Portland General Electric Q2 Earnings Report
Portland General Electric's Q2 2026 adjusted EPS of $0.64 missed the $0.74 analyst consensus by $0.10 (13.5%), even as GAAP diluted EPS rose to $0.59 from $0.56 a year earlier. Revenue was $814 million, roughly $34 million below consensus, and PGE reaffirmed full-year 2026 adjusted EPS guidance of $3.33 to $3.53, citing data-center-driven industrial load growth.
POR reported Q2 2026 adjusted EPS of $0.64, down from $0.66 a year earlier and $0.10 below the $0.74 analyst consensus, a 13.5% miss. GAAP diluted EPS actually rose to $0.59 from $0.56, as revenue grew 0.9% to $814 million and net income climbed 9.7% to $68 million.
The gap between the GAAP gain and the adjusted miss came down to timing: net variable power costs cut adjusted earnings by $0.18 per share in the quarter, a power-cost recognition issue management expects to reverse in the second half of 2026, while industrial demand grew 11.2% year over year on high-tech and data-center customers, adding roughly $0.10 per share.
Oregon's New Large Load Tariff took effect July 8, 2026, raising rates for data-center and other new large-load customers by about 30% while lowering rates for everyone else, a structure meant to let data-center demand fund grid investment without a broader rate fight. Despite the quarterly miss, PGE reaffirmed full-year 2026 adjusted EPS guidance of $3.33 to $3.53, betting the power-cost timing swing normalizes and data-center-driven industrial load keeps growing into year end.
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