Idacorp (IDA) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $95.8 million ($1.76 per diluted share), up from $89.5 million ($1.71 per share) in Q2 2024, with six-month net income at $155.4 million and EPS at $2.87, both up year-over-year.

• Customer base grew 2.5% year-over-year, adding over 7,500 to 16,000 new customers, with strong growth from technology, food processing, mining, and warehousing sectors.

• Major infrastructure projects advanced, including the Boardman-to-Hemingway transmission line and new battery storage facilities.

• Entered agreements for new solar, wind, and battery storage resources to address future capacity needs.

• Filed a general rate case in Idaho seeking a $199–$199.1 million (13.09%) revenue increase, 51% equity ratio, and 10.4% ROE.

Financial highlights

• Net income increased by $6.3 million in Q2 2025 compared to Q2 2024, driven by higher retail revenues, customer growth, and increased usage.

• Retail revenues per MWh and customer growth drove a $14.8 million increase in net income for Q2 2025; retail revenues increased $11.8 million in Q2 and $24.8 million in the first half.

• O&M expenses rose by $11.1 million in Q2 and $18.2 million for the first half, mainly due to labor costs and wildfire mitigation.

• Depreciation and amortization increased by $6.4 million in Q2 and $12.2 million for the first half, reflecting new plant-in-service and battery storage operations.

• Operating cash flows for H1 2025 were $301 million, up $45 million year-over-year.

Outlook and guidance

• Full-year diluted EPS guidance raised to $5.70–$5.85, reflecting strong Q2 results and expected tax credit amortization of $60–$77 million.

• O&M expense guidance for Idaho Power is $465–$475 million; CapEx forecasted at $1–$1.1 billion for 2025.

• Hydropower generation forecast updated to 7–8 million MWh for 2025 due to dry June weather.

• Capital expenditures projected at $1.25–$1.35 billion in 2026 and $3.1–$3.6 billion for 2027–2029.

• Ongoing regulatory proceedings, including the Idaho general rate case and resource procurement filings, will impact future earnings and cash flows.