Earnings release
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Portland General Electric Announces Second Quarter 2026 Results July 31, 2026 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 PORTLAND, Ore., July 31, 2026 /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.
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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
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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
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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
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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)
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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,
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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 View original content:https://www.prnewswire.com/news-releases/portland-general-electric-announces-second-quarter-2026-results- 302839616.html SOURCE Portland General Company