At a glance
IDACORP, Inc. is worth $8.23B, about 24 times its fiscal 2025 earnings. Revenue fell 0.7% to $1.81B in fiscal 2025, with 17.8% kept as profit; over 5 years it has grown 6.1% a year. It pays a 2.52% dividend yield, raised every year for at least 9 years, and returned $845.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +6.2% over the past year with dividends reinvested and +9.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.6% in the 2020 crash (S&P 500: 33.7%) and 18.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months and 25 months after the lows.
The business in plain English
IDACORP is a Boise-based holding company, and nearly all of its business is one electric utility: Idaho Power. It generates, transmits and sells power to about 664,000 retail customers in southern Idaho and eastern Oregon (as of December 31, 2025), about 561,000 of them households. Business customers include food processors, manufacturers, hospitals, schools, government and technology firms. Farmers also buy power to run irrigation pumps, which, with air conditioning, makes summer the peak season.
As a regulated utility, Idaho Power cannot set its own prices. State commissions in Idaho and Oregon approve retail rates on a "cost of service" basis: prices aim to cover allowed costs and give the company a chance, though not a guarantee, to earn a reasonable return on its plants and power lines. In the year ended December 31, 2025, revenue was about $1.81 billion. Retail sales made up 85.8% of it, transmission services (charging others to move power over its lines) 4%, and sales of surplus power on wholesale markets 3.1%. About 95% of retail revenue comes from Idaho.
Two small subsidiaries sit alongside the utility: IFS invests in affordable housing tax credit projects, and Ida-West operates small hydropower projects. On February 13, 2026, Idaho Power agreed to sell its Oregon distribution business and some Oregon transmission assets to a buyer, OTEC, which would shrink its service area.
Price history
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IDA +6.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Retail revenues | $1.56B | 85.8% |
| Transmission services (wheeling) | $72.2M | 4% |
| Wholesale energy sales | $56.0M | 3.1% |
| Other revenues | $35.8M | 2% |
| Energy efficiency program revenues | $30.5M | 1.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $614.8M, up 16.8% from a year earlier, and net income was $160.2M (+28.8%).
- For fiscal 2025, revenue was $1.81B (-0.7% year over year; +6.1% a year from FY2020 to FY2025) with a 17.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.1% good |
|---|---|
| Operating margin | 19.5% good |
| Free cash flow margin | -31.9% weak |
| Return on equity (FY2025) | 9.1% watch |
| Return on assets (FY2025) | 3.2% watch |
| Net cash (cash minus debt) | $-3.52B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.35B | $237.4M | $77.2M |
| FY2021 | $1.46B | $245.6M | $63.3M |
| FY2022 | $1.64B | $259.0M | $-81.3M |
| FY2023 | $1.77B | $261.2M | $-344.1M |
| FY2024 | $1.83B | $289.2M | $-414.9M |
| FY2025 | $1.81B | $323.5M | $-577.5M |
Valuation snapshot
| Market value | $8.23B |
|---|---|
| P/E ratio | 23.7 |
| Dividend yield | 2.52% |
Rank among 1514 US companies
Market value at each year end
IDACORP’s market value went from $4.06B at the end of 2016 to $8.23B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is up 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.23B | +20.3% |
| 2025 | $6.84B | +17.5% |
| 2024 | $5.82B | +17.0% |
| 2023 | $4.98B | -8.7% |
| 2022 | $5.45B | -4.7% |
| 2021 | $5.72B | +18.1% |
| 2020 | $4.85B | -10.0% |
| 2019 | $5.38B | +14.8% |
| 2018 | $4.69B | +1.9% |
| 2017 | $4.60B | +13.4% |
| 2016 | $4.06B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| IDA price data to Oct 28, 2026 | +12.5% | +6.2% | +17.6% | +9.2% | +9.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.5% |
| 2025 | +19.2% |
| 2024 | +14.9% |
| 2023 | -6.0% |
| 2022 | -2.1% |
| 2021 | +21.4% |
| 2020 | -7.5% |
| 2019 | +17.7% |
| 2018 | +4.6% |
| 2017 | +16.4% |
| 2016 | +21.8% |
| 2015 | +5.8% |
| 2014 | +31.8% |
| 2013 | +23.4% |
| 2012 | +5.6% |
| 2011 | +18.3% |
| 2010 | +19.8% |
| 2009 | +13.4% |
| 2008 | -13.0% |
| 2007 | -5.6% |
| 2006 | +36.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 35.9% over that stretch · deepest drop along the way 39.3%, back to its old high 11.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.6% over that stretch · deepest drop along the way 33.6%, back to its old high 16.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.6% over that stretch · deepest drop along the way 18.9%, back to its old high 24.8 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 5 sales ($963K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 10, 2026 | Adam J Richins EVP and COO (IPC) | sell | $213K |
| May 29, 2026 | James Bo D Hanchey VP of Cust Op & CSO (IPC) | sell | $211K |
| Mar 3, 2026 | Timothy E Tatum VP Regulatory Affairs (IPC) | sell | $211K |
| Feb 23, 2026 | Mitchel D Colburn VP of Plan, Eng, & Const (IPC) | sell | $185K |
| Feb 23, 2026 | Julia A Hilton VP and General Counsel | sell | $143K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 5.94% | Mar 31, 2026 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.4% | Jun 30, 2026 |
ETFs with the most weight in IDA
| UTES Virtus Reaves Utilities ETF | 5.37% |
| LOPP Gabelli Love Our Planet & People ETF | 2.93% |
| FPWR First Trust EIP Power Solutions ETF | 2.68% |
| FXU First Trust Utilities AlphaDEX Fund | 2.56% |
| SMCO Hilton Small-MidCap Opportunity ETF | 2.48% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 2.01% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.56% |
| SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 1.34% |
What could go wrong
- Fast-growing demand could outrun power supply. New industrial and commercial customers are adding demand quickly. If demand exceeds Idaho Power's generating capacity, it may pay more, or struggle, to buy power on the market or build new plants and battery storage.
- Low water and hydro relicensing raise costs. Idaho Power generates part of its electricity from hydropower. When output falls, for example in dry years, costs can rise. Renewing hydropower licenses may also require large capital spending, raise operating costs and reduce generation.
- Wildfires could bring costly legal claims. If a fire is linked to Idaho Power's lines or equipment, the company could face large damage claims. Its annual report warns its wildfire mitigation plan and other safety protocols may not prevent such liability.
- Regulators may not approve full cost recovery. Idaho and Oregon regulators set Idaho Power's rates. Costs often rise before new rates take effect, and regulators can deny recovery of some costs. It filed Idaho rate cases in 2023, 2024 and 2025.
- Heavy spending relies on borrowing and new shares. Spending on infrastructure exceeded cash from operations by about $577 million in 2025, so the company relies on debt and new shares. A credit-rating downgrade could raise borrowing costs and require posting collateral.
- One utility, one region, little diversification. Nearly all of IDACORP's business is one electric utility, and about 95% of its retail revenue comes from Idaho customers. A regional economic slowdown or unfavorable state law would hit it with no offset elsewhere.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
IDACORP has raised its dividend for at least nine straight years, through fiscal 2025, and the true streak may be longer. Dividends per share grew from $2.72 in 2020 to $3.46 in 2025, about 4.9% a year, and the yield was 2.52% as of October 28, 2026. Dividends took about 58% of 2025 earnings. Free cash flow (cash left after capital spending) has been negative since 2022, so heavy investment is funded partly with debt and new shares. Buybacks are minor: $16.5 million over 2021–2025, against $829 million in dividends, and the share count rose 16.6% between February 2022 and October 2026.
In downturns, the stock fell 39.3% during the 2008 financial crisis and recovered about 11.5 months after its March 2009 low. It dropped 33.6% in the 2020 COVID crash, taking about 17 months to recover, and fell 18.9% in the 2022 bear market, needing nearly 25 months. Single stocks carry more risk than diversified funds.
Questions investors ask
Does IDACORP raise its dividend every year?
Yes, through fiscal 2025. IDACORP raised its dividend per share in every year shown in its SEC filings from fiscal 2016 through 2025, a streak of at least nine increases, and it may be longer. Dividends per share rose from $2.72 in 2020 to $3.46 in 2025, growth of about 4.9% a year. Past increases do not guarantee future ones. The dividend yield was 2.52% as of October 28, 2026.
How does IDACORP make money?
Mostly by selling electricity through its utility, Idaho Power. Idaho Power served about 664,000 retail customers in southern Idaho and eastern Oregon as of December 31, 2025. Retail sales made up about 86% of 2025 revenue of $1.81 billion. Transmission service, wholesale power sales and energy efficiency programs made up most of the rest. Idaho and Oregon regulators set its retail prices to cover allowable costs and offer a reasonable return on investment.
Is IDACORP's dividend safe?
No dividend is guaranteed. Earnings cover IDACORP's dividend, but cash flow does not. IDACORP paid out about 58% of its 2025 earnings as dividends. However, free cash flow (cash from operations minus capital spending) was negative $577 million in 2025, so dividends and investment rely partly on borrowing and issuing shares. Total debt was $3.86 billion as of September 30, 2026. As a holding company, IDACORP also depends on cash from Idaho Power to pay dividends.
How has IDACORP stock performed over the long term?
Based on price data as of October 28, 2026, the stock gained about 9.2% a year over both the past five and ten years, or 142% in total over ten years. Results swing from year to year. The stock lost 7.5% in 2020 and 6.0% in 2023, then gained 14.9% in 2024 and 19.2% in 2025. Its largest decline in about 21 years of price history was 42.9%. Over the year to October 28, 2026, it rose 6.2%.
Is IDACORP selling its Oregon business?
Yes, it has agreed to. On February 13, 2026, Idaho Power signed a final (definitive) agreement to sell its Oregon electric distribution business and related assets, plus certain Oregon transmission assets, to OTEC. Oregon is a small part of the company: about 95% of Idaho Power's retail revenue comes from Idaho customers. The annual report filed February 19, 2026, called the deal a proposed transaction, and agreed sales can still change before they close.