PORTLAND GENERAL ELECTRIC CO /OR/ POR
Portland General Electric Company (PGE or the Company), a vertically-integrated electric utility with corporate headquarters located in Portland, Oregon, is engaged in the generation, wholesale purchase and sale, transmission, distribution, and retail sale of electricity to customers in the state of Oregon (State). The Company operates as a cost-based, regulated electric utility with revenue requirements and customer prices determined based on the forecasted cost to serve retail customers and a reasonable rate of return as determined by the Public Utility Commission of Oregon (OPUC). PGE meets its retail load requirement with both Company-owned generation and power purchased in the wholesale market. The Company participates in the wholesale market through the purchase and sale of electricity, natural gas, and environmental credits in an effort to obtain reasonably-priced power to serve its retail customers, manage risk, and administer its long-term wholesale contracts. PGE, incorporated in 1930, is publicly-owned, with its common stock listed on the New York Stock Exchange (NYSE). The Company operates as a single business segment, with revenues and costs related to its business activities maintained and analyzed on a total electric operations basis. PGE owns unregulated, non-utility property that it utilizes for its corporate headquarters.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.56B | $3.48B | $2.91B | $2.64B | $2.42B | $2.15B | $2.12B | $1.99B | $2.01B | $1.92B |
| SG&A | $392.0M | $403.0M | $341.0M | $340.0M | $336.0M | $283.0M | $290.0M | $271.0M | $260.0M | $240.0M |
| Total operating expenses | $842.0M | $839.0M | $715.0M | $688.0M | $2.02B | $1.88B | $1.77B | $1.65B | $1.63B | $1.58B |
| Operating income | $555.0M | $512.0M | $396.0M | $397.0M | $378.0M | $269.0M | $353.0M | $346.0M | $380.0M | $340.0M |
| Interest expense | $232.0M | $211.0M | $173.0M | $156.0M | $137.0M | $136.0M | $128.0M | $124.0M | $120.0M | $112.0M |
| Pre-tax income | $359.0M | $350.0M | $273.0M | $272.0M | $267.0M | $155.0M | $241.0M | $229.0M | $273.0M | $243.0M |
| Income tax | $53.0M | $37.0M | $45.0M | $39.0M | $23.0M | $0 | $27.0M | $17.0M | $86.0M | $50.0M |
| Net income | $306.0M | $313.0M | $228.0M | $233.0M | $244.0M | $155.0M | $214.0M | $212.0M | $187.0M | $193.0M |
| EPS, basic | 2.77 | 3.02 | 2.33 | 2.61 | 2.72 | 1.73 | 2.39 | 2.38 | 2.10 | 2.17 |
| EPS, diluted | 2.77 | 3.01 | 2.33 | 2.60 | 2.72 | 1.72 | 2.39 | 2.37 | 2.10 | 2.16 |
| Shares, diluted (wtd. avg.) | $110.7M | $104.2M | $98.0M | $89.6M | $89.6M | $89.6M | $89.6M | $89.3M | $89.2M | $89.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $76.0M | $12.0M | $5.0M | $165.0M | $52.0M | $257.0M | $30.0M | $119.0M | $39.0M | $6.0M |
| Receivables | $460.0M | $456.0M | $414.0M | $398.0M | $329.0M | $271.0M | $253.0M | $193.0M | $168.0M | $155.0M |
| Total current assets | $1.07B | $1.02B | $935.0M | $1.21B | $688.0M | $721.0M | $500.0M | $643.0M | $526.0M | $463.0M |
| Property, plant and equipment | — | — | — | — | — | — | $7.16B | $6.89B | — | — |
| Total assets | $13.23B | $12.54B | $11.21B | $10.46B | $9.49B | $9.07B | $8.39B | $8.11B | $7.84B | $7.53B |
| Accounts payable | $330.0M | $365.0M | $347.0M | $457.0M | $244.0M | $153.0M | $165.0M | $168.0M | $132.0M | $129.0M |
| Short-term debt | $0 | $170.0M | $80.0M | $260.0M | $0 | $160.0M | $0 | $0 | $0 | $150.0M |
| Total current liabilities | $993.0M | $1.12B | $1.11B | $1.50B | $768.0M | $815.0M | $519.0M | $791.0M | $432.0M | $577.0M |
| Long-term debt | $4.66B | $4.35B | $3.90B | $3.39B | $3.29B | $2.89B | $2.60B | $2.18B | $2.43B | $2.20B |
| Total liabilities | $9.10B | $8.75B | $7.89B | $7.68B | $6.79B | $6.46B | $5.80B | $5.60B | $5.42B | $5.18B |
| Retained earnings | $1.75B | $1.68B | $1.57B | $1.53B | $1.48B | $1.39B | $1.38B | $1.30B | $1.22B | $1.15B |
| Total equity | $4.13B | $3.79B | $3.32B | $2.78B | $2.71B | $2.61B | $2.59B | $2.51B | $2.42B | $2.34B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.12B | $778.0M | $420.0M | $674.0M | $532.0M | $567.0M | $546.0M | $630.0M | $597.0M | $562.0M |
| Depreciation and amortisation | $578.0M | $496.0M | $458.0M | $417.0M | $404.0M | $454.0M | $409.0M | $382.0M | $345.0M | $321.0M |
| Stock-based compensation | $16.0M | $24.0M | $17.0M | $15.0M | $14.0M | $11.0M | $9.0M | $5.0M | $7.0M | $6.0M |
| Capital expenditure | $1.19B | $1.27B | $1.36B | $766.0M | $636.0M | $784.0M | $606.0M | $595.0M | $514.0M | $584.0M |
| Investing cash flow | -$1.20B | -$1.30B | -$1.36B | -$758.0M | -$656.0M | -$787.0M | -$604.0M | -$471.0M | -$514.0M | -$585.0M |
| Financing cash flow | $142.0M | $526.0M | $778.0M | $197.0M | -$81.0M | $447.0M | -$31.0M | -$79.0M | -$50.0M | $25.0M |
| Dividends paid | $225.0M | $200.0M | $179.0M | $158.0M | $150.0M | $140.0M | $134.0M | $125.0M | $118.0M | $110.0M |
| Buybacks | — | $0 | $0 | $18.0M | $12.0M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-052750.
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