Portland General Electric Company (POR) Q1 2026 earnings summary

Executive summary

• Q1 2026 GAAP net income was $45 million ($0.38 per diluted share), down from $100 million ($0.91 per share) in Q1 2025, primarily due to business transformation expenses, regulatory disallowances, and mild winter weather impacting residential and commercial usage; non-GAAP net income was $68 million ($0.58 per share).

• Industrial demand grew 10% year-over-year, driven by data centers and high-tech customers, offsetting declines in residential and commercial usage.

• Total revenues for Q1 2026 were $879 million, down from $928 million in Q1 2025, with retail revenues impacted by lower residential and commercial usage and wholesale revenues declining 29%-37%.

• Strategic priorities advanced include regulatory filings for the Washington acquisition, cost management, clean energy procurement, data center tariff proposals, and wildfire mitigation.

• The company is reiterating full-year adjusted earnings guidance of $3.33-$3.53 per diluted share and long-term earnings/dividend growth of 5%-7%.

Financial highlights

• GAAP net income for Q1 2026 was $45 million ($0.38 per share); non-GAAP net income was $68 million ($0.58 per share).

• Industrial demand increased 10% year-over-year; commercial load decreased 2.9%, residential load decreased 6.2%.

• Retail revenues increased by $0.07 per share, driven by higher industrial demand and cost recovery, but offset by lower residential demand.

• Power costs decreased $0.15 per share due to less favorable wholesale and environmental credit market conditions.

• Q1 was $0.25 below plan, with $0.09 attributed to timing; cost management measures are being accelerated to offset the remainder.

Outlook and guidance

• Full-year adjusted earnings guidance reaffirmed at $3.33-$3.53 per diluted share.

• Long-term earnings and dividend growth guidance maintained at 5%-7%.

• Weather-adjusted load growth for 2026 now expected at 1.5%-2.5%.

• 2026 capital expenditures projected at $1.65-$1.74 billion, funded by operating cash flow, debt, and equity.

• Anticipates robust industrial and data center demand growth through 2030.