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COMMON STOCK: | 12 Months Ended
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Dec. 31, 2025
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract] |
Common Stock | COMMON STOCK IDACORP Common Stock The following table summarizes IDACORP common stock transactions during the last three years and shares reserved at December 31, 2025:
|  | Shares issued |  | Shares reserved
|  | 2025 |  | 2024 |  | 2023 |  | December 31, 2025
Balance at January 1 |  | 53,962,300 |  | 50,615,237 |  | 50,561,892 |  |
Dividend reinvestment and stock purchase plan |  | 49,569 |  | 63,084 |  | — |  | 2,729,049
Employee savings plan |  | — |  | — |  | — |  | 3,567,954
At-the-market offering program(1) |  | 801,914 |  | — |  | — |  | See table note (1)
Equity forward sale agreements |  | — |  | 3,221,982 |  | — |  | 5,180,180
Long-term incentive and compensation plan(2) |  | 45,348 |  | 61,997 |  | 53,345 |  | 2,154,164
Continuous equity program (inactive) |  | — |  | — |  | — |  | 3,000,000
Balance at December 31 |  | 54,859,131 |  | 53,962,300 |  | 50,615,237 |  |
(1) During 2024, IDACORP reserved shares of its common stock through the ATM offering program, up to an aggregate gross sales price of $300 million. At December 31, 2025, $155.5 million in shares of IDACORP’s common stock remained reserved. For more details, see "At-the-Market Offering Program" below in this Note 6. (2) During 2025, 2024, and 2023, IDACORP granted 82,344, 103,771, and 75,295 restricted stock unit awards, respectively, to employees and 11,268, 15,616, and 12,459 shares of common stock, respectively, to directors. During 2025, 2024, and 2023, IDACORP issued 45,348, 61,997, and 53,345 shares of common stock, respectively, using original issuances of shares pursuant to the LTICP, including 9,273, 10,571, and 13,842 shares of common stock, respectively, issued to members of the board of directors. Dividend Reinvestment and Stock Purchase Plan: Effective January 1, 2024, IDACORP instructed the plan administrator of the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan to use original issuance of common stock from IDACORP, as opposed to market purchases of IDACORP common stock, to acquire shares of IDACORP common stock for the plan. However, IDACORP may determine at any time to resume market purchases of common stock under the plan. Employee Savings Plan: As directed by IDACORP, the plan administrator of the Idaho Power Company Employee Savings Plan used market purchases of IDACORP common stock to acquire shares of IDACORP common stock for the plan. At-the-Market Offering Program: On May 20, 2024, IDACORP entered into an Equity Distribution Agreement (EDA) pursuant to which it may issue, offer, and sell, from time to time, up to an aggregate gross sales price of $300 million of shares of its common stock through an ATM offering program, which includes the ability to enter into FSAs. At December 31, 2025, $155.5 million in shares of IDACORP’s common stock remained available for issuance through its ATM offering program. IDACORP executed FSAs under its ATM offering program with various counterparties who borrowed and sold 452,256 shares in 2025 and 801,914 shares in 2024 of IDACORP’s common stock at an aggregate gross sales price of $52.2 million in 2025 and $92.4 million in 2024. This included approximately $0.7 million in 2025 and $1.2 million in 2024 in commissions and fees payable by IDACORP to the counterparties upon settlement. At December 31, 2025, IDACORP had the following FSAs outstanding under its ATM offering program (in thousands of dollars, except for shares and forward price amounts):
Maturity Date |  | Shares |  | Net Proceeds Available |  | Forward Price
March 31, 2026 |  | 198,086 |  | $ | 22,789 |  | $ | 115.05
March 31, 2026 |  | 254,170 |  | 28,970 |  | 113.98
Total / Weighted Average Forward Price |  | 452,256 |  | $ | 51,759 |  | $ | 114.45
The FSAs will be physically settled with common shares issued by IDACORP, unless IDACORP elects to settle the agreements in net cash or net shares, subject to certain conditions. On a settlement date or dates, if IDACORP elects to physically settle the FSAs, IDACORP will issue shares of common stock to the various counterparties at the then-applicable forward sale price and receive issuance proceeds at that time. At December 31, 2025, IDACORP could have settled all its outstanding FSAs under the ATM offering program with physical delivery of 452,256 shares of common stock to the counterparties in exchange for cash of $51.8 million. At December 31, 2025, IDACORP could have settled the FSAs with net delivery to various counterparties of approximately $7.2 million of cash or approximately 54,968 shares of common stock, if IDACORP had elected to net cash or net share settle, respectively. The FSAs have been classified as an equity transaction because they are indexed to IDACORP’s common stock and the other requirements necessary for equity classification are met. As a result of the equity classification, no gain or loss will be recognized within earnings due to subsequent changes in the fair value of the FSAs. During 2025, IDACORP settled the following FSAs under its ATM offering program (in thousands of dollars, except for settlement shares and forward settlement price amounts):
Settlement Date |  | Settlement Shares |  | Net Cash Proceeds(1) |  | Forward Settlement Price
November 12, 2025 |  | 500,000 |  | $ | 56,924 |  | $ | 113.85
December 19, 2025 |  | 301,914 |  | 34,793 |  | 115.24
Total / Weighted Average Forward Settlement Price |  | 801,914 |  | $ | 91,717 |  | $ | 114.37
(1) Settlement of the FSAs are reflected in IDACORP’s equity. Equity Forward Sale Agreements (2025 Series): On May 8, 2025, IDACORP announced a registered public offering of 4,504,505 shares of its common stock at a public offering price of $111.00 per share, for an aggregate amount of $500.0 million. In conjunction with this offering, underwriters exercised an option to purchase 675,675 additional shares for an additional aggregate amount of $75.0 million. The 5,180,180 shares were sold by IDACORP to the underwriters under FSAs, which provide for settlement on a settlement date or dates to be specified at IDACORP’s discretion, but which is expected to occur on or prior to November 9, 2026. The forward sale price was initially $107.67 per share and is subject to certain adjustments in accordance with the terms of the FSAs through the date or dates of settlement. The FSAs will be physically settled with common shares issued by IDACORP, unless IDACORP elects to settle the agreements in net cash or net shares, subject to certain conditions. On a settlement date or dates, if IDACORP elects to physically settle the FSAs, IDACORP will issue shares of common stock to the various counterparties at the then-applicable forward sale price and receive issuance proceeds at that time. At December 31, 2025, IDACORP could have settled the FSAs with physical delivery of 5,180,180 shares of common stock to the counterparties in exchange for cash of $560.9 million. The FSAs could have also been settled at December 31, 2025, with delivery of approximately $113.8 million of cash or approximately 874,426 shares of common stock to the counterparties, if IDACORP had elected to net cash or net share settle, respectively. The FSAs have been classified as an equity transaction because they are indexed to IDACORP’s common stock and the other requirements necessary for equity classification are met. As a result of the equity classification, no gain or loss will be recognized within earnings due to subsequent changes in the fair value of the FSAs. Equity Forward Sale Agreements (2023 Series): On November 7, 2023, IDACORP announced a registered public offering of 2,801,724 shares of its common stock at a public offering price of $92.80 per share, for an issuance amount of $260.0 million. In conjunction with this offering, IDACORP granted the underwriters an option to purchase up to 420,258 additional shares, which was subsequently exercised in full on November 8, 2023, for an additional issuance amount of $39.0 million. The 3,221,982 shares were sold by the counterparty to the underwriters under FSAs. The forward sale price was initially $90.016 per share and was subject to certain adjustments in accordance with the terms of the FSAs through the date of settlement. On May 14, 2024, IDACORP partially settled the FSAs with physical delivery of 2,542,442 shares of common stock to the counterparty in exchange for cash of $230.0 million. On November 4, 2024, IDACORP settled the remainder of the FSAs with physical delivery of 679,540 shares of common stock to the counterparty in exchange for cash of $62.2 million. Settlement of the FSAs are reflected in IDACORP’s equity. FSA Earnings Per Shares Dilution: Prior to settlement, the potentially issuable shares pursuant to the FSAs will be reflected in IDACORP’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of IDACORP’s common stock used in calculating diluted earnings per share for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the FSAs less the number of shares that could be purchased by IDACORP in the market with the proceeds received from issuance (based on the average market price during that reporting period). Share dilution occurs when the average market price of IDACORP’s stock during the reporting period is higher than the then-applicable forward sale price as of the end of the reporting period. As of December 31, 2025, 2024, and 2023, approximately 490,000, 47,000, and 34,000 incremental shares, respectively, were included in the calculation of diluted earnings per share related to the securities under the FSAs. See Note 8 - "Earnings Per Share" for additional information concerning IDACORP's diluted earnings per share. Idaho Power Common Stock During 2025 and 2024, IDACORP contributed $195 million and $200 million, respectively, of additional capital to Idaho Power. During 2025 and 2024, no additional shares of Idaho Power common stock were issued. Restrictions on Dividends Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective credit facilities or Idaho Power’s Statement of Policy and Code of Conduct. A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter. At December 31, 2025, the leverage ratios for IDACORP and Idaho Power were 52 percent. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.5 billion and $1.3 billion, respectively, at December 31, 2025. There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to IDACORP and Idaho Power from any material subsidiary. At December 31, 2025, IDACORP and Idaho Power were in compliance with those covenants. Idaho Power’s Statement of Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval. At December 31, 2025, Idaho Power's common equity capital was 48 percent of its total adjusted capital. Further, Idaho Power must obtain approval from the OPUC before it can directly or indirectly loan funds or issue notes or give credit on its books to IDACORP. Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power has no preferred stock outstanding. In addition to contractual restrictions on the amount and payment of dividends, the FPA prohibits the payment of dividends from "capital accounts." The term "capital account" is undefined in the FPA or its regulations, but Idaho Power does not believe the restriction would limit Idaho Power's ability to pay dividends out of current year earnings or retained earnings.

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