% |
|---|---|
| Return on Assets | 3.42% |
| Return on Invested Capital | 5.75% |
Valuation & Multiples
| P/E Ratio | 18.4 |
|---|---|
| PEG | -42.88 |
| Price to Sales | 2.93 |
| Price to Book Ratio | 2.15 |
| Enterprise Value to Revenue | 4.9 |
| Enterprise Value to EBIT | 19.93 |
| Enterprise Value to Net Income | 30 |
| Total Debt to Enterprise | 0.4 |
| Debt to Equity | 1.42 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 2, 2026
EPS Estimate
$1.19
Consensus analyst estimateRevenue Estimate
$3.19 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 25, 2027
EPS Estimate
$0.80
Consensus analyst estimateRevenue Estimate
$3.34 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 50.30% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.36%▼ 74.60% |
|---|---|
| Total Invested | $1.13B▼ 96.42% |
| Investors Holding | 461▼ 871.00% |
About Public Service Enterprise Group Inc.
12,945 employees
CEO: Ralph Izzo
Public Service Enterprise Group Inc. (PSEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas...