Idacorp (IDA) Q4 2025 earnings summary

Executive summary

• Achieved 18th consecutive year of EPS growth, with 2025 diluted EPS at $5.90, up from $5.50 in 2024, and net income rising to $323.5 million from $289.2 million year-over-year.

• Customer base grew by 2.3% (about 15,000 new customers), with strong industrial demand and major projects underway.

• Record energy sales to retail customers and major infrastructure projects initiated, including the Boardman-to-Hemingway transmission line.

• Announced sale of Oregon distribution assets for $154 million, exiting regulated retail operations in Oregon.

• Settled Idaho General Rate Case with constructive outcomes; rates remain below national average despite investments.

Financial highlights

• Net income increased by over $34 million compared to 2024, with Q4 2025 net income at $43.6 million, up from $37.9 million in Q4 2024.

• Retail revenues per MWh, net of power cost adjustments, increased operating income by $49.6 million year-over-year.

• O&M expenses rose less than $10 million, mainly due to labor and inflation, but remained at the low end of guidance.

• Depreciation and amortization expense increased by nearly $28 million, reflecting new plant-in-service and battery storage operations.

• Cash flow from operations exceeded $600 million for the first time, reaching $601.8 million in 2025.

Outlook and guidance

• 2026 EPS guidance set at $6.25–$6.45 per diluted share, reflecting 8% growth over 2025.

• O&M expense expected between $525–$535 million in 2026, with CapEx forecasted at $1.3–$1.5 billion.

• Hydropower generation forecasted at 5.5–7.5 million MWh for 2026.

• Five-year CapEx forecast (2026–2030) increased to $7 billion, averaging $1.4 billion annually.

• Idaho Power expects to use less than $30 million of additional tax credits under the Idaho regulatory mechanism in 2026.