IDACORP

IDACORP is the holding company of Idaho Power, a regulated electric utility based in Boise, Idaho. Idaho Power serves more than 670,000 customers in a 24,000-square-mile area in southern Idaho and eastern Oregon. It owns 17 hydropower projects, which give it low-cost power, and it also owns gas-fired plants, shares of coal and gas plants, batteries and transmission lines.

Its customer count grew about 2.2% in the 12 months to September 30, 2026, and it serves large industrial customers that each need more than 20 MW under individual contracts that regulators approve. Regulators in Idaho and Oregon set its rates, and the Federal Energy Regulatory Commission sets its transmission rates. IDACORP also has two small businesses: IDACORP Financial invests in affordable housing tax credits, and Ida-West Energy runs small hydropower plants.

The market prices IDACORP for the cost of its large building plan and for the risk of wildfires in the West. Idaho Power plans to spend $1.3 billion to $1.5 billion on capital projects in 2026 alone, for new transmission lines, batteries and three gas plants due in 2028 to 2030. It funds part of this plan with new shares: in the first nine months of 2026, it agreed to sell 4.9 million shares for $689.0 million through forward sale agreements under its at-the-market programs, and it can settle them later. New shares lower growth in earnings per share.

Regulators must also add each project to rates, and Idaho Power earns less until they do. In the West, utilities face large claims when their equipment starts a wildfire. For the gap to close, three things must be true. EPS must reach the raised 2026 guidance of $6.40 to $6.50 with less than $10 million of extra tax credits.

Large contract customers and customer growth must keep raising revenue. Idaho Power must get timely rate increases for its new projects in its next general rate cases in Idaho and Oregon. The Q4 2026 report with the 2027 guidance, expected in early 2027, is the next test. The gap is small and can close over the next two to four quarters if results stay on plan.

The main reason it may not close is a large wildfire or a rate case decision that lowers allowed returns.

1. Oct 29, 2026Passed

   Q3 2026 earnings: guidance and tax credit use2026 EPS guidance of $6.30 to $6.45 kept or raised with less than $15 million of extra tax credits passes; a guidance cut or more tax credit use fails.Outcome: Q3 EPS rose to $2.73, and IDACORP raised its 2026 EPS guidance to $6.40 to $6.50 with less than $10 million of extra tax credits.
2. Jan 29, 2027 · est.Pending

   Q4 2026 results and the 2027 guidance2027 EPS guidance above the 2026 result, with a clear plan for the next rate cases, passes; flat EPS guidance because of new shares fails.

Every passed and failed checkpoint across all picks

• October 29, 2026IDACORP reported Q3 2026 results. EPS rose to $2.73 from $2.26 a year earlier, because of higher Idaho base rates, customer growth of 2.2% and higher revenue from large contract customers. Idaho Power recorded no extra tax credits in the quarter. IDACORP raised its 2026 EPS guidance to $6.40 to $6.50, with less than $10 million of extra tax credits. In August 2026, Idaho Power issued $200 million of first mortgage bonds due 2055.
• October 15, 2026IDACORP settled some of its forward sale agreements from May 2025 and received $111 million in cash. If it settled the rest by delivering shares, it would receive about $187 million more. These agreements end on November 9, 2026.
• July 30, 2026IDACORP reported Q2 2026 results. EPS rose to $1.79 from $1.76 a year earlier, because of higher Idaho base rates from January 1, 2026, customer growth and higher revenue from large contract customers. Idaho Power recorded no extra tax credits in the quarter. IDACORP raised the low end of its 2026 EPS guidance to $6.30 to $6.45. Idaho Power added 250 MW of batteries in June 2026, and a new large contract customer started on June 1, 2026.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 8-KEarnings release and Investor disclosureFiled October 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · ida-20260930
• 8-KEarnings release and Investor disclosureFiled July 30, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · ida-20260630
• 8-KShareholder vote resultsFiled May 21, 2026 · ida-20260521
• 8-KNew material agreementFiled May 15, 2026 · Read it on sec.gov
• 8-KEarnings release and Investor disclosureFiled April 30, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · ida-20260331
• 8-KEarnings release and Investor disclosureFiled February 19, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 19, 2026 · ida-20251231

Every filing on SEC EDGAR (CIK 1057877)

• Idaho Power's service area includes forests and rangeland. If its equipment starts a wildfire, it can face large claims. It has a wildfire mitigation plan and recovers part of its costs in rates.
• The building plan needs new debt and new shares. At September 30, 2026, IDACORP had forward sale agreements for 4.9 million shares, about 8% of its diluted shares, for about $684.5 million. More shares or higher interest rates can lower EPS growth.
• Idaho Power must ask regulators to add new projects to rates. Delays or lower allowed returns in its next rate cases can lower earnings.
• Hydropower output depends on snow and water. A dry year lowers low-cost hydropower and raises power costs, although power cost adjustment mechanisms recover most of the difference.

IDACORP funds Idaho Power's building plan with long-term debt, new shares and cash from operations. At September 30, 2026, long-term debt was $3,865 million, and no debt was due within one year. Read more

Yield at the current rate

2.5% (current annual rate, at today’s price)

Dividend yield

2.4% (last 12 months, at today’s price of $146.85)

Paid per share

$3.54 in the last 12 months (4 payments)

Current annual rate

$3.60 ($0.90 × 4 a year)

Payout ratio

59% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 5, 2026, $0.90 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 4.9% a year. From 2015 to 2025, the dividend grew by about 6.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.