Public Service Enterprise Group 80 Park
PSEG ANNOUNCES THIRD QUARTER 2026 RESULTS $0.76 PER SHARE NET INCOME $1.15 PER SHARE NON-GAAPOPERATING EARNINGS Maintains 2026 Non-GAAPOperating Earnings Guidance of $4.28—$4.40 Per Share (NEWARK, N.J. – November 2, 2026) Public Service Enterprise Group (NYSE: PEG) reported the following results for the third quarter and nine months ended September 30, 2026: PSEG Consolidated (unaudited) Third Quarter Comparative Results
See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAPOperating Earnings. PSEG Consolidated (unaudited) Nine Months Ended September 30, Comparative Results
See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAPOperating Earnings. “PSEG continues to achieve solid operational and financial results, enabling us to deliver reliable utility service and generate the carbon free, base-load generation our customers expect. Our financial results for the third quarter and year-to-dateperiod align with our expectations for the full-year, and we are reaffirming PSEG’s 2026 guidance for non-GAAPOperating Earnings in the range of $4.28 to $4.40 per share,” said Ralph LaRossa, chair, president and CEO of PSEG.
“We faced severe weather throughout the third quarter which highlighted PSEG’s best-in-classstorm response, our commitment to service excellence and the customer value of our investments in energy infrastructure and resilience. PSE&G successfully managed some of the most challenging storm restorations in our history this past July and again in September, when a nor’easter brought severe wind gusts and heavy rain to our service area. Our utility crews safely restored service to nearly all affected customers in New Jersey within a 24-hourperiod.” “At PSEG Nuclear, we supplied the regional grid with 8.2 TWh of reliable, carbon-free baseload energy during the third quarter, operating at a capacity factor of 95.5%. Salem unit #1 recently entered its fall refueling following a 491-daybreaker to breaker run – matching Salem unit #2’s back-to-back,breaker to breaker run posted earlier this year. PSEG Power continues to generate stable cash flows that help fund our regulated investments while pursuing high-value, regional growth opportunities.” LaRossa added, “We continue to execute our long- term strategy to grow PSEG’s non-GAAPOperating Earnings by a compound annual rate of 6% to 8% through 2030 while prioritizing customer affordability and maintaining a solid financial position. Our financial strength enables us to fund our five-year capital investment plan totaling $24 billion to $28 billion without the need to issue new equity or sell assets and provides the opportunity for consistent and sustainable dividend growth.” PSEG Results by Segment (unaudited) Third Quarter and Nine Months Ended September 30, Comparative Results
PSE&G’s results for the quarter were driven by ongoing investments in Energy Efficiency and Transmission, and the continued gradual increase in the number of electric and gas customers. These results were more than offset by higher depreciation and interest costs related to incremental investments not reflected in current rates, and the timing of taxes. PSEG Power & Other results for the quarter reflect lower operating and maintenance costs from the absence of the Hope Creek refueling outage in last year’s third quarter, as well as higher realized prices and an increase in nuclear generation, partly offset by higher taxes. PSEG Power & Other’s Net Loss for the quarter also reflects the impact of losses 2
associated with Mark-to-Marketaccounting and the Nuclear Decommissioning Trust, which are excluded from non-GAAPOperating Earnings. ### PSEG will host a conference call to review its third quarter 2026 results, earnings guidance, and other matters with the financial community at 11:00 a.m. ET today. Please register to access this event by visiting: https://investor.pseg.com/investor- news-and-events
Media Relations: Investor Relations: (973) 430-7734 (973) 430-6565 DL-ENT-pseg.communications@pseg.com PSEG-IR-GeneralInquiry@pseg.com
About PSEG Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey’s largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Best in Class North America Index for 18 consecutive years. PSEG’s businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. ( https://corporate.pseg.com) Non-GAAPFinancial Measures Management uses non- GAAPOperating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG’s financial performance to previous financial results. Operating Earnings is a non- GAAPfinancial measure that differs from Net Income/(Loss). Non-GAAPOperating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market(MTM) accounting and other material infrequent items. See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAPOperating Earnings. The presentation of non-GAAPOperating Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAPOperating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies. Due to the forward-looking nature of non-GAAPOperating Earnings guidance, PSEG is unable to reconcile this non-GAAPfinancial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results. Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward- looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we 3
make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-Kand subsequent reports on Form 10-Qand Form 8-K.These factors include, but are not limited to:
any inability to successfully develop, obtain regulatory approval for, • or construct transmission and distribution, and our nuclear generation projects;
significant resource adequacy challenges that present affordability and reliability concerns and that could cause policymakers to implement responsive measures that could have a • material, adverse impact on our business, strategy, growth rates, cash flows, results of operations, and financial condition and increase regulatory uncertainty for utility investment initiatives and programs;
the physical, financial and transition risks related to climate change, • including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;
any equipment failures, gas explosions, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or • other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers;
• any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;
the impact of cybersecurity attacks or intrusions or other disruptions • to our information technology, operational or other systems;
• the impact of our covenants in our debt instruments and credit agreements on our business;
adverse performance of our defined benefit plan trust funds and Nuclear • Decommissioning Trust Fund and increases in funding requirements;
• development, adoption and use of Artificial Intelligence by us and our third-party vendors;
fluctuations in, or third-party default risk in wholesale power and • natural gas markets, including the potential impacts on the economic viability of our generation units;
changes in technology related to energy generation, distribution and • consumption and changes in customer usage patterns;
• third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;
any inability to meet our commitments under forward sale obligations • and Regional Transmission Organization rules;
risks associated with generation activities at, and operation of, the • Peach Bottom plants, which are similar to those to which nuclear generation plants that we operate are subject;
the impact of changes in state and federal legislation and regulations • on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;
PSE&G’s proposed investment projects or programs may not be fully • approved by regulators and its capital investment may be lower than planned;
our ability to receive sufficient financial support for our New Jersey • nuclear plants from the markets, and/or production tax credits;
adverse changes in and non-compliance with energy industry laws, • policies, regulations and standards, including market structures and transmission planning and transmission returns;
risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage • costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks;
• changes in or violation of federal, state and local environmental laws and regulations and enforcement;
• delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and
All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws. 4
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at . Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at or by navigating to the Email Alerts webpage here. The information on and is not incorporated herein and is not part of this press release or the Form 8-K to which it is an exhibit.
Attachment 1 Public Service Enterprise Group Incorporated Consolidating Statements of Operations (Unaudited, $ millions, except per share data)
(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.
(b) See Attachments 8 and 9 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP).
Attachment 2 Public Service Enterprise Group Incorporated Consolidating Statements of Operations (Unaudited, $ millions, except per share data)
(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent.
(b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP).
Attachment 3 Public Service Enterprise Group Incorporated Capitalization Schedule (Unaudited, $ millions)
Attachment 4 Public Service Enterprise Group Incorporated Condensed Consolidated Statements of Cash Flows (Unaudited, $ millions)
Nine Months Ended Cash Flows From September 30, Operating Activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net Income $ 1,451 $ 1,796 Adjustments to Reconcile Net Income to 1,086 781 Net Cash Flows From Operating Activities Net Cash Provided By (Used In) Operating 2,537 2,577 Activities Net Cash Provided By (Used In) Investing (2,282 ) (2,060 ) Activities Net Cash Provided By (Used In) Financing 450 (311 ) Activities Net Change in Cash, Cash Equivalents and 705 206 Restricted Cash Cash, Cash Equivalents and Restricted 156 154 Cash at Beginning of Period Cash, Cash Equivalents and Restricted $ 861 $ 360 Cash at End of Period
Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. Summer weather is measured by the temperature-humidity index * (THI), which takes into account both the temperature and the humidity to measure the need for air conditioning. Both measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data.
Attachment 7 Public Service Enterprise Group Incorporated Statistical Measures (Unaudited)
Three Nine Months Months Ended Ended Septem… Septem… 30, 30, 2026 2025 2026 2025 Weigh… Avera… Common Shares Outst… (mill… Basic 498 499 498 499 Dilut… 499 501 499 501 Stock Price at End $ 67.34 $ 83.46 of Period Divid… Paid per Share $ 0.67 $ 0.63 $ 2.01 $ 1.89 of Common Stock Divid… 4.0 % 3.0 % Yield Book Value per $ 34.85 $ 34.10 Common Share Market Price as a Perce… 193 % 245 % of Book Value
Attachment 8 Public Service Enterprise Group Incorporated Consolidated Operating Earnings (non-GAAP)Reconciliation
Income tax effect calculated at the statutory rate except for qualified (b) NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.
Income tax effect calculated at the statutory rate except for qualified (b) NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds.
Full text with the tables
Exhibit 99
Public Service Enterprise Group 80 Park
Plaza Newark, NJ 07102
PSEG ANNOUNCES THIRD QUARTER 2026 RESULTS $0.76 PER SHARE NET INCOME $1.15 PER
SHARE NON-GAAPOPERATING EARNINGS Maintains 2026 Non-GAAPOperating Earnings
Guidance of $4.28—$4.40 Per Share (NEWARK, N.J. – November 2, 2026) Public
Service Enterprise Group (NYSE: PEG) reported the following results for the
third quarter and nine months ended September 30, 2026: PSEG Consolidated
(unaudited) Third Quarter Comparative Results
($
million…
except
per Earnin…
share Per
amounts) Income 2026 2025 Share 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 376 $ 622 $ 0.76 $ 1.24
Income
Recon… 198 (57 ) 0.39 (0.11 )
Items
Non-G…
Opera… $ 574 $ 565 $ 1.15 $ 1.13
Earni…
Avera…
Shares 499 501
Outst…
(Dilu…
See Attachments 8 and 9 for a complete list of items excluded from Net
Income/(Loss) in the determination of non-GAAPOperating Earnings. PSEG
Consolidated (unaudited) Nine Months Ended September 30, Comparative Results
($
milli…
except
per Earnin…
share Per
amoun… Income 2026 2025 Share 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 1,451 $ 1,796 $ 2.91 $ 3.59
Income
Recon… 326 (129 ) 0.65 (0.26 )
Items
Non-G…
Opera… $ 1,777 $ 1,667 $ 3.56 $ 3.33
Earni…
Avera…
Shares 499 501
Outst…
(Dilu…
See Attachments 8 and 9 for a complete list of items excluded from Net
Income/(Loss) in the determination of non-GAAPOperating Earnings. “PSEG
continues to achieve solid operational and financial results, enabling us to
deliver reliable utility service and generate the carbon free, base-load
generation our customers expect. Our financial results for the third quarter and
year-to-dateperiod align with our expectations for the full-year, and we are
reaffirming PSEG’s 2026 guidance for non-GAAPOperating Earnings in the range of
$4.28 to $4.40 per share,” said Ralph LaRossa, chair, president and CEO of PSEG.
“We faced severe weather throughout the third quarter which highlighted PSEG’s
best-in-classstorm response, our commitment to service excellence and the
customer value of our investments in energy infrastructure and resilience. PSE&G
successfully managed some of the most challenging storm restorations in our
history this past July and again in September, when a nor’easter brought severe
wind gusts and heavy rain to our service area. Our utility crews safely restored
service to nearly all affected customers in New Jersey within a 24-hourperiod.”
“At PSEG Nuclear, we supplied the regional grid with 8.2 TWh of reliable,
carbon-free baseload energy during the third quarter, operating at a capacity
factor of 95.5%. Salem unit #1 recently entered its fall refueling following a
491-daybreaker to breaker run – matching Salem unit #2’s back-to-back,breaker to
breaker run posted earlier this year. PSEG Power continues to generate stable
cash flows that help fund our regulated investments while pursuing high-value,
regional growth opportunities.” LaRossa added, “We continue to execute our long-
term strategy to grow PSEG’s non-GAAPOperating Earnings by a compound annual
rate of 6% to 8% through 2030 while prioritizing customer affordability and
maintaining a solid financial position. Our financial strength enables us to
fund our five-year capital investment plan totaling $24 billion to $28 billion
without the need to issue new equity or sell assets and provides the opportunity
for consistent and sustainable dividend growth.” PSEG Results by Segment
(unaudited) Third Quarter and Nine Months Ended September 30, Comparative
Results
($ 3Q YTD YTD
milli… 3Q 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
PSE&G
Net
Incom… $ 506 $ 515 $ 1,425 $ 1,393
Opera…
Earni…
PSEG
Power
& (130 ) 107 26 403
Other
Net
Incom…
Total
PSEG $ 376 $ 622 $ 1,451 $ 1,796
Net
Income
PSEG
Power
&
Other $ 68 $ 50 $ 352 $ 274
Non-G…
Opera…
Earni…
Total
PSEG
Non-G… $ 574 $ 565 $ 1,777 $ 1,667
Opera…
Earni…
PSE&G’s results for the quarter were driven by ongoing investments in Energy
Efficiency and Transmission, and the continued gradual increase in the number of
electric and gas customers. These results were more than offset by higher
depreciation and interest costs related to incremental investments not reflected
in current rates, and the timing of taxes. PSEG Power & Other results for the
quarter reflect lower operating and maintenance costs from the absence of the
Hope Creek refueling outage in last year’s third quarter, as well as higher
realized prices and an increase in nuclear generation, partly offset by higher
taxes. PSEG Power & Other’s Net Loss for the quarter also reflects the impact of
losses 2
associated with Mark-to-Marketaccounting and the Nuclear Decommissioning Trust,
which are excluded from non-GAAPOperating Earnings. ### PSEG will host a
conference call to review its third quarter 2026 results, earnings guidance, and
other matters with the financial community at 11:00 a.m. ET today. Please
register to access this event by visiting: https://investor.pseg.com/investor-
news-and-events
Media Relations: Investor Relations:
(973) 430-7734 (973) 430-6565
DL-ENT-pseg.communications@pseg.com PSEG-IR-GeneralInquiry@pseg.com
About PSEG Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly
regulated infrastructure company operating New Jersey’s largest transmission and
distribution utility, serving approximately 2.4 million electric and 1.9 million
natural gas customers. PSEG also owns an independent fleet of 3,758 MW of
carbon-free, baseload nuclear power generating units in NJ and PA. PSEG is a
member of the S&P 500 Index and has been named to the Dow Jones Best in Class
North America Index for 18 consecutive years. PSEG’s businesses include Public
Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. (
https://corporate.pseg.com) Non-GAAPFinancial Measures Management uses non-
GAAPOperating Earnings in its internal analysis, and in communications with
investors and analysts, as a consistent measure for comparing PSEG’s financial
performance to previous financial results. Operating Earnings is a non-
GAAPfinancial measure that differs from Net Income/(Loss). Non-GAAPOperating
Earnings exclude the impact of gains (losses) associated with the Nuclear
Decommissioning Trust (NDT), Mark-to-Market(MTM) accounting and other material
infrequent items. See Attachments 8 and 9 for a complete list of items excluded
from Net Income/(Loss) in the determination of non-GAAPOperating Earnings. The
presentation of non-GAAPOperating Earnings is intended to complement and should
not be considered an alternative to the presentation of Net Income/(Loss), which
is an indicator of financial performance determined in accordance with GAAP. In
addition, non-GAAPOperating Earnings as presented in this report may not be
comparable to similarly titled measures used by other companies. Due to the
forward-looking nature of non-GAAPOperating Earnings guidance, PSEG is unable to
reconcile this non-GAAPfinancial measure to the most directly comparable GAAP
financial measure because comparable GAAP measures are not reasonably accessible
or reliable due to the inherent difficulty in forecasting and quantifying
measures that would be required for such reconciliation. Namely, we are not able
to reliably project without unreasonable effort MTM and NDT gains (losses), for
future periods due to market volatility. These items are uncertain, depend on
various factors, and may have a material impact on our future GAAP results.
Forward-Looking Statements Certain of the matters discussed in this report about
our and our subsidiaries’ future performance, including, without limitation,
future revenues, earnings, strategies, prospects, consequences, and all other
statements that are not purely historical constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ materially from those anticipated.
Such statements are based on management’s beliefs as well as assumptions made by
and information currently available to management. When used herein, the words
“anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,”
“hypothetical,” “potential,” “forecast,” “project,” variations of such words and
similar expressions are intended to identify forward-looking statements. Factors
that may cause actual results to differ are often presented with the forward-
looking statements themselves. Other factors that could cause actual results to
differ materially from those contemplated in any forward-looking statements made
by us herein are discussed in filings we 3
make with the United States Securities and Exchange Commission (SEC), including
our Annual Report on Form 10-Kand subsequent reports on Form 10-Qand Form
8-K.These factors include, but are not limited to:
any inability to successfully develop, obtain regulatory approval for,
• or construct transmission and
distribution, and our nuclear generation projects;
significant resource adequacy challenges that present affordability and
reliability concerns and that could cause
policymakers to implement responsive measures that could have a
• material, adverse impact on our business, strategy, growth rates, cash
flows, results of operations, and financial condition and increase
regulatory uncertainty for utility investment
initiatives and programs;
the physical, financial and transition risks related to climate change,
• including risks relating to potentially
increased legislative and regulatory burdens, changing customer
preferences and lawsuits;
any equipment failures, gas explosions, accidents, critical operating
technology or business system failures,
natural disasters, severe weather events, acts of war, terrorism or
• other acts of violence, sabotage, physical attacks or security
breaches, cyberattacks or other incidents that may impact our ability
to provide safe and reliable service to our
customers;
• any inability to recover the carrying amount of our long-lived assets;
• disruptions or cost increases in our supply chain, including labor
shortages;
• any inability to maintain sufficient liquidity or access sufficient
capital on commercially reasonable terms;
the impact of cybersecurity attacks or intrusions or other disruptions
• to our information technology, operational
or other systems;
• failure to attract and retain a qualified workforce;
• increases in the costs of equipment, materials, fuel, services and
labor;
• the impact of our covenants in our debt instruments and credit
agreements on our business;
adverse performance of our defined benefit plan trust funds and Nuclear
• Decommissioning Trust Fund and increases
in funding requirements;
• any inability to enter into or extend certain significant contracts;
• development, adoption and use of Artificial Intelligence by us and our
third-party vendors;
fluctuations in, or third-party default risk in wholesale power and
• natural gas markets, including the potential
impacts on the economic viability of our generation units;
• the ability to obtain adequate nuclear fuel supply;
changes in technology related to energy generation, distribution and
• consumption and changes in customer usage
patterns;
• third-party credit risk relating to our sale of nuclear generation
output and purchase of nuclear fuel;
any inability to meet our commitments under forward sale obligations
• and Regional Transmission Organization
rules;
risks associated with generation activities at, and operation of, the
• Peach Bottom plants, which are similar to
those to which nuclear generation plants that we operate are subject;
the impact of changes in state and federal legislation and regulations
• on our business, including
PSE&G’s ability to recover costs and earn returns on authorized
investments;
PSE&G’s proposed investment projects or programs may not be fully
• approved by regulators and its
capital investment may be lower than planned;
our ability to receive sufficient financial support for our New Jersey
• nuclear plants from the markets, and/or
production tax credits;
adverse changes in and non-compliance with energy industry laws,
• policies, regulations and standards, including market structures and
transmission planning and transmission returns;
risks associated with our ownership and operation of nuclear
facilities, including increased nuclear fuel storage
• costs, regulatory risks, such as compliance with the Atomic Energy Act
and trade control, environmental and other regulations, as well as
operational, financial, environmental and health and safety risks;
• changes in or violation of federal, state and local environmental laws
and regulations and enforcement;
• delays in receipt of, or an inability to receive, necessary licenses
and permits and siting approvals; and
• changes in tax laws and regulations.
All of the forward-looking statements made in this report are qualified by these
cautionary statements and we cannot assure you that the results or developments
anticipated by management will be realized or even if realized, will have the
expected consequences to, or effects on, us or our business, prospects,
financial condition, results of operations or cash flows. Readers are cautioned
not to place undue reliance on these forward-looking statements in making any
investment decision. Forward-looking statements made in this report apply only
as of the date of this report. While we may elect to update forward-looking
statements from time to time, we specifically disclaim any obligation to do so,
even in light of new information or future events, unless otherwise required by
applicable securities laws. 4
The forward-looking statements contained in this report are intended to qualify
for the safe harbor
provisions of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG and PSE&G release important information via postings on
their corporate Investor Relations website
at . Investors and other interested parties are encouraged to visit the Investor
Relations website to review new postings. You can sign up for automatic email
alerts regarding new postings at the bottom of the webpage
at or by navigating to the Email Alerts webpage here. The information on and is
not incorporated herein and is not
part of this press release or the Form 8-K to which it is an exhibit.
5
Attachment 1 Public Service Enterprise Group Incorporated Consolidating
Statements of Operations (Unaudited, $ millions, except per share data)
Three
Mont…
Ended
Sept…
30,
2026
──────────────────────────────────────────────────────────────────────────────
PSEG
PSEG Elim… PSE&G Pow…
&
Oth…
OPE… $ 3,020 $ (38 ) $ 2,526 $ 532
REV…
OPE…
EXP…
Ene… 1,125 (38 ) 966 197
Cos…
Ope…
and 948 — 573 375
Mai…
Dep…
and 325 — 291 34
Amo…
Tot…
Ope… 2,398 (38 ) 1,830 606
Exp…
OPE… 622 — 696 (74 )
INC…
Net
Gai…
(Lo… (28 ) — — (28 )
on
Tru…
Inv…
Net
Oth… 44 — 23 21
Inc…
(De…
Net
Non…
Pen…
and
Oth… 21 — 19 2
Pos…
Ben…
(OP…
Cre…
(Co…
Int… (280 ) — (183 ) (97 )
Exp…
INC…
(LO…
BEF… 379 — 555 (176 )
INC…
TAX…
Inc…
Tax (3 ) — (49 ) 46
(Ex…
Ben…
NET
INC… $ 376 $ — $ 506 $ (130 )
(LO…
Rec…
Ite…
Exc…
from 198 — — 198
Net
Inc…
(Lo…
OPE…
EAR… $ 574 $ — $ 506 $ 68
(no…
Ear…
Per
Sha…
NET $ 0.76
INC…
Rec…
Ite…
Exc…
from 0.39
Net
Inc…
(Lo…
OPE…
EAR… $ 1.15
(no…
Three
Mont…
Ended
Sept…
30,
2025
PSEG
PSEG Elim… PSE&G Pow…
&
Oth…
OPE… $ 3,226 $ (58 ) $ 2,535 $ 749
REV…
OPE…
EXP…
Ene… 1,133 (58 ) 1,013 178
Cos…
Ope…
and 927 — 543 384
Mai…
Dep…
and 311 — 277 34
Amo…
Tot…
Ope… 2,371 (58 ) 1,833 596
Exp…
OPE… 855 — 702 153
INC…
Net
Gai…
(Lo… 62 — — 62
on
Tru…
Inv…
Net
Oth… 39 (1 ) 16 24
Inc…
(De…
Net
Non…
Pen…
and 17 — 17 —
OPEB
Cre…
(Co…
Int… (253 ) 1 (162 ) (92 )
Exp…
INC…
BEF… 720 — 573 147
INC…
TAX…
Inc…
Tax (98 ) — (58 ) (40 )
Exp…
NET $ 622 $ — $ 515 $ 107
INC…
Rec…
Ite…
Exc… (57 ) — — (57 )
from
Net
Inc…
OPE…
EAR… $ 565 $ — $ 515 $ 50
(no…
Ear…
Per
Sha…
NET $ 1.24
INC…
Rec…
Ite…
Exc… (0.11 )
from
Net
Inc…
OPE…
EAR… $ 1.13
(no…
(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings,
PSEG Services Corporation and the Parent.
(b) See Attachments 8 and 9 for details of items excluded from Net Income
(Loss) to compute Operating Earnings (non-GAAP).
Attachment 2 Public Service Enterprise Group Incorporated Consolidating
Statements of Operations (Unaudited, $ millions, except per share data)
Nine
Mont…
Ended
Sept…
30,
2026
──────────────────────────────────────────────────────────────────────────────
PSEG
PSEG Eli… PSE&G Power
&
Othe…
OPE… $ 9,422 $ (808 ) $ 7,7… $ 2,4…
REV…
OPE…
EXP…
Ene… 3,498 (808 ) 3,1… 1,2…
Cos…
Ope…
and 2,791 — 1,7… 1,0…
Mai…
Dep…
and 975 — 872 103
Amo…
Tot…
Ope… 7,264 (808 ) 5,7… 2,3…
Exp…
OPE… 2,158 — 2,0… 137
INC…
Net
Gai…
(Lo… 99 — — 99
on
Tru…
Inv…
Net
Oth… 128 — 59 69
Inc…
(De…
Net
Non…
Pen…
and 61 — 56 5
OPEB
Cre…
(Co…
Int… (821 ) — (532 ) (289 )
Exp…
INC…
BEF… 1,625 — 1,6… 21
INC…
TAX…
Inc…
Tax (174 ) — (179 ) 5
(Ex…
Ben…
NET $ 1,451 $ — $ 1,4… $ 26
INC…
Rec…
Ite…
Exc… 326 — — 326
from
Net
Inc…
OPE…
EAR… $ 1,777 $ — $ 1,4… $ 352
(no…
Ear…
Per
Sha…
NET $ 2.91
INC…
Rec…
Ite…
Exc… 0.65
from
Net
Inc…
OPE…
EAR… $ 3.56
(no…
Nine
Mont…
Ended
Sept…
30,
2025
PSEG
PSEG Eli… PSE&G Power
&
Othe…
OPE… $ 9,253 $ (738 ) $ 7,2… $ 2,7…
REV…
OPE…
EXP…
Ene… 3,145 (738 ) 2,8… 1,0…
Cos…
Ope…
and 2,700 — 1,6… 1,0…
Mai…
Dep…
and 939 — 832 107
Amo…
Tot…
Ope… 6,784 (738 ) 5,3… 2,2…
Exp…
OPE… 2,469 — 1,9… 561
INC…
Net
Gai…
(Lo… 165 — — 165
on
Tru…
Inv…
Net
Oth… 122 (3 ) 48 77
Inc…
(De…
Net
Non…
Pen…
and 49 — 52 (3 )
OPEB
Cre…
(Co…
Int… (742 ) 3 (480 ) (265 )
Exp…
INC…
BEF… 2,063 — 1,5… 535
INC…
TAX…
Inc…
Tax (267 ) — (135 ) (132 )
Exp…
NET $ 1,796 $ — $ 1,3… $ 403
INC…
Rec…
Ite…
Exc… (129 ) — — (129 )
from
Net
Inc…
OPE…
EAR… $ 1,667 $ — $ 1,3… $ 274
(no…
Ear…
Per
Sha…
NET $ 3.59
INC…
Rec…
Ite…
Exc… (0.26 )
from
Net
Inc…
OPE…
EAR… $ 3.33
(no…
(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings,
PSEG Services Corporation and the Parent.
(b) See Attachments 8 and 9 for details of items excluded from Net Income
to compute Operating Earnings (non-GAAP).
Attachment 3 Public Service Enterprise Group Incorporated Capitalization
Schedule (Unaudited, $ millions)
September 30, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
DEBT
Commercial Paper and Loans $ 1,075 $ 1,529
Long-Term Debt* 24,559 22,545
Total Debt 25,634 24,074
STOCKHOLDERS’ EQUITY
Common Stock 5,045 5,062
Treasury Stock (1,468 ) (1,435 )
Retained Earnings 13,895 13,446
Accumulated Other Comprehensive (110 ) (91 )
Loss
Total Stockholders’ Equity 17,362 16,982
Total Capitalization $ 42,996 $ 41,056
* Includes current portion of Long-Term Debt
Attachment 4 Public Service Enterprise Group Incorporated Condensed Consolidated
Statements of Cash Flows (Unaudited, $ millions)
Nine Months Ended
Cash Flows From September 30,
Operating Activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net Income $ 1,451 $ 1,796
Adjustments to
Reconcile Net Income
to 1,086 781
Net Cash Flows From
Operating Activities
Net Cash Provided By
(Used In) Operating 2,537 2,577
Activities
Net Cash Provided By
(Used In) Investing (2,282 ) (2,060 )
Activities
Net Cash Provided By
(Used In) Financing 450 (311 )
Activities
Net Change in Cash,
Cash Equivalents and 705 206
Restricted Cash
Cash, Cash
Equivalents and
Restricted 156 154
Cash at Beginning of
Period
Cash, Cash
Equivalents and
Restricted $ 861 $ 360
Cash at End of
Period
Attachment 5 Public Service Electric & Gas Company Retail Sales (Unaudited)
September 30, 2026 Electric Sales
Three Change Nine Chan…
Months vs. Mont… vs.
Sales
(mil… Ended 2025 Ended 2025
kWh)
Resi… 4,623 2 % 11,355 4 %
Comm…
& 7,203 0 % 20,303 1 %
Indu…
Other 72 (14 %) 240 (2 %)
Total 11,898 1 % 31,898 2 %
Gas Sold and Transported
Three Change Nine Change
Months vs. Months vs.
Sales
(mil… Ended 2025 Ended 2025
ther…
Firm
Sales
Resi… 89 0 % 1,069 4 %
Sales
Comm…
& 105 (1 %) 779 2 %
Indu…
Total
Firm 194 (1 %) 1,848 3 %
Sales
Non-…
Sale…
Comm…
& 233 11 % 584 (15 %)
Indu…
Total
Non-… 233 584
Sales
Total 427 6 % 2,432 (2 %)
Sales
* Contract Service Gas rate included in non-firm sales
Weather Data*
Three Change Nine Change
Months vs. Months vs.
Ended 2025 Ended 2025
THI
Hours 12,697 2 % 18,295 4 %
-
Actu…
THI
Hours 13,060 17,327
-
Norm…
Degr…
Days 27 0 % 3,045 11 %
-
Actu…
Degr…
Days 20 2,939
-
Norm…
Winter weather as defined by heating degree days (HDD) to serve as a
measure for the need for heating. For each
day, HDD is calculated as HDD = 65°F – the average hourly daily
temperature. Summer weather is measured by the temperature-humidity index
* (THI), which takes into account both the temperature and the humidity to
measure the need for air
conditioning. Both measures use data provided by the National Oceanic and
Atmospheric Administration based on readings from Newark Liberty
International Airport. Comparisons to normal are based on twenty years of
historic data.
Attachment 6 Nuclear Generation Measures (Unaudited)
GWh GWh
Breakd… Breakdo…
Three Nine
Months Months
Ended Ended
Septem… Septemb…
30, 30,
2026 2025 2026 2025
Nuclear 5,407 5,189 15,451 15,323
- NJ
Nuclear 2,765 2,714 8,497 8,446
- PA
8,172 7,903 23,948 23,769
Attachment 7 Public Service Enterprise Group Incorporated Statistical Measures
(Unaudited)
Three Nine
Months Months
Ended Ended
Septem… Septem…
30, 30,
2026 2025 2026 2025
Weigh…
Avera…
Common
Shares
Outst…
(mill…
Basic 498 499 498 499
Dilut… 499 501 499 501
Stock
Price
at End $ 67.34 $ 83.46
of
Period
Divid…
Paid
per
Share $ 0.67 $ 0.63 $ 2.01 $ 1.89
of
Common
Stock
Divid… 4.0 % 3.0 %
Yield
Book
Value
per $ 34.85 $ 34.10
Common
Share
Market
Price
as a
Perce… 193 % 245 %
of
Book
Value
Attachment 8 Public Service Enterprise Group Incorporated Consolidated Operating
Earnings (non-GAAP)Reconciliation
Three
Mont…
Ended
Sept… Nine
30, Mon…
2026 End…
($ Sep…
Rec… mill… 30,
Ite… Unau… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 376 $ 622 $ 1,451 $ 1,7…
Inc…
(Ga…
Loss
on
Nuc…
Dec…
Tru… 21 (70 ) (126 ) (190 )
(ND…
Fund
Rel…
Act…
pre…
(Ga…
Loss
on 251 (20 ) 550 (22 )
Mar…
(MT…
pre…
Inc…
Tax…
rel…
to
Ope… (74 ) 33 (98 ) 83
Ear…
(no…
rec…
ite…
Ope…
Ear… $ 574 $ 565 $ 1,777 $ 1,6…
(no…
PSEG
Ful…
Dil…
Ave… 499 501 499 501
Sha…
Out…
(in
mil…
-$
Per
Share
Impa…
-
Dilu…
Unau…
Net $ 0.76 $ 1.24 $ 2.91 $ 3.59
Inc…
(Ga…
Loss
on
NDT 0.04 (0.13 ) (0.25 ) (0.… )
Fund
Rel…
Act…
pre…
(Ga…
Loss
on 0.50 (0.04 ) 1.10 (0.… )
MTM,
pre…
Inc…
Tax…
rel…
to
Ope… (0.15 ) 0.06 (0.20 ) 0.16
Ear…
(no…
rec…
ite…
Ope…
Ear… $ 1.15 $ 1.13 $ 3.56 $ 3.33
(no…
(a) Includes the financial impact from positions with forward delivery
months.
Income tax effect calculated at the statutory rate except for qualified
(b) NDT related activity, which records an
additional 20% trust tax on income (loss) from qualified NDT Funds.
Attachment 9 PSEG Power & Other Operating Earnings (non-GAAP)Reconciliation
Three
Months
Ended
Septe… Nine
30, Months
2026 Ended
($ Septe…
Reco… milli… 30,
Items Unaud… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
Inco… $ (130 ) $ 107 $ 26 $ 403
(Los…
(Gai…
Loss
on
NDT 21 (70 ) (126 ) (190 )
Fund
Rela…
Acti…
pre-…
(Gai…
Loss
on 251 (20 ) 550 (22 )
MTM,
pre-…
Inco…
Taxes
rela…
to
Oper… (74 ) 33 (98 ) 83
Earn…
(non…
reco…
item…
Oper…
Earn… $ 68 $ 50 $ 352 $ 274
(non…
PSEG
Fully
Dilu…
Aver… 499 501 499 501
Shar…
Outs…
(in
mill…
(a) Includes the financial impact from positions with forward delivery
months.
Income tax effect calculated at the statutory rate except for qualified
(b) NDT related activity, which records an
additional 20% trust tax on income (loss) from qualified NDT Funds.