Portland General Electric Company (POR) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EPS was $1.06; historically mild weather created a $0.15 YoY EPS headwind, partly offset by cost management, regulatory recovery and industrial growth.

• Q3 GAAP net income rose 15% YoY to $119M, while 9M net income fell 12% to $232M as lower wholesale sales outweighed retail growth.

• 2026 adjusted EPS guidance was reduced to $3.18–$3.28; long-term EPS and dividend growth targets remain 5%–7%.

Financial highlights

• Q3 revenue was $971M vs. $952M; operating income was $187M vs. $174M.

• Q3 GAAP net income was $119M and diluted EPS $1.00; adjusted net income was $125M and adjusted diluted EPS $1.06.

• 9M revenue was $2.664B vs. $2.687B; operating income was $415M vs. $460M, and net income was $232M vs. $265M.

• 9M retail revenue increased $51M to $2.350B, while wholesale revenue fell $79M to $245M as MWh sold declined 26%.

• Q3 adjusted EPS was $0.20 below the guidance midpoint, primarily due to weather; load and power-cost impacts were partly offset by cost recovery and O&M.

Outlook and guidance

• 2026 adjusted EPS guidance fell from $3.33–$3.53 to $3.18–$3.28; weather-adjusted load growth guidance fell from 1.5%–2.5% to 1.0%–2.0%.

• Long-term load growth remains 3% through 2030, with EPS and dividend growth targets of 5%–7%.

• 2026 operating cash flow guidance is $950M–$1.15B; capital expenditures are forecast at $1.565B, excluding AFUDC.

• The 2027 general rate case requests a $179M annual revenue-requirement increase, or 4.8% overall; proposed rates would take effect July 1, 2027 if approved.

• 2026 resource pathways identify needs of ~3,400 MW by 2030 and >5,000 MW by 2032, or ~6,700 MW by 2030 and >9,000 MW by 2032.