Idacorp Q3 net income rises on customer growth; lifts 2026 outlook

Overview

• U.S. electric utility's Q3 net income and EPS rose yr/yr on customer and revenue growth

• Company raised 2026 full-year earnings guidance

• Higher O&M and depreciation costs offset by regulatory recovery mechanisms

Outlook

• Idacorp raises 2026 earnings guidance to $6.40–$6.50 per diluted share

• Company expects Idaho Power to use less than $10 mln of additional ADITC in 2026

• Idacorp forecasts 2026 Idaho Power O&M expense at $535–$545 mln, up from prior $525–$535 mln

Result Drivers

• BASE RATE INCREASE - Co said Q3 results benefited from higher Idaho base rates effective Jan 1, 2026 following 2025 rate case settlement

• CUSTOMER GROWTH - Co said number of Idaho Power customers grew by about 15,000, or 2.2%, in past 12 months

• LARGE CONTRACT CUSTOMERS - Co said Q3 benefited from new large customer contract revenue starting June 1, 2026 and increased usage per large contract customer

Company press release:

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", 1 "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 $154.00, about 10.2% above its October 28 closing price of $139.73

• The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 23 three months ago

Reuters Recommended Reads

• Oct 29 - Xcel Energy Q3 profit rises on electric infrastructure recovery, narrows outlook

• Oct 28 - American Electric Power Q3 revenue rises 13.7%, beats estimates

• Oct 27 - CenterPoint Energy Q3 adjusted EPS beats estimates, raises 2026 outlook

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(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.)