0001057877-26-000098
SEC filingIDACORP delivered strong operating income growth in Q1 2026, up 47.8% year-over-year to $81.2 million, reflecting base rate increases and customer growth, though operating cash flow declined due to higher capital expenditures aligned with long-term infrastructure plans.
Net income for Q1 2026 was $68.0 million, up 14.0% from $59.6 million in Q1 2025. Diluted earnings per share were $1.21, an increase of 10.0% from $1.10 in the prior-year quarter. The growth in net income and EPS reflects the underlying strength in operating income, partially moderated by higher income tax expense. That increase in tax expense was primarily due to a decrease in additional ADITC amortization under the Idaho regulatory settlement stipulation — a non-cash accounting effect tied to regulatory recovery mechanisms, not a change in taxable income.
Net cash provided by operating activities was $75.8 million in Q1 2026, down from $124.3 million in Q1 2025. This decline reflects the timing effects of power supply cost deferrals and accruals under regulatory mechanisms such as the Power Cost Adjustment (PCA) and Fuel Cost Adjustment (FCA), where the timing of cash outflows differs from when those costs are recovered from customers. Capital expenditures totaled $371.5 million, reflecting Idaho Power’s commitment to long-term infrastructure investments. As stated in management commentary, capital expenditures on infrastructure investments over the next five years or more are expected to be considerable — consistent with the scale observed in this quarter. Free cash flow, defined as operating cash flow less capital expenditures, was negative at -$295.7 million, illustrating the current phase of elevated investment activity ahead of future rate base growth and customer service enhancements.