IDACORP, Inc. reported first‑quarter 2026 results that beat earnings expectations while missing revenue estimates. Net income rose to $68.0 million, up from $59.6 million a year earlier, and diluted earnings per share climbed to $1.21 from $1.10. Revenue totaled $403.41 million, a 6.8% decline from $432.0 million in Q1 2025, falling short of the consensus estimate of roughly $440 million.
The earnings beat was driven by a 15,000‑account increase in the company’s customer base—about 2.3% growth over the trailing twelve months—and a $18.0 million boost from new base rates implemented on January 1, 2026. These gains were partially offset by a $13.1 million rise in operating‑maintenance expenses, largely due to wildfire‑mitigation spending and the conversion of the Jim Bridger coal plant, and by a one‑time tax‑credit adjustment that reduced the credit balance recorded in the quarter.
Revenue missed expectations because wholesale energy sales were softer than anticipated. The decline in wholesale sales, combined with milder weather that lowered usage per customer, reduced the company’s top line. Analysts had projected revenue of about $440 million for the quarter, so the $403.41 million figure represents a shortfall of roughly $36 million.
Despite the revenue miss, IDACORP reaffirmed its full‑year 2026 earnings guidance of $6.25 to $6.45 per share, signaling confidence in its execution plan. The company’s five‑year capital‑expenditure program remains at $7 billion, with $1.4 billion expected in 2026, and includes the deployment of 250 MW of battery storage and continued progress on major transmission and generation projects.
Market reaction to the results was positive, with the stock trading up about 2.6% in pre‑market sessions. Analysts maintained a “Buy” stance, noting that the EPS beat and the unchanged guidance underscored management’s confidence in the company’s ability to navigate cost pressures while pursuing growth.
"Strong first quarter results benefited from customer growth and rate changes," said IDACORP President and Chief Executive Officer 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." Grow added, "We expect 2026 will be an exciting year of execution for us, with 250 MWs of batteries coming online and continued progress on our major transmission and generation projects. During this period of growth, we remain focused on reliability and affordability for our customers and providing increased value for our shareholders."
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