IDACORP (NYSE: IDA) lifts 2025 EPS to $5.90 and guides 2026 to $6.25–$6.45
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
IDACORP, Inc. reported higher fourth-quarter and full-year 2025 earnings and introduced 2026 guidance. Fourth-quarter 2025 net income attributable to IDACORP was $43.6 million, or $0.78 per diluted share, up from $37.9 million, or $0.70 per diluted share, a year earlier.
For 2025, net income rose to $323.5 million, or $5.90 per diluted share, compared with $289.2 million, or $5.50 per diluted share, in 2024, helped by customer growth and higher Idaho base rates, partially offset by higher depreciation and financing costs. The company issued 2026 earnings guidance of $6.25 to $6.45 per diluted share, assuming normal weather and power supply expenses and less than $30 million of additional Idaho Power investment tax credit amortization.
Positive
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Negative
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Insights
IDACORP posts EPS growth for 2025 and sets higher 2026 guidance.
IDACORP delivered 2025 diluted EPS of
Headwinds included higher depreciation and non-operating expense from infrastructure-driven plant additions, long-term debt, and finance leases. Other O&M rose
For
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): February 19, 2026
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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.
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Item 2.02 Results of Operations and Financial Condition.
On February 19, 2026, IDACORP, Inc. ("IDACORP”) issued a press release reporting its financial results for the quarter and year ended December 31, 2025. 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.
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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.
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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 February 19, 2026 | |||||||
| 99.2 | IDACORP, Inc. year end 2025 financial teleconference presentation, dated February 19, 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: February 19, 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
February 19, 2026
IDACORP, Inc. Announces Fourth Quarter and Year-End 2025 Results, Initiates 2026 Earnings Guidance
BOISE, Idaho--IDACORP, Inc. (NYSE: IDA) reported fourth quarter 2025 net income attributable to IDACORP of $43.6 million, or $0.78 per diluted share, compared with $37.9 million, or $0.70 per diluted share, in the fourth quarter of 2024. For the full year ended December 31, 2025, IDACORP reported net income attributable to IDACORP of $323.5 million, or $5.90 per diluted share, compared with $289.2 million, or $5.50 per diluted share, in 2024.
"IDACORP's earnings in 2025 were at the top-end of the previously increased earnings guidance range. Results benefited from customer growth, rate changes, lower income tax expense, and the use of tax credits under the company's Idaho regulatory mechanism,” said IDACORP President and Chief Executive Officer Lisa Grow. "Partially offsetting those benefits were higher depreciation and financing costs from infrastructure investments."
"We accomplished a great deal in 2025, from breaking ground on our Boardman-to-Hemingway transmission line to achieving record system reliability for our customers. As we move ahead, we are heavily focused on affordability and reliability for our customers as we continue to execute on our infrastructure development plans, with 2026 being another year of substantial capital investment for our company," Grow added.
IDACORP is initiating its full-year 2026 earnings guidance in the range of $6.25 to $6.45 per diluted share with the expectation that Idaho Power will use less than $30 million of additional tax credits available under the Idaho regulatory mechanism in 2026. The earnings guidance assumes normal weather conditions and power supply expenses throughout the year.
Summary of Financial Results
The following is a summary of net income attributable to IDACORP and IDACORP's earnings per diluted share for the three months and years ended December 31, 2025 and 2024 (in thousands of dollars and shares, except earnings per share amounts):
| Three months ended December 31, | Year ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Net income attributable to IDACORP, Inc. | $ | 43,607 | $ | 37,876 | $ | 323,472 | $ | 289,174 | ||||||||||||||||||
| Weighted average outstanding shares – diluted | 55,618 | 53,919 | 54,806 | 52,615 | ||||||||||||||||||||||
| IDACORP, Inc. earnings per diluted share | $ | 0.78 | $ | 0.70 | $ | 5.90 | $ | 5.50 | ||||||||||||||||||
The table below provides a reconciliation of net income attributable to IDACORP for the three months and years ended December 31, 2025, from the same periods in 2024 (items are in millions of dollars and are before tax unless otherwise noted):
| Three months ended | Year ended | |||||||||||||||||||||||||
Net income attributable to IDACORP, Inc. - December 31, 2024 | $ | 37.9 | $ | 289.2 | ||||||||||||||||||||||
Increase (decrease) in Idaho Power net income: | ||||||||||||||||||||||||||
| Retail revenues per megawatt-hour (MWh), net of power cost adjustment mechanisms | 11.3 | 49.6 | ||||||||||||||||||||||||
| Customer growth, net of associated power supply costs and power cost adjustment mechanisms | 5.7 | 25.2 | ||||||||||||||||||||||||
| Usage per retail customer, net of associated power supply costs and power cost adjustment and fixed cost adjustment (FCA) mechanisms | (4.9) | (6.5) | ||||||||||||||||||||||||
| Other operations and maintenance (O&M) expenses | 12.9 | (9.6) | ||||||||||||||||||||||||
| Depreciation and amortization expense | (7.4) | (27.7) | ||||||||||||||||||||||||
| Other changes in operating revenues and expenses, net | (4.7) | (3.8) | ||||||||||||||||||||||||
| Increase in Idaho Power operating income | 12.9 | 27.2 | ||||||||||||||||||||||||
| Non-operating expense, net | (3.9) | (22.8) | ||||||||||||||||||||||||
| Additional accumulated deferred investment tax credits (ADITC) amortization | (6.0) | 10.5 | ||||||||||||||||||||||||
| Income tax expense, excluding additional ADITC amortization | 4.9 | 20.4 | ||||||||||||||||||||||||
| Total increase in Idaho Power net income | 7.9 | 35.3 | ||||||||||||||||||||||||
| Other IDACORP changes (net of tax) | (2.2) | (1.0) | ||||||||||||||||||||||||
| Net income attributable to IDACORP, Inc. - December 31, 2025 | $ | 43.6 | $ | 323.5 | ||||||||||||||||||||||
Net Income - Fourth Quarter 2025
IDACORP's net income increased $5.7 million for the fourth quarter of 2025 compared with the fourth quarter of 2024, due primarily to higher net income at Idaho Power.
A net increase in retail revenues per MWh, net of power cost adjustment mechanisms, increased operating income by $11.3 million in the fourth quarter of 2025 compared with the fourth quarter of 2024. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the limited-issue rate case Idaho Power filed with the Idaho Public Utilities Commission (IPUC) finalized by order of the IPUC in December 2024 (2024 Idaho Limited-Issue Rate Case).
Customer growth increased operating income by $5.7 million in the fourth quarter of 2025 compared with the fourth quarter of 2024, as the number of Idaho Power customers grew by approximately 15,000, or 2.3 percent, during the twelve months ended December 31, 2025. Usage per retail customer, net of associated power supply costs and power cost adjustment and FCA mechanisms, decreased operating income by $4.9 million in the fourth quarter of 2025 compared with the fourth quarter of 2024. Residential usage per customer decreased most significantly, as warmer temperatures in the fourth quarter of 2025 compared with the fourth quarter of 2024 led residential customers to use less energy for heating.
Other O&M expenses in the fourth quarter of 2025 were $12.9 million lower than the fourth quarter of 2024. This decrease was driven by lower labor-related costs and lower expenses from thermal, transmission and distribution assets, when compared with the fourth quarter of 2024.
Depreciation and amortization expense increased $7.4 million in the fourth quarter of 2025 compared with the fourth quarter of 2024, due primarily to an increase in plant-in-service. Additionally, the start of operations at a leased battery storage facility in the second quarter of 2025 contributed to the increase through the amortization of a related right-of-use asset.
Other changes in operating revenues and expenses, net, decreased operating income by $4.7 million in the fourth quarter of 2025 compared with the fourth quarter of 2024, due primarily to the successful conclusion of multi-year litigation efforts challenging Idaho and Oregon property tax valuations which resulted in refunds of prior year taxes being finalized in 2024, which did not reoccur in 2025. This decrease was partially offset by recovery of costs of a new finance lease through Idaho Power's power cost adjustment mechanism rates.
Non-operating expense, net, increased $3.9 million in the fourth quarter of 2025 compared with the fourth quarter of 2024. Higher long-term debt balances and an increase in transmission customer deposits, on which Idaho Power must pay interest to the customer, led to an increase in interest expense. Interest on a new finance lease also contributed to the increase compared with the fourth quarter of 2024. This increase was partially offset by an increase in Allowance for Funds Used During Construction (AFUDC) in the fourth quarter of 2025 compared with the fourth quarter of 2024, as the average construction work in progress balance was higher.
The decrease in income tax expense for the fourth quarter of 2025, compared with the fourth quarter of 2024, was primarily due to plant-related flow-through items.
Net Income - Full-Year 2025
IDACORP's net income increased $34.3 million for 2025 compared with 2024, due primarily to higher net income at Idaho Power.
The net increase in retail revenues per MWh, net of power cost adjustment mechanisms, increased operating income by $49.6 million in 2025 compared with 2024. This benefit was primarily due to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the 2024 Idaho Limited-Issue Rate Case.
Idaho Power's customer growth of 2.3 percent added $25.2 million to Idaho Power's operating income in 2025 compared with 2024. Usage per retail customer, net of associated power supply costs and power cost adjustment and FCA mechanisms, decreased operating income by $6.5 million in 2025 compared with 2024. During 2025, usage per customer decreased for most customer classes. Milder temperatures during the year reduced the demand for both space heating and air conditioning. This decrease was partially offset by an increase in irrigation usage per customer, as lower precipitation during the summer led irrigation customers to run irrigation pumps more frequently. Partially offsetting the revenue impact of decreased usage per customer, a decrease in the deferral of residential and small commercial customer revenues through the FCA mechanism positively impacted retail revenues by $6.8 million.
Other O&M expenses in 2025 were $9.6 million higher than in 2024. This increase was primarily driven by inflationary pressures on labor-related costs, professional services, and increases in statutory fees assessed by regulators.
Depreciation and amortization expense increased $27.7 million in 2025 compared with 2024, due primarily to an increase in plant-in-service. Additionally, the start of operations at a leased battery storage facility in the second quarter of 2025 contributed modestly to the increase through amortization of a related right-of-use asset.
Other changes in operating revenues and expenses, net, decreased operating income by $3.8 million in 2025 compared with 2024, due primarily to the successful conclusion of multi-year litigation efforts challenging Idaho and Oregon property tax valuations, which resulted in refunds of prior year taxes being finalized in 2024, which did not reoccur in 2025. In addition, the timing of recording and adjusting regulatory accruals and deferrals positively impacted 2024 results, but did not reoccur in 2025. These decreases were partially offset by recovery of costs of a new finance lease through Idaho Power's power cost adjustment mechanism rates and a decrease in net power supply expenses that were not deferred for future recovery in rates through Idaho Power's power cost adjustment mechanisms.
Non-operating expense, net, increased $22.8 million in 2025 compared with 2024. Higher long-term debt balances and an increase in transmission customer deposits, on which Idaho Power must pay interest to the customer, led to an increase in interest expense. Interest on a new finance lease also contributed to the increased interest expense compared with 2024. This increase was partially offset by an increase in AFUDC during 2025 compared with 2024, as the average construction work in progress balance was higher.
Idaho Power recorded $40.3 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during 2025, compared with $29.8 million in 2024. The $20.4 million decrease in income tax expense, excluding additional ADITC amortization, in 2025 compared with 2024 was primarily due to income tax return adjustments for state taxes and plant-related flow-through items.
Annual Earnings Guidance and Key Operating and Financial Metrics
IDACORP is initiating 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 and MWh, except per share amounts):
2026 Estimate(1) | 2025 Actual(2) | |||||||||||||
| IDACORP Earnings Guidance (per diluted share) | $ 6.25 – $ 6.45 | $ 5.90 | ||||||||||||
| Idaho Power additional ADITC amortization | Less than $ 30 | $ 40.3 | ||||||||||||
| Idaho Power O&M Expense | $ 525 – $ 535 | $ 471 | ||||||||||||
| Idaho Power Capital Expenditures, Excluding AFUDC | $ 1,300 – $ 1,500 | $ 1,083 | ||||||||||||
Idaho Power Hydropower Generation (MWh) | 5.5 – 7.5 | 7.0 | ||||||||||||
(1) As of February 19, 2026. Assumes normal weather conditions and power supply expenses for 2026.
(2) On an accrual basis.
More detailed financial and operational information is provided in IDACORP’s Annual Report on Form 10-K 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), or by calling (855) 761-5600 for listen-only mode. The passcode for the call is 9290150. 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 that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. 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 660,000 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 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 delays and failures on Idaho Power's ability to serve customers and generate revenues; (e) the rapid addition of new industrial customer load and the volatility and timing of such new load demand, resulting in increased risks and costs of power demand potentially exceeding Idaho Power’s available generation capacity and of revenue volatility; (f) the potential financial impacts of industrial customers not meeting forecasted power usage ramp rates or volumes; (g) impacts of economic conditions, including an inflationary or recessionary environment and interest rates, on items such as operations and capital investments, supply costs and delivery delays, supply scarcity and shortages, population 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; (h) 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; (i) 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; (j) changes in, failure to comply with, and costs of compliance with laws, regulations, policies, orders, and licenses, which may result in penalties and fines, increase compliance and operational costs, and impact recovery associated with increased costs through rates; (k) 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; (l) 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; (m) 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; (n) 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; (o) 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; (p) 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; (q) 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, or loss of life; or result in the imposition of fines and penalties; (r) 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; (s) Idaho Power's concentration in one region, and the resulting exposure to regional economic conditions and regional legislation and regulation; (t) 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; (u) 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; (v) 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; (w) 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; (x) 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; (y) remediation costs associated with planned cessation of coal-fired operations at Idaho Power's co-owned coal plants and conversion of the plants to natural gas; (z) 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 (aa) 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 | ||||
###
Earnings Conference Call 4th Quarter & Year-End 2025 February 19, 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, and supplier and contractor delays and failure to satisfy project quality and performance standards; • Impacts of economic conditions, including an inflationary or recessionary environment, 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 and the volatility and timing of such new load demand, resulting in increased risks and costs of power demand potentially exceeding Idaho Power's available generation capacity and of revenue volatility; • The potential financial impacts of industrial customers not meeting forecasted power usage ramp rates or volumes; • 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 December 31 Year ended December 31 2025 2024 2025 2024 Net income (thousands) $ 43,607 $ 37,876 $ 323,472 $ 289,174 Weighted average common shares outstanding – diluted (thousands) 55,618 53,919 54,806 52,615 Diluted earnings per share $ 0.78 $ 0.70 $ 5.90 $ 5.50 4
$1.86 $2.17 $2.68 $3.00 $3.43 $3.46 $3.64 $3.85 $3.87 $3.94 $4.21 $4.49 $4.61 $4.69 $4.85 $5.11 $5.14 $5.50 $5.90 $1.80 $2.30 $2.80 $3.30 $3.80 $4.30 $4.80 $5.30 $5.80 $6.30 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 18 Consecutive Years of EPS Growth(1) (1)Earnings per diluted share. 2008-2012 data adjusted for effect of a change in accounting method for IDACORP Financial Services affordable housing investment amortization. Earnings grew each of these years, even prior to the accounting method change. ~7% CAGR since 2007 5
Growing Load and Customer Growth 5-Year Forecasted Annual Growth Rate 20-Year Forecasted Annual Growth Rate Retail Sales (Billed MWh) Annual Peak (Peak Demand) Retail Sales (Billed MWh) Annual Peak (Peak Demand) 2025 IRP 8.3% 5.1% 2.7% 1.9% 2023 IRP 5.5% 3.7% 2.1% 1.8% 2021 IRP 2.6% 2.1% 1.4% 1.4% 2025 IRP Load Forecast(1) vs. Prior IRPs (1) Included in the above table are the load forecast assumptions in the 2025 IRP filed in June 2025. Note the growth period shown above is for the 2025 through 2029 time period. 2.3% (Year-over- year) Idaho Power Customer Growth 600,000 610,000 620,000 630,000 640,000 650,000 660,000 670,000 2021 2022 2023 2024 2025 6
Micron FAB 1 Construction Site 7
Meta Construction Site 108
Total Retail and Residential Average Rates Average Rates (cents / kilowatt-hour) (1) Edison Electric Institute “Typical Bills and Average Rates Report” 12 Months Ending 12/31/2024 (2025 EEI results are expected to be available as soon as summer 2026). Total Retail Residential $0.06 $0.07 $0.08 $0.09 $0.10 $0.11 $0.12 $0.13 $0.14 $0.15 $0.16 2020 2021 2022 2023 2024 Idaho Power National Average(1) $0.09 $0.10 $0.11 $0.12 $0.13 $0.14 $0.15 $0.16 $0.17 $0.18 2020 2021 2022 2023 2024 Idaho Power National Average (1) 9
200 220 240 260 280 300 320 $0.05 $0.07 $0.09 $0.11 $0.13 $0.15 $0.17 $0.19 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Idaho Power National Average CPI Residential Average Rates and CPI History (1) Edison Electric Institute “Typical Bills and Average Rates Report” 12 Months Ending 12/31/2024 (2025 EEI results are expected to be available as early as summer 2026). IPC total system including both Idaho and Oregon average rates. Note: Idaho-only residential bills based on 1,000 kWh monthly usage increased on average by 1.24% per year over the past ten years (2015-2025). (1) 10 Average Rates (cents / kilowatt- hour) Consumer Price Index (CPI) (1) 2014 - 2024 CAGR Total Increase Idaho Power 1.6% 16.8% National Average 2.9% 33.2% CPI 2.9% 32.5% IPC Residential Rates 30% Lower Than National Average
Boardman-to-Hemingway Broke Ground in June 2025 • OPUC, IPUC, and WPSC granted respective certificates of public convenience and necessity • Idaho Power’s interest in Boardman-to-Hemingway (B2H) is ~45% 11 • Long-term transmission service commitment to Bonneville Power Administration’s customers across southern Idaho included in agreement • In-service date expected in late 2027
RFP Update(1)(2) Year Owned Contracted CEYW(3) 2023 120 MW BESS 40 MW Solar 2024 96 MW BESS 100 MW Solar 2025 80 MW BESS 150 MW BESS 200 MW Solar 2026 250 MW BESS 200 MW Market Purchase 125 MW Solar 2027(4) 180 MW Solar; 100 MW BESS 320 MW Solar 2028(2) 167 MW Gas 2029 Final shortlist acknowledged by OPUC (1) Distribution site battery storage is excluded. (2) More information on the 2028 and Beyond RFP is available on Idaho Power’s website (Request for New Resources - Idaho Power) and the OPUC website under Docket No. UM2317 (State of Oregon: Public Utility Commission of Oregon). 167 MW gas plant was part of the 2029+ evaluation although it is planned to start commercial operations in calendar year 2028. (3) Clean Energy Your Way. (4) The 80 MW solar project from 2028 RFP Final Short List was accelerated into 2027. Technology Structure 167 MW gas(2) Self-Build 200 MW solar + 100 MW BESS PPA/BSA 200 MW solar Asset Purchase 200 MW BESS BSA 149 MW solar Asset Purchase 20 MW LDES Self-Build 60 MW BESS Self-Build 200 MW BESS BSA 300 MW solar PPA 200 MW wind PPA 215 MW BESS Asset Purchase/BSA 115 MW BESS Self-Build 12 2029+ RFP Final Short List(2) Technology Structure 330 MW solar Asset Purchase 80 MW solar(4) PPA 149 MW solar PPA 178.6 MW wind Benchmark/Asset Purchase 400 MW solar PPA 150 MW BESS Asset Purchase 200 MW BESS BSA 2028 RFP Final Short List(2)
Comparing 2024 to 2025 IDACORP, Inc. Net Income (in millions and before tax unless otherwise noted) Net Income – For the Year Ended December 31, 2024 $ 289.2 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, net of power cost adjustment mechanisms $ 49.6 Customer growth, net of associated power supply costs and power cost adjustment mechanisms 25.2 Usage per retail customer, net of associated power supply costs and power cost adjustment and fixed cost adjustment mechanisms (6.5) Other operations and maintenance (O&M) expenses (9.6) Depreciation and amortization expense (27.7) Other changes in operating revenues and expenses, net (3.8) Increase in Idaho Power operating income 27.2 Non-operating expense, net (22.8) Additional accumulated deferred investment tax credits (ADITC) amortization 10.5 Income tax expense, excluding additional ADITC amortization 20.4 Total increase in Idaho Power net income 35.3 Other IDACORP changes (net of tax) (1.0) Net Income – For the Year Ended December 31, 2025 $ 323.5 13
Capital Expenditures Forecast(1) 2026 – 2030 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2026 2027 2028 2029 2030 $ M ill io n s Distribution ($230M-$325M) General Plant ($75M-$100M) High Voltage Transmission ($110M-$425M) Hydro ($115M-$150M) New Capacity and Energy Resources ($70M-$560M) Thermals ($20M-$60M) Transmission ($220M-$310M) (1)As of February 19, 2026, this graphic is a representation of the 5-year capital expenditures forecast. See IDACORP’s 2025 Form 10-K for a summary of project types included in the 5-year forecast. New capacity and energy resources are subject to the outcome of RFP processes. ~$709M actual per year average, previous 5 years ~100% increase ~$1,416M per year average forecast 14
$5.3B $0.4B(2) $1.7 B $2.2 B $2.3 B $1.5 B $1.6 B $0.6 B $3.5 $4.5 $5.5 $6.5 $7.5 $8.5 $9.5 $10.5 $11.5 $12.5 2025 2026 2027 2028 2029 2030 R at e B as e in $ B ill io n s 2025 2026 -2030 HCC Construction work in progress (CWIP) estimated year-end balance Total System Rate Base Growth Forecast (1) (1)As of February 19, 2026. If the net balances of capital additions and retirements since Idaho Power's 2025 Idaho general rate case and its forecasted capital additions and retirements were approved by its regulators to be included in base rates, Idaho Power’s total system rate base could reach approximately $11.4 billion by the end of 2030, the year through which Idaho Power currently forecasts capital expenditures. Idaho Power’s 2025 general rate case provided for a return on a rate base of about $5.1 billion (system total), which excludes net rate base on certain coal-related assets of approximately $0.2 billion. The 2025 rate base amounts are adjusted in this graphic to reflect the ultimate decline in net rate base of coal-related assets. (2)Hells Canyon Complex (HCC) relicensing costs becoming eligible for rate base is subject to the Federal Energy Regulatory Commission’s granting of a new operating license. Estimated to be approximately $0.4 billion of rate base for illustration purposes. As of February 19, 2026, Idaho Power believed that the HCC license would be issued in 2027 or thereafter. 16.7% CAGR 2026-2030 ~$6.1B 15
$4,050 $(1,200) $600 $1,450 $2,900 $(200) $(7,350)$- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 Net Cash from Operations Issued Repaid Capital Expenditures(3) Dividends -------------------------Debt ------------------------- Equity Content ---------------------------------------------Equity --------------------------------------------- $ M ill io n s (1) As of February 19, 2026. Financings plans are for illustrative purposes only and are subject to change. (2) Difference between cash inflow and cash outflow increases or decreases cash balance. (3) Forecast capital expenditures include allowance for borrowed funds used during construction. (4) FSAs from 2025 ATM and equity offerings previously executed and to be settled in 2026. Financing Plan Forecast (1) (2) 2026 – 2030 16 2025 FSAs(4)
Liquidity (millions) As of December 31, 2025 IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 400.0 Operating Cash Flows, 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 December 31, 2025, there was no commercial paper outstanding or amounts identified for other use. (3) IDACORP entered into an Equity Distribution Agreement (EDA) on May 20, 2024, pursuant to which it may 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 at-the- market (ATM) offering program, which includes the ability to enter into Forward Sale Agreements (FSAs). In November and December 2025, IDACORP settled FSAs under its ATM offering program and received net cash proceeds of $91.7 million. IDACORP has a remaining aggregate gross sales price of up to $155.5 million in shares of its common stock available for issuance through the ATM offering program. (4) IDACORP entered into FSAs, independent of the ATM offering program, with forward counterparties on May 8 & 9, 2025. As of December 31, 2025, pursuant to the terms of the FSAs, IDACORP could have settled by physical delivery of 5,180,180 shares of its common stock to the forward counterparties in exchange for net cash proceeds of $560.9 million. The FSAs provide for settlement on a date or dates to be specified at IDACORP’s discretion, but which is expected to occur on or prior to November 9, 2026. IDACORP Equity Financing (millions) Remaining as of December 31, 2025 Net Proceeds Available as of December 31, 2025 Settled To-Date At-the-Market Offering Program(3) $ 155.5 $ 51.8 $ 91.7 Forward Sale Agreements(4) – $ 560.9 – 17 IDACORP Cash Flows (millions) 2025 2024 Net Cash Provided by Operating Activities $ 601.8 $ 594.4
2026 Earnings Per Share Guidance and Estimated Key Operating and Financial Metrics 2026 Current(1) 2025 Actual(2) IDACORP Earnings Guidance (per diluted share) $ 6.25 – $ 6.45 $ 5.90 Idaho Power additional ADITC amortization (millions) Less than $30 $ 40.3 Idaho Power O&M Expense (millions) $ 525 – $ 535 $ 471 Idaho Power Capital Expenditures, Excluding Allowance for Funds Used During Construction (millions) $ 1,300 – $ 1,500 $ 1,083 Idaho Power Hydropower Generation (millions of megawatt-hours) 5.5 – 7.5 7.0 (1) As of February 19, 2026. Assumes normal weather conditions and normal power supply expenses for 2026. (2) On an accrual basis.18
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
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[Form 4] IDACORP INC Insider Trading Activity
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[Form 4] IDACORP INC Insider Trading Activity