Idacorp Stock Earnings Reports

IDACORP reported a solid start to 2026 with Q1 diluted EPS of $1.21 (vs. $1.10 a year ago) and reaffirmed full-year 2026 guidance of $6.25–$6.45 per share. Management trimmed the top end of its hydropower generation forecast (now 5.5–7.0 million MWh) due to lower snowpack despite strong spring precipitation. Key growth drivers are accelerating large industrial loads (notably Micron and Meta) and continued customer growth (2.3% year-over-year), supported by major transmission projects (B2H, SWIFT North, Gateway West) and new local generation: company-owned gas plants (167 MW Bennett Mountain plant, 222 MW South Hills, 430 MW Peregrine), plus battery and third-party solar additions. The Idaho Commission approved the 2026 wildfire mitigation plan and the 2026–2032 RFP to address an expected capacity deficit (at least 200 MW). CapEx remains elevated ($1.3–$1.5 billion expected in 2026; multiyear growth forecast), and the company plans to fund growth while maintaining a roughly 50/50 debt-to-equity target. Management has executed forward ATM equity sales (~$155M executed in Q1; ~$750M of forwards settled/executed to date) and plans a new ATM program. Moody’s earlier notching and downgrade discussions were addressed; management emphasizes preserving balance sheet strength and an opportunistic rate-case cadence tied to load and plant-in-service timing. Operationally, O&M is higher (wildfire mitigation, amortization items) but many costs are largely offset by rate recoveries; fewer ADITC amortizations were used in Q1 versus last year, which management views as a positive indicator of performance.