IDACORP Raises 2026 EPS Outlook to $6.40–$6.50

Key Facts

IDACORP raised its 2026 diluted EPS outlook to $6.40–$6.50, from $6.30–$6.45 previously, after reporting third-quarter net income of $160.2 million, compared with $124.4 million in the same period of 2025. Diluted EPS was $2.73, versus $2.26 a year earlier, beating earnings estimates, according to the company’s statement and results published via Nasdaq. Revenue, however, did not match that outperformance, coming in at $603 million, below the consensus estimate of $603.65 million, according to Investing.com. The divergence between earnings growth and the revenue shortfall reflects a strong quarter for profitability, with sales slightly below analysts’ expectations. The company tied its revised annual outlook to continued customer growth, revenue from existing base rates and large-contract customers, assuming normal weather through year-end.

Chief Executive Lisa Growe said the results were supported by “continued customer growth and additional revenue from existing base rates.” The company added that large-contract customers contributed to higher revenue as their operations expanded. In the twelve months ended September 30, 2026, Idaho Power added about 15,000 customers, a 2.2% increase. Revenue from large-contract customers, after accounting for power supply costs and the cost adjustment mechanism, increased operating income by $11.8 million compared with the third quarter of 2025. The increase puts demand from large customers alongside the continued expansion of the customer base supporting the company’s business.

Operating and maintenance expenses, meanwhile, rose $22.5 million year over year in the third quarter. The company attributed the increase mainly to the amortization of deferred costs related to converting generating units from coal to gas, and to higher spending on wildfire risk mitigation. This coincided with improved net income and EPS, highlighting cost pressures alongside revenue growth from customers and large contracts. The company also raised its annual outlook despite these expenses, based on continued contributions from revenue drivers and the assumption of normal weather for the remainder of 2026.

Diluted EPS for the first nine months of 2026 was about $5.76, compared with $5.13 in the corresponding period of 2025. Idaho Power expected to use less than $10 million in additional tax credits during 2026 under an Idaho regulatory mechanism; the company included this assumption in its outlook. Against the backdrop of customer growth, the 2025 annual report said the customer base increased 2.3% that year, bringing the company’s total to more than 660,000 customers. The report also projected retail sales to grow by an average of 8.3% annually over the next five years, with peak load rising by an average of 5.1%. Those projections point to expected growth in demand for the company’s electricity in coming years, alongside the customer-base expansion reported for the latest period.

Demand projections are also linked to industrial customers and data centers. The annual report said Micron’s contract is expected to add significantly to load on Idaho Power’s system, increasing gradually over several years beginning in 2026. Meta’s contract is also tied to a new data center. Before the results announcement, a preview published by Investing.com described demand from data centers and industrial customers as a focus for investors, and said Micron and Meta’s facilities could generate additional revenue in the second half of 2026. These contracts are consistent with the company’s statement that large customers contributed to quarterly revenue, while the expected increase in Micron’s load is spread over several years.

In trading, IDACORP shares closed at $139.73 on October 28, 2026, after closing at $140.78 on October 27 and $140.21 on October 26, according to EL7 data. The company’s statement scheduled its earnings call with analysts for October 29, 2026, at 2:30 p.m. Mountain Time, or 4:30 p.m. Eastern Time. The call is expected to give the company an opportunity to present details of its results and updated outlook to analysts. It follows the announcement that the annual EPS range had been raised, with the 2026 outlook still conditional on normal weather through year-end and additional tax credit use of less than $10 million.