PORTLAND GENERAL ELECTRIC CO /OR/

Listed Company

PORCIK 0000784977NYSELarge AcceleratedElectric ServicesOregonFY ends Dec 31

Period

FY 2025

Revenue

$3.58B

Net Income

$306.00M

Total Assets

$13.23B

Equity

$4.13B

Shares Out

115.56M

Op. Cash Flow

$1.12B

Business

PORTLAND GENERAL ELECTRIC CO /OR/ is a vertically integrated, cost‑based regulated electric utility engaged in the generation, wholesale purchase and sale, transmission, distribution, and retail sale of electricity. The Company provides electricity generation from natural gas, coal, wind, hydro and solar resources, wholesale power and fuel trading, environmental credits, energy storage, transmission services, and customer energy programs including renewable and demand‑response offerings. It operates as a single business segment with regulated electric operations and some non‑utility corporate property. PGE serves retail and wholesale customers exclusively within the state of Oregon through its integrated transmission and distribution systems, direct retail channels, customer choice programs, and participation in regional wholesale markets.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues, net	3,555	3,480	2,912	2,636	2,425
Alternative revenue programs, net of amortization	21	−40	11	11	−29
Total Revenues	3,576	3,440	2,923	2,647	2,396
Purchased power and fuel	1,411	1,418	1,190	988	822
Generation, transmission and distribution	450	436	374	348	310
Administrative and other	392	403	341	340	336
Depreciation and amortization	578	496	458	417	404
Taxes other than income taxes	190	175	164	157	146
Total operating expenses	3,021	2,928	2,527	2,250	2,018
Income from operations	555	512	396	397	378
Interest expense, net	232	211	173	156	137
Allowance for equity funds used during construction	18	23	19	14	17
Miscellaneous income, net	18	26	31	17	9
Other income, net	36	49	50	31	26
Income before income taxes	359	350	273	272	267
Income tax expense	53	37	45	39	23
Net income	306	313	228	233	244
Basic (shares)	110	104	98	89	89
Diluted (shares)	111	104	98	90	90
Basic (per share)	2.77	3.02	2.33	2.61	2.72
Diluted (per share)	2.77	3.01	2.33	2.6	2.72

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	76	12	5	165	52
Accounts receivable, net	460	456	414	398	329
Materials and supplies	99	92	83	63	51
Fuel	25	22	30	32	27
Regulatory assets-current	168	205	221	54	24
Other current assets	244	238	182	498	205
Total current assets	1,072	1,025	935	1,210	688
In service	15,996	14,863	13,329	12,421	11,838
Accumulated depreciation and amortization	−5,419	−5,085	−4,757	−4,423	−4,146
Total in service, net	10,577	9,778	8,572	7,998	7,692
Construction work-in-progress	416	567	974	467	313
Electric utility plant, net	10,993	10,345	9,546	8,465	8,005
Regulatory assets - noncurrent	619	632	492	473	533
Nuclear decommissioning trust	42	30	—	—	—
Non-qualified benefit plan trust	36	34	35	38	45
Other noncurrent assets	468	478	169	234	176
Total assets	13,230	12,544	11,208	10,459	9,494
Accounts payable	330	365	—	—	—
Liabilities from price risk management activities - current	158	147	164	118	47
Current portion of long-term debt	0	170	80	260	0
Current portion of finance lease obligations	27	27	20	20	20
Accrued expenses and other current liabilities	478	410	355	641	457
Total current liabilities	993	1,119	1,112	1,496	768
Long-term debt, net of current portion	4,662	4,354	3,905	3,386	3,285
Regulatory liabilities-noncurrent	1,490	1,440	1,398	1,389	1,360
Deferred income taxes	601	564	—	—	—
Deferred investment tax credits	194	61	0	—	—
Unfunded status of pension and postretirement plans	107	140	172	170	206
Liabilities from price risk management activities-noncurrent	56	72	75	75	90
Asset retirement obligations	299	292	272	257	238
Non-qualified benefit plan liabilities	70	74	79	83	95
Finance lease obligations, net of current portion	263	276	289	294	273
Other noncurrent liabilities	362	358	99	91	59
Total liabilities	9,097	8,750	7,889	7,680	6,787
Commitments and Contingencies (see notes)	—	—	—	—	—
Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding	0	0	0	0	0
Common stock, no par value, 160,000,000 shares authorized; 115,559,079 and 109,342,251 shares issued and outstanding as of December 31, 2025 and 2024, respectively	2,382	2,118	1,750	1,249	1,241
Accumulated other comprehensive loss	−4	−4	−5	−4	−10
Retained earnings	1,755	1,680	1,574	1,534	1,476
Total shareholders' equity	4,133	3,794	3,319	2,779	2,707
Total liabilities and shareholders' equity	13,230	12,544	11,208	10,459	9,494

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	37	23	8	6	5
Pension and other postretirement benefits	12	6	5	13	24
Alternative revenue programs	−21	40	−11	−11	29
Stock-based compensation	16	24	17	15	14
Regulatory assets	24	−126	20	−46	−158
Regulatory liabilities	−21	−20	24	5	7
Tax credit sales	179	112	24	—	—
Other non-cash income and expenses, net	64	57	40	40	23
Accounts receivable and unbilled revenues	−16	−66	−29	−66	−64
Margin deposits	9	−33	24	−80	−29
Accounts payable and accrued liabilities	44	47	−166	157	61
Margin deposits from wholesale counterparties	16	0	−135	—	—
Other working capital items, net	−10	−12	−20	−22	−21
Contribution to pension and other postretirement plans	−24	−19	−14	—	−2
Contribution to non-qualified employee benefit trust	−10	−10	−7	−9	−11
Asset Retirement Obligation, Cash Paid to Settle	−13	−16	−25	−27	−18
Other, net	−34	−15	−2	−19	−19
Net cash provided by operating activities	1,118	778	420	674	532
Capital expenditures	−1,189	−1,268	−1,358	−766	−636
Purchases of nuclear decommissioning trust securities	−9	−8	−1	−3	−10
Sales of nuclear decommissioning trust securities	4	2	1	3	12
Other, net	−2	−23	0	8	−22
Net cash used in investing activities	−1,196	−1,297	−1,358	−758	−656
Proceeds from issuance of long-term debt	310	670	600	360	400
Payments on long-term debt	−170	−130	−260	0	−160
Issuance (maturities) of commercial paper, net	0	−146	146	—	—
Dividends paid	−225	−200	−179	−158	−150
Other	−23	−14	−14	−12	−9
Net cash provided by financing activities	142	526	778	197	−81
Change in cash and cash equivalents	64	7	−160	113	−205
Cash paid for interest, net of amounts capitalized	198	174	136	128	120
Income taxes, net	−162	−90	12	—	—
Accrued capital additions	126	184	212	111	87

Filings

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