IDACORP, Inc. (NYSE: IDA) on Thursday reported a rise in fourth-quarter and full-year earnings for 2025, driven by robust customer growth and recent rate adjustments in its primary Idaho service territory. The utility holding company, which owns Idaho Power, also initiated an optimistic earnings forecast for 2026 as it embarks on a multi-year, multi-billion-dollar infrastructure spending program.
Quarterly and Annual Performance
For the quarter ended Dec. 31, 2025, IDACORP reported net income of $43.6 million, or $0.78 per diluted share. This represents an 11% increase in earnings per share compared to the $0.70 per share ($37.9 million) reported in the fourth quarter of 2024.
Full-year 2025 net income reached $323.5 million, or $5.90 per diluted share, up from $289.2 million, or $5.50 per share, in 2024. The annual results landed at the “top-end” of the company’s previously raised guidance.
Operational Drivers and Offsets
Customer Base Expansion: Idaho Power added approximately 15,000 customers during 2025, a growth rate of 2.3%.
Rate Adjustments: Higher base rates in Idaho, effective Jan. 1, 2025, following a limited-issue rate case, significantly boosted retail revenues.
Tax Benefits: The company utilized $40.3 million in additional tax credits (ADITC) under its Idaho regulatory mechanism to support earnings.
These gains were partially offset by higher depreciation and financing costs as the company scales its capital investments. Residential usage per customer also saw a slight decline in the fourth quarter due to warmer temperatures compared to the previous year.
Liquidity and Financing
To fund its expansion, IDACORP reported a strong liquidity position with $500 million available under revolving credit facilities as of year-end 2025. The company also expects to settle forward sale agreements for common stock in 2026, which are projected to provide approximately $561 million in net cash proceeds.
2026 Outlook and Capital Projects
IDACORP initiated its 2026 earnings guidance at $6.25 to $6.45 per diluted share. This forecast assumes a continued heavy investment cycle, with 2026 capital expenditures estimated between $1.3 billion and $1.5 billion.
Major projects:
Boardman-to-Hemingway (B2H): The company broke ground on this major transmission line in June 2025, with an expected in-service date in late 2027.
New Resources: The company is aggressively adding battery energy storage (BESS) and solar capacity, with a target of 250 MW of BESS and 125 MW of solar to be owned or contracted by 2026.
The company’s five-year capital expenditure forecast through 2030 averages approximately $1.4 billion per year, more than doubling the $709 million annual average seen over the previous five years.