PORTLAND GENERAL ELECTRIC CO /OR/ Segments Disclosure
NOTE 20: SEGMENT INFORMATION
PGE is a vertically-integrated electric utility engaged in the generation, transmission, distribution, and retail sale of electricity. The Company participates in wholesale markets by purchasing and selling electricity and natural gas in an effort to meet the needs of, and obtain reasonably-priced power for its retail customers, manage risk, and administer its long-term wholesale contracts. The Company generates revenues and cash flows primarily from the sale and distribution of electricity to retail customers in its service territory in the State of Oregon.
The Company has identified one operating and reportable segment and defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (CODM) to analyze financial performance, make decisions, and allocate resources. The Company’s CODM is the .
The Company’s CODM assesses the segment’s performance by using Consolidated Net Income. The CODM uses Consolidated Net Income predominantly as a key input to earnings per share and return on equity, which is an important metric for investors, regulators and is also tied to employee compensation.
The table below provides information about the Company’s single business segment, including significant segment expenses, and includes reconciliation to Consolidated Net Income (dollars in millions):
|
|
Years Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Total revenues |
|
$ |
3,576 |
|
|
$ |
3,440 |
|
|
$ |
2,923 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|||
Purchased power and fuel |
|
|
1,411 |
|
|
|
1,418 |
|
|
|
1,190 |
|
Operating and maintenance expense: |
|
|
|
|
|
|
|
|
|
|||
Generation, transmission and distribution |
|
|
450 |
|
|
|
436 |
|
|
|
374 |
|
Administrative and other |
|
|
392 |
|
|
|
403 |
|
|
|
341 |
|
Total operating and maintenance expense |
|
|
842 |
|
|
|
839 |
|
|
|
715 |
|
Depreciation and amortization |
|
|
578 |
|
|
|
496 |
|
|
|
458 |
|
Taxes other than income taxes |
|
|
190 |
|
|
|
175 |
|
|
|
164 |
|
Total operating expenses |
|
|
3,021 |
|
|
|
2,928 |
|
|
|
2,527 |
|
Income from operations |
|
|
555 |
|
|
|
512 |
|
|
|
396 |
|
Interest expense, net: |
|
|
|
|
|
|
|
|
|
|||
Interest expense |
|
|
243 |
|
|
|
226 |
|
|
|
186 |
|
Allowance for borrowed funds used during construction |
|
|
11 |
|
|
|
15 |
|
|
|
13 |
|
Total interest expense, net |
|
|
232 |
|
|
|
211 |
|
|
|
173 |
|
Other income, net: |
|
|
36 |
|
|
|
49 |
|
|
|
50 |
|
Income before income taxes |
|
|
359 |
|
|
|
350 |
|
|
|
273 |
|
Income tax expense |
|
|
53 |
|
|
|
37 |
|
|
|
45 |
|
Consolidated Net income |
|
$ |
306 |
|
|
$ |
313 |
|
|
$ |
228 |
|
Certain additional financial information relating to the Company’s single business segment was as follows (dollars in millions):
|
|
Years Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Total assets |
|
$ |
13,230 |
|
|
$ |
12,544 |
|
|
$ |
11,208 |
|
Capital expenditures |
|
|
(1,189 |
) |
|
|
(1,268 |
) |
|
|
(1,358 |
) |
Equity method investments |
|
|
19 |
|
|
|
13 |
|
|
|
9 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.