IDA

IDACORP is a high-quality regulated electric utility serving fast-growing Idaho through Idaho Power. The investment appeal of utilities is consistency, and IDACORP delivers: net income grew 11.9% to $323M and EPS rose 7.3% to $5.90 in FY2025, extending an unbroken record of rising earnings (from $246M net income in FY2021). Margins are strong and stable for a regulated utility — 20.3% operating and 18.5% net — and the dividend grew 6.7% to $188M, reflecting durable, rate-base-driven cash flows. Operating cash flow was steady at $602M.

The growth driver is the rate base. Capital expenditures rose 16.8% to $1.18B, well above depreciation ($258M), as IDACORP invests heavily to serve surging electricity demand in its service territory — among the fastest-growing in the U.S. on population and economic activity. That growing, regulator-approved rate base is the engine behind above-average utility EPS growth. Total assets expanded 10.7% to $10.2B and equity grew 7.2% to $3.57B.