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Public Service Enterprise Group

Our readA 90%-regulated New Jersey wires utility wearing a merchant-nuclear data-center costume — you are paid ~17x for a 6–8% regulated compounder, and the AI-power optionality is real but unpriced *and* unproven; own it as a rate-base bond with a free nuclear call option, not as the next Constellation.

Website
Ticker
PEG
Beat
energy
Size
Public Company
Revenue
$2.6B
as of Jun 2026
Cash
$192M
as of Jun 2026
Researched · Fresh
2 days ago

A 90%-regulated New Jersey wires utility wearing a merchant-nuclear data-center costume — you are paid ~17x for a 6–8% regulated compounder, and the AI-power optionality is real but unpriced *and* unproven; own it as a rate-base bond with a free nuclear call option, not as the next Constellation.

Orbit · who it trades with and competes with
3 on the rings · 1 trade · 2 rival
3 mentions across our dossiers
Focus · Energy
Public Service Enterprise Group
PEG · public
No published house view
Trades with
Competes with
Next prints in its web
Links · 3 companies · 1 trade · 2 rival
“End buyers behind that pipeline are the usual names — Amazon/AWS, Microsoft, Google, Meta — though PSEG cautions in-state commitments have lagged without state tax incentives, pushing some load to neighboring zones.”Microsoft · TRADE · from Public Service Enterprise Group’s dossier
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Price

Weekly closes

PEG · weekly close
74.29 USD+3.2%
Friday 30 Oct 2026 · last 52 Fridays 67.02–86.37
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 7,341 sh · 10 filings, Form 4 · 2 Nov 2026
  2. Short interest: 8,787,141 sh · 1.74 days to cover, FINRA · settled 15 Oct 2026
  3. Next print: in 112 days, Scheduled · 24 Feb 2027, scheduled
74.29USD+3.2%energy +1.0%PEG · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 2 Nov 2026
10 filings · 7,341 shares
Shares sold shortFINRA · settled 15 Oct 2026
8,787,141 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
1.74
see the whole series
Financials

The reported figures

Revenue · quarterly
$2.6B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$2.6B USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Public Service Enterprise Group, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$2.5B USD22.4% share of revenue-$229M USD$916M USD$57.0M USD498.3M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$2.6B USD26.6% share of revenue-$255M USD$965M USD$54.0M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$2.8B USD24.8% share of revenue-$136M USD$797M USD$1.2B USD498.1M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$2.4B USD24.0% share of revenue-$355M USD$837M USD$113M USD498.2M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$2.6B USD24.3% share of revenue-$145M USD$768M USD$203M USD498.2M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$2.5B USD18.1% share of revenue-$611M USD$978M USD$125M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$3.2B USD24.7% share of revenue$421M USD$628M USD$894M USD499.0M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$2.8B USD29.1% share of revenue-$309M USD$787M USD$186M USD499.1M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$3.2B USD26.5% share of revenue$322M USD$728M USD$334M USD499.2M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$2.9B USD17.5% share of revenue-$408M USD$1.1B USD$132M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$3.8B USD27.9% share of revenue$578M USD$693M USD$404M USD498.3M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$2.6B USD18.1% share of revenue-$216M USD$766M USD$192M USD498.4M sharesFiled · primarysec.gov

Public Service Enterprise Group’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$2.6B-8.9% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $2.5B, as of Sep 2023Revenue Q4 ’23: $2.6B, as of Dec 2023Revenue Q1 ’24: $2.8B, as of Mar 2024Revenue Q2 ’24: $2.4B, as of Jun 2024Revenue Q3 ’24: $2.6B, as of Sep 2024Revenue Q4 ’24: $2.5B, as of Dec 2024Revenue Q1 ’25: $3.2B, as of Mar 2025Revenue Q2 ’25: $2.8B, as of Jun 2025Revenue Q3 ’25: $3.2B, as of Sep 2025Revenue Q4 ’25: $2.9B, as of Dec 2025Revenue Q1 ’26: $3.8B, as of Mar 2026Revenue Q2 ’26: $2.6B, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
18.1%-11.1 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 22.4%, as of Sep 2023Operating margin Q4 ’23: 26.6%, as of Dec 2023Operating margin Q1 ’24: 24.8%, as of Mar 2024Operating margin Q2 ’24: 24.0%, as of Jun 2024Operating margin Q3 ’24: 24.3%, as of Sep 2024Operating margin Q4 ’24: 18.1%, as of Dec 2024Operating margin Q1 ’25: 24.7%, as of Mar 2025Operating margin Q2 ’25: 29.1%, as of Jun 2025Operating margin Q3 ’25: 26.5%, as of Sep 2025Operating margin Q4 ’25: 17.5%, as of Dec 2025Operating margin Q1 ’26: 27.9%, as of Mar 2026Operating margin Q2 ’26: 18.1%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$216M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$229M, as of Sep 2023Free cash flow Q4 ’23: -$255M, as of Dec 2023Free cash flow Q1 ’24: -$136M, as of Mar 2024Free cash flow Q2 ’24: -$355M, as of Jun 2024Free cash flow Q3 ’24: -$145M, as of Sep 2024Free cash flow Q4 ’24: -$611M, as of Dec 2024Free cash flow Q1 ’25: $421M, as of Mar 2025Free cash flow Q2 ’25: -$309M, as of Jun 2025Free cash flow Q3 ’25: $322M, as of Sep 2025Free cash flow Q4 ’25: -$408M, as of Dec 2025Free cash flow Q1 ’26: $578M, as of Mar 2026Free cash flow Q2 ’26: -$216M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$192Mdebt $23.6B

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $57.0M, as of Sep 2023Cash Q4 ’23: $54.0M, as of Dec 2023Cash Q1 ’24: $1.2B, as of Mar 2024Cash Q2 ’24: $113M, as of Jun 2024Cash Q3 ’24: $203M, as of Sep 2024Cash Q4 ’24: $125M, as of Dec 2024Cash Q1 ’25: $894M, as of Mar 2025Cash Q2 ’25: $186M, as of Jun 2025Cash Q3 ’25: $334M, as of Sep 2025Cash Q4 ’25: $132M, as of Dec 2025Cash Q1 ’26: $404M, as of Mar 2026Cash Q2 ’26: $192M, as of Jun 2026Debt Q3 ’23: $19.0B, as of Sep 2023Debt Q4 ’23: $19.3B, as of Dec 2023Debt Q1 ’24: $21.3B, as of Mar 2024Debt Q2 ’24: $20.5B, as of Jun 2024Debt Q3 ’24: $21.4B, as of Sep 2024Debt Q4 ’24: $21.1B, as of Dec 2024Debt Q1 ’25: $23.0B, as of Mar 2025Debt Q2 ’25: $22.6B, as of Jun 2025Debt Q3 ’25: $22.5B, as of Sep 2025Debt Q4 ’25: $22.5B, as of Dec 2025Debt Q1 ’26: $23.1B, as of Mar 2026Debt Q2 ’26: $23.6B, as of Jun 2026

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
498.4M+0.0% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 498.3M, as of Sep 2023Shares outstanding Q1 ’24: 498.1M, as of Mar 2024Shares outstanding Q2 ’24: 498.2M, as of Jun 2024Shares outstanding Q3 ’24: 498.2M, as of Sep 2024Shares outstanding Q1 ’25: 499.0M, as of Mar 2025Shares outstanding Q2 ’25: 499.1M, as of Jun 2025Shares outstanding Q3 ’25: 499.2M, as of Sep 2025Shares outstanding Q1 ’26: 498.3M, as of Mar 2026Shares outstanding Q2 ’26: 498.4M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateWhat happened
20 Oct 2026Form 4 cluster: 7 PSEG insiders have 3,039 shares withheld for FICA taxes, 16 Oct 20267 insiders filed Form 4 for 16 Oct 2026, all code F withholdings at $71.49 to satisfy FICA taxes. Total 3,039 shares (LaRossa 1,639).filing · SEC Form 4 · 20 Oct 2026
dossier age
2 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 0 mentions across 2 sections. A dashed foot names none.
Primary sources
2 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-21), 578 words, no filing mention
  2. The dossier: What held, 56 words, no filing mention
Research

The Public Service Enterprise Group dossier

The verdict

A 90%-regulated New Jersey wires utility wearing a merchant-nuclear data-center costume — you are paid ~17x for a 6–8% regulated compounder, and the AI-power optionality is real but unpriced *and* unproven; own it as a rate-base bond with a free nuclear call option, not as the next Constellation.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-21)

  1. Q3 2026 (actuals): operating revenues $3,020M against $3,226M in Q3 2025 [Q3 release, Attachment 1]; that is a 6.4% fall. PSE&G revenues $2,526M ($2,535M); PSEG Power & Other $532M ($749M). Consolidated operating income $622M ($855M).
  2. Q3 earnings (actuals): GAAP net income $376M, $0.76 per share (Q3 2025: $622M, $1.24). Non-GAAP operating earnings $574M, $1.15 per share (Q3 2025: $565M, $1.13). The gap is a $251M pre-tax mark-to-market loss and a $21M pre-tax NDT fund loss, less $74M of tax [Q3 release, Attachment 8].
  3. Segments, Q3 2026 (actuals): PSE&G net income $506M ($515M), which the release puts down to higher depreciation and interest on investment "not reflected in current rates" and the timing of taxes, partly offset by energy-efficiency and transmission investment. PSEG Power & Other operating earnings $68M ($50M); GAAP net loss $(130)M (net income $107M) [Q3 release].
  4. Nine months to 2026-09-30 (actuals): revenues $9,422M ($9,253M); net income $1,451M, $2.91 per share ($1,796M, $3.59); non-GAAP operating earnings $1,777M, $3.56 per share ($1,667M, $3.33) [Q3 release, Attachments 2 and 8]. Operating cash flow $2,537M ($2,577M); investing outflow $2,282M ($2,060M) [Q3 release, Attachment 4].
  5. Q2 2026 (actuals), for the bridge: net income $334M, $0.67 per share (Q2 2025: $585M, $1.17); non-GAAP operating earnings $425M, $0.86 per share ($384M, $0.77) [Q2 release]. The release says PSE&G reached a peak summer load of 10,446 MW on 2026-07-02, the highest in 14 years.
  6. Guidance: 2026 non-GAAP operating EPS $4.28 to $4.40 maintained (guidance, as of 2026-11-02), and the 6% to 8% operating-earnings CAGR through 2030, rate-base CAGR 6% to 7.5%, and a $24B to $28B 2026-2030 capital programme, over 90% regulated (guidance) [Q3 deck, slides 4-5]. Full-year 2026 regulated Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. of about $4.2B is "on track"; Q3 regulated investment was about $1.1B [Q3 deck]. The company repeats it can fund the plan "without the need to issue new equity or sell assets" [Q3 release].
  7. Nuclear (actuals): Q3 capacity factor 95.5% (92.4%), generation 8,172 GWh (7,903), fuel cost $7.18/MWh ($6.68). Over 95% of expected 2026 output is hedged; 2026 generation is forecast at 30-32 TWh (guidance). The deck says PSEG has "submitted proposals into PJM RBP process" and lists data-center and PPA "optionality" with no signed contract named. It shows PJM capacity prices of $329/MW-day (2026/27), $333 (2027/28) and $325 (2028/29) [Q3 deck, slide 12].
  8. New Jersey regulation: the deck says PSE&G "worked constructively with the Sherrill Administration" on two Executive Orders and "anticipates filing a proposal with the BPU to address the regulatory lag of capital investments made since our last distribution rate case"; a BPU Phase 2 report on the utility business model is expected in early 2027. Residential gas heating bills were cut 5% from 2026-10-01. A FERC transmission formula update adds about $60M of annual revenue from 2027-01-01, subject to true-up [Q3 deck, slide 11].
  9. Balance sheet, 2026-09-30 against 2025-12-31 (actuals): total debt $25,634M ($24,074M), of which commercial paper and loans $1,075M ($1,529M); stockholders' equity $17,362M ($16,982M) [Q3 release, Attachment 3]. The deck gives consolidated debt to capitalization of 60%, liquidity of about $3.9B including $837M of cash, and PSEG Power net cash collateral postings of $610M. PSEG Power issued $400M of 5.55% notes due 2031 in September 2026 [Q3 deck, slides 14-15].
  10. Per-share items (actuals): dividend $0.67 per quarter ($0.63); stock price at period end $67.34 against $83.46 a year earlier; book value per share $34.85 [Q3 release, Attachment 7]. The prior seed's price at analysis was ~$79.89 (2026-06-20).

What held

  • Earnings guidance and the 6-8% growth target are unchanged (fact 6).
  • PSE&G is still most of the earnings: $1,425M of the $1,777M nine-month operating earnings (fact 4).
  • No hyperscaler nuclear offtake is announced; the option is still described as optionality (fact 7).
  • Nuclear output stays above 95% hedged for 2026 (fact 7).

How our view changed

2 dossiers on Public Service Enterprise Group since . The verdict has held each time.

Research trail

The research around Public Service Enterprise Group

Covered in the Knowledge Base

Energy & Power

Company details

IndustryEnergy
SizePublic Company
WebsiteVisit Public Service Enterprise Group

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5 names

Where Public Service Enterprise Group sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.