Portland General Electric (POR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Portland General Electric published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Portland General Electric reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Portland General Electric reports one segment, its regulated electric utility in Oregon. The rows above are the revenue lines from the supplemental operating statistics in its release; Other accrued revenues were negative in both quarters.
• PGE's non-GAAP figures exclude business transformation, optimization and acquisition expenses, which were $9 million before tax in Q3 2026.

Source: Portland General Electric Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Portland General Electric splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Portland General Electric's Residential revenue was $362 million in Q3 2026, down 3% from $375 million in Q3 2025, 37% of total revenue.
• Portland General Electric's Commercial revenue was $261 million in Q3 2026, flat on $262 million in Q3 2025, 27% of total revenue.
• Portland General Electric's Industrial revenue was $177 million in Q3 2026, up 26% from $141 million in Q3 2025, 18% of total revenue.
• Portland General Electric's Direct access revenue was $13.0 million in Q3 2026, up 18% from $11.0 million in Q3 2025, 1% of total revenue.
• Portland General Electric's Alternative revenue programs, net of amortization revenue was $2.0 million in Q3 2026, down 67% from $6.0 million in Q3 2025, under 1% of total revenue.
• Portland General Electric's Wholesale revenues revenue was $143 million in Q3 2026, up 5% from $136 million in Q3 2025, 15% of total revenue.
• Portland General Electric's Other operating revenues revenue was $19.0 million in Q3 2026, down 14% from $22.0 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Portland General Electric said:

“PGE is revising its full-year 2026 adjusted earnings guidance to $3.18 to $3.28 per diluted share based on the following assumptions:”

“An increase in energy deliveries between 1.0% and 2.0%, weather adjusted;”

“Operating and maintenance expense between $810 million and $830 million”

“Capital expenditures of $1,565 million; and”

Source: PGE Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the POR forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues in USD millions and GAAP diluted EPS, each as first reported. PGE's Q4 2025 release printed only full-year revenue, so Q4 2025 revenue is the 2025 total of $3,576 million minus the nine-month total of $2,687 million; its Q4 diluted EPS of $0.36 is from the release.

We do not hold a confirmed date for Portland General Electric's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Portland General Electric is a regulated electric utility serving approximately 960,000 retail customers in a 4,000 square mile service area inside Oregon. Its customer prices are set by the Public Utility Commission of Oregon (OPUC) from the forecast cost of serving retail customers plus a return. Total revenues were $971 million in Q3 2026, against $952 million a year earlier. (PGE Form 10-K, 2025, Feb 17, 2026; PGE Q3 2026 release, Oct 29, 2026)

Retail customers produce most of PGE's revenue. In Q3 2026 residential customers brought in $362 million (37% of the total), commercial $261 million (27%) and industrial $177 million (18%), up from $141 million. Total retail revenues rose $15 million to $809 million, which PGE attributed to OPUC-approved recovery of regulatory deferrals, including $14 million for the Clearwater RAC deferral and $13 million of DSP cost recovery, partly offset by a $12 million reduction from the annual Colstrip tariff update. (PGE Form 10-Q, Q3 2026, Oct 29, 2026)

Weather pulled demand down. Residential energy deliveries fell 8.9% and commercial deliveries fell 4.8%, in what PGE called the mildest third quarter in a decade, while industrial deliveries rose 6.0%. PGE said industrial demand grew 9% on a weather-adjusted basis, driven by high-tech and data center customers. (PGE Q3 2026 release, Oct 29, 2026)

Wholesale revenues come from selling electricity and environmental credits to utilities and power marketers, and vary with power and fuel prices and hydro and wind conditions. They rose $7 million, or 5%, to $143 million in Q3 2026 on higher average prices, despite a 13% drop in volume. (PGE Form 10-Q, Q3 2026, Oct 29, 2026)

PGE's earnings presentation lists 473 MW of 2025 and 2026 executed contracts under construction with five data center customers, and up to 420 MW more under a 2026 contract expected to be energized in 2028. (PGE Q3 2026 earnings presentation, Oct 29, 2026)

Portland General Electric's GAAP diluted EPS was $1.00 in Q3 2026, against $0.94 a year earlier, on net income of $119 million. Its non-GAAP EPS of $1.06 excludes $9 million of business transformation, optimization and acquisition expenses ($0.08 per share) less a $0.02 tax effect. (PGE Q3 2026 release, Oct 29, 2026)

Weather cost PGE $0.15 of EPS against Q3 2025: a $0.13 detriment in Q3 2026 compared with a $0.02 benefit a year earlier. PGE said Q3 adjusted EPS was $0.20 below its own guidance midpoint. (PGE Q3 2026 release, Oct 29, 2026; PGE Q3 2026 earnings presentation, Oct 29, 2026)

PGE has been issuing stock to fund its capital plan. Diluted weighted-average shares were 118,671 thousand in the quarter, against 110,416 thousand a year earlier, and the presentation shows a $550 million equity forward sale agreement with $160 million drawn. The effective tax rate was 13.8%, against 16.3%, below the 21% statutory rate mainly because of energy-related tax credits. (PGE Q3 2026 release, Oct 29, 2026; PGE Q3 2026 earnings presentation, Oct 29, 2026; PGE Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Portland General Electric gives full-year adjusted EPS guidance in its release. With the Q3 2026 results it cut 2026 guidance to $3.18 to $3.28 per diluted share, from $3.33 to $3.53, because of unusually mild third-quarter weather, and lowered its weather-adjusted energy delivery growth assumption to 1.0% to 2.0% from 1.5% to 2.5%. (PGE Q3 2026 release, Oct 29, 2026; PGE Q3 2026 earnings presentation, Oct 29, 2026)

PGE kept its long-term targets: load growth of 3% through 2030, and EPS and dividend growth of 5% to 7% from its 2024 adjusted EPS guidance midpoint of $3.08. The 2026 guidance assumes capital expenditures of $1,565 million and normal temperatures for November and December. (PGE Q3 2026 earnings presentation, Oct 29, 2026; PGE Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Portland General Electric, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Portland General Electric's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning POR is on is POR a buy or a sell?, what analysts expect next is on the POR forecast, and what the company does is on the Portland General Electric (POR) stock page.

Every number on this page can be traced to a document Portland General Electric published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.