IDACORP raises 2026 forecast, Q3 profit tops estimates
IDACORP raised its 2026 guidance to $6.40 to $6.50 per diluted share. Third-quarter earnings of $2.73 per share topped the $2.53 consensus estimate compiled by Finnhub.
Key takeaways
- IDACORP, Inc. (IDA) said on Oct. 29 it raised its 2026 earnings guidance to $6.40 to $6.50 per diluted share, from $6.30 to $6.45. Third-quarter net income attributable to IDACORP was $160.2 million, or $2.73 per diluted share, against net income of $124.4 million, or $2.26 per share, a year earlier.
IDACORP, Inc. (NYSE: IDA) said on Oct. 29 that third-quarter net income attributable to the company was $160.2 million, or $2.73 per diluted share, and that it is raising its full-year 2026 earnings guidance.
The per-share result topped the $2.53 consensus estimate compiled by Finnhub. A year earlier, third-quarter net income was $124.4 million, or $2.26 per diluted share, according to the company's 8-K filing.
IDACORP is a holding company for Idaho Power, a regulated electric utility that serves more than 670,000 customers across a 24,000-square-mile service area in Idaho and Oregon.
Here's how the company did:
- Net income attributable to IDACORP: $160.2 million vs. $124.4 million a year earlier
- Diluted EPS: $2.73 vs. $2.26 a year earlier, against $2.53 expected, according to Finnhub
For the first nine months of 2026, net income attributable to IDACORP was $330.8 million, or $5.76 per diluted share, compared with $279.9 million, or $5.13 per diluted share, a year earlier.
2026 guidance
IDACORP now expects 2026 earnings of $6.40 to $6.50 per diluted share. The previous range was $6.30 to $6.45, as given in its results release on July 30.
The company expects Idaho Power to use less than $10 million of additional tax credits under the Idaho regulatory mechanism in 2026, down from less than $15 million in its prior outlook. The guidance assumes normal weather through the end of the year.
The company also lifted its operations and maintenance expense range and narrowed its hydropower generation range. Prior figures are as of July 30.
| Metric | Current | Prior |
|---|---|---|
| EPS guidance per diluted share | $6.40 to $6.50 | $6.30 to $6.45 |
| Additional ADITC amortization | Less than $10 million | Less than $15 million |
| Idaho Power O&M expense | $535 million to $545 million | $525 million to $535 million |
| Idaho Power capital expenditures, excluding AFUDC | No change | $1,300 million to $1,500 million |
| Hydropower generation | 5.5 to 6.0 million MWh | 5.5 to 6.5 million MWh |
Revenue drivers
Higher Idaho base rates, effective Jan. 1, 2026, from the settlement stipulation in Idaho Power's 2025 Idaho general rate case, added $38.1 million to third-quarter operating income from retail revenues per megawatt-hour, excluding large contract customers.
Customer growth added $5.8 million. The number of Idaho Power customers grew by about 15,000, or 2.2%, in the 12 months ended Sept. 30, 2026.
Revenue from large contract customers added $11.8 million, as Idaho Power began earning revenue under a large customer contract on June 1, 2026.
CEO Lisa Grow linked the quarter to that growth. "Strong third quarter results were driven by continued customer growth and additional revenues from current base rates and from large contract customers as they continue to ramp-up operations," said IDACORP President and Chief Executive Officer Lisa Grow.
Costs and charges
Other operations and maintenance expenses rose $22.5 million in the quarter. The increase came mainly from amortization of previously deferred costs tied to converting generating units at the Jim Bridger and North Valmy plants from coal to natural gas, and from higher wildfire mitigation costs. Those increases were substantially offset by revenues recognized through regulatory recovery mechanisms.
Depreciation and amortization expense rose $7.4 million, due primarily to an increase in plant-in-service.
The company scheduled an analyst conference call for 2:30 p.m. Mountain Time on Oct. 29, with slides furnished as Exhibit 99.2 to its 8-K filing.