PORTLAND GENERAL ELECTRIC CO /OR/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PORTLAND GENERAL ELECTRIC CO /OR/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,923	2,009	1,991	2,123	2,151	2,425	2,647	2,923	3,480	3,576
General and administrative	240	260	271	290	283	336	340	341	403	392
Operating expenses							688	715	839	842
Operating income	340	380	346	353	269	378	397	396	512	555
Interest expense	112	120	124	128	136	137	156	173	211	232
Other non-operating income	15	13	7	16	22	26	31	50	49	36
Pre-tax income	243	273	229	241	155	267	272	273	350	359
Income tax	50	86	17	27	0	23	39	45	37	53
Net income to minority interests	0
Net income	193	187	212	214	155	244	233	228	313	306
EBITDA	661	725	728	762	723	782	814	854	1,008	1,133
EPS, basic	2.17	2.10	2.38	2.39	1.73	2.72	2.61	2.33	3.02	2.77
EPS, diluted	2.16	2.10	2.37	2.39	1.72	2.72	2.60	2.33	3.01	2.77
Shares, basic (weighted)	88.9	89.1	89.2	89.4	89.5	89.5	89.3	97.8	104	110
Shares, diluted (weighted)	89.1	89.2	89.3	89.6	89.6	89.6	89.6	98	104	111
Dividend per share	1.26	1.34	1.43	1.52	1.59	1.70	1.79	1.88	1.98	2.08

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6	39	119	30	257	52	165	5	12	76
Receivables	155	168	193	253	271	329	398	414	456	460
Other current assets	77	73	90	104	98	205	498	182	238	244
Total current assets	463	526	643	500	721	688	1,210	935	1,025	1,072
Property, plant and equipment			6,887	7,161
Lease right-of-use assets				51	44	25	22	18	312	303
Other non-current assets	57	54	101	166	153	176	234	169	478	468
Total assets	7,527	7,838	8,110	8,394	9,069	9,494	10,459	11,208	12,544	13,230
Accounts payable	129	132	168	165	153	244	457	347	365	330
Accrued liabilities	52	60	66	74	67	67	66	74	80	87
Short-term debt	150	0	300	0	160	0	260	80	170	0
Total current liabilities	577	432	791	519	815	768	1,496	1,112	1,119	993
Long-term debt	2,200	2,426	2,178	2,597	2,886	3,285	3,386	3,905	4,354	4,662
Lease liabilities				43	36	22	18	16	286	277
Other non-current liabilities	107	192	203	76	77	59	91	99	358	362
Total liabilities	5,183	5,422	5,604	5,803	6,456	6,787	7,680	7,889	8,750	9,097
Total debt	2,361	2,436	2,488	2,608	3,059	3,299	3,659	3,999	4,539	4,679
Retained earnings	1,150	1,217	1,301	1,381	1,393	1,476	1,534	1,574	1,680	1,755
Other comprehensive income	-7	-8	-7	-10	-11	-10	-4	-5	-4	-4
Total equity	2,344	2,416	2,506	2,591	2,613	2,707	2,779	3,319	3,794	4,133
Total liabilities and equity	7,527	7,838	8,110	8,394	9,069	9,494	10,459	11,208	12,544	13,230
Shares outstanding	88.9	89.1	89.3	89.4	89.5	89.4	89.3	101	109	116

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	193	187	212	214	155	244	233	228	313	306
Depreciation and amortization	321	345	382	409	454	404	417	458	496	578
Stock-based compensation	6	7	5	9	11	14	15	17	24	16
Deferred income tax	37	70	-17	6	-23	5	6	8	23	37
Change in receivables	-9	-3	-29	30	-24	-64	-66	-29	-66	-16
Change in payables	15	5	51	-16	26	61	157	-166	47	44
Cash from operations	562	597	630	546	567	532	674	420	778	1,118
Capital expenditures	-584	-514	-595	-606	-784	-636	-766	-1,358	-1,268	-1,189
Sales and maturities of investments	27	21	15	13	9	12	3	1	2	4
Cash from investing	-585	-514	-471	-604	-787	-656	-758	-1,358	-1,297	-1,196
Debt issued	290	225	75	470	549	400	360	600	670	310
Debt repaid	-133	-150	-24	-350	-98	-160	0	-260	-130	-170
Stock issued	0	0
Share buybacks				0	0	-12	-18	0	0
Dividends paid	-110	-118	-125	-134	-140	-150	-158	-179	-200	-225
Cash from financing	25	-50	-79	-31	447	-81	197	778	526	142
Net change in cash	2	33	80	-89	227	-205	113	-160	7	64
Free cash flow	-22	83	35	-60	-217	-104	-92	-938	-490	-71
Interest paid	104	110	117	116	113	120	128	136	174	198
Income taxes paid	16	18	25	33	17	16	37	12	-90	-162

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $46.85 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	14.1%	Operating income / revenue.
EBITDA margin	30.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.4%	Pre-tax income / revenue.
Net margin	7.3%	Net income / revenue.
FCF margin	-5.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.4%	Cash from operations / revenue.
Effective tax rate	13.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	1.9%	Net income / average total assets.
Capex / revenue	34.8%	Capital expenditures / revenue.
D&A / revenue	16.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	14.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-8.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	43.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.98x	Current assets / current liabilities.
Quick ratio	0.42x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / assets	36.1%	Total debt / total assets.
Liabilities / assets	69.8%	Total liabilities / total assets.
Net debt	$4.89B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.52x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.07x	Operating income / interest expense.
Working capital	-$25.0M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Receivables turnover	8.61x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
FCF conversion	-73.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	118.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$30.33	Revenue / diluted weighted shares.
FCF per share	-$1.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.93	Cash from operations / diluted weighted shares.
Cash per share	$0.30	(Cash + short-term investments) / shares outstanding.
Payout ratio	91.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.51B	Share price x shares outstanding.
Enterprise value	$10.40B	Market cap + total debt - cash - short-term investments.
P/E	21.4x	Market cap / net income. Only when net income is positive.
P/S	1.56x	Market cap / revenue.
P/OCF	5.30x	Market cap / cash from operations, when positive.
EV/Sales	2.95x	Enterprise value / revenue.
EV/EBIT	20.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.61x	Enterprise value / EBITDA, when both are positive.
FCF yield	-3.4%	Free cash flow / market cap.
Earnings yield	4.7%	Net income / market cap (the inverse of P/E).
Dividend yield	4.3%	Dividends paid over the period / market cap.
Shareholder yield	4.3%	(Dividends paid + share buybacks) / market cap.
PEG	10.0x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PORTLAND GENERAL ELECTRIC CO /OR/'s revenue in fiscal 2025?

PORTLAND GENERAL ELECTRIC CO /OR/ reported revenue of $3.58B for fiscal 2025, 2.8% higher than the year before.

Was PORTLAND GENERAL ELECTRIC CO /OR/ profitable in fiscal 2025?

Yes. Net income was $306.0M, a net margin of 8.6%.

How much free cash flow did PORTLAND GENERAL ELECTRIC CO /OR/ generate in fiscal 2025?

Cash from operations of $1.12B minus capital expenditures of $1.19B left free cash flow of -$71.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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