IDACORP, Inc.

IDACORP reported diluted EPS of $1.79 for Q2 2026 versus $1.76 in Q2 2025. First-half 2026 diluted EPS was $3.00 versus $2.87 in the prior-year period. Management did not report revenue for the quarter, but said industrial revenues, including large contracts, were up 17.0% year over year, and large contract customers increased operating income by $6.5 million in the quarter. Full-year 2026 EPS guidance was raised to $6.30-$6.45. The company now expects Idaho Power to use less than $15 million of additional investment tax credit amortization in 2026, down from less than $30 million previously, and maintained full-year O&M guidance of $525 million-$535 million and CapEx guidance of $1.3 billion-$1.5 billion, with spending trending toward the high end. Hydropower generation guidance was trimmed to 5.5 million-6.5 million MWh.

Lisa A. Grow emphasized that customer and load growth remain strong, with customer count up 2.3% year over year and multiple-gigawatt pipeline activity still in place. She framed the strategy around adding resources responsibly so growth pays for growth, citing take-or-pay provisions, termination payments, upfront payments, and stronger credit terms for new large-load agreements. Her tone was constructive and confident, especially on Micron, Meta, batteries, transmission, and gas projects moving from planning into execution.

Brian R. Buckham focused on the quarter’s earnings bridge and the balance sheet implications of the buildout. He said higher retail revenue from the January rate increase and customer growth contributed a $32 million benefit in the quarter, while large contract customers added $6.5 million to operating income; O&M rose almost $12 million and depreciation/amortization increased about $5 million. He also noted Idaho Power recorded no additional tax credits in Q2 versus about $17 million less than last year, and that around $260 million of additional forward sale agreements were executed under the ATM program, leaving about $715 million of forwards available for settlement.

Analysts focused on whether the battery buildout is sustainable, whether gas is the long-term answer, and whether the company is considering SMRs. Management said batteries are useful but not a full capacity solution, that the near-term mix shifts toward gas after 2027, and that SMRs are being monitored but are not attractive on current pricing or availability. Questions also centered on Micron Fab 2, the next rate case, and earned ROEs; management said Fab 2 negotiations are active but confidential, a June 2027 filing remains possible, and a tracker is not currently favored because large-load revenues are helping offset depreciation and interest costs.