PEG · 10-Q · 2026Q2 · Full report

Net Income and Profitability

PUBLIC SERVICE ENTERPRISE GROUP INC · 2026-08-04 · Importance 25 · Surprise 32 · In source text

PSEG reported net income of $1.075 billion for the six months ended June 30, 2026, compared with $1.174 billion in the prior-year period, while diluted earnings per share declined to $2.15 from $2.35. Net income decreased in both the three- and six-month periods primarily because 2026 included non-trading MTM losses instead of 2025 gains. The six-month MTM impact decreased net income by $215 million in 2026 versus a $185 million benefit in 2025, after tax. Continued investment in PSE&G transmission and distribution clause programs, higher capacity revenue, and higher gas sales partially offset the MTM-related decline.

Key facts

• Net Gains on Trust Investments increased $157 million in net realized gains in three months 2026 (and $170 million for six months 2026) partially offset by net unrealized losses of $30 million in three months 2026 and $78 million in six months 2026 compared to net unrealized gains in 2025. source
• Net Gains (Losses) on Trust Investments: three months and six months include NDT Fund activity and non-trading MTM; NDT Fund net of tax benefit (expense) was $(59) million and $(43) million for the three months and $(60) million and $(49) million for the six months ended June 30, 2026 and 2025, respectively; Non-Trading MTM net of tax benefit (expense) was $73 million and $(54) million for the three months and $84 million and $(1) million for the six months ended June 30, 2026 and 2025, respectively. source
• The decreases in Net Income for the three and six months ended June 30, 2026 versus 2025 were driven primarily by MTM losses in 2026 compared to gains in the prior year, partially offset by increases from T&D clause investments at PSE&G and higher capacity revenues and gas sales at PSEG Power. source

Impact estimates