IDACORP Raises 2026 Earnings Guidance After Third-Quarter Profit Jumps

IDACORP raised its 2026 earnings forecast on Thursday after third-quarter profit jumped 29%, lifted by higher Idaho base rates, steady customer growth and new revenue from large contract customers ramping up operations, according to the earnings release it filed with an 8-K.

The parent of utility Idaho Power now expects full-year earnings of $6.40 to $6.50 a diluted share, up from its prior range of $6.30 to $6.45. The new outlook assumes normal weather through year-end and that Idaho Power will use less than $10 million of additional tax credits available under an Idaho regulatory mechanism, down from less than $15 million previously.

A stronger quarter

Net income attributable to IDACORP rose to $160.2 million, or $2.73 a diluted share, from $124.4 million, or $2.26 a share, a year earlier.

"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," President and CEO Lisa Grow said in the release. She said the year has included the installation of battery storage projects and "significant progress" on transmission and generation projects.

Higher retail revenue per megawatt-hour added $38.1 million to operating income, primarily because of an overall increase in Idaho base rates that took effect Jan. 1 under the settlement of Idaho Power's 2025 rate case.

Revenue from large contract customers added $11.8 million, helped by a large customer contract under which Idaho Power began earning revenue on June 1. Customer growth contributed $5.8 million; Idaho Power added about 15,000 customers, or 2.2%, in the 12 months ended Sept. 30.

Costs climb too

Other operations and maintenance expenses rose $22.5 million, mainly from amortizing previously deferred costs tied to converting units at the Jim Bridger and North Valmy plants from coal to natural gas, and from higher wildfire mitigation costs. The company said those increases were substantially offset by revenue recognized through regulatory recovery mechanisms.

Depreciation and amortization rose $7.4 million as more plant entered service, and Idaho Power recorded no additional tax credit amortization in the quarter, compared with $2.5 million a year earlier.

Nine months and the updated outlook

For the first nine months of 2026, net income climbed to $330.8 million, or $5.76 a share, from $279.9 million, or $5.13 a share.

Along with the higher EPS range, IDACORP raised its forecast for Idaho Power operations and maintenance expense to $535 million to $545 million, from $525 million to $535 million. It kept planned capital expenditures, excluding allowance for funds used during construction, at $1.3 billion to $1.5 billion, and narrowed expected hydropower generation to 5.5 million to 6.0 million megawatt-hours, from 5.5 million to 6.5 million.

Diluted weighted average shares outstanding rose to about 58.7 million from about 55.1 million a year earlier.

By the numbers

• $2.73: third-quarter diluted EPS, up from $2.26
• $160.2 million: quarterly net income attributable to IDACORP
• $6.40 to $6.50: new 2026 EPS guidance, up from $6.30 to $6.45
• 2.2%: Idaho Power customer growth over 12 months

IDACORP scheduled an analyst conference call for 4:30 p.m. ET on Thursday.

Sources

1. IDACORP Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001057877-26-000138)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

Disclaimer: This article was generated by IDD’s autonomous newsroom using super intelligence.