AI-extracted from the 10-Q filed 2026-08-04 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Consolidated revenue fell 9% YoY to $2,554M as PSEG Power swung to $185M of after-tax mark-to-market losses on economic hedges (vs. +$136M a year ago), driving operating income down 44% to $461M and net income down 43% to $334M despite continued growth at regulated utility PSE&G.
Biggest Revenue Drivers
PSE&G$2,137M+5% YoY
Higher delivery volumes, increased GPRC and transmission formula rate revenues from higher rate base investment, and higher electric BGS commodity revenue
PSEG Power & Other$534M-42% YoY
Mark-to-market losses on economic hedges vs. gains a year ago and the May 2025 conclusion of ZEC sales, partially offset by higher capacity prices and gas supply revenue
Biggest Revenue Drivers
Total revenue: $2,554M-9% YoY
PSE&G$2,137M+5% YoY
Higher delivery volumes, increased GPRC and transmission formula rate revenues from higher rate base investment, and higher electric BGS commodity revenue
Within PSE&G
Electric Distribution$1,250M
Largest component of PSE&G delivery revenue, recovered through distribution rate cases and investment recovery programs
PSEG Power & Other$534M-42% YoY
Mark-to-market losses on economic hedges vs. gains a year ago and the May 2025 conclusion of ZEC sales, partially offset by higher capacity prices and gas supply revenue
Intercompany Eliminations-$117M
Elimination of PSEG Power's affiliate gas sales to PSE&G under the BGSS full-requirements contract
Largest Expense Items
Operation and Maintenance$906M+6% YoY
Higher clause and renewable expenditures at PSE&G and increased operational expenses across segments
Energy Costs$866M+5% YoY
Higher electric BGS commodity costs at PSE&G, largely offset by matching commodity revenues
Depreciation and Amortization$321M+4% YoY
Higher plant placed in service and increased amortization of regulatory assets
Margins: Operating income fell 44% YoY to $461M as PSEG Power's non-trading mark-to-market losses of $185M after-tax overwhelmed steady growth at PSE&G; income tax expense dropped $77M largely on lower PSEG Power pre-tax income from the MTM swing.
Watch Items from the Filing
PSEG Power's non-trading MTM activity swung to a $185M after-tax loss in Q2 2026 from a $136M after-tax gain in Q2 2025, the primary driver of the quarter's net income decline.
New Jersey legislation passed June 2026 mandating RTO membership by January 1, 2027 could eliminate PSE&G's 50 basis-point ROE adder, cutting annual net income and cash inflows by approximately $40 million.
If downgraded to below investment grade, PSEG Power would face approximately $705 million of additional collateral posting requirements as of June 30, 2026.
BPU approved a $166 million ZEC refund to customers (plus a prior $207 million PSEG Power refund to EDCs) tied to double-payment of production tax credits, to be recovered from customers over ~12 months starting June 2026.
EPA-designated Passaic River cleanup carries estimated total costs of $2.3 billion (Lower 8.3 miles) and $550 million (Upper 9 miles), with PSEG's accrued liability of only $66 million to date, leaving material unaccrued exposure.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Park Grace HEVP and General CounselShares withheld for tax or exercise price · Sep 16, 2026
Deese Willie ADirectorGrant or award · May 1, 2026
Gentoso Jamie MDirectorGrant or award · May 1, 2026
Congress trading in PEG
12 transactions in PEG reported by 6 members of Congress under the STOCK Act, most recent trade Dec 9, 2025. Reported transactions, not recommendations.
About PUBLIC SERVICE ENTERPRISE GROUP INC (PEG): stock profile, AI score and financials
PUBLIC SERVICE ENTERPRISE GROUP INC (PEG) stock profile, AI quality score, and SEC EDGAR financial data, a Utilities sector company. 13F Pro's AI-powered ranking engine scores PEG at 60.6/100 on a composite quality score built from its SEC filings, placing it at rank #849 of 2,925 stocks — the top half of the AI-ranked universe. PEG scores in the top quartile across revenue scale (88.2). Areas of concern include earnings quality (25.0) and free cash flow (33.5), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), PUBLIC SERVICE ENTERPRISE GROUP INC reports quarterly revenue of $2.6B, net income of $334.0M, an operating margin of 18.1%. Top institutional holders of PEG by reported 13-F value include BlackRock, VANGUARD CAPITAL MANAGEMENT, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. PEG trades on the NYSE exchange and files with the SEC under CIK 788784. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate PEG daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for PUBLIC SERVICE ENTERPRISE GROUP INC directly from SEC EDGAR.