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Portland General Electric Company (POR) investor relations material

Portland General Electric Company Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary31 Oct, 2025

Executive summary

  • Q3 2025 delivered strong financial results, with GAAP net income of $103 million ($0.94/diluted share) and non-GAAP net income of $110 million ($1.00/share), up from $94 million ($0.90/share) in Q3 2024, driven by robust industrial and data center demand.

  • Strategic priorities included clean energy investment, affordability, high-tech sector support, risk management, and advancing an investable energy future.

  • Year-to-date 2025 net income was $265 million, down from $275 million in 2024, as higher retail revenues were offset by lower wholesale revenues and increased expenses.

  • Continued investments in grid resiliency, clean energy, and battery storage, with major projects like Seaside BESS coming online.

  • Regulatory progress included constructive outcomes on battery recovery mechanisms and ongoing proceedings for holding/transmission company formation.

Financial highlights

  • Q3 2025 revenues increased to $952 million from $929 million year-over-year; nine-month revenues up 3% to $2.69 billion.

  • Q3 2025 GAAP diluted EPS was $0.94, up from $0.90 in Q3 2024; non-GAAP adjusted EPS was $1.00.

  • Total load increased 5.5% overall and 7.3% weather-adjusted year-over-year, with industrial load up 13% (13.2% weather-adjusted).

  • Operating expenses for Q3 were $778 million, down 1% from prior year; depreciation and amortization increased 17% in Q3.

  • Revenue per share increased by $0.44, driven by demand growth and higher delivery prices.

Outlook and guidance

  • 2025 adjusted EPS guidance reaffirmed at $3.13–$3.33 per diluted share.

  • 2025 weather-adjusted load growth guidance updated to 3.5%–4.5%.

  • Long-term EPS and dividend growth guidance of 5%–7% and load growth guidance of 3% through 2029.

  • Capital expenditures for 2025 projected at $1.2–$1.435 billion, with ongoing investments in transmission, distribution, and battery storage.

  • Cash from operations for 2025 expected to range from $950 million to $1.05 billion.

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Frequently asked questions

Portland General Electric Company is a vertically integrated electric utility engaged in the generation, transmission, distribution, and retail sale of electricity. It provides power to residential, commercial, and industrial customers in Oregon, operating a mix of thermal, hydroelectric, and renewable energy facilities. The company also supports energy efficiency and grid modernization initiatives. The company is headquartered in Portland, Oregon, and its shares are listed on the NYSE.

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