Portland General Electric Q1 GAAP EPS Drops 58%, Industrial Demand Up 10%
Portland General Electric reported GAAP net income of $45M ($0.38/share) in Q1 2026 versus $100M ($0.91) a year earlier, and non-GAAP net income of $68M ($0.58/share). Industrial customer demand grew 10% QoQ, and the company reaffirmed its 2026 adjusted EPS guidance of $3.33-3.53 while approving a 55.125¢ dividend.
1. First Quarter Financial Results
Portland General Electric reported GAAP net income of $45 million ($0.38/share) for Q1 2026, down from $100 million ($0.91/share) in Q1 2025, while non-GAAP net income was $68 million ($0.58/share). Total revenues rose on higher cost recovery, overall energy demand was flat and industrial customer usage increased 10% quarter-over-quarter driven by data center and high-tech clients.
2. Cost, Operations and Guidance Assumptions
Purchased power and fuel expenses increased due to weaker wholesale market conditions and regulatory storm and contingency deferral adjustments, while operations and maintenance costs rose from business transformation and storm recovery amortization. Depreciation and interest climbed with ongoing capital investments. The company reaffirmed full-year 2026 adjusted EPS guidance of $3.33–3.53 based on 1.5–2.5% weather-adjusted delivery growth, normal temperatures and an $810–830 million O&M expense range.
3. Washington Acquisition Outlook
Portland General Electric and PacifiCorp submitted joint applications to the Oregon and Washington commissions for PGE’s proposed acquisition of PacifiCorp’s Washington utility operations. The transaction is expected to close in 2027, subject to customary regulatory approvals and closing conditions.
4. Dividend Declaration
The board approved a quarterly common stock dividend of 55.125 cents per share, payable on or before July 15, 2026 to shareholders of record as of June 25, 2026.