Idacorp (IDA) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $124.4 million ($2.26 per diluted share), up from $113.6 million ($2.12 per share) in Q3 2024, with nine-month net income at $279.9 million and EPS at $5.13, driven by customer growth and rate changes.

• Customer base grew by 2.3% year-over-year, adding over 11,500–15,000 new customers, supporting revenue growth in manufacturing, food processing, and technology sectors.

• Major projects advanced, including Boardman-to-Hemingway transmission, new battery storage, solar PPAs, and Bennett Mountain gas plant, while the Jackalope Wind project was terminated due to policy and permitting delays.

• Settlement reached in Idaho general rate case, pending regulatory approval, with a $110 million (7.48%) increase in annual Idaho-jurisdictional revenue effective January 1, 2026.

Financial highlights

• Net income increased by $10.8 million in Q3 2025 year-over-year, driven by higher retail revenues per MWh and customer growth, partially offset by $13.8 million in higher O&M and depreciation expenses.

• Operating income for Q3 2025 was $144.8 million, up from $133.7 million in Q3 2024; nine-month operating income was $300.3 million, up from $286.6 million.

• Operating cash flows through September 2025 were $464 million, up from $458 million year-over-year.

• Retail revenues per MWh, net of power cost adjustments, rose by $17.6 million in Q3 and $37.2 million year-to-date.

• Depreciation and amortization expense increased by $8.1 million in Q3 and $20.3 million year-to-date, mainly due to higher plant-in-service and new battery storage facility.

Outlook and guidance

• 2025 full-year diluted EPS guidance raised to $5.80–$5.90, assuming $50–$60 million in additional ADITC amortization and normal weather.

• O&M expense expected in the $470–$480 million range for 2025, reflecting inflation and wildfire mitigation.

• CapEx for 2025 projected at $1.0–$1.1 billion; hydropower generation forecast at 6.5–7.0 million MWh.

• Capital expenditures for Idaho Power expected to be $470–$480 million in 2025.

• Customer and load growth are expected to continue, with a 2.7% 20-year annual retail sales growth rate forecast in the 2025 IRP.