Why IDACORP earnings and guidance matter for investors

IDACORP (IDA) drew fresh attention after reporting second quarter 2026 results that showed higher sales, revenue, net income and earnings per share compared with a year earlier, along with slightly raised full year earnings guidance.

Over the past year, IDACORP has paired its raised 2026 earnings guidance with a 15.66% total shareholder return, while the share price is up 10.69% year to date despite a 7.08% decline over the past month. This suggests that momentum has cooled recently.

If IDACORP's earnings update has you thinking about the broader power grid opportunity, this could be a good time to scan 36 power grid technology and infrastructure stocks

Bulls see IDACORP’s higher earnings, improved guidance and strong multi year returns as support for a premium. Bears point to the recent pullback and question how much good news is already priced in. Does the valuation back up the optimism?

Most Popular Narrative: 10.9% Undervalued

At a last close of $140.91 against a narrative fair value of $158.10, IDACORP is framed as undervalued, with that gap hinging on load growth and capital execution.

Robust customer and population growth in IDACORP's service area, combined with significant new large-scale industrial investments (e.g., Micron fabs, data centers), suggests sustained above-average electricity demand well into the 2030s, supporting long-term revenue growth.

Want to see what sits behind that demand story? The narrative focuses on rising revenue, wider margins and a richer earnings base than today. Curious how those moving parts translate into that higher fair value?

Result: Fair Value of $158.10 (UNDERVALUED)

However, the IDACORP story still relies on smooth execution of a large capital plan and on regulators allowing timely cost recovery, which could both prove challenging.

Another view on IDACORP valuation

The fair value narrative paints IDACORP as about 10.9% undervalued at $158.10, yet the P/E of 24.1x sits above the industry at 21.2x and the fair ratio of 22.1x. That premium points to less room for error. Is the current price already baking in a lot of good news?

Next Steps

Mixed messages in the IDACORP story so far. If you want a clear view quickly, weigh both sides by checking the 2 key rewards and 2 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.