Rate relief and customer growth lift IDACORP's Q2 2026 EPS to $1.79, while capital spending nearly doubles
IDA sits 23% above its 52-week low of $120.695.
Summary
IDACORP's Q2 2026 diluted EPS rose to $1.79 from $1.76, supported by rate increases and customer growth. Capital spending surged to $808 million in the first half, and the company continued to raise equity through its ATM programs.
Key Events · Earnings and Guidance · IDA
-
Q2 EPS Rises to $1.79
Diluted earnings per share climbed to $1.79 from $1.76 a year ago, fueled by higher base rates effective January 1, 2026, and a 2.3% increase in customers.
-
Operating Income Jumps 30%
Operating income reached $130.5 million, up from $100.6 million, as the 2025 Idaho rate settlement boosted revenues and power supply costs moderated.
-
Capital Spending Surges
Capital expenditures totaled $808 million in the first six months of 2026, up from $535 million, reflecting major transmission and generation projects including B2H and SWIP-N.
-
Equity Dilution Continues
IDACORP executed $418 million in forward sale agreements under its ATM programs, with $337 million remaining capacity; 1.3 million incremental shares were included in diluted EPS from forward agreements.
Analysis · IDA · Energy & Transportation
Higher base rates and a 2.3% expansion in the customer base pushed IDACORP's second-quarter earnings per share to $1.79, up from $1.76 a year earlier. Operating income surged 30%, reflecting the benefits of the 2025 Idaho rate settlement. On the investment front, capital expenditures nearly doubled to $808 million in the first half of 2026, underscoring heavy commitments to transmission and generation projects. The company also remained active in capital markets: Idaho Power issued $350 million in new debt, and IDACORP executed $418 million in forward sale agreements under its at-the-market programs. Meanwhile, the sale of the Oregon electric distribution business advanced, with assets now classified as held for sale at a base purchase price of $154 million. Although earnings are solid, the aggressive capital outlays and ongoing equity dilution from ATM programs warrant close attention.
At the time of this filing, IDA was trading at $148.70 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $8B. The 52-week trading range was $120.70 to $154.91. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.