IDACORP (NYSE: IDA) Q1 profit rises as 2026 earnings outlook reaffirmed
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
IDACORP, Inc. reported stronger first quarter 2026 results, with net income attributable to IDACORP rising to $68.0 million from $59.6 million a year earlier and diluted EPS increasing to $1.21 from $1.10. Higher retail revenues per megawatt-hour and customer growth, along with Idaho fixed cost adjustment revenues, more than offset lower usage per customer and higher operations, maintenance, and depreciation expenses.
The company is reaffirming its full-year 2026 earnings guidance of $6.25 to $6.45 per diluted share, assuming normal weather and power supply costs, and expects Idaho Power to use less than $30 million of additional investment tax credits. Management highlighted ongoing large capital projects, including 250 MW of battery storage coming online in 2026, the Boardman-to-Hemingway transmission line targeted for late 2027 service, and a five-year capital spending plan averaging about $1.4 billion annually.
Positive
- None.
Negative
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Insights
Q1 earnings rose solidly and full-year guidance was reaffirmed.
IDACORP delivered higher Q1 2026 earnings, with net income up to $68.0M and EPS at $1.21, supported by base rate increases, customer growth, and stronger Idaho fixed cost adjustment revenues despite softer weather-driven usage.
The company maintained 2026 EPS guidance of $6.25–$6.45 per share and expects less than $30M of additional ADITC amortization. Capital intensity is rising, with a five-year average capex forecast near $1.416B per year, roughly double the prior five-year average.
Key execution areas include bringing 250 MW of batteries online in 2026, advancing the Boardman-to-Hemingway line for late 2027, and managing higher O&M and financing needs while supporting rapid load growth and maintaining affordability targets.
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, and exhibit attachments filed with this report.
Key Figures
Q1 2026 net income: $68.0 million
Q1 2026 diluted EPS: $1.21 per share
2026 EPS guidance range: $6.25–$6.45 per share
+5 more
8 metrics
Q1 2026 net income
$68.0 million
Net income attributable to IDACORP, Inc. for quarter ended March 31, 2026
Q1 2026 diluted EPS
$1.21 per share
Earnings per diluted share for quarter ended March 31, 2026 (vs $1.10 in 2025)
2026 EPS guidance range
$6.25–$6.45 per share
Reaffirmed full-year 2026 earnings guidance per diluted share
Additional ADITC amortization cap
Less than $30 million
Expected additional accumulated deferred investment tax credits for 2026
2026 O&M expense guidance
$525–$535 million
Projected Idaho Power operating and maintenance expense for 2026
2026 capex guidance
$1.3–$1.5 billion
Idaho Power 2026 capital expenditures excluding AFUDC
5-year average capex forecast
$1.416 billion per year
Average annual capital expenditures forecast for 2026–2030
Customer growth rate
2.3% year-over-year
Idaho Power customer growth for twelve months ended March 31, 2026
Key Terms
Idaho fixed cost adjustment (FCA), accumulated deferred investment tax credits (ADITC), allowance for funds used during construction (AFUDC), Forward Sale Agreements (FSAs), +2 more
6 terms
Idaho fixed cost adjustment (FCA) financial
"An increase in the deferral of residential and small commercial customer revenues through the FCA mechanism positively affected retail revenues by $19.1 million."
accumulated deferred investment tax credits (ADITC) financial
"Based on Idaho Power's current expectations... recorded $6.3 million of additional ADITC amortization during the first quarter of 2026."
allowance for funds used during construction (AFUDC) financial
"This increase was partially offset by an increase in allowance for funds used during construction (AFUDC) in the first quarter of 2026."
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
"IDACORP entered into FSAs, independent of the ATM offering program, with forward counterparties on May 8 & 9, 2025."
at-the-market (ATM) offering program financial
"IDACORP entered into an Equity Distribution Agreement... through an at-the-market (ATM) offering program."
An at-the-market (ATM) offering program lets a company sell new shares directly into the open market at prevailing prices, typically in small amounts over time rather than all at once. Investors should care because it gives the company a flexible way to raise cash without a big, one-time share sale, but it can gradually dilute existing shareholders and slightly pressure the stock price as new shares enter the market.
Idaho Wildfire Standard of Care Act regulatory
"The Idaho Public Utilities Commission approved Idaho Power’s 2026 Wildfire Mitigation Plan... which sets the standard of care under the Act."
Earnings Snapshot
Net income attributable to IDACORP, Inc.: $68.0 million · Guidance included
Q1 2026
Net income attributable to IDACORP, Inc.
$68.0 million
up $8.4 million from Q1 2025
Diluted EPS
$1.21
up from $1.10 in Q1 2025
Guidance
IDACORP reaffirmed 2026 diluted EPS guidance of $6.25–$6.45, assuming normal weather and power supply expenses and less than $30 million of additional ADITC amortization.
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): April 30, 2026
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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:
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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.
□
Item 2.02 Results of Operations and Financial Condition.
On April 30, 2026, IDACORP, Inc. ("IDACORP”) issued a press release reporting its financial results for the quarter ended March 31, 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 April 30, 2026 | |||||||
| 99.2 | IDACORP, Inc. first quarter 2026 financial teleconference presentation, dated April 30, 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: April 30, 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
April 30, 2026
IDACORP, Inc. Announces First Quarter 2026 Results, Reaffirms 2026 Earnings Guidance
BOISE, Idaho--IDACORP, Inc. (NYSE: IDA) reported first quarter 2026 net income attributable to IDACORP of $68.0 million, or $1.21 per diluted share, compared with $59.6 million, or $1.10 per diluted share, in the first quarter of 2025.
"Strong first quarter results benefited from customer growth and rate changes," said IDACORP President and Chief Executive Officer Lisa Grow. "As expected, those benefits were partially offset by higher O&M expenses and recording fewer tax credits under the company’s Idaho regulatory mechanism."
"We expect 2026 will be an exciting year of execution for us, with 250 MWs of batteries coming online and continued progress on our major transmission and generation projects. During this period of growth, we remain focused on reliability and affordability for our customers and providing increased value for our shareholders," Grow added.
IDACORP is reaffirming 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 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 and shares, except earnings per share amounts):
| Three months ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net income attributable to IDACORP, Inc. | $ | 67,981 | $ | 59,647 | ||||||||||
| Weighted average outstanding shares – diluted | 56,289 | 54,126 | ||||||||||||
| IDACORP, Inc. earnings per diluted share | $ | 1.21 | $ | 1.10 | ||||||||||
The table below provides a reconciliation of net income attributable to IDACORP for the three months ended March 31, 2026, from the same period in 2025 (items are in millions of dollars and are before related income tax impact unless otherwise noted):
| Three months ended | ||||||||||||||
Net income attributable to IDACORP, Inc. - March 31, 2025 | $ | 59.6 | ||||||||||||
Increase (decrease) in Idaho Power net income: | ||||||||||||||
| Retail revenues per megawatt-hour (MWh), net of power cost adjustment mechanisms | 18.0 | |||||||||||||
| Customer growth, net of associated power supply costs and power cost adjustment mechanisms | 5.0 | |||||||||||||
| Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms | (10.7) | |||||||||||||
| Idaho fixed cost adjustment (FCA) revenues | 19.1 | |||||||||||||
| Other operations and maintenance (O&M) expenses | (13.1) | |||||||||||||
| Depreciation and amortization expense | (5.7) | |||||||||||||
| Other changes in operating revenues and expenses, net | 13.6 | |||||||||||||
| Increase in Idaho Power operating income | 26.2 | |||||||||||||
| Non-operating expense, net | (4.1) | |||||||||||||
| Additional accumulated deferred investment tax credits (ADITC) amortization | (13.0) | |||||||||||||
| Income tax expense, excluding additional ADITC amortization | (0.6) | |||||||||||||
| Total increase in Idaho Power net income | 8.5 | |||||||||||||
| Other IDACORP changes (net of tax) | (0.1) | |||||||||||||
| Net income attributable to IDACORP, Inc. - March 31, 2026 | $ | 68.0 | ||||||||||||
Net Income - First Quarter 2026
IDACORP's net income increased $8.4 million for the first quarter of 2026 compared with the first quarter of 2025, 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 $18.0 million in the first quarter of 2026 compared with the first 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 increased operating income by $5.0 million in the first quarter of 2026 compared with the first quarter of 2025, as the number of Idaho Power customers grew by approximately 15,000, or 2.3 percent, during the twelve months ended March 31, 2026. Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms, decreased operating income by $10.7 million in the first quarter of 2026 compared with the first quarter of 2025. Usage per residential and commercial customers decreased most significantly, as more moderate temperatures in the first quarter of 2026 compared with the first quarter of 2025 led these customers to use less energy for heating purposes. These decreases were partially offset by increases in usage per irrigation and industrial customers, as lower precipitation in the first quarter of 2026 compared with the first quarter of 2025 led irrigation customers to use more energy for operating irrigation pumps, and a large load industrial customer increased energy use as it ramped up operation of its facility. An increase in the deferral of residential and small commercial customer revenues through the FCA mechanism positively affected retail revenues by $19.1 million.
Other O&M expenses in the first quarter of 2026 were $13.1 million higher than the first quarter of 2025. This increase was primarily the result of increased wildfire mitigation program expenses and the amortization of previously deferred costs related to the conversion of generating units at the Jim Bridger power plant from coal to natural gas, much of which is recovered in customer rates and reflected in revenues pursuant to the 2025 Settlement Stipulation.
Depreciation and amortization expense increased $5.7 million in the first quarter of 2026 compared with the first quarter of 2025, 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 the amortization of a related right-of-use asset.
Other changes in operating revenues and expenses, net, increased operating income by $13.6 million in the first quarter of 2026 compared with the first quarter of 2025, 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 a decrease in property tax expense due to property tax legislative changes in Idaho.
Non-operating expense, net, increased $4.1 million in the first quarter of 2026 compared with the first quarter of 2025. Higher long-term debt balances led to an increase in interest expense, while lower interest-bearing cash investments led to a decrease in interest income. Interest expense recorded on a new finance lease also contributed to the increase compared with the first quarter of 2025. This increase was partially offset by an increase in allowance for funds used during construction (AFUDC) in the first quarter of 2026 compared with the first quarter of 2025, as the average construction work in progress balance was higher.
The increase in income tax expense for the first quarter of 2026, compared with the first quarter of 2025, was primarily due to a decrease in additional ADITC amortization under the Idaho regulatory settlement stipulation. Based on Idaho Power's current expectations of full-year 2026 financial results, Idaho Power recorded $6.3 million of additional ADITC amortization during the first quarter of 2026, compared with $19.3 million of additional ADITC amortization during the same period in 2025.
Annual Earnings Guidance and Key Operating and Financial Metrics
IDACORP is reaffirming 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):
Current(1) | Prior(2) | |||||||||||||
| IDACORP Earnings Guidance (per diluted share) | No Change | $ 6.25 – $ 6.45 | ||||||||||||
| Idaho Power additional ADITC amortization | No Change | Less than $ 30 | ||||||||||||
| Idaho Power O&M Expense | No Change | $ 525 – $ 535 | ||||||||||||
| Idaho Power Capital Expenditures, Excluding AFUDC | No Change | $ 1,300 – $ 1,500 | ||||||||||||
Idaho Power Hydropower Generation (MWh) | 5.5 – 7.0 | 5.5 – 7.5 | ||||||||||||
(1) As of April 30, 2026. Assumes normal weather conditions and power supply expenses through the end of 2026.
(2) As of February 19, 2026, the date of filing IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2025.
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), 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, uncertainty of forecasted power usage ramp rates or volumes, and the volatility and timing of that new load demand, resulting in increased risks of power demand potentially exceeding available supply and of revenue, cash flow, and earnings volatility; (f) 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; (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, or loss of life; 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 plants; (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 | ||||
###
Earnings Conference Call 1st Quarter 2026 April 30, 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, uncertainty of forecasted power usage ramp rates or volumes, and the volatility and timing of that new load demand, resulting in increased risks of power demand potentially exceeding available supply and of 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 March 31 2026 2025 Net income (thousands) $ 67,981 $ 59,647 Weighted average common shares outstanding – diluted (thousands) 56,289 54,126 Diluted earnings per share $ 1.21 $ 1.10 4
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 2022 2023 2024 2025 2026 5 Twelve Months Ended March 31, 2026
Large Load Construction Sites 6
Recent Large Load 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 7 (1) The considerations outlined above are examples of potential contract terms for large load customers. Commission-approved energy services agreements (ESAs) with large load customers (also referred to as special contracts) are evaluated on a case-by-case basis and may not include one or more of the terms noted above.
$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 6/30/2025. Total Retail Residential (1) Average Rates (cents / kilowatt-hour) 8
Idaho Wildfire Standard of Care Act • The Idaho Public Utilities Commission approved Idaho Power’s 2026 Wildfire Mitigation Plan on April 14, 2026, which sets the standard of care under the Act • The Act provides further clarity as it relates to utility wildfire liability, while ensuring utilities operate in a manner that reduces wildfire risk • The Act establishes a statutory wildfire-related liability standard • In any civil action where wildfire damages are sought, the Act creates a rebuttable presumption that the utility was not negligent if, with respect to the cause of the fire, the utility reasonably implemented the Commission- approved wildfire mitigation plan 9
Boardman-to-Hemingway 10 Broke Ground in June 2025 • Nearly half of the access roads and structure pads are completed • ~200 (or about 15% of total project) structures completed • Project is expected to be in-service in late 2027
Generation and Storage Project Updates 11 BESS Projects 250 MW Bennett Expansion 167 MW South Hills 222 MW Peregrine 430 MW 20292028 2030 DRAFT RENDERINGDRAFT RENDERING 2026 DRAFT RENDERING
2032 RFP(1) Update (1) More information on the 2032 RFP is available on Idaho Power’s website (Request for New Resources - Idaho Power). 12 • The 2032 all-resource RFP is soliciting resources totaling an incremental capacity need of at least 200 MW • Final short list expected by the end this summer • Contracting anticipated to be completed by the end of 2026
Comparing Q1 2025 to Q1 2026 IDACORP, Inc. Net Income (in millions and before tax unless otherwise noted) Net Income – For the Quarter Ended March 31, 2025 $ 59.6 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, net of power cost adjustment mechanisms $ 18.0 Customer growth, net of associated power supply costs and power cost adjustment mechanisms 5.0 Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms (10.7) Idaho fixed cost adjustment revenues 19.1 Other operations and maintenance (O&M) expenses (13.1) Depreciation and amortization expense (5.7) Other changes in operating revenues and expenses, net 13.6 Increase in Idaho Power operating income 26.2 Non-operating expense, net (4.1) Additional accumulated deferred investment tax credits (ADITC) amortization (13.0) Income tax expense, excluding additional ADITC amortization (0.6) Total increase in Idaho Power net income 8.5 Other IDACORP changes (net of tax) (0.1) Net Income – For the Quarter Ended March 31, 2026 $ 68.0 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
$4,050 $(1,200) $2,900 $(200) $(7,350) $750 $1,300 $- $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 Capital Expenditures(4) Dividends -------------------------Debt ------------------------- To be Issued ---------------------------------------------Equity --------------------------------------------- $ M ill io n s (1) As of February 19, 2026, except with respect to FSAs and to be issued equity amounts, which are updated as of March 31, 2026, to account for ATM sales in 2026. (2) Difference between cash inflow and cash outflow increases or decreases cash balance. (3) FSAs from 2025 and 2026 ATM and equity offerings previously executed and to be settled in 2026 or 2027. (4) Forecast capital expenditures include allowance for borrowed funds used during construction. Financing Plan Forecast (1) (2) 2026 – 2030 FSAs(3) 15
Liquidity (millions) As of March 31, 2026 IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 400.0 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 March 31, 2026, 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. In March 2026, IDACORP settled FSAs under its ATM offering program and received net cash proceeds of $51.7 million. IDACORP has a no remaining capacity available 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 March 31, 2026, 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 $560.3 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 March 31, 2026 Net Proceeds Available as of March 31, 2026 Settled To-Date At-the-Market Offering Program(3) – $ 153.8 $ 143.4 Forward Sale Agreements(4) – $ 560.3 – 16
2026 Earnings Per Share Guidance and Estimated Key Operating and Financial Metrics Current(1) Prior(2) IDACORP Earnings Guidance (per diluted share) No Change $ 6.25 – $ 6.45 Idaho Power additional ADITC amortization (millions) No Change Less than $30 Idaho Power O&M Expense (millions) No Change $ 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 – 7.0 5.5 – 7.5 (1) As of April 30, 2026. Assumes normal weather conditions and normal power supply expenses through the end of 2026. (2) As of February 19, 2026, the date of filing IDACORP’s and Idaho Power’s Annual Report on Form 10-K for the year ended December 31, 2025. 17
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
FAQ
How did IDACORP (IDA) perform financially in the first quarter of 2026?
IDACORP’s net income attributable to the company rose to $68.0 million in Q1 2026, compared with $59.6 million a year earlier. Diluted EPS increased to $1.21 from $1.10, helped by higher base rates, customer growth, and Idaho fixed cost adjustment revenues.
What is IDACORP’s 2026 earnings guidance and key assumptions?
IDACORP reaffirmed 2026 diluted EPS guidance of $6.25 to $6.45. This outlook assumes normal weather and power supply expenses and that Idaho Power will use less than $30 million of additional ADITC amortization, alongside O&M of $525–$535 million and capex of $1.3–$1.5 billion.
What drove IDACORP’s higher Q1 2026 earnings compared with Q1 2025?
IDACORP’s higher Q1 2026 earnings were mainly driven by increased retail revenues per MWh from Idaho base rate changes, customer growth adding $5.0 million to operating income, and $19.1 million in additional Idaho fixed cost adjustment revenues, partly offset by higher O&M and depreciation expenses.
How fast is IDACORP’s Idaho Power customer base growing?
Idaho Power’s customer base grew by about 15,000 customers, or 2.3%, over the twelve months ended March 31, 2026. This growth supports higher load over time, although usage per customer can vary with weather and economic conditions, affecting near-term sales and earnings patterns.
What major capital projects is IDACORP pursuing through Idaho Power?
IDACORP is investing heavily through Idaho Power in new capacity and transmission, including 250 MW of battery storage expected online in 2026 and the Boardman-to-Hemingway line targeted for late 2027. Its 2026–2030 capital plan averages roughly $1.416 billion in annual capital expenditures.
How is IDACORP financing its large capital program and maintaining liquidity?
IDACORP and Idaho Power each have $100 million and $400 million revolving credit facilities, respectively, with full availability as of March 31, 2026. IDACORP has also used an at-the-market equity program and Forward Sale Agreements to raise cash and expects further settlements to support capital needs.