IDACORP(IDA) - 2025 Q2 - Quarterly Report

FORM 10-Q Filing Information Registrant Information This section identifies IDACORP, Inc. and Idaho Power Company as the registrants for the quarterly report ended June 30, 2025, detailing their commission file numbers, addresses, and state of incorporation - The report is a combined Form 10-Q for IDACORP, Inc. and Idaho Power Company for the quarterly period ended June 30, 2025[2] Registrant Details | Registrant | Commission File Number | I.R.S. Employer Identification No. | | :----------- | :--------------------- | :--------------------------------- | | IDACORP, Inc. | 1-14465 | 82-0505802 | | Idaho Power Company | 1-3198 | 82-0130980 | - Both IDACORP, Inc. and Idaho Power Company have filed all required reports during the preceding 12 months and have been subject to such filing requirements for the past 90 days[4][5] Securities and Filer Status IDACORP, Inc. is classified as a large accelerated filer, while Idaho Power Company is a non-accelerated filer, with both companies confirming they are not shell companies and listing their common stock on the New York Stock Exchange Common Stock Listing | Class of Security | Trading Symbol | Exchange Registered | | :---------------- | :------------- | :------------------ | | Common Stock | IDA | New York Stock Exchange | Filer Status Classification | Filer Status | IDACORP, Inc. | Idaho Power Company | | :------------- | :------------ | :------------------ | | Large accelerated filer | ☒ | ☐ | | Accelerated filer | ☐ | ☐ | | Non-accelerated filer | ☐ | ☒ | | Smaller reporting company | ☐ | ☐ | | Emerging growth company | ☐ | ☐ | - As of July 25, 2025, IDACORP, Inc. had 54,032,920 shares of common stock outstanding, and Idaho Power Company had 39,150,812 shares outstanding, all held by IDACORP, Inc[8] Table of Contents Commonly Used Terms Cautionary Note Regarding Forward-Looking Statements Available Information Part I. Financial Information Item 1. Financial Statements (unaudited) This section presents the unaudited condensed consolidated financial statements for IDACORP, Inc. and its principal operating subsidiary, Idaho Power Company, for the three and six months ended June 30, 2025 and 2024 IDACORP, Inc. Condensed Consolidated Statements of Income IDACORP, Inc. Condensed Consolidated Statements of Income (in thousands, except per share amounts): | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total operating revenues | $450,880 | $451,039 | $883,338 | $899,975 | | Operating Income | $100,573 | $103,269 | $155,502 | $152,865 | | Income Before Income Taxes | $89,445 | $97,907 | $136,640 | $140,629 | | Net Income Attributable to IDACORP, Inc. | $95,781 | $89,520 | $155,428 | $137,693 | | Earnings Per Share - Basic | $1.77 | $1.72 | $2.87 | $2.68 | | Earnings Per Share - Diluted | $1.76 | $1.71 | $2.87 | $2.67 | - IDACORP's Net Income Attributable to IDACORP, Inc. increased by $6.261 million (7.0%) for the three months ended June 30, 2025, and by $17.735 million (12.9%) for the six months ended June 30, 2025, compared to the same periods in 2024[24] IDACORP, Inc. Condensed Consolidated Statements of Comprehensive Income IDACORP, Inc. Condensed Consolidated Statements of Comprehensive Income (in thousands): | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net Income | $96,126 | $89,844 | $155,787 | $138,112 | | Unfunded pension liability adjustment, net of tax | $171 | $284 | $111 | $568 | | Total Comprehensive Income Attributable to IDACORP, Inc. | $95,952 | $89,804 | $155,539 | $138,261 | IDACORP, Inc. Condensed Consolidated Balance Sheets IDACORP, Inc. Condensed Consolidated Balance Sheets (in thousands): | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Total current assets | $1,079,490 | $988,455 | | Total assets | $9,935,881 | $9,239,363 | | Total current liabilities | $742,443 | $700,801 | | Long-Term Debt | $3,446,970 | $3,053,777 | | Total equity | $3,406,767 | $3,337,955 | - Total assets increased by $696.518 million (7.5%) from December 31, 2024, to June 30, 2025, primarily driven by increases in utility plant in service and construction work in progress[29] IDACORP, Inc. Condensed Consolidated Statements of Cash Flows IDACORP, Inc. Condensed Consolidated Statements of Cash Flows (in thousands): | Activity | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Net cash provided by operating activities | $301,228 | $256,047 | | Net cash used in investing activities | $(473,696) | $(558,417) | | Net cash provided by financing activities | $278,091 | $144,500 | | Net increase (decrease) in cash and cash equivalents | $105,623 | $(157,870) | | Cash and cash equivalents at end of the period | $474,488 | $169,559 | - Net cash provided by operating activities increased by $45.181 million (17.6%) in the first six months of 2025 compared to 2024[35] - Net cash used in investing activities decreased by $84.721 million (15.2%) in the first six months of 2025, primarily due to lower additions to property, plant and equipment[35] IDACORP, Inc. Condensed Consolidated Statements of Equity IDACORP, Inc. Condensed Consolidated Statements of Equity (in thousands): | Metric | June 30, 2025 | June 30, 2024 | | :----------------------------------- | :------------ | :------------ | | Common Stock (end of period) | $1,201,374 | $1,123,745 | | Retained Earnings (end of period) | $2,211,514 | $2,089,185 | | Total IDACORP, Inc. shareholders' equity (end of period) | $3,399,407 | $3,196,314 | - Total IDACORP, Inc. shareholders' equity increased by $203.093 million (6.35%) from June 30, 2024, to June 30, 2025[37](index=37&type=