Portland General Electric Co.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 1 May 2026: press release. Guidance figures: 2 raised, 3 lowered, 4 kept. The quarter’s numbers.

Read the filing

Key takeaways

• GAAP net income fell from year earlier: The company reported GAAP net income of $45 million, or $0.38 per diluted share, for the first quarter of 2026, against $100 million, or $0.91 per diluted share, a year earlier. Source
• Non-GAAP earnings reported at $0.58: Excluding a $15 million regulatory deferral charge ($0.13) and $17 million of business transformation, optimization and acquisition expenses ($0.15), non-GAAP net income was $68 million. Source
• Mild winter lowered revenue and income: Total revenues were $879 million against $928 million, and income from operations was $107 million against $168 million. Management tied the decline to mild winter weather and lower seasonal usage. Source
• Industrial demand up on data centers: Industrial customer demand grew 10% quarter-over-quarter, driven by data center and high tech customers. Industrial energy deliveries were up 9.3% against the first quarter of 2025. Source
• Operating and maintenance costs rose: Operations and maintenance expense rose on a regulatory adjustment for the January 2024 storm recovery deferral and on business transformation and acquisition expenses. Administrative and other costs were $106 million against $96 million. Source
• Washington regulatory filings made: PGE and PacifiCorp filed a joint application with the Washington commission on March 30, and PGE filed with the Oregon commission on April 2 for the acquisition. Source
• Acquisition closing expected in 2027: Closing is expected about twelve months after regulatory filings, subject to customary closing conditions and approvals. Management anticipates closing in 2027. Source

“We are focused on disciplined execution as we move through the year,”

Maria Pope, PGE President and CEO

Guidance

What changed from last quarter

• Guidance kept: The full-year 2026 adjusted EPS range of $3.33 to $3.53 was reaffirmed without change. Source
• Guidance lowered: The energy delivery growth assumption narrowed to 1.5% to 2.5%, weather adjusted, from 2.5% to 3.5%. Source
• Guidance lowered: The operating and maintenance expense range moved to $810 million to $830 million from $820 million to $840 million. Source
• Guidance raised: The depreciation and amortization range moved to $570 million to $590 million from $560 million to $580 million. Source
• Guidance lowered: The average construction work in progress balance assumption was reduced to $830 million from $850 million. Source
• Guidance raised: The quarterly dividend rose to 55.125 cents per share from $0.525 per share. Source
• New: Regulatory applications for the Washington acquisition were filed with the Washington commission on March 30 and with the Oregon commission on April 2. Source
• New: The non-GAAP adjustments now also exclude regulatory deferral adjustments for the January 2024 storm and the 2024 reliability contingency event, and acquisition expenses. Source
• New: Erin Schwartz, Senior Manager of Investor Relations, is named for the call; the prior release named Nick White, Manager of Investor Relations. Source

Quarterly results and drivers

• GAAP net income fell from year earlier: The company reported GAAP net income of $45 million, or $0.38 per diluted share, for the first quarter of 2026, against $100 million, or $0.91 per diluted share, a year earlier. Source
• Non-GAAP earnings reported at $0.58: Excluding a $15 million regulatory deferral charge ($0.13) and $17 million of business transformation, optimization and acquisition expenses ($0.15), non-GAAP net income was $68 million. Source
• Mild winter lowered revenue and income: Total revenues were $879 million against $928 million, and income from operations was $107 million against $168 million. Management tied the decline to mild winter weather and lower seasonal usage. Source

Customer classes and demand

• Industrial demand up on data centers: Industrial customer demand grew 10% quarter-over-quarter, driven by data center and high tech customers. Industrial energy deliveries were up 9.3% against the first quarter of 2025. Source
• Residential and commercial deliveries fell: Residential energy deliveries fell 6.2% (4.6% weather adjusted) and commercial fell 2.3% (1.7% weather adjusted) against the first quarter of 2025. Source
• Wholesale volume and revenue fell: Wholesale energy deliveries were 1,399 against 1,979, down 29.3%, and wholesale revenues were $63 million against $100 million. Source
• Retail flat, customers up 1%: Total retail deliveries were down 0.1% as reported and up 0.7% weather adjusted. Average retail customers rose 1% to 960,781. Source

“Strong operational performance and cost control are allowing us to navigate the impact of an unusually mild winter.”

Maria Pope, PGE President and CEO

Costs and power supply

• Purchased power costs tied to markets: The company attributed purchased power and fuel expense to less favorable wholesale and environmental credit markets and a regulatory adjustment for the January 2024 reliability contingency event deferral. The statements show $361 million against $368 million. Source
• Operating and maintenance costs rose: Operations and maintenance expense rose on a regulatory adjustment for the January 2024 storm recovery deferral and on business transformation and acquisition expenses. Administrative and other costs were $106 million against $96 million. Source
• Generation shifted toward purchased power: Total generation was 3,559 against 4,691, with natural gas at 2,340 against 3,117. Purchased power rose to 3,345 from 2,852, and total system load was 6,904 against 7,543. Source
• Depreciation and interest costs rose: Depreciation and amortization was $144 million against $140 million, and interest expense, net was $60 million against $56 million. Source

Revenue and tax items

• Revenue line below prior year: Revenues, net were $863 million against $932 million, and alternative revenue programs were $16 million against negative $4 million. The release says total revenues rose on higher cost recovery, while the statements show $879 million against $928 million. Source
• Income tax expense fell: Income tax expense was $9 million against $22 million. The release gives timing of production tax credit recognition as the reason and describes the line as increased. Source
• Pre-tax income fell year over year: Income before income tax expense was $54 million against $122 million, and other income, net was $7 million against $10 million. Source

Weather and heating demand

• Heating degree-days below average: Year-to-date heating degree-days were 1,737 against 1,772 a year earlier, 5% below the 15-year average. January and February were below the prior year; March was above it. Source
• Guidance assumes normal temperatures: The reaffirmed full-year 2026 guidance assumes normal temperatures in the service area for the rest of the year. Source

Capital spending and cash flow

• Operating cash flow above last year: Net cash provided by operating activities was $268 million against $231 million in the first quarter of 2025. Other, net used $48 million against $23 million. Source
• Capital spending below last year: Capital expenditures were $259 million against $359 million in the first quarter of 2025. Electric utility plant, net was $11,103 million at March 31 against $10,993 million at December 31. Source
• No new long-term debt in quarter: No long-term debt was issued in the first quarter of 2026, against $310 million a year earlier, and no long-term debt was repaid, against $102 million. Short-term debt was $9 million at March 31. Source
• Cash balance drew down: Cash and cash equivalents were $8 million at March 31, 2026, against $76 million at December 31, 2025. Source

Dividends and share count

• Dividend declared on April 24: The board approved the quarterly dividend on April 24, 2026, payable July 15 to holders of record June 25. Source
• Dividends paid rose to $60 million: Dividends paid were $60 million in the first quarter of 2026, against $55 million a year earlier, and other financing items used $23 million. Source
• Common shares outstanding edged higher: Shares outstanding rose from 115,559,079 at December 31, 2025, and diluted weighted-average shares were 116,140 thousand in the quarter. Source

Washington acquisition and strategy

• Washington regulatory filings made: PGE and PacifiCorp filed a joint application with the Washington commission on March 30, and PGE filed with the Oregon commission on April 2 for the acquisition. Source
• Acquisition closing expected in 2027: Closing is expected about twelve months after regulatory filings, subject to customary closing conditions and approvals. Management anticipates closing in 2027. Source
• Non-emitting resources at 46% of mix: The 2025 Purpose and Progress Report, released March 17, says non-emitting resources were 46% of PGE's energy mix. Source

Coming up, as management said on 1 May 2026

• Dividend payment in July: The quarterly dividend is payable July 15, 2026, to holders of record on June 25, 2026. Source
• Washington closing expected in 2027: Management expects the transaction to close in 2027, subject to regulatory approvals from the Washington and Oregon commissions. Source

Figures management reported

Risks management discussed

• Demand: Mild winter weather and lower residential and commercial seasonal usage reduced demand in the quarter. Source
• External: Less favorable wholesale and environmental credit market conditions raised purchased power and fuel expense. Source
• Regulatory: The Washington acquisition depends on regulatory approvals and customary closing conditions. Source
• Regulatory: A regulatory adjustment tied to the January 2024 storm recovery deferral increased operating and maintenance expense. Source

Earlier plans management reported on

• Not stated: Management reaffirmed the full-year 2026 adjusted EPS range first given in February. No status against the range is stated. Source
• Not stated: Management anticipates the transaction closing in 2027, about twelve months after the regulatory filings. Source
• Not stated: The dividend was previously announced and approved by the board on April 24, 2026. Source

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.