POR

Portland General Electric is a vertically integrated, regulated electric utility serving Oregon — the classic stable, rate-base-growth income story. FY2025 revenue grew 4.0% to $3.58B and operating income rose 8.4% to $555M (15.5% operating margin), while operating cash flow jumped 43.7% to $1.12B. The dividend grew a healthy 12.5% to $225M, reflecting management's confidence in regulated earnings growth.

The trade-offs are typical of the sector. Net income slipped 2.2% to $306M and diluted EPS fell 8.0% to $2.77 because the company issued equity (shares +5.7%) to help fund a heavy $1.19B capital program — investment that grows the rate base and future earnings but dilutes near-term per-share results. Leverage is elevated at 2.20x liabilities/equity with $4.66B of long-term debt, and the accounting ROE is a modest 7.4%, both standard features of a capital-intensive regulated utility.