IDACORP, Inc. 2026 Q1 – Results – Earnings Call Presentation – Image for illustrative purposes only (Image credits: Unsplash)
Boise, Idaho — IDACORP, Inc. posted first-quarter 2026 net income of $68 million, a $8.4 million increase from the prior year, as higher base rates and customer additions propelled results.[1][2] The utility holding company reported diluted earnings per share of $1.21, surpassing analyst expectations and marking a 10% year-over-year gain.[1] Executives highlighted robust demand from industrial users amid ongoing investments in infrastructure.
Financial Results Exceed Forecasts
IDACORP announced the results on April 30, 2026, following its earnings conference call. Net income attributable to the company reached $67.98 million, up from $59.65 million in the first quarter of 2025.[1] Diluted shares outstanding averaged 56,289 thousand, compared to 54,126 thousand a year earlier.
Electric operating revenues totaled $402.8 million, reflecting a decline from prior periods due to weather impacts on usage. Still, the earnings beat stemmed from margin improvements at subsidiary Idaho Power. Management emphasized disciplined cost management during the call.
Core Drivers Fuel Net Income Growth
Several factors contributed to the $8.5 million rise in Idaho Power’s net income. A net increase in retail revenues per megawatt-hour, after power cost adjustments, added $18 million, primarily from Idaho base rate hikes effective January 1, 2026.[1] Customer counts grew by 15,000, or 2.3%, over the past year, boosting operating income by $5 million net of supply costs.
Idaho’s fixed cost adjustment mechanism provided an additional $19.1 million through revenue deferrals for residential and small commercial customers. Other operating changes, including lower unrecovered power supply expenses and reduced property taxes, contributed $13.6 million. Industrial energy sales rose 5.7%, driven by ramp-ups at facilities like those operated by semiconductor and data center clients.[3][4]
Offsets Temper the Gains
Usage per retail customer fell, dragging operating income by $10.7 million net of supply costs. Milder temperatures reduced heating demand among residential and small commercial users, though irrigation pumping increased due to low precipitation and one large industrial load expanded.[1]
Operations and maintenance expenses climbed $13.1 million, tied to wildfire mitigation and amortization of deferred costs from converting Jim Bridger generating units to natural gas. Depreciation rose $5.7 million with more plant in service, including a new battery storage lease. Additional deferred investment tax credit amortization cut earnings by $13 million, while non-operating expenses increased $4.1 million.
| Net Income Reconciliation (Q1 2025 to Q1 2026, $ millions pre-tax unless noted) | Impact |
|---|---|
| Retail revenues per MWh, net | +18.0 |
| Customer growth, net | +5.0 |
| Usage per customer, net | -10.7 |
| Idaho FCA revenues | +19.1 |
| Other O&M | -13.1 |
| Depreciation & amortization | -5.7 |
| Other operating, net | +13.6 |
| Idaho Power operating income increase | +26.2 |
| Total Idaho Power net income increase | +8.5 |
2026 Guidance Remains Intact
IDACORP reaffirmed full-year earnings guidance at $6.25 to $6.45 per diluted share, assuming normal weather and power costs. The outlook incorporates less than $30 million in additional tax credit amortization at Idaho Power, down from prior levels.[1] Operating and maintenance expenses are projected at $525 million to $535 million, with capital expenditures between $1.3 billion and $1.5 billion.
“Strong first quarter results benefited from customer growth and rate changes,” said IDACORP President and CEO Lisa Grow. “As expected, those benefits were partially offset by higher O&M expenses and recording fewer tax credits under the company’s Idaho regulatory mechanism.”[1] The company anticipates 250 megawatts of battery storage coming online, alongside transmission and generation projects. Hydropower generation guidance narrowed to 5.5 million to 7 million megawatt-hours due to low snowpack.
Stakeholders stand to benefit from sustained load growth in Idaho’s industrial sector, which supports long-term capital deployment. Ratepayers gain from reliability investments, even as financing needs rise. For investors, the reaffirmed targets signal stability amid expanding demand, positioning IDACORP for measured expansion in a competitive energy landscape. For the full details, see the official press release.[1]