Key Highlights

  • Diluted EPS of USD 2.73 rose from USD 2.26 and beat the consensus estimate of USD 2.51.
  • Total operating revenues of USD 608.0 million rose 16% and slightly exceeded the consensus estimate of USD 603.00 million.
  • Idaho base rates added USD 38.1 million and large contract customers USD 11.8 million to operating income.
  • The board raised the quarterly Dividend to USD 0.90 per share from USD 0.88, and customer count grew 2.2%.

IDACORP, Inc. (NYSE:IDA) reported third quarter 2026 Diluted Earnings per Share of USD 2.73, compared with USD 2.26 a year earlier and above a consensus estimate of USD 2.51. Net Income attributable to the company was USD 160.2 million versus USD 124.4 million. Total operating revenues were USD 608.0 million, up 16% from USD 524.4 million and slightly above a consensus estimate of USD 603.00 million. Operating Income rose to USD 178.7 million. Diluted shares increased to 58.7 million from 55.1 million, so per share growth trailed net income growth of 29%.

Rates, Load and Cost Drivers

Most of the gain came from Idaho Power. Higher retail revenues per MWh, tied to the increase in Idaho base rates effective January 1, 2026 under the 2025 settlement stipulation, added USD 38.1 million of operating income. Customer growth contributed USD 5.8 million, and large contract customers added USD 11.8 million, mainly from a contract that began producing revenue on June 1, 2026. A larger deferral through the Fixed Cost adjustment mechanism cut USD 3.7 million.

Offsetting items included a USD 22.5 million rise in other operations and maintenance expense, driven by amortization of deferred costs from converting Jim Bridger and North Valmy units to Natural Gas and by wildfire mitigation costs, along with USD 7.4 million of higher depreciation. Idaho Power net income was USD 158.1 million versus USD 122.2 million. For nine months, diluted EPS was USD 5.76 versus USD 5.13.

Growth Plans and Funding

Idaho Power added about 15,000 customers over twelve months, a 2.2% growth rate. Preliminary 2027 resource plan assumptions show five year retail sales growth of 8.9% annually and annual peak growth of 5.4%, compared with 8.3% and 5.1% in the prior plan. Nine month investing outflows were USD 981 million, funded in part by financing inflows of USD 574 million from first mortgage bonds and common stock, while Operating Cash Flow was USD 378 million, down USD 86 million.

The company has USD 689 million of forward sale agreements outstanding under its at-the-market programs and USD 66 million of remaining capacity under the 2026 program. In September the board lifted the regular quarterly dividend to USD 0.90 per share from USD 0.88.

Project Milestones and Dates to Follow

Several dated items stand out. A certificate request for gas facilities of 222 MW, with a 2029 in-service date, and 430 MW, with a 2030 date, remains pending. Bennett Mountain gas capacity of 167 MW is slated for 2028, an 80 MW solar purchase is scheduled to come online in June 2027, and the Boardman to Hemingway line is targeted for late 2027. The SWIP-N line, under construction since June, is slated for 2028. A 200 MW solar agreement with 100 MW of storage is pending before the Idaho commission, and Idaho Power believes a new Hells Canyon license is a 2027 or later event.