Portland General Electric Company (POR) Q4 2025 earnings summary

Executive summary

• Announced definitive agreement to acquire PacifiCorp's Washington utility assets for $1.9 billion, expanding into Central and Southeastern Washington, adding 140,000 customers and 800 MW of generation, and expecting accretion in the first full year post-closing.

• Partnership with Manulife Investment Management, with a 51%/49% joint venture structure, brings $600 million equity and supports transaction financing and future growth.

• The transaction is subject to regulatory approvals in Washington, Oregon, and from FERC, with closing expected about 12 months after filings.

• Strong industrial and data center load growth drove 2025 results and underpins 2026 guidance, with executed contracts for 430 MW and a pipeline of 1.7 GW of additional large load requests.

• Entered agreements for two solar and battery hybrid projects totaling 615 MW, with 425 MW company-owned, and launched a 2025 RFP to procure up to 2,500 MW of renewable and non-emitting capacity.

Financial highlights

• 2025 GAAP net income was $306 million ($2.77 per diluted share), down from $313 million ($3.01 per share) in 2024; non-GAAP adjusted net income was $336 million ($3.05 per share), compared to $327 million ($3.14 per share) in 2024.

• 2025 results were negatively impacted by record warm weather, reducing earnings by $0.17 per share.

• Year-over-year load growth of 4.7% (weather adjusted), with industrial load up 14.1%.

• Q4 2025 GAAP net income was $41 million ($0.36 per share); non-GAAP EPS was $0.47.

• Full-year 2025 revenues were $3,576 million, up from $3,440 million in 2024.

Outlook and guidance

• 2026 adjusted EPS guidance set at $3.33 to $3.53 per diluted share, assuming 2.5%–3.5% increase in energy deliveries and normal weather.

• Reaffirmed long-term EPS and dividend growth targets of 5% to 7%, and long-term load growth of 3% through 2030.

• Capital expenditures projected at $1,655 million for 2026.

• Cash from operations expected between $1,000 and $1,200 million.

• 2026 guidance assumes O&M expense of $820–$840 million.