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Call sheet · Q2'26

Public Service Enterprise Group (PEG)

Q2'26 earnings call · held August 4, 2026 · compared with the Q1'26 call · management-credibility review
7/12
Disclosure score
1 medium, 1 low flags
Financial quality
Bottom line
PSEG reaffirmed full-year operating EPS guidance, while Q2 GAAP and operating EPS moved in opposite directions. The near-term test is the anticipated 2026 rate filing and the recovery of invested capital. Compare load requests and generation PPAs on matching definitions, and keep customer transmission savings separate from earnings.

The 30-second version

  • GAAP and operating EPS moved in opposite directions
  • The rate-case filing is the measurable next step
  • Customer savings are not shareholder earnings

What changed this quarter

MetricQ1'26Q2'26Change
Net income EPS (GAAP)$1.48/share, vs $1.18 in Q1'25$0.67/share, vs $1.17 in Q2'25Q2 GAAP EPS declined $0.50 year over year; reconcile adjustments
Non-GAAP operating EPS$1.55/share, vs $1.43 in Q1'25$0.86/share, vs $0.77 in Q2'25Up YoY despite GAAP decline
Full-year non-GAAP operating EPS guidance$4.28-$4.40 maintained$4.28-$4.40 reaffirmedUnchanged, no revision
PSE&G segment net income$577M (Q1), vs $546M Q1'25$342M (Q2), vs $332M Q2'25Up $10M year over year; Q1 and Q2 are different seasonal periods
Power & Other net income (GAAP)$164M, vs $43M Q1'25-$8M net loss, vs $253M Q2'25Flipped to a GAAP loss
Power & Other non-GAAP operating earnings$201M, vs $172M Q1'25$83M, vs $52M Q2'25Absolute GAAP/non-GAAP difference increased; inspect the reconciliation
PJM capacity auction clearing pricePrice collar extended through 2029-2030$325/MWday, down from $333/MWday prior auction; still 6.8 GW short of reliability targetPrice capped at collar ceiling, supply gap persists
Large-load/data-center pipeline (GW)~11.8 GW disclosed, 10-20% conversion est.No directly comparable quantified update established from the cited PPA discussionUtility load interest and generation PPA interest need matching scope
Hedging commentaryPrompt year 'pretty close to fully hedged''Nothing incremental for us to disclose'No incremental call update; not proof of withdrawn hedges
Available liquidity$3.9B end of March$3.4B end of June-$500M sequentially

Accountability tracked

5 new promises made1 narrative shift flagged5 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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