IDA
IDACORP, Inc.126.09
-0.38-0.3%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Deep load pipeline, CapEx upside named
Q&A spotlighted a deep pipeline of large-load prospects like Diode data center, Idaho National Lab expansion, and Perpetua mine, with many advancing to construction studies and energy agreements under NDA; a formal load growth update follows later this year. Pipeline exceeds 4,000MW peak. Management demurred on Micron Fab 2 load details but flagged CapEx upside from it, Diode, and 2029/2030 RFPs including Peregrine 1. Incremental CapEx funds 50-50 debt-equity amid conservative cash flows. Credit metrics grazed thresholds end-2025 but large-load revenues should buttress them. Answers largely reaffirmed prepared growth outlook and no June rate case. Watch resource filings and load ramps for thesis durability.
Key Stats
Market Cap
6.81BP/E (TTM)
21.70Basic EPS (TTM)
5.81Dividend Yield
0.03%Recent Filings
10-K
FY2025 results
IDACORP delivered FY2025 results with net income of $323M ($5.90 diluted EPS), up from $289M ($5.50) in 2024, fueled by 2.3% customer growth to 664k and record retail sales of 16,177 thousand MWh (up 1% y/y). Retail revenues edged up to $1.56B amid base rate hikes from the 2024 Idaho limited-issue case, though milder weather curbed usage per customer; Q4 hydropower dipped to contribute to annual 7,021 thousand MWh (down from 7,203). Operating cash swelled to $602M on $1.1B capex (up 12% y/y), funding B2H transmission and 307 MW battery storage online. Debt hit $3.45B at year-end; quarterly dividends rose to $0.88/share. Regulators may deny full cost recovery on $6.3B-$7.2B capex through 2030.
8-K
Q4, FY 2025 results; 2026 guide
IDACORP reported Q4 2025 net income of $43.6 million ($0.78/share), up from $37.9 million ($0.70/share); full-year hit $323.5 million ($5.90/share) versus $289.2 million ($5.50/share), fueled by customer growth and rate hikes yet offset by depreciation and debt costs. Earnings topped prior guidance. It initiates 2026 EPS guide of $6.25-$6.45, with capex $1.3B-$1.5B amid heavy infrastructure push.
8-K
Rate hike settlement approved
Idaho Power's Idaho general rate case settlement won IPUC approval on December 30, 2025, unlocking $110 million in annual revenue hikes—7.48% up—effective January 1, 2026, on a $4.9B rate base with 9.6% ROE. Base NPSE drops $16.1M to $468.8M. Wildfire costs deferred through 2027. New rate case allowed anytime.
8-K
Capex forecast up 20%
IDACORP disclosed an updated 5-year capital expenditures forecast on December 1, 2025, after terminating its 300MW wind project due to permitting delays. The revised 2026-2029 outlook shows ~20% higher spending versus February estimates, averaging ~$1,127M annually—a 103% jump from the prior ~$554M. New investments include the proposed 167MW Bennett gas plant. Risks tie to resource RFPs.
8-K
Q3 earnings up, guidance raised
IDACORP posted Q3 2025 net income of $124.4 million, or $2.26 per diluted share, up from $113.6 million, or $2.12, last year. Customer growth and higher rates drove gains, yet higher depreciation and financing costs offset some benefits. Earnings beat propelled full-year guidance to $5.80-$5.90 per share. Idaho rate case settlement awaits approval.
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