Is IDA a Buy? What to Consider in 2026
Last updated July 2026
Short answer
The bull case for IDACORP (IDA) rests on Data-center and industrial load growth: Large customers including Meta, Micron, and Chobani are driving demand well above typical utility trends, with the 2025 Integrated Resource Plan projecting roughly 8% annual retail sales growth over five years. Revenue (TTM) is ~$1.9B. If you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: As a capital-intensive regulated utility, IDACORP depends on regulators granting adequate rates and returns on its large spending plan, and unfavorable rate-case outcomes would pressure earnings. Whether IDA is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.
IDACORP is the parent of Idaho Power Company, a vertically integrated regulated electric utility that generates, transmits, and distributes electricity to more than 640,000 customers across a growing territory in southern Idaho and eastern Oregon. Its earnings come mainly from regulated rates set by the Idaho Public Utilities Commission and Oregon regulators, so profitability is tied to the utility's allowed return on a growing rate base rather than to commodity prices. A hydro-heavy generation fleet plus purchased power and battery storage rounds out the resource mix. The investment picture is a classic regulated-utility one, tilted toward growth by an unusually strong local economy. Meta, Micron, and other large industrial and data-center loads are pushing electricity demand higher than the national average, which supports a large multi-year capital plan and steady customer additions. In return, investors accept the usual utility trade-offs: earnings capped by regulation, sensitivity to interest rates and financing costs, and reliance on constructive rate outcomes to earn on new investment.
What's the case for buying IDA?
1. Data-center and industrial load growth
Large customers including Meta, Micron, and Chobani are driving demand well above typical utility trends, with the 2025 Integrated Resource Plan projecting roughly 8% annual retail sales growth over five years. This load growth expands the rate base that Idaho Power earns a regulated return on. It also underpins a record multi-year capital spending plan on generation, transmission, and firming capacity.
2. Customer growth and rate-base expansion
Idaho remains one of the faster-growing US states, and IDACORP reported customer counts up about 2.3% year over year in early 2026. Steady additions across residential, commercial, and industrial segments feed durable demand for regulated investment. More customers and more infrastructure translate into a larger earning asset base over time.
3. Constructive regulatory outcomes
The Idaho Public Utilities Commission approved roughly a $110 million (about 7.5%) rate increase effective January 2026, helping recover recent investment. Mechanisms like the Idaho fixed cost adjustment and tax-credit amortization give the utility tools to manage earnings within its guidance range. Continued constructive regulation is central to converting capex into earnings.
4. Dividend and reaffirmed guidance
IDACORP reaffirmed full-year 2026 guidance of roughly $6.25 to $6.45 in diluted EPS and pays an annualized dividend of about $3.52 per share. The company has a long record of annual dividend increases supported by regulated cash flows. That income profile is a core part of the appeal for utility-focused holders.
What are the risks to IDA?
As a capital-intensive regulated utility, IDACORP depends on regulators granting adequate rates and returns on its large spending plan, and unfavorable rate-case outcomes would pressure earnings. Heavy financing needs make the stock sensitive to interest rates, and rising utility bills tied to serving big data-center loads have drawn political and customer pushback in Idaho. Its hydro-heavy fleet exposes it to drought and weather variability, while concentration in a few very large industrial customers adds demand risk if any pull back. The valuation, at a mid-20s trailing earnings multiple, prices in continued growth, so disappointments could weigh on the shares.
How is IDA valued? (as of JULY 2026)
Snapshot for IDA as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.
- Revenue (TTM): ~$1.9B
- Q1 2026 revenue: ~$403M
- Q1 2026 diluted EPS: ~$1.21
- 2026 EPS guidance: ~$6.25 to $6.45
- Market cap: ~$8.3B
- Dividend (annual): ~$3.52 (~2.5% yield)
- P/E (TTM): ~22 to 24x
IDACORP trades at a mid-20s trailing earnings multiple, a modest premium that reflects its above-average load growth. Revenue dipped year over year in Q1 2026 even as net income rose, a reminder that utility earnings track allowed returns more than top-line sales. The dividend yield of roughly 2.5% is on the lower side for utilities, consistent with the market pricing in growth.
How do you decide if IDA is a buy?
Rather than asking whether IDA is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold IDA indirectly through an index or sector ETF before adding more.
For the full picture, see the IDA stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about IDA against your real portfolio and see your actual exposure before deciding.
The bottom line on IDA
The bottom line: IDACORP's story right now is Data-center and industrial load growth, with revenue (ttm) at ~$1.9B. If you believe that narrative continues, the call is about sizing IDA sensibly and checking overlap with what you own; if you doubt it (the risk: as a capital-intensive regulated utility, IDACORP depends on regulators granting adequate rates and returns on its large spending plan, and unfavorable rate-case outcomes would pressure earnings.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
More on IDA
- IDA stock guide (what the company does, ETFs that hold it, similar stocks, and the themes it fits)
- IDA stock forecast (the drivers and risks shaping the outlook)
- Does IDA pay a dividend?
Build a basket around IDA with Walnut
Use IDACORP as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is IDA a good stock to buy right now?
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The case for IDACORP right now is Data-center and industrial load growth, with revenue (ttm) at ~$1.9B. If you believe that thesis holds, IDA is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view is as a capital-intensive regulated utility, IDACORP depends on regulators granting adequate rates and returns on its large spending plan, and unfavorable rate-case outcomes would pressure earnings. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does IDACORP do?
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IDACORP is the parent of Idaho Power Company, a vertically integrated regulated electric utility that generates, transmits, and distributes electricity to more than 640,000 custome
What are the main risks of IDA?
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As a capital-intensive regulated utility, IDACORP depends on regulators granting adequate rates and returns on its large spending plan, and unfavorable rate-case outcomes would pressure earnings. Heavy financing needs make the stock sensitive to interest rates, and rising utility bills tied to serving big data-center loads have drawn political and customer pushback in Idaho. Its hydro-heavy fleet exposes it to drought and weather variability, while concentration in a few very large industrial customers adds demand risk if any pull back. The valuation, at a mid-20s trailing earnings multiple, prices in continued growth, so disappointments could weigh on the shares.
What does IDACORP do?
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IDACORP is the holding company for Idaho Power, a regulated electric utility that generates, transmits, and distributes electricity to customers across southern Idaho and eastern Oregon. Nearly all of its earnings come from that regulated utility business.
Is IDA a utility stock?
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Yes. IDACORP is a regulated electric utility holding company, so it behaves like a classic utility: relatively steady earnings tied to allowed regulatory returns, a growing dividend, and sensitivity to interest rates and rate-case outcomes.
Does IDACORP pay a dividend?
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IDACORP pays an annualized dividend of roughly $3.52 per share, for a yield near 2.5% as of July 2026. The company has a long record of raising its dividend, supported by regulated cash flows.
Why is Idaho Power's demand growing so fast?
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Large industrial and data-center customers such as Meta, Micron, and Chobani are expanding in Idaho, and the state's population is growing quickly. Idaho Power's 2025 resource plan projects retail sales growth well above the national utility average.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell IDA; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.