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Jun 30, 2025
PGE Q2 2025 Earnings Report
PGE reported Q2 2025 results with strong industrial demand growth but lower net income compared to last year.
Key Takeaways
Portland General Electric delivered $807 million in revenue and $62 million in net income for Q2 2025, driven by 16.5% industrial load growth but impacted by higher expenses and interest costs.
Revenue increased to $807 million from $758 million in Q2 2024
Net income fell to $62 million compared to $72 million last year
Industrial load grew 16.5% quarter-over-quarter due to data center demand
Non-GAAP EPS was $0.66, higher than GAAP EPS of $0.56
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
PGE reaffirmed full-year 2025 adjusted EPS guidance of $3.13 to $3.33, supported by industrial demand growth and cost control measures.
Positive Outlook
- Strong industrial demand growth from data centers
- Adjusted EPS guidance reaffirmed at $3.13 to $3.33
- Energy deliveries expected to grow 2.5% to 3.5%
- Cash from operations projected at $900M to $1B
- Capital investments supporting grid modernization and reliability
Challenges Ahead
- Higher operating and maintenance expenses due to wildfire mitigation and vegetation management
- Increased depreciation and interest expense from capital investments
- Income tax expense increased due to lower production tax credit generation
- Wholesale revenues declined year-over-year
Historical Earnings Impact
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Avg. Return Before/After Earnings
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