Avista Stock Earnings Reports

Avista reported Q1 2026 consolidated EPS of $1.11 and non-GAAP utility earnings of $1.10 per diluted share, up from $0.98 and $1.01 respectively in Q1 2025. Management affirmed 2026 non-GAAP utility earnings guidance of $2.52 to $2.72 per diluted share (including an expected $0.10 negative impact from the Energy Recovery Mechanism (ERM) in a 90% customer / 10% company sharing band). Avista Utilities now expects 2026 capital expenditures of $615 million and $3.4 billion in capex from 2026–2030; potential incremental capital of up to $350 million (and ~8% rate base growth) could be required to integrate a prospective large load (data center) customer of up to ~500 MW. The company is targeting a signed memorandum of understanding (MOU) with that prospective customer by May 31 and currently has ~1.1 GW in its large-load queue. Management highlighted continued investment in grid hardening and wildfire resilience, which improved storm response in March when ~60,000 customers experienced outages. Regulatory activity is front-and-center: a Washington general rate case (first 4-year multiyear filing in that state) is in discovery with a settlement conference on April 22; outcomes remain uncertain and Avista is pursuing mechanisms to manage cost/revenue risk (including a proposed employee benefits mechanism). Liquidity actions for 2026 include planned issuance of $230 million long-term debt and up to $90 million of common stock (including $14 million already issued). Long-term expected return on equity at Avista Utilities is approximately 9% (excluding ERP impact) with expected long-term earnings growth of 4–6% from the midpoint of 2025 guidance.