IDACORP (IDA) Stock Eyes Higher Guidance As Dilution Questions Linger

IDACORP stock inched up about 0.7% to US$142.91 into the earnings release, even though the past month has been slightly softer with the shares down roughly 5%. The headline is simple. Earnings per share for the June quarter came in at US$1.79, essentially level with last year, while management nudged full year guidance higher to a range of US$6.30 to US$6.45.

For a regulated electric utility, that guidance move is the real story. The short term share wobble matters less than what this signals about IDACORP’s ability to fund heavy grid and generation investment over the next several years.

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Q2 2026 Earnings Summary

• Revenue Q2 2026: US$469.8 million vs. Q2 2025 US$450.9 million (up about 4%)
• Net Income Q2 2026: US$102.6 million vs. Q2 2025 US$95.8 million (up about 7%)
• Basic EPS Q2 2026: US$1.84 vs. Q2 2025 US$1.77 (up about 4%)
• Trailing Twelve Month Basic EPS to Q2 2026: US$6.17 vs. TTM to Q2 2025 US$5.70 (up about 8%)

Prefer clean visuals instead of scrolling through pages of earnings tables and regulatory filings? See IDACORP’s full financial picture, including an easy to compare view of its valuation, in our latest company report for IDACORP.

IDACORP growth story clears key execution hurdles

Bulls argue that IDACORP can turn strong load growth and a growing capital plan into steadier earnings without leaning heavily on tax credits. The quarter moves that story forward. EPS of US$1.79 and first half EPS of US$3.00 sit comfortably inside the higher full year guidance of US$6.30 to US$6.45. That guidance increase comes even as expected additional Idaho tax credit amortization for 2026 is cut to less than US$15 million from less than US$30 million. Customer count rose 2.3% year on year and industrial revenues rose 17%, helped by large new contracts. Over 550 MW of company owned batteries are now in service and Valmy Unit 2 has been converted to gas, which shows capital going into rate base type assets rather than being delayed.

Bear case on dilution, weather and regulation partly checked

Bears worry that IDACORP’s large capital plan, hydro exposure and equity needs could erode earnings quality. The results give a mixed but more balanced picture. Hydropower expectations are trimmed by 0.5 million MWh at the top end, yet full year EPS guidance still edges higher and assumes historically normal weather rather than aggressive conditions. On regulation, a prudence determination on Hells Canyon and progress on multiple gas and transmission projects suggest constructive treatment so far rather than major disallowances. Financing risk remains. Management still sees about US$2b of equity content required over five years and only about half is addressed through existing forward and at the market programs. Recent insider selling and the share price easing roughly 5% over 30 days show that dilution and execution remain active watchpoints rather than resolved issues.

Compare IDACORP’s steadier guidance, large capital program and ongoing dilution questions with what the Street is actually pricing in. See the consensus price target analysis for IDACORP to check whether analysts think the stock is on track or getting ahead of itself.

Stay Ahead With IDACORP Insights

If IDACORP’s steady earnings guidance and large capital plan have caught your attention, register for free with Simply Wall St and add it to a Watchlist to track the share price against fair value and watch for a better entry point. After you own the stock, use the Portfolio Command Center to cut through market noise and focus on the key updates that matter for your holdings. For long term context around IDACORP and its peers, tap into the Community to see how other investors are thinking about similar risks and opportunities. This way you can surface potential catalysts or warning signs early and stay a step ahead of the market.

Seeking Alternatives Beyond IDACORP?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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