波特兰通用电气 2025年度报告

FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the fiscal year ended December 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the Transition period fromtoCommission File Number 001-05532-99 PORTLAND GENERAL ELECTRIC COMPANY(Exact name of registrant as specified in its charter) Oregon (I.R.S. EmployerIdentification No.) (State or other jurisdiction ofincorporation or organization) 121 SW Salmon StreetPortland, Oregon 97204(503) 464-8000(Address of principal executive offices, including zip code, and Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: (Name of exchange on which registered)New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter)during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standardsprovided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒As of June 30, 2025, the aggregate market value of voting common stock held by non-affiliates of the Registrant was $4,436,840,693. For purposes of this calculation, executive officers and directors As of February 10, 2026, there were 115,561,705shares of common stock outstanding. Documents Incorporated by Reference Part III, Items 10 - 14 Portions of Portland General Electric Company’s definitive proxy statement for its 2026 Annual Meeting of Shareholders, intended to be filed not laterthan 120 days after the close of its fiscal year. Definitions PART I Item 1.Business.Item 1A.Risk Factors.Item 1B.Unresolved Staff Comments.Item 1C.Cybersecurity.Item 2.Properties.Item 3.Legal Proceedings.Item 4.Mine Safety Disclosures. PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities.42Item 6.[Reserved].42Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations.42Item 7A.Quantitative and Qualitative Disclosures About Market Risk.76Item 8.Financial Statements and Supplementary Data.78Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.138Item 9A.Controls and Procedures.138Item 9B.Other Information.138Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.139 PART III Item 10.Directors, Executive Officers and Corporate Governance.139Item 11.Executive Compensation.139Item 12.Security Ownership of Certain Beneficial Owners and Management and Rel