IDACORP Reports Q2 Earnings with Strong Net Income Despite Revenue Decline

IDACORP reported Q2 earnings with a slight decrease in operating revenues to $450.9 million, but a significant increase in net income to $96.1 million and earnings per share. The company attributed its strong financial performance to a decrease in purchased power costs and power cost adjustments. IDACORP is focusing on navigating regulatory challenges and pursuing strategic investments to enhance infrastructure and service delivery. The company is currently engaged in a general rate case with the Idaho Public Utilities Commission seeking approval for a rate increase.

IDACORP, Inc. (NYSE: IDA) reported its second-quarter 2025 earnings, with net income attributable to IDACORP increasing to $95.8 million, or $1.76 per diluted share, compared to $89.5 million, or $1.71 per diluted share, in the second quarter of 2024. The company's strong performance was driven by higher customer usage, continued customer growth, rate changes, and the expected use of tax credits under Idaho's regulatory mechanism [1].

The company's operating revenues decreased to $450.9 million from $460.2 million in the same period last year, primarily due to a decrease in purchased power costs and power cost adjustments. Despite this, net income increased significantly by $6.3 million, driven by higher net income at Idaho Power. Customer growth, higher retail revenues per megawatt-hour (MWh), and increased usage per retail customer contributed to the improved financial performance [1].

IDACORP's earnings per diluted share increased to $1.76 from $1.71 in the second quarter of 2024. The company also increased the lower-end of its full-year 2025 earnings guidance to the range of $5.70 to $5.85 per diluted share, with the expectation that Idaho Power will use between $60 million and $77 million of additional tax credits available under the Idaho regulatory mechanism in 2025 [1].

The company's President and Chief Executive Officer, Lisa Grow, highlighted the progress made in infrastructure development, noting that the Boardman-to-Hemingway 500kV transmission line project, after nearly 19 years of permitting efforts, broke ground last month. This project is expected to bring significant benefits to customers [1].

IDACORP is currently navigating regulatory challenges, including a general rate case with the Idaho Public Utilities Commission, seeking approval for a rate increase. The company is also focusing on strategic investments to enhance infrastructure and service delivery [1].

References:
[1] https://www.businesswire.com/news/home/20250731355264/en/IDACORP-Inc.-Announces-Second-Quarter-2025-Results-Increases-Lower-End-of-Earnings-Guidance-Range