IDACORP Q3 2026 earnings rise to $2.73 per share
The revised 2026 outlook assumes normal weather, with Idaho Power's additional ADITC amortization estimate below $10 million.
Sentiment and the balance of points
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Form Type
8-K
Rhea-AI Filing Summary
IDACORP reported third-quarter 2026 net income attributable to IDACORP of $160.2 million, or $2.73 per diluted share, versus $124.4 million and $2.26 a year earlier. The company attributed the increase mainly to higher Idaho Power net income, including higher base-rate revenues, customer growth and $11.8 million of added operating income from large-contract customers. Higher operating and maintenance costs ($22.5 million) and depreciation and amortization ($7.4 million) partly offset those gains.
For the first nine months of 2026, net income was $330.8 million, or $5.76 per diluted share, versus $279.9 million and $5.13 in 2025. Higher base-rate revenues and customer growth contributed, while lower retail customer usage reduced Idaho Power operating income by $12.4 million.
IDACORP increased full-year 2026 diluted EPS guidance to $6.40–$6.50 from $6.30–$6.45, assuming normal weather through year-end. Idaho Power's additional ADITC amortization estimate is less than $10 million; its O&M expense estimate is $535–$545 million, and capital expenditures excluding AFUDC remain unchanged at $1.3–$1.5 billion. As of October 23, 2026, net balances available under revolving credit facilities were $100 million for IDACORP and $400 million for Idaho Power.
1 point · 0 major0 major · 0 points
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Positive
- Moderate pointThird-quarter net income increased $35.8 million year over year.
Negative
- None.
Insights
Analyzing...
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter net income attributable to IDACORP: $160.2 million
Third-quarter diluted EPS: $2.73 per diluted share
Nine-month net income attributable to IDACORP: $330.8 million
+5 more
8 metrics
Third-quarter net income attributable to IDACORP
$160.2 million
Three months ended September 30, 2026; compared with $124.4 million in 2025
Third-quarter diluted EPS
$2.73 per diluted share
Three months ended September 30, 2026; compared with $2.26 in 2025
Nine-month net income attributable to IDACORP
$330.8 million
Nine months ended September 30, 2026; compared with $279.9 million in 2025
Nine-month diluted EPS
$5.76 per diluted share
Nine months ended September 30, 2026; compared with $5.13 in 2025
2026 earnings guidance
$6.40–$6.50 per diluted share
Full-year guidance as of October 29, 2026; assumes normal weather through year-end
Idaho Power customer growth
Approximately 15,000 customers, or 2.2%
Twelve months ended September 30, 2026
IDACORP net balance available under revolving credit facility
$100 million
As of October 23, 2026
Idaho Power net balance available under revolving credit facility
$400 million
As of October 23, 2026
Key Terms
additional accumulated deferred investment tax credits (ADITC) amortization, fixed cost adjustment (FCA), Allowance for Funds Used During Construction (AFUDC), Forward Sale Agreements (FSAs)
4 terms
additional accumulated deferred investment tax credits (ADITC) amortization financial
"additional accumulated deferred investment tax credits (ADITC) amortization"
fixed cost adjustment (FCA) financial
"Idaho fixed cost adjustment (FCA) revenues"
A fixed cost adjustment (FCA) is a bookkeeping or billing change that updates the amount charged or recorded to reflect shifts in fixed costs—those regular expenses that don’t vary with how much a company produces, like rent or long‑term contracts. For investors, an FCA matters because it can alter reported margins, cash flow and customer prices without any change in sales volume; think of it like a subscription price tweak to cover a landlord’s rent increase, which changes profitability even if usage stays the same.
Allowance for Funds Used During Construction (AFUDC) financial
"Allowance for Funds Used During Construction (AFUDC)"
Allowance for funds used during construction (AFUDC) is an accounting method that adds the cost of financing a long-term project—typically interest and related carrying costs—into the value of the asset while it is being built, rather than treating those costs as immediate expenses. For investors, AFUDC matters because it boosts reported asset value and can raise reported earnings during construction, affecting profitability comparisons and future return expectations much like rolling mortgage interest into the purchase price of a house changes both the asset’s book value and the apparent cost of owning it.
Forward Sale Agreements (FSAs) financial
"Forward Sale Agreements (FSAs)"
Earnings Snapshot
Net income attributable to IDACORP: $160.2 million · Guidance included
Third quarter and nine months ended September 30, 2026; full-year 2026 guidance
Net income attributable to IDACORP
$160.2 million
Compared with $124.4 million in the third quarter of 2025
Diluted EPS
$2.73 per diluted share
Compared with $2.26 in the third quarter of 2025
Nine-month net income attributable to IDACORP
$330.8 million
Compared with $279.9 million in the first nine months of 2025
Nine-month diluted EPS
$5.76 per diluted share
Compared with $5.13 in the first nine months of 2025
Full-year 2026 diluted EPS guidance
$6.40–$6.50 per diluted share
Raised from $6.30–$6.45
Guidance
Assumes normal weather conditions through the end of 2026.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were IDACORP's third-quarter 2026 earnings?
IDACORP reported net income attributable to IDACORP of $160.2 million, or $2.73 per diluted share, for the quarter ended September 30, 2026. In the third quarter of 2025, it reported $124.4 million, or $2.26 per diluted share.
What is IDACORP's 2026 earnings guidance?
IDACORP's updated full-year 2026 earnings guidance is $6.40–$6.50 per diluted share, raised from $6.30–$6.45. The guidance assumes normal weather conditions through the end of 2026.
How much did Idaho Power's customer base grow?
Idaho Power's customer count grew by approximately 15,000, or 2.2%, during the twelve months ended September 30, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 8-K
_______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2026
_______________________
| Exact name of registrants as specified in | ||||||||||||||||||||||||||
| Commission | their charters, address of principal executive | IRS Employer | ||||||||||||||||||||||||
| File Number | offices and registrants' telephone number | Identification Number | ||||||||||||||||||||||||
| State or Other Jurisdiction of Incorporation: | ||||||||||||||||||||||||||
| Former name or former address, if changed since last report: | None | |||||||||||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
□
Item 2.02 Results of Operations and Financial Condition.
On October 29, 2026, IDACORP, Inc. ("IDACORP”) issued a press release reporting its financial results for the quarter ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1. As previously announced, on the same day, members of IDACORP’s management will hold a teleconference to discuss the financial results, and the presentation slides furnished herewith as Exhibit 99.2 will accompany management’s comments.
Item 7.01 Regulation FD Disclosure.
The information set forth in Item 2.02 above is hereby incorporated herein by reference.
______________
The information in Items 2.02 and 7.01 of this report, including the press release and presentation furnished as Exhibits 99.1 and 99.2 hereto, respectively, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. In addition, the exhibits furnished herewith contain statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in such exhibits.
The exhibits furnished with this report contain business segment information for Idaho Power Company. Accordingly, this report is also being furnished on behalf of such registrant.
______________
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished as part of this report.
| Exhibit Number | Description | |||||||
| 99.1 | IDACORP, Inc. press release, dated October 29, 2026 | |||||||
| 99.2 | IDACORP, Inc. third quarter 2026 financial teleconference presentation, dated October 29, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
Dated: October 29, 2026
IDACORP, INC.
By: /s/ Lisa A. Grow
Lisa A. Grow
President and Chief Executive Officer
IDAHO POWER COMPANY
By: /s/ Lisa A. Grow
Lisa A. Grow
President and Chief Executive Officer
Exhibit 99.1
October 29, 2026
IDACORP, Inc. Announces Third Quarter 2026 Results, Increases Earnings Guidance Range
BOISE, Idaho--IDACORP, Inc. (NYSE: IDA) reported third quarter 2026 net income attributable to IDACORP of $160.2 million, or $2.73 per diluted share, compared with $124.4 million, or $2.26 per diluted share, in the third quarter of 2025.
"Strong third quarter results were driven by continued customer growth and additional revenues from current base rates and from large contract customers as they continue to ramp-up operations," said IDACORP President and Chief Executive Officer Lisa Grow. "This has been an exciting year with the installation of battery storage projects and significant progress on development and construction of our transmission and generation projects," Grow added.
IDACORP is increasing its previously reported full-year 2026 earnings guidance to the range of $6.40 to $6.50 per diluted share, with the expectation that Idaho Power will use less than $10 million of additional tax credits available under the Idaho regulatory mechanism in 2026. The earnings guidance assumes normal weather conditions through the end of the year.
Summary of Financial Results
The following is a summary of net income attributable to IDACORP and IDACORP's earnings per diluted share (in thousands of dollars or shares, except earnings per share amounts):
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net income attributable to IDACORP, Inc. | $ | 160,213 | $ | 124,437 | $ | 330,771 | $ | 279,865 | ||||||||||||||||||
| Weighted average outstanding shares – diluted | 58,656 | 55,055 | 57,402 | 54,522 | ||||||||||||||||||||||
| IDACORP, Inc. earnings per diluted share | $ | 2.73 | $ | 2.26 | $ | 5.76 | $ | 5.13 | ||||||||||||||||||
The table below provides a reconciliation of net income attributable to IDACORP for the three months and nine months ended September 30, 2026, from the same periods in 2025 (items are in millions of dollars and are before related income tax impact unless otherwise noted):
| Three months ended | Nine months ended | |||||||||||||||||||||||||
Net income attributable to IDACORP, Inc. - September 30, 2025 | $ | 124.4 | $ | 279.9 | ||||||||||||||||||||||
Increase (decrease) in Idaho Power net income: | ||||||||||||||||||||||||||
| Retail revenues per megawatt-hour (MWh), excluding large contract customers, net of power cost adjustment mechanisms | 38.1 | 75.7 | ||||||||||||||||||||||||
| Customer growth, excluding large contract customers, net of associated power supply costs and power cost adjustment mechanisms | 5.8 | 13.9 | ||||||||||||||||||||||||
| Usage per retail customer, excluding large contract customers, net of associated power supply costs and power cost adjustment mechanisms | 0.2 | (12.4) | ||||||||||||||||||||||||
| Idaho fixed cost adjustment (FCA) revenues | (3.7) | 18.2 | ||||||||||||||||||||||||
| Retail revenues from large contract customers, net of associated power supply costs and the Idaho-jurisdiction power cost adjustment (PCA) mechanism | 11.8 | 20.1 | ||||||||||||||||||||||||
| Other operations and maintenance (O&M) expenses | (22.5) | (47.4) | ||||||||||||||||||||||||
| Depreciation and amortization expense | (7.4) | (18.4) | ||||||||||||||||||||||||
| Other changes in operating revenues and expenses, net | 10.6 | 40.0 | ||||||||||||||||||||||||
| Increase in Idaho Power operating income | 32.9 | 89.7 | ||||||||||||||||||||||||
| Non-operating expense, net | (1.1) | (5.7) | ||||||||||||||||||||||||
| Additional accumulated deferred investment tax credits (ADITC) amortization | (2.5) | (32.7) | ||||||||||||||||||||||||
| Income tax expense, excluding additional ADITC amortization | 6.7 | 1.7 | ||||||||||||||||||||||||
| Total increase in Idaho Power net income | 36.0 | 53.0 | ||||||||||||||||||||||||
| Other IDACORP changes (net of tax) | (0.2) | (2.1) | ||||||||||||||||||||||||
| Net income attributable to IDACORP, Inc. - September 30, 2026 | $ | 160.2 | $ | 330.8 | ||||||||||||||||||||||
Net Income - Third Quarter 2026
IDACORP's net income increased $35.8 million for the third quarter of 2026 compared with the third quarter of 2025, due primarily to higher net income at Idaho Power.
The net increase in retail revenues per MWh, excluding large contract customers, and net of power cost adjustment mechanisms, increased operating income by $38.1 million in the third quarter of 2026 compared with the third quarter of 2025. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2026, from the outcome of the settlement stipulation for Idaho Power's 2025 Idaho general rate case (2025 Settlement Stipulation).
Customer growth, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, increased operating income by $5.8 million in the third quarter of 2026 compared with the third quarter of 2025, as the number of Idaho Power customers grew by approximately 15,000, or 2.2 percent, during the twelve months ended September 30, 2026. Usage per retail customer, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, was relatively consistent in the third quarter of 2026 compared with the third quarter of 2025, as a 1 percent increase in usage per residential customer and a 3 percent increase in usage per irrigation customer were mostly offset by a decrease in usage per industrial customer. An increase in the deferral of residential and small commercial customer revenues through the FCA mechanism negatively affected retail revenues by $3.7 million.
Retail revenues from large contract customers, net of associated power supply costs and the PCA mechanism, increased operating income by $11.8 million in the third quarter of 2026 compared with the third quarter of 2025. This benefit was primarily due to the commencement of Idaho Power earning revenue under a large customer contract on June 1, 2026, the overall increase in Idaho base rates effective January 1, 2026, and an increase in usage per large contract customer.
Other O&M expenses increased $22.5 million in the third quarter of 2026 compared with the third quarter of 2025, primarily due to the amortization of previously deferred costs associated with the conversion of generating units at the Jim Bridger and North Valmy plants from coal to natural gas and higher wildfire mitigation costs, including amortization of previously deferred wildfire mitigation program expenses. These increases were substantially offset by corresponding revenues recognized through regulatory recovery mechanisms, including the 2025 Settlement Stipulation and approved Idaho and Oregon customer rates.
Depreciation and amortization expense increased $7.4 million in the third quarter of 2026 compared with the third quarter of 2025, due primarily to an increase in plant-in-service.
Other changes in operating revenues and expenses, net, increased operating income by $10.6 million in the third quarter of 2026 compared with the third quarter of 2025. This was due primarily to a decrease in net power supply expenses that were not accrued for future refund in rates through Idaho Power's power cost adjustment mechanisms. Also contributing to the increase in other changes in operating revenues and expenses, net, was lower property tax expense due to property tax legislative changes in Idaho.
Non-operating expense, net, increased $1.1 million in the third quarter of 2026 compared with the third quarter of 2025. Higher long-term debt balances increased interest expense, while lower interest-bearing cash investment balances decreased interest income. This increase was mostly offset by an increase in Allowance for Funds Used During Construction (AFUDC) income in the third quarter of 2026 compared with the third quarter of 2025, as the average construction work in progress balance was higher.
The decrease in income tax expense for the third quarter of 2026, compared with the third quarter of 2025, was primarily due to plant-related flow-through items, partially offset by statutory taxes on higher pre-tax income and a decrease in additional ADITC amortization. Based on Idaho Power's current expectations of full-year 2026 financial results, Idaho Power recorded no additional ADITC amortization during the third quarter of 2026, compared with $2.5 million of additional ADITC amortization during the third quarter of 2025.
Net Income - Year-To-Date 2026
IDACORP's net income increased $50.9 million for the first nine months of 2026 compared with the first nine months of 2025, due primarily to higher net income at Idaho Power.
The net increase in retail revenues per MWh, excluding large contract customers, and net of power cost adjustment mechanisms, increased operating income by $75.7 million in the first nine months of 2026 compared with the first nine months of 2025. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2026, from the outcome of the 2025 Settlement Stipulation.
Customer growth, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, increased operating income by $13.9 million in the first nine months of 2026 compared with the first nine months of 2025. Usage per retail customer, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, decreased operating income by $12.4 million in the first nine months of 2026 compared with the first nine months of 2025. Residential usage per customer decreased most significantly, as more moderate temperatures in the first six months of 2026 compared with the first six months of 2025 led residential customers to use less energy for heating and cooling purposes, slightly offset by less moderate temperatures and higher usage per customer in the third quarter of 2026 compared with the third quarter of 2025. A decrease in the deferral of residential and small commercial customer revenues through the FCA mechanism positively affected retail revenues by $18.2 million.
Retail revenues from large contract customers, net of associated power supply costs and the PCA mechanism, increased operating income by $20.1 million in the first nine months of 2026 compared with the first nine months of 2025. This change was primarily due to the commencement of Idaho Power earning revenue under a large customer contract on June 1, 2026, the overall increase in Idaho base rates effective January 1, 2026, and an increase in usage per large contract customer.
Other O&M expenses increased $47.4 million in the first nine months of 2026 compared with the first nine months of 2025, primarily due to the amortization of previously deferred costs associated with the conversion of generating units at the Jim Bridger and North Valmy plants from coal to natural gas and higher wildfire mitigation costs, including
amortization of previously deferred wildfire mitigation program expenses. These increases were substantially offset by corresponding revenues recognized through regulatory recovery mechanisms, including the 2025 Settlement Stipulation and approved Idaho and Oregon customer rates.
Depreciation and amortization expense increased $18.4 million in the first nine months of 2026 compared with the first nine months of 2025, due primarily to an increase in plant-in-service.
Other changes in operating revenues and expenses, net, increased operating income by $40.0 million in the first nine months of 2026 compared with the first nine months of 2025. This was due primarily to a decrease in net power supply expenses that were not accrued for future refund in rates through Idaho Power's power cost adjustment mechanisms. Also contributing to the increase in other changes in operating revenues and expenses, net, was lower property tax expense due to property tax legislative changes in Idaho.
Non-operating expense, net, increased $5.7 million in the first nine months of 2026 compared with the first nine months of 2025. Higher long-term debt balances increased interest expense, while lower interest-bearing cash investment balances decreased interest income. This increase was partially offset by an increase in AFUDC income in the first nine months of 2026 compared with the first nine months of 2025, as the average construction work in progress balance was higher.
The increase in income tax expense was principally the result of a decrease in additional ADITC amortization and statutory taxes on higher pre-tax income, partially offset by plant-related flow-through items. Based on Idaho Power's current expectations of full-year 2026 financial results, Idaho Power recorded $6.3 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the first nine months of 2026, compared with $39.0 million of additional ADITC amortization during the same period in 2025.
Annual Earnings Guidance and Key Operating and Financial Metrics
IDACORP is increasing its earnings guidance estimate for 2026. The 2026 guidance incorporates all of the key operating and financial assumptions listed in the table that follows (in millions of dollars or MWh, except per share amounts):
Current(1) | Prior(2) | |||||||||||||
| IDACORP Earnings Guidance (per diluted share) | $ 6.40 – $ 6.50 | $ 6.30 – $ 6.45 | ||||||||||||
| Idaho Power additional ADITC amortization | Less than $ 10 | Less than $ 15 | ||||||||||||
| Idaho Power O&M Expense | $ 535 – $ 545 | $ 525 – $ 535 | ||||||||||||
| Idaho Power Capital Expenditures, Excluding AFUDC | No Change | $ 1,300 – $ 1,500 | ||||||||||||
Idaho Power Hydropower Generation (MWh) | 5.5 – 6.0 | 5.5 – 6.5 | ||||||||||||
(1) As of October 29, 2026. Assumes normal weather conditions through the end of 2026.
(2) As of July 30, 2026, the date of filing IDACORP's and Idaho Power's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
More detailed financial and operational information is provided in IDACORP’s Quarterly Report on Form 10-Q filed today with the U.S. Securities and Exchange Commission, which is also available for review on IDACORP’s website at idacorpinc.com.
Web Cast / Conference Call
IDACORP will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live webcast on IDACORP's website (idacorpinc.com). The conference call logistics are also posted on IDACORP's website. Slides will be included during the conference call. To access the slide deck, please visit idacorpinc.com/investor-relations. A replay of the conference call will be available on the company's website for 12 months and will be available shortly after the call.
Background Information
IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, an investor in affordable housing and other real estate tax
credit investments; and Ida-West Energy, an operator of small hydroelectric generation projects. Idaho Power, headquartered in vibrant and fast-growing Boise, Idaho, has been a locally operated energy company since 1916. Today, it serves a 24,000-square-mile service area in Idaho and Oregon. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s residential, business, and agricultural customers pay among the nation's lowest prices for electricity. Its nearly 2,200 employees proudly serve more than 670,000 customers with a culture of safety first, integrity always, and respect for all. To learn more about IDACORP or Idaho Power, visit idacorpinc.com or idahopower.com.
Forward-Looking Statements
In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. (IDACORP) and Idaho Power Company (Idaho Power) may contain) statements that relate to future events and expectations, such as statements regarding projected or future financial performance, power generation, cash flows, capital expenditures, regulatory filings, dividends, capital structure or ratios, load forecasts, strategic goals, challenges, objectives, and plans for future operations. Such statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "could," "estimates," "expects," "intends," "potential," "plans," "predicts," "preliminary," "projects," "targets," "may," "may result," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include those factors set forth in this press release, IDACORP's and Idaho Power's most recent Annual Report on Form 10-K, particularly Part I, Item 1A - "Risk Factors" and Part II, Item 7 - "Management’s Discussion and Analysis of Financial Condition and Results of Operations" of that report, subsequent reports filed by IDACORP and Idaho Power with the U.S. Securities and Exchange Commission (SEC), and the following important factors: (a) decisions or actions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission that impact Idaho Power's ability to recover costs and earn a return on investment; (b) changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms; (c) expenses and risks associated with capital expenditures and contractual obligations for, and the permitting and construction of, utility infrastructure projects that Idaho Power may be unable to complete, are delayed, have cost increases due to tariffs, supply chain constraints, or other factors, or that may not be deemed prudent by regulators for cost recovery or return on investment; (d) expenses and risks associated with availability of qualified contractors and suppliers, contractor and supplier capacity constraints, and supplier and contractor delays and failure to satisfy project quality and performance standards on utility infrastructure projects, including as a result of tariffs, supply chain constraints, permitting requirements and limitations, and the potential impacts of those expenses and risks on Idaho Power's ability to serve customers and generate revenues; (e) the rapid addition of new industrial customer load, uncertainty of forecasted power usage ramp rates or volumes, and the volatility and timing of that new load demand and revenues, resulting in increased risks of power demand potentially exceeding available supply and revenue, cash flow, and earnings volatility; (f) impacts of economic conditions, including an inflationary or recessionary environment and higher interest rates and their impacts on items such as operations and capital investments, supply costs, supply scarcity and shortages, customer growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers and their ability to meet financial and operational commitments and on the timing and extent of counterparties' power usage, and collection of receivables; (g) changes in residential, commercial, irrigation, and industrial growth and demographic patterns within Idaho Power's service area, and the associated impacts on loads and load growth; (h) employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies' workforce, the cost and ability to attract and retain skilled workers and third-party contractors and suppliers, the cost of living and the related impact on recruiting employees, and the ability to adjust to fluctuations in labor costs; (i) changes in, failure to comply with, and costs of compliance with laws, regulations, policies, orders, federal grants, and licenses, which may result in penalties and fines, increase compliance and operational costs, and impact recovery associated with increased costs through rates; (j) abnormal or severe weather conditions, wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation, repair costs, service interruptions, public safety power shutoffs and de-energization, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers; (k) advancement and adoption of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may reduce Idaho Power's sale or delivery of electric power or introduce operational vulnerabilities to the power grid; (l) variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities and power supply costs; (m) ability to acquire equipment, materials, fuel, power, and transmission capacity on reasonable terms and prices, particularly in the event of unanticipated or abnormally high resource demands, price volatility (including as a result of new or increased tariffs), lack of physical availability, transportation constraints, outages due to maintenance or repairs to generation or transmission facilities, disruptions in the supply chain, or reduced credit quality or lack of counterparty and supplier credit; (n) inability to timely obtain and the cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities; (o) disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems, which can result in liability for Idaho Power, increased power supply costs and repair expenses, and reduced revenues; (p) accidents, electrical contacts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, infrastructure failures, general system damage or dysfunction, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages; reduce generating output; damage company assets, operations, or reputation; subject Idaho Power to third-party claims for property damage, personal injury, loss of life, or other losses; or result in the imposition of fines and penalties; (q) acts or threats of terrorism, acts of war, social unrest, cyber or physical security attacks, and other malicious acts of individuals or groups seeking to disrupt Idaho Power's operations or the electric power grid or compromise data, or the disruption or damage to the companies’ business, operations, or reputation resulting from such events; (r) Idaho Power's concentration in one region, and the resulting exposure to regional economic conditions and regional legislation and regulation; (s) unaligned goals and positions with co-owners of Idaho Power’s existing and planned generation and transmission assets that may adversely impact Idaho Power’s ability to construct and operate those facilities in a manner most suitable to Idaho Power; (t) changes in tax laws or related regulations or interpretations of applicable laws or regulations by federal, state, or local taxing jurisdictions, and the availability of expected tax credits or other tax benefits; (u) ability to obtain debt and equity financing or refinance existing debt when necessary and on satisfactory terms, which can be affected by factors such as credit ratings,
reputational harm, volatility or disruptions in the financial markets, interest rates, decisions by the state public utility commissions, and the companies' past or projected financial performance; (v) ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended, and the potential losses and cash flow impacts the companies may incur on those hedges; (w) changes in actuarial assumptions, changes in interest rates, and the actual and projected return on plan assets for pension and other postretirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows; (x) remediation costs associated with planned cessation of coal-fired operations at Idaho Power's co-owned coal plant; (y) ability to continue to pay dividends and achieve target dividend payout ratios based on financial performance and capital requirements, and in light of credit rating considerations, contractual covenants and restrictions, cash flows, and regulatory limitations; and (z) adoption of or changes in accounting policies and principles, changes in accounting estimates, and new SEC or New York Stock Exchange requirements or new interpretations of existing requirements. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for the companies to predict all such factors, nor can they assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.
| Investor and Analyst Contact | Media Contact | ||||
| John R. Wonderlich | Jordan Rodriguez | ||||
| Investor Relations Manager | Corporate Communications | ||||
| Phone: (208) 388-5413 | Phone: (208) 388-2460 | ||||
| JWonderlich@idahopower.com | JRodriguez@idahopower.com | ||||
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Earnings Conference Call 3rd Quarter 2026 October 29, 2026 Exhibit 99.2
Forward-Looking Statements This presentation (and oral statements relating to this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical facts, that express or involve discussions of expectations, beliefs, plans, objectives, outlooks, assumptions, or future events or performance are forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. Factors that may cause actual results or outcomes to differ materially from those contained in forward-looking statements include those listed in IDACORP, Inc.'s and Idaho Power Company's most recently filed periodic reports on Form 10-K and Form 10-Q, including (but not limited to) the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections, and in other reports the companies file with the U.S. Securities and Exchange Commission. Those factors also include the following, among others: • Decisions or actions by state and federal regulators affecting Idaho Power's ability to recover costs and earn a return on investment; • Changes to or elimination of Idaho Power’s regulatory cost recovery mechanisms; • Ability to timely obtain permits and construct, and expenses and risks of capital expenditures and contractual obligations for, utility infrastructure, including the impacts of inflation, price volatility (including due to tariffs), supply chain constraints, availability of qualified suppliers and contractors, supplier and contractor capacity constraints, and supplier and contractor delays and failure to satisfy project quality and performance standards; • Impacts of economic conditions, including an inflationary or recessionary environment, higher interest rates, and tariffs, on items such as operations and capital investments and changes in customer demand; • The rapid addition of new industrial customer load, uncertainty of forecasted power usage ramp rates or volumes, and the volatility and timing of that new load demand and revenues, resulting in increased risks of power demand potentially exceeding available supply and revenue, cash flow, and earnings volatility; • Risks of operating an electric utility system, including compliance with regulatory obligations and potential liability for fires, outages, and personal injury or property damage; • Acts or threats of terrorism, cyber or physical security attacks, and other acts seeking to disrupt Idaho Power's operations or the electric power grid or compromise data; • Abnormal or severe weather conditions, wildfires, droughts, earthquakes, and other natural phenomena and natural disasters; • Ability to acquire equipment, materials, fuel, power, and transmission capacity on reasonable terms and prices; • Impacts of current and future governmental regulation and ability to timely obtain, and the cost of obtaining and complying with, government permits and approvals, licenses, and rights-of-way and siting for transmission and generation projects; • Ability to obtain debt and equity financing when necessary and on satisfactory terms; and • Ability to continue to pay dividends and achieve target dividend-payout ratios, and contractual and regulatory restrictions on those dividends. New factors emerge from time to time, and it is not possible for the companies to predict all such factors, nor can they assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law. 2
Presenting Today Amy Shaw IDACORP Vice President of Finance, Compliance & Risk Brian Buckham IDACORP Executive Vice President, Chief Financial Officer & Treasurer Lisa Grow IDACORP President & Chief Executive Officer John Wonderlich IDACORP Investor Relations Manager 3
IDACORP Earnings Performance Three months ended September 30 Nine months ended September 30 2026 2025 2026 2025 Net income (thousands) $ 160,213 $ 124,437 $ 330,771 $ 279,865 Weighted average common shares outstanding – diluted (thousands) 58,656 55,055 57,402 54,522 Diluted earnings per share $ 2.73 $ 2.26 $ 5.76 $ 5.13 4
600,000 610,000 620,000 630,000 640,000 650,000 660,000 670,000 680,000 2022 2023 2024 2025 2026 Growing Load and Customer Growth 2.2% (Year-over- year) Idaho Power Customer Growth 5 Twelve Months Ended September 30, 2026
Large Customer Construction Sites 6
16,000 18,000 20,000 22,000 24,000 26,000 28,000 30,000 2027 2028 2029 2030 2031 2032 Preliminary 2027 IRP 2025 IRP 2023 IRP Preliminary IRP Forecast System Sales (GWh) (1) The Preliminary Load Growth rate is subject to change until the 2027 IRP is filed. 5-Year Forecasted Annual Growth Rate(1) 20-Year Forecasted Annual Growth Rate(1) Retail Sales (Billed MWh) Annual Peak (Peak Demand MW) Retail Sales (Billed MWh) Annual Peak (Peak Demand MW) Preliminary 2027 IRP 8.9% 5.4% 2.6% 2.0% 7
$0.06 $0.08 $0.10 $0.12 $0.14 $0.16 2021 2022 2023 2024 2025 Idaho Power National Average (1) $0.09 $0.11 $0.13 $0.15 $0.17 $0.19 2021 2022 2023 2024 2025 Idaho Power National Average Focused on Affordability (1) Edison Electric Institute “Typical Bills and Average Rates Report” 12 Months Ending 12/31/2025. Total Retail Residential (1) Average Rates (cents / kilowatt-hour) 8
Large Customer Contract Considerations(1) Take-or-Pay & Demand Commitments Credit & Security Termination & Exit Protections $ $ • Take-or-pay obligations tied to demand-related costs • Contract Demand & Minimum Billing Demand frameworks, including limits on demand reductions/changes • Intended to address exposure to partial ramp and timing risk • Credit requirements scaled to project size and risk • Defined collateral and security triggers • Intended to provide financial protections during ramp and post- ramp • Explicit termination payment provisions • Net Present Value-based or long- term cost recovery approaches • Intended to align exit exposure with underlying system investments 9 (1) The considerations outlined above are examples of potential contract terms for large customer contracts. Commission-approved energy services agreements (ESAs) with large contract customers are evaluated on a case-by-case basis and may not include one or more of the terms noted above.
Boardman-to-Hemingway 10 • Broke ground in June 2025 • ~1,200 of 1,300 structure pads completed • ~780 of 1,300 structures completed • ~100 miles of conductor installed • Project expected to be in-service in late 2027
Owned Generation and Storage Project Updates(1) 11 BESS Projects 250 MW Bennett Expansion 167 MW South Hills 222 MW Peregrine 430 MW 20292028 2030 DRAFT RENDERINGDRAFT RENDERING 2026 DRAFT RENDERING (1)The 250 MW BESS projects were placed in-service in June 2026. In March 2026, Idaho Power received approval for a CPCN for the Bennett expansion from the IPUC and submitted an application for a CPCN for South Hills and Peregrine.
2032 RFP Final Short List(1) (1) More information on the 2032 RFP is available on Idaho Power’s website (Request for New Resources - Idaho Power). Idaho Power is unlikely to contract with or construct all listed projects. Evaluation Year Nameplate and Technology Structure 2031 430 MW gas Self-Build 2031 149 MW solar PPA 2031 200 MW solar PPA 2031 250 MW Solar + 250 MW BESS PPA/BSA 2031 100 MW Market Purchase Market Purchase 2031 80 MW Market Purchase Market Purchase 2031 150 MW BESS BSA 2031 150 MW BESS BSA 2032 432 MW gas Self-Build 2032 22 MW wind PPA 2032 167 MW gas Self-Build 12
Comparing Q3 2025 to Q3 2026 IDACORP, Inc. Net Income (in millions and before tax unless otherwise noted) Net Income – For the Quarter Ended September 30, 2025 $ 124.4 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, excluding large contract customers, net of power cost adjustment mechanisms $ 38.1 Customer growth, excluding large contract customers, net of associated power supply costs and power cost adjustment mechanisms 5.8 Usage per retail customer, excluding large contract customers, net of associated power supply costs and power cost adjustment mechanisms 0.2 Idaho fixed cost adjustment (FCA) revenues (3.7) Retail revenues from large contract customers, net of associated power supply costs and the Idaho power cost adjustment mechanism 11.8 Other operations and maintenance (O&M) expenses (22.5) Depreciation and amortization expense (7.4) Other changes in operating revenues and expenses, net 10.6 Increase in Idaho Power operating income 32.9 Non-operating expense, net (1.1) Additional accumulated deferred investment tax credits (ADITC) amortization (2.5) Income tax expense, excluding additional ADITC amortization 6.7 Total increase in Idaho Power net income 36.0 Other IDACORP changes (net of tax) (0.2) Net Income – For the Quarter Ended September 30, 2026 $ 160.2 13
Liquidity (millions) As of October 23, 2026 IDACORP(1) Idaho Power Net balance available(2) $ 100 $ 400 Liquidity and Equity Financing (1) Holding company only. (2) IDACORP’s and Idaho Power’s respective $100 million and $400 million revolving credit facilities, expiring in December 2030, net of commercial paper outstanding and amounts identified for other use. As of October 23, 2026, there was no commercial paper outstanding or amounts identified for other use. (3) IDACORP entered into an Equity Distribution Agreement (EDA) in May 2024 to issue, offer, and sell, from time to time, up to an aggregate gross sales price of $300 million of shares of its common stock through an ATM offering program (2024 ATM). In March 2026, IDACORP settled FSAs under its 2024 ATM for net cash proceeds of $52 million. The 2024 ATM has terminated for new issuances. As of October 23, 2026, IDACORP could have physically settled outstanding FSAs under the 2024 ATM for net cash proceeds of approximately $154 million. IDACORP may settle the outstanding FSAs under the 2024 ATM at any time through their respective maturity dates, which extend through March 31, 2027. (4)IDACORP entered into an EDA in May 2026 to issue, offer, and sell, from time to time, up to an aggregate gross sales price of $600 million of shares of its common stock through an ATM offering program (2026 ATM). As of October 23, 2026, IDACORP could have physically settled outstanding FSAs under the 2026 ATM for net cash proceeds of approximately $532 million. IDACORP may settle the outstanding FSAs under the 2026 ATM at any time through their respective maturity dates, which extend through February 29, 2028. As of October 23, 2026, IDACORP had $66 million of remaining capacity under its 2026 ATM. (5) IDACORP entered into FSAs with forward counterparties on May 8 and 9, 2025, outside of its ATM offering programs. In May, July, and October 2026, IDACORP physically settled a portion of these FSAs and received net cash proceeds of $373 million. As of October 23, 2026, pursuant to the terms of the remaining FSAs, IDACORP could have physically settled its outstanding FSAs for net cash proceeds of approximately $187 million. IDACORP may settle the remaining FSAs at any time through their maturity date of November 9, 2026. IDACORP Equity Financing (millions) Remaining as of October 23, 2026 Net Proceeds Available as of October 23, 2026 Settled To-Date ATM Offering Program – 2024 Series(3) – $ 154 $ 143 ATM Offering Program – 2026 Series(4) $ 66 $ 532 – Forward Sale Agreements(5) – $ 187 $ 373 14
$4,050 $(1,200) $2,900 $(200) $(7,350) $1,300 $750 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 Net Cash from Operations To be Issued To be Repaid(4) Capital Expenditures(5) Dividends -------------------------Debt ------------------------- To be Issued ---------------------------------------------Equity --------------------------------------------- $ M ill io n s (1) As of February 19, 2026, except with respect to Forward Sale Agreements (FSAs) and to be issued equity amounts, which are updated as of October 23, 2026. (2) Differences between cash inflow and cash outflow increases or decreases cash balance. (3) Includes all actual and expected settlements in 2026 and 2027 of FSAs outstanding under 2024 and 2026 ATM programs and May 2025 equity offering. (4) Of the $200 million of debt to be repaid, $116 million was repaid on July 15, 2026. (5) Forecast capital expenditures include allowance for borrowed funds used during construction. Financing Plan Forecast (1) (2) 2026 – 2030 FSAs(3) 15
2026 Earnings Per Share Guidance and Estimated Key Operating and Financial Metrics Current(1) Prior(2) IDACORP Earnings Guidance (per diluted share) $ 6.40 – $ 6.50 $ 6.30 – $ 6.45 Idaho Power additional ADITC amortization (millions) Less than $ 10 Less than $ 15 Idaho Power O&M Expense (millions) $ 535 – $ 545 $ 525 – $ 535 Idaho Power Capital Expenditures, Excluding Allowance for Funds Used During Construction (millions) No Change $ 1,300 – $ 1,500 Idaho Power Hydropower Generation (millions of megawatt-hours) 5.5 – 6.0 5.5 – 6.5 (1) As of October 29, 2026. Assumes normal weather conditions through the end of 2026. (2) As of July 30, 2026, the date of filing IDACORP’s and Idaho Power’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. 16
Contact Information John R. Wonderlich Investor Relations Manager (208) 388-5413 JWonderlich@idahopower.com Investors & Analysts Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com Media