v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following tables present disaggregated revenue from contracts with customers, and other revenue by major source for the three months ended June 30, 2026 and June 30, 2025:

Puget Energy and
Puget Sound Energy
(Dollars in Thousands)
Three Months Ended June 30, 2026
Revenue from contracts with customers:
Electric
Natural Gas
Other
Total
Retail
Residential
$499,231 $166,983 $— $666,214 
Commercial
377,823 90,135 — 467,958 
Industrial
44,578 5,438 — 50,016 
Other
7,262 — — 7,262 
Wholesale
9,188 — — 9,188 
Transmission and transportation
12,219 9,827 — 22,046 
Miscellaneous1
57,984 18,023 57 76,064 
Total revenue from contracts with customers
$1,008,285 $290,406 $57 $1,298,748 
Total other revenue2
6,870 (1,702)— 5,168 
Total PSE operating revenue
$1,015,155 $288,704 $57 $1,303,916 
Puget LNG operating revenue— — 9,689 9,689 
Intercompany eliminations— (801)— (801)
Total Puget Energy operating revenue$1,015,155 $287,903 $9,746 $1,312,804 
_____________
1 Miscellaneous electric and natural gas revenue includes $55.3 million and $21.0 million, respectively, of the regulatory offset resulting from CCA credits being passed back to customers.
2 Total other revenue includes revenues from derivatives and alternative revenue programs that are not considered revenues from contracts with customers.
Puget Energy and
Puget Sound Energy
(Dollars in Thousands)Three Months Ended June 30, 2025
Revenue from contracts with customers:ElectricNatural Gas
Other
Total
Retail
Residential$398,937 $162,475 $— $561,412 
Commercial294,602 83,876 — 378,478 
Industrial33,655 5,430 — 39,085 
Other5,032 — — 5,032 
Wholesale63,080 — — 63,080 
Transmission and transportation8,717 6,123 — 14,840 
Miscellaneous1
8,780 15,782 7,334 31,896 
Total revenue from contracts with customers$812,803 $273,686 $7,334 $1,093,823 
Total other revenue2
19,552 (2,403)— 17,149 
Total PSE operating revenue
$832,355 $271,283 $7,334 $1,110,972 
Puget LNG operating revenue— — 10,406 10,406 
Intercompany eliminations— (913)— (913)
Total Puget Energy operating revenue$832,355 $270,370 $17,740 $1,120,465 
_____________
1 Miscellaneous natural gas revenue includes $15.7 million of the regulatory offset resulting from CCA credits being passed back to customers.
2 Total other revenue includes revenues from derivatives and alternative revenue programs that are not considered revenues from contracts with customers.

The following tables present disaggregated revenue from contracts with customers, and other revenue by major source for the six months ended June 30, 2026 and June 30, 2025:

Puget Energy and
Puget Sound Energy
(Dollars in Thousands)
Six Months Ended June 30, 2026
Revenue from contracts with customers:
Electric
Natural Gas
Other
Total
Retail
Residential
$1,206,587 $540,781 $— $1,747,368 
Commercial
804,765 250,092 — 1,054,857 
Industrial
90,624 15,718 — 106,342 
Other
14,179 — — 14,179 
Wholesale
28,499 — — 28,499 
Transmission and transportation
26,783 21,800 — 48,583 
Miscellaneous1
132,142 62,215 175 194,532 
Total revenue from contracts with customers
$2,303,579 $890,606 $175 $3,194,360 
Total other revenue2
(27,845)(22,081)— (49,926)
Total PSE operating revenue
$2,275,734 $868,525 $175 $3,144,434 
Puget LNG operating revenue— — 18,099 18,099 
Intercompany eliminations— (1,472)— (1,472)
Total Puget Energy operating revenue$2,275,734 $867,053 $18,274 $3,161,061 
_____________
1 Miscellaneous electric and natural gas revenue includes $126.6 million and $67.9 million, respectively, of the regulatory offset resulting from CCA credits being passed back to customers.
2 Total other revenue includes revenues from derivatives and alternative revenue programs that are not considered revenues from contracts with customers.
Puget Energy and
Puget Sound Energy
(Dollars in Thousands)Six Months Ended June 30, 2025
Revenue from contracts with customers:ElectricNatural Gas
Other
Total
Retail
Residential$982,700 $535,840 $— $1,518,540 
Commercial635,910 243,357 — 879,267 
Industrial70,344 15,752 — 86,096 
Other11,274 — — 11,274 
Wholesale135,072 — — 135,072 
Transmission and transportation17,481 15,457 — 32,938 
Miscellaneous1
14,402 56,674 7,433 78,509 
Total revenue from contracts with customers$1,867,183 $867,080 $7,433 $2,741,696 
Total other revenue2
(7,880)(29,824)— (37,704)
Total PSE operating revenue
$1,859,303 $837,256 $7,433 $2,703,992 
Puget LNG operating revenue— — 20,435 20,435 
Intercompany eliminations— (1,959)— (1,959)
Total Puget Energy operating revenue$1,859,303 $835,297 $27,868 $2,722,468 
_____________
1 Miscellaneous natural gas revenue includes $53.6 million of the regulatory offset resulting from CCA credits being passed back to customers.
2 Total other revenue includes revenues from derivatives and alternative revenue programs that are not considered revenues from contracts with customers.

Transaction Price Allocated to Remaining Performance Obligations
In December 2020, Puget LNG entered into a contract with one customer where Puget LNG is selling LNG over a 10-year delivery period which began April 1, 2024. The contract requires the customer to purchase a minimum annual quantity even if the customer does not take delivery. The price of the LNG includes a fixed charge, a fuel charge that includes both a market index and fixed margin component and other variable considerations. The fixed transaction price is allocated to the remaining performance obligations which is determined by the fixed charge components multiplied by the outstanding minimum annual quantity.
The Company expects to recognize revenue over the following time periods:
Puget Energy
(Dollars in Thousands)20262027202820292030ThereafterTotal
Remaining performance obligations$9,463 $19,280 $19,454 $19,454 $19,454 $63,227 $150,332 
The Company has elected the optional exemption in ASC 606, "Revenues from Contracts with Customers", under which the Company does not disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. The primary sources of variability are (a) fluctuations in market index prices of natural gas used to determine aspects of variable pricing and (b) variation in volumes that may be delivered to the customer. Both sources of variability are expected to be resolved at or shortly before delivery of each unit of LNG or natural gas. As each unit of LNG or natural gas represents a separate performance obligation, future volumes are wholly unsatisfied.