Portland General Electric Co

Latest Results (16.05.2026):

Portland General Electric Co (Portland General Electric Company) reported results for the first quarter of 2026: GAAP net income was $45 million, or $0.38 per diluted share, and adjusted (non‑GAAP) net income was $68 million, or $0.58 per diluted share. Results reflected an unusually mild winter and lower residential/commercial seasonal usage, while industrial demand grew. The company reaffirmed full‑year 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share.

GAAP vs. Adjusted earnings

GAAP Q1 2026 net income: $45M ($0.38 diluted). Non‑GAAP (adjusted) Q1 2026: $68M ($0.58 diluted). Q1 2025 GAAP was $100M ($0.91 diluted). Adjustments include regulatory deferral charges and business transformation/ acquisition expenses.

Revenue and expense drivers

Total revenues were $879M in Q1 2026 versus $928M a year earlier. Purchased power and fuel expense increased and O&M rose (including regulatory adjustments and transformation/acquisition costs). Depreciation and interest expense also increased with capital investment.

Weather and load trends

An unusually mild winter reduced residential and commercial seasonal usage (heating degree‑days below the 15‑year average). Total energy deliveries were essentially flat year‑over‑year, while industrial customer demand grew ~9–10% (quarter‑over‑quarter growth driven by data center/high‑tech customers).

Guidance and assumptions

PGE reaffirmed adjusted EPS guidance for full‑year 2026 of $3.33–$3.53. Key assumptions include 1.5%–2.5% weather‑adjusted energy delivery growth, O&M $810M–$830M (including ~$150M of offset items), depreciation $570M–$590M, cash from operations $1,000M–$1,200M, and capital expenditures of $1,655M.

Cash flow and balance sheet highlights

Q1 2026 cash from operations was $268M; net cash used in investing was $262M (capex ~$259M); net cash used in financing was $74M. Cash and cash equivalents ended the quarter at $8M. Long‑term debt (net) was ~$4.66B and shareholders’ equity was ~$4.12B.

Dividend

The board approved a quarterly common dividend of $0.55125 per share, payable on or before July 15, 2026, to shareholders of record at the close of business on June 25, 2026.

Washington acquisition update

PGE has filed with the Washington UTC and the Oregon PUC to acquire PacifiCorp’s Washington utility operations; the company expects the transaction to close approximately 12 months after filings (anticipated in 2027), subject to approvals and customary conditions.

Non‑GAAP adjustments (reconciliation)

Q1 2026 adjustments: regulatory deferral adjustment charge $15M (+$0.13 EPS), business transformation/optimization/acquisition expenses $17M (+$0.15 EPS), and related tax effects (‑$9M / ‑$0.08 EPS), producing the $68M / $0.58 adjusted result.