The guidance revision reflects a weather-driven shortfall that management expects to partially offset in Q4 through cost discipline and prior-year weather reversal. Monitor Q4 results for whether management can hit the revised range and whether the long-term 5-7% EPS growth target remains credible. The $1.75B in new solar/battery project commitments signal significant capex ahead, which will require continued equity and debt financing.
Price Chart
Executive Summary
Portland General Electric reported Q3 2026 adjusted EPS of $1.06, missing the consensus estimate of $1.12, and revised its full-year 2026 adjusted earnings guidance downward to $3.18-$3.28 from $3.33-$3.53, citing the impact of unusually mild weather. Industrial demand grew 9% year-over-year, but weather reduced EPS by $0.15 in the quarter. The company also signed build-transfer agreements for two large solar and battery projects with a combined anticipated investment of approximately $1.75 billion.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP net income of $119M ($1.00/diluted share) vs $103M ($0.94) in Q3 2025
- Q3 2026 adjusted (non-GAAP) EPS of $1.06 vs $1.00 in Q3 2025
- Adjusted EPS of $1.06 missed consensus estimate of $1.12
- Full-year 2026 adjusted EPS guidance revised downward to $3.18-$3.28 from $3.33-$3.53
- Weather reduced Q3 EPS by $0.15 year-over-year; year-to-date weather headwind of $0.20 vs normal
- Industrial customer demand grew 9% year-over-year on a weather-adjusted basis
- Total Q3 revenues of $971M vs $952M in Q3 2025, below consensus of $1.02B
- Signed build-transfer agreements for Biglow (200 MW solar, 250 MW battery, ~$900M) and Salmonfly (199 MW solar, 199 MW battery, ~$853M) projects
- Quarterly dividend of $0.55125 per share declared, unchanged
- Executed $550M equity forward sale agreement; $160M drawn, $400M remaining for 2027
Financial Impact
Q3 adjusted EPS miss of $0.06 (5.4%) vs consensus; full-year guidance cut by $0.15-$0.25 per share from prior midpoint; weather headwind of $0.15 in Q3 and $0.20 year-to-date vs normal
Risk Factors
- Further weather-related earnings headwinds if Q4 temperatures remain mild
- Execution risk on $1.75B in new solar/battery projects (Biglow and Salmonfly)
- Regulatory uncertainty around holding company structure and Washington acquisition
- Equity dilution from $550M forward sale agreement ($400M remaining to be drawn in 2027)
- OPUC rate case outcome (4.8% proposed increase) may be reduced
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-437091 |
| Document: por-20261029.htm | 0001193125-26-437091 |
| Document: por-ex99_2.htm | 0001193125-26-437091 |
| Document: 0001193125-26-437091-index-headers.html | 0001193125-26-437091 |
| Document: 0001193125-26-437091-index.html | 0001193125-26-437091 |
| Document: 0001193125-26-437091.txt | 0001193125-26-437091 |
| 8-K Data (Synthetic) | 0001193125-26-437091 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $44.19 $44.42 | ▼ −0.52% | ▼ −2.29% | $44.42 (−0.52%) |
Oct 15, 2026 17d ago | 8-K | $44.15 $43.48 | ▼ −1.52% | ▼ −1.94% | $44.42 (+0.61%) |
Sep 28, 2026 4w ago | 8-K | $44.18 $44.49 | ▼ −0.70% | ▼ −0.89% | $44.42 (−0.54%) |
Aug 12, 2026 11w ago | 8-K | $50.33 $50.76 | ▲ +0.85% | ▲ +1.05% | $44.42 (−11.74%) |
Jul 31, 2026 13w ago | 8-K | $49.33 $50.15 | ▲ +1.66% | ▲ +0.24% | $44.42 (−9.95%) |
Jul 24, 2026 14w ago | Press Release | $51.23 $51.15 | ▼ −0.16% | ▼ −0.40% | $44.42 (−13.29%) |
May 6, 2026 25w ago | Insider Cluster | $48.82 $48.62 | ▼ −0.41% | ▼ −0.08% | $44.42 (−9.01%) |
May 6, 2026 25w ago | Insider Cluster | $48.82 $48.62 | ▼ −0.41% | ▼ −0.08% | $44.42 (−9.01%) |
May 6, 2026 25w ago | Insider Cluster | $48.82 $48.62 | ▼ −0.41% | ▼ −0.08% | $44.42 (−9.01%) |
Mar 13, 2026 33w ago | DEFA14A | $53.08 $52.95 | ▼ −0.24% | ▼ −0.51% | $44.42 (−16.31%) |
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