IDACORP reported fourth‑quarter 2025 results with net income of $43.6 million, or $0.78 per diluted share, beating the consensus estimate of $0.74 by $0.04. The earnings beat was driven by disciplined cost management, a 2.3% increase in customer base adding roughly 15,000 new customers, and rate increases that began on January 1, 2025.
Full‑year 2025 net income rose to $323.5 million, or $5.90 per diluted share, an 11.9% increase from $289.2 million in 2024. The growth was supported by higher rates, lower income‑tax expense, and the use of tax credits under Idaho’s regulatory mechanism, while higher depreciation and financing costs from infrastructure investments partially offset the gains.
Q4 2025 revenue totaled $405.2 million, falling short of the analyst estimate of $538.4 million by $133.2 million. The revenue miss reflects weaker demand and macro‑economic headwinds, and full‑year revenue of $1.81 billion also fell below expectations.
Management highlighted that the Boardman‑to‑Hemingway transmission line project began in 2025, underscoring a continued focus on reliability and infrastructure investment. The company also noted that Idaho Power would use less than $30 million of additional tax credits in 2026, a benefit that helped support earnings.
For 2026, IDACORP guided diluted earnings per share in the range of $6.25 to $6.45, maintaining confidence in normal weather and power‑supply costs. The guidance also signals that the company expects higher operating‑maintenance and capital‑expenditure costs, but believes the revenue and cost structure will support the projected earnings.
Investors reacted cautiously, with the revenue miss and higher projected costs tempering enthusiasm despite the EPS beat, indicating a mixed market sentiment.
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