Idacorp Inc (IDA) Q4 2025 Earnings Call Highlights: Strong EPS Growth and Strategic Investments …

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Fri, February 20, 2026 at 2:04 PM GMT+9 4 min read

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**Diluted Earnings Per Share (EPS):** $5.90 for 2025, compared to $5.50 in 2024.

**EPS Guidance for 2026:** Estimated range of $6.25 to $6.45.

**Net Income Increase:** Over $34 million compared to 2024.

**Operating Income Benefit:** Approximately $75 million from rate increase and cost growth.

**Customer Base Growth:** 2.3% overall, with 2.5% growth in residential customers.

**CapEx Forecast:** $1.4 billion per year on average from 2026 to 2030, totaling around $7 billion.

**Rate Base Growth:** Projected to reach over $11 billion by 2030, with a 16.7% CAGR from 2026 to 2030.

**Cash Flow from Operations:** Over $600 million in 2025, a company record.

**O&M Expenses:** Increased less than $10 million, mainly due to labor-related costs.

**Depreciation and Amortization:** Increased nearly $28 million in 2025.

**CapEx for 2026:** Expected between $1.3 and $1.5 billion.

**Hydropower Generation Forecast for 2026:** 5.5 to 7.5 million megawatt hours.

Warning! GuruFocus has detected 14 Warning Signs with IDA.

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Release Date: February 19, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Idacorp Inc (NYSE:IDA) achieved its 18th consecutive year of EPS growth, with diluted earnings per share reaching $5.90, up from $5.50 the previous year.

The company initiated its 2026 earnings guidance with an estimated range of $6.25 to $6.45 per share, reflecting an 8% growth rate over 2025.

Idacorp Inc (NYSE:IDA) reported strong customer growth, with a 2.3% increase in its customer base, driven by residential, commercial, and industrial sectors.

The company is progressing well on major infrastructure projects, including the B2H transmission project and the Pleasant Valley solar project, enhancing its clean energy portfolio.

Idacorp Inc (NYSE:IDA) maintains a strong balance sheet with a 50/50 debt-equity capital ratio, supporting its significant capital investment plans.

Negative Points

The company faces increased depreciation and interest expenses due to growth and infrastructure buildout, which could impact future earnings.

Idacorp Inc (NYSE:IDA) anticipates higher O&M expenses in 2026, driven by wildfire mitigation costs and inflationary pressures on labor and services.

The company is not planning to file a general rate case in Idaho in 2026, which may delay recovery of increased costs.

Idacorp Inc (NYSE:IDA) has significant capital expenditure plans, with a forecast of $7 billion over the next five years, which may require additional financing.

The sale of Oregon distribution assets is subject to regulatory approval, which could take 10 months or longer, potentially delaying expected benefits.

 






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Q & A Highlights

Q: Can you provide an update on your customer and load pipeline, particularly regarding expansions of current large load customers and new companies entering your service area? A: Adam Richins, Senior Vice President and COO, mentioned that inquiries continue to be strong and diverse, spanning industries like data centers and manufacturing. Notably, there are ongoing projects like a data center at the Gemstone Technology Park and the Iowa National Lab’s expansion. Many inquiries are progressing beyond initial stages to construction and generation studies, indicating robust growth potential.

Q: Regarding your equity needs, how do you plan to fund incremental CapEx, and what impact do you foresee from repairs tax? A: Lisa Grow, President and CEO, explained that incremental CapEx is likely to be financed with a 50/50 debt-equity split. Large customers bring significant cash flows, which can influence equity needs. The current equity estimate includes conservative cash flow assumptions, and the sale of the Oregon service territory could further impact equity requirements.

Q: Can you elaborate on the potential investment opportunity related to Micron’s second semiconductor facility? A: Adam Richins stated that discussions with Micron are ongoing, and while the size of the investment opportunity is not yet determined, more information will be shared as details are finalized. The load ramp for Micron’s second facility has not been publicly disclosed.

Q: With the significant CapEx increase, how do you anticipate your financial metrics, such as FFO to debt, evolving, and is there potential for Moody’s to remove your negative watch? A: Lisa Grow indicated optimism about improving financial metrics, with large customer revenues expected to enhance cash flows. At the end of 2025, FFO to debt was around 14.3% for Moody’s and slightly below 14% for S&P. The company maintains a strong balance sheet and expects to meet with rating agencies to discuss future prospects.

Q: Do you plan to move towards a standardized large load tariff instead of negotiating special contracts case by case? A: Lisa Grow confirmed that there are no current plans to standardize tariffs for large load customers. Each customer has unique needs, and the company prefers to tailor tariffs to individual circumstances.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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