Idacorp Q2 profit rises on customer growth; lifts 2026 outlook

Overview

• US electric utility's Q2 net income and EPS rose yr/yr on customer growth, rate changes

• Company raised lower end of 2026 earnings guidance range

• Higher OM and depreciation expenses partly offset earnings gains

Outlook

• Idacorp raises lower-end of 2026 earnings guidance to $6.30–$6.45 per diluted share

• Company expects Idaho Power to use less than $15 mln additional tax credits in 2026

• Idacorp guidance assumes normal weather conditions for remainder of 2026

Result Drivers

• RATE INCREASES - Higher Idaho base rates effective Jan 1, 2026, boosted retail revenues, per company

• CUSTOMER GROWTH - Number of Idaho Power customers grew by about 15,000, or 2.3%, over the past year, supporting revenue gains

• LARGE CONTRACT CUSTOMERS - Increased usage and a new large contract added June 1, 2026, lifted revenues from large contract customers

Company press release: ID:nBw916nwya

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the electric utilities peer group is "buy"

• Wall Street's median 12-month price target for IDACORP Inc is $157.00, about 8.7% above its July 29 closing price of $144.40

• The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 22 three months ago

Reuters Recommended Reads

• July 29 - NorthWestern Energy Q2 adjusted EPS beats on new rates, retail volumes

• July 29 - OGE Energy posts higher Q2 profit, affirms FY guidance

• July 29 - Entergy misses quarterly profit estimates as operating costs weigh

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)