Portland General Electric Announces Third Quarter 2026 Results

Nine-month GAAP earnings declined despite higher third-quarter earnings and 9% weather-adjusted industrial demand growth.

Rhea-AI Summary

Portland General Electric (NYSE: POR) reported third-quarter adjusted earnings of $1.06 per diluted share, up from the year-earlier quarter. Adjusted net income rose to $125 million from $110 million; adjusted EPS was previously $1.00. GAAP net income increased to $119 million, or $1.00 per diluted share, from $103 million, or $0.94.

Weather-adjusted industrial demand grew 9% year over year, while unfavorable weather reduced quarterly EPS by $0.15 year over year. PGE revised its 2026 adjusted EPS guidance to $3.18–$3.28, citing unusually mild third-quarter weather; long-term guidance remains intact. Nine-month GAAP net income fell to $232 million from $265 million. PGE also signed agreements for the Biglow and Salmonfly solar-and-battery projects, with anticipated investments of approximately $900 million and $853 million, respectively, excluding construction financing allowances. Salmonfly remains subject to an Oregon regulatory process.

15 points · 2 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 17 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Biglow agreement adds planned 200 MW solar and 250 MW battery capacity; anticipated investment approximately $900 million, excluding construction financing allowances. 17% of market cap
• Major point. Forward-looking: it has not happened yet and may not happen.Salmonfly agreement adds planned 199 MW solar and 199 MW battery capacity; anticipated investment approximately $853 million, excluding construction financing allowances. 16% of market cap
• Moderate pointThird-quarter adjusted earnings rose to $125 million and $1.06 per diluted share from $110 million and $1.00.
• Moderate pointThird-quarter GAAP earnings increased to $119 million and $1.00 per diluted share from $103 million and $0.94.
• Moderate pointThird-quarter total revenue increased to $971 million from $952 million a year earlier.
• Moderate pointThird-quarter operating income increased to $187 million from $174 million a year earlier.
• Moderate pointWeather-adjusted industrial demand grew 9% year over year, driven by high-tech and data center customers.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Proposed 2027 rates would increase overall prices approximately 4.8%, with an approximate 3.9% residential increase.
• Moderate point. Forward-looking: it has not happened yet and may not happen.PGE forecasts weather-adjusted energy deliveries increasing between 1.0% and 2.0% in 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.PGE forecasts 2026 operating cash flow of $950 to $1,150 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.PGE plans 2026 capital expenditures of $1,565 million.

4 minor points

• Minor pointAdministrative and other expenses fell to $86 million from $99 million in the third quarter.
• Minor pointThird-quarter depreciation and amortization declined to $146 million from $148 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Extended Day-Ahead Market participation launched October 1; PGE estimates approximately $14 million in customer savings in 2027.
• Minor pointLong-term guidance remains intact despite the revised 2026 adjusted earnings outlook.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EPS guidance was revised to $3.18–$3.28 because of unusually mild third-quarter weather.
• Moderate pointNine-month GAAP earnings declined to $232 million and $1.98 per diluted share from $265 million and $2.41.
• Moderate pointNine-month total revenue declined to $2,664 million from $2,687 million a year earlier.
• Moderate pointNine-month operating income fell to $415 million from $460 million a year earlier.
• Moderate pointLong-term debt, excluding current maturities rose to $5,010 million at September 30 from $4,662 million at December 31, 2025.
• Moderate pointCommon shares outstanding increased to 118,907,598 at September 30 from 115,559,079 at December 31, 2025.

11 minor points

• Minor pointWeather impacts reduced quarterly EPS $0.15 year over year; estimated year-to-date impact was $0.20 versus normal weather.
• Minor pointThird-quarter purchased power and fuel costs increased to $383 million from $372 million a year earlier.
• Minor pointThird-quarter generation, transmission and distribution expenses increased to $115 million from $112 million a year earlier.
• Minor pointThird-quarter taxes other than income taxes increased to $54 million from $47 million a year earlier.
• Minor pointThird-quarter net interest expense increased to $62 million from $60 million a year earlier.
• Minor pointBusiness transformation, optimization and acquisition expenses totaled $9 million before tax in the third quarter.
• Minor pointCash and equivalents fell to $69 million at September 30 from $76 million at December 31, 2025.
• Minor pointSalmonfly remains subject to Oregon regulatory process concerning PGE's requested competitive-bidding waiver.
• Minor point. Forward-looking: it has not happened yet and may not happen.Proposed July 1, 2027 rates require regulatory approval; expected lower power costs would partially offset the increase.
• Minor point. Forward-looking: it has not happened yet and may not happen.Holding-company proposal remains subject to requested clarification and changes to two regulatory conditions.
• Minor point. Forward-looking: it has not happened yet and may not happen.Holding-company customer commitments supported by PGE include $78 million in rate credits and $5 million in community commitments.

News Explained

PGE’s reported share-count increase means unchanged holders own a smaller percentage, absent offsetting changes.

Portland General Electric reported 118,907,598 shares outstanding at September 30, 2026, versus 115,559,079 at December 31, 2025.

Issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes; the reported share-count increase therefore means unchanged holders own a smaller percentage.

PGE says its participation in the Extended Day-Ahead Market began October 1 and estimates approximately $14 million in customer savings in 2027.

Its 2027 general rate case, filed in August, proposes a 4.8% overall increase to currently approved prices and about a 3.9% increase for residential customers, subject to OPUC approval; if approved, rates would take effect July 1, 2027. Parties’ opening testimony is expected in mid-December, the next stated step in the case.

Key Figures

GAAP net income: $119 million GAAP diluted EPS: $1.00 per diluted share Non-GAAP net income: $125 million +5 more

GAAP net income

$119 million

Third quarter 2026

GAAP diluted EPS

$1.00 per diluted share

Third quarter 2026

Non-GAAP net income

$125 million

Third quarter 2026

Adjusted diluted EPS

$1.06 per diluted share

Third quarter 2026

Adjusted earnings guidance

$3.18 to $3.28 per diluted share

Full-year 2026 revised guidance

Industrial demand growth

9%

Year over year, weather adjusted

Weather-related EPS headwind

$0.15

Third quarter, year over year

Weather-related EPS headwind

$0.20

Year to date relative to normal weather

Previous Earnings Reports

1 past event · Latest: Jul 31

Same Type 1 event

1. Jul 31

   Earnings results

   24h Move

   -1.5%

   Reaffirmed 2026 adjusted EPS guidance at $3.33–$3.53 per diluted share.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, non-gaap, afudc, build-transfer agreements

4 terms

gaap financial

"on a generally accepted accounting principles (GAAP) basis"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"third quarter 2026 non-GAAP net income was $125 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

afudc financial

"anticipated investment of approximately $900 million (excluding AFUDC)"

Allowance for Funds Used During Construction (AFUDC) is an accounting method that adds the cost of financing — typically interest and sometimes a return — to the value of a long-term project while it’s being built, rather than charging that cost immediately as an expense. Think of it like capitalizing the loan interest on a house while it’s under construction so the cost becomes part of the asset; this raises reported asset value and delays expense recognition, which can make current earnings look stronger and affect future regulated rates and investor returns.

build-transfer agreements technical

"signed build-transfer agreements for two new solar and battery projects"

Contracts in which a developer or contractor agrees to design and construct an asset and then transfer legal ownership of that completed asset to the client at a specified point (usually on completion). The agreement typically spells out construction milestones, final acceptance criteria, the timing and form of payment or handover, and often includes warranties or performance guarantees from the builder up to and for a defined period after transfer; the client assumes ownership risk and responsibility once the transfer occurs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

• Third-quarter adjusted EPS of $1.06 reflects the unfavorable impact of historically mild weather

• Industrial customer demand grew 9% year over year, driven by continued growth from high-tech and data center customers

• Revising 2026 adjusted earnings guidance to $3.18 to $3.28 per diluted share, due to the impact of unusually mild weather during the third quarter; long-term guidance remains intact

Portland, Oregon--(Newsfile Corp. - October 29, 2026) - Portland General Electric Company (NYSE: POR) today reported third quarter 2026 net income of $119 million, or $1.00 per diluted share, on a generally accepted accounting principles (GAAP) basis. After adjusting for business transformation, optimization and acquisition expenses, third quarter 2026 non-GAAP net income was $125 million, or $1.06 per diluted share. This compares with third quarter 2025 GAAP net income of $103 million, or $0.94 per diluted share, and non-GAAP net income of $110 million, or $1.00 per diluted share.

"We continue to execute on our strategic priorities. Industrial demand grew 9% on a weather-adjusted basis year over year, and cooler summer weather reduced residential and small-commercial demand," said Maria Pope, President and CEO. "Our October 1^st go-live of the Extended Day-Ahead Market is reducing power-costs and energy market volatility, delivering an estimated $14 million in customer savings in 2027."

Third Quarter 2026 Earnings Compared to Third Quarter 2025 Earnings

On an adjusted basis, third quarter earnings reflected continued execution on cost management initiatives, regulatory recovery and strong industrial load growth, partially offset by the impact of the mildest third quarter in a decade. Unfavorable weather reduced customer demand, resulting in a $0.15 year-over-year EPS headwind in the third quarter. On a year-to-date basis, weather has resulted in an estimated $0.20 EPS headwind relative to normal weather.

Additional Company Updates

Corporate Structure / Holding Company Update

Following the OPUC's September 25^th order, the company filed a request for clarification and changes to two conditions. The proposed structure is intended to enhance financial flexibility while maintaining strong customer protections and utility financial strength. PGE's growth strategy, capital investment plan and earnings outlook do not depend on holding company implementation. The company supports $78 million in customer rate credits and $5 million in other community commitments.

Extended Day-Ahead Market

PGE successfully launched participation in the Extended Day-Ahead Market (EDAM) on October 1^st, enabling lower power costs and enhanced tools to manage energy market volatility. PGE expects participation to provide meaningful customer value, including approximately $14 million in estimated customer savings in 2027.

General Rate Case

PGE filed its 2027 general rate case with the OPUC in August. As proposed, the case would result in an approximately 4.8% overall increase relative to currently approved prices with residential customers seeing an approximate 3.9% increase. If approved, new rates would take effect July 1, 2027. The 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. Parties' opening testimony in the case is expected in mid-December.

Resource Planning and Procurement

In October, PGE filed its 2026 Clean Energy Plan and Integrated Resource Plan with the OPUC, proposing two pathways to meet projected resource needs while maintaining reliability and advancing Oregon's decarbonization goals. Additionally, the company signed build-transfer agreements for two new solar and battery projects: a combined 200 MW solar and 250 MW battery storage facility at Biglow, selected from the 2025 RFP final shortlist, with an anticipated investment of approximately $900 million (excluding AFUDC); and Salmonfly, a combined 199 MW solar and 199 MW battery storage facility being developed with the Confederated Tribes of Warm Springs, with an anticipated investment of approximately $853 million (excluding AFUDC). The project was executed outside the 2025 RFP and remains subject to OPUC process as detailed in PGE's request for a waiver to the competitive bidding rules.

Quarterly Dividend

As previously announced on October 23, 2026, the board of directors of Portland General Electric Company declared a quarterly common stock dividend of 55.125 cents per share. The dividend is payable on or before January 15, 2027, to shareholders of record at the close of business on December 22, 2026.

2026 Earnings Guidance

PGE is revising its full-year 2026 adjusted earnings guidance to $3.18 to $3.28 per diluted share based on the following assumptions:

• An increase in energy deliveries between 1.0% and 2.0%, weather adjusted;

• Execution of power cost and financing plans;

• Execution of operating cost management plan;

• Normal temperatures in its utility service area for November and December;

• 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 $160 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines and $28 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 $950 to $1,150 million;

• Capital expenditures of $1,565 million; and

• Average construction work in progress balance of $815 million.

Third Quarter 2026 Earnings Call and Webcast - October 29, 2026

PGE will host a conference call with financial analysts and investors on Thursday, October 29, 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 October 29, 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 quarter ended September 30, 2026 is below.

Non-GAAP Earnings Reconciliation for the quarter ended September 30, 2026

(Dollars in millions, except EPS)		Net Income			Diluted EPS
GAAP as reported for the quarter ended September 30, 2026	$	119		$	1.00
Exclusion of business transformation, optimization and acquisition expenses		9			0.08
Tax effect (1)		(3	)		(0.02	)
Non-GAAP as reported for the quarter ended September 30, 2026	$	125		$	1.06

 
(1) Tax effects were determined based on the Company's full-year blended federal and state statutory rate.

Media contact: PGE Communications, pgecommunications@pgn.com, 503.464.2067
Investor contact: Erin Schwartz, investors@pgn.com, 503.464.7751

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 press release, and PGE assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors, except as required by law. 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), expected customer demand and load growth, including industrial and data -center growth; the effects of weather on demand and earnings; expected benefits and customer savings from participation in the Extended Day-Ahead Market; PGE's proposed holding company reorganization; PGE's proposed purchase of electric utility operations and certain assets in Washington state from PacifiCorp (Acquisition), the 2027 general rate case; resource planning, procurement and capital investment, including the Biglow and Salmonfly projects; financing and operating plans, and expected dividends, as well as other statements containing words such as "anticipates," "assumptions," "believes," "continue," "could," "estimates," "expected," "forecast," "guidance," "intended," "may," "outlook," "plans," "potentially," "proposed," "should," "target," "will," and "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 the effectiveness of mitigation, vegetation management, system hardening, and public safety power shutoffs (PSPS), related liability, insurance and regulatory cost recovery; severe or unseasonable weather, climate, and catastrophe risks that may materially affect customer demand, operations, power and fuel availability, costs and cost recovery; electric-system operation, generation and energy-market risks, including outages, equipment failures, hydro and wind variability, fuel or transmission constraints, counterparty performance, and volatility in wholesale power and fuel prices; regulatory, legislative and policy risks, including the timing and outcome of rate cases, new or revised laws, regulations, executive actions, audits, investigations, and cost-recovery proceedings that could affect rates, operations, capital resource plans or financial results; Acquisition and corporate-structure risks, including approvals and conditions, financing and joint-venture arrangements, implementation and integration, cost recovery, customer commitments, and the possibility that anticipated benefits are delayed, reduced or not realized; capital-investment and resource procurement risks, including permitting and interconnection delays, supply chain constraints, inflation, labor availability, contractual disputes, counterparty failures, project performance or abandonment, and the ability to complete projects on schedule and recover costs; load growth, customer mix and demand risks, including accelerated or uneven growth from large customers such as data centers, substantial infrastructure needs, weather-driven variability, changes in residential, commercial and industrial usage patterns, and conservation, price response, distributed generation or cusotmer migration to alternative suppliers; cybersecurity, artificial intelligence, data privacy and physical security risks that could disrupt operations, damage assets or expose sensitive information; environmental, legal and litigation risks, including permitting and remediation obligations and the timing and outcome of judicial, administrative or regulatory proceedings; and financing and macroeconomic risks, including the availability and cost of capital, credit ratings, interest rates, inflation, tariffs and supply-chain or energy-market disruption arising from geopolitical events; and the other risks and uncertainties set forth in PGE's Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q filed thereafter with the U.S. Securities and Exchange Commission.

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 September 30,						Nine Months Ended  September 30,
			2026			2025			2026			2025
Revenues:
Revenues, net		$	969		$	946		$	2,643		$	2,676
Alternative revenue programs, net of amortization			2			6			21			11
Total revenues			971			952			2,664			2,687
Operating expenses:
Purchased power and fuel			383			372			1,040			1,034
Generation, transmission and distribution			115			112			337			336
Administrative and other			86			99			282			291
Depreciation and amortization			146			148			433			427
Taxes other than income taxes			54			47			157			139
Total operating expenses			784			778			2,249			2,227
Income from operations			187			174			415			460
Interest expense, net			62			60			183			173
Other income:
Allowance for equity funds used during construction			8			4			17			15
Miscellaneous income, net			5			5			23			17
Other income, net			13			9			40			32
Income before income tax expense			138			123			272			319
Income tax expense			19			20			40			54
Net income			119			103			232			265
Other comprehensive income			1			1			1			1
Comprehensive income		$	120		$	104		$	233		$	266
Weighted-average common shares outstanding (in thousands):
Basic			118,199			110,170			116,534			109,708
Diluted			118,671			110,416			117,085			109,958
Earnings per share:
Basic		$	1.01		$	0.94		$	1.99		$	2.42
Diluted		$	1.00		$	0.94		$	1.98		$	2.41

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)

			September 30, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	69		$	76
Accounts receivable, net			442			460
Inventories			127			124
Regulatory assets-current			257			168
Other current assets			150			244
Total current assets			1,045			1,072
Electric utility plant, net			11,712			10,993
Regulatory assets-noncurrent			513			619
Nuclear decommissioning trust			44			42
Non-qualified benefit plan trust			38			36
Other noncurrent assets			463			468
Total assets		$	13,815		$	13,230

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS, continued
(In millions, except share amounts)
(Unaudited)

			September 30, 2026			December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	310		$	330
Liabilities from price risk management activities-current			113			158
Current portion of finance lease obligation			27			27
Accrued expenses and other current liabilities			462			478
Total current liabilities			912			993
Long-term debt, net of current portion			5,010			4,662
Regulatory liabilities-noncurrent			1,524			1,490
Deferred income taxes			668			601
Deferred investment tax credits			187			194
Unfunded status of pension and postretirement plans			89			107
Liabilities from price risk management activities-noncurrent			49			56
Asset retirement obligations			302			299
Non-qualified benefit plan liabilities			66			70
Finance lease obligations, net of current portion			253			263
Other noncurrent liabilities			423			362
Total liabilities			9,483			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 September 30, 2026 and December 31, 2025			-			-
Common stock, no par value, 160,000,000 shares authorized; 118,907,598 and 115,559,079 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			2,540			2,382
Accumulated other comprehensive loss			(3	)		(4	)
Retained earnings			1,795			1,755
Total shareholders' equity			4,332			4,133
Total liabilities and shareholders' equity		$	13,815		$	13,230

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

			Nine Months Ended September 30,
			2026			2025
Cash flows from operating activities:
Net income		$	232		$	265
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			433			427
Deferred income taxes			22			39
Allowance for equity funds used during construction			(17	)		(15	)
Alternative revenue programs			(21	)		(11	)
Regulatory assets			20			(6	)
Regulatory liabilities			16			(21	)
Tax credit sales			23			153
Other non-cash income and expenses, net			78			69
Changes in working capital:
Accounts receivable, net			10			(9	)
Inventories			(3	)		(10	)
Margin deposits			63			66
Accounts payable and accrued liabilities			20			43
Margin deposits from wholesale counterparties			(19	)		-
Other working capital items, net			20			37
Other, net			(66	)		(57	)
Net cash provided by operating activities			811			970
Cash flows from investing activities:
Capital expenditures			(1,085	)		(899	)
Sales of Nuclear decommissioning trust securities			3			4
Purchases of Nuclear decommissioning trust securities			(3	)		(9	)
Other, net			(18	)		(12	)
Net cash used in investing activities			(1,103	)		(916	)

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
(In millions)
(Unaudited)

			Nine Months Ended September 30,
			2026			2025
Cash flows from financing activities:
Proceeds from issuance of common stock		$	156		$	49
Proceeds from issuance of long-term debt			350			310
Payments on long-term debt			-			(102	)
Dividends paid			(184	)		(167	)
Other			(37	)		(19	)
Net cash provided by financing activities			285			71
Change in cash and cash equivalents			(7	)		125
Cash and cash equivalents, beginning of period			76			12
Cash and cash equivalents, end of period		$	69		$	137
Supplemental cash flow information is as follows:
Cash paid for interest, net of amounts capitalized		$	155		$	146
Cash received for income taxes, net			(3	)		(137	)

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS
(Unaudited)

			Three Months Ended September 30,														Nine Months Ended September 30,
			2026							2025							2026							2025
Retail:
Residential		$	362			37	%		$	375			39	%		$	1,090			41	%		$	1,115			42	%
Commercial			261			27				262			28				744			28				738			27
Industrial			177			18				141			15				472			17				396			15
Subtotal			800			82				778			82				2,306			86				2,249			84
Direct access:
Commercial			3			-				4			-				10			-				12			-
Industrial			10			1				7			1				24			1				18			1
Subtotal			13			1				11			1				34			1				30			1
Subtotal Retail			813			83				789			83				2,340			87				2,279			85
Alternative revenue programs, net of amortization			2			-				6			1				21			1				11			1
Other accrued revenues, net			(6	)		-				(1	)		-				(11	)		-				9			-
Total retail revenues			809			83				794			84				2,350			88				2,299			86
Wholesale revenues			143			15				136			14				245			9				324			12
Other operating revenues			19			2				22			2				69			3				64			2
Total revenues		$	971			100	%		$	952			100	%		$	2,664			100	%		$	2,687			100	%

 

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026			2025			% Change			% Change (Weather- Adjusted)			2026			2025			% Change			% Change (Weather- Adjusted)*
Energy deliveries:
Retail:
Residential			1,740			1,911			(8.9	)%		(0.6	)%		5,418			5,708			(5.1	)%		(2.4	)%
Commercial			1,668			1,752			(4.8	)		(1.8	)		4,791			4,930			(2.8	)		(1.8	)
Industrial			1,654			1,561			6.0			6.4			4,815			4,375			10.1			10.2
Subtotal			5,062			5,224			(3.1	)		1.1			15,024			15,013			0.1			1.5
Direct access:
Commercial			134			155			(13.5	)		(13.5	)		368			419			(12.2	)		(12.2	)
Industrial			552			545			1.3			1.3			1,562			1,501			4.1			4.1
Subtotal			686			700			(2.0	)		(2.0	)		1,930			1,920			0.5			0.5
Total retail			5,748			5,924			(3.0	)		0.7	%		16,954			16,933			0.1			1.3	%
Wholesale			2,379			2,741			(13.2	)					5,293			7,159			(26.1	)
Total			8,127			8,665			(6.2	)%					22,247			24,092			(7.7	)%

 

			Three Months Ended September 30,									Nine Months Ended September 30,
			2026			2025			%  Change			2026			2025			% Change
Average number of retail customers:
Residential			847,007			841,257			1	%		846,286			839,429			1	%
Commercial			114,495			114,258			-			114,520			114,226			-
Industrial			224			218			3			222			217			2
Direct access			497			747			(33	)		511			688			(26	)
Total			962,223			956,480			1	%		961,539			954,560			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			-
Second Quarter			477			464			580			133			102			115
July			6			2			3			190			209			208
August			2			-			2			202			277			240
September			61			17			49			23			102			92
Third Quarter			69			19			54			415			588			540
Year-to-date			2,283			2,255			2,462			548			694			655
(Decrease)/Increase from the 15-year average			(7	)%		(8	)%					(16	)%		6	%
Note: "Average" amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport).

  

			Three Months Ended September 30,											Nine Months Ended September 30,
			2026					2025						2026						2025
Generation:
Thermal:
Natural gas			3,265			42	%		3,138			39	%		7,000			33	%		8,534			38	%
Coal			544			7			581			7			1,059			5			1,408			6
Total thermal			3,809			49			3,719			46			8,059			38			9,942			44
Hydro			174			2			199			2			765			4			969			4
Wind			710			9			669			8			2,025			9			2,134			9
Total generation			4,693			60			4,587			56			10,849			51			13,045			57
Purchased power:
Hydro			861			11			1,549			19			3,552			17			5,321			24
Wind			350			4			280			4			1,085			5			871			4
Solar			668			9			399			5			1,602			8			992			4
Natural Gas			518			7			522			7			1,142			5			522			2
Waste, Wood, and Landfill Gas			27			-			29			-			76			-			83			-
Source not specified			736			9			765			9			2,949			14			1,935			9
Total purchased power			3,160			40			3,544			44			10,406			49			9,724			43
Total system load			7,853			100	%		8,131			100	%		21,255			100	%		22,769			100	%
Less: wholesale sales			(2,379	)					(2,741	)					(5,293	)					(7,159	)
Retail load requirement			5,474						5,390						15,962						15,610

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321527

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Portland General Electric's third-quarter 2026 earnings?

PGE reported GAAP net income of $119 million, or $1.00 per diluted share, compared with $103 million, or $0.94, a year earlier. Adjusted net income was $125 million, or $1.06 per diluted share, versus $110 million, or $1.00. The adjusted figures exclude business transformation, optimization and acquisition expenses and their tax effects.

What is Portland General Electric's revised 2026 earnings guidance?

PGE's revised 2026 adjusted earnings guidance is $3.18 to $3.28 per diluted share. The company attributes the revision to unusually mild third-quarter weather. Its long-term guidance remains intact.

What assumptions support POR's 2026 earnings guidance?

PGE's guidance assumes normal November and December temperatures and execution of its power-cost, financing and operating-cost plans. Other assumptions include current hydro estimates, wind generation based on five years of historical levels or forecast studies, and normal thermal plant operations. Forecast operating and maintenance expense is $810 million to $830 million; depreciation and amortization is $570 million to $590 million.

When will Portland General Electric pay its next quarterly dividend?

PGE's quarterly dividend of 55.125 cents per common share is payable on or before January 15, 2027. Shareholders must be holders of record at the close of business on December 22, 2026.

Does Portland General Electric's growth plan depend on its proposed holding-company structure?

PGE's growth strategy, capital investment plan and earnings outlook do not depend on implementing the holding-company structure. The company says the proposed structure is intended to improve financial flexibility while maintaining customer protections and utility financial strength.