PSEG Q2 Earnings: Non-GAAP Beat, Guidance Reaffirmed, No Equity Needed for $24B+ Capex Plan

summarizeSummary

PSEG's Q2 non-GAAP EPS of $0.86 beat estimates, and the company reaffirmed its 2026 guidance and long-term growth outlook, emphasizing no need for equity issuance to fund its massive capital program.

check_boxKey Events · Earnings and Guidance · PEG

• Q2 Non-GAAP EPS Beat

  Non-GAAP operating EPS of $0.86 exceeded the $0.80 consensus, up from $0.77 a year ago, driven by higher utility margins and nuclear output.

• GAAP EPS Decline on Non-Cash Items

  GAAP EPS fell to $0.67 from $1.17, largely due to mark-to-market losses and nuclear decommissioning trust swings — non-cash items excluded from operating earnings.

• Full-Year Guidance Reaffirmed

  2026 non-GAAP operating EPS guidance maintained at $4.28-$4.40, implying ~7% growth at the midpoint, with over 95% of nuclear output hedged.

• No Equity Needed for $24B-$28B Capex

  Management stated the five-year capital plan can be funded without issuing new equity or selling assets, removing a potential overhang.

auto_awesomeAnalysis · PEG · Energy & Transportation

PSEG reported Q2 2026 GAAP EPS of $0.67, down 43% from $1.17 a year ago, but non-GAAP operating EPS of $0.86 beat the $0.80 consensus. The beat was driven by the regulated utility PSE&G, where earnings rose to $342M from $332M, while Power & Other swung to a small GAAP loss due to mark-to-market and trust fund swings. Management reaffirmed full-year 2026 non-GAAP guidance of $4.28-$4.40 per share and a 6%-8% long-term growth rate through 2030, backed by a $24B-$28B capital plan that requires no new equity or asset sales. The stock trades near its 52-week low, so the reaffirmed outlook and capital-funding clarity could ease concerns about dilution or financial strain.