Portland General Electric reports Q2 2026 GAAP net income of $68 million, reaffirms full-year guidance

Earnings
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Portland General Electric reported second-quarter 2026 GAAP net income of $68 million, or $0.59 per diluted share, compared with $62 million, or $0.56 per diluted share, in the same period last year. Non-GAAP net income was $74 million, or $0.64 per diluted share, excluding $8 million in pre-tax business transformation and acquisition-related expenses. Management reaffirmed full-year 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share and weather-adjusted load growth guidance of 1.5% to 2.5%. Industrial energy deliveries rose 11.2% year-over-year, driven by demand from high-technology and data center customers, while residential and commercial deliveries decreased on a weather-adjusted basis. The company highlighted the approval of a New Large Load Tariff effective July 8, 2026, which raises average prices for data centers by 30% and lowers rates for other customers, and announced a proposed 4.8% overall increase in its 2027 general rate case filing, with a 3.9% increase for residential customers. Portland General Electric also declared a quarterly dividend of $0.55125 per share, a 5% annualized increase, and expects a final order on its proposed holding company structure by the end of August 2026.

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