A month has gone by since the last earnings report for PSEG (PEG Quick QuotePEG - Free Report) . Shares have lost about 2.9% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is PSEG due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

PEG Q2 Earnings Outpace Expectations, Revenues Decrease Y/Y

Public Service Enterprise Group Incorporated, or PSEG, reported second-quarter 2026 adjusted earnings of 86 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 7.5%. Earnings increased 11.7% from the prior-year reported figure of 77 cents.

The company reported GAAP earnings per share (EPS) of 67 cents compared with $1.17 in the corresponding period of 2025.

PEG’s Total Revenues

Operating revenues totaled $2.55 billion, which missed the Zacks Consensus Estimate of $2.70 billion by 5.4%. The top line also declined 8.9% from the year-ago figure of $2.81 billion.

PEG’s Sales Volumes Show Mixed Trends

Electric sales increased 2% year over year to 9,629 million kilowatt-hours (kWh). Residential sales rose 3% to 3,242 million kWh, while commercial and industrial sales jumped 1% to 6,316 million kWh.

Total gas sales declined 23% to 541 million therms. Firm gas sales slipped 1% to 351 million therms, as residential volumes decreased 4%, and commercial and industrial volumes increased 1%. Non-firm commercial and industrial sales fell 45% to 190 million therms.

Highlights of PEG’s Earnings Release

The operating income totaled $461 million compared with $817 million in the year-ago period, reflecting a decline of 43.6%.

Total operating expenses were $2.09 billion, up 5.3% from the year-ago figure.

Interest expenses amounted to $269 million, which increased 8.5% year over year.

Segmental Performance of PEG

PSE&G revenues increased 5.2% to $2.14 billion from $2.03 billion in the prior-year period. The regulated utility generated net income and non-GAAP operating earnings of $342 million, up from $332 million. Results benefited from ongoing investments in energy efficiency, gas system modernization and transmission. 

PSEG Power & Other revenues declined 42% to $534 million from $920 million a year earlier. Despite the revenue decrease, non-GAAP operating earnings increased to $83 million from $52 million. The improvement reflected higher realized prices and increased nuclear generation.

Financial Update of PEG

The long-term debt (including the current portion of the long-term debt) as of June 30, 2026 was $23.59 billion compared with $22.55 billion as of Dec. 31, 2025.

The net cash flow from operating activities was $1.82 billion during the first six months of 2026 compared with $1.53 billion during the first six months of 2025.

PEG’s 2026 Guidance

PEG expects adjusted earnings to be in the range of $4.28-$4.40 per share. The Zacks Consensus Estimate for earnings is currently pegged at $4.36, which is at the higher end of the company’s guided range.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in fresh estimates.

VGM Scores

Currently, PSEG has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock has a grade of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, PSEG has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.