IDACORP, Inc. (IDA): History, Ownership, Mission, How It Works & Makes Money

When you look at IDACORP, Inc. (IDA), a utility holding company, do you see a slow-moving, regulated entity or a growth engine capitalizing on a booming region?

The company's 2025 fiscal year performance defintely leans toward the latter, with the latest guidance increasing full-year diluted earnings per share to a range of $5.80 to $5.90, up from prior estimates, largely fueled by a 2.3% customer growth rate over the past year. This strong momentum, which delivered a trailing twelve-month net income of nearly $318 million as of September 30, 2025, is a direct result of its core subsidiary, Idaho Power Company, serving over 650,000 customers in the rapidly expanding southern Idaho and eastern Oregon service area. If a utility can post results like that, you need to understand the mechanics-how does IDACORP make money, and what does its structure hide?

IDACORP, Inc. (IDA) History

You need to understand that IDACORP, Inc. is not a startup; it's a holding company structure built around a century-old utility, Idaho Power Company. The company's history is a story of consolidation, massive infrastructure build-out on the Snake River, and a current, aggressive pivot toward clean energy to meet the demand of a booming service area.

Given Company's Founding Timeline

Year established

While its primary subsidiary, Idaho Power Company, traces its roots to a 1916 merger of five smaller electric companies, IDACORP, Inc. itself was formally established on October 1, 1998, as a public utility holding company.

Original location

The company has always been headquartered in Boise, Idaho, United States, the heart of its service territory.

Founding team members

The holding company's formation was a corporate restructuring approved by shareholders and multiple state commissions, not a typical founding team. However, key executives who steered the company through the transition and early years included Darrel T. Anderson, who was with IDACORP since its inception in 1998 and later became CEO.

Initial capital/funding

As a restructuring, there was no single initial capital injection. The holding company was formed to own the existing regulated utility, Idaho Power Company, and its subsidiaries. To give you a sense of scale, the company's total assets reached $9.59 billion as of March 31, 2025, reflecting the immense capital investment in utility infrastructure over its history.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most significant shifts for IDACORP, Inc. have centered on its energy mix and capital deployment strategy, especially as its service region experiences rapid population growth. You can see the shift from a pure hydro-and-coal model to a clean energy focus.

• The Clean Energy Mandate: Idaho Power Company's 2045 goal for 100% clean energy is a massive undertaking, requiring them to end participation in their remaining coal plants and invest heavily in new resources.
• Infrastructure Blitz: The company is currently executing a five-year capital expenditure plan totaling $5.6 billion, which is defintely double the size of the prior investment cycle, to upgrade the grid and add new generation capacity.
• Growth-Driven Investment: Customer growth exceeded 16,500 new connections in the 12 months leading up to Q1 2025, forcing this accelerated capital deployment to maintain reliability and meet demand.
• Regulatory Stability: The use of additional tax credits under the Idaho regulatory mechanism is a key financial driver, expected to be between $50 million and $60 million in 2025, which supports earnings and infrastructure investment.

For a detailed breakdown of the financial implications of this growth and investment, you should look at Breaking Down IDACORP, Inc. (IDA) Financial Health: Key Insights for Investors.

IDACORP, Inc. (IDA) Ownership Structure

IDACORP, Inc.'s ownership structure is heavily concentrated in the hands of institutional investors, a common characteristic for regulated utility holding companies, which drives a focus on stable dividends and long-term capital preservation.

This high level of institutional control, with firms like BlackRock and The Vanguard Group holding significant stakes, means that major strategic and governance decisions are defintely influenced by a small number of large, professional asset managers.

IDACORP, Inc.'s Current Status

IDACORP, Inc. is a publicly traded holding company, listed on the New York Stock Exchange (NYSE) under the ticker symbol IDA.

The company operates primarily through its subsidiary, Idaho Power Company, a regulated electric utility serving over 633,000 retail customers across southern Idaho and eastern Oregon.

The company's market capitalization was approximately $6.93 billion as of November 2025, reflecting its stable position in the U.S. Utilities sector.

IDACORP, Inc.'s Ownership Breakdown

The overwhelming majority of IDACORP, Inc.'s stock is held by institutional investors, which is typical for a regulated utility due to its predictable cash flows and dividend history.

For the 2025 fiscal year, institutional holdings dominate, with the top 11 shareholders alone controlling about 50% of the business.

Here's the quick math on the breakdown as of late 2025, showing where the control truly sits:

The concentration means that when a large institutional holder like BlackRock or The Vanguard Group makes a move, it can significantly impact the stock's trading volume and price.

IDACORP, Inc.'s Leadership

The company is steered by a seasoned executive team with deep experience in the utility sector, ensuring continuity and regulatory expertise.

The average tenure for the management team is approximately 5.4 years, suggesting a stable and experienced leadership structure.

• Lisa A. Grow: President and Chief Executive Officer (CEO). Appointed in June 2020, she has a long-standing career in the utility industry, starting in 1987.
• Brian R. Buckham: Senior Vice President, Chief Financial Officer (CFO), and Treasurer. He assumed the CFO role in March 2022.
• Jeffrey L. Malmen: Senior Vice President, Public Affairs. He is responsible for managing the company's relationship with regulators and the public.
• Adam J. Richins: Senior Vice President and Chief Operating Officer (COO) of Idaho Power. He oversees the core utility operations.
• Julia Hilton: Vice President and General Counsel. Appointed in March 2023, she manages the legal and regulatory landscape.

For a deeper dive into the financial metrics that this leadership team manages, you should read Breaking Down IDACORP, Inc. (IDA) Financial Health: Key Insights for Investors.

IDACORP, Inc. (IDA) Mission and Values

IDACORP, Inc.'s core purpose transcends simply delivering power; it's about safely providing reliable, affordable, and clean energy while balancing the needs of over 650,000 customers, employees, communities, and shareholders. This commitment is underpinned by a clear set of values that guide their substantial 2025 capital investment plan.

If you want to understand how these values translate into financial stability, you should defintely check out Breaking Down IDACORP, Inc. (IDA) Financial Health: Key Insights for Investors.

IDACORP's Core Purpose

The company's purpose is the cultural DNA, focusing on the essential service they provide and the stakeholders they serve. They are a utility, so their mission must be deeply rooted in public service and reliability.

Official Mission Statement

IDACORP and its principal subsidiary, Idaho Power, frame their mission around a passionate commitment to core service and innovation. It's a multi-faceted goal that ties operational excellence to community stewardship.

• Safely power lives with reliable, affordable, clean energy.
• Develop innovative solutions every day.
• Serve those who depend on us, which is the center of everything we do.

Here's the quick math: To meet rapidly growing customer demand-a base that grew 2.6% year-over-year as of March 2025-they are projecting capital expenditures (CapEx) for 2025 between $1.0 billion and $1.1 billion, a direct investment into this mission.

Vision Statement

The vision statement maps out their long-term aspiration, positioning the company not just as a power provider, but as a future-focused industry leader in utility solutions. This is where the long-term, strategic view comes into play.

• Be a trusted leader creating customer and shareholder value.
• Achieve this through energy and water solutions.

What this estimate hides is the complexity of the energy transition (decarbonization), but the vision makes it clear they intend to lead that shift while maintaining customer affordability; their customer bills are still 20% to 30% lower than the national average.

IDACORP Slogan/Tagline

While IDACORP, Inc. doesn't use a single, all-encompassing corporate slogan, the subsidiary Idaho Power's goal acts as a powerful, public-facing aspiration that drives strategy and investment.

• Goal: Provide 100% clean energy by 2045, often referenced as "Cleaner Tomorrow.®"

The company's core values-Safety First, Integrity Always, and Respect for All-are the daily operational guardrails. They expect their 2,100 employees to live these values, which is crucial for a utility where safety and reliability are non-negotiable.

IDACORP, Inc. (IDA) How It Works

IDACORP, Inc. operates primarily as a regulated electric utility holding company, with its subsidiary, Idaho Power Company, generating, transmitting, and distributing electricity to over 656,773 customers across a 24,000 square-mile service area in southern Idaho and eastern Oregon as of June 2025. The company's value creation is straightforward: invest capital in utility infrastructure (the rate base), earn a regulated return on that investment, and sell the delivered power and energy services to a growing customer base.

IDACORP, Inc.'s Product/Service Portfolio

IDACORP, Inc.'s Operational Framework

The company's operational framework centers on managing a vertically integrated utility model under a state regulatory compact, which is a defintely stable setup. The process begins with generation, where Idaho Power utilizes its diverse portfolio, including 17 hydroelectric projects, to meet demand, supplementing with natural gas, wind, and solar assets.

• Resource Planning and Acquisition: The 2025 Integrated Resource Plan (IRP) projects a significant increase in load growth, with retail sales expected to grow at an 8.3% annual rate, driving the need for new generation resources like the 150 MW of BESS capacity planned for 2025.
• Rate Base Investment: Idaho Power is executing a massive capital expenditure program, projecting 2025 spending of $1.0 billion to $1.1 billion, focused on modernizing the grid, building new transmission lines like Boardman-to-Hemingway, and enhancing distribution reliability.
• Regulatory Cost Recovery: The company secures its revenue stability through regulatory mechanisms, notably the 2025 Idaho Limited-Issue Rate Case, which resulted in an overall increase in Idaho base rates effective January 1, 2025, boosting operating income.
• Risk Mitigation: A robust Wildfire Mitigation Plan, including Public Safety Power Shutoff protocols, is in place to manage the increasing operational risk associated with extreme weather events.

Here's the quick math: Regulated earnings, which drive over 98% of IDACORP's total earnings, are directly tied to the size of this rate base and the allowed return set by regulators.

IDACORP, Inc.'s Strategic Advantages

IDACORP's market success is rooted in its unique geography, favorable regulatory structure, and proactive capital deployment to capture regional growth. This is a classic utility play, but with a growth kicker.

• Exceptional Customer Growth: The service territory, particularly southern Idaho, is experiencing a boom, evidenced by a 2.6% year-over-year customer growth rate as of Q1 2025, significantly higher than the national utility average.
• Constructive Regulatory Environment: The company benefits from a regulatory framework that supports credit quality and allows for the recovery of costs and a return on investment, which is crucial for long-term stability.
• Cost-Competitive Power: Idaho Power's total retail customer rates are consistently 25% to 30% below the national average, making the region highly attractive for large commercial and industrial customers like Micron and Meta.
• Capital Investment Pipeline: A planned 2025-2029 capital plan of approximately $5.6 billion is set to expand the rate base and support long-term Earnings Per Share (EPS) growth, which is guided for $5.80 to $5.90 per diluted share for the full year 2025.

To be fair, the need for this massive capital investment also presents a financing challenge, but it's a necessary step to meet the demand of the rapidly growing customer base. You can dig deeper into the ownership structure and market sentiment by Exploring IDACORP, Inc. (IDA) Investor Profile: Who's Buying and Why?

IDACORP, Inc. (IDA) How It Makes Money

IDACORP, Inc. is a holding company that makes nearly all of its money-about 99.8%-through its regulated electric utility subsidiary, Idaho Power Company. This subsidiary generates, transmits, and distributes electricity to a growing base of over 650,000 customers across a 24,000-square-mile service area in southern Idaho and eastern Oregon.

IDACORP's Revenue Breakdown

The company's revenue is overwhelmingly concentrated in its core regulated utility business, which operates under a traditional rate-of-return model. This means its earnings are tied to its capital investments (rate base) and the rates approved by state regulators. The non-utility segments, like real estate tax credit investments, are defintely small.

Business Economics

The economics of IDACORP are fundamentally those of a regulated monopoly, which means predictable cash flow but growth tied to regulatory approval and regional expansion. The key driver right now is the rapid customer growth in the service territory, which is running at about 2.3 percent year-over-year as of September 30, 2025, adding approximately 15,000 new customers.

This growth forces massive infrastructure investment, which is a good thing for a utility's rate base. For 2025, Idaho Power is projecting substantial Capital Expenditures (CapEx) in the range of $1.0 billion to $1.1 billion to meet this demand and enhance grid reliability.

The company's pricing strategy is governed by regulatory mechanisms. For instance, an overall increase in Idaho base rates, effective January 1, 2025, from the 2024 Idaho Limited-Issue Rate Case, has been a primary contributor to higher retail revenues this year. The system also includes a revenue sharing mechanism: if Idaho Power's annual Idaho Return on Equity (ROE) exceeds 9.6 percent, 80.0 percent of the excess earnings are allocated back to customers as a rate reduction, with the company keeping the remaining 20.0 percent. This caps the upside but stabilizes earnings.

• Customer growth is the engine, but rate cases set the speed limit.
• The Power Cost Adjustment (PCA) mechanism is a critical tool, helping Idaho Power recover or refund certain power supply costs, which smooths out the volatility from wholesale energy prices.
• The non-utility segments, which include IDACORP Financial's investments in affordable housing tax credits, provide a small, stable, non-regulated income stream that diversifies the business model slightly.

To dig deeper into who is investing in this regulated growth story, check out Exploring IDACORP, Inc. (IDA) Investor Profile: Who's Buying and Why?

IDACORP's Financial Performance

As of late 2025, IDACORP is demonstrating solid financial health, driven by its regulated rate base growth and favorable rate case outcomes. The company has raised its full-year 2025 earnings guidance to a range of $5.80 to $5.90 per diluted share, a clear sign of confidence in its operational and regulatory performance.

The core health indicators are strong, reflecting the stability of the utility model:

• Earnings Per Share (EPS) Guidance (FY 2025): $5.80 - $5.90 per diluted share, up from the 2024 actual of $5.50.
• Trailing Twelve Months (TTM) Revenue (as of Sept 30, 2025): $1.806 billion.
• Return on Equity (ROE) (TTM): 9.18%, which is close to the regulated benchmark and indicates efficient use of shareholder capital.
• Debt-to-Equity Ratio: Approximately 1.01, which is a manageable leverage level for a capital-intensive utility, balancing debt financing for CapEx with equity.
• Regulatory Benefit: The company expects to utilize between $50 million and $60 million of additional Accumulated Deferred Investment Tax Credits (ADITCs) in 2025, which is a key regulatory tool that supports earnings.

Here's the quick math: the expected CapEx of up to $1.1 billion in 2025 is the fuel for future rate base growth. The higher the rate base, the more the company can earn, assuming the regulators approve the investment as prudent. This capital investment is what keeps the revenue trend increasing long-term.

IDACORP, Inc. (IDA) Market Position & Future Outlook

IDACORP, Inc. is exceptionally well-positioned to capitalize on the explosive economic and population growth in its primary service territory, translating a regulated monopoly into a strong earnings trajectory. The company's future outlook is anchored by an aggressive, multi-billion dollar capital expenditure plan designed to meet an unprecedented surge in electricity demand from new industrial and data center customers.

You're looking at a utility with a unique growth profile, defintely not a sleepy bond-proxy stock right now.

Competitive Landscape

As a regulated utility holding company, IDACORP's subsidiary, Idaho Power, operates as a monopoly within its designated service area across southern Idaho and eastern Oregon, meaning it faces no direct competition for electricity distribution to its customers. The competitive landscape is instead viewed through the lens of capital market standing and operational scale relative to other regional utility holding companies.

Here's a quick snapshot of how IDACORP stacks up against a couple of its peers based on relative market capitalization (a proxy for investor-perceived scale in the broader utility sector) as of late 2025:

Note: The Market Share percentage is a relative calculation based on the combined market capitalization of the three companies ($21.8 billion total), reflecting their standing in the broader utility investment universe, not a traditional regional market share.

Opportunities & Challenges

The company's strategy for the near-term is clear: invest heavily to support growth and transition to cleaner energy, but this comes with significant financial and regulatory hurdles.

The biggest opportunity is the projected retail sales growth of an 8.3% annual rate over the next five years, fueled by large industrial customers like Micron and Meta Platforms entering the service territory. To meet this, IDACORP is executing a massive capital expenditure program, allocating approximately $1.13 billion annually from 2025 through 2029.

Still, this aggressive investment requires funding. The company's long-term debt increased to about $3.45 billion in the second quarter of 2025, and operating cash flow is insufficient to cover the capital spending without significant debt or equity issuance. Plus, the reliance on regulatory approval for rate increases, like the recent settlement pending with the Idaho Public Utilities Commission (IPUC) which projects a $110 million increase in annual revenues, is a constant challenge.

The company also faces volatility from its primary resource: hydropower. While it's a key advantage for clean energy, water conditions can fluctuate, and the company expects hydropower generation of 7.0-8.0 million megawatt-hours for 2025, assuming normal weather. Any deviation impacts their power supply expenses.

Industry Position

IDACORP is a mid-cap player in the U.S. electric utility sector, but it holds a dominant, high-growth position within its specific geographic footprint. Its core strength is its regulated monopoly status in one of the fastest-growing regions in the United States, which is driving a customer base expansion of over 2.5% annually.

The company's strategic focus is on infrastructure and clean energy, with a long-term goal of achieving 100% clean energy by 2045. Key projects underway in 2025, like the start of construction on the Boardman-to-Hemingway transmission line, are critical steps in enhancing grid reliability and importing renewable power.

• Full-year 2025 diluted EPS guidance is a strong $5.80 to $5.90 per share.
• The five-year capital plan of $5.6 billion is a 103% increase over the prior five-year average.
• Its energy mix is already heavily reliant on hydropower, giving it a head start in the clean energy transition.
• The company's prices remain 20% to 30% below the national averages, which helps with customer affordability and regulatory relations.

This commitment to infrastructure and clean energy, coupled with the regional economic tailwinds, positions IDACORP as a high-growth utility stock, but investors must monitor the debt-to-equity ratio as capital spending accelerates. For a deeper dive into the company's long-term vision, review the Mission Statement, Vision, & Core Values of IDACORP, Inc. (IDA).