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IDACORP, Inc. Announces Fourth Quarter and Year-End 2025 Results, Initiates 2026 Earnings Guidance

IDA
  • IDACORP reported fourth quarter 2025 net income of $43.6 million ($0.78 per diluted share), up from $37.9 million ($0.70 per diluted share) in the same period of 2024.
  • Full-year 2025 net income reached $323.5 million ($5.90 per diluted share), compared to $289.2 million ($5.50 per diluted share) in 2024.
  • Earnings growth was driven by customer growth, rate increases from the 2024 Idaho Limited-Issue Rate Case, lower income tax expense, and tax credits, partially offset by higher depreciation, financing costs, \& O&M expenses.
  • Idaho Power added approximately 15,000 new customers (2.3% growth) in 2025, while usage per retail customer decreased due to milder weather conditions reducing heating \& cooling demand.
  • Other O\&M expenses decreased in Q4 2025 due to lower labor \& asset costs but increased for the full year 2025 driven by inflationary pressures \& regulatory fees.
  • Depreciation \& amortization rose in both periods due to increased plant-in-service \& the start of operations at a leased battery storage facility in Q2 2025.
  • Non-operating expenses increased due to higher long-term debt balances, interest on transmission customer deposits, \& interest on a new finance lease, partially offset by higher AFUDC.
  • IDACORP initiated 2026 earnings guidance of $6.25 to $6.45 per diluted share, assuming normal weather \& power supply expenses.
  • The 2026 guidance assumes Idaho Power will use less than $30 million of additional tax credits under the Idaho regulatory mechanism.
  • Projected 2026 Idaho Power capital expenditures excluding AFUDC range from $1.3 billion to $1.5 billion, reflecting substantial infrastructure investment.
  • Idaho Power is executing on infrastructure plans including the Boardman-to-Hemingway transmission line to maintain reliability \& affordability.
  • A conference call to discuss results is scheduled for 2:30 p.m. Mountain Time on February 19, 2026, with a live webcast available on the company website.