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Avista (AVA) investor relations material
Avista Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 net income was $14 million ($0.17 per share), down from $23 million ($0.29 per share) in Q2 2024; year-to-date net income was $93 million ($1.15 per share), compared to $94 million ($1.20 per share) last year.
Utility operations remained strong, supported by strategic execution, regulatory outcomes, and cost management, offsetting investment portfolio losses, particularly in clean technology.
Clean technology investment valuations declined due to shifts in public policy and market sentiment, negatively impacting consolidated earnings.
Multiyear rate plans and regulatory settlements in Washington, Oregon, and Idaho support confidence in utility earnings.
Colstrip coal plant exit scheduled for December 31, 2025, with ownership transfer to NorthWestern; not expected to materially impact financial results.
Financial highlights
Q2 2025 operating revenues were $411 million, up from $402 million in Q2 2024; six-month revenues were $1,028 million, up from $1,011 million year-over-year.
Capital expenditures for H1 2025 were $236 million; full-year 2025 capex expected at $525 million, rising to $600 million by 2027.
Available liquidity as of June 30, 2025: $106 million under the committed line of credit and $42 million under the letter of credit facility.
Operating cash flow for H1 2025 was $224 million, down from $317 million in the prior year, mainly due to changes in regulatory deferrals and insurance proceeds.
Shareholders' equity increased to $2,645 million as of June 30, 2025, from $2,591 million at year-end 2024.
Outlook and guidance
2025 consolidated earnings guidance affirmed at $2.52–$2.72 per diluted share, expected at the low end due to $0.15 per share losses at other businesses.
Avista Utilities expected to contribute toward the upper end of $2.43–$2.61 per share, with AEL&P contributing $0.09–$0.11 per share.
Long-term earnings growth projected at 4–6% from the 2025 base year.
No material impact expected from recent U.S. reconciliation bill or current tariffs; ongoing monitoring of regulatory and legislative changes.
Pension contributions expected to total $10 million in 2025 and $40 million from 2026–2029.
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