PGE Q2 2026 Earnings: Industrial Demand Offsets Wholesale Weakness

Portland General Electric (PGE) reported Q2 2026 revenue of $814 million, up 0.9% year over year, while GAAP diluted EPS rose to $0.59 from $0.56. GAAP net income increased to $68 million, but adjusted EPS slipped to $0.64 as the diluted share count increased. Industrial load grew 11.2%, helping offset lower wholesale activity, while higher depreciation and interest expense reflected continued capital investment. PGE reaffirmed full-year adjusted EPS guidance of $3.33 to $3.53 and expects $1.0 billion to $1.2 billion of operating cash flow.