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Utilities - Regulated electric · Utilities · Fiscal year ends Dec 31
Portland General Electric reported revenue of $3.6B in the fiscal year ended Dec 2025, up 4.0% from the year before. Operating income was $555M, an operating margin of 15.5%, and net income was $306M. Operating cash flow of $1.1B less capital expenditure of $1.2B left free cash flow of −$71M. Net debt was $4.6B.
Ranks among the 37 utilities - regulated electric companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,396 | 2,647 | 2,923 | 3,440 | 3,576 |
| Operating income | 378 | 397 | 396 | 512 | 555 |
| Interest expense | 137 | 156 | 173 | 211 | 232 |
| Pre-tax income | 267 | 272 | 273 | 350 | 359 |
| Income tax | 23.0 | 39.0 | 45.0 | 37.0 | 53.0 |
| Net income | 244 | 233 | 228 | 313 | 306 |
| Diluted EPS | 2.72 | 2.60 | 2.33 | 3.01 | 2.77 |
| Diluted shares | 89.6 | 89.6 | 98.0 | 104 | 111 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 52.0 | 165 | 5.0 | 12.0 | 76.0 |
| Receivables | 329 | 398 | 414 | 456 | 460 |
| Current assets | 688 | 1,210 | 935 | 1,025 | 1,072 |
| Total assets | 9,494 | 10,459 | 11,208 | 12,544 | 13,230 |
| Payables | 244 | 457 | 347 | 365 | 330 |
| Current liabilities | 768 | 1,496 | 1,112 | 1,119 | 993 |
| Short-term debt | 0.0 | 260 | 80.0 | 170 | 0.0 |
| Long-term debt | 3,285 | 3,386 | 3,905 | 4,354 | 4,662 |
| Total liabilities | 6,787 | 7,680 | 7,889 | 8,750 | 9,097 |
| Shareholders' equity | 2,707 | 2,779 | 3,319 | 3,794 | 4,133 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 532 | 674 | 420 | 778 | 1,118 |
| Capital expenditure | 636 | 766 | 1,358 | 1,268 | 1,189 |
| Free cash flow | −104 | −92.0 | −938 | −490 | −71.0 |
| Depreciation & amortisation | 404 | 417 | 458 | 496 | 578 |
| Stock-based compensation | 14.0 | 15.0 | 17.0 | 24.0 | 16.0 |
| Share buybacks | 12.0 | 18.0 | 0.0 | 0.0 | – |
| Dividends paid | 150 | 158 | 179 | 200 | 225 |
| Dividend per share | 1.70 | 1.79 | 1.88 | 1.98 | 2.08 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.5% | 10.4% | 17.7% | 4.0% |
| Operating income growth (YoY) | – | 5.0% | −0.3% | 29.3% | 8.4% |
| EPS growth (YoY) | – | −4.4% | −10.4% | 29.2% | −8.0% |
| Operating margin | 15.8% | 15.0% | 13.5% | 14.9% | 15.5% |
| Net margin | 10.2% | 8.8% | 7.8% | 9.1% | 8.6% |
| Return on equityBlank when equity is negative | 9.0% | 8.4% | 6.9% | 8.2% | 7.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.3% | 4.4% | 3.9% | 4.5% | 4.5% |
| Free cash flow margin | −4.3% | −3.5% | −32.1% | −14.2% | −2.0% |
| Cash conversion (CFO ÷ net income) | 2.18x | 2.89x | 1.84x | 2.49x | 3.65x |
| Receivable days | 50 | 55 | 52 | 48 | 47 |
| Interest cover | 2.76x | 2.54x | 2.29x | 2.43x | 2.39x |
| Debt ÷ equity | 1.21x | 1.31x | 1.20x | 1.19x | 1.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3,233 | 3,481 | 3,980 | 4,512 | 4,586 |
| Current ratio | 0.90x | 0.81x | 0.84x | 0.92x | 1.08x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.