Original source text
Second quarter financial results were consistent with guidance and reflect strong operational execution Industrial customer demand grew 11% year-over-year, driven by continued growth from high-tech and data center customers Reaffirming 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share , /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today reported second quarter 2026 net income of $68 million, or $0.59 per diluted share, on a generally accepted accounting principles (GAAP) basis. After adjusting for business transformation, optimization and acquisition expenses, second quarter 2026 non-GAAP net income was $74 million, or $0.64 per diluted share. This compares with second quarter 2025 GAAP net income of $62 million, or $0.56 per diluted share, and non-GAAP net income of $73 million, or $0.66 per diluted share.
"Affordability remains a national focus, and we have taken proactive steps to address customer cost pressures while supporting continued economic growth in our region. The approval of our large customer tariff reflects several years of legislative and regulatory work. It results in data center pricing increasing by approximately 30%, while lowering costs for all other customers," said Maria Pope, President and CEO. "As we enter the second half of 2026, we are focused on operational execution, meeting the opportunities of continued customer growth, and advancing major regulatory proceedings including our holding company and Washington acquisition filings."
Second Quarter 2026 Earnings Compared to Second Quarter 2025 Earnings
On a GAAP basis, total revenues increased due to higher cost recovery and increased energy deliveries, primarily driven by continued industrial load growth of 11.2%, while residential and commercial loads were relatively flat year over year. Purchased power and fuel expense increased due to expected intra-year timing differences between power cost recognition and revenue collections. Operations and maintenance expense decreased, reflecting ongoing cost management efforts, while depreciation and interest expense increased due to continued capital investment in the system.
Additional Company Updates
Regulatory Update
The New Large Load Tariff (docket UM 2377) was approved by the OPUC in May 2026 and established a new rate class for large load customers. It also established an important framework that better aligns infrastructure costs with the customers driving new system growth while helping reduce costs for residential and small business customers. New prices became effective July 8, 2026, which included an average rate increase of approximately 30% for data center and other new large load customers, while lowering rates for all other customers.
Corporate Structure / Holding Company Update
PGE continued to advance its proposed holding company structure, with OPUC Staff recommending approval of the proposal, subject to certain conditions. The proposed structure is expected to enhance financing flexibility and support continued investment in clean energy, reliability, and infrastructure needed to serve customers over time.
General Rate Case
Next week, PGE will file its 2027 general rate case with the OPUC. As proposed, the case would result in an approximate 4.8% overall increase relative to currently approved prices. If approved, new rates would take effect July 1, 2027. This increase is expected to be partially offset by lower net variable power costs in 2027, which are addressed separately through the Annual Power Cost Update Tariff, and are currently forecasted to reduce customer prices by approximately 2.4% beginning January 1, 2027.
2025 All-Source Request for Proposals
The OPUC acknowledged our 2025 RFP final shortlist on May 26, 2026, marking an important milestone in the resource procurement process. We are now moving into commercial negotiations and expect to execute contracts by early 2027, subject to final negotiations and Board approvals.
Quarterly Dividend
As previously announced, on July 24, 2026, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of 55.125 cents per share. The quarterly dividend is payable on or before October 15, 2026 to shareholders of record at the close of business on September 25, 2026.
2026 Earnings Guidance
PGE is reaffirming its estimate for full-year 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share based on the following assumptions:
An increase in energy deliveries between 1.5% and 2.5%, weather adjusted; Execution of power cost and financing plans; Execution of operating cost management plan; Normal temperatures in its utility service area for the remainder of the year; Hydro conditions for the year that reflect current estimates; Wind generation based on five years of historical levels or forecast studies when historical data is not available; Normal thermal plant operations; Operating and maintenance expense between $810 million and $830 million which includes approximately $150 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines and $26 million of business transformation, optimization and acquisition expenses and $4 million of regulatory deferral adjustments related to the January 2024 storm and 2024 reliability contingency event; Depreciation and amortization expense between $570 million and $590 million; Effective tax rate of 15% to 20%; Cash from operations of $1,000 to $1,200 million; Capital expenditures of $1,655 million; and Average construction work in progress balance of $780 million. Second Quarter 2026 Earnings Call and Webcast — July 31, 2026
PGE will host a conference call with financial analysts and investors on Friday, July 31, 2026, at 11 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A webcast replay will also be available on PGE's investor website "Events & Presentations" page beginning at 2 p.m. ET on July 31, 2026.
Maria Pope, President and CEO; Joe Trpik, Senior Vice President of Finance and CFO; and Erin Schwartz, Senior Manager of Investor Relations, will participate in the call. Management will respond to questions following formal comments.
Non-GAAP Financial Measures
This press release contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in nature, or both. PGE believes that excluding the effects of these items provides an alternative measure of the Company's comparative earnings per share and enables investors to evaluate the Company's operating financial performance trends, exclusive of items that are not normally associated with ongoing operations. Management utilizes non-GAAP measures to assess the Company's current and forecasted performance, and for communications with shareholders, analysts and investors. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.
Items in the periods presented, which PGE believes impact the comparability of comparative earnings and do not represent ongoing operating financial performance, include the following:
Business transformation and optimization expenses, including strategic advisory, workforce realignment, corporate structure update costs and Washington acquisition related expenses including legal, financing and strategic advisory costs. Due to the forward-looking nature of PGE's non-GAAP adjusted earnings guidance, and the inherently unpredictable nature of items and events which could lead to the recognition of non-GAAP adjustments (such as, but not limited to, regulatory disallowances or extreme weather events), management is unable to estimate the occurrence or value of specific items requiring adjustment for future periods, which could potentially impact the Company's GAAP earnings. Therefore, management cannot provide a reconciliation of non-GAAP adjusted earnings per share guidance to the most comparable GAAP financial measure without unreasonable effort. For the same reasons, management is unable to address the probable significance of unavailable information.
PGE's reconciliation of non-GAAP earnings for the quarters ended June 30, 2026 is below.
Non-GAAP Earnings Reconciliation for the quarter ended June 30, 2026
(Dollars in millions, except EPS)
Net Income
Diluted EPS
GAAP as reported for the quarter ended June 30, 2026
$ 68
$ 0.59
Exclusion of business transformation, optimization and acquisition expenses
8
0.07
Tax effect (1)
(2)
(0.02)
Non-GAAP as reported for the quarter ended June 30, 2026
$ 74
$ 0.64
(1)
Tax effects were determined based on the Company's full-year blended federal and state statutory rate.
About Portland General Electric Company
Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to nearly 960,000 customers serving an area of approximately 2 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering economies, delivering safe, affordable and reliable electricity while working to transform energy systems to meet evolving customer needs. PGE continues to make progress towards emissions reduction targets, and customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE is ranked a top ten utility in the 2025 Forrester U.S. Customer Experience Index. In 2025, PGE employees and retirees volunteered over 18,300 hours to more than 400 nonprofits organizations. Through the PGE Foundation, along with corporate contributions and the employee matching gift program, more than $5 million was directed to charitable organizations supporting economic growth and community resilience across our service area. For information: portlandgeneral.com/news.
Safe Harbor Statement
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our estimates and assumptions as of the date of this report, and PGE assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors. Investors should not rely unduly on any forward-looking statements.
Forward-looking statements include statements, other than statements of historical or current fact, regarding PGE's earnings guidance (including all the assumptions and expectations upon which such guidance is based), PGE's proposed purchase of electric utility operations and certain assets in Washington state from PacifiCorp (Acquisition), and PGE's operating and financing plans, as well as other statements containing words such as "anticipates," "assumptions," "believes," "continue," "could," "estimates," "expected," "forecast," "guidance," "may," "plans," "proposed," "seeks," "should," "will," "working to," or similar expressions.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Such risks, uncertainties and other factors include, without limitation: wildfire and public safety risks, including ignitions caused by PGE assets, the effectiveness of wildfire mitigation, vegetation management, and system hardening, the ability to implement public safety power shutoffs (PSPS), related liability exposure, and the timing and extent of regulatory cost recovery; severe weather, climate, and catastrophe risks, including extreme or unseasonable weather and other natural or human caused disasters that could endanger public safety, disrupt operations, damage assets, limit access to power or fuel supplies, increase costs, or adversely affect cost recovery; electric system operational risks, including forced outages, fires, equipment failures, adverse hydro or wind conditions, fuel supply disruptions, and complications at jointly owned facilities, resulting in increased costs or the need to procure replacement power; power and fuel supply and price risks, including availability, counterparty nonperformance, and volatility in wholesale electricity, natural gas, coal, and other fuel markets; regulatory, legislative, and policy risks, including new or revised laws, regulations, executive actions, audits, investigations, and proceedings that could affect rates, cost recovery, operations, capital plans, or financial results; Acquisition risks, including risks related to regulatory approvals, financing and joint‑venture arrangements, integration and operational execution, cost recovery, and the possibility that the anticipated benefits of the Acquisition are delayed, not realized, or cost more than expected; environmental compliance and permitting risks, including evolving environmental laws and permitting requirements and site specific remediation obligations, such as Superfund liabilities, where uncertainties regarding remediation scope, cost allocation, litigation, and regulatory cost recovery could result in material costs or adversely affect PGE's financial position, results of operations, or cash flows; capital investment and execution risks, including supply chain disruptions, cost inflation, labor constraints, permitting delays, contractual disputes, counterparty failures, or project abandonment, which could impair timely completion or cost recovery; load growth and demand uncertainty, including accelerated or uneven growth from large customers such as data centers, changes in customer usage patterns, variability in demand driven by weather variations, and reduced consumption or load shifting resulting from price increases, energy efficiency measures or other changes in customer behavior; customer choice and market structure risks, including reduced demand or usage shifts due to distributed generation or increased procurement from alternative providers, such as registered Electricity Service Suppliers (ESSs) or community choice aggregation programs; cybersecurity and physical security risks, including cyberattacks, data breaches, physical attacks, the use or misuse of artificial intelligence technologies, or other malicious acts that could damage assets, disrupt systems, or result in the disclosure of sensitive information; geopolitical and macroeconomic risks, including acts of war, terrorism, or civil unrest—such as the escalation of US operations in the Middle East—that could disrupt energy markets or supply chains, increase costs, or contribute to volatility in capital markets, inflation, or interest rates; economic and financial market risks, including availability and cost of capital, interest rate and equity market volatility, inflation, and trade tariffs affecting operating or capital costs; legal and litigation risks, including the timing and outcome of judicial, administrative, or regulatory proceedings, which may result in material liabilities or costs; workforce and labor risks, including labor strikes, work stoppages, collective bargaining disputes, the ability to attract and retain skilled employees, and transitions in senior management; resource procurement and All-Source Request for Proposals (RFP) project risks, including uncertainties related to the availability, cost, permitting, financing, and performance of resources selected through RFP or other regulatory processes and associated regulatory and counterparty risks; insurance availability and cost, particularly for wildfire or catastrophe related coverage; accounting, tax, and policy changes, including changes in accounting standards, tax laws, or regulatory accounting policies that could affect reported results or cash flows; and the other risks and uncertainties set forth in PGE's Annual Report on Form 10‑K for the year ended December 31, 2025, as filed with the SEC.
Source: Portland General Electric Company
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except per share amounts)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenues:
Revenues, net
$
811
$
798
$
1,674
$
1,730
Alternative revenue programs, net of amortization
3
9
19
5
Total revenues
814
807
1,693
1,735
Operating expenses:
Purchased power and fuel
296
294
657
662
Generation, transmission and distribution
112
114
222
224
Administrative and other
90
96
196
192
Depreciation and amortization
143
139
287
279
Taxes other than income taxes
52
46
103
92
Total operating expenses
693
689
1,465
1,449
Income from operations
121
118
228
286
Interest expense, net
61
57
121
113
Other income:
Allowance for equity funds used during construction
6
6
9
11
Miscellaneous income, net
14
7
18
12
Other income, net
20
13
27
23
Income before income tax expense
80
74
134
196
Income tax expense
12
12
21
34
Net income and Comprehensive income
$
68
$
62
$
113
$
162
Weighted-average common shares outstanding (in thousands):
Basic
115,733
109,522
115,687
109,473
Diluted
116,376
109,765
116,285
109,725
Earnings per share:
Basic
$
0.59
$
0.56
$
0.97
$
1.48
Diluted
$
0.59
$
0.56
$
0.97
$
1.47
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
June 30,
2026
December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents
$
35
$
76
Accounts receivable, net
410
460
Inventories
126
124
Regulatory assets—current
255
168
Other current assets
218
244
Total current assets
1,044
1,072
Electric utility plant, net
11,535
10,993
Regulatory assets—noncurrent
521
619
Nuclear decommissioning trust
46
42
Non-qualified benefit plan trust
38
36
Other noncurrent assets
459
468
Total assets
$
13,643
$
13,230
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS, continued
(In millions, except share amounts)
(Unaudited)
June 30,
2026
December 31,
2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
451
$
330
Liabilities from price risk management activities—current
140
158
Current portion of finance lease obligation
27
27
Accrued expenses and other current liabilities
451
478
Total current liabilities
1,069
993
Long-term debt, net of current portion
4,928
4,662
Regulatory liabilities—noncurrent
1,507
1,490
Deferred income taxes
639
601
Deferred investment tax credits
190
194
Unfunded status of pension and postretirement plans
94
107
Liabilities from price risk management activities—noncurrent
66
56
Asset retirement obligations
301
299
Non-qualified benefit plan liabilities
67
70
Finance lease obligations, net of current portion
256
263
Other noncurrent liabilities
403
362
Total liabilities
9,520
9,097
Commitments and contingencies (see notes)
Shareholders' Equity:
Preferred stock, no par value, 30,000,000 shares authorized; none issued and
outstanding as of June 30, 2026 and December 31, 2025
—
—
Common stock, no par value, 160,000,000 shares authorized; 115,785,254
and 115,559,079 shares issued and outstanding as of June 30, 2026 and
December 31, 2025, respectively
2,385
2,382
Accumulated other comprehensive loss
(4)
(4)
Retained earnings
1,742
1,755
Total shareholders' equity
4,123
4,133
Total liabilities and shareholders' equity
$
13,643
$
13,230
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months Ended June 30,
2026
2025
Cash flows from operating activities:
Net income
$
113
$
162
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
287
279
Deferred income taxes
13
25
Allowance for equity funds used during construction
(9)
(11)
Alternative revenue programs
(19)
(5)
Regulatory assets
3
(3)
Regulatory liabilities
4
(16)
Tax credit sales
12
13
Other non-cash income and expenses, net
61
49
Changes in working capital:
Accounts receivable, net
47
52
Inventories
(2)
(9)
Margin deposits
50
85
Accounts payable and accrued liabilities
(53)
(35)
Margin deposits from wholesale counterparties
8
—
Other working capital items, net
12
22
Other, net
(39)
(41)
Net cash provided by operating activities
488
567
Cash flows from investing activities:
Capital expenditures
(635)
(596)
Sales of Nuclear decommissioning trust securities
3
1
Purchases of Nuclear decommissioning trust securities
(3)
(3)
Other, net
(15)
(11)
Net cash used in investing activities
(650)
(609)
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
(In millions)
(Unaudited)
Six Months Ended June 30,
2026
2025
Cash flows from financing activities:
Proceeds from issuance of long-term debt
$
270
$
310
Payments on long-term debt
—
(102)
Dividends paid
(120)
(109)
Other
(29)
(13)
Net cash provided by financing activities
121
86
Change in cash and cash equivalents
(41)
44
Cash and cash equivalents, beginning of period
76
12
Cash and cash equivalents, end of period
$
35
$
56
Supplemental cash flow information is as follows:
Cash paid for interest, net of amounts capitalized
$
103
$
94
Cash received for income taxes, net
(2)
(3)
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Retail:
Residential
$
334
41
%
$
311
39
%
$
728
43
%
$
740
43
%
Commercial
248
31
234
29
483
29
476
27
Industrial
156
19
128
16
295
17
255
15
Subtotal
738
91
673
84
1,506
89
1,471
85
Direct access:
Commercial
4
—
4
—
7
—
8
—
Industrial
8
1
6
1
14
1
11
1
Subtotal
12
1
10
1
21
1
19
1
Subtotal Retail
750
92
683
85
1,527
90
1,490
86
Alternative revenue programs, net of amortization
3
0
9
1
19
1
5
—
Other accrued revenues, net
(2)
—
6
—
(5)
—
10
1
Total retail revenues
751
92
698
86
1,541
91
1,505
87
Wholesale revenues
39
5
88
11
102
6
188
11
Other operating revenues
24
3
21
3
50
3
42
2
Total revenues
$
814
100
%
$
807
100
%
$
1,693
100
%
$
1,735
100
%
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
%
Change
%
Change
(Weather-
Adjusted)
2026
2025
%
Change
%
Change
(Weather-
Adjusted)*
Energy deliveries:
Retail:
Residential
1,591
1,571
1.3
%
(1.4)
%
3,678
3,797
(3.1)
%
(3.3)
%
Commercial
1,529
1,546
(1.1)
(2.0)
3,123
3,178
(1.7)
(1.8)
Industrial
1,633
1,416
15.3
15.2
3,161
2,814
12.3
12.3
Subtotal
4,753
4,533
4.9
3.5
9,962
9,789
1.8
1.6
Direct access:
Commercial
118
135
(12.6)
(12.6)
234
264
(11.4)
(11.4)
Industrial
513
513
—
—
1,010
956
5.6
5.6
Subtotal
631
648
(2.6)
(2.6)
1,244
1,220
2.0
2.0
Total retail
5,384
5,181
3.9
2.7
%
11,206
11,009
1.8
1.7
%
Wholesale
1,515
2,439
(37.9)
2,914
4,418
(34.0)
Total
6,899
7,620
(9.5)
%
14,120
15,427
(8.5)
%
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Average number of retail customers:
Residential
846,367
839,923
1
%
845,926
838,516
1
%
Commercial
114,523
114,230
—
114,533
114,211
—
Industrial
222
218
2
221
217
2
Direct access
502
729
(31)
518
659
(21)
Total
961,614
955,100
1
%
961,198
953,603
1
%
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS, continued
(Unaudited)
Heating Degree-days
Cooling Degree-days
2026
2025
Avg.
2026
2025
Avg.
First Quarter
1,737
1,772
1,828
—
4
—
April
303
248
349
—
—
3
May
122
160
169
27
14
26
June
52
56
62
106
88
86
Second Quarter
477
464
580
133
102
115
Year-to-date
2,214
2,236
2,408
133
106
115
(Decrease)/Increase from the 15-year average
(8)
%
(7)
%
16
%
(8)
%
Note: "Average" amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport).
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Generation:
Thermal:
Natural gas
1,395
21
%
2,279
32
%
3,735
28
%
5,396
37
%
Coal
193
3
294
4
515
4
827
6
Total thermal
1,588
24
2,573
36
4,250
32
6,223
43
Hydro
242
4
328
5
591
4
770
5
Wind
767
12
866
12
1,315
10
1,465
10
Total generation
2,597
40
3,767
53
6,156
46
8,458
58
Purchased power:
Hydro
1,196
18
2,024
29
2,691
20
3,772
26
Wind
416
6
302
4
735
5
591
4
Solar
672
10
419
6
934
7
593
4
Natural Gas
193
3
—
—
624
5
—
—
Waste, Wood, and Landfill Gas
26
—
29
—
49
—
54
—
Source not specified
1,398
23
554
8
2,213
17
1,170
8
Total purchased power
3,901
60
3,328
47
7,246
54
6,180
42
Total system load
6,498
100
%
7,095
100
%
13,402
100
%
14,638
100
%
Less: wholesale sales
(1,515)
(2,439)
(2,914)
(4,418)
Retail load requirement
4,983
4,656
10,488
10,220
Media Contact:
Drew Hanson
Corporate Communications
Phone: 503-464-2067
Investor Contact:
Erin Schwartz
Investor Relations
Phone: 503-464-7751
SOURCE Portland General Company
