Portland General Electric Announces Third Quarter 2025 Results

PORTLAND, Ore., Oct. 31, 2025 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $103 million, or $0.94 per diluted share, for the third quarter of 2025. After adjusting for the impact of business transformation and optimization expenses, third quarter 2025 non-GAAP net income was $110 million, or $1.00 per diluted share. This compares with GAAP net income of $94 million, or $0.90 per diluted share, for the third quarter of 2024.

"Our team delivered another strong quarter in Q3 as we remain laser-focused on execution and driving value for customers, communities and shareholders," said Maria Pope, President and CEO. "We are working to procure energy to meet dramatically higher customer demand under our rigorous least-cost, least-risk approach. Our multi-pronged strategy prioritizes reliable delivery of energy to customers while maximizing the window of federal clean energy tax credits, allowing our customers to receive the full benefit of high-value clean energy resources at the lowest cost possible."

Third Quarter 2025 Compared to Third Quarter 2024

On a GAAP basis, total revenues increased, driven by continued demand growth from technology infrastructure customers and improved cost recovery. Purchased power and fuel expense declined slightly, reflecting stable market conditions and a reduction in wholesale energy deliveries. Operating and maintenance expenses were largely flat after considering a 2024 reserve. Depreciation and amortization expense and interest expense increased due to ongoing capital investment. Income tax expense increased primarily due to lower production tax credit benefits.

Company Updates

Resource Procurement

On October 1, 2025, PGE requested acknowledgement from the Public Utility Commission of Oregon (OPUC) of an updated final shortlist of bidders for the 2023 All-Source Request for Proposal (RFP) to meet PGE's articulated resource needs. PGE is proceeding to commercial negotiations with bidders for projects on the updated final shortlist and expects finalization of contracts for projects that meet selection criteria by the end of 2025 or in the first quarter of 2026, with projects in service by the end of 2027.

The 2023 RFP is a component of PGE's multi-pronged procurement approach focused on customer affordability, system reliability, and decarbonization. In parallel with the 2023 RFP, the Company is seeking additional renewable energy and non-emitting capacity through purchased power agreements (PPAs), including a bilateral all-call for PPAs, community-based renewable energy procurement, and the ongoing 2025 RFP process.

The 2025 RFP was issued to market in July 2025, seeking bids for owned and contracted resources that can provide non-emitting dispatchable capacity and renewable generation. Bids have been received and are currently being evaluated based on the OPUC-approved scoring methodology. PGE plans to file for acknowledgement of a proposed final shortlist in the first quarter of 2026, allowing PGE to begin negotiations with shortlisted bids.

Regulatory Updates

As previously announced, on October 21, 2025, the OPUC issued an Order in the request to recover the revenue requirement associated with the Seaside Battery Energy Storage System (Seaside). The Order results in an annual revenue requirement increase of $42 million, excluding impacts related to Net Variable Power Costs. The Order was supported by a memorandum of understanding (MOU) entered into between PGE and key regulatory stakeholders. The MOU guided the recovery proceeding for Seaside, PGE's largest standalone battery storage project which has been serving customers since July 2025.

Quarterly Dividend

As previously announced, on October 22, 2025, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of $0.525 per share. The quarterly dividend is payable on or before January 15, 2026 to shareholders of record at the close of business on December 22, 2025.

2025 Earnings Guidance

PGE is reaffirming its estimate for full-year 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share based on the following assumptions:

Third Quarter 2025 Earnings Call and Webcast — October 31, 2025

PGE will host a conference call with financial analysts and investors on Friday, October 31, 2025, 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 October 31, 2025.

Maria Pope, President and CEO; Joe Trpik, Senior Vice President of Finance and CFO; and Nick White, Manager of Investor Relations, will participate in the call. Management will respond to questions following formal comments.

The attached unaudited condensed consolidated statements of income and comprehensive income, balance sheets and statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.

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 a meaningful representation of the Company's comparative earnings per share and enables investors to evaluate the Company's ongoing operating financial performance. 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:

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 quarter ended September 30, 2025 is below.

Non-GAAP Earnings Reconciliation for the quarter ended September 30, 2025

(Dollars in millions, except EPS)

Net Income

Diluted EPS

GAAP as reported for the quarter ended September 30, 2025

$ 103

$ 0.94

Exclusion of business transformation and optimization expenses

0.09

Tax effect (1)

(3)

(0.03)

Non-GAAP as reported for the quarter ended September 30, 2025

$ 110

$ 1.00

(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 over 950,000 customers serving an area of 1.9 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering social progress, delivering safe, affordable, reliable and increasingly clean electricity while working to transform energy systems to meet evolving customer needs. PGE customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE was ranked the No. 1 utility in the 2024 Forrester U.S. Customer Experience Index and is committed to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040. In 2024, PGE employees, retirees and the PGE Foundation donated $5.5 million and volunteered nearly 23,000 hours to more than 480 nonprofit organizations. For more information visit www.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. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.

Forward-looking statements include statements regarding the Company's full-year earnings guidance (including assumptions and expectations regarding annual retail deliveries, average hydro conditions, wind generation, normal thermal plant operations, operating and maintenance expense and depreciation and amortization expense) as well as other statements containing words such as "anticipates," "assumptions," "based on," "believes," "conditioned upon," "considers," "could," "estimates," "expects," "expected," "forecast," "goals," "intends," "needs," "plans," "predicts," "projects," "promises," "seeks," "should," "subject to," "targets," "will continue," "will likely result," or similar expressions.

Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including, without limitation: the timing or outcome of various legal and regulatory actions; new or revised governmental policies, executive orders, legislative action, and regulatory audits, investigations and actions with respect to allowed rates of return, financings, electricity pricing and price structures, acquisition and disposal of facilities and other assets, construction and operation of plant facilities, transmission of electricity, recovery of power costs, operating expenses, deferrals, timely recovery of costs, and capital investments, energy trading activities, tax credits and current or prospective wholesale and retail competition; changing customer expectations and choices that may reduce demand for PGE's services; natural or human-caused disasters and other risks, including, but not limited to, earthquake, flood, ice, drought, extreme heat, lightning, wind, fire, accidents, equipment failure, acts of terrorism, computer system outages, and other events that disrupt PGE operations, damage PGE facilities and systems, cause the release of harmful materials, cause fires, and subject the Company to liability; economic conditions that result in decreased demand for electricity, reduced revenue from sales of excess energy during periods of low wholesale market prices, impaired financial stability of vendors and service providers, and elevated levels of uncollectible customer accounts; uncertainties associated with energy demand to new data centers, including the concentration of data centers, and the ability to obtain regulatory approvals, environmental, and other permits to construct new facilities in a timely manner; operational factors affecting the Company's power generating and battery storage facilities, including forced outages, fires, unscheduled delays, environmental impacts, hydro and wind conditions, and disruption of fuel supply, any of which may cause the Company to incur repair costs or purchase replacement power at increased costs; delays in the supply chain and increased supply costs, failure to complete capital projects on schedule or within budget, failure to obtain permits, inability to complete negotiations on contracts for capital projects, failure of counterparties to perform under agreement, or the abandonment of capital projects, any of which could result in the Company's inability to recover project costs, or impact our competitive position, market share, revenues and project margins in material ways; default or nonperformance of counterparties from whom PGE purchases capacity or energy, that may require the purchase of replacement power and renewable attributes at increased costs; complications arising from PGE's jointly-owned plant, including ownership changes, adverse regulatory outcomes or legislative actions or operational failures; changes in, and compliance with, and general uncertainty surrounding environmental laws and policies, including those related to threatened and endangered species, fish, and wildfire; future laws, regulations, and proceedings that could increase the Company's costs of operating its thermal generating plants, or affect the operations of such plants by imposing requirements for additional emissions controls or significant emissions fees or taxes, particularly with respect to coal-fired generating facilities, in order to mitigate carbon dioxide, mercury, and other gas emissions; volatility in wholesale power and natural gas prices including but not limited to volatility caused by macroeconomic and international issues, that could require PGE to post additional collateral or issue additional letters of credit pursuant to power and natural gas purchase agreements; changes in the availability and price of wholesale power and fuels; changes in customer growth, or demographic patterns, including changes in load resulting in future transmission constraints, in PGE's service territory; capital market conditions, including availability of capital, volatility of interest rates and equity markets, reductions in demand for investment-grade commercial paper as well as changes in PGE's credit ratings, any of which could impact cost of capital and access to capital markets to support requirements for working capital, construction of capital projects, repayments of maturing debt, and stock-based compensation plans; trade tariffs, inflation and volatility in interest rates; the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, and changes impacting the availability of and ability to transfer renewable tax credits; risks and uncertainties related to current or future All-Source RFP projects including, but not limited to, regulatory processes, transmission capabilities, system interconnections, inflationary impacts, supply chain constraints, supply cost increases, permitting and construction delays, available tax credits, counterparty credit risk and legislative uncertainty; the effects of climate change, whether global or local in nature; severe weather conditions and other natural phenomena, such as the greater size and prevalence of wildfires in Oregon in recent years, which could affect public safety, customers' demand for power, and PGE's financial health and ability and cost to procure adequate power and fuel supplies to serve its customers, access the wholesale energy market, or operate its generating facilities and transmission and distribution systems, and the Company's costs to maintain, repair, and replace such facilities and systems, and recovery of such costs; the effectiveness of PGE's risk management policies and procedures; ignitions caused by PGE assets or PGE's ability to effectively implement a Public Safety Power Shutoffs (PSPS) and de-energize its system in the event of heightened wildfire risk or implement effective system hardening programs; impacts from the lack of legislation limiting wildfire-related liability or providing a wildfire relief fund; cybersecurity attacks, data security breaches, physical attacks and security breaches, or other malicious acts internally or to third parties, that cause damage to the Company's generation, transmission or distribution facilities, information technology systems, or employees, or inhibit the capability of equipment or systems to function as designed or expected, or result in the release of confidential customer, vendor, employee or Company information; reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions; employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and the ability to recruit and retain key employees and other talent and turnover due to macroeconomic trends; the impact of widespread health developments, and responses to such developments, which could materially and adversely affect demand for electric services, customers' ability to pay, supply chains, personnel, contract counterparties, liquidity, and financial markets; failure to achieve the Company's greenhouse gas emission goals or being perceived to have either failed to act responsibly with respect to the environment or effectively responded to legislative requirements concerning greenhouse gas emission reductions; acts of war, terrorism or civil disruption; changes in financial or regulatory accounting principles or policies imposed by governing bodies; and increases to operating costs that could result from changes to trade tariffs, rising inflation, and volatility in interest rates. As a result, actual results may differ materially from those projected in the forward-looking statements.

Risks and uncertainties to which the Company are subject are further discussed in the reports that the Company has filed with the United States Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov and on the Company's website, investors.portlandgeneral.com. Investors should not rely unduly on any forward-looking statements.

POR

Source: Portland General Company

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME

(Dollars in millions, except per share amounts)

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenues:

Revenues, net

$ 946

$ 942

$ 2,676

$ 2,643

Alternative revenue programs, net of amortization

(13)

(27)

Total revenues

952

929

2,687

2,616

Operating expenses:

Purchased power and fuel

372

380

1,034

1,060

Generation, transmission and distribution

112

131

336

337

Administrative and other

102

291

294

Depreciation and amortization

148

126

427

369

Taxes other than income taxes

139

132

Total operating expenses

778

783

2,227

2,192

Income from operations

174

146

460

424

Interest expense, net

173

156

Other income:

Allowance for equity funds used during construction

Miscellaneous income, net

Other income, net

Income before income tax expense

123

105

319

306

Income tax expense

Net income

103

265

275

Other comprehensive income

(1)

—

Net income and Comprehensive income

$ 104

$ 93

$ 266

$ 275

Weighted-average common shares outstanding (in thousands):

Basic

110,170

103,845

109,708

102,730

Diluted

110,416

104,338

109,958

102,958

Earnings per share:

Basic

$ 0.94

$ 0.91

$ 2.42

$ 2.68

Diluted

$ 0.94

$ 0.90

$ 2.41

$ 2.67

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(Unaudited)

September 30,

2025

December 31,

2024

ASSETS

Current assets:

Cash and cash equivalents

$ 137

$ 12

Accounts receivable, net

455

456

Inventories

124

114

Regulatory assets—current

207

205

Other current assets

136

238

Total current assets

1,059

1,025

Electric utility plant, net

10,804

10,345

Regulatory assets—noncurrent

599

632

Nuclear decommissioning trust

Non-qualified benefit plan trust

Other noncurrent assets

472

478

Total assets

$ 13,014

$ 12,544

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS, continued

(Dollars in millions)

(Unaudited)

September 30,

2025

December 31,

2024

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$ 276

$ 365

Liabilities from price risk management activities—current

133

147

Current portion of long-term debt

170

Current portion of finance lease obligation

Accrued expenses and other current liabilities

481

410

Total current liabilities

985

1,119

Long-term debt, net of current portion

4,662

4,354

Regulatory liabilities—noncurrent

1,491

1,440

Deferred income taxes

572

564

Deferred investment tax credits

195

Unfunded status of pension and postretirement plans

128

140

Liabilities from price risk management activities—noncurrent

Asset retirement obligations

293

292

Non-qualified benefit plan liabilities

Finance lease obligations, net of current portion

266

276

Other noncurrent liabilities

359

358

Total liabilities

9,064

8,750

Commitments and contingencies

Shareholders' Equity:

Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of

September 30, 2025 and December 31, 2024

—

Common stock, no par value, 160,000,000 shares authorized; 110,724,414 and 109,342,251 shares

issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

2,179

2,118

Accumulated other comprehensive loss

(3)

(4)

Retained earnings

1,774

1,680

Total shareholders' equity

3,950

3,794

Total liabilities and shareholders' equity

$ 13,014

$ 12,544

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Nine Months Ended September 30,

2025

2024

Cash flows from operating activities:

Net income

$ 265

$ 275

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

427

369

Deferred income taxes

Allowance for equity funds used during construction

(15)

(17)

Alternative revenue programs

(11)

Regulatory assets

(6)

(130)

Regulatory liabilities

(21)

(16)

Tax credit sales

153

Other non-cash income and expenses, net

Changes in working capital:

Accounts receivable, net

(9)

(64)

Inventories

(10)

(2)

Margin deposits

Accounts payable and accrued liabilities

Margin deposits from wholesale counterparties

—

Other working capital items, net

Other, net

(57)

(44)

Net cash provided by operating activities

970

608

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued

(In millions)

(Unaudited)

Nine Months Ended September 30,

2025

2024

Cash flows from investing activities:

Capital expenditures

$ (899)

$ (876)

Sales of Nuclear decommissioning trust securities

—

Purchases of Nuclear decommissioning trust securities

(9)

(4)

Other, net

(12)

(20)

Net cash used in investing activities

(916)

(900)

Cash flows from financing activities:

Proceeds from issuance of common stock

178

Proceeds from issuance of long-term debt

310

450

Payments on long-term debt

(102)

—

Maturities of commercial paper, net

—

(146)

Dividends paid

(167)

(148)

Other

(19)

(12)

Net cash provided by financing activities

322

Change in cash and cash equivalents

125

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

$ 137

$ 35

Supplemental cash flow information is as follows:

Cash paid for interest, net of amounts capitalized

$ 146

$ 121

Cash received for income taxes, net

(137)

(14)

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

SUPPLEMENTAL OPERATING STATISTICS

(Unaudited)

Nine Months Ended September 30,

2025

2024

Revenues (dollars in millions):

Retail:

Residential

$ 1,115

42 %

$ 1,078

41 %

Commercial

738

690

Industrial

396

321

Direct Access

Subtotal Retail

2,279

2,111

Alternative revenue programs, net of amortization

(27)

(1)

Other accrued revenues, net

—

Total retail revenues

2,299

2,094

Wholesale revenues

324

467

Other operating revenues

Total revenues

$ 2,687

100 %

$ 2,616

100 %

Energy deliveries (MWhs in thousands):

Retail:

Residential

5,708

24 %

5,720

24 %

Commercial

4,930

4,917

Industrial

4,375

3,715

Subtotal

15,013

14,352

Direct access:

Commercial

419

390

Industrial

1,501

1,385

Subtotal

1,920

1,775

Total retail energy deliveries

16,933

16,127

Wholesale energy deliveries

7,159

7,652

Total energy deliveries

24,092

100 %

23,779

100 %

Average number of retail customers:

Residential

839,429

88 %

828,067

88 %

Commercial

114,226

113,330

Industrial

217

—

206

—

Direct access

688

—

500

—

Total

954,560

100 %

942,103

100 %

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

SUPPLEMENTAL OPERATING STATISTICS, continued

(Unaudited)

Nine Months Ended September 30,

2025

2024

Sources of energy (MWhs in thousands):

Generation:

Thermal:

Natural gas

8,534

38 %

7,989

35 %

Coal

1,408

1,331

Total thermal

9,942

9,320

Hydro

969

956

Wind

2,134

2,315

Total generation

13,045

12,591

Purchased power:

Hydro

5,321

5,088

Wind

871

1,072

Solar

992

932

Natural Gas

522

—

Waste, Wood, and Landfill Gas

—

132

Source not specified

1,935

3,083

Total purchased power

9,724

10,401

Total system load

22,769

100 %

22,992

100 %

Less: wholesale sales

(7,159)

(7,652)

Retail load requirement

15,610

15,340

The following table indicates the number of heating and cooling degree-days for the three and nine months ended September 30, 2025 and 2024, along with 15-year averages based on weather data provided by the National Weather Service, as measured at Portland International Airport:

Heating Degree-days

Cooling Degree-days

2025

2024

Avg.

2025

2024

Avg.

First Quarter

1,772

1,755

1,819

—

Second Quarter

464

547

606

102

108

109

July

—

209

300

202

August

—

277

224

231

September

102

119

Third Quarter

588

643

521

Year-to-date

2,255

2,338

2,486

694

751

630

(Decrease)/Increase from the 15-year average

(9) %

(6) %

10 %

19 %

Media Contact:

Investor Contact:

Drew Hanson

Nick White

Corporate Communications

Investor Relations

Phone: 503-464-2067

Phone: 503-464-8073

SOURCE Portland General Company