PSEG stock faces a split earnings picture after Q2 report

Published on 10/07/2026 at 01:01 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

PSEG stock faces contrasting Q2 figures as GAAP EPS fell to USD 0.67 while adjusted operating EPS reached USD 0.86. Guidance remains USD 4.28-4.40 for 2026.

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PSEG stock was quoted at USD 68.74 on the NYSE on October 6, 2026, with a 52-week range of USD 66.15 to USD 87.63 and market capitalization of USD 34.3 billion. The utility's second-quarter results present a split picture, with lower GAAP earnings but higher adjusted operating earnings.

Q2 earnings show two directions

According to Fortune on August 4, 2026, PSEG reported second-quarter GAAP net income of USD 0.67 per share, down from USD 1.17 in Q2 2025. Non-GAAP operating earnings moved in the opposite direction, reaching USD 0.86 per share versus USD 0.77 a year earlier.

Revenue also weakened. MarketBeat reports Q2 revenue of USD 2.55 billion, down 8.9% year over year and below the USD 2.66 billion consensus estimate. The contrast matters because PSEG manages and guides investors primarily through adjusted operating earnings, while GAAP results absorb market and accounting effects.

Guidance stays at USD 4.28-4.40

PSEG reaffirmed full-year 2026 non-GAAP operating earnings guidance of USD 4.28-4.40 per share in the August 4 earnings call, while maintaining a 6%-8% compound annual growth outlook through 2030. The company also kept its five-year regulated capital investment plan at USD 22.5 billion-25.5 billion through 2030.

The regulated utility invested USD 1.0 billion during Q2 and expects full-year 2026 regulated capital investment of USD 4.2 billion, according to Fortune. PSEG Power and Other posted a net loss of USD 8 million, compared with net income of USD 253 million in Q2 2025, creating a clear counterweight to the utility segment's performance.

Analysts see upside to consensus target

MarketBeat lists a Hold consensus from 17 analysts, including 1 Strong Buy, 6 Buys and 10 Holds. The average 12-month price target is USD 89.23, with a high of USD 98.00 and a low of USD 78.00; the average target lies 29.8% above the USD 68.74 stock price.

That valuation gap does not remove the operating risks. PSEG's earnings call identified a potential annual net-income headwind of USD 40 million, or USD 0.08 per share, from possible changes to the transmission return incentive beginning in 2027. For investors, the key distinction is whether regulated investment growth can offset pressure from the power segment and regulatory changes.

Next results arrive November 2

PSEG is scheduled to report third-quarter 2026 results on November 2, 2026, before the market opens, according to MarketBeat. The upcoming report will show whether the adjusted earnings trajectory remains aligned with the full-year guidance range.