IDA NYSE Russell 1000 Earnings call
Idacorp (IDA) · Q2 2026 results and valuation
Share price: $146.85 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income up 50.9% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+50.9%
Net income vs Q1 2026
Outlook given
Net income 102.6M vs 68.0M
Revenue +16.5%
Against the same quarter last year (Q2 2025) it is +7.1% — part of the move on last quarter is seasonal.
2 · How management spoke
Restrained
Less upbeat than 71% of company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out
Key theme
Diluted earnings per share rose to $1.79 in the second quarter of 2026 compared to $1.76 in the second quarter of 2025.
Valuation
Is Idacorp undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 3.9% growth a year (3-year revenue growth), the model's fair value is $30.68 a share — the stock trades 379% above it. Today's price assumes 15.3% growth a year.
Current price
$146.85
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+15.3% for 10 yrs
Fair value / share
$30.68
Buy below
$23.01
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
-
Guidance
Its key operating metrics and guidance are unchanged, except for its hydropower generation forecast as Idacorp reduced the top end…
Source quote
“Our key operating metrics and guidance are unchanged, except for our hydropower generation forecast as we reduced the top end... Diluted earnings per share were $1.21 compared with $1.10 last year. We are reaffirming our full-year 2026 IDACORP, Inc.”
-
Guidance
The company expects all three systems to come online in the next several years to provide critical system flexibility and access to diverse markets and transmission wheeling.
Source quote
“We expect all 3 to come online in the next several years, bringing with them critical system flexibility as well as access to diverse markets and transmission wheeling...”
-
Figure
Idacorp is showing on there around $2 billion of equity content that it need to fund its business for the next…
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Financial success is linked with operational success, and I think the financial side is just exciting, with strong results for the quarter and the year to date benefits from the...”
“The customer and load growth that we have seen within our service area remains strong, and we are working hard to meet the increased energy demand.”
“And from that, you can see that the biggest movement was from higher retail revenue from the January rate increase, and from customer growth.”
Full figures
USD · ROIC.AI fundamentals (NYSE:IDA, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 469.8M | 403.4M | +16.5% | 449.3M | +4.6% |
| Gross profit | 131.7M | 81.9M | +60.7% | — | |
| Operating income | 130.5M | 81.2M | +60.7% | 100.6M | +29.8% |
| Net income | 102.6M | 68.0M | +50.9% | 95.8M | +7.1% |
| EPS | 1.84 | 1.24 | +48.8% | 1.76 | +4.5% |
| P/E today 22.3 | — | — | — | 20.3 | — |
Topics
Most discussed now
- Idacorp's regular way financing approach has been successful for it.
- Idacorp's key operating metrics were raising the lower end of its full year IDACORP diluted earnings per share guidance range...
- Especially when considering the significant increase in year end book equity as Brian noted.
- It is things like requiring payment from some of the customers upfront for some of this.
- When you start adding holding company debt, you add some complications, some regulatory items that Idacorp has to address and...
Faded since Q1 2026
- Fading From a load perspective, industrial energy sales grew by 5.7% over the same period.
- Fading IDACORP, Inc.'s first quarter net income increased over $8 million compared to last year.
- Fading Usage on a per customer basis decreased operating income by $10.7 million, the result of particularly mild weather that reduced...
- Fading Keying on something that Lisa noted though, industrial use per customer increased notably, in part from a new large industrial...
Latest announcements
Official filings, newest first.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Material agreement · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K