Oct 29, 2026, 8:53 AM ETUtilities

Portland General Electric — Third Quarter 2026 Earnings Summary

PORPORTLAND GENERAL ELECTRIC CO

Financial Performance

GAAP net income for the third quarter of 2026 was $119 million ($1.00 per diluted share), compared to $103 million ($0.94 per diluted share) in the same period of 2025.
Non-GAAP net income for the third quarter of 2026 was $125 million ($1.06 per diluted share), compared to $110 million ($1.00 per diluted share) in the same period of 2025.
Total revenues for the third quarter of 2026 were $971 million, up from $952 million in the third quarter of 2025.
Year-to-date (nine months ended September 30, 2026) GAAP net income was $232 million, compared to $265 million in the prior year period.
Year-to-date total revenues were $2,664 million, down from $2,687 million in the prior year period.
Cash from operations for the nine months ended September 30, 2026, was $811 million.
Capital expenditures for the nine months ended September 30, 2026, were $1,085 million.
Long-term debt, net of current portion, stood at $5,010 million as of September 30, 2026, compared to $4,662 million as of December 31, 2025.
Total shareholders' equity was $4,332 million as of September 30, 2026, compared to $4,133 million as of December 31, 2025.
Unfavorable weather conditions reduced third-quarter earnings by $0.15 year-over-year on an EPS basis.

Revised full-year 2026 adjusted earnings guidance to $3.18 to $3.28 per diluted share, reflecting the impact of unusually mild weather in the third quarter.
Long-term guidance remains intact.
Full-year 2026 adjusted earnings guidance assumes energy deliveries increase between 1.0% and 2.0% on a weather-adjusted basis.
Operating and maintenance expense for 2026 is projected between $810 million and $830 million.
Depreciation and amortization expense for 2026 is projected between $570 million and $590 million.
Effective tax rate for 2026 is projected between 15% and 20%.
Cash from operations for 2026 is projected between $950 million and $1,150 million.
Capital expenditures for 2026 are projected at $1,565 million.
Average construction work in progress balance for 2026 is projected at $815 million.
Management expects normal temperatures in November and December 2026.

Industrial customer demand grew 9% year-over-year on a weather-adjusted basis, driven by high-tech and data center customers.
Industrial revenue for the third quarter of 2026 was $177 million, compared to $141 million in the same period of 2025.
Residential revenue for the third quarter of 2026 was $362 million, compared to $375 million in the same period of 2025.
Commercial revenue for the third quarter of 2026 was $261 million, compared to $262 million in the same period of 2025.
PGE signed build-transfer agreements for two new renewable projects:
- Biglow: A combined 200 MW solar and 250 MW battery storage facility with an anticipated investment of approximately $900 million.
- Salmonfly: A combined 199 MW solar and 199 MW battery storage facility with the Confederated Tribes of Warm Springs, with an anticipated investment of approximately $853 million.
PGE filed its 2026 Clean Energy Plan and Integrated Resource Plan with the OPUC.
PGE launched participation in the Extended Day-Ahead Market (EDAM) on October 1st, 2026.

PGE serves nearly 960,000 customers across an area of approximately 2 million Oregonians.
PGE is ranked a top ten utility in the 2025 Forrester U.S. Customer Experience Index.
PGE operates the No. 1 voluntary renewable energy program in the country.
The company expects EDAM participation to deliver approximately $14 million in estimated customer savings in 2027.

Unusually mild weather during the third quarter resulted in an estimated $0.20 EPS headwind on a year-to-date basis relative to normal weather.
Risks include severe or unseasonable weather, climate, and catastrophe risks affecting customer demand and operations.
Regulatory risks include the timing and outcome of rate cases, new laws, and cost-recovery proceedings.
Acquisition and corporate structure risks involve approvals, financing, and integration of the proposed Washington state acquisition and holding company reorganization.
Capital investment risks include permitting delays, supply chain constraints, inflation, and labor availability.
Load growth risks include uneven growth from large customers like data centers and weather-driven variability.
Cybersecurity, artificial intelligence, and data privacy risks could disrupt operations.

Maria Pope, President and CEO, stated the company continues to execute on strategic priorities.
Management noted that cooler summer weather reduced residential and small-commercial demand.
Management highlighted that the October 1st go-live of the Extended Day-Ahead Market is reducing power costs and energy market volatility.
The tone regarding the holding company update was supportive, stating the growth strategy does not depend on its implementation.

The board of directors declared a quarterly common stock dividend of 55.125 cents per share, payable on or before January 15, 2027.
PGE filed its 2027 general rate case with the OPUC in August, proposing an overall price increase of approximately 4.8%, with residential customers seeing an approximate 3.9% increase.
The proposed holding company structure is intended to enhance financial flexibility while maintaining customer protections.
PGE supports $78 million in customer rate credits and $5 million in other community commitments.
The company filed a request for clarification and changes to two conditions following the OPUC's September 25th order.
PGE employees and retirees volunteered over 18,300 hours to more than 400 nonprofit organizations in 2025.
Through the PGE Foundation and matching programs, more than $5 million was directed to charitable organizations in 2025.