Idacorp (IDA) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $124.4 million ($2.26 per diluted share), up from $113.6 million ($2.12 per share) in Q3 2024, with nine-month net income at $279.9 million and EPS at $5.13, driven by customer growth and rate changes.

• Customer base grew by 2.3% year-over-year, adding over 11,500–15,000 new customers, supporting revenue growth.

• Major projects advanced, including Boardman-to-Hemingway transmission, Bennett Mountain gas plant, new battery storage, and solar PPAs, while the Jackalope Wind project was terminated due to policy and permitting issues.

• Settlement reached in Idaho general rate case, pending regulatory approval, with a $110 million annual revenue increase and 9.6% ROE.

Financial highlights

• Net income increased by $10.8 million in Q3 2025 year-over-year, with operating income benefiting from higher retail revenues per MWh and customer growth, partially offset by increased O&M and depreciation expenses.

• Operating cash flows for the nine months ended September 2025 were $464 million, up from $458 million year-over-year.

• Operating revenues for Q3 2025 were $524.4 million, with nine-month revenues at $1.41 billion.

• Liquidity as of September 30, 2025, included $100 million available to IDACORP and $400 million to Idaho Power under revolving credit facilities.

Outlook and guidance

• 2025 full-year diluted EPS guidance raised to $5.80–$5.90, assuming $50–$60 million in additional tax credit amortization and normal weather.

• O&M expense expected at $470–$480 million for 2025, reflecting inflation and wildfire mitigation.

• CapEx for 2025 projected at $1.0–$1.1 billion, with hydropower generation expected at 6.5–7.0 million MWh.

• Anticipates 8.3% annual total load growth over the next five years, mainly from manufacturing and industrial sectors.

• Pending settlement would increase Idaho jurisdictional retail revenue by $110 million effective January 1, 2026, with a $4.9 billion rate base.