Idacorp (IDA) Q2 2026 earnings summary

Executive summary

• Q2 2026 net income was $102.6 million ($1.79 per diluted share), up from $95.8 million ($1.76 per share) in Q2 2025, with H1 2026 net income at $170.6 million, up from $155.4 million year-over-year, driven by customer growth, rate changes, and large contract customer revenues.

• Customer count grew by 2.3% year-over-year, with significant new industrial load additions and large customer construction projects underway.

• Major projects, including battery storage, new natural gas and solar facilities, and transmission lines, are progressing on schedule, with 250 MW of battery storage brought online in June 2026.

• Large contract customers like Micron and Meta are ramping up, driving significant revenue growth, with new contracts effective June 2026.

• Regulatory approvals for major projects and asset sales are pending, with significant investments planned to meet rising demand.

Financial highlights

• Retail revenues increased by $33.1 million in Q2 2026 and over $52 million year-to-date, driven by rate increases and customer growth.

• Operating income increased by $6.5 million from large contract customers in Q2 2026, with overall Q2 operating income at $130.5 million, up from $100.6 million in Q2 2025.

• O&M expense rose by nearly $12 million in Q2 2026, mainly due to amortization of deferred costs and wildfire mitigation.

• Depreciation and amortization expense increased by $5.2 million in Q2 2026 due to infrastructure investments.

• Wholesale energy revenues declined due to lower volumes and prices.

Outlook and guidance

• Raised lower end of full-year 2026 diluted EPS guidance to $6.30–$6.45, reflecting strong operational results and assuming normal weather.

• Full-year O&M expense expected at $525–$535 million; CapEx forecasted at $1.3–$1.5 billion for 2026, trending toward the high end.

• Hydropower generation guidance trimmed to 5.5–6.5 million MWh due to dry conditions.

• Capital expenditures for 2026–2030 are projected at ~$7.35 billion, nearly double the previous five-year average.

• Regulatory filings for new resources and large customer contracts are pending, with further rate base growth anticipated.