IDACORP, Inc. Reports Strong First Quarter 2026 Results, Reaffirms Full-Year Earnings Guidance

Key Highlights and Investor Takeaways

• Q1 2026 Net Income: \$68.0 million, or \$1.21 per diluted share, up from \$59.6 million (\$1.10 per share) in Q1 2025.
• Reaffirmed Full-Year 2026 Guidance: Earnings expected in the range of \$6.25 to \$6.45 per diluted share.
• Operational Updates: 250 MW of battery storage coming online in 2026; ongoing progress on major transmission and generation projects.
• Customer Growth: Idaho Power customer base increased by approximately 15,000 (2.3%) over the past year.
• Key Rate and Regulatory Impacts: Higher base rates effective January 1, 2026, following 2025 Idaho general rate case settlement.
• O&M and Other Expenses: Higher wildfire mitigation costs and amortization related to Jim Bridger plant conversion.
• Tax Credits: Expectation to use less than \$30 million of additional tax credits under Idaho regulatory mechanism in 2026.

Detailed Financial Performance

IDACORP, Inc. (NYSE: IDA) reported a robust start to 2026, with net income attributable to shareholders rising to \$68.0 million (\$1.21 per diluted share), up 14% from the prior year’s \$59.6 million (\$1.10 per share). This improvement was primarily driven by strong customer growth, favorable rate changes, and increased retail revenues per megawatt-hour (MWh), which were partially offset by higher operating and maintenance (O&M) expenses and recording fewer tax credits under the Idaho regulatory mechanism.

Retail revenues per MWh (net of power cost adjustment mechanisms) contributed \$18.0 million to operating income, reflecting higher base rates effective at the beginning of 2026. The company experienced a \$5.0 million boost from customer growth, as Idaho Power added about 15,000 customers (2.3% increase) over the past year.

However, usage per retail customer decreased, impacting revenue by \$10.7 million, due to milder temperatures reducing heating demand among residential and commercial customers. This was partially offset by increased electricity usage among irrigation and large industrial customers.

The Fixed Cost Adjustment (FCA) mechanism provided another \$19.1 million benefit in deferred revenues, while O&M expenses rose by \$13.1 million, mainly due to wildfire mitigation programs and the amortization of deferred costs from the Jim Bridger power plant’s conversion from coal to natural gas. Most of these costs are recovered in rates.

Depreciation and amortization expenses increased by \$5.7 million, driven by an expanded plant-in-service and the start of operations at a leased battery storage facility in Q2 2025.

Other operating revenues and expenses, net, improved by \$13.6 million, largely due to lower net power supply expenses (not subject to refund in rates) and a reduction in property tax expense following legislative changes in Idaho.

Non-operating expense grew by \$4.1 million, attributed to higher interest expenses from increased long-term debt and a new finance lease, partially offset by higher allowance for funds used during construction (AFUDC).

Income tax expense was higher in Q1 2026, as additional amortization of accumulated deferred investment tax credits (ADITC) was lower (\$6.3 million in Q1 2026 vs. \$19.3 million in Q1 2025).

2026 Full-Year Guidance and Operational Metrics

IDACORP reaffirmed its 2026 full-year earnings guidance at \$6.25 to \$6.45 per diluted share. This outlook assumes normal weather and power supply expenses and expects Idaho Power to use less than \$30 million in additional tax credits under existing regulatory mechanisms.

• O&M Expense Guidance: \$525 – \$535 million.
• Capital Expenditures (Excluding AFUDC): \$1,200 – \$1,500 million.
• Hydropower Generation Forecast: 5.5 – 7.0 million MWh (down slightly from prior outlook of up to 7.5 million MWh).

These metrics reflect ongoing investments in grid reliability, new battery storage, and major transmission and generation projects, reinforcing IDACORP’s focus on operational execution and long-term value creation for both customers and shareholders.

Shareholder-Relevant and Potentially Price-Sensitive Information

• Strong Start to 2026: Significant year-over-year earnings growth suggests continued momentum and may support share price appreciation.
• Reaffirmed Guidance: Maintaining 2026 earnings targets despite higher expenses and changing weather patterns signals management confidence and operational resilience.
• Battery Storage Rollout: Bringing 250 MW of new battery capacity online in 2026 positions the company for grid modernization and renewable integration, which could be viewed favorably by the market.
• Regulatory Developments: Favorable rate case outcomes and ongoing ability to recover wildfire and plant conversion costs in rates reduce regulatory risk.
• Tax Credit Utilization: Lower expected use of additional tax credits may marginally affect future earnings but is consistent with ongoing regulatory management.

Company Background and Forward-Looking Statements

IDACORP, Inc., based in Boise, Idaho, is a holding company with subsidiaries including Idaho Power, a regulated utility serving over 660,000 customers across Idaho and Oregon. The company is recognized for having among the nation’s lowest electricity prices, strong hydropower resources, and a long-standing commitment to reliability and affordability.

Please note: The company has included forward-looking statements in its report. These statements are subject to a variety of risks and uncertainties, including regulatory changes, economic conditions, weather events, supply chain issues, and other factors detailed in its filings with the U.S. Securities and Exchange Commission.

Conference Call and Resources

IDACORP will host an analyst conference call at 2:30 p.m. Mountain Time (4:30 p.m. Eastern) on April 30, 2026, accessible via webcast on its website or by phone. A replay will be available for 12 months.

For further details, investors are encouraged to review IDACORP’s Quarterly Report on Form 10-Q, available on the company’s website.

Disclaimer: This article is for informational purposes only. It is not investment advice. Investors should review all official filings and disclosures and consult with their financial advisors before making investment decisions. The information herein is based on company-released financial reports and may be subject to change or revision.

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