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Sep 30, 2025
PGE Q3 2025 Earnings Report
Portland General Electric posted strong results with increased revenue and EPS driven by continued industrial demand growth.
Key Takeaways
PGE delivered higher revenue and earnings in Q3 2025, supported by robust industrial demand, particularly from data centers. Operating income and tax expenses rose due to increased capital investment and lower production tax credits.
EPS rose to $0.94 (GAAP) and $1.00 (non-GAAP), compared to $0.90 in Q3 2024.
Industrial load grew 13% quarter-over-quarter, fueling revenue growth.
Operating income climbed to $174 million, up from $146 million last year.
Income tax expense increased to $20 million due to lower production tax credits.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
PGE reaffirmed its full-year 2025 adjusted earnings guidance of $3.13 to $3.33 per share, citing demand growth, capital investment, and cost discipline.
Positive Outlook
- Energy deliveries expected to rise 3.5% to 4.5%, weather-adjusted
- Cash from operations expected between $950M and $1.05B
- Strong capital investment with $1.22B in capex forecast
- Effective tax rate guided between 15% and 20%
- Stable hydro and thermal plant operations assumed
Challenges Ahead
- Interest expense increasing due to higher debt load
- Depreciation and amortization expense expected to rise to $550M–$575M
- Ongoing wildfire and vegetation management expenses ($135M)
- Business transformation costs included ($30M)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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