IDA (IDA) Earnings Date & Reports

Key Takeaways

• IDACORP reported third-quarter 2026 diluted earnings per share (EPS) of $2.73, up from $2.26 in the prior-year quarter and ahead of the consensus estimate of $2.51.
• Net income attributable to IDACORP rose to $160.2 million, compared with $124.4 million a year earlier.
• Management raised its full-year 2026 EPS guidance to $6.40–$6.50, up from a prior range of $6.30–$6.45.
• Customer growth, higher base rates, and increased revenue from large contract customers drove the quarter's results, while higher operations and maintenance costs and lower tax-credit amortization partially offset the gains.
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Earnings Context and Why It Matters

IDACORP is a Boise, Idaho-based energy holding company whose principal subsidiary, Idaho Power, serves a fast-growing customer base across southern Idaho and eastern Oregon. The company's quarterly results are closely watched because they offer a read on regulated utility fundamentals such as customer growth, rate recovery, and the cost of maintaining an expanding grid. Heading into the report, IDACORP had already raised the lower end of its guidance twice during 2026, reflecting stronger customer demand and reduced reliance on regulatory tax credits. This latest update matters because it tests whether that momentum is durable, and because the company is financing an unusually large capital program—including battery storage and transmission projects—that will shape earnings and cash needs for years to come.

Reported Results

For the third quarter ended September 30, 2026, IDACORP reported net income attributable to the company of $160.2 million, or $2.73 per diluted share, compared with $124.4 million, or $2.26 per diluted share, in the same period of 2025. The result exceeded the analyst consensus estimate of $2.51 per share.

For the first nine months of 2026, net income attributable to IDACORP reached $330.8 million, up from $279.9 million in the prior-year period. Management attributed the improvement primarily to customer growth of roughly 2.3%, higher base rates effective January 1, 2026 following the Idaho general rate case settlement, and a meaningful ramp in revenue from large contract customers—industrial revenues rose about 27% year over year in the quarter. These gains were partly offset by higher operations and maintenance (O&M) expenses tied to wildfire mitigation and plant conversion costs, as well as lower additional accumulated deferred investment tax credit (ADITC) amortization, a regulatory accounting item that reduces income tax expense.

Alongside the results, IDACORP increased its full-year 2026 diluted EPS guidance to $6.40–$6.50, up from $6.30–$6.45, and now expects Idaho Power to use less than $10 million of additional tax credits under its Idaho regulatory mechanism in 2026.

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Market Reaction and Investor Sentiment

IDACORP's shares have carried a generally positive tone through 2026, supported by consistent customer growth, favorable rate outcomes, and successive guidance increases. The third-quarter report reinforced that narrative: earnings per share came in comfortably above consensus, and management lifted its full-year outlook rather than simply reaffirming it. That combination—an earnings beat paired with raised guidance—tends to be well received by investors in the regulated utility space, where steady, predictable growth is highly valued. Still, sentiment is tempered by the scale of the company's capital program and its related financing needs, as well as by rising O&M and interest expenses. Investors will be watching whether the stock's reaction holds as analysts update their models.

Forward Outlook and Key Factors to Monitor

IDACORP's guidance increase signals management's confidence in finishing 2026 on a strong note. The updated range of $6.40–$6.50 per diluted share assumes historically normal weather and power supply conditions through year end, leaving some sensitivity to winter temperatures and power costs.

Looking further out, capital expenditure (CapEx) is a central theme. IDACORP has been investing heavily in battery storage, transmission, and generation infrastructure, with construction work in progress (CWIP)—projects under construction that are not yet earning regulated returns—exceeding $2.1 billion at quarter end. Management indicated it will provide an updated CapEx forecast on its fourth-quarter earnings call, and noted that the prior forecast may understate future spending as new projects are selected. This points to continued financing activity, including the at-the-market (ATM) equity program the company has used to raise capital.

Other items to monitor include the progress and closing of the company's planned Oregon asset sale, expected in spring 2027 pending regulatory approvals, and the timing of any future Idaho rate case. Cost trends in O&M and interest expense, along with how much additional ADITC amortization the company records, will also influence the trajectory of earnings in 2027. None of this constitutes a prediction, but these factors will be central to how investors evaluate IDACORP's growth story in the quarters ahead.

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