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# PSEG Third-Quarter Net Income Falls To $376 Million On Mark-To-Market Losses, But Adjusted Earnings Edge Up
- URL: https://www.bullished.co/pseg-third-quarter-net-income-falls-to-376-million-on-mark-to-market-losses-but-adjusted-5d933367/
- Published: 2026-11-02T14:06:22.000Z
- Updated: 2026-11-02T14:06:22.000Z
- Description: The New Jersey utility and nuclear owner earned $1.15 a share on an adjusted basis and held its 2026 outlook of $4.28 to $4.40.
- Author: Matteo Parrino
- Tags: Earnings, PEG, Industry: Utilities

Public Service Enterprise Group, the holding company behind New Jersey's PSE&G utility and a nuclear generation business, said third-quarter [net income fell to $376 million](https://www.sec.gov/Archives/edgar/data/0000788784/000119312526442778/d175962dex99.htm?ref=bullished.co), or $0.76 a share, from $622 million, or $1.24, a year earlier. Adjusted earnings still edged up to $574 million, or $1.15 a share, and the company maintained its 2026 forecast, according to an [8-K filed](https://www.sec.gov/Archives/edgar/data/0000788784/000119312526442778/d175962d8k.htm?ref=bullished.co) Monday.

## Losses outside the adjusted number

Adjusted earnings, which exclude nuclear decommissioning trust results and mark-to-market accounting, compared with $565 million, or $1.13 a share, a year earlier. The company reconciled the $198 million gap between reported and adjusted profit with pre-tax mark-to-market losses of $251 million (positions with forward delivery months) and pre-tax losses of $21 million on the nuclear decommissioning trust, offset by a $74 million tax effect.

The PSEG Power & Other unit posted a net loss of $130 million, against net income of $107 million a year earlier. On the adjusted measure the unit earned $68 million, up from $50 million, helped by lower maintenance costs with no Hope Creek refueling outage this year, higher realized prices and more nuclear generation, partly offset by higher taxes, the company said.

For the first nine months, net income was $1,451 million, or $2.91 a share, against $1,796 million, or $3.59\. Adjusted earnings were $1,777 million, or $3.56 a share, against $1,667 million, or $3.33.

## Utility slips, nuclear fleet runs harder

PSE&G, the utility that delivers power to about 2.4 million electric and 1.9 million gas customers, earned $506 million against $515 million. Growth from transmission and energy efficiency investment and more customers was more than offset by higher depreciation and interest on investments not yet in rates, and by the timing of taxes.

PSEG's nuclear fleet ran at a 95.5% capacity factor, up from 92.4%, and generated 8,172 gigawatt-hours, against 7,903\. CEO Ralph LaRossa, who is also chair and president, said results for the quarter and year to date "align with our expectations for the full-year."

## Guidance held, regulatory filings ahead

PSEG kept its 2026 adjusted earnings guidance at $4.28 to $4.40 a share. It targets 6% to 8% annual adjusted earnings growth through 2030 and says it can fund a $24 billion to $28 billion five-year capital plan without issuing equity or selling assets.

PSE&G anticipates filing a proposal with New Jersey's Board of Public Utilities to address the regulatory lag on capital investments made since its last distribution rate case. It expects to file in early 2027 to credit retail customers for lower PJM transmission costs.

Its October transmission rate filing with federal regulators would add about $60 million in annual revenue starting January 1, 2027, subject to true-up.

PSE&G also cut residential gas heating bills 5% effective October 1, 2026, and the state board's report on the electric utility business model is expected in early 2027.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — PUBLIC SERVICE ENTERPRISE GROUP INC (PEG)](https://www.sec.gov/Archives/edgar/data/0000788784/000119312526442778/d175962d8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit d175962dex991.htm — PUBLIC SERVICE ENTERPRISE GROUP INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000788784/000119312526442778/d175962dex991.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit d175962dex99.htm — PUBLIC SERVICE ENTERPRISE GROUP INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000788784/000119312526442778/d175962dex99.htm?ref=bullished.co) — SEC EDGAR
- [Public Service Enterprise to Post Q3 Earnings: What to Expect?](https://finance.yahoo.com/markets/stocks/articles/public-enterprise-post-q3-earnings-132600609.html?ref=bullished.co) — Yahoo Finance